Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Feb. 25, 2014 | Jun. 29, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'CENVEO, INC | ' | ' |
Entity Central Index Key | '0000920321 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 66,351,596 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $109,519,661 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $11,329 | $8,110 |
Accounts receivable, net | 281,586 | 254,389 |
Inventories | 161,565 | 127,235 |
Prepaid and other current assets | 55,353 | 67,964 |
Assets of discontinued operations - current | 132 | 11,265 |
Total current assets | 509,965 | 468,963 |
Property, plant and equipment, net | 304,907 | 279,078 |
Goodwill | 186,436 | 187,415 |
Other intangible assets, net | 168,749 | 205,199 |
Other assets, net | 43,614 | 44,632 |
Assets of discontinued operations - long-term | 33 | 15,268 |
Total assets | 1,213,704 | 1,200,555 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 9,174 | 11,748 |
Accounts payable | 244,228 | 179,850 |
Accrued compensation and related liabilities | 32,139 | 24,678 |
Other current liabilities | 81,198 | 77,367 |
Liabilities of discontinued operations - current | 2,013 | 6,591 |
Total current liabilities | 368,752 | 300,234 |
Long-term debt | 1,176,351 | 1,171,870 |
Other liabilities | 165,581 | 191,885 |
Liabilities of discontinued operations - long-term | 0 | 880 |
Commitments and contingencies | ' | ' |
Shareholders’ deficit: | ' | ' |
Preferred stock, $0.01 par value; 25 shares authorized, no shares issued | 0 | 0 |
Common stock, $0.01 par value; 100,000 shares authorized, 66,265 and 63,762 shares issued and outstanding as of the years ended 2013 and 2012, respectively | 663 | 638 |
Paid-in capital | 364,177 | 354,983 |
Retained deficit | -821,520 | -752,734 |
Accumulated other comprehensive loss | -40,300 | -67,201 |
Total shareholders’ deficit | -496,980 | -464,314 |
Total liabilities and shareholders’ deficit | $1,213,704 | $1,200,555 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
Statement of Financial Position (Parenthetical) [Abstract] | ' | ' |
Preferred stock, $0.01 par value | $0.01 | $0.01 |
Preferred stock, 25 shares authorized | 25,000 | 25,000 |
Preferred stock, no shares issued | 0 | 0 |
Preferred stock, no shares outstanding | 0 | 0 |
Common stock, $0.01 par value | $0.01 | $0.01 |
Common stock, 100,000 shares authorized | 100,000,000 | 100,000,000 |
Common stock, 66,265 and 63,762 shares issued as of the years ended 2013 and 2012, respectively | 66,265,000 | 63,762,000 |
Common stock, 66,265 and 63,762 shares outstanding as of the years ended 2013 and 2012, respectively | 66,265,000 | 63,762,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $509,873 | $442,781 | $406,540 | $418,614 | $437,700 | $437,168 | $423,861 | $439,564 | $1,777,808 | $1,738,293 | $1,844,371 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,485,931 | 1,417,147 | 1,498,202 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 206,085 | 182,980 | 213,296 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 9,962 | 9,881 | 9,899 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 13,100 | 27,100 | 17,812 |
Impairment of intangible assets | 33,400 | ' | ' | ' | ' | ' | ' | ' | 33,367 | 0 | 0 |
Operating income | -15,681 | 16,524 | 16,842 | 11,678 | 31,650 | 32,282 | 25,967 | 11,286 | 29,363 | 101,185 | 105,162 |
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | -17,262 | 0 | -11,720 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 112,677 | 114,755 | 115,968 |
Loss (gain) on early extinguishment of debt, net | ' | ' | ' | ' | ' | ' | ' | ' | 11,324 | 12,487 | -4,011 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -5,602 | -1,249 | 9,074 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -71,774 | -24,808 | -4,149 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 13,753 | 55,720 | 4,545 |
Loss from continuing operations | -59,468 | 13,427 | -18,996 | -20,490 | -57,389 | 3,022 | -1,790 | -24,371 | -85,527 | -80,528 | -8,694 |
Income from discontinued operations, net of taxes | 1,791 | 13,492 | 113 | 1,345 | 646 | 1,453 | 1,389 | -2,847 | 16,741 | 641 | 129 |
Net loss | -57,677 | 26,919 | -18,883 | -19,145 | -56,743 | 4,475 | -401 | -27,218 | -68,786 | -79,887 | -8,565 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension liability adjustment, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -31,430 | 7,986 | 37,130 |
Reclassifications of losses related to interest rate swaps into earnings, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,793 |
Currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -4,529 | 665 | -4,260 |
Comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ($41,885) | ($87,208) | ($48,162) |
(Loss) income per share – basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations per share - basic | ($0.90) | $0.21 | ($0.30) | ($0.32) | ($0.90) | $0.05 | ($0.03) | ($0.38) | ($1.32) | ($1.27) | ($0.14) |
Discontinued operations per share - basic | $0.03 | $0.21 | $0 | $0.02 | $0.01 | $0.02 | $0.02 | ($0.05) | $0.25 | $0.01 | $0 |
Net loss per share - basic | ($0.87) | $0.42 | ($0.30) | ($0.30) | ($0.89) | $0.07 | ($0.01) | ($0.43) | ($1.07) | ($1.26) | ($0.14) |
(Loss) income per share – diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations per share - diluted | ($0.90) | $0.16 | ($0.30) | ($0.32) | ($0.90) | $0.05 | ($0.03) | ($0.38) | ($1.32) | ($1.27) | ($0.14) |
Discontinued operations per share - diluted | $0.03 | $0.16 | $0 | $0.02 | $0.01 | $0.02 | $0.02 | ($0.05) | $0.25 | $0.01 | $0 |
Net loss per share - diluted | ($0.87) | $0.32 | ($0.30) | ($0.30) | ($0.89) | $0.07 | ($0.01) | ($0.43) | ($1.07) | ($1.26) | ($0.14) |
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares | ' | ' | ' | ' | ' | ' | ' | ' | 64,576 | 63,567 | 62,983 |
Diluted shares | ' | ' | ' | ' | ' | ' | ' | ' | 64,576 | 63,567 | 62,983 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($68,786) | ($79,887) | ($8,565) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' |
(Gain) loss on sale of discontinued operations, net of taxes | -14,933 | 6,260 | 0 |
Income from discontinued operations, net of taxes | -1,808 | -6,901 | -129 |
Depreciation | 50,534 | 50,777 | 52,649 |
Amortization of intangible assets | 9,962 | 9,881 | 9,899 |
Impairment of goodwill related to discontinued operations | 0 | 0 | 13,500 |
Non-cash interest expense, net | 10,289 | 8,263 | 5,277 |
Deferred income taxes | -28,672 | -1,948 | 6,861 |
Non-cash taxes | 40,562 | 56,500 | 0 |
Gain on bargain purchase | -17,262 | 0 | -11,720 |
(Gain) loss on sale of assets | -120 | -2,782 | 376 |
Non-cash restructuring and other charges, net | 2,622 | 11,226 | 3,853 |
Impairment of intangible assets | 33,367 | 0 | 0 |
Loss (gain) on early extinguishment of debt, net | 11,324 | 12,487 | -4,011 |
Provisions for bad debts | 4,392 | 2,024 | 2,284 |
Provisions for inventory obsolescence | 6,523 | 3,588 | 3,416 |
Stock-based compensation provision | 3,739 | 5,333 | 8,716 |
Gain on insurance claim | -2,670 | 0 | 0 |
Changes in operating assets and liabilities, excluding the effects of acquired businesses: | ' | ' | ' |
Accounts receivable | -31,686 | 26,594 | -8,403 |
Inventories | -40,622 | -617 | 20,453 |
Accounts payable and accrued compensation and related liabilities | 69,848 | -13,291 | 13,650 |
Other working capital changes | 4,047 | -29,050 | -14,948 |
Other, net | -18,335 | -15,613 | -23,529 |
Net cash provided by operating activities of continuing operations | 22,315 | 42,844 | 69,629 |
Net cash provided by operating activities of discontinued operations | 5,878 | 9,221 | 10,693 |
Net cash provided by operating activities | 28,193 | 52,065 | 80,322 |
Cash flows from investing activities: | ' | ' | ' |
Cost of business acquisitions, net of cash acquired | -33,166 | -644 | -59,719 |
Capital expenditures | -29,235 | -20,563 | -15,572 |
Purchase of investment | -1,650 | -350 | 0 |
Proceeds from insurance claim | 3,036 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 8,304 | 7,978 | 11,114 |
Proceeds from sale of intangible asset | 0 | 5,700 | 0 |
Net cash used in investing activities of continuing operations | -52,711 | -7,879 | -64,177 |
Net cash provided by (used in) investing activities of discontinued operations | 45,214 | 39,533 | -635 |
Net cash (used in) provided by investing activities | -7,497 | 31,654 | -64,812 |
Cash flows from financing activities: | ' | ' | ' |
Repayment of 10.5% senior notes | 0 | -169,875 | 0 |
Repayment of 7.875% senior subordinated notes | -67,848 | -214,831 | -8,952 |
(Repayment) borrowing of Term Loan B due 2016 | -388,205 | 31,844 | -23,800 |
Repayment of 8.375% senior subordinated notes | 0 | -24,787 | -5,363 |
Payment of financing related costs and expenses and debt issuance discounts | -15,570 | -37,836 | -2,675 |
Repayments of other long-term debt | -7,365 | -4,846 | -6,403 |
Purchase and retirement of common stock upon vesting of RSUs | -660 | -735 | -1,283 |
Proceeds from issuance of 11.5% senior notes | 0 | 225,000 | 0 |
Proceeds from issuance of 7% senior exchangeable notes | 0 | 86,250 | 0 |
(Repayment) borrowings under Revolving Credit Facility, net | -18,000 | 18,000 | 0 |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 50,000 | 0 | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | -40,000 | 0 | 0 |
Proceeds from exercise of stock options | 98 | 0 | 356 |
Repayment of Term Loan Facility due 2017 | -30,900 | 0 | 0 |
Proceeds from issuance of Term Loan Facility due 2017 | 360,000 | 0 | 0 |
Borrowings under ABL Facility due 2017 | 699,200 | 0 | 0 |
Repayments under ABL Facility due 2017 | -577,800 | 0 | 0 |
Proceeds from equipment loan | 20,000 | 0 | 0 |
Repayments of equipment loan | -500 | 0 | 0 |
Net cash used in financing activities of continuing operations | -17,550 | -91,816 | -48,120 |
Net cash used in financing activities of discontinued operations | 0 | -1,652 | 0 |
Net cash used in financing activities | -17,550 | -93,468 | -48,120 |
Effect of exchange rate changes on cash and cash equivalents | 73 | 106 | 614 |
Net increase (decrease) in cash and cash equivalents | 3,219 | -9,643 | -31,996 |
Cash and cash equivalents at beginning of period | 8,110 | 17,753 | 49,749 |
Cash and cash equivalents at end of period | $11,329 | $8,110 | $17,753 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Stockholders' equity, beginning balance at Jan. 01, 2011 | ($341,331) | $627 | $342,607 | ($664,282) | ($20,283) |
Common stock, beginning balance (shares) at Jan. 01, 2011 | ' | 62,727,000 | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' |
Net loss | -8,565 | ' | ' | -8,565 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' |
Pension liability adjustment, net of taxes | -37,130 | ' | ' | ' | -37,130 |
Reclassification of losses related to interest rate swaps into earnings, net of taxes | 1,793 | ' | ' | ' | 1,793 |
Currency translation adjustment | -4,260 | ' | ' | ' | -4,260 |
Other comprehensive income | -39,597 | ' | ' | ' | ' |
Total comprehensive loss | -48,162 | ' | ' | ' | ' |
Exercise of stock options (shares) | ' | 533,000 | ' | ' | ' |
Exercise of stock options | 356 | 6 | 350 | ' | ' |
Purchase and retirement of common stock upon vesting of RSUs | -1,283 | ' | -1,283 | ' | ' |
Amortization of stock based compensation | 8,716 | ' | 8,716 | ' | ' |
Stockholders' equity, ending balance at Dec. 31, 2011 | -381,704 | 633 | 350,390 | -672,847 | -59,880 |
Common stock, ending balance (shares) at Dec. 31, 2011 | ' | 63,260,000 | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' |
Net loss | -79,887 | ' | ' | -79,887 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' |
Pension liability adjustment, net of taxes | -7,986 | ' | ' | ' | -7,986 |
Reclassification of losses related to interest rate swaps into earnings, net of taxes | 0 | ' | ' | ' | ' |
Currency translation adjustment | 665 | ' | ' | ' | 665 |
Other comprehensive income | -7,321 | ' | ' | ' | ' |
Total comprehensive loss | -87,208 | ' | ' | ' | ' |
Purchase and retirement of common stock upon vesting of RSUs (shares) | ' | 502,000 | ' | ' | ' |
Purchase and retirement of common stock upon vesting of RSUs | -735 | -5 | -740 | ' | ' |
Amortization of stock based compensation | 5,333 | ' | 5,333 | ' | ' |
Stockholders' equity, ending balance at Dec. 29, 2012 | -464,314 | 638 | 354,983 | -752,734 | -67,201 |
Common stock, ending balance (shares) at Dec. 29, 2012 | 63,762,000 | 63,762,000 | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' |
Net loss | -68,786 | ' | ' | -68,786 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' |
Pension liability adjustment, net of taxes | 31,430 | ' | ' | ' | 31,430 |
Reclassification of losses related to interest rate swaps into earnings, net of taxes | 0 | ' | ' | ' | ' |
Currency translation adjustment | -4,529 | ' | ' | ' | -4,529 |
Other comprehensive income | 26,901 | ' | ' | ' | ' |
Total comprehensive loss | -41,885 | ' | ' | ' | ' |
Issuance of stock (shares) | ' | 2,083,000 | ' | ' | ' |
Issuance of stock | 6,042 | 21 | 6,021 | ' | ' |
Exercise of stock options (shares) | ' | 20,000 | ' | ' | ' |
Exercise of stock options | 98 | 0 | 98 | ' | ' |
Purchase and retirement of common stock upon vesting of RSUs (shares) | ' | 400,000 | ' | ' | ' |
Purchase and retirement of common stock upon vesting of RSUs | -660 | -4 | -664 | ' | ' |
Amortization of stock based compensation | 3,739 | ' | 3,739 | ' | ' |
Stockholders' equity, ending balance at Dec. 28, 2013 | ($496,980) | $663 | $364,177 | ($821,520) | ($40,300) |
Common stock, ending balance (shares) at Dec. 28, 2013 | 66,265,000 | 66,265,000 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) (Accumulated Other Comprehensive (Loss) Income [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive (Loss) Income [Member] | ' | ' | ' |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | ' | ' | ' |
Pension liability adjustments, tax expense (benefit) | $20,105 | ($5,225) | ($23,217) |
Reclassification of losses related to interest rate swap into earnings, tax expense | ' | ' | $863 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Basis of Presentation: The consolidated financial statements include the results of Cenveo, Inc. and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany transactions have been eliminated. | ||||||||||||
Cenveo, Inc. and its wholly-owned subsidiaries (collectively, the “Company” or “Cenveo”) are engaged in envelope converting, commercial printing, and the manufacturing of label and specialty packaging products. The Company is headquartered in Stamford, Connecticut, is organized under Colorado law, and its common stock is traded on the New York Stock Exchange under the symbol “CVO”. The Company operates a primarily domestic network of strategically located manufacturing facilities, serving a diverse base of over 100,000 customers. The Company’s operations are based in North America, Latin America and Asia. | ||||||||||||
The Company’s reporting periods for 2013, 2012 and 2011 in this report each consist of 52 week periods ending on the Saturday closest to the last day of the calendar month, and ended on December 28, 2013, December 29, 2012, and December 31, 2011, respectively. Such periods are referred to herein as: (i) “as of the year ended 2013," “the year ended 2013” or “2013;" (ii) “as of the year ended 2012," “the year ended 2012” or “2012;" and, (iii) “as of the year ended 2011," “the year ended 2011” or “2011." All references to years and year-ends herein relate to fiscal years rather than calendar years. | ||||||||||||
The Company acquired certain assets of National Envelope Corporation ("National") during the third quarter of 2013 and all of the assets of Express Label Company (“Express Label”) during the first quarter of 2013. The Company acquired Nesbitt Graphics, Inc. (“Nesbitt”), in the third quarter of 2011 and assets of MeadWestvaco Corporation's Envelope Product Group (“EPG”) in the first quarter of 2011. The Company’s results include the operating results of these acquisitions subsequent to their respective acquisition dates. | ||||||||||||
As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, the Company completed the sale of its Custom Envelope Group ("Custom Envelope") during the third quarter of 2013. Additionally, during the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility. Beginning in the fourth quarter of 2011, the financial results of the Company's documents and forms business ("Documents Group") as well as the Company's wide-format papers business have been accounted for as discontinued operations. These businesses were sold in the first quarter of 2012. Collectively, the Company refers to these businesses as the "Discontinued Operations." As a result, the Company's historical consolidated balance sheets, statements of operations and comprehensive income (loss) ("statement of operations") and statements of cash flows have been reclassified to reflect these discontinued operations separately from the Company's continuing operations for all periods presented. | ||||||||||||
During the fourth quarter of 2013, the Company completed a realignment of its reportable segments as a result of a change in management reporting and strategy. The reportable segments were realigned into three complementary reportable segments: the envelope segment, the print segment, and the label and packaging segment. Previously, the two reportable segments were print and envelope and label and packaging. Prior year disclosures have been updated to reflect current year presentation. | ||||||||||||
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates and assumptions are used for, but not limited to, establishing the allowance for doubtful accounts, valuation of inventory, purchase price allocation, depreciation and amortization lives, asset impairment evaluations, deferred tax assets and liabilities, self-insurance accruals, stock-based compensation and other contingencies. Actual results could differ from estimates. | ||||||||||||
Fair Value Measurements: Certain assets and liabilities of the Company are required to be recorded at fair value. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of cash and cash equivalents, accounts receivable, short-term debt and accounts payable approximate their carrying values due to their short-term nature. The Company also has other assets or liabilities that it records at fair value, such as its pension and other postretirement plan assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: | ||||||||||||
Level 1 — | Valuations based on quoted prices for identical assets and liabilities in active markets. | |||||||||||
Level 2 — | Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||||
Level 3 — | Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. | |||||||||||
Cash and Cash Equivalents: Cash and cash equivalents include cash on deposit and highly liquid investments with original maturities of three months or less. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of FDIC insurance limits. Cash and cash equivalents are stated at cost, which approximates fair value. | ||||||||||||
Accounts Receivable: Trade accounts receivable are stated net of allowances for doubtful accounts. Specific customer provisions are made when a review of significant outstanding amounts, customer creditworthiness and current economic trends indicate that collection is doubtful. In addition, provisions are made at differing amounts, based upon the balance and age of the receivable and the Company’s historical collection experience. Trade accounts are charged off against the allowance for doubtful accounts or expensed when it is probable the accounts will not be recovered. As of the years ended 2013 and 2012, accounts receivable were reduced by an allowance for doubtful accounts of $5.4 million and $4.7 million, respectively. Transactions affecting the allowance for doubtful accounts were as follows (in thousands): | ||||||||||||
For The Years Ended | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 4,664 | $ | 5,584 | $ | 6,319 | ||||||
Charged to expense | 4,392 | 2,024 | 2,284 | |||||||||
Write-offs, recoveries and other | (3,647 | ) | (2,944 | ) | (3,019 | ) | ||||||
Balance at end of year | $ | 5,409 | $ | 4,664 | $ | 5,584 | ||||||
Inventories: Inventories are stated at the lower of cost or market, with cost primarily determined on a first-in, first-out or average cost basis. Cost includes materials, labor and overhead related to the purchase and production of inventories. | ||||||||||||
Property, Plant and Equipment: Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided using the straight-line method generally based on the estimated useful lives of 15 to 45 years for buildings and building improvements, 10 to 15 years for machinery and equipment and three to 10 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When an asset is retired or otherwise disposed of, the related gross cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of operations. Expenditures for repairs and maintenance are charged to expense as incurred, and expenditures that increase the capacity, efficiency or useful lives of existing assets are capitalized. | ||||||||||||
Computer Software: The Company develops and purchases software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed, tested and is ready for use, additional costs incurred in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, generally between three and seven years. Net computer software costs included in property, plant and equipment were $10.4 million and $5.1 million as of the years ended 2013 and 2012, respectively. | ||||||||||||
Debt Issuance Costs: Direct expenses such as legal, accounting and underwriting fees incurred to issue, extend or amend debt are included in other assets, net. Debt issuance costs were $22.8 million and $26.5 million as of the years ended 2013 and 2012, respectively, net of accumulated amortization, and are amortized to interest expense over the term of the related debt. Interest expense includes the amortization of debt issuance costs of $9.4 million, $7.0 million and $4.4 million in 2013, 2012 and 2011, respectively. | ||||||||||||
Goodwill and Other Intangible Assets: Goodwill represents the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is not amortized. Goodwill is subject to an annual impairment test and is reviewed annually as of the beginning of December to determine if there is an impairment or more frequently if an indication of possible impairment exists. Impairment testing for goodwill is performed at a reporting unit level, with all goodwill assigned to a reporting unit. The Company's reporting units are the same as its four operating segments. An impairment loss generally would be recognized when the carrying amount of the reporting unit's net assets exceeds the estimated fair value of the reporting unit. No impairment charges for goodwill were recorded in 2013 or 2012. In 2011, the Company allocated approximately $16.3 million of goodwill attributable to the label reporting unit to discontinued operations based on a relative fair value allocation. In the fourth quarter of 2011, non-cash goodwill impairment charges of $13.5 million were recorded. These charges were due to the carrying value of the assets, including allocated goodwill and intangible assets, being in excess of the fair value received from divesting these businesses. | ||||||||||||
Other intangible assets consist primarily of customer relationships and trademarks. Other intangible assets primarily arise from the purchase price allocations of businesses acquired. Intangible assets with determinable lives are amortized on a straight-line basis over the estimated useful life assigned to these assets. Intangible assets that are expected to generate cash flows indefinitely are not amortized, but are evaluated for impairment similar to goodwill. | ||||||||||||
During the fourth quarter of 2013, the Company made the decision that certain trade names would be retired in 2014 as a result of rebranding the Company's print and packaging business lines. Accordingly, based on its evaluation using a relief from royalty and other discounted cash flow methodologies, the Company concluded those trade name assets were impaired. An impairment charge of $33.4 million was recorded to reduce their carrying value to their estimated fair value. Those trade names have a remaining carrying value of $1.9 million as of the year ended 2013, which will be amortized over their remaining useful life of less than one year. There were no intangible asset impairments in the years ended 2012 or 2011. | ||||||||||||
Long-Lived Assets: Long-lived assets, including property, plant and equipment, and intangible assets with definite lives, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. An impairment is assessed if the undiscounted expected future cash flows generated from an asset are less than its carrying amount. Impairment losses are recognized for the amount by which the carrying value of an asset exceeds its fair value (Level 2 and 3). Additionally, the estimated useful lives of all long-lived assets are periodically reviewed and revised, if necessary. | ||||||||||||
Self-Insurance: The Company is self-insured for the majority of its workers’ compensation costs and health insurance costs, subject to specific retention levels. The Company records its liability for workers’ compensation claims on a fully-developed basis. The Company’s liability for health insurance claims includes an estimate for claims incurred, but not reported. As of the years ended 2013 and 2012, the (i) undiscounted workers' compensation liability was $12.9 million and $13.5 million, respectively, and the discounted liability was $11.9 million and $12.1 million, respectively, using discount rates of 2% and 3%, respectively, and the (ii) healthcare liability was $3.3 million and $3.8 million, respectively. | ||||||||||||
Pension and Postretirement Plans: The Company records expense relating to its pension and other postretirement plans based on actuarial calculations. The inputs for these estimates mainly include discount rates, anticipated mortality rates, assumed rates of return and compensation increases. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current anticipated rates. The effect of modifications on the value of plan obligations and assets is recognized in accumulated other comprehensive income (loss) ("AOCI") and is recognized in the statement of operations over future periods. | ||||||||||||
Interest Rate Swaps: From time to time the Company enters into interest rate swap agreements to hedge interest rate exposure of notional amounts of its floating rate debt. As of the years ended 2013 and 2012, the Company did not have any outstanding interest rate swap obligations. At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of ineffectiveness, if any, is recognized in the statement of operations. | ||||||||||||
Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred, pricing is fixed or determinable, and collection is reasonably assured, net of rebates earned by customers. Since a significant portion of the Company’s products are customer specific, it is common for customers to inspect the quality of the product at the Company’s facility prior to its shipment. Products shipped are not subject to contractual right of return provisions. | ||||||||||||
Sales Tax: The Company records sales net of applicable sales tax. | ||||||||||||
Freight Costs: The costs of delivering finished goods to customers are recorded as freight costs and included in cost of sales. Freight costs that are either billed separately to the customer or included in the price of the product are included in net sales. | ||||||||||||
Advertising Costs: All advertising costs are expensed as incurred. Advertising costs were $2.9 million, $2.8 million and $2.6 million for 2013, 2012 and 2011, respectively. | ||||||||||||
Stock-Based Compensation: The Company uses the fair value method of accounting for stock-based compensation. The Company uses the Black-Scholes-Merton option-pricing model (“Black-Scholes”) to measure fair value of these stock option awards. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the stock price volatility assumption, the expected life of the option award, the risk-free rate of return and dividends during the expected term. The Company recognizes stock compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. | ||||||||||||
Foreign Currency Translation: Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the United States dollar are translated at year-end exchange rates. The effects of translation are included in shareholders’ deficit. Income and expense items and gains and losses are translated at the average monthly rate. Foreign currency transaction gains and losses are recorded in other income, net. | ||||||||||||
Income Taxes: Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the deferred tax assets will not be realized. Based upon analysis as of the year ended 2013, which incorporated excess capacity and pricing pressure the Company has experienced in certain product lines, along with the recent decline in net sales and profitability in the print segment during 2013, the Company concluded it is more likely than not that the net deferred tax assets in the United States would not be fully realized in the future. Accordingly, the Company increased its valuation allowance related to those net deferred tax assets by $40.6 million to $97.1 million in 2013. | ||||||||||||
The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although the Company believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is recognized in its consolidated financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. | ||||||||||||
New Accounting Pronouncements: Effective in the first quarter of 2013, the Company adopted an accounting pronouncement relating to the presentation of AOCI. This pronouncement does not change the current requirements; however, the Company is required to provide information about the amounts reclassified out of AOCI by component. In addition, the Company is required to present, either on the face of the statement where net income (loss) is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income (loss), but only if the amount is required under GAAP to be reclassified to net income (loss) in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income (loss), the Company is required to cross-reference to other disclosures required under GAAP that provide additional detail on these amounts. The Company has provided the required disclosures in Note 15. The adoption of this pronouncement did not have a material impact to the Company's consolidated financial statements. | ||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward exists. The objective of this ASU is to eliminate diversity in practice related to this topic. The ASU states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss or a tax credit carryforward except in certain situations. The update is effective for annual and interim periods beginning after December 15, 2013. The Company does not anticipate the adoption of this amendment to have a material impact on the Company's consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
Acquisitions | |||||||||
The Company accounts for business combinations under the provisions of the Business Combination Topic of the Financial Accounting Standards Board’s Accounting Standards Codification (“ASC”) 805. Acquisitions are accounted for by the purchase method, and accordingly, the assets and liabilities of the acquired businesses have been recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. In the event the estimated fair value of the assets and liabilities acquired exceeds the purchase price paid, a bargain purchase gain is recorded in the statement of operations. | |||||||||
Acquisition-related costs are expensed as incurred. Acquisition-related costs, including integration costs, are included in selling, general and administrative expenses in the Company’s consolidated statement of operations and were $8.7 million, $1.5 million and $6.0 million for the years ended 2013, 2012 and 2011, respectively. | |||||||||
2013 | |||||||||
National Envelope | |||||||||
On September 16, 2013, the Company acquired certain assets of National. National's accounts receivable and inventory were purchased by unrelated third parties in conjunction with the Company's acquisition. National manufactured and distributed envelope products for the wholesale, billing, financial, direct mail and office products markets and had approximately 1,600 employees. The Company believes the acquisition of certain assets of National will enhance the Company's manufacturing capabilities and reduce capacity in the envelope industry. The preliminary purchase price was $34.1 million, of which $6.0 million was Cenveo common stock, and was preliminarily allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, and was assigned to the Company's envelope segment. The acquisition of certain assets of National resulted in a preliminary bargain purchase gain of approximately $17.3 million, exclusive of $6.8 million of tax expense, which was recognized in the Company's consolidated statement of operations. Prior to the recognition of the bargain purchase gain, the Company reassessed the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The Company believes it was able to acquire those assets of National for less than their fair value due to National's bankruptcy prior to the Company's acquisition. The acquired identifiable intangible asset relates to a leasehold interest with a fair value of $3.8 million, which is being amortized over the remaining lease term of 20 years, which includes renewal periods. | |||||||||
National's results of operations and cash flows are included in the Company’s consolidated statement of operations and cash flows from September 16, 2013. As a result of the Company's integration of certain assets of National into the Company's existing envelope operations, it is impracticable to disclose the amounts of revenues and operating income of National since the acquisition date. | |||||||||
Preliminary Purchase Price Allocation | |||||||||
The following table summarizes the preliminary allocation of the purchase price of National to the assets acquired and liabilities assumed in the acquisition (in thousands): | |||||||||
As of | |||||||||
16-Sep-13 | |||||||||
Property, plant and equipment | $ | 54,900 | |||||||
Other intangible assets | 3,780 | ||||||||
Total assets acquired | 58,680 | ||||||||
Accounts payable | 967 | ||||||||
Accrued compensation and related liabilities | 1,210 | ||||||||
Other current liabilities | 1,351 | ||||||||
Other liabilities | 1,292 | ||||||||
Note payable | 2,536 | ||||||||
Total liabilities assumed | 7,356 | ||||||||
Net assets acquired | 51,324 | ||||||||
Cost of the acquisition of certain assets of National | 34,062 | ||||||||
Gain on bargain purchase | $ | 17,262 | |||||||
Property, plant and equipment values were estimated based on discussions with machinery and equipment brokers, internal expertise related to the equipment and current marketplace conditions. The value of the leasehold interest acquired was determined based on the present value of the difference between the contractual amounts to be paid pursuant to the lease and management's estimate of current market lease rates for the corresponding lease, measured over the remaining lease term and renewal periods. | |||||||||
The fair values of property, plant and equipment and the intangible asset acquired from National were determined to be Level 3 under the fair value hierarchy. | |||||||||
Unaudited Pro Forma Financial Information | |||||||||
The following supplemental pro forma consolidated summary financial information of the Company for the years ended 2013 and 2012 herein have been prepared by adjusting the historical data as set forth in its statements of operations to give effect to the acquisition of certain assets of National as if it had been made as of January 1, 2012 (in thousands, except per share amounts). | |||||||||
For The Years Ended | |||||||||
2013 | 2012 | ||||||||
Net sales | |||||||||
As reported | $ | 1,777,808 | $ | 1,738,293 | |||||
Pro forma | $ | 2,027,799 | $ | 2,154,956 | |||||
Loss from continuing operations | |||||||||
As reported | $ | (85,527 | ) | $ | (80,528 | ) | |||
Pro forma | $ | (114,127 | ) | $ | (125,724 | ) | |||
Loss per share from continuing operations - basic | |||||||||
As reported | $ | (1.32 | ) | $ | (1.27 | ) | |||
Pro forma | $ | (1.73 | ) | $ | (1.92 | ) | |||
Loss per share from continuing operations - diluted | |||||||||
As reported | $ | (1.32 | ) | $ | (1.27 | ) | |||
Pro forma | $ | (1.73 | ) | $ | (1.92 | ) | |||
The supplemental pro forma consolidated summary financial information is presented for comparative purposes only and does not purport to be indicative of the Company’s actual consolidated results of operations had the acquisition of certain assets of National been consummated as of the beginning of the period noted above, or of the Company’s expected future results of operations. The adjustments related to the supplemental pro forma consolidated summary financial information above include the removal of $7.5 million in acquisition-related expenses incurred during 2013, as well as the removal of a bargain purchase gain of $17.3 million in 2013, and the related $6.8 million of tax expense. | |||||||||
The Company has performed its assessment of the preliminary purchase price allocation by identifying and estimating the fair value of intangible and tangible assets, comprised of a leasehold interest and property, plant and equipment. Pro forma adjustments have been made to depreciation and amortization expense related to these estimated fair values, and to reflect the Company's borrowing rate in the above supplemental pro forma consolidated summary financial information. The pro forma operating results do not include any anticipated synergies related to combining these operations. | |||||||||
Express Label | |||||||||
On December 31, 2012, the Company acquired certain assets and assumed certain liabilities of Express Label, which had annual net sales of approximately $5.4 million prior to the acquisition by the Company. The total purchase price was approximately $5.1 million, and was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at their acquisition date. The Express Label acquisition resulted in $0.1 million of goodwill, all of which is deductible for income tax purposes, and was assigned to the Company's label and packaging segment. The Company believes that the recognized goodwill related to Express Label is due to expected synergies and a reasonable market premium. The acquired identifiable intangible assets relate to: (i) customer relationships of $3.0 million, which are being amortized over their estimated useful life of 10 years; and (ii) a trade name of $0.3 million, which is being amortized over its estimated useful life of 10 years. | |||||||||
Express Label's results of operations and cash flows are included in the Company’s consolidated statement of operations and cash flows from December 31, 2012. Pro forma results for the year ended 2012, assuming the acquisition of Express Label had been made on January 1, 2012 are not presented in the table above since the effect would not be material. | |||||||||
2011 | |||||||||
Nesbitt | |||||||||
On August 1, 2011, the Company acquired essentially all of the assets of Nesbitt, which had annual net sales of approximately $5.6 million prior to the acquisition by the Company. Nesbitt is a niche content management business that focuses on high end book content development and project management offerings and was acquired to further enhance the Company's content management operations. The total purchase price was approximately $5.6 million, and was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at their acquisition date. The changes from the Company's original purchase price allocation primarily relate to changes in working capital settlements from the acquisition date. The Nesbitt acquisition resulted in $2.0 million of goodwill, all of which is deductible for income tax purposes, and was assigned to the Company's print segment. The Company believes that the recognized goodwill related to Nesbitt is due to expected synergies and a reasonable market premium. The acquired identifiable intangible assets relate to customer relationships of $1.4 million, which are being amortized over their estimated useful life of 10 years. | |||||||||
Envelope Product Group | |||||||||
On February 1, 2011, the Company acquired the assets of EPG. EPG manufactures and distributes envelope products for the billing, financial, direct mail and office products markets and had approximately 900 employees, all of which were located in the United States. Prior to the acquisition, EPG had annual net sales of approximately $240.0 million. The Company believes EPG further strengthened its existing envelope operations and provided for manufacturing efficiencies given EPG's unique asset base and geographic overlap of facilities that exists between EPG and the Company's existing envelope operations. EPG was assigned to the Company's envelope segment. The purchase price was approximately $55.2 million and was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The EPG acquisition resulted in a bargain purchase gain of approximately $11.7 million, which was recognized in the Company's consolidated statement of operations. Prior to the recognition of the bargain purchase gain, the Company reassessed the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The Company believes it was able to acquire EPG for less than the fair value of its net assets due to its operating results prior to the Company's acquisition and given its parent company's desire to exit a non-core business. The acquired identifiable intangible assets relate to: (i) a trade name of $1.0 million, which is being amortized over its estimated useful life of 10 years; and (ii) a patent of $0.5 million, which is being amortized over its estimated useful life of 15 years. | |||||||||
Both 2011 acquisitions were consolidated into Cenveo's results of operations beginning on their respective acquisition dates. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
Discontinued Operations | |||||||||||||
On September 28, 2013, the Company completed the sale of Custom Envelope. Net cash proceeds received in 2013 were approximately $44.8 million, which resulted in an after-tax gain of $14.9 million. In addition to the proceeds, $2.4 million of purchase price consideration has been held in escrow ("the holdback amount") and will be paid subject to certain financial adjustments. As a result, the Company has not included the holdback amount in the calculation of the gain on sale of Custom Envelope as of the year ended 2013. The operating results of Custom Envelope are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein. | |||||||||||||
During the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility within its print segment. The operating results of this manufacturing facility are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein. | |||||||||||||
On February 10, 2012, the Company completed the sale of Documents Group. Net cash proceeds were approximately $35.5 million. The original sale price of $40.0 million was subject to customary working capital settlement negotiations, which were completed during the third quarter of 2012, pursuant to the purchase and sale agreement. The operating results of the Documents Group are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein. | |||||||||||||
On January 27, 2012, the Company completed the sale of its wide-format papers business, for cash proceeds of approximately $4.7 million. The operating results of the wide-format papers business are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein. | |||||||||||||
The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of December 28, 2013, and December 29, 2012 (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable, net | $ | 9 | $ | 7,222 | |||||||||
Inventories | — | 3,534 | |||||||||||
Prepaid and other current assets | 123 | 509 | |||||||||||
Assets of discontinued operations - current | 132 | 11,265 | |||||||||||
Property, plant and equipment, net | 33 | 3,522 | |||||||||||
Goodwill | — | 4,000 | |||||||||||
Other intangible assets, net | — | 7,705 | |||||||||||
Other assets, net | — | 41 | |||||||||||
Assets of discontinued operations - long-term | 33 | 15,268 | |||||||||||
Accounts payable | — | 5,421 | |||||||||||
Accrued compensation and related liabilities | 627 | 645 | |||||||||||
Other current liabilities | 1,386 | 525 | |||||||||||
Liabilities of discontinued operations - current | 2,013 | 6,591 | |||||||||||
Liabilities of discontinued operations - long-term | — | 880 | |||||||||||
Net assets | $ | (1,848 | ) | $ | 19,062 | ||||||||
The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): | |||||||||||||
For The Years Ended | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales | $ | 34,891 | $ | 68,478 | $ | 164,427 | |||||||
Income from discontinued operations before income taxes (1) (2) | 4,471 | 11,342 | 8,901 | ||||||||||
Income tax expense on discontinued operations | 2,663 | 4,441 | 8,772 | ||||||||||
Gain (loss) on sale of discontinued operations, net of tax (3) | 14,933 | (6,260 | ) | — | |||||||||
Income from discontinued operations, net of taxes | $ | 16,741 | $ | 641 | $ | 129 | |||||||
Income per share - basic | $ | 0.25 | $ | 0.01 | $ | — | |||||||
Income per share - diluted | $ | 0.25 | $ | 0.01 | $ | — | |||||||
____________________ | |||||||||||||
(1) Income from discontinued operations for the year ended 2012 also includes the reduction of a liability of $1.8 million, net of tax expense of $1.2 million, due to the expiration of certain statutes of limitations related to a previous divestiture. | |||||||||||||
(2) Includes $13.5 million of non-cash goodwill impairment charges in 2011 related to the Documents Group and the Company's wide-format papers business. | |||||||||||||
(3) The gain (loss) on the sale of discontinued operations is shown net of tax expense of $10.7 million for the year ended 2013 and a tax benefit of $2.6 million for the year ended 2012. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories by major category are as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 62,241 | $ | 49,001 | |||||
Work in process | 21,698 | 17,058 | |||||||
Finished goods | 77,626 | 61,176 | |||||||
$ | 161,565 | $ | 127,235 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment are as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 14,507 | $ | 17,283 | |||||
Buildings and building improvements | 97,674 | 103,326 | |||||||
Machinery and equipment | 635,638 | 579,570 | |||||||
Furniture and fixtures | 11,049 | 11,170 | |||||||
Construction in progress | 11,828 | 7,060 | |||||||
770,696 | 718,409 | ||||||||
Accumulated depreciation | (465,789 | ) | (439,331 | ) | |||||
$ | 304,907 | $ | 279,078 | ||||||
Sale Leaseback Transaction | |||||||||
During the first quarter of 2013, the Company sold one manufacturing facility related to its label and packaging segment, which had a net book value of $3.7 million for net proceeds of $6.3 million, and entered into a seven-year operating lease for the same facility. In connection with the sale, the Company recorded a deferred gain of $2.6 million, which will be amortized on a straight-line basis over the term of the lease as a reduction to rent expense in cost of sales in the Company's consolidated statement of operations. | |||||||||
Proceeds From Long-Lived Assets | |||||||||
During the fourth quarter of 2013, the Company sold one office facility, which related to its envelope segment for net proceeds of $0.5 million. During the second quarter of 2013, the Company sold one manufacturing facility, which related to its envelope segment, for net proceeds of $1.7 million. | |||||||||
During the first quarter of 2013, a press in the Company's label and packaging segment was destroyed by a fire. The Company's insurance policy provided coverage for business interruption and the replacement cost of the press. The insurance settlement was finalized during the second quarter of 2013 and the Company received cash proceeds of $4.4 million, resulting in a $2.7 million gain. The gain on the insurance settlement represents the difference between the replacement cost and carrying value of the press. The gain is recorded in other (income) expense, net in the Company's consolidated statement of operations. | |||||||||
In 2012, the Company sold three manufacturing facilities, one of which related to its envelope segment and two of which related to its print segment, for net proceeds of $6.4 million. | |||||||||
In 2011, the Company sold four manufacturing facilities, one of which related to its label and packaging segment, two of which related to its print segment, and one of which related to its envelope segment, for net proceeds of $9.6 million and it also sold certain manufacturing assets for net proceeds of $1.5 million. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill as of the years ended 2013 and 2012 by reportable segment are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Envelope | Label and Packaging | Total | |||||||||||||||||||||||||||||||||
Balance as of the year ended 2011 | $ | 23,433 | $ | 45,814 | $ | 117,575 | $ | 186,822 | |||||||||||||||||||||||||||
Acquisitions, net | — | 644 | — | 644 | |||||||||||||||||||||||||||||||
Foreign currency translation | — | (191 | ) | 140 | (51 | ) | |||||||||||||||||||||||||||||
Balance as of the year ended 2012 | 23,433 | $ | 46,267 | $ | 117,715 | $ | 187,415 | ||||||||||||||||||||||||||||
Acquisitions, net | — | — | 92 | 92 | |||||||||||||||||||||||||||||||
Foreign currency translation | — | (691 | ) | (380 | ) | (1,071 | ) | ||||||||||||||||||||||||||||
Balance as of the year ended 2013 | $ | 23,433 | $ | 45,576 | $ | 117,427 | $ | 186,436 | |||||||||||||||||||||||||||
The impairment test for goodwill uses a two-step approach. Step one compares the estimated fair value of a reporting unit with goodwill to its carrying value. If the carrying value exceeds the estimated fair value, step two must be performed. Step two compares the carrying value of the reporting unit to the fair value of all of the assets and liabilities of the reporting unit (including any unrecognized intangibles) as if the reporting unit was acquired in a business combination. If the carrying amount of a reporting unit’s goodwill exceeds the implied fair value of its goodwill, an impairment loss is recognized in an amount equal to the excess. The Company's valuation of all of its reporting units was performed using the income approach in which the Company utilized a discounted cash flow analysis to determine the present value of expected future cash flows of each reporting unit. The Company performed a market approach analysis in order to support the reasonableness of the fair value determined under the income approach. | |||||||||||||||||||||||||||||||||||
The estimated fair value for each of the Company's reporting units, as of the year ended 2013, exceeded the respective carrying values of each reporting unit. As a result, it was concluded that the goodwill assigned to each reporting unit, as of December 28, 2013, was not impaired. Additionally, there were no goodwill impairments recorded in the years ended 2012 and 2011. | |||||||||||||||||||||||||||||||||||
Other intangible assets are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
Weighted Average Remaining Amortization Period (Years) | Gross | Accumulated Impairment Charges | Accumulated | Net | Gross | Accumulated Impairment Charges | Accumulated | Net | |||||||||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||
Intangible assets with definite lives: | |||||||||||||||||||||||||||||||||||
Customer relationships | 9 | $ | 144,898 | $ | (27,234 | ) | $ | (53,682 | ) | $ | 63,982 | $ | 159,296 | $ | (27,234 | ) | $ | (62,055 | ) | $ | 70,007 | ||||||||||||||
Trademarks and trade names | 20 | 77,754 | (55,367 | ) | (6,734 | ) | 15,653 | 20,701 | — | (5,938 | ) | 14,763 | |||||||||||||||||||||||
Leasehold interest | 19 | 3,780 | — | (55 | ) | 3,725 | — | — | — | — | |||||||||||||||||||||||||
Patents | 10 | 3,528 | — | (3,039 | ) | 489 | 3,528 | — | (2,839 | ) | 689 | ||||||||||||||||||||||||
Non-compete agreements | 140 | — | (140 | ) | — | 510 | — | (510 | ) | — | |||||||||||||||||||||||||
Subtotal | 12 | 230,100 | (82,601 | ) | (63,650 | ) | 83,849 | 184,035 | (27,234 | ) | (71,342 | ) | 85,459 | ||||||||||||||||||||||
Intangible assets with indefinite lives: | |||||||||||||||||||||||||||||||||||
Trademarks | 84,900 | — | — | 84,900 | 141,740 | (22,000 | ) | — | 119,740 | ||||||||||||||||||||||||||
Total | $ | 315,000 | $ | (82,601 | ) | $ | (63,650 | ) | $ | 168,749 | $ | 325,775 | $ | (49,234 | ) | $ | (71,342 | ) | $ | 205,199 | |||||||||||||||
Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Annual Estimated | |||||||||||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||||||||||
2014 | $ | 11,855 | |||||||||||||||||||||||||||||||||
2015 | 9,707 | ||||||||||||||||||||||||||||||||||
2016 | 7,857 | ||||||||||||||||||||||||||||||||||
2017 | 7,265 | ||||||||||||||||||||||||||||||||||
2018 | 7,143 | ||||||||||||||||||||||||||||||||||
Sale of Intangible Asset | |||||||||||||||||||||||||||||||||||
In 2012, the Company received proceeds of $5.7 million related to the buyout of a royalty agreement by a third party and certain other intellectual property. Prior to its sale, the royalty agreement was accounted for as an intangible asset in the Company's consolidated balance sheet. As a result of these transactions, the Company recorded a gain of $2.8 million in other (income) expense, net in its consolidated statement of operations. | |||||||||||||||||||||||||||||||||||
Asset Impairments | |||||||||||||||||||||||||||||||||||
During the fourth quarter of 2013, the Company made the decision to retire certain trade names during 2014 as a result of rebranding the Company's print and packaging business lines. Accordingly, based on its evaluation using a relief from royalty and other discounted cash flow methodologies, the Company concluded that those trade name assets were impaired. An impairment charge of $33.4 million was recorded to reduce their carrying value to their estimated fair value. Those trade names have a remaining carrying value of $1.9 million as of the year ended 2013, which will be amortized over their remaining useful life of less than one year. There were no intangible asset impairments in the years ended 2012 or 2011. |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Other Current Liabilities | ' | |||||||
Other Current Liabilities | ||||||||
Other current liabilities are as follows (in thousands): | ||||||||
2013 | 2012 | |||||||
Accrued interest expense | $ | 20,040 | $ | 20,671 | ||||
Accrued customer rebates | 16,901 | 16,187 | ||||||
Restructuring liabilities | 4,555 | 7,474 | ||||||
Other accrued liabilities | 39,702 | 33,035 | ||||||
$ | 81,198 | $ | 77,367 | |||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt is as follows (in thousands): | ||||||||
2013 | 2012 | |||||||
ABL Facility, due 2017 | $ | 121,400 | $ | — | ||||
Term Loan Facility, due 2017 ($329.1 million outstanding principal amount as of the year ended 2013) | 326,013 | — | ||||||
15% Unsecured Term Loan, due 2017 ($10.0 million outstanding principal amount as of the year ended 2013) | 9,500 | — | ||||||
Revolving Credit Facility, due 2014 | — | 18,000 | ||||||
Term Loan B, due 2016 ($388.2 million outstanding principal amount as of the year ended 2012) | — | 385,547 | ||||||
11.5% senior notes, due 2017 ($225.0 million outstanding principal amount as of the years ended 2013 and 2012) | 219,068 | 217,675 | ||||||
7% senior exchangeable notes, due 2017 | 86,250 | 86,250 | ||||||
8.875% senior second lien notes, due 2018 ($400.0 million outstanding principal amount as of the years ended 2013 and 2012) | 398,326 | 398,001 | ||||||
7.875% senior subordinated notes, due 2013 | — | 67,848 | ||||||
Other debt including capital leases | 24,968 | 10,297 | ||||||
1,185,525 | 1,183,618 | |||||||
Less current maturities | (9,174 | ) | (11,748 | ) | ||||
Long-term debt | $ | 1,176,351 | $ | 1,171,870 | ||||
The estimated fair value of the Company’s long-term debt was approximately $1.2 billion for the years ended 2013 and 2012. The fair value was determined by the Company to be Level 2 under the fair value hierarchy and was based upon review of observable pricing in secondary markets for each debt instrument. Interest expense in 2013 reflected average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 8.2%, compared to the average outstanding debt of approximately $1.3 billion and a weighted average interest rate of 8.2% in 2012. Cash interest payments on long-term debt were $103.0 million, $110.7 million and $111.0 million in 2013, 2012 and 2011, respectively. | ||||||||
2013 Credit Facilities | ||||||||
On April 16, 2013, the Company completed the refinancing of its $170 million revolving credit facility due 2014 (the "Revolving Credit Facility") and its existing term loan B due 2016 (the "Term Loan B," and collectively with the Revolving Credit Facility, the “Refinanced Facility”) by entering into: (i) a Second Amended and Restated Credit Agreement providing for a $360 million secured term loan facility (the “Term Loan Facility”), with a syndicate of lenders arranged by Bank of America, N.A., Macquarie Capital (USA) Inc. and Barclays Bank PLC, with Bank of America, N.A. serving as administrative agent, syndication agent and documentation agent; and (ii) a Credit Agreement providing for a $200 million asset-based revolving credit facility, (the “ABL Facility”; and together with the Term Loan Facility, the “2013 Credit Facilities”), with a syndicate of lenders arranged by Bank of America, N.A., Barclays Bank PLC, General Electric Capital Corporation and Wells Fargo Bank, National Association, with Bank of America, N.A. serving as administrative agent, issuing bank and swingline lender. In connection with the 2013 Credit Facilities, the Company capitalized debt issuance costs of $7.2 million, of which $1.8 million relates to original issuance discount. Proceeds from the 2013 Credit Facilities together with available cash on hand were used to refinance the outstanding term loans and revolving loans, and accrued interest thereon, under the Refinanced Facility, and to pay certain fees and expenses incurred in connection with the transactions. | ||||||||
Borrowing rates under each of the 2013 Credit Facilities are selected at the Company's option at the time of each borrowing and are generally based on London Interbank Offered Rate (“LIBOR”) or the prime rate publicly announced by Bank of America, N.A. from time to time, in each case plus a specified interest rate margin. With respect to the Term Loan Facility, LIBOR-based borrowings have an interest rate of not less than 1.25% per annum plus an applicable margin of 5.00% per annum, and prime rate borrowings have an interest rate of not less than 2.25% per annum plus an applicable margin of 4.00% per annum. With respect to the ABL Facility, LIBOR-based borrowings have an interest rate margin ranging from 2.00% to 2.50% per annum, and prime rate borrowings have an interest rate margin ranging from 1.00% to 1.50% per annum, in each case depending on average availability under the ABL Facility for the most recent fiscal quarter. Under the ABL Facility, the Company pays a commitment fee on unused revolving loan commitments of 0.375% per annum or 0.50% per annum, depending on average usage under the ABL Facility for the most recent fiscal quarter. | ||||||||
Under the Term Loan Facility, the term loan amortizes in quarterly installments equal to 1.00% per year, commencing June 21, 2013, with the remaining principal balance due at maturity on February 13, 2017. Under the ABL Facility, all loans mature on February 13, 2017. Under each of the 2013 Credit Facilities, the Company may elect, in its sole discretion, to extend the maturity date upon the satisfaction of certain conditions related to the refinancing of the Company's outstanding indebtedness under its 11.5% senior notes due 2017 (the “11.5% Notes”) and its 8.875% senior second lien notes due 2018 (the “8.875% Notes”). If such conditions are satisfied, the maturity date of the Term Loan Facility may be extended to April 16, 2020 and the maturity date of the ABL Facility may be extended to April 16, 2018. | ||||||||
On December 11, 2013, the Company entered into an Amendment No. 1 to the ABL Facility ("ABL Amendment No. 1"), pursuant to which the revolving commitments under the original agreement were increased by $30.0 million. Capitalized fees and expenses associated with the ABL Amendment No. 1 were approximately $0.3 million. A portion of the additional $30.0 million borrowing capacity under the ABL Facility, together with cash on hand, were used to repay $28.2 million of its Term Loan Facility. | ||||||||
The obligations under the 2013 Credit Facilities are each guaranteed by the Company and each existing and future direct and indirect North American subsidiary. The 2013 Credit Facilities are secured by a first priority perfected security interest in substantially all assets of the Company and its North American subsidiaries, including: (i) all capital stock of each present and future subsidiary (with certain exclusions of foreign subsidiaries); (ii) all present and future inter-company debt; (iii) all intellectual property rights, including patents, trademarks and copyrights; and (iv) substantially all of the present and future other property and assets, including material real property. | ||||||||
In connection with the 2013 Credit Facilities, the Company entered into a third supplemental indenture to the indenture dated as of February 5, 2010, among the Company, the guarantors named therein and Wells Fargo Bank, National Association, as trustee, pursuant to which the Company's 8.875% Notes were issued. | ||||||||
Also in connection with the 2013 Credit Facilities, the Company entered into an Amendment No. 1 to its existing Unsecured Term Loan (as defined below). The Unsecured Term Loan was amended in order to, among other things, permit the refinancing of the Refinanced Facility. | ||||||||
Unsecured Credit Facilities | ||||||||
On January 18, 2013, the Company entered into an unsecured credit agreement with Macquarie US Trading LLC, as administrative agent, and the lenders named therein, which provided for an unsecured $50.0 million aggregate principal amount term loan due March 31, 2017 (the “Unsecured Term Loan”). In connection with the Unsecured Term Loan, the Company capitalized debt issuance costs of $6.1 million, of which $2.5 million relates to original issuance discount. In connection with the Unsecured Term Loan, all of the Company's North American subsidiaries as guarantors, entered into a guaranty agreement, dated as of January 18, 2013 (the “Guaranty”), in favor of the administrative agent. Proceeds from the Unsecured Term Loan together with borrowings on its $170 million Revolving Credit Facility were used to redeem, satisfy and discharge in full the Company's 7.875% senior subordinated notes due 2013, ("7.875% Notes"), and to pay certain fees and expenses incurred in connection with the Unsecured Term Loan and the redemption, satisfaction and discharge of the 7.875% Notes. On January 22, 2013, U.S. Bank National Association, the trustee for the 7.875% Notes officially canceled the 7.875% Notes. | ||||||||
The Unsecured Term Loan bears interest at a rate of 15% per annum, payable quarterly in arrears on the 25th day of each February, May, August and November prior to the maturity of the Unsecured Term Loan and on the maturity date of the Unsecured Term Loan. If the Company does not pay in full a quarterly excess cash flow mandatory prepayment pursuant to the terms of the Unsecured Term Loan, interest on the outstanding principal amount of the Unsecured Term Loan will instead accrue at 25% per annum until the first prepayment date thereafter when the full excess cash flow mandatory prepayment is made by the Company. In addition, for so long as the increased interest rate pursuant to the previous sentence is not applicable, if on any interest payment date the outstanding principal amount of the Unsecured Term Loan exceeds a specified threshold amount, which threshold amount equaled $31.3 million on November 25, 2013 and decreases by $6.3 million on each interest payment date thereafter, then on and after each such interest payment date an additional 10% per annum will accrue on such excess. The Unsecured Term Loan is guaranteed by the Company and each existing and future direct and indirect North American subsidiary of Cenveo on an unsecured basis pursuant to the Guaranty. The Unsecured Term Loan contains customary covenants that, among other things, place limits on the ability of Cenveo, the Company, and/or their respective subsidiaries to incur debt, create liens, make investments and acquisitions, sell assets, pay dividends, prepay debt, merge with other entities or sell all or substantially all their assets, engage in transactions with affiliates, and make capital expenditures. The Unsecured Term Loan also contains customary representations and warranties and events of default. | ||||||||
Other Debt | ||||||||
Other debt as of the year ended 2013 primarily consisted of equipment loans. On September 16, 2013, in connection with the acquisition of certain assets of National, the Company entered into an equipment loan in the aggregate amount of $20.0 million, secured by the machinery and equipment of National. Interest on the equipment loan accrues at a rate of the LIBOR plus 11% per year and is payable monthly in arrears for a period of five years beginning on November 1, 2013. A 2% fee will apply if the Company elects to prepay the loan in full before the maturity date, which is permitted beginning October 1, 2015. The fee declines by 1% in each subsequent year. In connection with the equipment loan, the Company capitalized debt issuance costs of $0.7 million. | ||||||||
2010 Credit Facilities | ||||||||
On December 14, 2012, the Company issued $15 million aggregate principal amount of additional term loans (the “$15 million Term Loan Add-On,” and together with the $65 million Term Loan Add-On, as described below, the “Term Loan Add-On”) under its senior secured credit agreement, which includes the $170 million Revolving Credit Facility, and the $380 million Term Loan B (collectively with the Term Loan Add-On and Revolving Credit Facility, the “2010 Credit Facilities”). The $15 million Term Loan Add-On was issued at par. Concurrently with the $15 million Term Loan Add-On, the Company amended the 2010 Credit Facilities (the "December 2012 Amendment") to allow the Company to incur up to $50 million of indebtedness under a new unsecured term loan to be prepaid on substantially similar terms as the Company's 7.875% Notes, subject to maintaining certain liquidity thresholds and other customary conditions. The Company capitalized debt issuance costs of $2.7 million, which is amortized over the remaining life of the 2010 Credit Facilities. Consenting lenders received $2.6 million, which is capitalized and is amortized over the remaining life of the 2010 Credit Facilities. | ||||||||
On June 8, 2012, the Company issued the $65 million aggregate principal amount of additional term loans (the “$65 million Term Loan Add-On”) under its 2010 Credit Facilities. The $65 million Term Loan Add-On was issued at a discount of approximately $0.7 million. Concurrently with the $65 million Term Loan Add-On, the Company amended the 2010 Credit Facilities (the “Add-On Amendment”) to allow for the repurchase of up to $135 million of its 7.875% Notes, subject to maintaining certain liquidity thresholds and other customary conditions. The Company capitalized debt issuance costs of $1.1 million, which is amortized over the remaining life of the 2010 Credit Facilities. Consenting lenders received $2.0 million for the Add-On Amendment, of which $1.8 million was capitalized and is amortized over the remaining life of the 2010 Credit Facilities. | ||||||||
On February 3, 2012, the Company amended the 2010 Credit Facilities (the “2012 Amendment”) to increase its restricted dispositions basket in connection with the sale of the Documents Group. The 2012 Amendment required that 25% of the net proceeds of such sale be used to repay the Term Loan B and requires that the remaining amount be used to reinvest in the business or refinance certain existing debt. On February 14, 2012, the Company repaid $9.5 million of the Term Loan B in connection with this provision. The 2012 Amendment required the Company to prepay unsecured debt, second lien debt and/or the loans under the 2010 Credit Facilities within 360 days after the effective date of the 2012 Amendment in an amount equal to 75% of the net proceeds. In connection with the 2012 Amendment, the Company paid $1.7 million to consenting lenders and related fees, which are included in discontinued operations in the consolidated statement of operations. | ||||||||
Effective March 5, 2012, the Company increased its borrowing capacity under the Revolving Credit Facility to $170 million from $150 million as a result of receiving an additional commitment, as permitted under the 2010 Credit Facilities. In connection with this increase, the Company capitalized debt issuance costs of $1.0 million, which is amortized over the life of the Revolving Credit Facility. On March 9, 2012, the Company repaid $34.7 million of its Term Loan B as part of its required excess cash flow pre-payment. | ||||||||
11.5% Senior Notes | ||||||||
On March 28, 2012, the Company issued $225 million aggregate principal amount of 11.5% Notes that were sold with registration rights to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act of 1933. The 11.5% Notes were issued at a discount of approximately $8.3 million, of which $7.3 million remains unamortized as of the year ended 2013. The 11.5% Notes were issued pursuant to an indenture (the “11.5% Indenture”) among the Company, certain subsidiary guarantors and U.S. Bank National Association, as trustee. The Company will pay interest on the 11.5% Notes, semi-annually, in cash in arrears, on May 15 and November 15 of each year commencing May 15, 2012. The 11.5% Notes have no required principal payments prior to their maturity on May 15, 2017. The 11.5% Notes are guaranteed on a senior unsecured basis by the Company and substantially all of its existing and future North American subsidiaries. As such, the 11.5% Notes rank pari passu with all of the Company's existing and future senior debt and senior to any of the Company's subordinated debt. The Company may redeem the 11.5% Notes, in whole or in part, on or after May 15, 2015, at redemption prices ranging from 100% to 105.75%, plus accrued and unpaid interest. In addition, at any time prior to May 15, 2015, the Company may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 111.5% plus accrued and unpaid interest. The Company may also redeem some or all of the 11.5% Notes before May 15, 2015 at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus a “make whole” premium. Each holder of the 11.5% Notes has the right to require the Company to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 11.5% Indenture contains a number of covenants that, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing the Company's capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. The 11.5% Indenture also contains certain customary affirmative covenants. In order to fulfill its registration rights obligations, on May 10, 2012, the Company launched a registered exchange offer (the "Exchange Offer") to exchange any and all of its unregistered 11.5% Notes for publicly tradable notes having substantially identical terms, except for the elimination of some transfer restrictions, registration rights and additional interest payments relating to the outstanding notes. The Exchange Offer expired on June 18, 2012. | ||||||||
7% Senior Exchangeable Notes | ||||||||
Concurrently with the issuance of the 11.5% Notes on March 28, 2012, the Company issued $86.3 million aggregate principal amount of senior exchangeable notes due 2017 (the “7% Notes”) that were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933. The 7% Notes were issued pursuant to an indenture (the “7% Indenture”) among the Company, certain subsidiary guarantors and U.S. Bank National Association, as trustee. The Company will pay interest on the 7% Notes semi-annually, in cash in arrears, on May 15 and November 15 of each year, commencing November 15, 2012. The 7% Notes have no required principal payments prior to their maturity on May 15, 2017. The 7% Notes are guaranteed on a senior unsecured basis by the Company and substantially all of its existing and future North American subsidiaries. As such, the 7% Notes rank pari passu with all of the Company's existing and future senior debt and senior to any of the Company's subordinated debt. The Company may not redeem the notes at its option. Upon a fundamental change, as defined in the 7% Indenture, each holder of 7% Notes may require the Company to repurchase all or a portion of such holder's notes for cash at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date, as defined in the 7% Indenture. The 7% Indenture does not contain any financial covenants or any restrictions, among other things, on the payment of dividends, the incurrence of other indebtedness, or the issuance or repurchase of securities by the Company. The 7% Indenture does not contain any covenants or other provisions to protect holders of the notes in the event of a highly leveraged transaction or a change of control, except to the extent described in the 7% Indenture. | ||||||||
The 7% Notes are exchangeable at any time prior to the close of business on the business day immediately preceding the maturity date for shares of the Company's common stock at an exchange rate of 241.5167 shares per $1,000 principal amount of 7% Notes, which is equal to an exchange price of approximately $4.14 per share, subject to adjustment under certain specified circumstances. This represents a premium of 22.5% above the last reported sale price of Cenveo's common stock on the New York Stock Exchange on Thursday, March 22, 2012, which was $3.38 per share. If a holder elects to exchange notes in connection with a make-whole fundamental change, as described in the 7% Indenture, such holder may also be entitled to receive a make-whole premium upon exchange in certain circumstances. | ||||||||
Net proceeds of the 11.5% Notes and 7% Notes together with borrowings under the Company's Revolving Credit Facility were used to fund the cash tender offers for any and all of the Company's 8.375% senior subordinated notes, due 2014 (the "8.375% Notes") and the 10.5% senior notes due 2016 (the "10.5% Notes"), plus $45 million aggregate principal amount of the Company's 7.875% Notes and to repurchase an additional $73 million of 7.875% Notes through open market, negotiated purchases to refinance such indebtedness, and to pay related fees and expenses. In connection with the issuance of the 11.5% Notes and the 7% Notes, the Company capitalized debt issuance costs of $6 million and $3 million, respectively, all of which will be amortized over the life of the 11.5% Notes and the 7% Notes. | ||||||||
8.875% Notes | ||||||||
In 2010, the Company issued $400 million of 8.875% Notes that were sold with registration rights to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-United States persons in accordance with Regulation S under the Securities Act of 1933. The 8.875% Notes were issued at a discount of approximately $2.8 million, of which approximately $1.7 million and $2.0 million remained unamortized as of the years ended 2013 and 2012, respectively. Net proceeds after fees and expenses were used to pay down $300.0 million of the Company’s outstanding senior secured term loans and $88.0 million outstanding under the Company's then existing senior secured revolving credit facility. | ||||||||
The 8.875% Notes were issued pursuant to an indenture among Cenveo Corporation, certain subsidiary guarantors and Wells Fargo Bank, National Association, as trustee, and an Intercreditor Agreement among Cenveo Corporation, certain subsidiary guarantors, Bank of America, N.A., as first lien agent and control agent, and Wells Fargo Bank, National Association, as second lien collateral agent. The 8.875% Notes pay interest semi-annually on February 1 and August 1, commencing August 1, 2010. The 8.875% Notes have no required principal payments prior to their maturity on February 1, 2018. The 8.875% Notes are guaranteed on a senior secured basis by Cenveo, Inc. and substantially all of its domestic subsidiaries with a second priority lien on substantially all of the assets that secure the 2010 Credit Facilities, and on a senior unsecured basis by substantially all of the Canadian subsidiaries. As such the 8.875% Notes rank pari passu with all the Company’s senior debt and senior in right of payment to all of the Company’s subordinated debt. The Company can redeem the 8.875% Notes, in whole or in part, on or after February 1, 2014, at redemption prices ranging from 100.0% to approximately 104.4%, plus accrued and unpaid interest. Each holder of the 8.875% Notes has the right to require the Company to repurchase such holder’s notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change in control. The 8.875% Notes contain customary covenants, representations and warranties, plus a consolidated secured debt to consolidated cash flow liens incurrence test. In order to fulfill its registration rights obligations, on April 28, 2010, the Company launched a registered exchange offer (“Exchange Offer”) to exchange any and all of its outstanding unregistered 8.875% Notes for publicly tradable notes having substantially identical terms and guarantees, except that the exchange notes will be freely tradable. The Exchange Offer expired on May 26, 2010, and nearly all unregistered 8.875% Notes were exchanged for registered 8.875% Notes. | ||||||||
In connection with the issuance of the 8.875% Notes, the Company capitalized $9.4 million of debt issuance costs, of which $7.6 million relates to fees paid to consenting lenders and $1.8 million relates to offering expenses, all of which is amortized over the eight year life of the 8.875% Notes. | ||||||||
7.875% Notes | ||||||||
In 2004, the Company issued $320.0 million of the 7.875% Notes, with semi-annual interest payments due on June 1 and December 1, and no required principal payments prior to the scheduled maturity on December 1, 2013. The Company had the option to redeem these notes, in whole or in part, at redemption prices from 103.938% to 100%, plus accrued and unpaid interest. | ||||||||
On December 17, 2012, the Company announced that it had initiated a mandatory and irrevocable redemption of all of the outstanding 7.875% Notes. Pursuant to the terms of the indenture governing these notes, the 7.875% Notes were redeemed on January 22, 2013 (the “Redemption Date”) at a redemption price of 100.0% of the unpaid principal amount of the 7.875% Notes, together with accrued and unpaid interest thereon up to the Redemption Date. As a result, the amount outstanding as of the year ended 2012 were reclassified to long-term debt on the consolidated balance sheet. | ||||||||
In 2012, the Company purchased in the open market approximately $98.6 million of its 7.875% Notes and retired them for $96.4 million plus accrued and unpaid interest. | ||||||||
2013 Extinguishments | ||||||||
During the year ended 2013, the Company recorded a total loss on early extinguishment of debt of $11.3 million. In connection with the Refinanced Facility, the Company recorded a loss on early extinguishment of debt of approximately $6.4 million, of which $4.1 million related to consent fees paid to consenting lenders, $2.1 million related to the write-off of unamortized debt issuance costs and $0.2 million related to the write-off of original issuance discount. The Company recorded a loss on early extinguishment of debt of approximately $4.0 million related to the extinguishment of $40.0 million of its Unsecured Term Loan, of which $2.2 million related to the write-off of unamortized debt issuance costs and $1.8 million related to the write-off of original issuance discount. In connection with the extinguishment of $28.2 million of its Term Loan Facility, the Company recorded a loss on early extinguishment of debt of approximately $0.8 million, of which $0.5 million related to the write-off of unamortized debt issuance costs and $0.3 million related to the write-off of original issuance discount. | ||||||||
2012 Extinguishments | ||||||||
During 2012, the Company recorded a total loss on early extinguishment of debt of $12.5 million. In connection with the various refinancing activities discussed, the Company incurred a loss on early extinguishment of debt of $14.9 million, of which $11.7 million related to tender and consent fees paid to consenting lenders and $3.2 million related to the write-off of previously unamortized debt issuance costs. The loss on early extinguishment was partially offset by the gains on early extinguishment of debt of $2.4 million related to repurchases of the 7.875% Notes, the 10.5% Notes, and the 8.375% Notes, plus in each case accrued and unpaid interest thereon. | ||||||||
2011 Extinguishments | ||||||||
In 2011, the Company purchased in the open market approximately $11.4 million of its 7.875% Notes and retired them for $9.0 million plus accrued and unpaid interest and $7.0 million of its 8.375% Notes for $5.4 million plus accrued and unpaid interest. In connection with these retirements, the Company recorded a gain on early extinguishment of debt of $4.0 million. | ||||||||
Debt Compliance | ||||||||
In connection with the 2013 Credit Facilities, the Term Loan Facility contains a maximum consolidated leverage ratio covenant, and the ABL Facility contains a minimum consolidated fixed charge coverage ratio covenant that applies if availability thereunder falls below a certain level. In addition, each of the 2013 Credit Facilities contains customary covenants that, among other things, place limits on the ability of Cenveo, the Company and their respective subsidiaries to incur debt, create liens, make investments and acquisitions, sell assets, pay dividends, prepay debt, merge with other entities, engage in transactions with affiliates, and make capital expenditures. The 2013 Credit Facilities also contain customary representations and warranties and events of default. | ||||||||
The obligations under the 2013 Credit Facilities are guaranteed by the Company and each existing and future direct and indirect North American subsidiary of the Company. The 2013 Credit Facilities are secured by a first priority perfected security interest in substantially all assets of the Company and its North American subsidiaries. As the 2013 Credit Facilities have senior secured and first priority lien position in the Company’s capital structure and the most restrictive covenants, then provided the Company is in compliance with the 2013 Credit Facilities, the Company would also be in compliance, in most circumstances, with the Company’s incurrence tests within all of the Company’s debt indentures. | ||||||||
Any default under the 2013 Credit Facilities would prevent the Company from borrowing additional amounts and could cause the indebtedness outstanding under the 2013 Credit Facilities and, by reason of cross-acceleration or cross-default provisions, all of the aforementioned notes and any other indebtedness the Company may then have, to become immediately due and payable. | ||||||||
As of the year ended 2013, the Company was in compliance with all debt agreement covenants. The Company anticipates being in compliance with all of its debt agreements throughout its 2014 fiscal year. | ||||||||
Subsequent Event | ||||||||
In February 2014, the Company entered into an amendment to adjust, among other things, its covenant requirements under its 2013 Credit Facilities. This amendment eliminated the maximum consolidated leverage ratio and replaced it with a maximum consolidated first lien leverage ratio, providing the Company additional financial flexibility. | ||||||||
The aggregate annual maturities for long-term debt, including the original issuance discount, are as follows (in thousands): | ||||||||
2014 | $ | 9,174 | ||||||
2015 | 9,495 | |||||||
2016 | 6,600 | |||||||
2017 | 763,950 | |||||||
2018 | 407,500 | |||||||
Thereafter | — | |||||||
$ | 1,196,719 | |||||||
The Company may from time to time seek to purchase its outstanding notes in open market purchases, privately negotiated transactions or other means. Such repurchases, if any, will depend on prevailing market conditions, the Company's liquidity requirements, contractual restrictions and other factors. | ||||||||
Interest Rate Swaps | ||||||||
From time to time the Company enters into interest rate swap agreements to hedge interest rate exposure of notional amounts of its floating rate debt. As of the years ended 2013 and 2012, the Company did not have any outstanding interest rate swap obligations. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. | |||||||||||||||||
Assets and Liabilities that are Measured at Fair Value on a Recurring Basis: | |||||||||||||||||
On a recurring basis, the Company records its pension plan assets (Note 13) at fair value. No additional assets or liabilities were recorded at fair value on a recurring basis for the years ended 2013 and 2012. | |||||||||||||||||
Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||
Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to the Company's tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on the Consolidated Balance Sheets. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. When the Company determines that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within operating income in the statement of operations. No impairment of fixed assets or goodwill has been recorded in 2013 or 2012. | |||||||||||||||||
Refer to Note 6, Goodwill and Other Intangible Assets, for further information associated with the impairment of certain trade names. Fair value was derived using the relief from royalty method, as described in Note 1, Summary of Significant Accounting Policies. | |||||||||||||||||
The following tables provide information for assets that are measured at fair value on a nonrecurring basis as of the years ended 2013 and 2012 (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Impairments | Remaining Net Carrying Value | Impairments | Remaining Net Carrying Value | ||||||||||||||
Other intangible assets, net | $ | 33,367 | $ | 1,933 | $ | — | $ | — | |||||||||
The fair value re-measurements included in the table above were based on significant unobservable inputs (Level 3). | |||||||||||||||||
Fair Value of Financial Instruments: | |||||||||||||||||
The Company’s financial instruments include cash and cash equivalents, accounts receivable, net, long-term debt and accounts payable. The carrying values of cash and cash equivalents, accounts receivable, net, current maturities of long-term debt and accounts payable are reasonable estimates of their fair values as of the years ended 2013 and 2012 due to the short-term nature of these instruments. See Note 8 for fair value of the Company’s long-term debt. Additionally, the Company also records the assets and liabilities assumed in its acquisitions (Note 2) at fair value. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income Tax Expense (Benefit) | ||||||||||||
Income (loss) from continuing operations before income taxes was as follows for the years ended (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic | $ | (70,385 | ) | $ | (26,572 | ) | $ | (8,981 | ) | |||
Foreign | (1,389 | ) | 1,764 | 4,832 | ||||||||
$ | (71,774 | ) | $ | (24,808 | ) | $ | (4,149 | ) | ||||
Income tax expense (benefit) on income (loss) from continuing operations consisted of the following for the years ended (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current tax expense (benefit): | ||||||||||||
Federal | $ | — | $ | — | $ | (4,113 | ) | |||||
Foreign | 977 | 295 | 1,361 | |||||||||
State | 888 | 874 | 436 | |||||||||
1,865 | 1,169 | (2,316 | ) | |||||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | 2,659 | 40,703 | 6,741 | |||||||||
Foreign | (1,421 | ) | (748 | ) | 1,000 | |||||||
State | 10,650 | 14,596 | (880 | ) | ||||||||
11,888 | 54,551 | 6,861 | ||||||||||
Income tax expense | $ | 13,753 | $ | 55,720 | $ | 4,545 | ||||||
The Company's deferred tax expense (benefit) for the year ended 2013 includes a tax charge of $40.6 million related to a valuation allowance against its deferred tax assets. | ||||||||||||
The Company's deferred tax expense (benefit) for the year ended 2012 includes a tax charge of $56.5 million related to a valuation allowance against its deferred tax assets. | ||||||||||||
The Company's current tax expense (benefit) for the year ended 2011 includes a tax benefit of $5.1 million for the utilization of income tax loss carryforwards and credits. | ||||||||||||
A reconciliation of the expected tax benefit based on the federal statutory tax rate to the Company’s actual income tax expense is summarized as follows for the years ended (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected tax benefit at federal statutory income tax rate | $ | (25,121 | ) | $ | (8,683 | ) | $ | (1,452 | ) | |||
State and local income tax (benefit) expense | (1,706 | ) | (1,075 | ) | 1,807 | |||||||
Change in valuation allowance | 34,049 | 55,374 | (2,592 | ) | ||||||||
Change in contingency reserves | (105 | ) | (94 | ) | (84 | ) | ||||||
Non-U.S. tax rate differences | 42 | (1,063 | ) | 670 | ||||||||
Non-deductible expenses | 3,260 | 2,426 | 6,847 | |||||||||
Change in state tax rates | (272 | ) | 1,564 | (547 | ) | |||||||
Expiration of stock option contracts | 968 | 7,007 | — | |||||||||
Other | 2,638 | 264 | (104 | ) | ||||||||
Income tax expense | $ | 13,753 | $ | 55,720 | $ | 4,545 | ||||||
Deferred Income Taxes | ||||||||||||
Deferred taxes are recorded to give recognition to temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The tax effects of these temporary differences are recorded as deferred tax assets and deferred tax liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years. Deferred tax liabilities generally represent items that have been deducted for tax purposes, but have not yet been recorded in the consolidated statement of operations. | ||||||||||||
The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities of the Company, were as follows (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | 108,580 | $ | 106,393 | ||||||||
Compensation and benefit related accruals | 35,238 | 60,047 | ||||||||||
Foreign tax credit carryforwards | 7,456 | 9,011 | ||||||||||
Alternative minimum tax credit carryforwards | 8,242 | 8,819 | ||||||||||
Accounts receivable | 2,075 | 1,928 | ||||||||||
Inventory | 2,682 | 2,504 | ||||||||||
Restructuring accruals | 9,985 | 11,850 | ||||||||||
Accrued tax and interest | 1,645 | 1,540 | ||||||||||
Other | 9,958 | 7,719 | ||||||||||
Valuation allowance | (110,754 | ) | (69,241 | ) | ||||||||
Total deferred tax assets | 75,107 | 140,570 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | (44,804 | ) | (48,912 | ) | ||||||||
Goodwill and other intangible assets | (56,376 | ) | (71,187 | ) | ||||||||
Other | (9,203 | ) | (10,242 | ) | ||||||||
Total deferred tax liabilities | (110,383 | ) | (130,341 | ) | ||||||||
Net deferred tax (liability) asset | $ | (35,276 | ) | $ | 10,229 | |||||||
The net deferred tax (liability) asset included the following (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Current deferred tax asset (included in prepaid and other current assets) | $ | 7,823 | $ | 15,567 | ||||||||
Current deferred tax asset (included in assets of discontinued operations - current) | — | 83 | ||||||||||
Long-term deferred tax liability (included in other liabilities) | (43,099 | ) | (4,541 | ) | ||||||||
Long-term deferred tax liability (included in liabilities of discontinued operations - long-term) | — | (880 | ) | |||||||||
Total | $ | (35,276 | ) | $ | 10,229 | |||||||
The Company has federal and state net operating loss carryforwards. The tax effect of these attributes was $108.6 million as of the year ended 2013. Federal net operating loss carryforwards of $282.3 million will expire from 2022 through 2033, foreign tax credit carryforwards of $7.5 million will expire from 2014 through 2015 and alternative minimum tax credit carryforwards of $8.2 million do not have an expiration date. | ||||||||||||
The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. The factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: recent historical financial results, historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, the duration of statutory carryforward periods and tax planning strategies. If, based upon the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is recorded. | ||||||||||||
Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss adjusted for significant permanent book to tax differences as a measure of its cumulative results in recent years. In the United States, the Company's analysis indicates that it has cumulative three year historical losses on this basis. While there are significant impairment, restructuring and refinancing charges driving the cumulative three year loss, this is considered significant negative evidence which is objective and verifiable and therefore, difficult to overcome. However, the three year loss position is not solely determinative and accordingly, the Company considers all other available positive and negative evidence in its analysis. Based upon the Company's analysis, which incorporated the excess capacity and pricing pressure experienced in certain product lines, along with the recent decline in net sales and profitability from the print segment during 2013, the Company believes it is more likely than not that the net deferred tax assets in the United States will not be fully realized in the future. Accordingly, the Company increased its valuation allowance related to those net deferred tax assets by $40.6 million to $97.1 million in 2013. Deferred tax assets related to certain state net operating losses and foreign tax credit carryforwards also did not reach the more likely than not realizability criteria and accordingly, were subject to a valuation allowance. During 2013, the valuation allowance related to these state net operating losses and foreign tax credit carryforwards was increased by $1.0 million to $13.7 million, primarily as a result of an increase in the valuation allowance against state net operating losses in the amount of $2.5 million offset by the expiration of foreign tax credit carryforwards in the amount of $1.5 million. | ||||||||||||
There is no corresponding income tax benefit recognized with respect to losses incurred and no corresponding income tax expense recognized with respect to earnings generated in jurisdictions with a valuation allowance. This causes variability in the Company's effective tax rate. The Company intends to maintain the valuation allowances until it is more likely than not that the net deferred tax assets will be realized. If operating results improve on a sustained basis, or if certain tax planning strategies are implemented, conclusions regarding the need for valuation allowances could change, resulting in a decrease of the valuation allowances in the future, which could have a significant impact on income tax expense in the period recognized and subsequent periods. | ||||||||||||
Uncertain Tax Positions | ||||||||||||
The Company accounts for uncertain tax positions by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. During 2013 and 2012, the Company did not reduce its liability for uncertain tax positions. The Company does not anticipate significant changes to its unrecognized tax benefits in the next twelve months. The balance of the Company’s remaining unrecognized tax benefits as of the year ended 2013 includes $2.2 million of tax benefits that, if recognized would affect the effective tax rate, which is included in other liabilities. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the uncertain tax benefits noted above, the Company accrued interest of $0.3 million during 2013 and, in total, as of the year ended 2013, has recognized no liabilities for penalties and liabilities of $2.2 million for interest. | ||||||||||||
The Company’s unrecognized tax benefit activity for the years ended 2013, 2012 and 2011 was as follows (in thousands): | ||||||||||||
Unrecognized tax benefit – As of year end 2010 | $ | 2,226 | ||||||||||
Gross decreases - tax positions in prior period | — | |||||||||||
Gross decreases – expiration of applicable statute of limitations | — | |||||||||||
Unrecognized tax benefit – As of year end 2011 | 2,226 | |||||||||||
Gross decreases - tax positions in prior period | — | |||||||||||
Gross decreases – expiration of applicable statute of limitations | — | |||||||||||
Unrecognized tax benefit – As of year end 2012 | 2,226 | |||||||||||
Gross decreases - tax positions in prior period | — | |||||||||||
Gross decreases – expiration of applicable statute of limitations | — | |||||||||||
Unrecognized tax benefit – As of year end 2013 | $ | 2,226 | ||||||||||
The Internal Revenue Service (“IRS”) has examined the Company’s federal income tax returns through 2010. The Company’s federal income tax returns for tax years 2003 through 2006 and 2009 remain subject to examination by the IRS due to a federal net operating loss generated in those years. Although the IRS has audited the Company’s tax return for 2010, that return remains subject to examination under the statute of limitations. However, a re-examination of the 2010 tax return is not likely. The various states in which the Company is subject to income tax are generally open for the tax years after 2008. In Canada, the Company remains subject to audit for tax years after 2004. The Company does not believe that the outcome of any examination will have a material impact on its consolidated financial statements. | ||||||||||||
Current Taxes and Cash Taxes | ||||||||||||
As of the years ended 2013 and 2012, the Company had income tax receivables of $0.6 million and $1.7 million, respectively included in other current assets. Net cash payments for income taxes were $0.3 million, $1.4 million and $2.1 million in 2013, 2012 and 2011, respectively. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||
Restructuring Costs and Asset Impairment Charges [Abstract] | ' | ||||||||||||||||||||||||||||
Restructuring and Other Charges | ' | ||||||||||||||||||||||||||||
Restructuring and Other Charges | |||||||||||||||||||||||||||||
Cost Savings, Restructuring and Integration Plans | |||||||||||||||||||||||||||||
The Company currently has two active cost savings, restructuring and integration plans: (i) the plan related to the implementation of cost savings initiatives focused on overhead cost eliminations including headcount reductions and the potential closure of certain manufacturing facilities (the "2013 Plan"); and (ii) the plan related to the integration of certain assets of National into existing envelope operations (the "National Plan"). | |||||||||||||||||||||||||||||
2013 Plan | |||||||||||||||||||||||||||||
During the first quarter of 2013, the Company began implementing the 2013 Plan, which primarily focused on overhead cost eliminations, including headcount reductions of approximately 400 employees, and the potential closure of certain manufacturing facilities. The Company will substantially complete the 2013 Plan in the first quarter of 2014. | |||||||||||||||||||||||||||||
Acquisition Integration Plans | |||||||||||||||||||||||||||||
Upon the completion of the acquisition of certain assets of National, the Company developed and began implementing the National Plan. Since the date of acquisition, activities related to the National Plan included the closure and consolidation of a warehouse into the Company's existing envelope operations and the elimination of duplicative headcount. Additionally, at the end of 2013 the Company announced the closure and consolidation of two existing envelope manufacturing facilities into a National manufacturing facility. The Company expects the National Plan to be completed during the 2015 fiscal year. | |||||||||||||||||||||||||||||
Upon the completion of the EPG acquisition, the Company developed and implemented its plan to integrate EPG into its existing envelope operations. Since the date of acquisition, activities related to the EPG Plan have included the closure and consolidation of five manufacturing facilities, including the closure of one during the second quarter of 2013, into the Company's existing operations and the elimination of duplicative headcount. The Company has substantially completed the integration of EPG. | |||||||||||||||||||||||||||||
2012 Plan | |||||||||||||||||||||||||||||
In 2012, the Company announced the closure and consolidations of a print plant and an envelope plant into its existing operations. Additionally, the Company began implementing a cost savings initiative (the "2012 Plan"), which primarily focused on the Company's envelope and print segments and corporate expenses. This initiative focused on the consolidation of office and warehouse space and other overhead cost elimination plans, including headcount reductions. The Company substantially completed the 2012 Plan during the first quarter of 2013. | |||||||||||||||||||||||||||||
Residual Plans | |||||||||||||||||||||||||||||
The Company currently has certain residual cost savings, restructuring and integration plans (the "Residual Plans"). As a result of these cost savings actions, over the last eight years the Company has closed or consolidated a significant amount of manufacturing facilities and has had a significant number of headcount reductions. The Company does not anticipate any significant future expenses related to the Residual Plans, other than modifications to its current assumptions for lease terminations, multi-employer pension withdrawal liabilities and ongoing expenses related to maintaining restructured assets. | |||||||||||||||||||||||||||||
The following tables present the details of the expenses recognized as a result of these plans. | |||||||||||||||||||||||||||||
2013 Activity | |||||||||||||||||||||||||||||
Restructuring and other charges for the year ended 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||
Employee | Asset Charges Net of Gain on Sale | Equipment | Lease | Multi-employer Pension | Building | Total | |||||||||||||||||||||||
Separation | Moving | Termination | Withdrawal Expenses | Clean-up & | |||||||||||||||||||||||||
Costs | Expenses | Expenses | Other | ||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Envelope | |||||||||||||||||||||||||||||
2013 Plan | $ | 232 | $ | — | $ | 10 | $ | 215 | $ | — | $ | 65 | $ | 522 | |||||||||||||||
2012 Plan | (37 | ) | 118 | 193 | 300 | — | 728 | 1,302 | |||||||||||||||||||||
Residual Plans | — | — | — | — | 107 | 13 | 120 | ||||||||||||||||||||||
Acquisition Integration Plans | 448 | 1,030 | 1,274 | 37 | — | 743 | 3,532 | ||||||||||||||||||||||
Total Envelope | 643 | 1,148 | 1,477 | 552 | 107 | 1,549 | 5,476 | ||||||||||||||||||||||
2013 Plan | 2,688 | — | — | 104 | — | 224 | 3,016 | ||||||||||||||||||||||
2012 Plan | (74 | ) | 147 | 39 | 11 | — | 56 | 179 | |||||||||||||||||||||
Residual Plans | — | — | 10 | 454 | 346 | 284 | 1,094 | ||||||||||||||||||||||
Total Print | 2,614 | 147 | 49 | 569 | 346 | 564 | 4,289 | ||||||||||||||||||||||
Label and Packaging | |||||||||||||||||||||||||||||
2013 Plan | 1,239 | — | — | 9 | — | 13 | 1,261 | ||||||||||||||||||||||
2012 Plan | 25 | — | — | — | — | — | 25 | ||||||||||||||||||||||
Residual Plans | (4 | ) | — | — | (135 | ) | — | — | (139 | ) | |||||||||||||||||||
Total Label and Packaging | 1,260 | — | — | (126 | ) | — | 13 | 1,147 | |||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
2013 Plan | 1,940 | — | — | 64 | — | 64 | 2,068 | ||||||||||||||||||||||
Residual Plans | 23 | — | — | — | — | 97 | 120 | ||||||||||||||||||||||
Total Corporate | 1,963 | — | — | 64 | — | 161 | 2,188 | ||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 6,480 | $ | 1,295 | $ | 1,526 | $ | 1,059 | $ | 453 | $ | 2,287 | $ | 13,100 | |||||||||||||||
2012 Activity | |||||||||||||||||||||||||||||
Restructuring and other charges for the year ended 2012 were as follows (in thousands): | |||||||||||||||||||||||||||||
Employee | Asset Charges Net of Gain on Sale | Equipment | Lease | Multi-employer Pension | Building | Total | |||||||||||||||||||||||
Separation | Moving | Termination | Withdrawal Expenses | Clean-up & | |||||||||||||||||||||||||
Costs | Expenses | Expenses | Other | ||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Envelope | |||||||||||||||||||||||||||||
2012 Plan | $ | 1,483 | $ | 441 | $ | 35 | $ | 319 | $ | — | $ | 68 | $ | 2,346 | |||||||||||||||
Residual Plans | (12 | ) | — | — | 13 | 168 | 153 | 322 | |||||||||||||||||||||
Acquisition Integration Plans | 1,029 | 1,199 | 414 | 172 | — | 679 | 3,493 | ||||||||||||||||||||||
Total Envelope | 2,500 | 1,640 | 449 | 504 | 168 | 900 | 6,161 | ||||||||||||||||||||||
2012 Plan | 2,241 | 6,220 | 572 | 337 | 5,400 | 1,571 | 16,341 | ||||||||||||||||||||||
Residual Plans | 532 | 535 | 47 | 156 | (486 | ) | 964 | 1,748 | |||||||||||||||||||||
Total Print | 2,773 | 6,755 | 619 | 493 | 4,914 | 2,535 | 18,089 | ||||||||||||||||||||||
Label and Packaging | |||||||||||||||||||||||||||||
2012 Plan | 1,288 | — | 6 | — | — | 13 | 1,307 | ||||||||||||||||||||||
Residual Plans | 364 | — | — | 162 | — | 185 | 711 | ||||||||||||||||||||||
Acquisition Integration Plans | — | — | (4 | ) | — | — | — | (4 | ) | ||||||||||||||||||||
Total Label and Packaging | 1,652 | — | 2 | 162 | — | 198 | 2,014 | ||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
2012 Plan | 646 | — | — | — | — | — | 646 | ||||||||||||||||||||||
Residual Plans | — | — | — | — | — | 190 | 190 | ||||||||||||||||||||||
Total Corporate | 646 | — | — | — | — | 190 | 836 | ||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 7,571 | $ | 8,395 | $ | 1,070 | $ | 1,159 | $ | 5,082 | $ | 3,823 | $ | 27,100 | |||||||||||||||
2011 Activity | |||||||||||||||||||||||||||||
Restructuring and other charges for the year ended 2011 were as follows (in thousands): | |||||||||||||||||||||||||||||
Employee | Asset Charges Net of Gain on Sale | Equipment | Lease | Multi-employer Pension | Building | Total | |||||||||||||||||||||||
Separation | Moving | Termination | Withdrawal Expenses | Clean-up & | |||||||||||||||||||||||||
Costs | Expenses | Expenses | Other | ||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Envelope | |||||||||||||||||||||||||||||
Residual Plans | $ | 408 | $ | — | $ | 31 | $ | 259 | $ | (156 | ) | $ | 463 | $ | 1,005 | ||||||||||||||
Acquisition Integration Plans | 2,091 | 722 | 1,822 | 101 | — | 520 | 5,256 | ||||||||||||||||||||||
Total Envelope | 2,499 | 722 | 1,853 | 360 | (156 | ) | 983 | 6,261 | |||||||||||||||||||||
Residual Plans | 328 | 2,088 | 618 | 2,017 | 1,593 | 2,285 | 8,929 | ||||||||||||||||||||||
Total Print | 328 | 2,088 | 618 | 2,017 | 1,593 | 2,285 | 8,929 | ||||||||||||||||||||||
Label and Packaging | |||||||||||||||||||||||||||||
Residual Plans | 1,239 | 33 | 1 | 126 | — | 158 | 1,557 | ||||||||||||||||||||||
Acquisition Integration Plans | 39 | 130 | 76 | 6 | — | 175 | 426 | ||||||||||||||||||||||
Total Label and Packaging | 1,278 | 163 | 77 | 132 | — | 333 | 1,983 | ||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
Residual Plans | 225 | — | — | 82 | — | 332 | 639 | ||||||||||||||||||||||
Total Corporate | 225 | — | — | 82 | — | 332 | 639 | ||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 4,330 | $ | 2,973 | $ | 2,548 | $ | 2,591 | $ | 1,437 | $ | 3,933 | $ | 17,812 | |||||||||||||||
A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands): | |||||||||||||||||||||||||||||
Employee Separation Cost | Lease Termination | Pension | Building Clean-up, | Total | |||||||||||||||||||||||||
Withdrawal | Equipment Moving | ||||||||||||||||||||||||||||
Liabilities | and Other Expenses | ||||||||||||||||||||||||||||
2013 Plan | |||||||||||||||||||||||||||||
Balance as of the year ended 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Accruals, net | 6,099 | 392 | — | 376 | 6,867 | ||||||||||||||||||||||||
Payments | (5,262 | ) | (336 | ) | — | (376 | ) | (5,974 | ) | ||||||||||||||||||||
Balance as of the year ended 2013 | $ | 837 | $ | 56 | $ | — | $ | — | $ | 893 | |||||||||||||||||||
2012 Plan | |||||||||||||||||||||||||||||
Balance as of the year ended 2011 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Accruals, net | 5,658 | 656 | 5,400 | 2,265 | 13,979 | ||||||||||||||||||||||||
Payments | (4,459 | ) | (163 | ) | — | (2,265 | ) | (6,887 | ) | ||||||||||||||||||||
Balance as of the year ended 2012 | 1,199 | 493 | 5,400 | — | 7,092 | ||||||||||||||||||||||||
Accruals, net | (86 | ) | 311 | — | 1,016 | 1,241 | |||||||||||||||||||||||
Payments | (1,113 | ) | (477 | ) | — | (1,016 | ) | (2,606 | ) | ||||||||||||||||||||
Balance as of the year ended 2013 | $ | — | $ | 327 | $ | 5,400 | $ | — | $ | 5,727 | |||||||||||||||||||
Residual Plans | |||||||||||||||||||||||||||||
Balance as of the year ended 2011 | $ | 1,071 | $ | 3,804 | $ | 22,538 | $ | — | $ | 27,413 | |||||||||||||||||||
Accruals, net | 884 | 331 | (318 | ) | 1,539 | 2,436 | |||||||||||||||||||||||
Payments | (1,828 | ) | (2,118 | ) | (2,701 | ) | (1,539 | ) | (8,186 | ) | |||||||||||||||||||
Balance as of the year ended 2012 | 127 | 2,017 | 19,519 | — | 21,663 | ||||||||||||||||||||||||
Accruals, net | 19 | 319 | 453 | 404 | 1,195 | ||||||||||||||||||||||||
Payments | (146 | ) | (1,319 | ) | (4,817 | ) | (404 | ) | (6,686 | ) | |||||||||||||||||||
Balance as of the year ended 2013 | $ | — | $ | 1,017 | $ | 15,155 | $ | — | $ | 16,172 | |||||||||||||||||||
Acquisition Integration Plans | |||||||||||||||||||||||||||||
Balance as of the year ended 2011 | $ | 492 | $ | 1,346 | $ | — | $ | — | $ | 1,838 | |||||||||||||||||||
Accruals, net | 1,029 | 172 | — | 1,089 | 2,290 | ||||||||||||||||||||||||
Payments | (1,223 | ) | (430 | ) | — | (1,089 | ) | (2,742 | ) | ||||||||||||||||||||
Balance as of the year ended 2012 | 298 | 1,088 | — | — | 1,386 | ||||||||||||||||||||||||
Accruals, net | 448 | 37 | — | 2,017 | 2,502 | ||||||||||||||||||||||||
Acquisition | — | 1,985 | — | — | 1,985 | ||||||||||||||||||||||||
Payments | (591 | ) | (607 | ) | — | (2,017 | ) | (3,215 | ) | ||||||||||||||||||||
Balance as of the year ended 2013 | $ | 155 | $ | 2,503 | $ | — | $ | — | $ | 2,658 | |||||||||||||||||||
Total Restructuring Liability | $ | 992 | $ | 3,903 | $ | 20,555 | $ | — | $ | 25,450 | |||||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company’s 2007 Long-Term Equity Incentive Plan, as amended, approved in May 2008 (the “2007 Plan”) authorizes the issuance of up to 4,500,000 shares of the Company’s common stock. Upon approval of the 2007 Plan, the Company ceased making awards under its prior equity plans, including the Company’s 2001 Long-Term Equity Incentive Plan. Unused shares previously authorized under prior plans have been rolled over into the 2007 Plan and increased the total number of shares authorized for issuance under the 2007 Plan by 1,040,000 shares in 2013. | ||||||||||||||
The Company’s outstanding unvested stock options have maximum contractual terms of up to six years, principally vest ratably over four years and were granted at exercise prices equal to the market price of the Company’s common stock on the date of grant. The Company’s outstanding stock options are exercisable into shares of the Company’s common stock. The Company’s outstanding restricted share units (“RSUs”) principally vest ratably over four years. Upon vesting, RSUs convert into shares of the Company’s common stock. The Company currently issues authorized shares of common stock upon vesting of restricted shares or the exercise of other equity awards. The Company has no outstanding stock appreciation rights. | ||||||||||||||
The Company measures the cost of employee services received in exchange for an award of equity instruments, including grants of employee stock options and RSUs, based on the fair value of the award at the date of grant in accordance with the modified prospective method. The Company uses the Black-Scholes model for purposes of determining the fair value of stock options granted and recognizes compensation costs ratably over the requisite service period for each separately vesting portion of the award, net of estimated forfeitures. The Black-Scholes model has limitations on its effectiveness including that it was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable and that the model requires the use of parameters, such as stock price volatility that must be estimated from historical data and other market information. The Company’s stock option awards to employees have characteristics significantly different from those of traded options and parameter estimation methodologies can materially affect fair value estimates. | ||||||||||||||
Total stock-based compensation expense recognized in selling, general and administrative expenses in the Company’s consolidated statement of operations was $3.7 million, $5.3 million and $8.7 million for the years ended 2013, 2012 and 2011, respectively. The income tax benefits related to the Company’s stock-based compensation expense was $0.7 million, $1.2 million and $1.5 million for the years ended 2013, 2012 and 2011, respectively. | ||||||||||||||
As of December 28, 2013, there was approximately $2.9 million of total unrecognized compensation cost related to unvested stock-based compensation grants, which is expected to be amortized over a weighted-average period of 1.6 years. | ||||||||||||||
Stock Options | ||||||||||||||
A summary of the Company’s outstanding stock options as of and for the years ended 2013, 2012 and 2011 is as follows: | ||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value (a) | ||||||||||||
Price | Contractual | (in thousands) | ||||||||||||
Term | ||||||||||||||
(In Years) | ||||||||||||||
Outstanding as of the year ended 2010 | 3,805,224 | $ | 10.7 | 3.1 | $ | 1,075 | ||||||||
Granted | 590,000 | 5.62 | ||||||||||||
Exercised | (70,598 | ) | 4.04 | $ | 141 | |||||||||
Forfeited | (131,646 | ) | 6.89 | |||||||||||
Outstanding as of the year ended 2011 | 4,192,980 | $ | 10.21 | 2.5 | $ | — | ||||||||
Granted | — | — | ||||||||||||
Exercised | — | — | $ | — | ||||||||||
Forfeited/expired | (1,966,980 | ) | 13 | |||||||||||
Outstanding as of the year ended 2012 | 2,226,000 | $ | 7.75 | 2.7 | $ | — | ||||||||
Granted | 189,500 | 2 | ||||||||||||
Exercised | (20,000 | ) | 2 | $ | 22 | |||||||||
Forfeited/expired | (617,500 | ) | 13.43 | |||||||||||
Outstanding as of the year ended 2013 | 1,778,000 | $ | 5.23 | 2.4 | $ | 259 | ||||||||
Exercisable as of the year ended 2013 | 1,296,000 | $ | 5.44 | 1.9 | $ | — | ||||||||
__________________________ | ||||||||||||||
(a) | Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of the years ended 2013, 2012 and 2011 or, if exercised, the exercise dates, exceeds the exercise prices of the respective options. | |||||||||||||
The weighted-average grant date fair value of stock options granted during 2013 and 2011, were at exercise prices equal to the market price of the stock on the grant dates, as calculated under the Black-Scholes model with the weighted-average assumptions as follows: There were no stock options granted during 2012. | ||||||||||||||
2013 | 2011 | |||||||||||||
Weighted average fair value of option grants during the year | $ | 1.01 | $ | 2.28 | ||||||||||
Assumptions: | ||||||||||||||
Expected option life in years | 4.25 | 4.25 | ||||||||||||
Risk-free interest rate | 0.5 | % | 1.46 | % | ||||||||||
Expected volatility | 65.7 | % | 49.1 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||
The risk-free interest rate represents the United States Treasury Bond constant maturity yield approximating the expected option life of stock options granted during the period. The expected option life represents the period of time that the stock options granted during the period are expected to be outstanding, based on the mid-point between the vesting date and contractual expiration date of the option. The expected volatility is based on the historical market price volatility of the Company’s common stock for the expected term of the options, adjusted for expected mean reversion. | ||||||||||||||
RSUs | ||||||||||||||
A summary of the Company’s non-vested restricted share units ("RSUs") as of and for the years ended 2013, 2012 and 2011 is as follows: | ||||||||||||||
Restricted | Weighted Average | RSUs | Weighted Average | |||||||||||
Shares | Grant Date | Grant Date | ||||||||||||
Fair Value | Fair Value | |||||||||||||
Unvested as of the year ended 2010 | 25,300 | $ | 6.53 | 1,720,674 | $ | 8.13 | ||||||||
Granted | — | — | 806,084 | 5.62 | ||||||||||
Vested | — | — | (745,674 | ) | 9.42 | |||||||||
Forfeited | (25,300 | ) | 6.53 | (26,250 | ) | 6.57 | ||||||||
Unvested as of the year ended 2011 | — | $ | — | 1,754,834 | $ | 6.46 | ||||||||
Granted | — | — | 136,840 | 1.9 | ||||||||||
Vested | — | — | (795,459 | ) | 7.02 | |||||||||
Forfeited | — | — | (21,875 | ) | 7.32 | |||||||||
Unvested as of the year ended 2012 | — | $ | — | 1,074,340 | $ | 5.44 | ||||||||
Granted | — | — | 549,500 | 2 | ||||||||||
Vested | — | — | (629,340 | ) | 4.88 | |||||||||
Forfeited | — | — | (13,750 | ) | 2.99 | |||||||||
Unvested as of the year ended 2013 | — | $ | — | 980,750 | $ | 3.91 | ||||||||
The total fair value of RSUs, which vested during 2013, 2012 and 2011 was $1.6 million, $2.0 million and $3.7 million, respectively, as of the respective vesting dates. | ||||||||||||||
PSUs | ||||||||||||||
On May 1, 2013, 730,500 performance share units (“PSUs”) were granted to certain employees, with each award representing the right to receive one share of the Company's common stock upon the achievement of certain established performance targets and service conditions. The performance period for the awards was December 30, 2012 through December 28, 2013. As the performance targets were not met, the PSUs expired unvested and no compensation expense related to PSUs was recognized in the consolidated statement of operations for the year ended December 28, 2013. There were no PSUs granted in fiscal year 2012 or 2011. |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Retirement Plans | ' | |||||||||||||||||||||||||||||||
Retirement Plans | ||||||||||||||||||||||||||||||||
Pension Plans: The Company currently has two defined benefit pension plans for certain of its employees in the United States. The defined benefit plans provide benefit payments using formulas based on an employee's compensation and length of service, or stated amounts for each year of service. The Company expects to continue to fund these plans based on governmental requirements, amounts deductible for income tax purposes and as needed to ensure that plan assets are sufficient to satisfy plan liabilities. Most of the employee benefits under the Company’s defined benefit plans are frozen. | ||||||||||||||||||||||||||||||||
Supplemental Executive Retirement Plans: The Company has various supplemental executive retirement plans (“SERP”), which provide benefits to certain former directors and executives. For accounting purposes, these plans are unfunded, however, one plan has annuities that cover a portion of the liability to the participants in its plan and the income from the annuities offsets a portion of the cost of the plan. These annuities are included in other assets, net in the consolidated balance sheets. | ||||||||||||||||||||||||||||||||
Other Postretirement Plans: The Company has various other postretirement benefit plans (“OPEB”), primarily focused on postretirement healthcare, such as medical insurance and life insurance and related benefits for certain of its former employees and, in some instances, their spouses. Benefits, eligibility and cost-sharing provisions vary by plan documents or union collective bargaining arrangements. | ||||||||||||||||||||||||||||||||
Savings Plan: The Company sponsors a defined contribution plan to provide substantially all United States salaried and certain hourly employees an opportunity to accumulate personal funds for their retirement. In 2013, the Company contributed $0.3 million to the plan. In 2012, the Company did not make any voluntary contributions. In 2011, the Company matched only certain union employee’s voluntary contributions and contributions required under the collective bargaining agreements. Company contributions to the plan were less than $0.1 million in 2011. Employees participating in the plan held 2,263,670 shares of the Company’s common stock as of the year ended 2013. | ||||||||||||||||||||||||||||||||
Funded Status and Net Periodic Cost: The following table provides a reconciliation of the changes in the Company’s pension, SERP and OPEB plans benefit obligations and fair value of assets for 2013 and 2012, a statement of the funded status as of the years ended 2013 and 2012, respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2013 and 2012 (in thousands). | ||||||||||||||||||||||||||||||||
Pensions | SERPs | OPEBs | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 352,009 | $ | 328,523 | $ | 19,603 | $ | 19,538 | $ | 2,479 | $ | 2,551 | ||||||||||||||||||||
Service cost | — | 1,932 | — | — | — | — | ||||||||||||||||||||||||||
Interest cost | 12,932 | 13,657 | 696 | 786 | 88 | 103 | ||||||||||||||||||||||||||
Actuarial (gain) loss | (29,158 | ) | 23,733 | (381 | ) | 1,398 | (418 | ) | (24 | ) | ||||||||||||||||||||||
Benefits paid | (16,632 | ) | (15,836 | ) | (2,094 | ) | (2,119 | ) | (136 | ) | (151 | ) | ||||||||||||||||||||
Prior service cost due to acquisition | — | — | — | — | 62 | — | ||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 319,151 | $ | 352,009 | $ | 17,824 | $ | 19,603 | $ | 2,075 | $ | 2,479 | ||||||||||||||||||||
The following table provides a reconciliation of the Company’s fair value of plan assets: | ||||||||||||||||||||||||||||||||
Pensions | SERPs | OPEBs | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 231,897 | $ | 210,577 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Actual return on plan assets | 32,085 | 21,198 | — | — | — | — | ||||||||||||||||||||||||||
Employer contributions | 13,567 | 15,958 | 2,094 | 2,119 | 136 | 151 | ||||||||||||||||||||||||||
Benefits paid | (16,632 | ) | (15,836 | ) | (2,094 | ) | (2,119 | ) | (136 | ) | (151 | ) | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 260,917 | $ | 231,897 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
The following table shows the funded status at the end of the year: | ||||||||||||||||||||||||||||||||
Pensions | SERPs | OPEBs | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Funded status at end of year | $ | (58,234 | ) | $ | (120,112 | ) | $ | (17,824 | ) | $ | (19,603 | ) | $ | (2,075 | ) | $ | (2,479 | ) | ||||||||||||||
The following table shows amounts recognized in AOCI: | ||||||||||||||||||||||||||||||||
Pensions | SERPs | OPEBs | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Net actuarial loss | $ | 60,338 | $ | 110,682 | $ | 4,158 | $ | 4,766 | $ | (614 | ) | $ | (200 | ) | ||||||||||||||||||
Prior service cost | — | — | — | — | 44 | (23 | ) | |||||||||||||||||||||||||
Total | $ | 60,338 | $ | 110,682 | $ | 4,158 | $ | 4,766 | $ | (570 | ) | $ | (223 | ) | ||||||||||||||||||
The following table shows amounts recognized in the consolidated balance sheets: | ||||||||||||||||||||||||||||||||
Pensions | SERPs | OPEBs | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Other current liabilities | $ | — | $ | — | $ | 2,077 | $ | 2,135 | $ | 250 | $ | 262 | ||||||||||||||||||||
Other liabilities | 58,234 | 120,112 | 15,747 | 17,468 | 1,825 | 2,217 | ||||||||||||||||||||||||||
Total liabilities | $ | 58,234 | $ | 120,112 | $ | 17,824 | $ | 19,603 | $ | 2,075 | $ | 2,479 | ||||||||||||||||||||
The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||||||||||
For The Years Ended | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 1,932 | $ | 1,382 | ||||||||||||||||||||||||||
Interest cost | 13,716 | 14,546 | 15,377 | |||||||||||||||||||||||||||||
Expected return on plan assets | (18,455 | ) | (16,875 | ) | (16,426 | ) | ||||||||||||||||||||||||||
Net amortization and deferral | (6 | ) | (6 | ) | (5 | ) | ||||||||||||||||||||||||||
Recognized net actuarial loss | 7,779 | 6,424 | 1,015 | |||||||||||||||||||||||||||||
Net periodic expense | $ | 3,034 | $ | 6,021 | $ | 1,343 | ||||||||||||||||||||||||||
Interest cost on projected benefit obligation includes $0.8 million, $0.9 million and $1.1 million related to the Company’s SERP and OPEB plans in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||
The pre-tax amount of actuarial losses in AOCI as of the year ended 2013 that are expected to be recognized in net periodic benefit cost in 2014 is $3.0 million for defined benefit pension plans and $0.2 million for other postretirement benefit plans, including SERP. The pre-tax amount of prior service cost included in AOCI as of the year ended 2013 that is expected to be recognized in net periodic benefit cost in 2014 is nil for all defined benefit pension plans. | ||||||||||||||||||||||||||||||||
The assumptions used in computing the net periodic benefit cost were as follows: | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Weighted average discount rate | 3.75 | % | 4.25 | % | 5.25 | % | ||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8 | % | 8 | % | 8 | % | ||||||||||||||||||||||||||
Rate of compensation increase | — | % | — | % | 3 | % | ||||||||||||||||||||||||||
The weighted average discount rate used to determine the benefit obligation as of the years ended 2013 and 2012 was 4.50% and 3.75%, respectively. | ||||||||||||||||||||||||||||||||
The discount rate assumption used to determine the Company’s pension obligations as of the years ended 2013 and 2012 takes into account the projected future benefit cash flow and the underlying individual yields in the Citigroup Pension Liability Index that would be available to provide for the payment of those benefits. The ultimate rate is developed by calculating an equivalent discounted present value of the benefit cash flow as of the years ended 2013 and 2012, respectively, using a single discount rate rounded to the nearest quarter percent. | ||||||||||||||||||||||||||||||||
The expected long-term rate of return on plan assets of 8.0% for the years ended 2013 and 2012 was based on historical returns and the expectations for future returns for each asset class in which plan assets are invested as well as the target asset allocation of the investments of the plan assets. | ||||||||||||||||||||||||||||||||
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands): | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 336,975 | $ | 371,612 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 336,975 | 371,612 | ||||||||||||||||||||||||||||||
Fair value of plan assets | 260,917 | 231,897 | ||||||||||||||||||||||||||||||
The Company currently expects to contribute approximately $15.7 million to its pension plans and approximately $2.4 million to its SERP and OPEB plans in 2014. | ||||||||||||||||||||||||||||||||
The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2014 through 2018, and in the aggregate for the years 2019 through 2023, are as follows (in thousands): | ||||||||||||||||||||||||||||||||
Pension Plans | SERP | OPEB | ||||||||||||||||||||||||||||||
2014 | $ | 16,966 | $ | 2,123 | $ | 255 | ||||||||||||||||||||||||||
2015 | 17,194 | 2,041 | 236 | |||||||||||||||||||||||||||||
2016 | 17,477 | 2,006 | 217 | |||||||||||||||||||||||||||||
2017 | 17,843 | 1,850 | 199 | |||||||||||||||||||||||||||||
2018 | 18,306 | 1,681 | 182 | |||||||||||||||||||||||||||||
2019 through 2023 | 97,623 | 7,133 | 708 | |||||||||||||||||||||||||||||
Fair Value of Assets: The Company's investment objective is to maximize the long-term return on its pension plan assets within prudent levels of risk. Investments are primarily diversified with a blend of equity securities, fixed income securities and alternative investments. The intent is to minimize plan expenses by outperforming plan liabilities over the long run. | ||||||||||||||||||||||||||||||||
The Company segregated its plan assets by the following major categories and levels for determining their fair value as of the years ended 2013 and 2012: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents - Carrying value approximates fair value. As such, these assets were classified as Level 1. | ||||||||||||||||||||||||||||||||
Equity - Equity investments are diversified by including United States and non-United States stock, growth stocks, value stocks and stocks of large and small companies. The values of individual equity securities are based on quoted prices in active markets and are classified as Level 1. | ||||||||||||||||||||||||||||||||
Fixed income - Fixed income securities are primarily United States governmental and corporate bonds including mutual funds. The Company invests in certain fixed income funds that were priced on active markets and were classified as Level 1. The Company also invests in certain fixed income securities that are priced based on valuation models rather than a last trade basis and are not exchange-traded and are classified as Level 2. | ||||||||||||||||||||||||||||||||
Other - The Company also invests in group annuity contracts, which are invested in certain fixed income securities and are classified as Level 2. | ||||||||||||||||||||||||||||||||
Alternative investments - Alternative investments are primarily private equity hedge funds and hedge fund-of-funds. The fair value of alternative investments has been estimated using their Net Asset Values (“NAV”) as reported by the investment manager of the respective alternative investment funds. NAV reported by the hedge funds is used as a practical expedient to estimate the fair value. The investment manager values these investments on a periodic basis with models that use market, income and valuation methods. The valuation inputs are not highly observable, and these investments are not actively traded on an open market. These investments were classified as Level 3. | ||||||||||||||||||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value, or reflective of future fair values. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement. The Company invests in various assets in which valuation is determined by NAV. The Company believes that the NAV is representative of fair value, as there are no significant restrictions on redemption on these investments or other reasons that indicate the investment would be redeemed at an amount different than the NAV. | ||||||||||||||||||||||||||||||||
The fair values of the Company’s pension plan assets as of the years ended 2013 and 2012, by asset category are as follows (in thousands): | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,115 | $ | — | $ | — | $ | 6,115 | $ | 6,817 | $ | — | $ | — | $ | 6,817 | ||||||||||||||||
Equity | 141,334 | — | — | 141,334 | 121,600 | — | — | 121,600 | ||||||||||||||||||||||||
Fixed income | 17,181 | 41,487 | — | 58,668 | 15,229 | 40,152 | — | 55,381 | ||||||||||||||||||||||||
Other | — | 1,684 | — | 1,684 | — | 1,802 | — | 1,802 | ||||||||||||||||||||||||
Alternative investments | — | — | 53,116 | 53,116 | — | — | 46,297 | 46,297 | ||||||||||||||||||||||||
Total pension plan assets | $ | 164,630 | $ | 43,171 | $ | 53,116 | $ | 260,917 | $ | 143,646 | $ | 41,954 | $ | 46,297 | $ | 231,897 | ||||||||||||||||
The following table provides a summary of changes in the fair value of the Company’s Level 3 assets (in thousands): | ||||||||||||||||||||||||||||||||
Alternative Investments | ||||||||||||||||||||||||||||||||
Balance as of the year ended 2011 | $ | 28,762 | ||||||||||||||||||||||||||||||
Purchases, sales and settlements | 14,056 | |||||||||||||||||||||||||||||||
Unrealized gains | 3,479 | |||||||||||||||||||||||||||||||
Balance as of the year ended 2012 | 46,297 | |||||||||||||||||||||||||||||||
Purchases, sales and settlements | — | |||||||||||||||||||||||||||||||
Unrealized gains | 6,819 | |||||||||||||||||||||||||||||||
Balance as of the year ended 2013 | $ | 53,116 | ||||||||||||||||||||||||||||||
The range of asset allocations and the target allocations for the pension plan assets were as follows: | ||||||||||||||||||||||||||||||||
2013 | 2012 | Target | ||||||||||||||||||||||||||||||
Equity securities | 53 | % | 65 | % | 51 | % | 64 | % | 60 | % | 75 | % | ||||||||||||||||||||
Fixed income securities | 23 | % | 33 | % | 25 | % | 32 | % | 25 | % | 35 | % | ||||||||||||||||||||
Alternative investments and other | 2 | % | 24 | % | 4 | % | 24 | % | 10 | % | 30 | % | ||||||||||||||||||||
Multi-Employer Plans: Certain of the Company’s employees are included in multi-employer pension plans to which the Company makes contributions in accordance with contractual union agreements. Such contributions are made on a monthly basis in accordance with the requirements of the plans and the actuarial computations and assumptions of the administrators of the plans. Contributions to multi-employer plans were $1.1 million in 2013, $1.1 million in 2012 and $1.6 million in 2011. In 2013, 2012 and 2011, the Company recorded expenses of $0.5 million, $5.1 million, and $1.4 million, respectively, as a result of exiting certain multi-employer pension plans in connection with its cost savings and restructuring plans. | ||||||||||||||||||||||||||||||||
The Company's participation in these plans for the year ended 2013, is outlined in the table below: | ||||||||||||||||||||||||||||||||
Pension Fund | EIN | Pension Plan Number | Pension Protection Act Reported Status (1) | FIP/RP Status (2) | Contributions | Surcharge imposed | Expiration Date of Collective Bargaining Agreement | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
GCC/IBT National Pension Fund | 526118568 | 1 | Red | Red | Implemented | $262 | $236 | $249 | Yes | 6/30/16 | ||||||||||||||||||||||
GCC/IBT National Pension Fund | 526118568 | 1 | Red | Red | Implemented | 100 | 102 | 206 | Yes | 12/31/14 | ||||||||||||||||||||||
GCC/IBT National Pension Fund | 526118568 | 1 | Red | Red | Implemented | 14 | 15 | 25 | Yes | 4/30/14 | ||||||||||||||||||||||
Graphic Communications Pension Trust Fund Of Canada | M5000050 | 223 | Red | Red | Implemented | 195 | 225 | 250 | No | 6/30/15 | ||||||||||||||||||||||
Graphic Communications Supplemental Retirement and Disability Fund | M5000050 | 226, 251 | Red | Red | Implemented | 429 | 479 | 523 | No | 6/30/15 | ||||||||||||||||||||||
CWA/ITU Negotiated Pension Plan | 136212879 | 1 | Red | Red | Implemented | 88 | 86 | 347 | No | 3/1/18 | ||||||||||||||||||||||
Total contributions | $ | 1,088 | $ | 1,143 | $ | 1,600 | ||||||||||||||||||||||||||
__________________________ | ||||||||||||||||||||||||||||||||
-1 | Unless otherwise noted, the most recent Pension Protection Act (“PPA”) zone status available in 2013 and 2012 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. | |||||||||||||||||||||||||||||||
-2 | The FIP/RP Status column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 28, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Leases: The Company leases buildings and equipment under operating lease agreements expiring at various dates through 2033. Certain leases include renewal and/or purchase options, which may be exercised by us. As of the year ended 2013, future minimum annual lease payments by year and, in the aggregate, under non-cancelable lease agreements with original terms of one year or more consisted of the following (in thousands): | ||||
2014 | $ | 28,017 | ||
2015 | 24,264 | |||
2016 | 18,860 | |||
2017 | 15,928 | |||
2018 | 11,987 | |||
Thereafter | 20,337 | |||
Total | $ | 119,393 | ||
Rent expense was $26.6 million, $25.6 million and $26.4 million in 2013, 2012 and 2011, respectively. | ||||
Environmental: The Company is involved in certain environmental matters and has been designated as a potentially responsible party for certain hazardous waste sites. Prior to the Company’s acquisition of Nashua, Nashua was involved in certain environmental matters and was designated by the Environmental Protection Agency (“EPA”) as a potentially responsible party for certain hazardous waste sites. In addition, Nashua had been notified by certain state environmental agencies that Nashua may bear responsibility for remedial action at other sites which have not been addressed by the EPA. The sites at which Nashua may have remedial responsibilities are in various stages of investigation and remediation. Due to the unique physical characteristics of each site, the remedial technology employed, the extended time-frames of each remediation, the interpretation of applicable laws and regulations and the financial viability of other potential participants, the ultimate range of outcomes cannot be predicted with certainty; therefore, the Company’s ultimate cost of remediation is an estimate and is contingent on these factors. Based on information currently available, the Company believes that Nashua’s remediation expense, if any, is not likely to have a material effect on its consolidated financial position or results of operations. As of the years ended 2013 and 2012, the undiscounted liability relating to the Company’s environmental matters was $2.0 million and $2.1 million, respectively, primarily the amount recorded on Nashua’s acquisition date, and is included in other liabilities. There have been no material changes related to these environmental matters and, based on information currently available, the Company believes that remediation of these environmental matters will not have a material effect on the Company’s consolidated financial statements. | ||||
Litigation: The Company is party to various legal actions that are ordinary and incidental to its business. While the outcome of pending legal actions cannot be predicted with certainty, management believes the outcome of these various proceedings will not have a material effect on the Company’s consolidated financial statements. In 2012, the Company reached an agreement with all parties to settle all controversies and disputes with prejudice in connection with certain civil litigations filed in the United States District Court for the Northern District of New York and in the Superior Court of New Jersey, Burlington County. As the Company's liability arising out of these litigations existed as of the December 2011 balance sheet date, this settlement was recorded in the fourth quarter of 2011 within other expense (income), net in the consolidated statement of operations. The Company funded this settlement in 2012. In 2011, the Company reached an agreement with all defendants to settle all controversies and disputes and agreed to dismiss all claims against the defendants with prejudice in connection with a civil litigation filed in Minneapolis, Minnesota. This settlement was recorded as a reduction to selling, general and administrative expenses in the consolidated statement of operations. | ||||
Concentrations of Credit Risk: The Company has limited concentrations of credit risk with respect to financial instruments. Temporary cash investments and other investments are placed with high credit quality institutions, and concentrations within accounts receivable are generally limited due to the Company’s diverse customer base and its dispersion across different industries and geographic areas. The Company extends credit to customers based on its evaluation of the customer's financial condition. The Company does not require that any collateral be provided by its customers. | ||||
Letters of Credit: As of the year ended 2013, the Company had outstanding letters of credit of approximately $22.3 million and a de minimis amount of surety bonds. Based on the Company’s experience with these arrangements, it does not believe that any obligations that may arise will have a material effect on the Company's consolidated financial condition or results of operations. | ||||
Tax Audits: The Company’s income, sales and use, and other tax returns are routinely subject to audit by various authorities. The Company believes that the resolution of any matters raised during such audits will not have a material effect on the Company’s consolidated financial position or its results of operations. | ||||
Multi-Employer Pension Plans: The Company participates in a number of multi-employer pension plans for union employees (“Multi-Employer Plans”) and is exposed to significant risks and uncertainties arising from its participation in these Multi-Employer Plans. These risks and uncertainties, including changes in future contributions due to partial or full withdrawal of the Company and other participating employers from these Multi-Employer Plans, could significantly increase the Company’s future contributions or the underfunded status of these Multi-Employer Plans. Two of the Multi-Employer Plans are in mass withdrawal status. While it is not possible to quantify the potential impact of future actions of the Company or other participating employers from these Multi-Employer Plans, continued participation in or withdrawal from these multi-employer pension plans could have a material impact on the Company’s consolidated financial statements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following table presents the changes in the balances of each component of AOCI, net of tax: | |||||||||||||
Foreign Currency Translation | Pension and Other Postretirement Benefits | Total | |||||||||||
Balance as of the year ended 2011 | $ | 2,280 | $ | (62,160 | ) | $ | (59,880 | ) | |||||
Other comprehensive income (loss) before reclassifications | 665 | (11,901 | ) | (11,236 | ) | ||||||||
Amounts reclassified from AOCI | — | 3,915 | 3,915 | ||||||||||
Other comprehensive income (loss) | 665 | (7,986 | ) | (7,321 | ) | ||||||||
Balance as of the year ended 2012 | 2,945 | (70,146 | ) | (67,201 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (4,529 | ) | 26,688 | 22,159 | |||||||||
Amounts reclassified from AOCI | — | 4,742 | 4,742 | ||||||||||
Other comprehensive (loss) income | (4,529 | ) | 31,430 | 26,901 | |||||||||
Balance as of the year ended 2013 | $ | (1,584 | ) | $ | (38,716 | ) | $ | (40,300 | ) | ||||
Reclassifications from AOCI | |||||||||||||
AOCI Components | Amounts Reclassified from AOCI | Income Statement Line Item | |||||||||||
2013 | 2012 | ||||||||||||
Amortization of pension and other benefit items | |||||||||||||
Net actuarial losses (1) | $ | 7,779 | $ | 6,424 | Selling, general and administrative expenses | ||||||||
Prior service cost (1) | (6 | ) | (6 | ) | Selling, general and administrative expenses | ||||||||
7,773 | 6,418 | Total before tax | |||||||||||
Taxes | (3,031 | ) | (2,503 | ) | Income tax expense | ||||||||
Total reclassifications for the period | $ | 4,742 | $ | 3,915 | Net of tax | ||||||||
__________________________ | |||||||||||||
(1) Components are included in the computation of net periodic benefit cost as presented in Note 13. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 28, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
In the fourth quarter of 2013, Cenveo entered into a 10-year lease of a manufacturing facility with a related party wholly owned and managed by certain executives of the Company. The Company believes the lease terms have not been significantly affected by the fact that the Company and the lessors are related parties. The Company recognized less than $0.1 million in rental expense associated with the lease during 2013, which is recorded in cost of sales. Future lease payments related to this lease (undiscounted) are $5.2 million. The Company has no other commitments or guarantees related to the lease. |
Income_Loss_Per_Share
Income (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Income (Loss) per Share | ' | ||||||||||||
Income (Loss) per Share | |||||||||||||
Basic income (loss) per share is computed based upon the weighted average number of common shares outstanding for the period. When applicable, diluted income (loss) per share is calculated using two approaches. The first approach, the treasury stock method, reflects the potential dilution that could occur if the stock options, RSUs and PSUs (“Equity Awards”) to issue common stock were exercised. The second approach, the if converted method, reflects the potential dilution of the Equity Awards and the 7% Notes being exchanged for common stock. Under this method, interest expense associated with the 7% Notes, net of tax, is added back to income from continuing operations and the shares outstanding are increased by the underlying 7% Notes equivalent. | |||||||||||||
For the years ended 2013, 2012 and 2011, the effect of approximately 22.9 million, 24.1 million and 5.8 million shares, respectively, related to the exchange of the 7% Notes for common stock and the issuance of common stock upon exercise of Equity Awards, were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. | |||||||||||||
The following table sets forth the computation of basic and diluted income (loss) per share for the periods ended (in thousands, except per share data): | |||||||||||||
For The Years Ended | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator for basic and diluted loss per share: | |||||||||||||
Loss from continuing operations | $ | (85,527 | ) | $ | (80,528 | ) | $ | (8,694 | ) | ||||
Income from discontinued operations, net of taxes | 16,741 | 641 | 129 | ||||||||||
Net loss | $ | (68,786 | ) | $ | (79,887 | ) | $ | (8,565 | ) | ||||
Denominator for weighted average common shares outstanding: | |||||||||||||
Basic shares | 64,576 | 63,567 | 62,983 | ||||||||||
Dilutive effect of convertible notes | — | — | — | ||||||||||
Dilutive effect of equity awards | — | — | — | ||||||||||
Diluted shares | 64,576 | 63,567 | 62,983 | ||||||||||
(Loss) income per share – basic: | |||||||||||||
Continuing operations | $ | (1.32 | ) | $ | (1.27 | ) | $ | (0.14 | ) | ||||
Discontinued operations | 0.25 | 0.01 | — | ||||||||||
Net loss | $ | (1.07 | ) | $ | (1.26 | ) | $ | (0.14 | ) | ||||
(Loss) income per share – diluted: | |||||||||||||
Continuing operations | $ | (1.32 | ) | $ | (1.27 | ) | $ | (0.14 | ) | ||||
Discontinued operations | 0.25 | 0.01 | — | ||||||||||
Net loss | $ | (1.07 | ) | $ | (1.26 | ) | $ | (0.14 | ) |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
Segment Information | |||||||||||||
The Company operates four operating segments: envelope, print, label and packaging. Based upon similar economic characteristics and management reporting, the Company has aggregated the label and packaging operating segment to have a total of three reportable segments - envelope, print and label and packaging. The envelope segment provides direct mail offerings and transactional and stock envelopes. The print segment provides a wide array of print offerings such as high-end printed materials including car brochures, advertising literature, corporate identity and brand marketing material, digital printing and content management. The label and packaging segment specializes in the design, manufacturing and printing of labels such as custom labels, overnight packaging labels, pressure-sensitive prescription labels and high quality packaging offerings, full body shrink sleeves, and specialized folded carton packaging. | |||||||||||||
Operating income (loss) of each segment includes all costs and expenses directly related to the segment's operations. Corporate expenses include corporate general and administrative expenses including stock-based compensation. | |||||||||||||
Corporate identifiable assets primarily consist of cash and cash equivalents, miscellaneous receivables, deferred financing fees, deferred tax assets and other assets. | |||||||||||||
The following tables present certain segment information (in thousands): | |||||||||||||
For The Years Ended | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
Envelope | $ | 749,898 | $ | 658,217 | $ | 706,596 | |||||||
529,760 | 585,632 | 626,994 | |||||||||||
Label and packaging | 498,150 | 494,444 | 510,781 | ||||||||||
Total | $ | 1,777,808 | $ | 1,738,293 | $ | 1,844,371 | |||||||
Operating income (loss): | |||||||||||||
Envelope | $ | 39,775 | $ | 45,485 | $ | 46,838 | |||||||
(6,042 | ) | 32,845 | 43,709 | ||||||||||
Label and packaging | 32,644 | 54,666 | 57,768 | ||||||||||
Corporate | (37,014 | ) | (31,811 | ) | (43,153 | ) | |||||||
Total | $ | 29,363 | $ | 101,185 | $ | 105,162 | |||||||
Restructuring and other charges: | |||||||||||||
Envelope | $ | 5,476 | $ | 6,161 | $ | 6,261 | |||||||
4,289 | 18,089 | 8,929 | |||||||||||
Label and packaging | 1,147 | 2,014 | 1,983 | ||||||||||
Corporate | 2,188 | 836 | 639 | ||||||||||
Total | $ | 13,100 | $ | 27,100 | $ | 17,812 | |||||||
Depreciation and intangible asset amortization: | |||||||||||||
Envelope | $ | 16,407 | $ | 16,986 | $ | 17,300 | |||||||
20,894 | 21,333 | 22,769 | |||||||||||
Label and packaging | 18,214 | 18,012 | 19,301 | ||||||||||
Corporate | 4,981 | 4,327 | 3,178 | ||||||||||
Total | $ | 60,496 | $ | 60,658 | $ | 62,548 | |||||||
Capital expenditures: | |||||||||||||
Envelope | $ | 7,221 | $ | 1,402 | $ | 2,203 | |||||||
6,868 | 8,145 | 5,685 | |||||||||||
Label and packaging | 9,605 | 4,374 | 2,674 | ||||||||||
Corporate | 5,541 | 6,642 | 5,010 | ||||||||||
Total | $ | 29,235 | $ | 20,563 | $ | 15,572 | |||||||
Net sales by product line: | |||||||||||||
Envelope | $ | 749,898 | $ | 658,217 | $ | 706,596 | |||||||
529,760 | 585,632 | 626,994 | |||||||||||
Label | 337,270 | 331,543 | 334,671 | ||||||||||
Packaging | 160,880 | 162,903 | 176,110 | ||||||||||
Total | $ | 1,777,808 | $ | 1,738,293 | $ | 1,844,371 | |||||||
Intercompany sales: | |||||||||||||
Envelope | $ | 4,178 | $ | 8,676 | $ | 6,636 | |||||||
4,579 | 3,097 | 5,846 | |||||||||||
Label and packaging | 10,560 | 11,688 | 9,931 | ||||||||||
Total | $ | 19,317 | $ | 23,461 | $ | 22,413 | |||||||
2013 | 2012 | ||||||||||||
Total assets: | |||||||||||||
Envelope | $ | 472,334 | $ | 376,224 | |||||||||
320,720 | 378,129 | ||||||||||||
Label and packaging | 356,183 | 370,437 | |||||||||||
Corporate | 64,467 | 75,765 | |||||||||||
Total | $ | 1,213,704 | $ | 1,200,555 | |||||||||
Geographic information is as follows as of and for the years ended (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
US | $ | 1,705,043 | $ | 1,655,589 | $ | 1,748,277 | |||||||
Foreign | 72,765 | 82,704 | 96,094 | ||||||||||
Total | $ | 1,777,808 | $ | 1,738,293 | $ | 1,844,371 | |||||||
2013 | 2012 | ||||||||||||
Long-lived assets (property, plant and equipment, goodwill and intangible assets): | |||||||||||||
US | $ | 634,212 | $ | 636,182 | |||||||||
Foreign | 25,880 | 35,510 | |||||||||||
Total | $ | 660,092 | $ | 671,692 | |||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||||||
Cenveo, Inc. is a holding company (the “Parent Company”), which is the ultimate parent of all Cenveo subsidiaries. The Parent Company’s wholly owned subsidiary, Cenveo Corporation (the “Subsidiary Issuer”), issued the 7.875% Notes, the 8.875% Notes and the 11.5% Notes (collectively with the 7.875% Notes and the 8.875% Notes, the “Subsidiary Issuer Notes”), which are fully and unconditionally guaranteed, on a joint and several basis, by the Parent Company and substantially all of its wholly-owned subsidiaries (the “Guarantor Subsidiaries”). | ||||||||||||||||||||||||
Presented below is condensed consolidating financial information for the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries as of December 28, 2013 and December 29, 2012 and for the years ended 2013, 2012 and 2011. The condensed consolidating financial information has been presented to show the financial position, results of operations and cash flows of the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, assuming the guarantee structure of the Subsidiary Issuer Notes was in effect at the beginning of the periods presented. | ||||||||||||||||||||||||
The supplemental condensed consolidating financial information reflects the investments of the Parent Company in the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries using the equity method of accounting. The Company’s primary transactions with its subsidiaries other than the investment account and related equity in net income (loss) of subsidiaries are the intercompany payables and receivables between its subsidiaries. | ||||||||||||||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
28-Dec-13 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 9,504 | $ | — | $ | 1,825 | $ | — | $ | 11,329 | ||||||||||||
Accounts receivable, net | — | 128,214 | 152,091 | 1,281 | — | 281,586 | ||||||||||||||||||
Inventories | — | 89,830 | 71,722 | 13 | — | 161,565 | ||||||||||||||||||
Notes receivable from subsidiaries | — | 36,938 | — | — | (36,938 | ) | — | |||||||||||||||||
Prepaid and other current assets | — | 46,050 | 6,813 | 2,490 | — | 55,353 | ||||||||||||||||||
Assets of discontinued operations - current | — | — | 132 | — | — | 132 | ||||||||||||||||||
Total current assets | — | 310,536 | 230,758 | 5,609 | (36,938 | ) | 509,965 | |||||||||||||||||
Investment in subsidiaries | (496,980 | ) | 1,865,003 | 5,385 | 6,725 | (1,380,133 | ) | — | ||||||||||||||||
Property, plant and equipment, net | — | 134,326 | 169,770 | 811 | — | 304,907 | ||||||||||||||||||
Goodwill | — | 25,540 | 155,561 | 5,335 | — | 186,436 | ||||||||||||||||||
Other intangible assets, net | — | 9,930 | 157,621 | 1,198 | — | 168,749 | ||||||||||||||||||
Other assets, net | — | 37,952 | 5,175 | 487 | — | 43,614 | ||||||||||||||||||
Assets of discontinued operations - long-term | — | — | 33 | — | — | 33 | ||||||||||||||||||
Total assets | $ | (496,980 | ) | $ | 2,383,287 | $ | 724,303 | $ | 20,165 | $ | (1,417,071 | ) | $ | 1,213,704 | ||||||||||
Liabilities and Shareholders’ (Deficit) Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 6,600 | $ | 2,574 | $ | — | $ | — | $ | 9,174 | ||||||||||||
Accounts payable | — | 148,678 | 94,889 | 661 | — | 244,228 | ||||||||||||||||||
Accrued compensation and related liabilities | — | 20,684 | 10,969 | 486 | — | 32,139 | ||||||||||||||||||
Other current liabilities | — | 60,845 | 19,674 | 679 | — | 81,198 | ||||||||||||||||||
Liabilities of discontinued operations - current | — | 1,372 | 641 | — | 2,013 | |||||||||||||||||||
Intercompany payable (receivable) | — | 1,341,397 | (1,349,273 | ) | 7,876 | — | — | |||||||||||||||||
Notes payable to issuer | — | — | 36,938 | — | (36,938 | ) | — | |||||||||||||||||
Total current liabilities | — | 1,579,576 | (1,183,588 | ) | 9,702 | (36,938 | ) | 368,752 | ||||||||||||||||
Long-term debt | — | 1,173,457 | 2,894 | — | — | 1,176,351 | ||||||||||||||||||
Other liabilities | — | 127,234 | 39,994 | (1,647 | ) | — | 165,581 | |||||||||||||||||
Liabilities of discontinued operations - long-term | — | — | — | — | — | — | ||||||||||||||||||
Shareholders’ (deficit) equity | (496,980 | ) | (496,980 | ) | 1,865,003 | 12,110 | (1,380,133 | ) | (496,980 | ) | ||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (496,980 | ) | $ | 2,383,287 | $ | 724,303 | $ | 20,165 | $ | (1,417,071 | ) | $ | 1,213,704 | ||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||
For the year ended 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 762,810 | $ | 999,441 | $ | 15,557 | $ | — | $ | 1,777,808 | ||||||||||||
Cost of sales | — | 660,679 | 812,034 | 13,218 | — | 1,485,931 | ||||||||||||||||||
Selling, general and administrative expenses | — | 119,046 | 86,072 | 967 | — | 206,085 | ||||||||||||||||||
Amortization of intangible assets | — | 602 | 8,829 | 531 | — | 9,962 | ||||||||||||||||||
Restructuring and other charges | — | 7,744 | 5,342 | 14 | — | 13,100 | ||||||||||||||||||
Impairment of intangible assets | — | — | 33,367 | — | — | 33,367 | ||||||||||||||||||
Operating (loss) income | — | (25,261 | ) | 53,797 | 827 | — | 29,363 | |||||||||||||||||
Gain on bargain purchase | — | (17,262 | ) | — | — | — | (17,262 | ) | ||||||||||||||||
Interest expense, net | — | 112,232 | 445 | — | — | 112,677 | ||||||||||||||||||
Intercompany interest (income) expense | — | (1,203 | ) | 1,203 | — | — | — | |||||||||||||||||
Loss on early extinguishment of debt, net | — | 11,324 | — | — | — | 11,324 | ||||||||||||||||||
Other income, net | — | (2,238 | ) | (3,106 | ) | (258 | ) | — | (5,602 | ) | ||||||||||||||
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries | — | (128,114 | ) | 55,255 | 1,085 | — | (71,774 | ) | ||||||||||||||||
Income tax expense (benefit) | — | 28,109 | (15,023 | ) | 667 | — | 13,753 | |||||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | — | (156,223 | ) | 70,278 | 418 | — | (85,527 | ) | ||||||||||||||||
Equity in (loss) income of subsidiaries | (68,786 | ) | 78,447 | 418 | — | (10,079 | ) | — | ||||||||||||||||
(Loss) income from continuing operations | (68,786 | ) | (77,776 | ) | 70,696 | 418 | (10,079 | ) | (85,527 | ) | ||||||||||||||
Income from discontinued operations, net of taxes | — | 8,990 | 7,751 | — | — | 16,741 | ||||||||||||||||||
Net (loss) income | (68,786 | ) | (68,786 | ) | 78,447 | 418 | (10,079 | ) | (68,786 | ) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Other comprehensive income (loss) of subsidiaries | 26,901 | (1,754 | ) | (2,704 | ) | — | (22,443 | ) | — | |||||||||||||||
Pension liability adjustment, net of taxes | — | 28,655 | 2,775 | — | — | 31,430 | ||||||||||||||||||
Currency translation adjustment | — | — | (1,825 | ) | (2,704 | ) | — | (4,529 | ) | |||||||||||||||
Comprehensive (loss) income | $ | (41,885 | ) | $ | (41,885 | ) | $ | 76,693 | $ | (2,286 | ) | $ | (32,522 | ) | $ | (41,885 | ) | |||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Guarantor | |||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 3,739 | $ | (117,743 | ) | $ | 136,232 | $ | 87 | $ | — | $ | 22,315 | |||||||||||
Net cash provided by (used in) operating activities of discontinued operations | — | 6,227 | (349 | ) | — | — | 5,878 | |||||||||||||||||
Net cash provided by (used in) operating activities | 3,739 | (111,516 | ) | 135,883 | 87 | — | 28,193 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | (33,166 | ) | — | — | — | (33,166 | ) | ||||||||||||||||
Capital expenditures | — | (13,708 | ) | (15,424 | ) | (103 | ) | — | (29,235 | ) | ||||||||||||||
Purchase of investment | — | (1,650 | ) | — | — | — | (1,650 | ) | ||||||||||||||||
Proceeds from insurance claim | — | — | 3,036 | — | — | 3,036 | ||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 258 | 8,046 | — | — | 8,304 | ||||||||||||||||||
Net cash used in investing activities of continuing operations | — | (48,266 | ) | (4,342 | ) | (103 | ) | — | (52,711 | ) | ||||||||||||||
Net cash provided by investing activities of discontinued operations | — | 23,160 | 22,054 | — | — | 45,214 | ||||||||||||||||||
Net cash (used in) provided by investing activities | — | (25,106 | ) | 17,712 | (103 | ) | — | (7,497 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Repayment of 7.875% senior subordinated notes | — | (67,848 | ) | — | — | — | (67,848 | ) | ||||||||||||||||
Repayment of Term Loan B due 2016 | — | (388,205 | ) | — | — | — | (388,205 | ) | ||||||||||||||||
Payment of financing related costs and expenses and debt issuance discounts | — | (15,570 | ) | — | — | — | (15,570 | ) | ||||||||||||||||
Repayments of other long-term debt | — | (2,536 | ) | (4,829 | ) | — | — | (7,365 | ) | |||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (660 | ) | — | — | — | — | (660 | ) | ||||||||||||||||
Repayment under revolving credit facility, net | — | (18,000 | ) | — | — | — | (18,000 | ) | ||||||||||||||||
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | — | 50,000 | — | — | — | 50,000 | ||||||||||||||||||
Repayment of 15% Unsecured Term Loan due 2017 | — | (40,000 | ) | — | — | — | (40,000 | ) | ||||||||||||||||
Proceeds from exercise of stock options | 98 | — | — | — | — | 98 | ||||||||||||||||||
Proceeds from issuance of Term Loan Facility | — | 360,000 | — | — | — | 360,000 | ||||||||||||||||||
Repayment of Term Loan Facility due 2017 | — | (30,900 | ) | — | — | — | (30,900 | ) | ||||||||||||||||
Borrowings under ABL Facility due 2017 | — | 699,200 | — | — | — | 699,200 | ||||||||||||||||||
Repayments under ABL Facility due 2017 | — | (577,800 | ) | — | — | — | (577,800 | ) | ||||||||||||||||
Proceeds from equipment loan | — | 20,000 | — | — | — | 20,000 | ||||||||||||||||||
Repayments of equipment loan | — | (500 | ) | — | — | — | (500 | ) | ||||||||||||||||
Intercompany advances | (3,177 | ) | 152,522 | (149,225 | ) | (120 | ) | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | (3,739 | ) | 140,363 | (154,054 | ) | (120 | ) | — | (17,550 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 173 | (100 | ) | — | 73 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 3,741 | (286 | ) | (236 | ) | — | 3,219 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 5,763 | 286 | 2,061 | — | 8,110 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 9,504 | $ | — | $ | 1,825 | $ | — | $ | 11,329 | ||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
29-Dec-12 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 5,763 | $ | 286 | $ | 2,061 | $ | — | $ | 8,110 | ||||||||||||
Accounts receivable, net | — | 98,199 | 155,188 | 1,002 | — | 254,389 | ||||||||||||||||||
Inventories | — | 59,618 | 67,535 | 82 | — | 127,235 | ||||||||||||||||||
Notes receivable from subsidiaries | — | 36,938 | — | — | (36,938 | ) | — | |||||||||||||||||
Prepaid and other current assets | — | 53,303 | 11,878 | 2,783 | — | 67,964 | ||||||||||||||||||
Assets of discontinued operations - current | — | 5,171 | 6,094 | — | — | 11,265 | ||||||||||||||||||
Total current assets | — | 258,992 | 240,981 | 5,928 | (36,938 | ) | 468,963 | |||||||||||||||||
Investment in subsidiaries | (464,314 | ) | 1,758,007 | 7,671 | 6,725 | (1,308,089 | ) | — | ||||||||||||||||
Property, plant and equipment, net | — | 86,416 | 191,453 | 1,209 | — | 279,078 | ||||||||||||||||||
Goodwill | — | 25,540 | 155,849 | 6,026 | — | 187,415 | ||||||||||||||||||
Other intangible assets, net | — | 6,621 | 196,755 | 1,823 | — | 205,199 | ||||||||||||||||||
Other assets, net | — | 40,301 | 3,827 | 504 | — | 44,632 | ||||||||||||||||||
Assets of discontinued operations - long-term | — | 6,525 | 8,743 | — | — | 15,268 | ||||||||||||||||||
Total assets | $ | (464,314 | ) | $ | 2,182,402 | $ | 805,279 | $ | 22,215 | $ | (1,345,027 | ) | $ | 1,200,555 | ||||||||||
Liabilities and Shareholders’ (Deficit) Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 6,961 | $ | 4,787 | $ | — | $ | — | $ | 11,748 | ||||||||||||
Accounts payable | — | 104,941 | 74,394 | 515 | — | 179,850 | ||||||||||||||||||
Accrued compensation and related liabilities | — | 14,409 | 9,755 | 514 | — | 24,678 | ||||||||||||||||||
Other current liabilities | — | 56,766 | 20,069 | 532 | — | 77,367 | ||||||||||||||||||
Liabilities of discontinued operations - current | — | 2,930 | 3,661 | — | — | 6,591 | ||||||||||||||||||
Intercompany payable (receivable) | — | 1,177,669 | (1,185,665 | ) | 7,996 | — | — | |||||||||||||||||
Notes payable to issuer | — | — | 36,938 | — | (36,938 | ) | — | |||||||||||||||||
Total current liabilities | — | 1,363,676 | (1,036,061 | ) | 9,557 | (36,938 | ) | 300,234 | ||||||||||||||||
Long-term debt | — | 1,166,360 | 5,510 | — | — | 1,171,870 | ||||||||||||||||||
Other liabilities | — | 115,196 | 78,427 | (1,738 | ) | — | 191,885 | |||||||||||||||||
Liabilities of discontinued operations - long-term | — | 1,484 | (604 | ) | — | — | 880 | |||||||||||||||||
Shareholders’ (deficit) equity | (464,314 | ) | (464,314 | ) | 1,758,007 | 14,396 | (1,308,089 | ) | (464,314 | ) | ||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (464,314 | ) | $ | 2,182,402 | $ | 805,279 | $ | 22,215 | $ | (1,345,027 | ) | $ | 1,200,555 | ||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||
For the year ended 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 684,257 | $ | 1,038,793 | $ | 15,243 | $ | — | $ | 1,738,293 | ||||||||||||
Cost of sales | — | 576,286 | 827,342 | 13,519 | — | 1,417,147 | ||||||||||||||||||
Selling, general and administrative expenses | — | 101,704 | 80,511 | 765 | — | 182,980 | ||||||||||||||||||
Amortization of intangible assets | — | 582 | 8,777 | 522 | — | 9,881 | ||||||||||||||||||
Restructuring and other charges | — | 5,917 | 21,087 | 96 | — | 27,100 | ||||||||||||||||||
Operating (loss) income | — | (232 | ) | 101,076 | 341 | — | 101,185 | |||||||||||||||||
Interest expense, net | — | 114,164 | 607 | (16 | ) | — | 114,755 | |||||||||||||||||
Intercompany interest (income) expense | — | (1,476 | ) | 1,404 | 72 | — | — | |||||||||||||||||
Loss on early extinguishment of debt, net | — | 12,487 | — | — | — | 12,487 | ||||||||||||||||||
Other (income) expense, net | — | (1,125 | ) | 46 | (170 | ) | — | (1,249 | ) | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries | — | (124,282 | ) | 99,019 | 455 | — | (24,808 | ) | ||||||||||||||||
Income tax expense (benefit) | — | 31,623 | 24,503 | (406 | ) | — | 55,720 | |||||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | — | (155,905 | ) | 74,516 | 861 | — | (80,528 | ) | ||||||||||||||||
Equity in (loss) income of subsidiaries | (79,887 | ) | 68,896 | 861 | — | 10,130 | — | |||||||||||||||||
(Loss) income from continuing operations | (79,887 | ) | (87,009 | ) | 75,377 | 861 | 10,130 | (80,528 | ) | |||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | 7,122 | (6,481 | ) | — | — | 641 | |||||||||||||||||
Net (loss) income | (79,887 | ) | (79,887 | ) | 68,896 | 861 | 10,130 | (79,887 | ) | |||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Other comprehensive (loss) income of subsidiaries | (7,321 | ) | (64 | ) | (589 | ) | — | 7,974 | — | |||||||||||||||
Pension liability adjustment, net of taxes | — | (7,257 | ) | (729 | ) | — | — | (7,986 | ) | |||||||||||||||
Currency translation adjustment | — | — | 1,254 | (589 | ) | — | 665 | |||||||||||||||||
Comprehensive (loss) income | $ | (87,208 | ) | $ | (87,208 | ) | $ | 68,832 | $ | 272 | $ | 18,104 | $ | (87,208 | ) | |||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Guarantor | |||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 5,333 | $ | (115,689 | ) | $ | 150,706 | $ | 2,494 | $ | — | $ | 42,844 | |||||||||||
Net cash provided by operating activities of discontinued operations | — | 8,240 | 981 | — | — | 9,221 | ||||||||||||||||||
Net cash provided by (used in) operating activities | 5,333 | (107,449 | ) | 151,687 | 2,494 | — | 52,065 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | (644 | ) | — | — | — | (644 | ) | ||||||||||||||||
Capital expenditures | — | (10,263 | ) | (10,135 | ) | (165 | ) | — | (20,563 | ) | ||||||||||||||
Purchase of Investment | — | (350 | ) | — | — | — | (350 | ) | ||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 360 | 7,618 | — | — | 7,978 | ||||||||||||||||||
Proceeds from sale of intangible assets | — | 5,700 | — | — | — | 5,700 | ||||||||||||||||||
Intercompany note | — | 3,900 | — | — | (3,900 | ) | — | |||||||||||||||||
Net cash used in investing activities of continuing operations | — | (1,297 | ) | (2,517 | ) | (165 | ) | (3,900 | ) | (7,879 | ) | |||||||||||||
Net cash provided by investing activities of discontinued operations | — | 16,114 | 23,419 | — | — | 39,533 | ||||||||||||||||||
Net cash provided by (used in) investing activities | — | 14,817 | 20,902 | (165 | ) | (3,900 | ) | 31,654 | ||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Repayment of 10.5% senior notes | — | (169,875 | ) | — | — | — | (169,875 | ) | ||||||||||||||||
Repayment of 7.875% senior subordinated notes | — | (214,831 | ) | — | — | — | (214,831 | ) | ||||||||||||||||
Borrowings of Term Loan B due 2016 | — | 31,844 | — | — | — | 31,844 | ||||||||||||||||||
Repayment of 8.375% senior subordinated notes | — | (24,787 | ) | — | — | — | (24,787 | ) | ||||||||||||||||
Payment of financing related costs and expenses and debt issuance discounts | — | (37,836 | ) | — | — | — | (37,836 | ) | ||||||||||||||||
Repayments of other long-term debt | — | (147 | ) | (4,699 | ) | — | — | (4,846 | ) | |||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (735 | ) | — | — | — | — | (735 | ) | ||||||||||||||||
Proceeds from issuance of 11.5% senior notes | — | 225,000 | — | — | — | 225,000 | ||||||||||||||||||
Proceeds from issuance of 7% senior exchangeable notes | — | 86,250 | — | — | — | 86,250 | ||||||||||||||||||
Borrowings under Revolving Credit Facility, net | — | 18,000 | — | — | — | 18,000 | ||||||||||||||||||
Intercompany note | — | — | — | (3,900 | ) | 3,900 | — | |||||||||||||||||
Intercompany advances | (4,598 | ) | 170,396 | (167,988 | ) | 2,190 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities of continuing operations | (5,333 | ) | 84,014 | (172,687 | ) | (1,710 | ) | 3,900 | (91,816 | ) | ||||||||||||||
Net cash used in financing activities of discontinued operations | — | (1,652 | ) | — | — | — | (1,652 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | (5,333 | ) | 82,362 | (172,687 | ) | (1,710 | ) | 3,900 | (93,468 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 104 | 2 | — | 106 | ||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (10,270 | ) | 6 | 621 | — | (9,643 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 16,033 | 280 | 1,440 | — | 17,753 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 5,763 | $ | 286 | $ | 2,061 | $ | — | $ | 8,110 | ||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) | ||||||||||||||||||||||||
INCOME | ||||||||||||||||||||||||
For the year ended 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 697,741 | $ | 1,127,876 | $ | 18,754 | $ | — | $ | 1,844,371 | ||||||||||||
Cost of sales | — | 577,192 | 905,726 | 15,284 | — | 1,498,202 | ||||||||||||||||||
Selling, general and administrative expenses | — | 118,345 | 93,869 | 1,082 | — | 213,296 | ||||||||||||||||||
Amortization of intangible assets | — | 426 | 8,937 | 536 | — | 9,899 | ||||||||||||||||||
Restructuring and other charges | — | 8,773 | 9,010 | 29 | — | 17,812 | ||||||||||||||||||
Operating (loss) income | — | (6,995 | ) | 110,334 | 1,823 | — | 105,162 | |||||||||||||||||
Gain on bargain purchase | — | (11,720 | ) | — | — | — | (11,720 | ) | ||||||||||||||||
Interest expense, net | — | 115,307 | 712 | (51 | ) | — | 115,968 | |||||||||||||||||
Intercompany interest (income) expense | — | (1,180 | ) | 975 | 205 | — | — | |||||||||||||||||
Gain on early extinguishment of debt, net | — | (4,011 | ) | — | — | — | (4,011 | ) | ||||||||||||||||
Other expense (income), net | — | 9,832 | 378 | (1,136 | ) | — | 9,074 | |||||||||||||||||
(Loss) income from continuing operations before income taxes and equity in income of unconsolidated subsidiaries | — | (115,223 | ) | 108,269 | 2,805 | — | (4,149 | ) | ||||||||||||||||
Income tax expense (benefit) | — | 12,392 | (9,494 | ) | 1,647 | — | 4,545 | |||||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of unconsolidated subsidiaries | — | (127,615 | ) | 117,763 | 1,158 | — | (8,694 | ) | ||||||||||||||||
Equity in (loss) income of unconsolidated subsidiaries | (8,565 | ) | 111,454 | 1,158 | — | (104,047 | ) | — | ||||||||||||||||
(Loss) income from continuing operations | (8,565 | ) | (16,161 | ) | 118,921 | 1,158 | (104,047 | ) | (8,694 | ) | ||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | 7,596 | (7,467 | ) | — | — | 129 | |||||||||||||||||
Net (loss) income | (8,565 | ) | (8,565 | ) | 111,454 | 1,158 | (104,047 | ) | (8,565 | ) | ||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Other comprehensive (loss) income of subsidiaries | (39,597 | ) | (4,260 | ) | (5,006 | ) | — | 48,863 | — | |||||||||||||||
Pension liability adjustment, net of taxes | — | (37,130 | ) | — | — | — | (37,130 | ) | ||||||||||||||||
Reclassifications of losses related to interest rate swaps into earnings, net of taxes | — | 1,793 | — | — | — | 1,793 | ||||||||||||||||||
Currency translation adjustment | — | — | 746 | (5,006 | ) | — | (4,260 | ) | ||||||||||||||||
Comprehensive (loss) income | $ | (48,162 | ) | $ | (48,162 | ) | $ | 107,194 | $ | (3,848 | ) | $ | (55,184 | ) | $ | (48,162 | ) | |||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Guarantor | |||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 8,716 | $ | (115,927 | ) | $ | 175,235 | $ | 1,605 | $ | — | $ | 69,629 | |||||||||||
Net cash provided by (used in) operating activities of discontinued operations | — | 14,438 | (3,745 | ) | — | — | 10,693 | |||||||||||||||||
Net cash provided by (used in) operating activities | 8,716 | (101,489 | ) | 171,490 | 1,605 | — | 80,322 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | (59,719 | ) | — | — | — | (59,719 | ) | ||||||||||||||||
Capital expenditures | — | (9,873 | ) | (5,004 | ) | (695 | ) | — | (15,572 | ) | ||||||||||||||
Proceeds from sale of property, plant and equipment | — | 1,298 | 9,816 | — | — | 11,114 | ||||||||||||||||||
Intercompany note | — | 5,600 | — | — | (5,600 | ) | — | |||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | — | (62,694 | ) | 4,812 | (695 | ) | (5,600 | ) | (64,177 | ) | ||||||||||||||
Net cash used in investing activities of discontinued operations | — | (635 | ) | — | — | — | (635 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | — | (63,329 | ) | 4,812 | (695 | ) | (5,600 | ) | (64,812 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Repayment of 7.875% senior subordinated notes | — | (8,952 | ) | — | — | — | (8,952 | ) | ||||||||||||||||
Repayment of Term Loan B due 2016 | — | (23,800 | ) | — | — | — | (23,800 | ) | ||||||||||||||||
Repayment of 8.375% senior subordinated notes | — | (5,363 | ) | — | — | — | (5,363 | ) | ||||||||||||||||
Payment of financing related costs and expenses | — | (2,675 | ) | — | — | — | (2,675 | ) | ||||||||||||||||
Repayments of other long-term debt | — | (107 | ) | (6,296 | ) | — | — | (6,403 | ) | |||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (1,283 | ) | — | — | — | — | (1,283 | ) | ||||||||||||||||
Proceeds from exercise of stock options | 356 | — | — | — | — | 356 | ||||||||||||||||||
Intercompany note | — | — | — | (5,600 | ) | 5,600 | — | |||||||||||||||||
Intercompany advances | (7,789 | ) | 174,867 | (170,730 | ) | 3,652 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (8,716 | ) | 133,970 | (177,026 | ) | (1,948 | ) | 5,600 | (48,120 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 614 | — | 614 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (30,848 | ) | (724 | ) | (424 | ) | — | (31,996 | ) | ||||||||||||||
Cash and cash equivalents at beginning of year | — | 46,881 | 1,004 | 1,864 | — | 49,749 | ||||||||||||||||||
Cash and cash equivalents at end of year | $ | — | $ | 16,033 | $ | 280 | $ | 1,440 | $ | — | $ | 17,753 | ||||||||||||
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Information (Unaudited) | ' | |||||||||||||||
Selected Quarterly Financial Information (Unaudited) | ||||||||||||||||
The following table sets forth certain quarterly financial data for the periods indicated (in thousands, except per share amounts): | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter (5) | Quarter (8) | |||||||||||||
Fiscal Year 2013 | ||||||||||||||||
Net sales | ||||||||||||||||
Envelope | $ | 166,453 | $ | 161,304 | $ | 177,717 | $ | 244,424 | ||||||||
127,245 | 121,554 | 140,331 | 140,630 | |||||||||||||
Label and Packaging | 124,916 | 123,682 | 124,733 | 124,819 | ||||||||||||
Total | $ | 418,614 | $ | 406,540 | $ | 442,781 | $ | 509,873 | ||||||||
Operating income (loss) | ||||||||||||||||
Envelope | $ | 9,010 | $ | 10,125 | $ | 8,119 | $ | 12,521 | ||||||||
1,007 | 2,018 | 6,874 | (15,941 | ) | ||||||||||||
Label and Packaging | 11,544 | 12,908 | 9,245 | (1,053 | ) | |||||||||||
Corporate | (9,883 | ) | (8,209 | ) | (7,714 | ) | (11,208 | ) | ||||||||
Total | $ | 11,678 | $ | 16,842 | $ | 16,524 | $ | (15,681 | ) | |||||||
(Loss) income from continuing operations (2) (4) | (20,490 | ) | (18,996 | ) | 13,427 | (59,468 | ) | |||||||||
Income from discontinued operations, net of taxes (3) | 1,345 | 113 | 13,492 | 1,791 | ||||||||||||
Net (loss) income (2) | $ | (19,145 | ) | $ | (18,883 | ) | $ | 26,919 | $ | (57,677 | ) | |||||
Net (loss) income per share—basic | ||||||||||||||||
Continuing operations (1) | $ | (0.32 | ) | $ | (0.30 | ) | $ | 0.21 | $ | (0.90 | ) | |||||
Discontinued operations (1) | 0.02 | — | 0.21 | 0.03 | ||||||||||||
Net (loss) income (1) | $ | (0.30 | ) | $ | (0.30 | ) | $ | 0.42 | $ | (0.87 | ) | |||||
Net (loss) income per share—diluted | ||||||||||||||||
Continuing operations (1) | $ | (0.32 | ) | $ | (0.30 | ) | $ | 0.16 | $ | (0.90 | ) | |||||
Discontinued operations (1) | 0.02 | — | 0.16 | 0.03 | ||||||||||||
Net (loss) income (1) | $ | (0.30 | ) | $ | (0.30 | ) | $ | 0.32 | $ | (0.87 | ) | |||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Fiscal Year 2012 | ||||||||||||||||
Net sales | ||||||||||||||||
Envelope | $ | 168,532 | $ | 161,760 | $ | 159,804 | $ | 168,121 | ||||||||
142,273 | 138,565 | 154,926 | 149,868 | |||||||||||||
Label and Packaging | 128,759 | 123,536 | 122,438 | 119,711 | ||||||||||||
Total | $ | 439,564 | $ | 423,861 | $ | 437,168 | $ | 437,700 | ||||||||
Operating income (loss) | ||||||||||||||||
Envelope | $ | 10,943 | $ | 11,127 | $ | 10,275 | $ | 13,140 | ||||||||
(5,519 | ) | 8,627 | 15,556 | 14,181 | ||||||||||||
Label and Packaging | 13,444 | 14,363 | 13,811 | 13,048 | ||||||||||||
Corporate | (7,582 | ) | (8,150 | ) | (7,360 | ) | (8,719 | ) | ||||||||
Total | $ | 11,286 | $ | 25,967 | $ | 32,282 | $ | 31,650 | ||||||||
(Loss) income from continuing operations (7) | (24,371 | ) | (1,790 | ) | 3,022 | (57,389 | ) | |||||||||
(Loss) income from discontinued operations, net of taxes (6) | (2,847 | ) | 1,389 | 1,453 | 646 | |||||||||||
Net (loss) income (7) | $ | (27,218 | ) | $ | (401 | ) | $ | 4,475 | $ | (56,743 | ) | |||||
Net (loss) income per share—basic | ||||||||||||||||
Continuing operations (1) | $ | (0.38 | ) | $ | (0.03 | ) | $ | 0.05 | $ | (0.90 | ) | |||||
Discontinued operations (1) | (0.05 | ) | 0.02 | 0.02 | 0.01 | |||||||||||
Net (loss) income (1) | $ | (0.43 | ) | $ | (0.01 | ) | $ | 0.07 | $ | (0.89 | ) | |||||
Net (loss) income per share—diluted | ||||||||||||||||
Continuing operations (1) | $ | (0.38 | ) | $ | (0.03 | ) | $ | 0.05 | $ | (0.90 | ) | |||||
Discontinued operations (1) | (0.05 | ) | 0.02 | 0.02 | 0.01 | |||||||||||
Net (loss) income (1) | $ | (0.43 | ) | $ | (0.01 | ) | $ | 0.07 | $ | (0.89 | ) | |||||
__________________________ | ||||||||||||||||
-1 | The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total year. | |||||||||||||||
-2 | Includes valuation allowance related to deferred tax assets of $40.6 million recognized in the fourth quarter of 2013. | |||||||||||||||
-3 | Includes $25.6 million gain on sale of discontinued operations, net of tax expense of $10.7 million, most of which was recognized in the third quarter of 2013. | |||||||||||||||
-4 | Includes a bargain purchase gain of $17.3 million, exclusive of $6.8 million of tax expense, recognized in the third quarter of 2013. | |||||||||||||||
-5 | The Company is revising its historical financial statements included in its Form 10-Q for the three month period ended September 28, 2013 ("Q3 Form 10-Q”) to reflect the adjustments made during the fourth quarter 2013 to the preliminary purchase price allocation of the fair value of assets acquired and liabilities assumed on September 16, 2013, the date the Company acquired certain assets of National. | |||||||||||||||
As reported in the Q3 Form 10-Q, the purchase price was preliminarily allocated as of September 16, 2013 based on the estimated fair value of net assets acquired and liabilities assumed at the date Cenveo acquired certain assets of National. During the fourth quarter of 2013, the Company adjusted the purchase price allocation and recorded fair value adjustments to the preliminary purchase price allocation reported at September 28, 2013. These purchase price adjustments have been reflected as of the year ended 2013 in the consolidated financial statements. The adjustments resulted in an increase to the fair value of net assets acquired of $4.8 million and a corresponding increase to the bargain purchase gain recognized, exclusive of $1.9 million in tax expense. The Company has not adjusted its net income from continuing operations for the three and nine month period ended September 28, 2013 for any other items. | ||||||||||||||||
-6 | Includes $6.3 million loss on sale of discontinued operations, net of tax benefit of $2.6 million recognized in the first quarter of 2012. | |||||||||||||||
-7 | Includes valuation allowance related to deferred tax assets of $56.5 million recognized in the fourth quarter of 2012. | |||||||||||||||
(8) Includes $33.4 million impairment charge on intangible assets recognized in the fourth quarter of 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Nature of operations | ' | |||||||||||
Cenveo, Inc. and its wholly-owned subsidiaries (collectively, the “Company” or “Cenveo”) are engaged in envelope converting, commercial printing, and the manufacturing of label and specialty packaging products. The Company is headquartered in Stamford, Connecticut, is organized under Colorado law, and its common stock is traded on the New York Stock Exchange under the symbol “CVO”. The Company operates a primarily domestic network of strategically located manufacturing facilities, serving a diverse base of over 100,000 customers. The Company’s operations are based in North America, Latin America and Asia. | ||||||||||||
Fiscal period | ' | |||||||||||
The Company’s reporting periods for 2013, 2012 and 2011 in this report each consist of 52 week periods ending on the Saturday closest to the last day of the calendar month, and ended on December 28, 2013, December 29, 2012, and December 31, 2011, respectively. Such periods are referred to herein as: (i) “as of the year ended 2013," “the year ended 2013” or “2013;" (ii) “as of the year ended 2012," “the year ended 2012” or “2012;" and, (iii) “as of the year ended 2011," “the year ended 2011” or “2011." All references to years and year-ends herein relate to fiscal years rather than calendar years. | ||||||||||||
Use of Estimates | ' | |||||||||||
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates and assumptions are used for, but not limited to, establishing the allowance for doubtful accounts, valuation of inventory, purchase price allocation, depreciation and amortization lives, asset impairment evaluations, deferred tax assets and liabilities, self-insurance accruals, stock-based compensation and other contingencies. Actual results could differ from estimates. | ||||||||||||
Fair Value Measurement | ' | |||||||||||
Fair Value Measurements: Certain assets and liabilities of the Company are required to be recorded at fair value. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of cash and cash equivalents, accounts receivable, short-term debt and accounts payable approximate their carrying values due to their short-term nature. The Company also has other assets or liabilities that it records at fair value, such as its pension and other postretirement plan assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: | ||||||||||||
Level 1 — | Valuations based on quoted prices for identical assets and liabilities in active markets. | |||||||||||
Level 2 — | Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||||
Level 3 — | Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. | |||||||||||
Cash and Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents: Cash and cash equivalents include cash on deposit and highly liquid investments with original maturities of three months or less. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of FDIC insurance limits. Cash and cash equivalents are stated at cost, which approximates fair value. | ||||||||||||
Accounts Receivable | ' | |||||||||||
Accounts Receivable: Trade accounts receivable are stated net of allowances for doubtful accounts. Specific customer provisions are made when a review of significant outstanding amounts, customer creditworthiness and current economic trends indicate that collection is doubtful. In addition, provisions are made at differing amounts, based upon the balance and age of the receivable and the Company’s historical collection experience. Trade accounts are charged off against the allowance for doubtful accounts or expensed when it is probable the accounts will not be recovered. As of the years ended 2013 and 2012, accounts receivable were reduced by an allowance for doubtful accounts of $5.4 million and $4.7 million, respectively. Transactions affecting the allowance for doubtful accounts were as follows (in thousands): | ||||||||||||
For The Years Ended | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 4,664 | $ | 5,584 | $ | 6,319 | ||||||
Charged to expense | 4,392 | 2,024 | 2,284 | |||||||||
Write-offs, recoveries and other | (3,647 | ) | (2,944 | ) | (3,019 | ) | ||||||
Balance at end of year | $ | 5,409 | $ | 4,664 | $ | 5,584 | ||||||
Inventories | ' | |||||||||||
Inventories: Inventories are stated at the lower of cost or market, with cost primarily determined on a first-in, first-out or average cost basis. Cost includes materials, labor and overhead related to the purchase and production of inventories. | ||||||||||||
Property, Plant and Equipment | ' | |||||||||||
Property, Plant and Equipment: Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided using the straight-line method generally based on the estimated useful lives of 15 to 45 years for buildings and building improvements, 10 to 15 years for machinery and equipment and three to 10 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When an asset is retired or otherwise disposed of, the related gross cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of operations. Expenditures for repairs and maintenance are charged to expense as incurred, and expenditures that increase the capacity, efficiency or useful lives of existing assets are capitalized. | ||||||||||||
Computer Software | ' | |||||||||||
Computer Software: The Company develops and purchases software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed, tested and is ready for use, additional costs incurred in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, generally between three and seven years. Net computer software costs included in property, plant and equipment were $10.4 million and $5.1 million as of the years ended 2013 and 2012, respectively. | ||||||||||||
Debt Issuance Costs | ' | |||||||||||
Debt Issuance Costs: Direct expenses such as legal, accounting and underwriting fees incurred to issue, extend or amend debt are included in other assets, net. Debt issuance costs were $22.8 million and $26.5 million as of the years ended 2013 and 2012, respectively, net of accumulated amortization, and are amortized to interest expense over the term of the related debt. Interest expense includes the amortization of debt issuance costs of $9.4 million, $7.0 million and $4.4 million in 2013, 2012 and 2011, respectively. | ||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||
Goodwill and Other Intangible Assets: Goodwill represents the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is not amortized. Goodwill is subject to an annual impairment test and is reviewed annually as of the beginning of December to determine if there is an impairment or more frequently if an indication of possible impairment exists. Impairment testing for goodwill is performed at a reporting unit level, with all goodwill assigned to a reporting unit. The Company's reporting units are the same as its four operating segments. An impairment loss generally would be recognized when the carrying amount of the reporting unit's net assets exceeds the estimated fair value of the reporting unit. No impairment charges for goodwill were recorded in 2013 or 2012. In 2011, the Company allocated approximately $16.3 million of goodwill attributable to the label reporting unit to discontinued operations based on a relative fair value allocation. In the fourth quarter of 2011, non-cash goodwill impairment charges of $13.5 million were recorded. These charges were due to the carrying value of the assets, including allocated goodwill and intangible assets, being in excess of the fair value received from divesting these businesses. | ||||||||||||
Other intangible assets consist primarily of customer relationships and trademarks. Other intangible assets primarily arise from the purchase price allocations of businesses acquired. Intangible assets with determinable lives are amortized on a straight-line basis over the estimated useful life assigned to these assets. Intangible assets that are expected to generate cash flows indefinitely are not amortized, but are evaluated for impairment similar to goodwill. | ||||||||||||
During the fourth quarter of 2013, the Company made the decision that certain trade names would be retired in 2014 as a result of rebranding the Company's print and packaging business lines. Accordingly, based on its evaluation using a relief from royalty and other discounted cash flow methodologies, the Company concluded those trade name assets were impaired. An impairment charge of $33.4 million was recorded to reduce their carrying value to their estimated fair value. Those trade names have a remaining carrying value of $1.9 million as of the year ended 2013, which will be amortized over their remaining useful life of less than one year. There were no intangible asset impairments in the years ended 2012 or 2011. | ||||||||||||
Long-Lived Assets | ' | |||||||||||
Long-Lived Assets: Long-lived assets, including property, plant and equipment, and intangible assets with definite lives, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. An impairment is assessed if the undiscounted expected future cash flows generated from an asset are less than its carrying amount. Impairment losses are recognized for the amount by which the carrying value of an asset exceeds its fair value (Level 2 and 3). Additionally, the estimated useful lives of all long-lived assets are periodically reviewed and revised, if necessary. | ||||||||||||
Self Insurance | ' | |||||||||||
Self-Insurance: The Company is self-insured for the majority of its workers’ compensation costs and health insurance costs, subject to specific retention levels. The Company records its liability for workers’ compensation claims on a fully-developed basis. The Company’s liability for health insurance claims includes an estimate for claims incurred, but not reported. As of the years ended 2013 and 2012, the (i) undiscounted workers' compensation liability was $12.9 million and $13.5 million, respectively, and the discounted liability was $11.9 million and $12.1 million, respectively, using discount rates of 2% and 3%, respectively, and the (ii) healthcare liability was $3.3 million and $3.8 million, respectively. | ||||||||||||
Pension and Postretirement Plans | ' | |||||||||||
Pension and Postretirement Plans: The Company records expense relating to its pension and other postretirement plans based on actuarial calculations. The inputs for these estimates mainly include discount rates, anticipated mortality rates, assumed rates of return and compensation increases. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current anticipated rates. The effect of modifications on the value of plan obligations and assets is recognized in accumulated other comprehensive income (loss) ("AOCI") and is recognized in the statement of operations over future periods. | ||||||||||||
Interest Rate Swaps | ' | |||||||||||
Interest Rate Swaps: From time to time the Company enters into interest rate swap agreements to hedge interest rate exposure of notional amounts of its floating rate debt. As of the years ended 2013 and 2012, the Company did not have any outstanding interest rate swap obligations. At inception of a hedge transaction, the Company formally documents the hedge relationship and the risk management objective for undertaking the hedge. In addition, the Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivative in the hedging transaction has been highly effective in offsetting changes in fair value or cash flows of the hedged item and whether the derivative is expected to continue to be highly effective. The impact of ineffectiveness, if any, is recognized in the statement of operations. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred, pricing is fixed or determinable, and collection is reasonably assured, net of rebates earned by customers. Since a significant portion of the Company’s products are customer specific, it is common for customers to inspect the quality of the product at the Company’s facility prior to its shipment. Products shipped are not subject to contractual right of return provisions. | ||||||||||||
Sales Tax: The Company records sales net of applicable sales tax. | ||||||||||||
Freight Costs | ' | |||||||||||
Freight Costs: The costs of delivering finished goods to customers are recorded as freight costs and included in cost of sales. Freight costs that are either billed separately to the customer or included in the price of the product are included in net sales. | ||||||||||||
Advertising Costs | ' | |||||||||||
Advertising Costs: All advertising costs are expensed as incurred. Advertising costs were $2.9 million, $2.8 million and $2.6 million for 2013, 2012 and 2011, respectively. | ||||||||||||
Share-based Compensation | ' | |||||||||||
Stock-Based Compensation: The Company uses the fair value method of accounting for stock-based compensation. The Company uses the Black-Scholes-Merton option-pricing model (“Black-Scholes”) to measure fair value of these stock option awards. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the stock price volatility assumption, the expected life of the option award, the risk-free rate of return and dividends during the expected term. The Company recognizes stock compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. | ||||||||||||
Foreign Currency Translation | ' | |||||||||||
Foreign Currency Translation: Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the United States dollar are translated at year-end exchange rates. The effects of translation are included in shareholders’ deficit. Income and expense items and gains and losses are translated at the average monthly rate. Foreign currency transaction gains and losses are recorded in other income, net. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes: Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the deferred tax assets will not be realized. Based upon analysis as of the year ended 2013, which incorporated excess capacity and pricing pressure the Company has experienced in certain product lines, along with the recent decline in net sales and profitability in the print segment during 2013, the Company concluded it is more likely than not that the net deferred tax assets in the United States would not be fully realized in the future. Accordingly, the Company increased its valuation allowance related to those net deferred tax assets by $40.6 million to $97.1 million in 2013. | ||||||||||||
The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although the Company believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is recognized in its consolidated financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. | ||||||||||||
New Accounting Pronouncements | ' | |||||||||||
New Accounting Pronouncements: Effective in the first quarter of 2013, the Company adopted an accounting pronouncement relating to the presentation of AOCI. This pronouncement does not change the current requirements; however, the Company is required to provide information about the amounts reclassified out of AOCI by component. In addition, the Company is required to present, either on the face of the statement where net income (loss) is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income (loss), but only if the amount is required under GAAP to be reclassified to net income (loss) in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income (loss), the Company is required to cross-reference to other disclosures required under GAAP that provide additional detail on these amounts. The Company has provided the required disclosures in Note 15. The adoption of this pronouncement did not have a material impact to the Company's consolidated financial statements. | ||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward exists. The objective of this ASU is to eliminate diversity in practice related to this topic. The ASU states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss or a tax credit carryforward except in certain situations. The update is effective for annual and interim periods beginning after December 15, 2013. The Company does not anticipate the adoption of this amendment to have a material impact on the Company's consolidated financial statements. | ||||||||||||
Acquisitions | ' | |||||||||||
The Company accounts for business combinations under the provisions of the Business Combination Topic of the Financial Accounting Standards Board’s Accounting Standards Codification (“ASC”) 805. Acquisitions are accounted for by the purchase method, and accordingly, the assets and liabilities of the acquired businesses have been recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. In the event the estimated fair value of the assets and liabilities acquired exceeds the purchase price paid, a bargain purchase gain is recorded in the statement of operations. | ||||||||||||
Acquisition-related costs are expensed as incurred. | ||||||||||||
Earnings Per Share | ' | |||||||||||
Basic income (loss) per share is computed based upon the weighted average number of common shares outstanding for the period. When applicable, diluted income (loss) per share is calculated using two approaches. The first approach, the treasury stock method, reflects the potential dilution that could occur if the stock options, RSUs and PSUs (“Equity Awards”) to issue common stock were exercised. The second approach, the if converted method, reflects the potential dilution of the Equity Awards and the 7% Notes being exchanged for common stock. Under this method, interest expense associated with the 7% Notes, net of tax, is added back to income from continuing operations and the shares outstanding are increased by the underlying 7% Notes equivalent. | ||||||||||||
For the years ended 2013, 2012 and 2011, the effect of approximately 22.9 million, 24.1 million and 5.8 million shares, respectively, related to the exchange of the 7% Notes for common stock and the issuance of common stock upon exercise of Equity Awards, were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of allowance for doubtful accounts | ' | |||||||||||
Transactions affecting the allowance for doubtful accounts were as follows (in thousands): | ||||||||||||
For The Years Ended | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 4,664 | $ | 5,584 | $ | 6,319 | ||||||
Charged to expense | 4,392 | 2,024 | 2,284 | |||||||||
Write-offs, recoveries and other | (3,647 | ) | (2,944 | ) | (3,019 | ) | ||||||
Balance at end of year | $ | 5,409 | $ | 4,664 | $ | 5,584 | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Purchase price allocation | ' | ||||||||
The following table summarizes the preliminary allocation of the purchase price of National to the assets acquired and liabilities assumed in the acquisition (in thousands): | |||||||||
As of | |||||||||
16-Sep-13 | |||||||||
Property, plant and equipment | $ | 54,900 | |||||||
Other intangible assets | 3,780 | ||||||||
Total assets acquired | 58,680 | ||||||||
Accounts payable | 967 | ||||||||
Accrued compensation and related liabilities | 1,210 | ||||||||
Other current liabilities | 1,351 | ||||||||
Other liabilities | 1,292 | ||||||||
Note payable | 2,536 | ||||||||
Total liabilities assumed | 7,356 | ||||||||
Net assets acquired | 51,324 | ||||||||
Cost of the acquisition of certain assets of National | 34,062 | ||||||||
Gain on bargain purchase | $ | 17,262 | |||||||
Pro forma financial information | ' | ||||||||
The following supplemental pro forma consolidated summary financial information of the Company for the years ended 2013 and 2012 herein have been prepared by adjusting the historical data as set forth in its statements of operations to give effect to the acquisition of certain assets of National as if it had been made as of January 1, 2012 (in thousands, except per share amounts). | |||||||||
For The Years Ended | |||||||||
2013 | 2012 | ||||||||
Net sales | |||||||||
As reported | $ | 1,777,808 | $ | 1,738,293 | |||||
Pro forma | $ | 2,027,799 | $ | 2,154,956 | |||||
Loss from continuing operations | |||||||||
As reported | $ | (85,527 | ) | $ | (80,528 | ) | |||
Pro forma | $ | (114,127 | ) | $ | (125,724 | ) | |||
Loss per share from continuing operations - basic | |||||||||
As reported | $ | (1.32 | ) | $ | (1.27 | ) | |||
Pro forma | $ | (1.73 | ) | $ | (1.92 | ) | |||
Loss per share from continuing operations - diluted | |||||||||
As reported | $ | (1.32 | ) | $ | (1.27 | ) | |||
Pro forma | $ | (1.73 | ) | $ | (1.92 | ) |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Components of discontinued operations | ' | ||||||||||||
The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of December 28, 2013, and December 29, 2012 (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Accounts receivable, net | $ | 9 | $ | 7,222 | |||||||||
Inventories | — | 3,534 | |||||||||||
Prepaid and other current assets | 123 | 509 | |||||||||||
Assets of discontinued operations - current | 132 | 11,265 | |||||||||||
Property, plant and equipment, net | 33 | 3,522 | |||||||||||
Goodwill | — | 4,000 | |||||||||||
Other intangible assets, net | — | 7,705 | |||||||||||
Other assets, net | — | 41 | |||||||||||
Assets of discontinued operations - long-term | 33 | 15,268 | |||||||||||
Accounts payable | — | 5,421 | |||||||||||
Accrued compensation and related liabilities | 627 | 645 | |||||||||||
Other current liabilities | 1,386 | 525 | |||||||||||
Liabilities of discontinued operations - current | 2,013 | 6,591 | |||||||||||
Liabilities of discontinued operations - long-term | — | 880 | |||||||||||
Net assets | $ | (1,848 | ) | $ | 19,062 | ||||||||
The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): | |||||||||||||
For The Years Ended | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales | $ | 34,891 | $ | 68,478 | $ | 164,427 | |||||||
Income from discontinued operations before income taxes (1) (2) | 4,471 | 11,342 | 8,901 | ||||||||||
Income tax expense on discontinued operations | 2,663 | 4,441 | 8,772 | ||||||||||
Gain (loss) on sale of discontinued operations, net of tax (3) | 14,933 | (6,260 | ) | — | |||||||||
Income from discontinued operations, net of taxes | $ | 16,741 | $ | 641 | $ | 129 | |||||||
Income per share - basic | $ | 0.25 | $ | 0.01 | $ | — | |||||||
Income per share - diluted | $ | 0.25 | $ | 0.01 | $ | — | |||||||
____________________ | |||||||||||||
(1) Income from discontinued operations for the year ended 2012 also includes the reduction of a liability of $1.8 million, net of tax expense of $1.2 million, due to the expiration of certain statutes of limitations related to a previous divestiture. | |||||||||||||
(2) Includes $13.5 million of non-cash goodwill impairment charges in 2011 related to the Documents Group and the Company's wide-format papers business. | |||||||||||||
(3) The gain (loss) on the sale of discontinued operations is shown net of tax expense of $10.7 million for the year ended 2013 and a tax benefit of $2.6 million for the year ended 2012. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories by major category are as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 62,241 | $ | 49,001 | |||||
Work in process | 21,698 | 17,058 | |||||||
Finished goods | 77,626 | 61,176 | |||||||
$ | 161,565 | $ | 127,235 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment are as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 14,507 | $ | 17,283 | |||||
Buildings and building improvements | 97,674 | 103,326 | |||||||
Machinery and equipment | 635,638 | 579,570 | |||||||
Furniture and fixtures | 11,049 | 11,170 | |||||||
Construction in progress | 11,828 | 7,060 | |||||||
770,696 | 718,409 | ||||||||
Accumulated depreciation | (465,789 | ) | (439,331 | ) | |||||
$ | 304,907 | $ | 279,078 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Schedule of goodwill | ' | ||||||||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill as of the years ended 2013 and 2012 by reportable segment are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Envelope | Label and Packaging | Total | |||||||||||||||||||||||||||||||||
Balance as of the year ended 2011 | $ | 23,433 | $ | 45,814 | $ | 117,575 | $ | 186,822 | |||||||||||||||||||||||||||
Acquisitions, net | — | 644 | — | 644 | |||||||||||||||||||||||||||||||
Foreign currency translation | — | (191 | ) | 140 | (51 | ) | |||||||||||||||||||||||||||||
Balance as of the year ended 2012 | 23,433 | $ | 46,267 | $ | 117,715 | $ | 187,415 | ||||||||||||||||||||||||||||
Acquisitions, net | — | — | 92 | 92 | |||||||||||||||||||||||||||||||
Foreign currency translation | — | (691 | ) | (380 | ) | (1,071 | ) | ||||||||||||||||||||||||||||
Balance as of the year ended 2013 | $ | 23,433 | $ | 45,576 | $ | 117,427 | $ | 186,436 | |||||||||||||||||||||||||||
Schedule of intangible assets | ' | ||||||||||||||||||||||||||||||||||
Other intangible assets are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
Weighted Average Remaining Amortization Period (Years) | Gross | Accumulated Impairment Charges | Accumulated | Net | Gross | Accumulated Impairment Charges | Accumulated | Net | |||||||||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||
Intangible assets with definite lives: | |||||||||||||||||||||||||||||||||||
Customer relationships | 9 | $ | 144,898 | $ | (27,234 | ) | $ | (53,682 | ) | $ | 63,982 | $ | 159,296 | $ | (27,234 | ) | $ | (62,055 | ) | $ | 70,007 | ||||||||||||||
Trademarks and trade names | 20 | 77,754 | (55,367 | ) | (6,734 | ) | 15,653 | 20,701 | — | (5,938 | ) | 14,763 | |||||||||||||||||||||||
Leasehold interest | 19 | 3,780 | — | (55 | ) | 3,725 | — | — | — | — | |||||||||||||||||||||||||
Patents | 10 | 3,528 | — | (3,039 | ) | 489 | 3,528 | — | (2,839 | ) | 689 | ||||||||||||||||||||||||
Non-compete agreements | 140 | — | (140 | ) | — | 510 | — | (510 | ) | — | |||||||||||||||||||||||||
Subtotal | 12 | 230,100 | (82,601 | ) | (63,650 | ) | 83,849 | 184,035 | (27,234 | ) | (71,342 | ) | 85,459 | ||||||||||||||||||||||
Intangible assets with indefinite lives: | |||||||||||||||||||||||||||||||||||
Trademarks | 84,900 | — | — | 84,900 | 141,740 | (22,000 | ) | — | 119,740 | ||||||||||||||||||||||||||
Total | $ | 315,000 | $ | (82,601 | ) | $ | (63,650 | ) | $ | 168,749 | $ | 325,775 | $ | (49,234 | ) | $ | (71,342 | ) | $ | 205,199 | |||||||||||||||
Schedule of future amortization expense of intangible assets | ' | ||||||||||||||||||||||||||||||||||
Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Annual Estimated | |||||||||||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||||||||||
2014 | $ | 11,855 | |||||||||||||||||||||||||||||||||
2015 | 9,707 | ||||||||||||||||||||||||||||||||||
2016 | 7,857 | ||||||||||||||||||||||||||||||||||
2017 | 7,265 | ||||||||||||||||||||||||||||||||||
2018 | 7,143 | ||||||||||||||||||||||||||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Other current liabilities | ' | |||||||
Other current liabilities are as follows (in thousands): | ||||||||
2013 | 2012 | |||||||
Accrued interest expense | $ | 20,040 | $ | 20,671 | ||||
Accrued customer rebates | 16,901 | 16,187 | ||||||
Restructuring liabilities | 4,555 | 7,474 | ||||||
Other accrued liabilities | 39,702 | 33,035 | ||||||
$ | 81,198 | $ | 77,367 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||
Schedule of long-term debt | ' | |||||||
Long-term debt is as follows (in thousands): | ||||||||
2013 | 2012 | |||||||
ABL Facility, due 2017 | $ | 121,400 | $ | — | ||||
Term Loan Facility, due 2017 ($329.1 million outstanding principal amount as of the year ended 2013) | 326,013 | — | ||||||
15% Unsecured Term Loan, due 2017 ($10.0 million outstanding principal amount as of the year ended 2013) | 9,500 | — | ||||||
Revolving Credit Facility, due 2014 | — | 18,000 | ||||||
Term Loan B, due 2016 ($388.2 million outstanding principal amount as of the year ended 2012) | — | 385,547 | ||||||
11.5% senior notes, due 2017 ($225.0 million outstanding principal amount as of the years ended 2013 and 2012) | 219,068 | 217,675 | ||||||
7% senior exchangeable notes, due 2017 | 86,250 | 86,250 | ||||||
8.875% senior second lien notes, due 2018 ($400.0 million outstanding principal amount as of the years ended 2013 and 2012) | 398,326 | 398,001 | ||||||
7.875% senior subordinated notes, due 2013 | — | 67,848 | ||||||
Other debt including capital leases | 24,968 | 10,297 | ||||||
1,185,525 | 1,183,618 | |||||||
Less current maturities | (9,174 | ) | (11,748 | ) | ||||
Long-term debt | $ | 1,176,351 | $ | 1,171,870 | ||||
Schedule of long-term debt maturities | ' | |||||||
The aggregate annual maturities for long-term debt, including the original issuance discount, are as follows (in thousands): | ||||||||
2014 | $ | 9,174 | ||||||
2015 | 9,495 | |||||||
2016 | 6,600 | |||||||
2017 | 763,950 | |||||||
2018 | 407,500 | |||||||
Thereafter | — | |||||||
$ | 1,196,719 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of the fair value of assets on a nonrecurring basis | ' | ||||||||||||||||
The following tables provide information for assets that are measured at fair value on a nonrecurring basis as of the years ended 2013 and 2012 (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Impairments | Remaining Net Carrying Value | Impairments | Remaining Net Carrying Value | ||||||||||||||
Other intangible assets, net | $ | 33,367 | $ | 1,933 | $ | — | $ | — | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of income (loss) from continuing operations before income taxes | ' | |||||||||||
Income (loss) from continuing operations before income taxes was as follows for the years ended (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic | $ | (70,385 | ) | $ | (26,572 | ) | $ | (8,981 | ) | |||
Foreign | (1,389 | ) | 1,764 | 4,832 | ||||||||
$ | (71,774 | ) | $ | (24,808 | ) | $ | (4,149 | ) | ||||
Schedule of components of income tax expense (benefit) on income (loss) from continuing operations | ' | |||||||||||
Income tax expense (benefit) on income (loss) from continuing operations consisted of the following for the years ended (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current tax expense (benefit): | ||||||||||||
Federal | $ | — | $ | — | $ | (4,113 | ) | |||||
Foreign | 977 | 295 | 1,361 | |||||||||
State | 888 | 874 | 436 | |||||||||
1,865 | 1,169 | (2,316 | ) | |||||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | 2,659 | 40,703 | 6,741 | |||||||||
Foreign | (1,421 | ) | (748 | ) | 1,000 | |||||||
State | 10,650 | 14,596 | (880 | ) | ||||||||
11,888 | 54,551 | 6,861 | ||||||||||
Income tax expense | $ | 13,753 | $ | 55,720 | $ | 4,545 | ||||||
Schedule of effective income tax rate reconciliation | ' | |||||||||||
A reconciliation of the expected tax benefit based on the federal statutory tax rate to the Company’s actual income tax expense is summarized as follows for the years ended (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected tax benefit at federal statutory income tax rate | $ | (25,121 | ) | $ | (8,683 | ) | $ | (1,452 | ) | |||
State and local income tax (benefit) expense | (1,706 | ) | (1,075 | ) | 1,807 | |||||||
Change in valuation allowance | 34,049 | 55,374 | (2,592 | ) | ||||||||
Change in contingency reserves | (105 | ) | (94 | ) | (84 | ) | ||||||
Non-U.S. tax rate differences | 42 | (1,063 | ) | 670 | ||||||||
Non-deductible expenses | 3,260 | 2,426 | 6,847 | |||||||||
Change in state tax rates | (272 | ) | 1,564 | (547 | ) | |||||||
Expiration of stock option contracts | 968 | 7,007 | — | |||||||||
Other | 2,638 | 264 | (104 | ) | ||||||||
Income tax expense | $ | 13,753 | $ | 55,720 | $ | 4,545 | ||||||
Schedule of deferred tax assets and liabilities | ' | |||||||||||
The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities of the Company, were as follows (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | 108,580 | $ | 106,393 | ||||||||
Compensation and benefit related accruals | 35,238 | 60,047 | ||||||||||
Foreign tax credit carryforwards | 7,456 | 9,011 | ||||||||||
Alternative minimum tax credit carryforwards | 8,242 | 8,819 | ||||||||||
Accounts receivable | 2,075 | 1,928 | ||||||||||
Inventory | 2,682 | 2,504 | ||||||||||
Restructuring accruals | 9,985 | 11,850 | ||||||||||
Accrued tax and interest | 1,645 | 1,540 | ||||||||||
Other | 9,958 | 7,719 | ||||||||||
Valuation allowance | (110,754 | ) | (69,241 | ) | ||||||||
Total deferred tax assets | 75,107 | 140,570 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | (44,804 | ) | (48,912 | ) | ||||||||
Goodwill and other intangible assets | (56,376 | ) | (71,187 | ) | ||||||||
Other | (9,203 | ) | (10,242 | ) | ||||||||
Total deferred tax liabilities | (110,383 | ) | (130,341 | ) | ||||||||
Net deferred tax (liability) asset | $ | (35,276 | ) | $ | 10,229 | |||||||
The net deferred tax (liability) asset included the following (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Current deferred tax asset (included in prepaid and other current assets) | $ | 7,823 | $ | 15,567 | ||||||||
Current deferred tax asset (included in assets of discontinued operations - current) | — | 83 | ||||||||||
Long-term deferred tax liability (included in other liabilities) | (43,099 | ) | (4,541 | ) | ||||||||
Long-term deferred tax liability (included in liabilities of discontinued operations - long-term) | — | (880 | ) | |||||||||
Total | $ | (35,276 | ) | $ | 10,229 | |||||||
Schedule of changes of the unrecognized tax benefits | ' | |||||||||||
The Company’s unrecognized tax benefit activity for the years ended 2013, 2012 and 2011 was as follows (in thousands): | ||||||||||||
Unrecognized tax benefit – As of year end 2010 | $ | 2,226 | ||||||||||
Gross decreases - tax positions in prior period | — | |||||||||||
Gross decreases – expiration of applicable statute of limitations | — | |||||||||||
Unrecognized tax benefit – As of year end 2011 | 2,226 | |||||||||||
Gross decreases - tax positions in prior period | — | |||||||||||
Gross decreases – expiration of applicable statute of limitations | — | |||||||||||
Unrecognized tax benefit – As of year end 2012 | 2,226 | |||||||||||
Gross decreases - tax positions in prior period | — | |||||||||||
Gross decreases – expiration of applicable statute of limitations | — | |||||||||||
Unrecognized tax benefit – As of year end 2013 | $ | 2,226 | ||||||||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of restructuring expenses | ' | ||||||||||||||||||||||||||||
The following tables present the details of the expenses recognized as a result of these plans. | |||||||||||||||||||||||||||||
2013 Activity | |||||||||||||||||||||||||||||
Restructuring and other charges for the year ended 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||
Employee | Asset Charges Net of Gain on Sale | Equipment | Lease | Multi-employer Pension | Building | Total | |||||||||||||||||||||||
Separation | Moving | Termination | Withdrawal Expenses | Clean-up & | |||||||||||||||||||||||||
Costs | Expenses | Expenses | Other | ||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Envelope | |||||||||||||||||||||||||||||
2013 Plan | $ | 232 | $ | — | $ | 10 | $ | 215 | $ | — | $ | 65 | $ | 522 | |||||||||||||||
2012 Plan | (37 | ) | 118 | 193 | 300 | — | 728 | 1,302 | |||||||||||||||||||||
Residual Plans | — | — | — | — | 107 | 13 | 120 | ||||||||||||||||||||||
Acquisition Integration Plans | 448 | 1,030 | 1,274 | 37 | — | 743 | 3,532 | ||||||||||||||||||||||
Total Envelope | 643 | 1,148 | 1,477 | 552 | 107 | 1,549 | 5,476 | ||||||||||||||||||||||
2013 Plan | 2,688 | — | — | 104 | — | 224 | 3,016 | ||||||||||||||||||||||
2012 Plan | (74 | ) | 147 | 39 | 11 | — | 56 | 179 | |||||||||||||||||||||
Residual Plans | — | — | 10 | 454 | 346 | 284 | 1,094 | ||||||||||||||||||||||
Total Print | 2,614 | 147 | 49 | 569 | 346 | 564 | 4,289 | ||||||||||||||||||||||
Label and Packaging | |||||||||||||||||||||||||||||
2013 Plan | 1,239 | — | — | 9 | — | 13 | 1,261 | ||||||||||||||||||||||
2012 Plan | 25 | — | — | — | — | — | 25 | ||||||||||||||||||||||
Residual Plans | (4 | ) | — | — | (135 | ) | — | — | (139 | ) | |||||||||||||||||||
Total Label and Packaging | 1,260 | — | — | (126 | ) | — | 13 | 1,147 | |||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
2013 Plan | 1,940 | — | — | 64 | — | 64 | 2,068 | ||||||||||||||||||||||
Residual Plans | 23 | — | — | — | — | 97 | 120 | ||||||||||||||||||||||
Total Corporate | 1,963 | — | — | 64 | — | 161 | 2,188 | ||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 6,480 | $ | 1,295 | $ | 1,526 | $ | 1,059 | $ | 453 | $ | 2,287 | $ | 13,100 | |||||||||||||||
2012 Activity | |||||||||||||||||||||||||||||
Restructuring and other charges for the year ended 2012 were as follows (in thousands): | |||||||||||||||||||||||||||||
Employee | Asset Charges Net of Gain on Sale | Equipment | Lease | Multi-employer Pension | Building | Total | |||||||||||||||||||||||
Separation | Moving | Termination | Withdrawal Expenses | Clean-up & | |||||||||||||||||||||||||
Costs | Expenses | Expenses | Other | ||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Envelope | |||||||||||||||||||||||||||||
2012 Plan | $ | 1,483 | $ | 441 | $ | 35 | $ | 319 | $ | — | $ | 68 | $ | 2,346 | |||||||||||||||
Residual Plans | (12 | ) | — | — | 13 | 168 | 153 | 322 | |||||||||||||||||||||
Acquisition Integration Plans | 1,029 | 1,199 | 414 | 172 | — | 679 | 3,493 | ||||||||||||||||||||||
Total Envelope | 2,500 | 1,640 | 449 | 504 | 168 | 900 | 6,161 | ||||||||||||||||||||||
2012 Plan | 2,241 | 6,220 | 572 | 337 | 5,400 | 1,571 | 16,341 | ||||||||||||||||||||||
Residual Plans | 532 | 535 | 47 | 156 | (486 | ) | 964 | 1,748 | |||||||||||||||||||||
Total Print | 2,773 | 6,755 | 619 | 493 | 4,914 | 2,535 | 18,089 | ||||||||||||||||||||||
Label and Packaging | |||||||||||||||||||||||||||||
2012 Plan | 1,288 | — | 6 | — | — | 13 | 1,307 | ||||||||||||||||||||||
Residual Plans | 364 | — | — | 162 | — | 185 | 711 | ||||||||||||||||||||||
Acquisition Integration Plans | — | — | (4 | ) | — | — | — | (4 | ) | ||||||||||||||||||||
Total Label and Packaging | 1,652 | — | 2 | 162 | — | 198 | 2,014 | ||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
2012 Plan | 646 | — | — | — | — | — | 646 | ||||||||||||||||||||||
Residual Plans | — | — | — | — | — | 190 | 190 | ||||||||||||||||||||||
Total Corporate | 646 | — | — | — | — | 190 | 836 | ||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 7,571 | $ | 8,395 | $ | 1,070 | $ | 1,159 | $ | 5,082 | $ | 3,823 | $ | 27,100 | |||||||||||||||
2011 Activity | |||||||||||||||||||||||||||||
Restructuring and other charges for the year ended 2011 were as follows (in thousands): | |||||||||||||||||||||||||||||
Employee | Asset Charges Net of Gain on Sale | Equipment | Lease | Multi-employer Pension | Building | Total | |||||||||||||||||||||||
Separation | Moving | Termination | Withdrawal Expenses | Clean-up & | |||||||||||||||||||||||||
Costs | Expenses | Expenses | Other | ||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Envelope | |||||||||||||||||||||||||||||
Residual Plans | $ | 408 | $ | — | $ | 31 | $ | 259 | $ | (156 | ) | $ | 463 | $ | 1,005 | ||||||||||||||
Acquisition Integration Plans | 2,091 | 722 | 1,822 | 101 | — | 520 | 5,256 | ||||||||||||||||||||||
Total Envelope | 2,499 | 722 | 1,853 | 360 | (156 | ) | 983 | 6,261 | |||||||||||||||||||||
Residual Plans | 328 | 2,088 | 618 | 2,017 | 1,593 | 2,285 | 8,929 | ||||||||||||||||||||||
Total Print | 328 | 2,088 | 618 | 2,017 | 1,593 | 2,285 | 8,929 | ||||||||||||||||||||||
Label and Packaging | |||||||||||||||||||||||||||||
Residual Plans | 1,239 | 33 | 1 | 126 | — | 158 | 1,557 | ||||||||||||||||||||||
Acquisition Integration Plans | 39 | 130 | 76 | 6 | — | 175 | 426 | ||||||||||||||||||||||
Total Label and Packaging | 1,278 | 163 | 77 | 132 | — | 333 | 1,983 | ||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
Residual Plans | 225 | — | — | 82 | — | 332 | 639 | ||||||||||||||||||||||
Total Corporate | 225 | — | — | 82 | — | 332 | 639 | ||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 4,330 | $ | 2,973 | $ | 2,548 | $ | 2,591 | $ | 1,437 | $ | 3,933 | $ | 17,812 | |||||||||||||||
Schedule of activity related to the restructuring liability | ' | ||||||||||||||||||||||||||||
A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands): | |||||||||||||||||||||||||||||
Employee Separation Cost | Lease Termination | Pension | Building Clean-up, | Total | |||||||||||||||||||||||||
Withdrawal | Equipment Moving | ||||||||||||||||||||||||||||
Liabilities | and Other Expenses | ||||||||||||||||||||||||||||
2013 Plan | |||||||||||||||||||||||||||||
Balance as of the year ended 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Accruals, net | 6,099 | 392 | — | 376 | 6,867 | ||||||||||||||||||||||||
Payments | (5,262 | ) | (336 | ) | — | (376 | ) | (5,974 | ) | ||||||||||||||||||||
Balance as of the year ended 2013 | $ | 837 | $ | 56 | $ | — | $ | — | $ | 893 | |||||||||||||||||||
2012 Plan | |||||||||||||||||||||||||||||
Balance as of the year ended 2011 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Accruals, net | 5,658 | 656 | 5,400 | 2,265 | 13,979 | ||||||||||||||||||||||||
Payments | (4,459 | ) | (163 | ) | — | (2,265 | ) | (6,887 | ) | ||||||||||||||||||||
Balance as of the year ended 2012 | 1,199 | 493 | 5,400 | — | 7,092 | ||||||||||||||||||||||||
Accruals, net | (86 | ) | 311 | — | 1,016 | 1,241 | |||||||||||||||||||||||
Payments | (1,113 | ) | (477 | ) | — | (1,016 | ) | (2,606 | ) | ||||||||||||||||||||
Balance as of the year ended 2013 | $ | — | $ | 327 | $ | 5,400 | $ | — | $ | 5,727 | |||||||||||||||||||
Residual Plans | |||||||||||||||||||||||||||||
Balance as of the year ended 2011 | $ | 1,071 | $ | 3,804 | $ | 22,538 | $ | — | $ | 27,413 | |||||||||||||||||||
Accruals, net | 884 | 331 | (318 | ) | 1,539 | 2,436 | |||||||||||||||||||||||
Payments | (1,828 | ) | (2,118 | ) | (2,701 | ) | (1,539 | ) | (8,186 | ) | |||||||||||||||||||
Balance as of the year ended 2012 | 127 | 2,017 | 19,519 | — | 21,663 | ||||||||||||||||||||||||
Accruals, net | 19 | 319 | 453 | 404 | 1,195 | ||||||||||||||||||||||||
Payments | (146 | ) | (1,319 | ) | (4,817 | ) | (404 | ) | (6,686 | ) | |||||||||||||||||||
Balance as of the year ended 2013 | $ | — | $ | 1,017 | $ | 15,155 | $ | — | $ | 16,172 | |||||||||||||||||||
Acquisition Integration Plans | |||||||||||||||||||||||||||||
Balance as of the year ended 2011 | $ | 492 | $ | 1,346 | $ | — | $ | — | $ | 1,838 | |||||||||||||||||||
Accruals, net | 1,029 | 172 | — | 1,089 | 2,290 | ||||||||||||||||||||||||
Payments | (1,223 | ) | (430 | ) | — | (1,089 | ) | (2,742 | ) | ||||||||||||||||||||
Balance as of the year ended 2012 | 298 | 1,088 | — | — | 1,386 | ||||||||||||||||||||||||
Accruals, net | 448 | 37 | — | 2,017 | 2,502 | ||||||||||||||||||||||||
Acquisition | — | 1,985 | — | — | 1,985 | ||||||||||||||||||||||||
Payments | (591 | ) | (607 | ) | — | (2,017 | ) | (3,215 | ) | ||||||||||||||||||||
Balance as of the year ended 2013 | $ | 155 | $ | 2,503 | $ | — | $ | — | $ | 2,658 | |||||||||||||||||||
Total Restructuring Liability | $ | 992 | $ | 3,903 | $ | 20,555 | $ | — | $ | 25,450 | |||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of stock options outstanding | ' | |||||||||||||
Stock Options | ||||||||||||||
A summary of the Company’s outstanding stock options as of and for the years ended 2013, 2012 and 2011 is as follows: | ||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value (a) | ||||||||||||
Price | Contractual | (in thousands) | ||||||||||||
Term | ||||||||||||||
(In Years) | ||||||||||||||
Outstanding as of the year ended 2010 | 3,805,224 | $ | 10.7 | 3.1 | $ | 1,075 | ||||||||
Granted | 590,000 | 5.62 | ||||||||||||
Exercised | (70,598 | ) | 4.04 | $ | 141 | |||||||||
Forfeited | (131,646 | ) | 6.89 | |||||||||||
Outstanding as of the year ended 2011 | 4,192,980 | $ | 10.21 | 2.5 | $ | — | ||||||||
Granted | — | — | ||||||||||||
Exercised | — | — | $ | — | ||||||||||
Forfeited/expired | (1,966,980 | ) | 13 | |||||||||||
Outstanding as of the year ended 2012 | 2,226,000 | $ | 7.75 | 2.7 | $ | — | ||||||||
Granted | 189,500 | 2 | ||||||||||||
Exercised | (20,000 | ) | 2 | $ | 22 | |||||||||
Forfeited/expired | (617,500 | ) | 13.43 | |||||||||||
Outstanding as of the year ended 2013 | 1,778,000 | $ | 5.23 | 2.4 | $ | 259 | ||||||||
Exercisable as of the year ended 2013 | 1,296,000 | $ | 5.44 | 1.9 | $ | — | ||||||||
__________________________ | ||||||||||||||
(a) | Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of the years ended 2013, 2012 and 2011 or, if exercised, the exercise dates, exceeds the exercise prices of the respective options. | |||||||||||||
Schedule of stock option fair value assumptions | ' | |||||||||||||
The weighted-average grant date fair value of stock options granted during 2013 and 2011, were at exercise prices equal to the market price of the stock on the grant dates, as calculated under the Black-Scholes model with the weighted-average assumptions as follows: There were no stock options granted during 2012. | ||||||||||||||
2013 | 2011 | |||||||||||||
Weighted average fair value of option grants during the year | $ | 1.01 | $ | 2.28 | ||||||||||
Assumptions: | ||||||||||||||
Expected option life in years | 4.25 | 4.25 | ||||||||||||
Risk-free interest rate | 0.5 | % | 1.46 | % | ||||||||||
Expected volatility | 65.7 | % | 49.1 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||
Schedule of nonvested restricted share unit and RSU activity | ' | |||||||||||||
RSUs | ||||||||||||||
A summary of the Company’s non-vested restricted share units ("RSUs") as of and for the years ended 2013, 2012 and 2011 is as follows: | ||||||||||||||
Restricted | Weighted Average | RSUs | Weighted Average | |||||||||||
Shares | Grant Date | Grant Date | ||||||||||||
Fair Value | Fair Value | |||||||||||||
Unvested as of the year ended 2010 | 25,300 | $ | 6.53 | 1,720,674 | $ | 8.13 | ||||||||
Granted | — | — | 806,084 | 5.62 | ||||||||||
Vested | — | — | (745,674 | ) | 9.42 | |||||||||
Forfeited | (25,300 | ) | 6.53 | (26,250 | ) | 6.57 | ||||||||
Unvested as of the year ended 2011 | — | $ | — | 1,754,834 | $ | 6.46 | ||||||||
Granted | — | — | 136,840 | 1.9 | ||||||||||
Vested | — | — | (795,459 | ) | 7.02 | |||||||||
Forfeited | — | — | (21,875 | ) | 7.32 | |||||||||
Unvested as of the year ended 2012 | — | $ | — | 1,074,340 | $ | 5.44 | ||||||||
Granted | — | — | 549,500 | 2 | ||||||||||
Vested | — | — | (629,340 | ) | 4.88 | |||||||||
Forfeited | — | — | (13,750 | ) | 2.99 | |||||||||
Unvested as of the year ended 2013 | — | $ | — | 980,750 | $ | 3.91 | ||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of changes in projected benefit obligations | ' | |||||||||||||||||||||||||||||||
The following table provides a reconciliation of the changes in the Company’s pension, SERP and OPEB plans benefit obligations and fair value of assets for 2013 and 2012, a statement of the funded status as of the years ended 2013 and 2012, respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2013 and 2012 (in thousands). | ||||||||||||||||||||||||||||||||
Pensions | SERPs | OPEBs | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 352,009 | $ | 328,523 | $ | 19,603 | $ | 19,538 | $ | 2,479 | $ | 2,551 | ||||||||||||||||||||
Service cost | — | 1,932 | — | — | — | — | ||||||||||||||||||||||||||
Interest cost | 12,932 | 13,657 | 696 | 786 | 88 | 103 | ||||||||||||||||||||||||||
Actuarial (gain) loss | (29,158 | ) | 23,733 | (381 | ) | 1,398 | (418 | ) | (24 | ) | ||||||||||||||||||||||
Benefits paid | (16,632 | ) | (15,836 | ) | (2,094 | ) | (2,119 | ) | (136 | ) | (151 | ) | ||||||||||||||||||||
Prior service cost due to acquisition | — | — | — | — | 62 | — | ||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 319,151 | $ | 352,009 | $ | 17,824 | $ | 19,603 | $ | 2,075 | $ | 2,479 | ||||||||||||||||||||
Schedule of changes in fair value of plan assets | ' | |||||||||||||||||||||||||||||||
The following table provides a reconciliation of the Company’s fair value of plan assets: | ||||||||||||||||||||||||||||||||
Pensions | SERPs | OPEBs | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 231,897 | $ | 210,577 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Actual return on plan assets | 32,085 | 21,198 | — | — | — | — | ||||||||||||||||||||||||||
Employer contributions | 13,567 | 15,958 | 2,094 | 2,119 | 136 | 151 | ||||||||||||||||||||||||||
Benefits paid | (16,632 | ) | (15,836 | ) | (2,094 | ) | (2,119 | ) | (136 | ) | (151 | ) | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 260,917 | $ | 231,897 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Schedule of net funded status | ' | |||||||||||||||||||||||||||||||
The following table shows the funded status at the end of the year: | ||||||||||||||||||||||||||||||||
Pensions | SERPs | OPEBs | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Funded status at end of year | $ | (58,234 | ) | $ | (120,112 | ) | $ | (17,824 | ) | $ | (19,603 | ) | $ | (2,075 | ) | $ | (2,479 | ) | ||||||||||||||
Schedule of net periodic benefit cost recognized in accumulated other comprehensive loss | ' | |||||||||||||||||||||||||||||||
The following table shows amounts recognized in AOCI: | ||||||||||||||||||||||||||||||||
Pensions | SERPs | OPEBs | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Net actuarial loss | $ | 60,338 | $ | 110,682 | $ | 4,158 | $ | 4,766 | $ | (614 | ) | $ | (200 | ) | ||||||||||||||||||
Prior service cost | — | — | — | — | 44 | (23 | ) | |||||||||||||||||||||||||
Total | $ | 60,338 | $ | 110,682 | $ | 4,158 | $ | 4,766 | $ | (570 | ) | $ | (223 | ) | ||||||||||||||||||
Schedule of amounts recognized in the balance sheet | ' | |||||||||||||||||||||||||||||||
The following table shows amounts recognized in the consolidated balance sheets: | ||||||||||||||||||||||||||||||||
Pensions | SERPs | OPEBs | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Other current liabilities | $ | — | $ | — | $ | 2,077 | $ | 2,135 | $ | 250 | $ | 262 | ||||||||||||||||||||
Other liabilities | 58,234 | 120,112 | 15,747 | 17,468 | 1,825 | 2,217 | ||||||||||||||||||||||||||
Total liabilities | $ | 58,234 | $ | 120,112 | $ | 17,824 | $ | 19,603 | $ | 2,075 | $ | 2,479 | ||||||||||||||||||||
Schedule of net benefit costs | ' | |||||||||||||||||||||||||||||||
The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||||||||||
For The Years Ended | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 1,932 | $ | 1,382 | ||||||||||||||||||||||||||
Interest cost | 13,716 | 14,546 | 15,377 | |||||||||||||||||||||||||||||
Expected return on plan assets | (18,455 | ) | (16,875 | ) | (16,426 | ) | ||||||||||||||||||||||||||
Net amortization and deferral | (6 | ) | (6 | ) | (5 | ) | ||||||||||||||||||||||||||
Recognized net actuarial loss | 7,779 | 6,424 | 1,015 | |||||||||||||||||||||||||||||
Net periodic expense | $ | 3,034 | $ | 6,021 | $ | 1,343 | ||||||||||||||||||||||||||
Schedule of assumptions used in computing net periodic cost and funded status | ' | |||||||||||||||||||||||||||||||
The assumptions used in computing the net periodic benefit cost were as follows: | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Weighted average discount rate | 3.75 | % | 4.25 | % | 5.25 | % | ||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8 | % | 8 | % | 8 | % | ||||||||||||||||||||||||||
Rate of compensation increase | — | % | — | % | 3 | % | ||||||||||||||||||||||||||
Schedule of benefit obligations in excess of fair value of plan assets | ' | |||||||||||||||||||||||||||||||
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands): | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 336,975 | $ | 371,612 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 336,975 | 371,612 | ||||||||||||||||||||||||||||||
Fair value of plan assets | 260,917 | 231,897 | ||||||||||||||||||||||||||||||
Schedule of expected benefit payments | ' | |||||||||||||||||||||||||||||||
The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2014 through 2018, and in the aggregate for the years 2019 through 2023, are as follows (in thousands): | ||||||||||||||||||||||||||||||||
Pension Plans | SERP | OPEB | ||||||||||||||||||||||||||||||
2014 | $ | 16,966 | $ | 2,123 | $ | 255 | ||||||||||||||||||||||||||
2015 | 17,194 | 2,041 | 236 | |||||||||||||||||||||||||||||
2016 | 17,477 | 2,006 | 217 | |||||||||||||||||||||||||||||
2017 | 17,843 | 1,850 | 199 | |||||||||||||||||||||||||||||
2018 | 18,306 | 1,681 | 182 | |||||||||||||||||||||||||||||
2019 through 2023 | 97,623 | 7,133 | 708 | |||||||||||||||||||||||||||||
Schedule of allocation of plan assets | ' | |||||||||||||||||||||||||||||||
The range of asset allocations and the target allocations for the pension plan assets were as follows: | ||||||||||||||||||||||||||||||||
2013 | 2012 | Target | ||||||||||||||||||||||||||||||
Equity securities | 53 | % | 65 | % | 51 | % | 64 | % | 60 | % | 75 | % | ||||||||||||||||||||
Fixed income securities | 23 | % | 33 | % | 25 | % | 32 | % | 25 | % | 35 | % | ||||||||||||||||||||
Alternative investments and other | 2 | % | 24 | % | 4 | % | 24 | % | 10 | % | 30 | % | ||||||||||||||||||||
The fair values of the Company’s pension plan assets as of the years ended 2013 and 2012, by asset category are as follows (in thousands): | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,115 | $ | — | $ | — | $ | 6,115 | $ | 6,817 | $ | — | $ | — | $ | 6,817 | ||||||||||||||||
Equity | 141,334 | — | — | 141,334 | 121,600 | — | — | 121,600 | ||||||||||||||||||||||||
Fixed income | 17,181 | 41,487 | — | 58,668 | 15,229 | 40,152 | — | 55,381 | ||||||||||||||||||||||||
Other | — | 1,684 | — | 1,684 | — | 1,802 | — | 1,802 | ||||||||||||||||||||||||
Alternative investments | — | — | 53,116 | 53,116 | — | — | 46,297 | 46,297 | ||||||||||||||||||||||||
Total pension plan assets | $ | 164,630 | $ | 43,171 | $ | 53,116 | $ | 260,917 | $ | 143,646 | $ | 41,954 | $ | 46,297 | $ | 231,897 | ||||||||||||||||
Schedule of changes in fair value of level 3 assets | ' | |||||||||||||||||||||||||||||||
The following table provides a summary of changes in the fair value of the Company’s Level 3 assets (in thousands): | ||||||||||||||||||||||||||||||||
Alternative Investments | ||||||||||||||||||||||||||||||||
Balance as of the year ended 2011 | $ | 28,762 | ||||||||||||||||||||||||||||||
Purchases, sales and settlements | 14,056 | |||||||||||||||||||||||||||||||
Unrealized gains | 3,479 | |||||||||||||||||||||||||||||||
Balance as of the year ended 2012 | 46,297 | |||||||||||||||||||||||||||||||
Purchases, sales and settlements | — | |||||||||||||||||||||||||||||||
Unrealized gains | 6,819 | |||||||||||||||||||||||||||||||
Balance as of the year ended 2013 | $ | 53,116 | ||||||||||||||||||||||||||||||
Schedule of multiemployer plans | ' | |||||||||||||||||||||||||||||||
The Company's participation in these plans for the year ended 2013, is outlined in the table below: | ||||||||||||||||||||||||||||||||
Pension Fund | EIN | Pension Plan Number | Pension Protection Act Reported Status (1) | FIP/RP Status (2) | Contributions | Surcharge imposed | Expiration Date of Collective Bargaining Agreement | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
GCC/IBT National Pension Fund | 526118568 | 1 | Red | Red | Implemented | $262 | $236 | $249 | Yes | 6/30/16 | ||||||||||||||||||||||
GCC/IBT National Pension Fund | 526118568 | 1 | Red | Red | Implemented | 100 | 102 | 206 | Yes | 12/31/14 | ||||||||||||||||||||||
GCC/IBT National Pension Fund | 526118568 | 1 | Red | Red | Implemented | 14 | 15 | 25 | Yes | 4/30/14 | ||||||||||||||||||||||
Graphic Communications Pension Trust Fund Of Canada | M5000050 | 223 | Red | Red | Implemented | 195 | 225 | 250 | No | 6/30/15 | ||||||||||||||||||||||
Graphic Communications Supplemental Retirement and Disability Fund | M5000050 | 226, 251 | Red | Red | Implemented | 429 | 479 | 523 | No | 6/30/15 | ||||||||||||||||||||||
CWA/ITU Negotiated Pension Plan | 136212879 | 1 | Red | Red | Implemented | 88 | 86 | 347 | No | 3/1/18 | ||||||||||||||||||||||
Total contributions | $ | 1,088 | $ | 1,143 | $ | 1,600 | ||||||||||||||||||||||||||
__________________________ | ||||||||||||||||||||||||||||||||
-1 | Unless otherwise noted, the most recent Pension Protection Act (“PPA”) zone status available in 2013 and 2012 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. | |||||||||||||||||||||||||||||||
-2 | The FIP/RP Status column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 28, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of future minimum lease payments | ' | |||
As of the year ended 2013, future minimum annual lease payments by year and, in the aggregate, under non-cancelable lease agreements with original terms of one year or more consisted of the following (in thousands): | ||||
2014 | $ | 28,017 | ||
2015 | 24,264 | |||
2016 | 18,860 | |||
2017 | 15,928 | |||
2018 | 11,987 | |||
Thereafter | 20,337 | |||
Total | $ | 119,393 | ||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Schedule of changes in OCI components | ' | ||||||||||||
The following table presents the changes in the balances of each component of AOCI, net of tax: | |||||||||||||
Foreign Currency Translation | Pension and Other Postretirement Benefits | Total | |||||||||||
Balance as of the year ended 2011 | $ | 2,280 | $ | (62,160 | ) | $ | (59,880 | ) | |||||
Other comprehensive income (loss) before reclassifications | 665 | (11,901 | ) | (11,236 | ) | ||||||||
Amounts reclassified from AOCI | — | 3,915 | 3,915 | ||||||||||
Other comprehensive income (loss) | 665 | (7,986 | ) | (7,321 | ) | ||||||||
Balance as of the year ended 2012 | 2,945 | (70,146 | ) | (67,201 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (4,529 | ) | 26,688 | 22,159 | |||||||||
Amounts reclassified from AOCI | — | 4,742 | 4,742 | ||||||||||
Other comprehensive (loss) income | (4,529 | ) | 31,430 | 26,901 | |||||||||
Balance as of the year ended 2013 | $ | (1,584 | ) | $ | (38,716 | ) | $ | (40,300 | ) | ||||
Schedule of reclassifications from accumulated other comprehensive income | ' | ||||||||||||
Reclassifications from AOCI | |||||||||||||
AOCI Components | Amounts Reclassified from AOCI | Income Statement Line Item | |||||||||||
2013 | 2012 | ||||||||||||
Amortization of pension and other benefit items | |||||||||||||
Net actuarial losses (1) | $ | 7,779 | $ | 6,424 | Selling, general and administrative expenses | ||||||||
Prior service cost (1) | (6 | ) | (6 | ) | Selling, general and administrative expenses | ||||||||
7,773 | 6,418 | Total before tax | |||||||||||
Taxes | (3,031 | ) | (2,503 | ) | Income tax expense | ||||||||
Total reclassifications for the period | $ | 4,742 | $ | 3,915 | Net of tax | ||||||||
__________________________ | |||||||||||||
(1) Components are included in the computation of net periodic benefit cost as presented in Note 13. |
Income_Loss_Per_Share_Tables
Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of basic and diluted income (loss) per share | ' | ||||||||||||
The following table sets forth the computation of basic and diluted income (loss) per share for the periods ended (in thousands, except per share data): | |||||||||||||
For The Years Ended | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator for basic and diluted loss per share: | |||||||||||||
Loss from continuing operations | $ | (85,527 | ) | $ | (80,528 | ) | $ | (8,694 | ) | ||||
Income from discontinued operations, net of taxes | 16,741 | 641 | 129 | ||||||||||
Net loss | $ | (68,786 | ) | $ | (79,887 | ) | $ | (8,565 | ) | ||||
Denominator for weighted average common shares outstanding: | |||||||||||||
Basic shares | 64,576 | 63,567 | 62,983 | ||||||||||
Dilutive effect of convertible notes | — | — | — | ||||||||||
Dilutive effect of equity awards | — | — | — | ||||||||||
Diluted shares | 64,576 | 63,567 | 62,983 | ||||||||||
(Loss) income per share – basic: | |||||||||||||
Continuing operations | $ | (1.32 | ) | $ | (1.27 | ) | $ | (0.14 | ) | ||||
Discontinued operations | 0.25 | 0.01 | — | ||||||||||
Net loss | $ | (1.07 | ) | $ | (1.26 | ) | $ | (0.14 | ) | ||||
(Loss) income per share – diluted: | |||||||||||||
Continuing operations | $ | (1.32 | ) | $ | (1.27 | ) | $ | (0.14 | ) | ||||
Discontinued operations | 0.25 | 0.01 | — | ||||||||||
Net loss | $ | (1.07 | ) | $ | (1.26 | ) | $ | (0.14 | ) |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment information | ' | ||||||||||||
The following tables present certain segment information (in thousands): | |||||||||||||
For The Years Ended | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
Envelope | $ | 749,898 | $ | 658,217 | $ | 706,596 | |||||||
529,760 | 585,632 | 626,994 | |||||||||||
Label and packaging | 498,150 | 494,444 | 510,781 | ||||||||||
Total | $ | 1,777,808 | $ | 1,738,293 | $ | 1,844,371 | |||||||
Operating income (loss): | |||||||||||||
Envelope | $ | 39,775 | $ | 45,485 | $ | 46,838 | |||||||
(6,042 | ) | 32,845 | 43,709 | ||||||||||
Label and packaging | 32,644 | 54,666 | 57,768 | ||||||||||
Corporate | (37,014 | ) | (31,811 | ) | (43,153 | ) | |||||||
Total | $ | 29,363 | $ | 101,185 | $ | 105,162 | |||||||
Restructuring and other charges: | |||||||||||||
Envelope | $ | 5,476 | $ | 6,161 | $ | 6,261 | |||||||
4,289 | 18,089 | 8,929 | |||||||||||
Label and packaging | 1,147 | 2,014 | 1,983 | ||||||||||
Corporate | 2,188 | 836 | 639 | ||||||||||
Total | $ | 13,100 | $ | 27,100 | $ | 17,812 | |||||||
Depreciation and intangible asset amortization: | |||||||||||||
Envelope | $ | 16,407 | $ | 16,986 | $ | 17,300 | |||||||
20,894 | 21,333 | 22,769 | |||||||||||
Label and packaging | 18,214 | 18,012 | 19,301 | ||||||||||
Corporate | 4,981 | 4,327 | 3,178 | ||||||||||
Total | $ | 60,496 | $ | 60,658 | $ | 62,548 | |||||||
Capital expenditures: | |||||||||||||
Envelope | $ | 7,221 | $ | 1,402 | $ | 2,203 | |||||||
6,868 | 8,145 | 5,685 | |||||||||||
Label and packaging | 9,605 | 4,374 | 2,674 | ||||||||||
Corporate | 5,541 | 6,642 | 5,010 | ||||||||||
Total | $ | 29,235 | $ | 20,563 | $ | 15,572 | |||||||
Net sales by product line: | |||||||||||||
Envelope | $ | 749,898 | $ | 658,217 | $ | 706,596 | |||||||
529,760 | 585,632 | 626,994 | |||||||||||
Label | 337,270 | 331,543 | 334,671 | ||||||||||
Packaging | 160,880 | 162,903 | 176,110 | ||||||||||
Total | $ | 1,777,808 | $ | 1,738,293 | $ | 1,844,371 | |||||||
Intercompany sales: | |||||||||||||
Envelope | $ | 4,178 | $ | 8,676 | $ | 6,636 | |||||||
4,579 | 3,097 | 5,846 | |||||||||||
Label and packaging | 10,560 | 11,688 | 9,931 | ||||||||||
Total | $ | 19,317 | $ | 23,461 | $ | 22,413 | |||||||
2013 | 2012 | ||||||||||||
Total assets: | |||||||||||||
Envelope | $ | 472,334 | $ | 376,224 | |||||||||
320,720 | 378,129 | ||||||||||||
Label and packaging | 356,183 | 370,437 | |||||||||||
Corporate | 64,467 | 75,765 | |||||||||||
Total | $ | 1,213,704 | $ | 1,200,555 | |||||||||
Geographic information is as follows as of and for the years ended (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
US | $ | 1,705,043 | $ | 1,655,589 | $ | 1,748,277 | |||||||
Foreign | 72,765 | 82,704 | 96,094 | ||||||||||
Total | $ | 1,777,808 | $ | 1,738,293 | $ | 1,844,371 | |||||||
2013 | 2012 | ||||||||||||
Long-lived assets (property, plant and equipment, goodwill and intangible assets): | |||||||||||||
US | $ | 634,212 | $ | 636,182 | |||||||||
Foreign | 25,880 | 35,510 | |||||||||||
Total | $ | 660,092 | $ | 671,692 | |||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of condensed consolidating balance sheet | ' | |||||||||||||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
28-Dec-13 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 9,504 | $ | — | $ | 1,825 | $ | — | $ | 11,329 | ||||||||||||
Accounts receivable, net | — | 128,214 | 152,091 | 1,281 | — | 281,586 | ||||||||||||||||||
Inventories | — | 89,830 | 71,722 | 13 | — | 161,565 | ||||||||||||||||||
Notes receivable from subsidiaries | — | 36,938 | — | — | (36,938 | ) | — | |||||||||||||||||
Prepaid and other current assets | — | 46,050 | 6,813 | 2,490 | — | 55,353 | ||||||||||||||||||
Assets of discontinued operations - current | — | — | 132 | — | — | 132 | ||||||||||||||||||
Total current assets | — | 310,536 | 230,758 | 5,609 | (36,938 | ) | 509,965 | |||||||||||||||||
Investment in subsidiaries | (496,980 | ) | 1,865,003 | 5,385 | 6,725 | (1,380,133 | ) | — | ||||||||||||||||
Property, plant and equipment, net | — | 134,326 | 169,770 | 811 | — | 304,907 | ||||||||||||||||||
Goodwill | — | 25,540 | 155,561 | 5,335 | — | 186,436 | ||||||||||||||||||
Other intangible assets, net | — | 9,930 | 157,621 | 1,198 | — | 168,749 | ||||||||||||||||||
Other assets, net | — | 37,952 | 5,175 | 487 | — | 43,614 | ||||||||||||||||||
Assets of discontinued operations - long-term | — | — | 33 | — | — | 33 | ||||||||||||||||||
Total assets | $ | (496,980 | ) | $ | 2,383,287 | $ | 724,303 | $ | 20,165 | $ | (1,417,071 | ) | $ | 1,213,704 | ||||||||||
Liabilities and Shareholders’ (Deficit) Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 6,600 | $ | 2,574 | $ | — | $ | — | $ | 9,174 | ||||||||||||
Accounts payable | — | 148,678 | 94,889 | 661 | — | 244,228 | ||||||||||||||||||
Accrued compensation and related liabilities | — | 20,684 | 10,969 | 486 | — | 32,139 | ||||||||||||||||||
Other current liabilities | — | 60,845 | 19,674 | 679 | — | 81,198 | ||||||||||||||||||
Liabilities of discontinued operations - current | — | 1,372 | 641 | — | 2,013 | |||||||||||||||||||
Intercompany payable (receivable) | — | 1,341,397 | (1,349,273 | ) | 7,876 | — | — | |||||||||||||||||
Notes payable to issuer | — | — | 36,938 | — | (36,938 | ) | — | |||||||||||||||||
Total current liabilities | — | 1,579,576 | (1,183,588 | ) | 9,702 | (36,938 | ) | 368,752 | ||||||||||||||||
Long-term debt | — | 1,173,457 | 2,894 | — | — | 1,176,351 | ||||||||||||||||||
Other liabilities | — | 127,234 | 39,994 | (1,647 | ) | — | 165,581 | |||||||||||||||||
Liabilities of discontinued operations - long-term | — | — | — | — | — | — | ||||||||||||||||||
Shareholders’ (deficit) equity | (496,980 | ) | (496,980 | ) | 1,865,003 | 12,110 | (1,380,133 | ) | (496,980 | ) | ||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (496,980 | ) | $ | 2,383,287 | $ | 724,303 | $ | 20,165 | $ | (1,417,071 | ) | $ | 1,213,704 | ||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
29-Dec-12 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 5,763 | $ | 286 | $ | 2,061 | $ | — | $ | 8,110 | ||||||||||||
Accounts receivable, net | — | 98,199 | 155,188 | 1,002 | — | 254,389 | ||||||||||||||||||
Inventories | — | 59,618 | 67,535 | 82 | — | 127,235 | ||||||||||||||||||
Notes receivable from subsidiaries | — | 36,938 | — | — | (36,938 | ) | — | |||||||||||||||||
Prepaid and other current assets | — | 53,303 | 11,878 | 2,783 | — | 67,964 | ||||||||||||||||||
Assets of discontinued operations - current | — | 5,171 | 6,094 | — | — | 11,265 | ||||||||||||||||||
Total current assets | — | 258,992 | 240,981 | 5,928 | (36,938 | ) | 468,963 | |||||||||||||||||
Investment in subsidiaries | (464,314 | ) | 1,758,007 | 7,671 | 6,725 | (1,308,089 | ) | — | ||||||||||||||||
Property, plant and equipment, net | — | 86,416 | 191,453 | 1,209 | — | 279,078 | ||||||||||||||||||
Goodwill | — | 25,540 | 155,849 | 6,026 | — | 187,415 | ||||||||||||||||||
Other intangible assets, net | — | 6,621 | 196,755 | 1,823 | — | 205,199 | ||||||||||||||||||
Other assets, net | — | 40,301 | 3,827 | 504 | — | 44,632 | ||||||||||||||||||
Assets of discontinued operations - long-term | — | 6,525 | 8,743 | — | — | 15,268 | ||||||||||||||||||
Total assets | $ | (464,314 | ) | $ | 2,182,402 | $ | 805,279 | $ | 22,215 | $ | (1,345,027 | ) | $ | 1,200,555 | ||||||||||
Liabilities and Shareholders’ (Deficit) Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 6,961 | $ | 4,787 | $ | — | $ | — | $ | 11,748 | ||||||||||||
Accounts payable | — | 104,941 | 74,394 | 515 | — | 179,850 | ||||||||||||||||||
Accrued compensation and related liabilities | — | 14,409 | 9,755 | 514 | — | 24,678 | ||||||||||||||||||
Other current liabilities | — | 56,766 | 20,069 | 532 | — | 77,367 | ||||||||||||||||||
Liabilities of discontinued operations - current | — | 2,930 | 3,661 | — | — | 6,591 | ||||||||||||||||||
Intercompany payable (receivable) | — | 1,177,669 | (1,185,665 | ) | 7,996 | — | — | |||||||||||||||||
Notes payable to issuer | — | — | 36,938 | — | (36,938 | ) | — | |||||||||||||||||
Total current liabilities | — | 1,363,676 | (1,036,061 | ) | 9,557 | (36,938 | ) | 300,234 | ||||||||||||||||
Long-term debt | — | 1,166,360 | 5,510 | — | — | 1,171,870 | ||||||||||||||||||
Other liabilities | — | 115,196 | 78,427 | (1,738 | ) | — | 191,885 | |||||||||||||||||
Liabilities of discontinued operations - long-term | — | 1,484 | (604 | ) | — | — | 880 | |||||||||||||||||
Shareholders’ (deficit) equity | (464,314 | ) | (464,314 | ) | 1,758,007 | 14,396 | (1,308,089 | ) | (464,314 | ) | ||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (464,314 | ) | $ | 2,182,402 | $ | 805,279 | $ | 22,215 | $ | (1,345,027 | ) | $ | 1,200,555 | ||||||||||
Schedule of condensed consolidating statement of operations and comprehensive income | ' | |||||||||||||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||
For the year ended 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 762,810 | $ | 999,441 | $ | 15,557 | $ | — | $ | 1,777,808 | ||||||||||||
Cost of sales | — | 660,679 | 812,034 | 13,218 | — | 1,485,931 | ||||||||||||||||||
Selling, general and administrative expenses | — | 119,046 | 86,072 | 967 | — | 206,085 | ||||||||||||||||||
Amortization of intangible assets | — | 602 | 8,829 | 531 | — | 9,962 | ||||||||||||||||||
Restructuring and other charges | — | 7,744 | 5,342 | 14 | — | 13,100 | ||||||||||||||||||
Impairment of intangible assets | — | — | 33,367 | — | — | 33,367 | ||||||||||||||||||
Operating (loss) income | — | (25,261 | ) | 53,797 | 827 | — | 29,363 | |||||||||||||||||
Gain on bargain purchase | — | (17,262 | ) | — | — | — | (17,262 | ) | ||||||||||||||||
Interest expense, net | — | 112,232 | 445 | — | — | 112,677 | ||||||||||||||||||
Intercompany interest (income) expense | — | (1,203 | ) | 1,203 | — | — | — | |||||||||||||||||
Loss on early extinguishment of debt, net | — | 11,324 | — | — | — | 11,324 | ||||||||||||||||||
Other income, net | — | (2,238 | ) | (3,106 | ) | (258 | ) | — | (5,602 | ) | ||||||||||||||
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries | — | (128,114 | ) | 55,255 | 1,085 | — | (71,774 | ) | ||||||||||||||||
Income tax expense (benefit) | — | 28,109 | (15,023 | ) | 667 | — | 13,753 | |||||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | — | (156,223 | ) | 70,278 | 418 | — | (85,527 | ) | ||||||||||||||||
Equity in (loss) income of subsidiaries | (68,786 | ) | 78,447 | 418 | — | (10,079 | ) | — | ||||||||||||||||
(Loss) income from continuing operations | (68,786 | ) | (77,776 | ) | 70,696 | 418 | (10,079 | ) | (85,527 | ) | ||||||||||||||
Income from discontinued operations, net of taxes | — | 8,990 | 7,751 | — | — | 16,741 | ||||||||||||||||||
Net (loss) income | (68,786 | ) | (68,786 | ) | 78,447 | 418 | (10,079 | ) | (68,786 | ) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Other comprehensive income (loss) of subsidiaries | 26,901 | (1,754 | ) | (2,704 | ) | — | (22,443 | ) | — | |||||||||||||||
Pension liability adjustment, net of taxes | — | 28,655 | 2,775 | — | — | 31,430 | ||||||||||||||||||
Currency translation adjustment | — | — | (1,825 | ) | (2,704 | ) | — | (4,529 | ) | |||||||||||||||
Comprehensive (loss) income | $ | (41,885 | ) | $ | (41,885 | ) | $ | 76,693 | $ | (2,286 | ) | $ | (32,522 | ) | $ | (41,885 | ) | |||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||
For the year ended 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 684,257 | $ | 1,038,793 | $ | 15,243 | $ | — | $ | 1,738,293 | ||||||||||||
Cost of sales | — | 576,286 | 827,342 | 13,519 | — | 1,417,147 | ||||||||||||||||||
Selling, general and administrative expenses | — | 101,704 | 80,511 | 765 | — | 182,980 | ||||||||||||||||||
Amortization of intangible assets | — | 582 | 8,777 | 522 | — | 9,881 | ||||||||||||||||||
Restructuring and other charges | — | 5,917 | 21,087 | 96 | — | 27,100 | ||||||||||||||||||
Operating (loss) income | — | (232 | ) | 101,076 | 341 | — | 101,185 | |||||||||||||||||
Interest expense, net | — | 114,164 | 607 | (16 | ) | — | 114,755 | |||||||||||||||||
Intercompany interest (income) expense | — | (1,476 | ) | 1,404 | 72 | — | — | |||||||||||||||||
Loss on early extinguishment of debt, net | — | 12,487 | — | — | — | 12,487 | ||||||||||||||||||
Other (income) expense, net | — | (1,125 | ) | 46 | (170 | ) | — | (1,249 | ) | |||||||||||||||
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries | — | (124,282 | ) | 99,019 | 455 | — | (24,808 | ) | ||||||||||||||||
Income tax expense (benefit) | — | 31,623 | 24,503 | (406 | ) | — | 55,720 | |||||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | — | (155,905 | ) | 74,516 | 861 | — | (80,528 | ) | ||||||||||||||||
Equity in (loss) income of subsidiaries | (79,887 | ) | 68,896 | 861 | — | 10,130 | — | |||||||||||||||||
(Loss) income from continuing operations | (79,887 | ) | (87,009 | ) | 75,377 | 861 | 10,130 | (80,528 | ) | |||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | 7,122 | (6,481 | ) | — | — | 641 | |||||||||||||||||
Net (loss) income | (79,887 | ) | (79,887 | ) | 68,896 | 861 | 10,130 | (79,887 | ) | |||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Other comprehensive (loss) income of subsidiaries | (7,321 | ) | (64 | ) | (589 | ) | — | 7,974 | — | |||||||||||||||
Pension liability adjustment, net of taxes | — | (7,257 | ) | (729 | ) | — | — | (7,986 | ) | |||||||||||||||
Currency translation adjustment | — | — | 1,254 | (589 | ) | — | 665 | |||||||||||||||||
Comprehensive (loss) income | $ | (87,208 | ) | $ | (87,208 | ) | $ | 68,832 | $ | 272 | $ | 18,104 | $ | (87,208 | ) | |||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) | ||||||||||||||||||||||||
INCOME | ||||||||||||||||||||||||
For the year ended 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 697,741 | $ | 1,127,876 | $ | 18,754 | $ | — | $ | 1,844,371 | ||||||||||||
Cost of sales | — | 577,192 | 905,726 | 15,284 | — | 1,498,202 | ||||||||||||||||||
Selling, general and administrative expenses | — | 118,345 | 93,869 | 1,082 | — | 213,296 | ||||||||||||||||||
Amortization of intangible assets | — | 426 | 8,937 | 536 | — | 9,899 | ||||||||||||||||||
Restructuring and other charges | — | 8,773 | 9,010 | 29 | — | 17,812 | ||||||||||||||||||
Operating (loss) income | — | (6,995 | ) | 110,334 | 1,823 | — | 105,162 | |||||||||||||||||
Gain on bargain purchase | — | (11,720 | ) | — | — | — | (11,720 | ) | ||||||||||||||||
Interest expense, net | — | 115,307 | 712 | (51 | ) | — | 115,968 | |||||||||||||||||
Intercompany interest (income) expense | — | (1,180 | ) | 975 | 205 | — | — | |||||||||||||||||
Gain on early extinguishment of debt, net | — | (4,011 | ) | — | — | — | (4,011 | ) | ||||||||||||||||
Other expense (income), net | — | 9,832 | 378 | (1,136 | ) | — | 9,074 | |||||||||||||||||
(Loss) income from continuing operations before income taxes and equity in income of unconsolidated subsidiaries | — | (115,223 | ) | 108,269 | 2,805 | — | (4,149 | ) | ||||||||||||||||
Income tax expense (benefit) | — | 12,392 | (9,494 | ) | 1,647 | — | 4,545 | |||||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of unconsolidated subsidiaries | — | (127,615 | ) | 117,763 | 1,158 | — | (8,694 | ) | ||||||||||||||||
Equity in (loss) income of unconsolidated subsidiaries | (8,565 | ) | 111,454 | 1,158 | — | (104,047 | ) | — | ||||||||||||||||
(Loss) income from continuing operations | (8,565 | ) | (16,161 | ) | 118,921 | 1,158 | (104,047 | ) | (8,694 | ) | ||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | 7,596 | (7,467 | ) | — | — | 129 | |||||||||||||||||
Net (loss) income | (8,565 | ) | (8,565 | ) | 111,454 | 1,158 | (104,047 | ) | (8,565 | ) | ||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Other comprehensive (loss) income of subsidiaries | (39,597 | ) | (4,260 | ) | (5,006 | ) | — | 48,863 | — | |||||||||||||||
Pension liability adjustment, net of taxes | — | (37,130 | ) | — | — | — | (37,130 | ) | ||||||||||||||||
Reclassifications of losses related to interest rate swaps into earnings, net of taxes | — | 1,793 | — | — | — | 1,793 | ||||||||||||||||||
Currency translation adjustment | — | — | 746 | (5,006 | ) | — | (4,260 | ) | ||||||||||||||||
Comprehensive (loss) income | $ | (48,162 | ) | $ | (48,162 | ) | $ | 107,194 | $ | (3,848 | ) | $ | (55,184 | ) | $ | (48,162 | ) | |||||||
Schedule of condensed consolidating statement of cash flows | ' | |||||||||||||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Guarantor | |||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 3,739 | $ | (117,743 | ) | $ | 136,232 | $ | 87 | $ | — | $ | 22,315 | |||||||||||
Net cash provided by (used in) operating activities of discontinued operations | — | 6,227 | (349 | ) | — | — | 5,878 | |||||||||||||||||
Net cash provided by (used in) operating activities | 3,739 | (111,516 | ) | 135,883 | 87 | — | 28,193 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | (33,166 | ) | — | — | — | (33,166 | ) | ||||||||||||||||
Capital expenditures | — | (13,708 | ) | (15,424 | ) | (103 | ) | — | (29,235 | ) | ||||||||||||||
Purchase of investment | — | (1,650 | ) | — | — | — | (1,650 | ) | ||||||||||||||||
Proceeds from insurance claim | — | — | 3,036 | — | — | 3,036 | ||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 258 | 8,046 | — | — | 8,304 | ||||||||||||||||||
Net cash used in investing activities of continuing operations | — | (48,266 | ) | (4,342 | ) | (103 | ) | — | (52,711 | ) | ||||||||||||||
Net cash provided by investing activities of discontinued operations | — | 23,160 | 22,054 | — | — | 45,214 | ||||||||||||||||||
Net cash (used in) provided by investing activities | — | (25,106 | ) | 17,712 | (103 | ) | — | (7,497 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Repayment of 7.875% senior subordinated notes | — | (67,848 | ) | — | — | — | (67,848 | ) | ||||||||||||||||
Repayment of Term Loan B due 2016 | — | (388,205 | ) | — | — | — | (388,205 | ) | ||||||||||||||||
Payment of financing related costs and expenses and debt issuance discounts | — | (15,570 | ) | — | — | — | (15,570 | ) | ||||||||||||||||
Repayments of other long-term debt | — | (2,536 | ) | (4,829 | ) | — | — | (7,365 | ) | |||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (660 | ) | — | — | — | — | (660 | ) | ||||||||||||||||
Repayment under revolving credit facility, net | — | (18,000 | ) | — | — | — | (18,000 | ) | ||||||||||||||||
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | — | 50,000 | — | — | — | 50,000 | ||||||||||||||||||
Repayment of 15% Unsecured Term Loan due 2017 | — | (40,000 | ) | — | — | — | (40,000 | ) | ||||||||||||||||
Proceeds from exercise of stock options | 98 | — | — | — | — | 98 | ||||||||||||||||||
Proceeds from issuance of Term Loan Facility | — | 360,000 | — | — | — | 360,000 | ||||||||||||||||||
Repayment of Term Loan Facility due 2017 | — | (30,900 | ) | — | — | — | (30,900 | ) | ||||||||||||||||
Borrowings under ABL Facility due 2017 | — | 699,200 | — | — | — | 699,200 | ||||||||||||||||||
Repayments under ABL Facility due 2017 | — | (577,800 | ) | — | — | — | (577,800 | ) | ||||||||||||||||
Proceeds from equipment loan | — | 20,000 | — | — | — | 20,000 | ||||||||||||||||||
Repayments of equipment loan | — | (500 | ) | — | — | — | (500 | ) | ||||||||||||||||
Intercompany advances | (3,177 | ) | 152,522 | (149,225 | ) | (120 | ) | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | (3,739 | ) | 140,363 | (154,054 | ) | (120 | ) | — | (17,550 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 173 | (100 | ) | — | 73 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 3,741 | (286 | ) | (236 | ) | — | 3,219 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 5,763 | 286 | 2,061 | — | 8,110 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 9,504 | $ | — | $ | 1,825 | $ | — | $ | 11,329 | ||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Guarantor | |||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 5,333 | $ | (115,689 | ) | $ | 150,706 | $ | 2,494 | $ | — | $ | 42,844 | |||||||||||
Net cash provided by operating activities of discontinued operations | — | 8,240 | 981 | — | — | 9,221 | ||||||||||||||||||
Net cash provided by (used in) operating activities | 5,333 | (107,449 | ) | 151,687 | 2,494 | — | 52,065 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | (644 | ) | — | — | — | (644 | ) | ||||||||||||||||
Capital expenditures | — | (10,263 | ) | (10,135 | ) | (165 | ) | — | (20,563 | ) | ||||||||||||||
Purchase of Investment | — | (350 | ) | — | — | — | (350 | ) | ||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 360 | 7,618 | — | — | 7,978 | ||||||||||||||||||
Proceeds from sale of intangible assets | — | 5,700 | — | — | — | 5,700 | ||||||||||||||||||
Intercompany note | — | 3,900 | — | — | (3,900 | ) | — | |||||||||||||||||
Net cash used in investing activities of continuing operations | — | (1,297 | ) | (2,517 | ) | (165 | ) | (3,900 | ) | (7,879 | ) | |||||||||||||
Net cash provided by investing activities of discontinued operations | — | 16,114 | 23,419 | — | — | 39,533 | ||||||||||||||||||
Net cash provided by (used in) investing activities | — | 14,817 | 20,902 | (165 | ) | (3,900 | ) | 31,654 | ||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Repayment of 10.5% senior notes | — | (169,875 | ) | — | — | — | (169,875 | ) | ||||||||||||||||
Repayment of 7.875% senior subordinated notes | — | (214,831 | ) | — | — | — | (214,831 | ) | ||||||||||||||||
Borrowings of Term Loan B due 2016 | — | 31,844 | — | — | — | 31,844 | ||||||||||||||||||
Repayment of 8.375% senior subordinated notes | — | (24,787 | ) | — | — | — | (24,787 | ) | ||||||||||||||||
Payment of financing related costs and expenses and debt issuance discounts | — | (37,836 | ) | — | — | — | (37,836 | ) | ||||||||||||||||
Repayments of other long-term debt | — | (147 | ) | (4,699 | ) | — | — | (4,846 | ) | |||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (735 | ) | — | — | — | — | (735 | ) | ||||||||||||||||
Proceeds from issuance of 11.5% senior notes | — | 225,000 | — | — | — | 225,000 | ||||||||||||||||||
Proceeds from issuance of 7% senior exchangeable notes | — | 86,250 | — | — | — | 86,250 | ||||||||||||||||||
Borrowings under Revolving Credit Facility, net | — | 18,000 | — | — | — | 18,000 | ||||||||||||||||||
Intercompany note | — | — | — | (3,900 | ) | 3,900 | — | |||||||||||||||||
Intercompany advances | (4,598 | ) | 170,396 | (167,988 | ) | 2,190 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities of continuing operations | (5,333 | ) | 84,014 | (172,687 | ) | (1,710 | ) | 3,900 | (91,816 | ) | ||||||||||||||
Net cash used in financing activities of discontinued operations | — | (1,652 | ) | — | — | — | (1,652 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | (5,333 | ) | 82,362 | (172,687 | ) | (1,710 | ) | 3,900 | (93,468 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 104 | 2 | — | 106 | ||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (10,270 | ) | 6 | 621 | — | (9,643 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 16,033 | 280 | 1,440 | — | 17,753 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 5,763 | $ | 286 | $ | 2,061 | $ | — | $ | 8,110 | ||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the year ended 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Guarantor | |||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 8,716 | $ | (115,927 | ) | $ | 175,235 | $ | 1,605 | $ | — | $ | 69,629 | |||||||||||
Net cash provided by (used in) operating activities of discontinued operations | — | 14,438 | (3,745 | ) | — | — | 10,693 | |||||||||||||||||
Net cash provided by (used in) operating activities | 8,716 | (101,489 | ) | 171,490 | 1,605 | — | 80,322 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | (59,719 | ) | — | — | — | (59,719 | ) | ||||||||||||||||
Capital expenditures | — | (9,873 | ) | (5,004 | ) | (695 | ) | — | (15,572 | ) | ||||||||||||||
Proceeds from sale of property, plant and equipment | — | 1,298 | 9,816 | — | — | 11,114 | ||||||||||||||||||
Intercompany note | — | 5,600 | — | — | (5,600 | ) | — | |||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | — | (62,694 | ) | 4,812 | (695 | ) | (5,600 | ) | (64,177 | ) | ||||||||||||||
Net cash used in investing activities of discontinued operations | — | (635 | ) | — | — | — | (635 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | — | (63,329 | ) | 4,812 | (695 | ) | (5,600 | ) | (64,812 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Repayment of 7.875% senior subordinated notes | — | (8,952 | ) | — | — | — | (8,952 | ) | ||||||||||||||||
Repayment of Term Loan B due 2016 | — | (23,800 | ) | — | — | — | (23,800 | ) | ||||||||||||||||
Repayment of 8.375% senior subordinated notes | — | (5,363 | ) | — | — | — | (5,363 | ) | ||||||||||||||||
Payment of financing related costs and expenses | — | (2,675 | ) | — | — | — | (2,675 | ) | ||||||||||||||||
Repayments of other long-term debt | — | (107 | ) | (6,296 | ) | — | — | (6,403 | ) | |||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (1,283 | ) | — | — | — | — | (1,283 | ) | ||||||||||||||||
Proceeds from exercise of stock options | 356 | — | — | — | — | 356 | ||||||||||||||||||
Intercompany note | — | — | — | (5,600 | ) | 5,600 | — | |||||||||||||||||
Intercompany advances | (7,789 | ) | 174,867 | (170,730 | ) | 3,652 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (8,716 | ) | 133,970 | (177,026 | ) | (1,948 | ) | 5,600 | (48,120 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 614 | — | 614 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (30,848 | ) | (724 | ) | (424 | ) | — | (31,996 | ) | ||||||||||||||
Cash and cash equivalents at beginning of year | — | 46,881 | 1,004 | 1,864 | — | 49,749 | ||||||||||||||||||
Cash and cash equivalents at end of year | $ | — | $ | 16,033 | $ | 280 | $ | 1,440 | $ | — | $ | 17,753 | ||||||||||||
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Schedule of quarterly financial information | ' | |||||||||||||||
The following table sets forth certain quarterly financial data for the periods indicated (in thousands, except per share amounts): | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter (5) | Quarter (8) | |||||||||||||
Fiscal Year 2013 | ||||||||||||||||
Net sales | ||||||||||||||||
Envelope | $ | 166,453 | $ | 161,304 | $ | 177,717 | $ | 244,424 | ||||||||
127,245 | 121,554 | 140,331 | 140,630 | |||||||||||||
Label and Packaging | 124,916 | 123,682 | 124,733 | 124,819 | ||||||||||||
Total | $ | 418,614 | $ | 406,540 | $ | 442,781 | $ | 509,873 | ||||||||
Operating income (loss) | ||||||||||||||||
Envelope | $ | 9,010 | $ | 10,125 | $ | 8,119 | $ | 12,521 | ||||||||
1,007 | 2,018 | 6,874 | (15,941 | ) | ||||||||||||
Label and Packaging | 11,544 | 12,908 | 9,245 | (1,053 | ) | |||||||||||
Corporate | (9,883 | ) | (8,209 | ) | (7,714 | ) | (11,208 | ) | ||||||||
Total | $ | 11,678 | $ | 16,842 | $ | 16,524 | $ | (15,681 | ) | |||||||
(Loss) income from continuing operations (2) (4) | (20,490 | ) | (18,996 | ) | 13,427 | (59,468 | ) | |||||||||
Income from discontinued operations, net of taxes (3) | 1,345 | 113 | 13,492 | 1,791 | ||||||||||||
Net (loss) income (2) | $ | (19,145 | ) | $ | (18,883 | ) | $ | 26,919 | $ | (57,677 | ) | |||||
Net (loss) income per share—basic | ||||||||||||||||
Continuing operations (1) | $ | (0.32 | ) | $ | (0.30 | ) | $ | 0.21 | $ | (0.90 | ) | |||||
Discontinued operations (1) | 0.02 | — | 0.21 | 0.03 | ||||||||||||
Net (loss) income (1) | $ | (0.30 | ) | $ | (0.30 | ) | $ | 0.42 | $ | (0.87 | ) | |||||
Net (loss) income per share—diluted | ||||||||||||||||
Continuing operations (1) | $ | (0.32 | ) | $ | (0.30 | ) | $ | 0.16 | $ | (0.90 | ) | |||||
Discontinued operations (1) | 0.02 | — | 0.16 | 0.03 | ||||||||||||
Net (loss) income (1) | $ | (0.30 | ) | $ | (0.30 | ) | $ | 0.32 | $ | (0.87 | ) | |||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Fiscal Year 2012 | ||||||||||||||||
Net sales | ||||||||||||||||
Envelope | $ | 168,532 | $ | 161,760 | $ | 159,804 | $ | 168,121 | ||||||||
142,273 | 138,565 | 154,926 | 149,868 | |||||||||||||
Label and Packaging | 128,759 | 123,536 | 122,438 | 119,711 | ||||||||||||
Total | $ | 439,564 | $ | 423,861 | $ | 437,168 | $ | 437,700 | ||||||||
Operating income (loss) | ||||||||||||||||
Envelope | $ | 10,943 | $ | 11,127 | $ | 10,275 | $ | 13,140 | ||||||||
(5,519 | ) | 8,627 | 15,556 | 14,181 | ||||||||||||
Label and Packaging | 13,444 | 14,363 | 13,811 | 13,048 | ||||||||||||
Corporate | (7,582 | ) | (8,150 | ) | (7,360 | ) | (8,719 | ) | ||||||||
Total | $ | 11,286 | $ | 25,967 | $ | 32,282 | $ | 31,650 | ||||||||
(Loss) income from continuing operations (7) | (24,371 | ) | (1,790 | ) | 3,022 | (57,389 | ) | |||||||||
(Loss) income from discontinued operations, net of taxes (6) | (2,847 | ) | 1,389 | 1,453 | 646 | |||||||||||
Net (loss) income (7) | $ | (27,218 | ) | $ | (401 | ) | $ | 4,475 | $ | (56,743 | ) | |||||
Net (loss) income per share—basic | ||||||||||||||||
Continuing operations (1) | $ | (0.38 | ) | $ | (0.03 | ) | $ | 0.05 | $ | (0.90 | ) | |||||
Discontinued operations (1) | (0.05 | ) | 0.02 | 0.02 | 0.01 | |||||||||||
Net (loss) income (1) | $ | (0.43 | ) | $ | (0.01 | ) | $ | 0.07 | $ | (0.89 | ) | |||||
Net (loss) income per share—diluted | ||||||||||||||||
Continuing operations (1) | $ | (0.38 | ) | $ | (0.03 | ) | $ | 0.05 | $ | (0.90 | ) | |||||
Discontinued operations (1) | (0.05 | ) | 0.02 | 0.02 | 0.01 | |||||||||||
Net (loss) income (1) | $ | (0.43 | ) | $ | (0.01 | ) | $ | 0.07 | $ | (0.89 | ) | |||||
__________________________ | ||||||||||||||||
-1 | The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total year. | |||||||||||||||
-2 | Includes valuation allowance related to deferred tax assets of $40.6 million recognized in the fourth quarter of 2013. | |||||||||||||||
-3 | Includes $25.6 million gain on sale of discontinued operations, net of tax expense of $10.7 million, most of which was recognized in the third quarter of 2013. | |||||||||||||||
-4 | Includes a bargain purchase gain of $17.3 million, exclusive of $6.8 million of tax expense, recognized in the third quarter of 2013. | |||||||||||||||
-5 | The Company is revising its historical financial statements included in its Form 10-Q for the three month period ended September 28, 2013 ("Q3 Form 10-Q”) to reflect the adjustments made during the fourth quarter 2013 to the preliminary purchase price allocation of the fair value of assets acquired and liabilities assumed on September 16, 2013, the date the Company acquired certain assets of National. | |||||||||||||||
As reported in the Q3 Form 10-Q, the purchase price was preliminarily allocated as of September 16, 2013 based on the estimated fair value of net assets acquired and liabilities assumed at the date Cenveo acquired certain assets of National. During the fourth quarter of 2013, the Company adjusted the purchase price allocation and recorded fair value adjustments to the preliminary purchase price allocation reported at September 28, 2013. These purchase price adjustments have been reflected as of the year ended 2013 in the consolidated financial statements. The adjustments resulted in an increase to the fair value of net assets acquired of $4.8 million and a corresponding increase to the bargain purchase gain recognized, exclusive of $1.9 million in tax expense. The Company has not adjusted its net income from continuing operations for the three and nine month period ended September 28, 2013 for any other items. | ||||||||||||||||
-6 | Includes $6.3 million loss on sale of discontinued operations, net of tax benefit of $2.6 million recognized in the first quarter of 2012. | |||||||||||||||
-7 | Includes valuation allowance related to deferred tax assets of $56.5 million recognized in the fourth quarter of 2012. | |||||||||||||||
(8) Includes $33.4 million impairment charge on intangible assets recognized in the fourth quarter of 2013. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
reportable_segment | reportable_segment | reportable_segment | ||
customer | customer | |||
BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTable [Line Items] | ' | ' | ' | ' |
Number of customers (customer) | 100,000 | 100,000 | ' | ' |
Number of reportable segments (reportable segment) | 3 | 3 | 2 | ' |
Interest and Debt Expense [Abstract] | ' | ' | ' | ' |
Unamortized debt issuance costs | $22,800,000 | $22,800,000 | $26,500,000 | ' |
Debt issuance costs | ' | 9,400,000 | 7,000,000 | 4,400,000 |
Goodwill and Intangible Asset Impairment [Abstract] | ' | ' | ' | ' |
Goodwill of discontinued operations | 0 | 0 | 4,000,000 | 16,300,000 |
Impairment of goodwill related to discontinued operations | ' | 0 | 0 | 13,500,000 |
Impairment of intangible assets | 33,400,000 | 33,367,000 | 0 | 0 |
Workers' Compensation Discount [Abstract] | ' | ' | ' | ' |
Workers' compensation discount rate (percent) | ' | 2.00% | 3.00% | ' |
Insurance Loss Reserves [Abstract] | ' | ' | ' | ' |
Self insurance reserve | 3,300,000 | 3,300,000 | 3,800,000 | ' |
Advertising Costs [Abstract] | ' | ' | ' | ' |
Advertising costs | ' | 2,900,000 | 2,800,000 | 2,600,000 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Valuation allowance, Change in deferred tax asset | 40,600,000 | 40,600,000 | 56,500,000 | ' |
Valuation allowance | 97,100,000 | 97,100,000 | ' | ' |
Undiscounted [Member] | ' | ' | ' | ' |
Workers' Compensation Discount [Abstract] | ' | ' | ' | ' |
Workers' compensation liability | 12,900,000 | 12,900,000 | 13,500,000 | ' |
Discounted [Member] | ' | ' | ' | ' |
Workers' Compensation Discount [Abstract] | ' | ' | ' | ' |
Workers' compensation liability | 11,900,000 | 11,900,000 | 12,100,000 | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Property, plant and equipment, useful life (years) | ' | '15 years | ' | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Property, plant and equipment, useful life (years) | ' | '45 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Property, plant and equipment, useful life (years) | ' | '10 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Property, plant and equipment, useful life (years) | ' | '15 years | ' | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Property, plant and equipment, useful life (years) | ' | '3 years | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Property, plant and equipment, useful life (years) | ' | '10 years | ' | ' |
Software and Software Development Costs [Member] | ' | ' | ' | ' |
Computer Software [Abstract] | ' | ' | ' | ' |
Net capitalized computer software | 10,400,000 | 10,400,000 | 5,100,000 | ' |
Software and Software Development Costs [Member] | Minimum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Property, plant and equipment, useful life (years) | ' | '3 years | ' | ' |
Software and Software Development Costs [Member] | Maximum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Property, plant and equipment, useful life (years) | ' | '7 years | ' | ' |
Level 3 [Member] | Nonrecurring fair value [Member] | ' | ' | ' | ' |
Goodwill and Intangible Asset Impairment [Abstract] | ' | ' | ' | ' |
Impairment of intangible assets | ' | 33,367,000 | 0 | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Level 3 [Member] | Nonrecurring fair value [Member] | ' | ' | ' | ' |
Goodwill and Intangible Asset Impairment [Abstract] | ' | ' | ' | ' |
Remaining net carrying value of other intangible assets | 1,933,000 | 1,933,000 | 0 | ' |
Trade Names [Member] | ' | ' | ' | ' |
Goodwill and Intangible Asset Impairment [Abstract] | ' | ' | ' | ' |
Impairment of intangible assets | ' | 33,367,000 | ' | ' |
Trade Names [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Level 3 [Member] | Nonrecurring fair value [Member] | ' | ' | ' | ' |
Goodwill and Intangible Asset Impairment [Abstract] | ' | ' | ' | ' |
Remaining net carrying value of other intangible assets | $1,933,000 | $1,933,000 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Accounts Receivable) (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $4,664 | $5,584 | $6,319 |
Charged to expense | 4,392 | 2,024 | 2,284 |
Write-offs, recoveries and other | -3,647 | -2,944 | -3,019 |
Balance at end of year | $5,409 | $4,664 | $5,584 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Sep. 16, 2013 | Dec. 28, 2013 | Dec. 31, 2012 | Aug. 02, 2011 | Feb. 01, 2011 | Dec. 28, 2013 | Sep. 16, 2013 | Dec. 28, 2013 | Dec. 31, 2012 | Aug. 02, 2011 | Dec. 31, 2012 | Feb. 01, 2011 | Dec. 28, 2013 | Feb. 01, 2011 | Sep. 16, 2013 | |
National Envelope Acquisition [Member] | National Envelope Acquisition [Member] | Express Label Acquisition [Member] | Nesbitt Acquisition [Member] | Envelope Product Group Acquisition [Member] | Leashold interests [Member] | Leashold interests [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Trade Names [Member] | Trade Names [Member] | Patents [Member] | Patents [Member] | Tax Expense [Member] | ||||
employee | employee | National Envelope Acquisition [Member] | Express Label Acquisition [Member] | Nesbitt Acquisition [Member] | Express Label Acquisition [Member] | Envelope Product Group Acquisition [Member] | Envelope Product Group Acquisition [Member] | National Envelope Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | $8,700,000 | $1,500,000 | $6,000,000 | ' | $7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees (employee) | ' | ' | ' | 1,600 | ' | ' | ' | 900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition purchase price | ' | ' | ' | 34,062,000 | ' | 5,100,000 | 5,600,000 | 55,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquistion purchase price, company common stock | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on bargain purchase | 17,262,000 | 0 | 11,720,000 | 17,262,000 | ' | ' | ' | 11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,800,000 |
Other intangible assets | ' | ' | ' | 3,780,000 | ' | ' | ' | ' | ' | 3,800,000 | ' | 3,000,000 | 1,400,000 | 300,000 | 1,000,000 | ' | 500,000 | ' |
Intangible asset, leasehold interest, useful life (years) | '12 years 0 months | ' | ' | ' | ' | ' | ' | ' | '19 years | '20 years 0 months | '9 years 0 months | '10 years | '10 years | '10 years | '10 years | '10 years 0 months | '15 years | ' |
Annual net sales prior to acquisition by the Company | ' | ' | ' | ' | ' | 5,400,000 | 5,600,000 | 240,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition, goodwill aquired | ' | ' | ' | ' | ' | $100,000 | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Purchase_Price_Al
Acquisitions (Purchase Price Allocation of National Envelope) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Sep. 16, 2013 |
National Envelope Acquisition [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | $54,900 |
Other intangible assets | ' | ' | ' | 3,780 |
Total assets acquired | ' | ' | ' | 58,680 |
Accounts payable | ' | ' | ' | 967 |
Accrued compensation and related liabilities | ' | ' | ' | 1,210 |
Other current liabilities | ' | ' | ' | 1,351 |
Other liabilities | ' | ' | ' | 1,292 |
Note payable | ' | ' | ' | 2,536 |
Total liabilities assumed | ' | ' | ' | 7,356 |
Net assets acquired | ' | ' | ' | 51,324 |
Cost of the acquisition of certain assets of National | ' | ' | ' | 34,062 |
Gain on bargain purchase | $17,262 | $0 | $11,720 | $17,262 |
Acquisitions_Pro_Forma_Financi
Acquisitions (Pro Forma Financial Information of National Envelope) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $509,873 | $442,781 | $406,540 | $418,614 | $437,700 | $437,168 | $423,861 | $439,564 | $1,777,808 | $1,738,293 | $1,844,371 |
Loss from continuing operations | -59,468 | 13,427 | -18,996 | -20,490 | -57,389 | 3,022 | -1,790 | -24,371 | -85,527 | -80,528 | -8,694 |
(Loss) income per share from continuing operations - basic | ($0.90) | $0.21 | ($0.30) | ($0.32) | ($0.90) | $0.05 | ($0.03) | ($0.38) | ($1.32) | ($1.27) | ($0.14) |
(Loss) income per share from continuing operations - diluted | ($0.90) | $0.16 | ($0.30) | ($0.32) | ($0.90) | $0.05 | ($0.03) | ($0.38) | ($1.32) | ($1.27) | ($0.14) |
National Envelope Acquisition [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,027,799 | 2,154,956 | ' |
Pro forma loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ($114,127) | ($125,724) | ' |
Pro forma loss per share from continuing operations - basic | ' | ' | ' | ' | ' | ' | ' | ' | ($1.73) | ($1.92) | ' |
Pro forma loss per share from continuing operations - diluted | ' | ' | ' | ' | ' | ' | ' | ' | ($1.73) | ($1.92) | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 0 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2013 | Feb. 10, 2012 | Jan. 27, 2012 | Feb. 10, 2012 |
Custom Envelope [Member] | Documents Group [Member] | Wide Format Business [Member] | Scenario, Previously Reported [Member] | |
Documents Group [Member] | ||||
Discontinued Operations [Line Items] | ' | ' | ' | ' |
Proceeds from the sale of discontinued operations | $44.80 | $35.50 | $4.70 | $40 |
Gain on sale of discontinued operations | 14.9 | ' | ' | ' |
Gain on sale of discontinued operations, holdback amount | $2.40 | ' | ' | ' |
Discontinued_Operations_Compon
Discontinued Operations (Components of Assets and Liabilities) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Discontinued Operations [Line Items] | ' | ' | ' |
Accounts receivable, net | $9 | $7,222 | ' |
Inventories | 0 | 3,534 | ' |
Prepaid and other current assets | 123 | 509 | ' |
Assets of discontinued operations - current | 132 | 11,265 | ' |
Property, plant and equipment, net | 33 | 3,522 | ' |
Goodwill | 0 | 4,000 | 16,300 |
Other intangible assets, net | 0 | 7,705 | ' |
Other assets, net | 0 | 41 | ' |
Assets of discontinued operations - long-term | 33 | 15,268 | ' |
Accounts payable | 0 | 5,421 | ' |
Accrued compensation and related liabilities | 627 | 645 | ' |
Other current liabilities | 1,386 | 525 | ' |
Liabilities of discontinued operations - current | 2,013 | 6,591 | ' |
Liabilities of discontinued operations - long-term | 0 | 880 | ' |
Net assets | ($1,848) | $19,062 | ' |
Discontinued_Operations_Statem
Discontinued Operations (Statement of Operations Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $34,891,000 | $68,478,000 | $164,427,000 |
Income from discontinued operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4,471,000 | 11,342,000 | 8,901,000 |
Income tax expense on discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,663,000 | 4,441,000 | 8,772,000 |
Gain (loss) on sale of discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | -6,300,000 | 14,933,000 | -6,260,000 | 0 |
Income from discontinued operations, net of taxes | 1,791,000 | 13,492,000 | 113,000 | 1,345,000 | 646,000 | 1,453,000 | 1,389,000 | -2,847,000 | 16,741,000 | 641,000 | 129,000 |
Discontinued operations per share - basic | $0.03 | $0.21 | $0 | $0.02 | $0.01 | $0.02 | $0.02 | ($0.05) | $0.25 | $0.01 | $0 |
Discontinued operations per share - diluted | $0.03 | $0.16 | $0 | $0.02 | $0.01 | $0.02 | $0.02 | ($0.05) | $0.25 | $0.01 | $0 |
Tax expense (benefit) on income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | -2,600,000 | 10,700,000 | -2,600,000 | ' |
Impairment of goodwill related to discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 13,500,000 |
Prior Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' |
Tax expense (benefit) on income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000 | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $62,241 | $49,001 |
Work in process | 21,698 | 17,058 |
Finished goods | 77,626 | 61,176 |
Inventories, net | $161,565 | $127,235 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment (Schedule of Property, Plant, and Equipment) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $770,696 | $718,409 |
Accumulated depreciation | -465,789 | -439,331 |
Property, plant and equipment, net | 304,907 | 279,078 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 14,507 | 17,283 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 97,674 | 103,326 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 635,638 | 579,570 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 11,049 | 11,170 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $11,828 | $7,060 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Mar. 30, 2013 | Dec. 31, 2011 | Mar. 30, 2013 | Dec. 28, 2013 | Jun. 29, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 29, 2012 | Dec. 31, 2011 | |
Building and Building Improvements [Member] | Building and Building Improvements [Member] | Machinery and Equipment [Member] | Label and packaging [Member] | Label and packaging [Member] | Label and packaging [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Print [Member] | Print [Member] | ||||
facility | facility | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Machinery and Equipment [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | |||||
facility | facility | facility | facility | facility | facility | facility | facility | ||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of manufacturing facilities sold (facility) | ' | ' | ' | 3 | 4 | ' | 1 | 1 | ' | 1 | 1 | 1 | 1 | 2 | 2 |
Sale leaseback transaction, net book value | ' | ' | ' | ' | ' | ' | $3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Sale leaseback transaction, net proceeds | ' | ' | ' | ' | ' | ' | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Sale leaseback transaction, deferred gain | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the sale of long-lived assets | ' | ' | ' | 6,400,000 | 9,600,000 | 1,500,000 | ' | ' | ' | 500,000 | 1,700,000 | ' | ' | ' | ' |
Proceeds from insurance settlement | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' | ' | ' | ' | ' |
Gain on insurance claim | $2,670,000 | $0 | $0 | ' | ' | ' | ' | ' | $2,700,000 | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Goodwill by Reportable Segment) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Goodwill [Roll Forward] | ' | ' |
Balance as of the year ended | $187,415 | $186,822 |
Acquisitions, net | 92 | 644 |
Foreign currency translation | -1,071 | -51 |
Balance as of the year ended | 186,436 | 187,415 |
Envelope [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance as of the year ended | 23,433 | 23,433 |
Acquisitions, net | 0 | 0 |
Foreign currency translation | 0 | 0 |
Balance as of the year ended | 23,433 | 23,433 |
Print [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance as of the year ended | 46,267 | 45,814 |
Acquisitions, net | 0 | 644 |
Foreign currency translation | -691 | -191 |
Balance as of the year ended | 45,576 | 46,267 |
Label and packaging [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance as of the year ended | 117,715 | 117,575 |
Acquisitions, net | 92 | 0 |
Foreign currency translation | -380 | 140 |
Balance as of the year ended | $117,427 | $117,715 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Intangible assets with determinable lives) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | '12 years 0 months | ' |
Gross Carrying Amount | $230,100 | $184,035 |
Accumulated Impairment Charges | -82,601 | -27,234 |
Accumulated Amortization | -63,650 | -71,342 |
Net Carrying Amount | 83,849 | 85,459 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' |
Gross Carrying Amount | 315,000 | 325,775 |
Accumulated Impairment Charges | -82,601 | -49,234 |
Accumulated Amortization | -63,650 | -71,342 |
Net Carrying Amount | 168,749 | 205,199 |
Trademarks [Member] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' |
Gross Carrying Amount | 84,900 | 141,740 |
Accumulated Impairment Charges | 0 | -22,000 |
Net Carrying Amount | 84,900 | 119,740 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | '9 years 0 months | ' |
Gross Carrying Amount | 144,898 | 159,296 |
Accumulated Impairment Charges | -27,234 | -27,234 |
Accumulated Amortization | -53,682 | -62,055 |
Net Carrying Amount | 63,982 | 70,007 |
Trademarks and tradenames [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | '20 years | ' |
Gross Carrying Amount | 77,754 | 20,701 |
Accumulated Impairment Charges | -55,367 | 0 |
Accumulated Amortization | -6,734 | -5,938 |
Net Carrying Amount | 15,653 | 14,763 |
Leashold interests [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | '19 years | ' |
Gross Carrying Amount | 3,780 | 0 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | -55 | 0 |
Net Carrying Amount | 3,725 | 0 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | '10 years 0 months | ' |
Gross Carrying Amount | 3,528 | 3,528 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | -3,039 | -2,839 |
Net Carrying Amount | 489 | 689 |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | ' | ' |
Gross Carrying Amount | 140 | 510 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | -140 | -510 |
Net Carrying Amount | $0 | $0 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Annual amortization expense) (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $11,855 |
2015 | 9,707 |
2016 | 7,857 |
2017 | 7,265 |
2018 | $7,143 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Proceeds from sale of intangible asset | ' | $0 | $5,700,000 | $0 |
Gain on sale of intangible assets | ' | ' | 2,800,000 | ' |
Impairment of intangible assets | 33,400,000 | 33,367,000 | 0 | 0 |
Level 3 [Member] | Nonrecurring fair value [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of intangible assets | ' | 33,367,000 | 0 | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Level 3 [Member] | Nonrecurring fair value [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Remaining net carrying value of other intangible assets | 1,933,000 | 1,933,000 | 0 | ' |
Trade Names [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment of intangible assets | ' | 33,367,000 | ' | ' |
Trade Names [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Level 3 [Member] | Nonrecurring fair value [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Remaining net carrying value of other intangible assets | $1,933,000 | $1,933,000 | ' | ' |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Current [Abstract] | ' | ' |
Accrued interest expense | $20,040 | $20,671 |
Accrued customer rebates | 16,901 | 16,187 |
Restructuring liabilities | 4,555 | 7,474 |
Other accrued liabilities | 39,702 | 33,035 |
Other current liabilities | $81,198 | $77,367 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | $1,185,525,000 | $1,183,618,000 | ' |
Less current maturities | -9,174,000 | -11,748,000 | ' |
Long-term debt | 1,176,351,000 | 1,171,870,000 | ' |
Long-term debt, fair value | 1,200,000,000 | 1,200,000,000 | ' |
Debt, average outstanding amount | 1,200,000,000 | 1,300,000,000 | ' |
Debt, weighted average interest rate (percent) | 8.20% | 8.20% | ' |
Cash interest paid | 103,000,000 | 110,700,000 | 111,000,000 |
Asset-backed Securities [Member] | ABL facility, due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 121,400,000 | 0 | ' |
Loans Payable [Member] | Term loan facility, due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 326,013,000 | 0 | ' |
Long-term debt, outstanding principal amount | 329,100,000 | ' | ' |
Loans Payable [Member] | Term Loan B, due 2016 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 0 | 385,547,000 | ' |
Long-term debt, outstanding principal amount | ' | 388,200,000 | ' |
Unsecured Debt [Member] | 15% unsecured term loan, due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 9,500,000 | 0 | ' |
Debt interest rate (percent) | 15.00% | ' | ' |
Long-term debt, outstanding principal amount | 10,000,000 | ' | ' |
Line of Credit [Member] | Revolving credit facility, due 2014 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 0 | 18,000,000 | ' |
Senior Notes [Member] | 11.5% senior notes, due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 219,068,000 | 217,675,000 | ' |
Debt interest rate (percent) | 11.50% | ' | ' |
Long-term debt, outstanding principal amount | 225,000,000 | 225,000,000 | ' |
Convertible Debt [Member] | 7% senior exchangeable notes, due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 86,250,000 | 86,250,000 | ' |
Debt interest rate (percent) | 7.00% | ' | ' |
Senior Subordinated Notes [Member] | 8.875% senior second lien notes, due 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 398,326,000 | 398,001,000 | ' |
Debt interest rate (percent) | 8.88% | ' | ' |
Long-term debt, outstanding principal amount | 400,000,000 | 400,000,000 | ' |
Senior Subordinated Notes [Member] | 7.875% senior subordinated notes, due 2013 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | 0 | 67,848,000 | ' |
Debt interest rate (percent) | 7.88% | ' | ' |
Other debt including capital leases [Member] | Other debt including capital leases [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total long-term debt | $24,968,000 | $10,297,000 | ' |
LongTerm_Debt_2013_Credit_Faci
Long-Term Debt (2013 Credit Facilities) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Mar. 05, 2012 | Apr. 16, 2013 | Jan. 18, 2013 | Dec. 11, 2013 | Apr. 16, 2013 | Dec. 11, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | Apr. 16, 2013 | |
Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Loans Payable [Member] | Loans Payable [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-Backed Securities and Loans Payable [Member] | LIBOR Interest Rate [Member] | LIBOR Interest Rate [Member] | PRIME Interest Rate [Member] | PRIME Interest Rate [Member] | Minimum [Member] | Maximum [Member] | ||||
Revolving credit facility, due 2014 [Member] | Revolving credit facility, due 2014 [Member] | Revolving credit facility, due 2014 [Member] | Term loan facility, due 2017 [Member] | Term loan facility, due 2017 [Member] | ABL facility, due 2017 [Member] | ABL facility, due 2017 [Member] | ABL Facility And Term Loan Facility Both Due 2017 [Member] | Loans Payable [Member] | Asset-backed Securities [Member] | Loans Payable [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | ||||
Term loan facility, due 2017 [Member] | ABL facility, due 2017 [Member] | Term loan facility, due 2017 [Member] | ABL facility, due 2017 [Member] | ABL facility, due 2017 [Member] | ABL facility, due 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | $360,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, borrowing capacity | ' | ' | ' | 150,000,000 | 170,000,000 | 170,000,000 | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Payments of debt issuance costs | 15,570,000 | 37,836,000 | 2,675,000 | 1,000,000 | ' | ' | ' | ' | 300,000 | ' | 7,200,000 | ' | ' | ' | ' | ' | ' |
Debt, unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' |
Debt, interest rate, minimum (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 2.00% | 2.25% | 1.00% | ' | ' |
Debt, interest rate, maximum (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | 1.50% | ' | ' |
Debt, interest rate increase (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.05 | ' | 0.04 | ' | ' | ' |
Commitment fee percentage (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% |
Debt, minimum required annual principal payment percentage (percent) | ' | ' | ' | ' | ' | ' | ' | 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | $30,900,000 | $0 | $0 | ' | ' | ' | $28,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Unsecured_Credit
Long-Term Debt (Unsecured Credit Facilities) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Aug. 25, 2013 | Jan. 18, 2013 | Mar. 05, 2012 | Apr. 16, 2013 | Jan. 18, 2013 | |
Unsecured Debt [Member] | Unsecured Debt [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | ||||
15% unsecured term loan, due 2017 [Member] | 15% unsecured term loan, due 2017 [Member] | Revolving credit facility, due 2014 [Member] | Revolving credit facility, due 2014 [Member] | Revolving credit facility, due 2014 [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | $50,000,000 | $0 | $0 | ' | $50,000,000 | ' | ' | ' |
Payments of debt issuance costs | 15,570,000 | 37,836,000 | 2,675,000 | ' | 6,100,000 | 1,000,000 | ' | ' |
Debt, unamortized discount | ' | ' | ' | ' | 2,500,000 | ' | ' | ' |
Credit facility, borrowing capacity | ' | ' | ' | ' | ' | 150,000,000 | 170,000,000 | 170,000,000 |
Debt, interest rate, minimum (percent) | ' | ' | ' | ' | 15.00% | ' | ' | ' |
Debt, interest rate, maximum (percent) | ' | ' | ' | ' | 25.00% | ' | ' | ' |
Loan balance maximum threshold | ' | ' | ' | 31,300,000 | ' | ' | ' | ' |
Loan balance maximum threshold, annual decline | ' | ' | ' | $6,300,000 | ' | ' | ' | ' |
Debt, interest rate increase (percent) | ' | ' | ' | 0.1 | ' | ' | ' | ' |
LongTerm_Debt_Other_Debt_Detai
Long-Term Debt (Other Debt) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Sep. 16, 2013 | |
Other debt including capital leases [Member] | ||||
Equipment note [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Proceeds from equipment loan | $20,000,000 | $0 | $0 | $20,000,000 |
Debt interest rate (percent) | ' | ' | ' | 11.00% |
Debt prepayment fee (percentage) | ' | ' | ' | 0.02 |
Debt prepayment fee, subsequent annual decrease (percentage) | ' | ' | ' | 0.01 |
Payments of debt issuance costs | $15,570,000 | $37,836,000 | $2,675,000 | $700,000 |
LongTerm_Debt_2010_Credit_Faci
Long-Term Debt (2010 Credit Facilities) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 14, 2012 | Jun. 08, 2012 | Mar. 09, 2012 | Feb. 03, 2012 | Dec. 14, 2012 | Dec. 14, 2012 | Mar. 05, 2012 | Apr. 16, 2013 | Jan. 18, 2013 | Jun. 08, 2012 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Feb. 03, 2012 | Dec. 14, 2012 | Jun. 08, 2012 | Jan. 01, 2011 | Jun. 08, 2012 | |
Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Unsecured Debt [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Line of Credit and Loans Payable [Member] | Line of Credit and Loans Payable [Member] | Fees Paid to Consenting Lenders [Member] | Fees Paid to Consenting Lenders [Member] | ||||
$15 Million Term Loan Add-On [Member] | $65 Million Term Loan Add-On [Member] | Term Loan B, due 2016 [Member] | Term Loan B, due 2016 [Member] | Term Loan B, due 2016 [Member] | 2010 Credit Facilities [Member] | Revolving credit facility, due 2014 [Member] | Revolving credit facility, due 2014 [Member] | Revolving credit facility, due 2014 [Member] | 7.875% senior subordinated notes, due 2013 [Member] | 8.875% senior second lien notes, due 2018 [Member] | 8.875% senior second lien notes, due 2018 [Member] | 8.875% senior second lien notes, due 2018 [Member] | 8.875% senior second lien notes, due 2018 [Member] | 2010 Credit Facilities [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member] | Senior Subordinated Notes [Member] | Line of Credit and Loans Payable [Member] | ||||
8.875% senior second lien notes, due 2018 [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from equipment loan | $20,000,000 | $0 | $0 | $15,000,000 | $65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 150,000,000 | 170,000,000 | 170,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | 380,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of debt issuance costs | 15,570,000 | 37,836,000 | 2,675,000 | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | 9,400,000 | ' | ' | ' | 2,700,000 | 1,100,000 | 7,600,000 | 1,800,000 |
Debt Instrument, Fee Amount | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 2,000,000 | ' | ' |
Debt, unamortized discount | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | 1,700,000 | 2,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Repurchase Limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Net Proceeds Used To Pay Down Debt | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' |
Repayments of debt | $30,900,000 | $0 | $0 | ' | ' | $34,700,000 | $9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_115_Senior_Notes
Long-Term Debt (11.5% Senior Notes) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Mar. 28, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |
Senior Notes [Member] | Senior Notes [Member] | Minimum [Member] | Maximum [Member] | ||||
11.5% senior notes, due 2017 [Member] | 11.5% senior notes, due 2017 [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||
11.5% senior notes, due 2017 [Member] | 11.5% senior notes, due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of 11.5% senior notes | $0 | $225,000,000 | $0 | $225,000,000 | ' | ' | ' |
Debt, unamortized discount | ' | ' | ' | $8,300,000 | $7,300,000 | ' | ' |
Redemption price as a percentage of principal amount (percent) | ' | ' | ' | ' | ' | 100.00% | 105.75% |
Redemption percentage permitted with proceeds from public equity offering (percent) | ' | ' | ' | ' | 35.00% | ' | ' |
Redemption price percentage if proceeds from public equity offering are used (percent) | ' | ' | ' | ' | 111.50% | ' | ' |
Redemption price percentage if make whole premium is paid (percent) | ' | ' | ' | ' | 100.00% | ' | ' |
Redemption price percentage if there was a change of control (percent) | ' | ' | ' | ' | 101.00% | ' | ' |
LongTerm_Debt_7_Senior_Exchang
Long-Term Debt (7% Senior Exchangeable Notes) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Mar. 28, 2012 | Dec. 28, 2013 | Mar. 22, 2012 | Dec. 29, 2012 | Mar. 28, 2012 | Mar. 28, 2012 | Mar. 28, 2012 | |
Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Senior Subordinated Notes [Member] | Senior Notes [Member] | Tender Offer [Member] | Open Market Negociated Purchase [Member] | ||||
7% senior exchangeable notes, due 2017 [Member] | 7% senior exchangeable notes, due 2017 [Member] | 7% senior exchangeable notes, due 2017 [Member] | 7.875% senior subordinated notes, due 2013 [Member] | 11.5% senior notes, due 2017 [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ||||
7.875% senior subordinated notes, due 2013 [Member] | 7.875% senior subordinated notes, due 2013 [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of 7% senior exchangeable notes | $0 | $86,250,000 | $0 | $86,300,000 | ' | ' | ' | ' | ' | ' |
Redemption price percentage if a fundamental change occurs (percent) | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Debt conversion ratio | ' | ' | ' | ' | 241.5167 | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' |
Debt conversion price (dollars per share) | ' | ' | ' | ' | ' | $4.14 | ' | ' | ' | ' |
Premium debt converted into shares of company's common stock (percent) | ' | ' | ' | ' | ' | 22.50% | ' | ' | ' | ' |
Common stock price per share (dollars per share) | ' | ' | ' | ' | ' | $3.38 | ' | ' | ' | ' |
Debt extinguishment amount | ' | ' | ' | ' | ' | ' | 98,600,000 | ' | 45,000,000 | 73,000,000 |
Payments of debt issuance costs | $15,570,000 | $37,836,000 | $2,675,000 | $3,000,000 | ' | ' | ' | $6,000,000 | ' | ' |
LongTerm_Debt_8875_Notes_Detai
Long-Term Debt (8.875% Notes) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 01, 2011 | Jan. 01, 2011 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | |
Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Loans Payable [Member] | Line of Credit [Member] | Fees Paid to Consenting Lenders [Member] | Fees Paid to Third Parties [Member] | Maximum [Member] | Minimum [Member] | ||||
8.875% senior second lien notes, due 2018 [Member] | 8.875% senior second lien notes, due 2018 [Member] | 8.875% senior second lien notes, due 2018 [Member] | 8.875% senior second lien notes, due 2018 [Member] | Term Loan, due 2013 [Member] | Revolving credit facility, due 2012 [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ||||
8.875% senior second lien notes, due 2018 [Member] | 8.875% senior second lien notes, due 2018 [Member] | 8.875% senior second lien notes, due 2018 [Member] | 8.875% senior second lien notes, due 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price as a percentage of principal amount (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.40% | 100.00% |
Debt, unamortized discount | ' | ' | ' | 2,800,000 | 1,700,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt extinguishment amount | ' | ' | ' | ' | ' | ' | 7,000,000 | 300,000,000 | 88,000,000 | ' | ' | ' | ' |
Debt extinguishment, cost to retire | ' | ' | ' | ' | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' |
Redemption price percentage if there was a change of control (percent) | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of debt issuance costs | $15,570,000 | $37,836,000 | $2,675,000 | $9,400,000 | ' | ' | ' | ' | ' | $7,600,000 | $1,800,000 | ' | ' |
Debt issuance cost amortization period (years) | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_7875_Notes_Detai
Long-Term Debt (7.875% Notes) (Details) (Senior Subordinated Notes [Member], 7.875% senior subordinated notes, due 2013 [Member], USD $) | 12 Months Ended | ||
Dec. 29, 2012 | Jan. 01, 2005 | Jan. 22, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' |
Proceeds from issuance of debt | ' | $320,000,000 | ' |
Redemption price as a percentage of principal amount (percent) | ' | ' | 100.00% |
Debt extinguishment amount | 98,600,000 | ' | ' |
Debt extinguishment, cost to retire | $96,400,000 | ' | ' |
Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Redemption price as a percentage of principal amount (percent) | 103.94% | ' | ' |
Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Redemption price as a percentage of principal amount (percent) | 100.00% | ' | ' |
LongTerm_Debt_Debt_Extinguishm
Long-Term Debt (Debt Extinguishment) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' |
Gains (losses) on extinguishment of debt | ($11,324,000) | ($12,487,000) | $4,011,000 |
Loans Payable [Member] | Term loan facility, due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Gains (losses) on extinguishment of debt | -800,000 | ' | ' |
Write off of deferred debt issuance cost | 500,000 | ' | ' |
Write off of original issuance discount | 300,000 | ' | ' |
Debt extinguishment amount | 28,200,000 | ' | ' |
Senior Subordinated Notes [Member] | 7.875% senior subordinated notes, due 2013 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt extinguishment amount | ' | 98,600,000 | ' |
Debt extinguishment, cost to retire | ' | 96,400,000 | ' |
Line of Credit and Loans Payable [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Gains (losses) on extinguishment of debt | -6,400,000 | ' | ' |
Payments of debt extinguishment costs | 4,100,000 | ' | ' |
Write off of deferred debt issuance cost | 2,100,000 | ' | ' |
Write off of original issuance discount | 200,000 | ' | ' |
2012 Extinguishments [Member] | Senior Subordinated Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Gains (losses) on extinguishment of debt | ' | -14,900,000 | ' |
Write off of deferred debt issuance cost | ' | 11,700,000 | ' |
Write off of original issuance discount | ' | 3,200,000 | ' |
Unsecured Debt [Member] | Unsecured Debt [Member] | 15% unsecured term loan, due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Gains (losses) on extinguishment of debt | -4,000,000 | ' | ' |
Write off of deferred debt issuance cost | 2,200,000 | ' | ' |
Write off of original issuance discount | 1,800,000 | ' | ' |
Debt extinguishment amount | 40,000,000 | ' | ' |
Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | 7.875% senior subordinated notes, due 2013 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Gains (losses) on extinguishment of debt | ' | ' | 4,000,000 |
Debt extinguishment amount | ' | ' | 11,400,000 |
Debt extinguishment, cost to retire | ' | ' | 9,000,000 |
Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | 8.875% senior second lien notes, due 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt extinguishment amount | ' | ' | 7,000,000 |
Debt extinguishment, cost to retire | ' | ' | 5,400,000 |
Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | 7.875% Notes, 10.5% Notes, and 8.375% Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Gains (losses) on extinguishment of debt | ' | $2,400,000 | ' |
LongTerm_Debt_Debt_Maturity_Sc
Long-Term Debt (Debt Maturity Schedule) (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $9,174 |
2015 | 9,495 |
2016 | 6,600 |
2017 | 763,950 |
2018 | 407,500 |
Thereafter | 0 |
Long-term Debt | $1,196,719 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Impairments, Other intangible assets, net | $33,400 | $33,367 | $0 | $0 |
Nonrecurring fair value [Member] | Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Impairments, Other intangible assets, net | ' | 33,367 | 0 | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Nonrecurring fair value [Member] | Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Remaining Net Carrying Value, Other intangible assets, net | $1,933 | $1,933 | $0 | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income (Loss) From Continuing Operations Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations before Income Taxes [Abstract] | ' | ' | ' |
Domestic | ($70,385) | ($26,572) | ($8,981) |
Foreign | -1,389 | 1,764 | 4,832 |
Loss from continuing operations before income taxes | ($71,774) | ($24,808) | ($4,149) |
Income_Taxes_Components_of_Inc1
Income Taxes (Components of Income Tax Txpense (Benefit) on Income (Loss) from Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Current tax expense (benefit): | ' | ' | ' |
Federal | $0 | $0 | ($4,113) |
Foreign | 977 | 295 | 1,361 |
State | 888 | 874 | 436 |
Current tax expense (benefit) | 1,865 | 1,169 | -2,316 |
Deferred tax expense (benefit): | ' | ' | ' |
Federal | 2,659 | 40,703 | 6,741 |
Foreign | -1,421 | -748 | 1,000 |
State | 10,650 | 14,596 | -880 |
Deferred tax expense | 11,888 | 54,551 | 6,861 |
Income tax expense | $13,753 | $55,720 | $4,545 |
Income_Taxes_Effective_Tax_Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' |
Expected tax benefit at federal statutory income tax rate | ($25,121) | ($8,683) | ($1,452) |
State and local income tax (benefit) expense | -1,706 | -1,075 | 1,807 |
Change in valuation allowance | 34,049 | 55,374 | -2,592 |
Change in contingency reserves | -105 | -94 | -84 |
Non-U.S. tax rate differences | 42 | -1,063 | 670 |
Non-deductible expenses | 3,260 | 2,426 | 6,847 |
Change in state tax rates | -272 | 1,564 | -547 |
Expiration of stock option contracts | 968 | 7,007 | 0 |
Other | 2,638 | 264 | -104 |
Income tax expense | $13,753 | $55,720 | $4,545 |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Deferred Tax Liabilities) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $108,580 | $106,393 |
Compensation and benefit related accruals | 35,238 | 60,047 |
Foreign tax credit carryforwards | 7,456 | 9,011 |
Alternative minimum tax credit carryforwards | 8,242 | 8,819 |
Accounts receivable | 2,075 | 1,928 |
Inventory | 2,682 | 2,504 |
Restructuring accruals | 9,985 | 11,850 |
Accrued tax and interest | 1,645 | 1,540 |
Other | 9,958 | 7,719 |
Valuation allowance | -110,754 | -69,241 |
Total deferred tax assets | 75,107 | 140,570 |
Deferred tax liabilities: | ' | ' |
Property, plant and equipment | -44,804 | -48,912 |
Goodwill and other intangible assets | -56,376 | -71,187 |
Other | -9,203 | -10,242 |
Total deferred tax liabilities | -110,383 | -130,341 |
Net deferred tax (liability) asset | -35,276 | 10,229 |
Prepaid and Other Current Assets [Member] | ' | ' |
Deferred Tax Assets, Net, Classification [Abstract] | ' | ' |
Current deferred tax asset | 7,823 | 15,567 |
Assets of Discontinued Operations, Current [Member] | ' | ' |
Deferred Tax Assets, Net, Classification [Abstract] | ' | ' |
Current deferred tax asset | 0 | 83 |
Other Liabilities [Member] | ' | ' |
Deferred Tax Assets, Net, Classification [Abstract] | ' | ' |
Long-term deferred tax liability | -43,099 | -4,541 |
Liabilities of Discontinued Operations, Noncurrent [Member] | ' | ' |
Deferred Tax Assets, Net, Classification [Abstract] | ' | ' |
Long-term deferred tax liability | $0 | ($880) |
Income_Taxes_Changes_in_Unreco
Income Taxes (Changes in Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Unrecognized tax benefits, beginning balance | $2,226 | $2,226 | $2,226 |
Gross decreases - tax positions in prior period | 0 | 0 | 0 |
Gross decreases – expiration of applicable statute of limitations | 0 | 0 | 0 |
Unrecognized tax benefits, ending balance | $2,226 | $2,226 | $2,226 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |
Internal Revenue Service (IRS) [Member] | Operating Loss Carryforward [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Federal and State Net Operating Loss Carry Forwards [Member] | Federal and State Net Operating Loss Carry Forwards [Member] | State Net Operating Loss and Federal Tax Credit Carry Forwards [Member] | State Net Operating Losses [Member] | Foreign Tax Credit Carryforwards [Member] | |||||
Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Foreign Tax Authority [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance, Change in deferred tax asset | $40,600,000 | $40,600,000 | $56,500,000 | ' | ' | ' | ' | ' | ' | ' | $56,500,000 | $40,600,000 | $1,000,000 | ' | $1,500,000 |
Income tax expense | ' | 13,753,000 | 55,720,000 | 4,545,000 | ' | -5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carryforwards | 108,580,000 | 108,580,000 | 106,393,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards | ' | ' | ' | ' | 282,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards, expiration dates | ' | ' | ' | ' | ' | ' | '2022 | '2014 | '2033 | '2015 | ' | ' | ' | ' | ' |
Foreign tax credit carryforwards | 7,456,000 | 7,456,000 | 9,011,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Alternative minimum tax credit carryforwards | 8,242,000 | 8,242,000 | 8,819,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | 97,100,000 | 97,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,100,000 | 13,700,000 | 2,500,000 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 2,200,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, interest on income taxes expense | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, interest on income taxes accrued | 2,200,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes Paid, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes receivable | 600,000 | 600,000 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes paid | ' | $300,000 | $1,400,000 | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Jun. 29, 2013 | Dec. 28, 2013 | |
facility | facility | |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Number of active restructuring plans (restructuring plan) | ' | 2 |
2013 Plan [Member] | Facility Closing [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring related headcount reductions (employee) | ' | 400 |
Acquisition Integration Plans [Member] | Envelope [Member] | Facility Closing [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Number of facilities consolidated (facility) | 1 | 5 |
Restructuring_and_Other_Charge3
Restructuring and Other Charges (Restructuring Expenses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | $13,100 | $27,100 | $17,812 |
Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 6,480 | 7,571 | 4,330 |
Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,295 | 8,395 | 2,973 |
Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,526 | 1,070 | 2,548 |
Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,059 | 1,159 | 2,591 |
Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 453 | 5,082 | 1,437 |
Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 2,287 | 3,823 | 3,933 |
Envelope [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 5,476 | 6,161 | 6,261 |
Envelope [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 643 | 2,500 | 2,499 |
Envelope [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,148 | 1,640 | 722 |
Envelope [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,477 | 449 | 1,853 |
Envelope [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 552 | 504 | 360 |
Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 107 | 168 | -156 |
Envelope [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,549 | 900 | 983 |
Print [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 4,289 | 18,089 | 8,929 |
Print [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 2,614 | 2,773 | 328 |
Print [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 147 | 6,755 | 2,088 |
Print [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 49 | 619 | 618 |
Print [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 569 | 493 | 2,017 |
Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 346 | 4,914 | 1,593 |
Print [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 564 | 2,535 | 2,285 |
Label and packaging [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,147 | 2,014 | 1,983 |
Label and packaging [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,260 | 1,652 | 1,278 |
Label and packaging [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 163 |
Label and packaging [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 2 | 77 |
Label and packaging [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | -126 | 162 | 132 |
Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 0 |
Label and packaging [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 13 | 198 | 333 |
Corporate [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 2,188 | 836 | 639 |
Corporate [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,963 | 646 | 225 |
Corporate [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 0 |
Corporate [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 0 |
Corporate [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 64 | 0 | 82 |
Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 0 |
Corporate [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 161 | 190 | 332 |
2013 Plan [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 6,867 | ' | ' |
2013 Plan [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 6,099 | ' | ' |
2013 Plan [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 392 | ' | ' |
2013 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 376 | ' | ' |
2013 Plan [Member] | Envelope [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 522 | ' | ' |
2013 Plan [Member] | Envelope [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 232 | ' | ' |
2013 Plan [Member] | Envelope [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 10 | ' | ' |
2013 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 215 | ' | ' |
2013 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Envelope [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 65 | ' | ' |
2013 Plan [Member] | Print [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 3,016 | ' | ' |
2013 Plan [Member] | Print [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 2,688 | ' | ' |
2013 Plan [Member] | Print [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 104 | ' | ' |
2013 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Print [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 224 | ' | ' |
2013 Plan [Member] | Label and packaging [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,261 | ' | ' |
2013 Plan [Member] | Label and packaging [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,239 | ' | ' |
2013 Plan [Member] | Label and packaging [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Label and packaging [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 9 | ' | ' |
2013 Plan [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Label and packaging [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 13 | ' | ' |
2013 Plan [Member] | Corporate [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 2,068 | ' | ' |
2013 Plan [Member] | Corporate [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,940 | ' | ' |
2013 Plan [Member] | Corporate [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 64 | ' | ' |
2013 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | ' | ' |
2013 Plan [Member] | Corporate [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 64 | ' | ' |
2012 Plan [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,241 | 13,979 | ' |
2012 Plan [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | -86 | 5,658 | ' |
2012 Plan [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 311 | 656 | ' |
2012 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 5,400 | ' |
2012 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,016 | 2,265 | ' |
2012 Plan [Member] | Envelope [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,302 | 2,346 | ' |
2012 Plan [Member] | Envelope [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | -37 | 1,483 | ' |
2012 Plan [Member] | Envelope [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 118 | 441 | ' |
2012 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 193 | 35 | ' |
2012 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 300 | 319 | ' |
2012 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | ' |
2012 Plan [Member] | Envelope [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 728 | 68 | ' |
2012 Plan [Member] | Print [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 179 | 16,341 | ' |
2012 Plan [Member] | Print [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | -74 | 2,241 | ' |
2012 Plan [Member] | Print [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 147 | 6,220 | ' |
2012 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 39 | 572 | ' |
2012 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 11 | 337 | ' |
2012 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 5,400 | ' |
2012 Plan [Member] | Print [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 56 | 1,571 | ' |
2012 Plan [Member] | Label and packaging [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 25 | 1,307 | ' |
2012 Plan [Member] | Label and packaging [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 25 | 1,288 | ' |
2012 Plan [Member] | Label and packaging [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | ' |
2012 Plan [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 6 | ' |
2012 Plan [Member] | Label and packaging [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | ' |
2012 Plan [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | ' |
2012 Plan [Member] | Label and packaging [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 13 | ' |
2012 Plan [Member] | Corporate [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 646 | ' |
2012 Plan [Member] | Corporate [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 646 | ' |
2012 Plan [Member] | Corporate [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 0 | ' |
2012 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 0 | ' |
2012 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 0 | ' |
2012 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 0 | ' |
2012 Plan [Member] | Corporate [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 0 | ' |
Residual Plans [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,195 | 2,436 | ' |
Residual Plans [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 19 | 884 | ' |
Residual Plans [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 319 | 331 | ' |
Residual Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 453 | -318 | ' |
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 404 | 1,539 | ' |
Residual Plans [Member] | Envelope [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 120 | 322 | 1,005 |
Residual Plans [Member] | Envelope [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | -12 | 408 |
Residual Plans [Member] | Envelope [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 31 |
Residual Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 13 | 259 |
Residual Plans [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 107 | 168 | -156 |
Residual Plans [Member] | Envelope [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 13 | 153 | 463 |
Residual Plans [Member] | Print [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,094 | 1,748 | 8,929 |
Residual Plans [Member] | Print [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 532 | 328 |
Residual Plans [Member] | Print [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 535 | 2,088 |
Residual Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 10 | 47 | 618 |
Residual Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 454 | 156 | 2,017 |
Residual Plans [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 346 | -486 | 1,593 |
Residual Plans [Member] | Print [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 284 | 964 | 2,285 |
Residual Plans [Member] | Label and packaging [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | -139 | 711 | 1,557 |
Residual Plans [Member] | Label and packaging [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | -4 | 364 | 1,239 |
Residual Plans [Member] | Label and packaging [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 33 |
Residual Plans [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 1 |
Residual Plans [Member] | Label and packaging [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | -135 | 162 | 126 |
Residual Plans [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 0 |
Residual Plans [Member] | Label and packaging [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 185 | 158 |
Residual Plans [Member] | Corporate [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 120 | 190 | 639 |
Residual Plans [Member] | Corporate [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 23 | 0 | 225 |
Residual Plans [Member] | Corporate [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 82 |
Residual Plans [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 97 | 190 | 332 |
Acquisition Integration Plans [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 2,502 | 2,290 | ' |
Acquisition Integration Plans [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 448 | 1,029 | ' |
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 37 | 172 | ' |
Acquisition Integration Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | ' |
Acquisition Integration Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 2,017 | 1,089 | ' |
Acquisition Integration Plans [Member] | Envelope [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 3,532 | 3,493 | 5,256 |
Acquisition Integration Plans [Member] | Envelope [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 448 | 1,029 | 2,091 |
Acquisition Integration Plans [Member] | Envelope [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,030 | 1,199 | 722 |
Acquisition Integration Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 1,274 | 414 | 1,822 |
Acquisition Integration Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 37 | 172 | 101 |
Acquisition Integration Plans [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 0 | 0 | 0 |
Acquisition Integration Plans [Member] | Envelope [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | 743 | 679 | 520 |
Acquisition Integration Plans [Member] | Label and packaging [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | -4 | 426 |
Acquisition Integration Plans [Member] | Label and packaging [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 0 | 39 |
Acquisition Integration Plans [Member] | Label and packaging [Member] | Asset charges, net of gain on sale [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 0 | 130 |
Acquisition Integration Plans [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | -4 | 76 |
Acquisition Integration Plans [Member] | Label and packaging [Member] | Lease Termination Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 0 | 6 |
Acquisition Integration Plans [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | 0 | 0 |
Acquisition Integration Plans [Member] | Label and packaging [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Charges [Abstract] | ' | ' | ' |
Restructuring and other charges | ' | $0 | $175 |
Restructuring_and_Other_Charge4
Restructuring and Other Charges (Changes in Restructuring Liability) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Accruals, net | $13,100 | $27,100 | $17,812 |
Restructuring reserve, ending balance | 25,450 | ' | ' |
Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Accruals, net | 6,480 | 7,571 | 4,330 |
Restructuring reserve, ending balance | 992 | ' | ' |
Lease Termination [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Accruals, net | 1,059 | 1,159 | 2,591 |
Restructuring reserve, ending balance | 3,903 | ' | ' |
Pension Withdrawal Liabilities [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Accruals, net | 453 | 5,082 | 1,437 |
Restructuring reserve, ending balance | 20,555 | ' | ' |
Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Accruals, net | 2,287 | 3,823 | 3,933 |
Restructuring reserve, ending balance | 0 | ' | ' |
2013 Plan [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 0 | ' | ' |
Accruals, net | 6,867 | ' | ' |
Payments | -5,974 | ' | ' |
Restructuring reserve, ending balance | 893 | ' | ' |
2013 Plan [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 0 | ' | ' |
Accruals, net | 6,099 | ' | ' |
Payments | -5,262 | ' | ' |
Restructuring reserve, ending balance | 837 | ' | ' |
2013 Plan [Member] | Lease Termination [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 0 | ' | ' |
Accruals, net | 392 | ' | ' |
Payments | -336 | ' | ' |
Restructuring reserve, ending balance | 56 | ' | ' |
2013 Plan [Member] | Pension Withdrawal Liabilities [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 0 | ' | ' |
Accruals, net | 0 | ' | ' |
Payments | 0 | ' | ' |
Restructuring reserve, ending balance | 0 | ' | ' |
2013 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 0 | ' | ' |
Accruals, net | 376 | ' | ' |
Payments | -376 | ' | ' |
Restructuring reserve, ending balance | 0 | ' | ' |
2012 Plan [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 7,092 | 0 | ' |
Accruals, net | 1,241 | 13,979 | ' |
Payments | -2,606 | -6,887 | ' |
Restructuring reserve, ending balance | 5,727 | 7,092 | ' |
2012 Plan [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 1,199 | 0 | ' |
Accruals, net | -86 | 5,658 | ' |
Payments | -1,113 | -4,459 | ' |
Restructuring reserve, ending balance | 0 | 1,199 | ' |
2012 Plan [Member] | Lease Termination [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 493 | 0 | ' |
Accruals, net | 311 | 656 | ' |
Payments | -477 | -163 | ' |
Restructuring reserve, ending balance | 327 | 493 | ' |
2012 Plan [Member] | Pension Withdrawal Liabilities [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 5,400 | 0 | ' |
Accruals, net | 0 | 5,400 | ' |
Payments | 0 | 0 | ' |
Restructuring reserve, ending balance | 5,400 | 5,400 | ' |
2012 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 0 | 0 | ' |
Accruals, net | 1,016 | 2,265 | ' |
Payments | -1,016 | -2,265 | ' |
Restructuring reserve, ending balance | 0 | 0 | ' |
Residual Plans [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 21,663 | 27,413 | ' |
Accruals, net | 1,195 | 2,436 | ' |
Payments | -6,686 | -8,186 | ' |
Restructuring reserve, ending balance | 16,172 | 21,663 | ' |
Residual Plans [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 127 | 1,071 | ' |
Accruals, net | 19 | 884 | ' |
Payments | -146 | -1,828 | ' |
Restructuring reserve, ending balance | 0 | 127 | ' |
Residual Plans [Member] | Lease Termination [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 2,017 | 3,804 | ' |
Accruals, net | 319 | 331 | ' |
Payments | -1,319 | -2,118 | ' |
Restructuring reserve, ending balance | 1,017 | 2,017 | ' |
Residual Plans [Member] | Pension Withdrawal Liabilities [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 19,519 | 22,538 | ' |
Accruals, net | 453 | -318 | ' |
Payments | -4,817 | -2,701 | ' |
Restructuring reserve, ending balance | 15,155 | 19,519 | ' |
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 0 | 0 | ' |
Accruals, net | 404 | 1,539 | ' |
Payments | -404 | -1,539 | ' |
Restructuring reserve, ending balance | 0 | 0 | ' |
Acquisition Integration Plans [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 1,386 | 1,838 | ' |
Accruals, net | 2,502 | 2,290 | ' |
Acquisition | 1,985 | ' | ' |
Payments | -3,215 | -2,742 | ' |
Restructuring reserve, ending balance | 2,658 | 1,386 | ' |
Acquisition Integration Plans [Member] | Employee Separation Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 298 | 492 | ' |
Accruals, net | 448 | 1,029 | ' |
Acquisition | 0 | ' | ' |
Payments | -591 | -1,223 | ' |
Restructuring reserve, ending balance | 155 | 298 | ' |
Acquisition Integration Plans [Member] | Lease Termination [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 1,088 | 1,346 | ' |
Accruals, net | 37 | 172 | ' |
Acquisition | 1,985 | ' | ' |
Payments | -607 | -430 | ' |
Restructuring reserve, ending balance | 2,503 | 1,088 | ' |
Acquisition Integration Plans [Member] | Pension Withdrawal Liabilities [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 0 | 0 | ' |
Accruals, net | 0 | 0 | ' |
Acquisition | 0 | ' | ' |
Payments | 0 | 0 | ' |
Restructuring reserve, ending balance | 0 | 0 | ' |
Acquisition Integration Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring reserve, beginning balance | 0 | 0 | ' |
Accruals, net | 2,017 | 1,089 | ' |
Acquisition | 0 | ' | ' |
Payments | -2,017 | -1,089 | ' |
Restructuring reserve, ending balance | $0 | $0 | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Activity) (Details) (Stock Options [Member], USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Stock Options [Member] | ' | ' | ' | ' |
Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Options, Beginning balance (options) | 2,226,000 | 4,192,980 | 3,805,224 | ' |
Options, Granted (shares) | 189,500 | 0 | 590,000 | ' |
Options, Exercised (shares) | -20,000 | 0 | -70,598 | ' |
Options, Forfeited (shares) | -617,500 | -1,966,980 | -131,646 | ' |
Options, Ending balance (options) | 1,778,000 | 2,226,000 | 4,192,980 | 3,805,224 |
Options Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Weighted Average Exercise Price, Beginning balance (dollars per share) | $7.75 | $10.21 | $10.70 | ' |
Weighted Average Exercise Price, Granted (dollars per share) | $2 | $0 | $5.62 | ' |
Weighted Average Exercise Price, Exercised (dollars per share) | $2 | $0 | $4.04 | ' |
Weighted Average Exercise Price, Forfeited (dollars per share) | $13.43 | $13 | $6.89 | ' |
Weighted Average Exercise Price, Ending balance (dollars per share) | $5.23 | $7.75 | $10.21 | $10.70 |
Wt Avg Exercise Price, Contractual Term, Intrinsic Value, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Weighted Average Remaining Contractual Term (In Years) | '2 years 5 months 4 days | '2 years 8 months 12 days | '2 years 6 months | '3 years 1 month 6 days |
Aggregate Intrinsic Value | $259 | $0 | $0 | $1,075 |
Aggregate Intrinsic Value, Exercised | 22 | 0 | 141 | ' |
Options, Exercisable (shares) | 1,296,000 | ' | ' | ' |
Weighted Average Exercise Price, Options Excercisable (dollars per share) | $5.44 | ' | ' | ' |
Weighted Average Remaining Contractual Term, Options Excersiable (In Years) | '1 year 11 months 12 days | ' | ' | ' |
Aggregate Intrinsic Value, Options Exercisable (dollars per share) | $0 | ' | ' | ' |
StockBased_Compensation_Stock_1
Stock-Based Compensation (Stock Option Fair Value Assumptions) (Details) (Stock Options [Member], USD $) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted average fair value of option grants during the year (dollars per share) | $1.01 | $2.28 |
Expected option life in years (years) | '4 years 3 months | '4 years 3 months |
Risk-free interest rate (percent) | 0.50% | 1.46% |
Expected volatility (percent) | 65.70% | 49.10% |
Expected dividend yield (percent) | 0.00% | 0.00% |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Share and RSU Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 | |
Restricted Stock [Member] | ' | ' | ' |
Nonvested, Restricted Shares and RSUs, Number of Shares [Roll Forward] | ' | ' | ' |
Unvested, Beginning balance (shares) | 0 | ' | 25,300 |
Granted (shares) | 0 | 0 | 0 |
Vested (shares) | 0 | 0 | 0 |
Forfeited (shares) | 0 | 0 | -25,300 |
Unvested, Ending balance (shares) | 0 | 0 | 0 |
Nonvested, Restricted Shares and RSUs, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $0 | ' | $6.53 |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | $0 | $0 | $0 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | $0 | $0 | $0 |
Weighted Average Grant Date Fair Value, Foreited (dollars per share) | $0 | $0 | $6.53 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $0 | $0 | $0 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Nonvested, Restricted Shares and RSUs, Number of Shares [Roll Forward] | ' | ' | ' |
Unvested, Beginning balance (shares) | 1,074,340 | ' | 1,720,674 |
Granted (shares) | 549,500 | 136,840 | 806,084 |
Vested (shares) | -629,340 | -795,459 | -745,674 |
Forfeited (shares) | -13,750 | -21,875 | -26,250 |
Unvested, Ending balance (shares) | 980,750 | 1,074,340 | 1,754,834 |
Nonvested, Restricted Shares and RSUs, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $5.44 | ' | $8.13 |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | $2 | $1.90 | $5.62 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | $4.88 | $7.02 | $9.42 |
Weighted Average Grant Date Fair Value, Foreited (dollars per share) | $2.99 | $7.32 | $6.57 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $3.91 | $5.44 | $6.46 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 01, 2011 | 1-May-13 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | 31-May-08 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Stock Options [Member] | 2007 Long-term Equity Incentive Plan [Member] | 2007 Long-term Equity Incentive Plan [Member] | 2007 Long-term Equity Incentive Plan [Member] | 2007 Long-term Equity Incentive Plan [Member] | 2007 Long-term Equity Incentive Plan [Member] | 2007 Long-term Equity Incentive Plan [Member] | 2007 Long-term Equity Incentive Plan [Member] | ||||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Narrative Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' |
Number of additional shares authorized for issuance (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,040,000 | ' | ' | ' | ' | ' | ' |
Maximum remaining contractual term (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' |
Vesting period (years) | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation provision | $3,739,000 | $5,333,000 | $8,716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation, tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 1,200,000 | 1,500,000 | ' | ' | ' | ' |
Unrecognized share based compensation expense | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share based compensation costs, amortization period (years) | '1 year 6 months 25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSU fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000 | $2,000,000 | $3,700,000 |
Shares granted (shares) | ' | ' | ' | 549,500 | 136,840 | 806,084 | 730,500 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement_Plans_Funded_Status
Retirement Plans (Funded Status and Net Periodic Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Reconciliation of Benefit Obligation [Roll Forward] | ' | ' | ' |
Service cost | $0 | $1,932 | $1,382 |
Interest cost | 13,716 | 14,546 | 15,377 |
Actuarial (gain) loss | 7,779 | 6,424 | 1,015 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Reconciliation of Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 352,009 | 328,523 | ' |
Service cost | 0 | 1,932 | ' |
Interest cost | 12,932 | 13,657 | ' |
Actuarial (gain) loss | -29,158 | 23,733 | ' |
Benefits paid | -16,632 | -15,836 | ' |
Prior service cost due to acquisition | 0 | 0 | ' |
Benefit obligation at end of year | 319,151 | 352,009 | ' |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ' |
Reconciliation of Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 19,603 | 19,538 | ' |
Service cost | 0 | 0 | ' |
Interest cost | 696 | 786 | ' |
Actuarial (gain) loss | -381 | 1,398 | ' |
Benefits paid | -2,094 | -2,119 | ' |
Prior service cost due to acquisition | 0 | 0 | ' |
Benefit obligation at end of year | 17,824 | 19,603 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Reconciliation of Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 2,479 | 2,551 | ' |
Service cost | 0 | 0 | ' |
Interest cost | 88 | 103 | ' |
Actuarial (gain) loss | -418 | -24 | ' |
Benefits paid | -136 | -151 | ' |
Prior service cost due to acquisition | 62 | 0 | ' |
Benefit obligation at end of year | $2,075 | $2,479 | ' |
Retirement_Plans_Reconciliatio
Retirement Plans (Reconciliation of Fair Value of Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Pension Plans, Defined Benefit [Member] | ' | ' |
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ' | ' |
Fair value of plan assets at beginning of year | $231,897 | $210,577 |
Actual return on plan assets | 32,085 | 21,198 |
Employer contributions | 13,567 | 15,958 |
Benefits paid | -16,632 | -15,836 |
Fair value of plan assets at end of year | 260,917 | 231,897 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 2,094 | 2,119 |
Benefits paid | -2,094 | -2,119 |
Fair value of plan assets at end of year | 0 | 0 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 136 | 151 |
Benefits paid | -136 | -151 |
Fair value of plan assets at end of year | $0 | $0 |
Retirement_Plans_Plan_Funded_S
Retirement Plans (Plan Funded Status) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ' | ' |
Funded Status of Plan [Abstract] | ' | ' |
Funded status at end of year | ($58,234) | ($120,112) |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Funded Status of Plan [Abstract] | ' | ' |
Funded status at end of year | -17,824 | -19,603 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Funded Status of Plan [Abstract] | ' | ' |
Funded status at end of year | ($2,075) | ($2,479) |
Retirement_Plans_Amounts_Recog
Retirement Plans (Amounts Recognized in Accumulated Other Comprehensive Income) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ' | ' |
Net actuarial loss | $60,338 | $110,682 |
Prior service cost | 0 | 0 |
Total | 60,338 | 110,682 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ' | ' |
Net actuarial loss | 4,158 | 4,766 |
Prior service cost | 0 | 0 |
Total | 4,158 | 4,766 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ' | ' |
Net actuarial loss | -614 | -200 |
Prior service cost | 44 | -23 |
Total | ($570) | ($223) |
Retirement_Plans_Amount_Recong
Retirement Plans (Amount Recongized in the Balance Sheet) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans, Defined Benefit [Member] | ' | ' |
Liabilities [Abstract] | ' | ' |
Other current liabilities | $0 | $0 |
Other liabilities | 58,234 | 120,112 |
Total liabilities | 58,234 | 120,112 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Liabilities [Abstract] | ' | ' |
Other current liabilities | 2,077 | 2,135 |
Other liabilities | 15,747 | 17,468 |
Total liabilities | 17,824 | 19,603 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Liabilities [Abstract] | ' | ' |
Other current liabilities | 250 | 262 |
Other liabilities | 1,825 | 2,217 |
Total liabilities | $2,075 | $2,479 |
Retirement_Plans_Components_of
Retirement Plans (Components of Net Periodic Pension Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | $0 | $1,932 | $1,382 |
Interest cost | 13,716 | 14,546 | 15,377 |
Expected return on plan assets | -18,455 | -16,875 | -16,426 |
Net amortization and deferral | -6 | -6 | -5 |
Recognized net actuarial loss | 7,779 | 6,424 | 1,015 |
Net periodic expense | $3,034 | $6,021 | $1,343 |
Retirement_Plans_Weighted_Aver
Retirement Plans (Weighted Average Assumptions for Net Periodic Benefit Cost) (Details) (Pension Plans, Defined Benefit [Member]) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Weighted average discount rate (percent) | 3.75% | 4.25% | 5.25% |
Expected long-term rate of return on plan assets (percent) | 8.00% | 8.00% | 8.00% |
Rate of compensation increase (percent) | 0.00% | 0.00% | 3.00% |
Retirement_Plans_Schedule_of_B
Retirement Plans (Schedule of Benefit Obligations in Excess of Plan Assets) (Details) (Pension Plans and Supplemental Employee Retirement Plans [Member], USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans and Supplemental Employee Retirement Plans [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Projected benefit obligation | $336,975 | $371,612 |
Accumulated benefit obligation | 336,975 | 371,612 |
Fair value of plan assets | $260,917 | $231,897 |
Retirement_Plans_Schedule_of_E
Retirement Plans (Schedule of Expected Benefit Payments) (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit [Member] | ' |
Expected Future Benefit Payments [Abstract] | ' |
2014 | $16,966 |
2015 | 17,194 |
2016 | 17,477 |
2017 | 17,843 |
2018 | 18,306 |
2019 through 2023 | 97,623 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' |
Expected Future Benefit Payments [Abstract] | ' |
2014 | 2,123 |
2015 | 2,041 |
2016 | 2,006 |
2017 | 1,850 |
2018 | 1,681 |
2019 through 2023 | 7,133 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Expected Future Benefit Payments [Abstract] | ' |
2014 | 255 |
2015 | 236 |
2016 | 217 |
2017 | 199 |
2018 | 182 |
2019 through 2023 | $708 |
Retirement_Plans_Fair_Value_of
Retirement Plans (Fair Value of Pension Plan Assets) (Details) (Pension Plans, Defined Benefit [Member], USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | $260,917 | $231,897 | $210,577 |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 6,115 | 6,817 | ' |
Equity [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 141,334 | 121,600 | ' |
Fixed income [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 58,668 | 55,381 | ' |
Other [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,684 | 1,802 | ' |
Alternative investments [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 53,116 | 46,297 | ' |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 164,630 | 143,646 | ' |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 6,115 | 6,817 | ' |
Level 1 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 141,334 | 121,600 | ' |
Level 1 [Member] | Fixed income [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 17,181 | 15,229 | ' |
Level 1 [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 1 [Member] | Alternative investments [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 43,171 | 41,954 | ' |
Level 2 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | Fixed income [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 41,487 | 40,152 | ' |
Level 2 [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,684 | 1,802 | ' |
Level 2 [Member] | Alternative investments [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 53,116 | 46,297 | ' |
Level 3 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Equity [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Fixed income [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Alternative investments [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair value of plan assets | $53,116 | $46,297 | $28,762 |
Retirement_Plans_Summary_of_Ch
Retirement Plans (Summary of Changes in Fair Value of Level 3 Assets) (Details) (Pension Plans, Defined Benefit [Member], USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | Alternative investments [Member] | Alternative investments [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |||
Alternative investments [Member] | Alternative investments [Member] | ||||||||
Fair Value of Level 3 Assets [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | $260,917 | $231,897 | $210,577 | $53,116 | $46,297 | $53,116 | $46,297 | $46,297 | $28,762 |
Purchases, sales and settlements | ' | ' | ' | ' | ' | ' | ' | 0 | 14,056 |
Unrealized gains | ' | ' | ' | ' | ' | ' | ' | 6,819 | 3,479 |
Fair value of plan assets at end of year | $260,917 | $231,897 | $210,577 | $53,116 | $46,297 | $53,116 | $46,297 | $53,116 | $46,297 |
Retirement_Plans_Schedule_of_A
Retirement Plans (Schedule of Actual and Target Allocations of Plan Assets) (Details) (Pension and Other Postretirement Benefit Plans [Member]) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | |
Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |
Equity [Member] | Equity [Member] | Fixed income [Member] | Fixed income [Member] | Alternative and other investments [Member] | Alternative and other investments [Member] | Equity [Member] | Equity [Member] | Fixed income [Member] | Fixed income [Member] | Alternative and other investments [Member] | Alternative and other investments [Member] | |
Target Allocations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual plan asset allocations (percent) | 53.00% | 51.00% | 23.00% | 25.00% | 2.00% | 4.00% | 64.00% | 65.00% | 32.00% | 33.00% | 24.00% | 24.00% |
Target plan asset allocations range, minimum (percent) | 60.00% | ' | 25.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Target plan asset allocations range, maximum (percent) | ' | ' | ' | ' | ' | ' | 75.00% | ' | 35.00% | ' | 30.00% | ' |
Retirement_Plans_Schedule_of_M
Retirement Plans (Schedule of Multi-employer Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Multiemployer Plans [Line Items] | ' | ' | ' |
Contributions | $1,088 | $1,143 | $1,600 |
Multiemployer Plans, Pension [Member] | Graphic Communications Conference / International Brotherhood of Teamsters [Member] | Oregon Location [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
EIN | '526118568 | ' | ' |
Pension Plan Number | '001 | ' | ' |
Pension Protection Act Reported Status | 'Red | ' | ' |
FIP/RP Status | 'Implemented | ' | ' |
Contributions | 262 | 236 | 249 |
Surcharge imposed | 'Yes | ' | ' |
Expiration Date of Collective Bargaining Agreement | 30-Jun-16 | ' | ' |
Multiemployer Plans, Pension [Member] | Graphic Communications Conference / International Brotherhood of Teamsters [Member] | Missouri Location [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
EIN | '526118568 | ' | ' |
Pension Plan Number | '001 | ' | ' |
Pension Protection Act Reported Status | 'Red | ' | ' |
FIP/RP Status | 'Implemented | ' | ' |
Contributions | 100 | 102 | 206 |
Surcharge imposed | 'Yes | ' | ' |
Expiration Date of Collective Bargaining Agreement | 31-Dec-14 | ' | ' |
Multiemployer Plans, Pension [Member] | Graphic Communications Conference / International Brotherhood of Teamsters [Member] | Minneapolis Location [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
EIN | '526118568 | ' | ' |
Pension Plan Number | '001 | ' | ' |
Pension Protection Act Reported Status | 'Red | ' | ' |
FIP/RP Status | 'Implemented | ' | ' |
Contributions | 14 | 15 | 25 |
Surcharge imposed | 'Yes | ' | ' |
Expiration Date of Collective Bargaining Agreement | 30-Apr-14 | ' | ' |
Multiemployer Plans, Pension [Member] | Graphic Communications Pension Trust Fund of Canada [Member] | Canadian Location [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Pension Plan Number | '223 | ' | ' |
Pension Protection Act Reported Status | 'Red | ' | ' |
FIP/RP Status | 'Implemented | ' | ' |
Contributions | 195 | 225 | 250 |
Surcharge imposed | 'No | ' | ' |
Expiration Date of Collective Bargaining Agreement | 30-Jun-15 | ' | ' |
Multiemployer Plans, Pension [Member] | Graphic Communications Supplemental Retirement and Disability Fund 226 [Member] | Canadian Location [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Pension Plan Number | '226 | ' | ' |
Pension Protection Act Reported Status | 'Red | ' | ' |
FIP/RP Status | 'Implemented | ' | ' |
Contributions | 429 | 479 | 523 |
Surcharge imposed | 'No | ' | ' |
Expiration Date of Collective Bargaining Agreement | 30-Jun-15 | ' | ' |
Multiemployer Plans, Pension [Member] | Communication Workers of America International Teamsters Union [Member] | Virginia Location [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
EIN | '136212879 | ' | ' |
Pension Plan Number | '001 | ' | ' |
Pension Protection Act Reported Status | 'Red | ' | ' |
FIP/RP Status | 'Implemented | ' | ' |
Contributions | $88 | $86 | $347 |
Surcharge imposed | 'No | ' | ' |
Expiration Date of Collective Bargaining Agreement | 1-Mar-18 | ' | ' |
Multiemployer Plans, Pension [Member] | Graphic Communications Supplemental Retirement and Disability Fund 251 [Member] | Canadian Location [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Pension Plan Number | '251 | ' | ' |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Savings Plan, company matching contributions | $300,000 | ' | $100,000 |
Savings Plan, shares of Cenveo's common stock (shares) | 2,263,670 | ' | ' |
Interest cost | 13,716,000 | 14,546,000 | 15,377,000 |
Contributions to multi-employer plans | 1,100,000 | 1,100,000 | 1,600,000 |
Multiemployer plans, withdrawal liabilities | 500,000 | 5,100,000 | 1,400,000 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Interest cost | 12,932,000 | 13,657,000 | ' |
Actuarial losses expected to be recognized in net periodic benefit costs | 3,000,000 | ' | ' |
Prior service cost expected to be recognized in net periodic benefit costs | 0 | ' | ' |
Discount rate utilized to determine benefit obligation | 4.50% | 3.75% | ' |
Expected long-term rate of return on plan assets (percent) | 8.00% | 8.00% | 8.00% |
Estimated future employer contributions in 2014 | 15,700,000 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Interest cost | 88,000 | 103,000 | ' |
Actuarial losses expected to be recognized in net periodic benefit costs | 200,000 | ' | ' |
Supplemental Employee Retirement and Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Interest cost | 800,000 | 900,000 | 1,100,000 |
Estimated future employer contributions in 2014 | $2,400,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Schedule of Future Minimum Lease Payments) (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $28,017 |
2015 | 24,264 |
2016 | 18,860 |
2017 | 15,928 |
2018 | 11,987 |
Thereafter | 20,337 |
Total | $119,393 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Loss Contingencies [Line Items] | ' | ' | ' |
Operating lease rent expense | $26.60 | $25.60 | $26.40 |
Letter of Credit [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Letters of credit | 22.3 | ' | ' |
Damage from Fire, Explosion or Other Hazard [Member] | Pending Litigation [Member] | Environmental [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Environmental undiscounted liability | $2 | $2.10 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI Components) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' |
Accumulated Other Comprehensive Loss, Beginning balance | ($67,201) | ($59,880) | ' |
Other comprehensive income (loss) before reclassifications | 22,159 | -11,236 | ' |
Amounts reclassified from AOCI | 4,742 | 3,915 | ' |
Other comprehensive income | 26,901 | -7,321 | -39,597 |
Accumulated Other Comprehensive Loss, Ending balance | -40,300 | -67,201 | -59,880 |
Foreign Currency Translation [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' |
Accumulated Other Comprehensive Loss, Beginning balance | 2,945 | 2,280 | ' |
Other comprehensive income (loss) before reclassifications | -4,529 | 665 | ' |
Amounts reclassified from AOCI | 0 | 0 | ' |
Other comprehensive income | -4,529 | 665 | ' |
Accumulated Other Comprehensive Loss, Ending balance | -1,584 | 2,945 | ' |
Pension and Other Postretirement Benefits [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' |
Accumulated Other Comprehensive Loss, Beginning balance | -70,146 | -62,160 | ' |
Other comprehensive income (loss) before reclassifications | 26,688 | -11,901 | ' |
Amounts reclassified from AOCI | 4,742 | 3,915 | ' |
Other comprehensive income | 31,430 | -7,986 | ' |
Accumulated Other Comprehensive Loss, Ending balance | ($38,716) | ($70,146) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | ($71,774) | ($24,808) | ($4,149) |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 13,753 | 55,720 | 4,545 |
Loss from continuing operations | -59,468 | 13,427 | -18,996 | -20,490 | -57,389 | 3,022 | -1,790 | -24,371 | -85,527 | -80,528 | -8,694 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 7,773 | 6,418 | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -3,031 | -2,503 | ' |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,742 | 3,915 | ' |
Pension and Other Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net actuarial losses | ' | ' | ' | ' | ' | ' | ' | ' | 7,779 | 6,424 | ' |
Prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | ($6) | ($6) | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 02, 2013 | Dec. 28, 2013 | |
Building [Member] | Building [Member] | ||||
Executives [Member] | Executives [Member] | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Lease term (years) | ' | ' | ' | '10 years | ' |
Operating lease rent expense | $26,600,000 | $25,600,000 | $26,400,000 | ' | $100,000 |
Future lease payments | $119,393,000 | ' | ' | ' | $5,200,000 |
Income_Loss_Per_Share_Narrativ
Income (Loss) Per Share (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (shares) | 22.9 | 24.1 | 5.8 |
Income_Loss_Per_Share_Computat
Income (Loss) Per Share (Computation of Basic and Diluted Income (Loss) per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations | ($59,468) | $13,427 | ($18,996) | ($20,490) | ($57,389) | $3,022 | ($1,790) | ($24,371) | ($85,527) | ($80,528) | ($8,694) |
Income from discontinued operations, net of taxes | 1,791 | 13,492 | 113 | 1,345 | 646 | 1,453 | 1,389 | -2,847 | 16,741 | 641 | 129 |
Net loss | ($57,677) | $26,919 | ($18,883) | ($19,145) | ($56,743) | $4,475 | ($401) | ($27,218) | ($68,786) | ($79,887) | ($8,565) |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares | ' | ' | ' | ' | ' | ' | ' | ' | 64,576 | 63,567 | 62,983 |
Dilutive effect of convertible notes (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Dilutive effect of equity awards (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Diluted shares | ' | ' | ' | ' | ' | ' | ' | ' | 64,576 | 63,567 | 62,983 |
(Loss) income per share – basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income per share from continuing operations - basic | ($0.90) | $0.21 | ($0.30) | ($0.32) | ($0.90) | $0.05 | ($0.03) | ($0.38) | ($1.32) | ($1.27) | ($0.14) |
Discontinued operations per share - basic | $0.03 | $0.21 | $0 | $0.02 | $0.01 | $0.02 | $0.02 | ($0.05) | $0.25 | $0.01 | $0 |
Net loss per share - basic | ($0.87) | $0.42 | ($0.30) | ($0.30) | ($0.89) | $0.07 | ($0.01) | ($0.43) | ($1.07) | ($1.26) | ($0.14) |
(Loss) income per share – diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income per share from continuing operations - diluted | ($0.90) | $0.16 | ($0.30) | ($0.32) | ($0.90) | $0.05 | ($0.03) | ($0.38) | ($1.32) | ($1.27) | ($0.14) |
Discontinued operations per share - diluted | $0.03 | $0.16 | $0 | $0.02 | $0.01 | $0.02 | $0.02 | ($0.05) | $0.25 | $0.01 | $0 |
Net loss per share - diluted | ($0.87) | $0.32 | ($0.30) | ($0.30) | ($0.89) | $0.07 | ($0.01) | ($0.43) | ($1.07) | ($1.26) | ($0.14) |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
reportable_segment | reportable_segment | reportable_segment | |||||||||
operating_segment | |||||||||||
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments (operating segment) | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Number of reportable segments (reportable segment) | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | ' |
Net sales | $509,873 | $442,781 | $406,540 | $418,614 | $437,700 | $437,168 | $423,861 | $439,564 | $1,777,808 | $1,738,293 | $1,844,371 |
Operating income (loss) | -15,681 | 16,524 | 16,842 | 11,678 | 31,650 | 32,282 | 25,967 | 11,286 | 29,363 | 101,185 | 105,162 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 13,100 | 27,100 | 17,812 |
Depreciation and intangible asset amortization | ' | ' | ' | ' | ' | ' | ' | ' | 60,496 | 60,658 | 62,548 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 29,235 | 20,563 | 15,572 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 19,317 | 23,461 | 22,413 |
Total assets | 1,213,704 | ' | ' | ' | 1,200,555 | ' | ' | ' | 1,213,704 | 1,200,555 | ' |
Long-lived assets | 660,092 | ' | ' | ' | 671,692 | ' | ' | ' | 660,092 | 671,692 | ' |
U.S. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,705,043 | 1,655,589 | 1,748,277 |
Long-lived assets | 634,212 | ' | ' | ' | 636,182 | ' | ' | ' | 634,212 | 636,182 | ' |
Foreign [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 72,765 | 82,704 | 96,094 |
Long-lived assets | 25,880 | ' | ' | ' | 35,510 | ' | ' | ' | 25,880 | 35,510 | ' |
Envelope [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 749,898 | 658,217 | 706,596 |
Print [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 529,760 | 585,632 | 626,994 |
Label [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 337,270 | 331,543 | 334,671 |
Packaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 160,880 | 162,903 | 176,110 |
Envelope [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 244,424 | 177,717 | 161,304 | 166,453 | 168,121 | 159,804 | 161,760 | 168,532 | 749,898 | 658,217 | 706,596 |
Operating income (loss) | 12,521 | 8,119 | 10,125 | 9,010 | 13,140 | 10,275 | 11,127 | 10,943 | 39,775 | 45,485 | 46,838 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 5,476 | 6,161 | 6,261 |
Depreciation and intangible asset amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16,407 | 16,986 | 17,300 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 7,221 | 1,402 | 2,203 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,178 | 8,676 | 6,636 |
Total assets | 472,334 | ' | ' | ' | 376,224 | ' | ' | ' | 472,334 | 376,224 | ' |
Print [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 140,630 | 140,331 | 121,554 | 127,245 | 149,868 | 154,926 | 138,565 | 142,273 | 529,760 | 585,632 | 626,994 |
Operating income (loss) | -15,941 | 6,874 | 2,018 | 1,007 | 14,181 | 15,556 | 8,627 | -5,519 | -6,042 | 32,845 | 43,709 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 4,289 | 18,089 | 8,929 |
Depreciation and intangible asset amortization | ' | ' | ' | ' | ' | ' | ' | ' | 20,894 | 21,333 | 22,769 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6,868 | 8,145 | 5,685 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,579 | 3,097 | 5,846 |
Total assets | 320,720 | ' | ' | ' | 378,129 | ' | ' | ' | 320,720 | 378,129 | ' |
Label and packaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 124,819 | 124,733 | 123,682 | 124,916 | 119,711 | 122,438 | 123,536 | 128,759 | 498,150 | 494,444 | 510,781 |
Operating income (loss) | -1,053 | 9,245 | 12,908 | 11,544 | 13,048 | 13,811 | 14,363 | 13,444 | 32,644 | 54,666 | 57,768 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 1,147 | 2,014 | 1,983 |
Depreciation and intangible asset amortization | ' | ' | ' | ' | ' | ' | ' | ' | 18,214 | 18,012 | 19,301 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 9,605 | 4,374 | 2,674 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 10,560 | 11,688 | 9,931 |
Total assets | 356,183 | ' | ' | ' | 370,437 | ' | ' | ' | 356,183 | 370,437 | ' |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | -11,208 | -7,714 | -8,209 | -9,883 | -8,719 | -7,360 | -8,150 | -7,582 | -37,014 | -31,811 | -43,153 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 2,188 | 836 | 639 |
Depreciation and intangible asset amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,981 | 4,327 | 3,178 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 5,541 | 6,642 | 5,010 |
Total assets | $64,467 | ' | ' | ' | $75,765 | ' | ' | ' | $64,467 | $75,765 | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Narrative) (Details) | Dec. 28, 2013 |
7.875% senior subordinated notes, due 2013 [Member] | Senior Subordinated Notes [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Debt interest rate (percent) | 7.88% |
8.875% senior second lien notes, due 2018 [Member] | Senior Subordinated Notes [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Debt interest rate (percent) | 8.88% |
11.5% senior notes, due 2017 [Member] | Senior Notes [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Debt interest rate (percent) | 11.50% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $11,329 | $8,110 | $17,753 | $49,749 |
Accounts receivable, net | 281,586 | 254,389 | ' | ' |
Inventories | 161,565 | 127,235 | ' | ' |
Notes receivable from subsidiaries | 0 | 0 | ' | ' |
Prepaid and other current assets | 55,353 | 67,964 | ' | ' |
Assets of discontinued operations - current | 132 | 11,265 | ' | ' |
Total current assets | 509,965 | 468,963 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Property, plant and equipment, net | 304,907 | 279,078 | ' | ' |
Goodwill | 186,436 | 187,415 | 186,822 | ' |
Other intangible assets, net | 168,749 | 205,199 | ' | ' |
Other assets, net | 43,614 | 44,632 | ' | ' |
Assets of discontinued operations - long-term | 33 | 15,268 | ' | ' |
Total assets | 1,213,704 | 1,200,555 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 9,174 | 11,748 | ' | ' |
Accounts payable | 244,228 | 179,850 | ' | ' |
Accrued compensation and related liabilities | 32,139 | 24,678 | ' | ' |
Other current liabilities | 81,198 | 77,367 | ' | ' |
Liabilities of discontinued operations - current | 2,013 | 6,591 | ' | ' |
Intercompany payable (receivable) | 0 | 0 | ' | ' |
Notes payable to issuer | 0 | 0 | ' | ' |
Total current liabilities | 368,752 | 300,234 | ' | ' |
Long-term debt | 1,176,351 | 1,171,870 | ' | ' |
Other liabilities | 165,581 | 191,885 | ' | ' |
Liabilities of discontinued operations - long-term | 0 | 880 | ' | ' |
Shareholders’ (deficit) equity | -496,980 | -464,314 | -381,704 | -341,331 |
Total liabilities and shareholders’ deficit | 1,213,704 | 1,200,555 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Notes receivable from subsidiaries | 0 | 0 | ' | ' |
Prepaid and other current assets | 0 | 0 | ' | ' |
Assets of discontinued operations - current | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Investment in subsidiaries | -496,980 | -464,314 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Assets of discontinued operations - long-term | 0 | 0 | ' | ' |
Total assets | -496,980 | -464,314 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued compensation and related liabilities | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Liabilities of discontinued operations - current | 0 | 0 | ' | ' |
Intercompany payable (receivable) | 0 | 0 | ' | ' |
Notes payable to issuer | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Liabilities of discontinued operations - long-term | 0 | 0 | ' | ' |
Shareholders’ (deficit) equity | -496,980 | -464,314 | ' | ' |
Total liabilities and shareholders’ deficit | -496,980 | -464,314 | ' | ' |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 9,504 | 5,763 | 16,033 | 46,881 |
Accounts receivable, net | 128,214 | 98,199 | ' | ' |
Inventories | 89,830 | 59,618 | ' | ' |
Notes receivable from subsidiaries | 36,938 | 36,938 | ' | ' |
Prepaid and other current assets | 46,050 | 53,303 | ' | ' |
Assets of discontinued operations - current | 0 | 5,171 | ' | ' |
Total current assets | 310,536 | 258,992 | ' | ' |
Investment in subsidiaries | 1,865,003 | 1,758,007 | ' | ' |
Property, plant and equipment, net | 134,326 | 86,416 | ' | ' |
Goodwill | 25,540 | 25,540 | ' | ' |
Other intangible assets, net | 9,930 | 6,621 | ' | ' |
Other assets, net | 37,952 | 40,301 | ' | ' |
Assets of discontinued operations - long-term | 0 | 6,525 | ' | ' |
Total assets | 2,383,287 | 2,182,402 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 6,600 | 6,961 | ' | ' |
Accounts payable | 148,678 | 104,941 | ' | ' |
Accrued compensation and related liabilities | 20,684 | 14,409 | ' | ' |
Other current liabilities | 60,845 | 56,766 | ' | ' |
Liabilities of discontinued operations - current | 1,372 | 2,930 | ' | ' |
Intercompany payable (receivable) | 1,341,397 | 1,177,669 | ' | ' |
Notes payable to issuer | 0 | 0 | ' | ' |
Total current liabilities | 1,579,576 | 1,363,676 | ' | ' |
Long-term debt | 1,173,457 | 1,166,360 | ' | ' |
Other liabilities | 127,234 | 115,196 | ' | ' |
Liabilities of discontinued operations - long-term | 0 | 1,484 | ' | ' |
Shareholders’ (deficit) equity | -496,980 | -464,314 | ' | ' |
Total liabilities and shareholders’ deficit | 2,383,287 | 2,182,402 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 286 | 280 | 1,004 |
Accounts receivable, net | 152,091 | 155,188 | ' | ' |
Inventories | 71,722 | 67,535 | ' | ' |
Notes receivable from subsidiaries | 0 | 0 | ' | ' |
Prepaid and other current assets | 6,813 | 11,878 | ' | ' |
Assets of discontinued operations - current | 132 | 6,094 | ' | ' |
Total current assets | 230,758 | 240,981 | ' | ' |
Investment in subsidiaries | 5,385 | 7,671 | ' | ' |
Property, plant and equipment, net | 169,770 | 191,453 | ' | ' |
Goodwill | 155,561 | 155,849 | ' | ' |
Other intangible assets, net | 157,621 | 196,755 | ' | ' |
Other assets, net | 5,175 | 3,827 | ' | ' |
Assets of discontinued operations - long-term | 33 | 8,743 | ' | ' |
Total assets | 724,303 | 805,279 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 2,574 | 4,787 | ' | ' |
Accounts payable | 94,889 | 74,394 | ' | ' |
Accrued compensation and related liabilities | 10,969 | 9,755 | ' | ' |
Other current liabilities | 19,674 | 20,069 | ' | ' |
Liabilities of discontinued operations - current | 641 | 3,661 | ' | ' |
Intercompany payable (receivable) | -1,349,273 | -1,185,665 | ' | ' |
Notes payable to issuer | 36,938 | 36,938 | ' | ' |
Total current liabilities | -1,183,588 | -1,036,061 | ' | ' |
Long-term debt | 2,894 | 5,510 | ' | ' |
Other liabilities | 39,994 | 78,427 | ' | ' |
Liabilities of discontinued operations - long-term | 0 | -604 | ' | ' |
Shareholders’ (deficit) equity | 1,865,003 | 1,758,007 | ' | ' |
Total liabilities and shareholders’ deficit | 724,303 | 805,279 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,825 | 2,061 | 1,440 | 1,864 |
Accounts receivable, net | 1,281 | 1,002 | ' | ' |
Inventories | 13 | 82 | ' | ' |
Notes receivable from subsidiaries | 0 | 0 | ' | ' |
Prepaid and other current assets | 2,490 | 2,783 | ' | ' |
Assets of discontinued operations - current | 0 | 0 | ' | ' |
Total current assets | 5,609 | 5,928 | ' | ' |
Investment in subsidiaries | 6,725 | 6,725 | ' | ' |
Property, plant and equipment, net | 811 | 1,209 | ' | ' |
Goodwill | 5,335 | 6,026 | ' | ' |
Other intangible assets, net | 1,198 | 1,823 | ' | ' |
Other assets, net | 487 | 504 | ' | ' |
Assets of discontinued operations - long-term | 0 | 0 | ' | ' |
Total assets | 20,165 | 22,215 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 661 | 515 | ' | ' |
Accrued compensation and related liabilities | 486 | 514 | ' | ' |
Other current liabilities | 679 | 532 | ' | ' |
Liabilities of discontinued operations - current | ' | 0 | ' | ' |
Intercompany payable (receivable) | 7,876 | 7,996 | ' | ' |
Notes payable to issuer | 0 | 0 | ' | ' |
Total current liabilities | 9,702 | 9,557 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other liabilities | -1,647 | -1,738 | ' | ' |
Liabilities of discontinued operations - long-term | 0 | 0 | ' | ' |
Shareholders’ (deficit) equity | 12,110 | 14,396 | ' | ' |
Total liabilities and shareholders’ deficit | 20,165 | 22,215 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Notes receivable from subsidiaries | -36,938 | -36,938 | ' | ' |
Prepaid and other current assets | 0 | 0 | ' | ' |
Assets of discontinued operations - current | 0 | 0 | ' | ' |
Total current assets | -36,938 | -36,938 | ' | ' |
Investment in subsidiaries | -1,380,133 | -1,308,089 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Assets of discontinued operations - long-term | 0 | 0 | ' | ' |
Total assets | -1,417,071 | -1,345,027 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued compensation and related liabilities | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Liabilities of discontinued operations - current | 0 | 0 | ' | ' |
Intercompany payable (receivable) | 0 | 0 | ' | ' |
Notes payable to issuer | -36,938 | -36,938 | ' | ' |
Total current liabilities | -36,938 | -36,938 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Liabilities of discontinued operations - long-term | 0 | 0 | ' | ' |
Shareholders’ (deficit) equity | -1,380,133 | -1,308,089 | ' | ' |
Total liabilities and shareholders’ deficit | ($1,417,071) | ($1,345,027) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $509,873 | $442,781 | $406,540 | $418,614 | $437,700 | $437,168 | $423,861 | $439,564 | $1,777,808 | $1,738,293 | $1,844,371 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,485,931 | 1,417,147 | 1,498,202 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 206,085 | 182,980 | 213,296 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 9,962 | 9,881 | 9,899 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 13,100 | 27,100 | 17,812 |
Impairment of intangible assets | 33,400 | ' | ' | ' | ' | ' | ' | ' | 33,367 | 0 | 0 |
Operating income | -15,681 | 16,524 | 16,842 | 11,678 | 31,650 | 32,282 | 25,967 | 11,286 | 29,363 | 101,185 | 105,162 |
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | -17,262 | 0 | -11,720 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 112,677 | 114,755 | 115,968 |
Intercompany interest (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss (gain) on early extinguishment of debt, net | ' | ' | ' | ' | ' | ' | ' | ' | 11,324 | 12,487 | -4,011 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | -5,602 | -1,249 | 9,074 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -71,774 | -24,808 | -4,149 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 13,753 | 55,720 | 4,545 |
Income (loss) from continuing operations before equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -85,527 | -80,528 | -8,694 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss from continuing operations | -59,468 | 13,427 | -18,996 | -20,490 | -57,389 | 3,022 | -1,790 | -24,371 | -85,527 | -80,528 | -8,694 |
Income from discontinued operations, net of taxes | 1,791 | 13,492 | 113 | 1,345 | 646 | 1,453 | 1,389 | -2,847 | 16,741 | 641 | 129 |
Net loss | -57,677 | 26,919 | -18,883 | -19,145 | -56,743 | 4,475 | -401 | -27,218 | -68,786 | -79,887 | -8,565 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Pension liability adjustment, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 31,430 | -7,986 | -37,130 |
Reclassifications of losses related to interest rate swaps into earnings, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,793 |
Currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -4,529 | 665 | -4,260 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -41,885 | -87,208 | -48,162 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany interest (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss (gain) on early extinguishment of debt, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations before equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -68,786 | -79,887 | -8,565 |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -68,786 | -79,887 | -8,565 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | -68,786 | -79,887 | -8,565 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 26,901 | -7,321 | -39,597 |
Pension liability adjustment, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Reclassifications of losses related to interest rate swaps into earnings, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -41,885 | -87,208 | -48,162 |
Subsidiary Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 762,810 | 684,257 | 697,741 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 660,679 | 576,286 | 577,192 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 119,046 | 101,704 | 118,345 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 602 | 582 | 426 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 7,744 | 5,917 | 8,773 |
Impairment of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -25,261 | -232 | -6,995 |
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | -17,262 | ' | -11,720 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 112,232 | 114,164 | 115,307 |
Intercompany interest (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,203 | -1,476 | -1,180 |
Loss (gain) on early extinguishment of debt, net | ' | ' | ' | ' | ' | ' | ' | ' | 11,324 | 12,487 | -4,011 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | -2,238 | -1,125 | 9,832 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -128,114 | -124,282 | -115,223 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 28,109 | 31,623 | 12,392 |
Income (loss) from continuing operations before equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -156,223 | -155,905 | -127,615 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 78,447 | 68,896 | 111,454 |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -77,776 | -87,009 | -16,161 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 8,990 | 7,122 | 7,596 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | -68,786 | -79,887 | -8,565 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -1,754 | -64 | -4,260 |
Pension liability adjustment, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 28,655 | -7,257 | -37,130 |
Reclassifications of losses related to interest rate swaps into earnings, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,793 |
Currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -41,885 | -87,208 | -48,162 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 999,441 | 1,038,793 | 1,127,876 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 812,034 | 827,342 | 905,726 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 86,072 | 80,511 | 93,869 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 8,829 | 8,777 | 8,937 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 5,342 | 21,087 | 9,010 |
Impairment of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 33,367 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 53,797 | 101,076 | 110,334 |
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 445 | 607 | 712 |
Intercompany interest (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,203 | 1,404 | 975 |
Loss (gain) on early extinguishment of debt, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | -3,106 | 46 | 378 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 55,255 | 99,019 | 108,269 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -15,023 | 24,503 | -9,494 |
Income (loss) from continuing operations before equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 70,278 | 74,516 | 117,763 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 418 | 861 | 1,158 |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 70,696 | 75,377 | 118,921 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7,751 | -6,481 | -7,467 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | 78,447 | 68,896 | 111,454 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -2,704 | -589 | -5,006 |
Pension liability adjustment, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,775 | -729 | 0 |
Reclassifications of losses related to interest rate swaps into earnings, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -1,825 | 1,254 | 746 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 76,693 | 68,832 | 107,194 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 15,557 | 15,243 | 18,754 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 13,218 | 13,519 | 15,284 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 967 | 765 | 1,082 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 531 | 522 | 536 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 96 | 29 |
Impairment of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 827 | 341 | 1,823 |
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -16 | -51 |
Intercompany interest (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 72 | 205 |
Loss (gain) on early extinguishment of debt, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | -258 | -170 | -1,136 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,085 | 455 | 2,805 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 667 | -406 | 1,647 |
Income (loss) from continuing operations before equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 418 | 861 | 1,158 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 418 | 861 | 1,158 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | 418 | 861 | 1,158 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Pension liability adjustment, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Reclassifications of losses related to interest rate swaps into earnings, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -2,704 | -589 | -5,006 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -2,286 | 272 | -3,848 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Restructuring and other charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany interest (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss (gain) on early extinguishment of debt, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations before equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -10,079 | 10,130 | -104,047 |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -10,079 | 10,130 | -104,047 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | -10,079 | 10,130 | -104,047 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -22,443 | 7,974 | 48,863 |
Pension liability adjustment, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Reclassifications of losses related to interest rate swaps into earnings, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ($32,522) | $18,104 | ($55,184) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | $22,315,000 | $42,844,000 | $69,629,000 |
Net cash provided by operating activities of discontinued operations | 5,878,000 | 9,221,000 | 10,693,000 |
Net cash provided by operating activities | 28,193,000 | 52,065,000 | 80,322,000 |
Cash flows from investing activities: | ' | ' | ' |
Cost of business acquisitions, net of cash acquired | -33,166,000 | -644,000 | -59,719,000 |
Capital expenditures | -29,235,000 | -20,563,000 | -15,572,000 |
Purchase of investment | -1,650,000 | -350,000 | 0 |
Proceeds from insurance claim | 3,036,000 | 0 | 0 |
Proceeds from sale of property, plant and equipment | 8,304,000 | 7,978,000 | 11,114,000 |
Proceeds from sale of intangible asset | 0 | 5,700,000 | 0 |
Intercompany note | ' | 0 | 0 |
Net cash used in investing activities of continuing operations | -52,711,000 | -7,879,000 | -64,177,000 |
Net cash provided by (used in) investing activities of discontinued operations | 45,214,000 | 39,533,000 | -635,000 |
Net cash (used in) provided by investing activities | -7,497,000 | 31,654,000 | -64,812,000 |
Cash flows from financing activities: | ' | ' | ' |
Repayment of 10.5% senior notes | 0 | -169,875,000 | 0 |
Repayment of 7.875% senior subordinated notes | -67,848,000 | -214,831,000 | -8,952,000 |
(Repayment) borrowing of Term Loan B due 2016 | -388,205,000 | 31,844,000 | -23,800,000 |
Repayment of 8.375% senior subordinated notes | 0 | -24,787,000 | -5,363,000 |
Payment of financing related costs and expenses and debt issuance discounts | -15,570,000 | -37,836,000 | -2,675,000 |
Repayments of other long-term debt | -7,365,000 | -4,846,000 | -6,403,000 |
Purchase and retirement of common stock upon vesting of RSUs | -660,000 | -735,000 | -1,283,000 |
Proceeds from issuance of 11.5% senior notes | 0 | 225,000,000 | 0 |
Proceeds from issuance of 7% senior exchangeable notes | 0 | 86,250,000 | 0 |
(Repayment) borrowings under Revolving Credit Facility, net | -18,000,000 | 18,000,000 | 0 |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 50,000,000 | 0 | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | -40,000,000 | 0 | 0 |
Proceeds from exercise of stock options | 98,000 | 0 | 356,000 |
Proceeds from issuance of Term Loan Facility due 2017 | 360,000,000 | 0 | 0 |
Repayment of Term Loan Facility due 2017 | -30,900,000 | 0 | 0 |
Borrowings under ABL Facility due 2017 | 699,200,000 | 0 | 0 |
Repayments under ABL Facility due 2017 | -577,800,000 | 0 | 0 |
Proceeds from equipment loan | 20,000,000 | 0 | 0 |
Repayments of equipment loan | -500,000 | 0 | 0 |
Intercompany note | ' | 0 | 0 |
Intercompany advances | 0 | 0 | 0 |
Net cash used in financing activities of continuing operations | -17,550,000 | -91,816,000 | -48,120,000 |
Net cash used in financing activities of discontinued operations | 0 | -1,652,000 | 0 |
Net cash used in financing activities | -17,550,000 | -93,468,000 | -48,120,000 |
Effect of exchange rate changes on cash and cash equivalents | 73,000 | 106,000 | 614,000 |
Net increase (decrease) in cash and cash equivalents | 3,219,000 | -9,643,000 | -31,996,000 |
Cash and cash equivalents at beginning of period | 8,110,000 | 17,753,000 | 49,749,000 |
Cash and cash equivalents at end of period | 11,329,000 | 8,110,000 | 17,753,000 |
Parent Company [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | 3,739,000 | 5,333,000 | 8,716,000 |
Net cash provided by operating activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | 3,739,000 | 5,333,000 | 8,716,000 |
Cash flows from investing activities: | ' | ' | ' |
Cost of business acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Purchase of investment | 0 | 0 | ' |
Proceeds from insurance claim | 0 | ' | ' |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of intangible asset | ' | 0 | ' |
Intercompany note | ' | 0 | 0 |
Net cash used in investing activities of continuing operations | 0 | 0 | 0 |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Repayment of 10.5% senior notes | ' | 0 | ' |
Repayment of 7.875% senior subordinated notes | 0 | 0 | 0 |
(Repayment) borrowing of Term Loan B due 2016 | 0 | 0 | 0 |
Repayment of 8.375% senior subordinated notes | ' | 0 | 0 |
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 | 0 |
Repayments of other long-term debt | 0 | 0 | 0 |
Purchase and retirement of common stock upon vesting of RSUs | -660,000 | -735,000 | -1,283,000 |
Proceeds from issuance of 11.5% senior notes | ' | 0 | ' |
Proceeds from issuance of 7% senior exchangeable notes | ' | 0 | ' |
(Repayment) borrowings under Revolving Credit Facility, net | 0 | 0 | ' |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | ' | ' |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | ' | ' |
Proceeds from exercise of stock options | 98,000 | ' | 356,000 |
Proceeds from issuance of Term Loan Facility due 2017 | 0 | ' | ' |
Repayment of Term Loan Facility due 2017 | 0 | ' | ' |
Borrowings under ABL Facility due 2017 | 0 | ' | ' |
Repayments under ABL Facility due 2017 | 0 | ' | ' |
Proceeds from equipment loan | 0 | ' | ' |
Repayments of equipment loan | 0 | ' | ' |
Intercompany note | ' | 0 | 0 |
Intercompany advances | -3,177,000 | -4,598,000 | -7,789,000 |
Net cash used in financing activities of continuing operations | ' | -5,333,000 | ' |
Net cash used in financing activities of discontinued operations | ' | 0 | ' |
Net cash used in financing activities | -3,739,000 | -5,333,000 | -8,716,000 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Subsidiary Issuer [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | -117,743,000 | -115,689,000 | -115,927,000 |
Net cash provided by operating activities of discontinued operations | 6,227,000 | 8,240,000 | 14,438,000 |
Net cash provided by operating activities | -111,516,000 | -107,449,000 | -101,489,000 |
Cash flows from investing activities: | ' | ' | ' |
Cost of business acquisitions, net of cash acquired | -33,166,000 | -644,000 | -59,719,000 |
Capital expenditures | -13,708,000 | -10,263,000 | -9,873,000 |
Purchase of investment | -1,650,000 | -350,000 | ' |
Proceeds from insurance claim | 0 | ' | ' |
Proceeds from sale of property, plant and equipment | 258,000 | 360,000 | 1,298,000 |
Proceeds from sale of intangible asset | ' | 5,700,000 | ' |
Intercompany note | ' | 3,900,000 | 5,600,000 |
Net cash used in investing activities of continuing operations | -48,266,000 | -1,297,000 | -62,694,000 |
Net cash provided by (used in) investing activities of discontinued operations | 23,160,000 | 16,114,000 | -635,000 |
Net cash (used in) provided by investing activities | -25,106,000 | 14,817,000 | -63,329,000 |
Cash flows from financing activities: | ' | ' | ' |
Repayment of 10.5% senior notes | ' | -169,875,000 | ' |
Repayment of 7.875% senior subordinated notes | -67,848,000 | -214,831,000 | -8,952,000 |
(Repayment) borrowing of Term Loan B due 2016 | -388,205,000 | 31,844,000 | -23,800,000 |
Repayment of 8.375% senior subordinated notes | ' | -24,787,000 | -5,363,000 |
Payment of financing related costs and expenses and debt issuance discounts | -15,570,000 | -37,836,000 | -2,675,000 |
Repayments of other long-term debt | -2,536,000 | -147,000 | -107,000 |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | 0 |
Proceeds from issuance of 11.5% senior notes | ' | 225,000,000 | ' |
Proceeds from issuance of 7% senior exchangeable notes | ' | 86,250,000 | ' |
(Repayment) borrowings under Revolving Credit Facility, net | -18,000,000 | 18,000,000 | ' |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 50,000,000 | ' | ' |
Repayment of 15% Unsecured Term Loan due 2017 | -40,000,000 | ' | ' |
Proceeds from exercise of stock options | 0 | ' | 0 |
Proceeds from issuance of Term Loan Facility due 2017 | 360,000,000 | ' | ' |
Repayment of Term Loan Facility due 2017 | -30,900,000 | ' | ' |
Borrowings under ABL Facility due 2017 | 699,200,000 | ' | ' |
Repayments under ABL Facility due 2017 | -577,800,000 | ' | ' |
Proceeds from equipment loan | 20,000,000 | ' | ' |
Repayments of equipment loan | -500,000 | ' | ' |
Intercompany note | ' | 0 | 0 |
Intercompany advances | 152,522,000 | 170,396,000 | 174,867,000 |
Net cash used in financing activities of continuing operations | ' | 84,014,000 | ' |
Net cash used in financing activities of discontinued operations | ' | -1,652,000 | ' |
Net cash used in financing activities | 140,363,000 | 82,362,000 | 133,970,000 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 3,741,000 | -10,270,000 | -30,848,000 |
Cash and cash equivalents at beginning of period | 5,763,000 | 16,033,000 | 46,881,000 |
Cash and cash equivalents at end of period | 9,504,000 | 5,763,000 | 16,033,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | 136,232,000 | 150,706,000 | 175,235,000 |
Net cash provided by operating activities of discontinued operations | -349,000 | 981,000 | -3,745,000 |
Net cash provided by operating activities | 135,883,000 | 151,687,000 | 171,490,000 |
Cash flows from investing activities: | ' | ' | ' |
Cost of business acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | -15,424,000 | -10,135,000 | -5,004,000 |
Purchase of investment | 0 | 0 | ' |
Proceeds from insurance claim | 3,036,000 | ' | ' |
Proceeds from sale of property, plant and equipment | 8,046,000 | 7,618,000 | 9,816,000 |
Proceeds from sale of intangible asset | ' | 0 | ' |
Intercompany note | ' | 0 | 0 |
Net cash used in investing activities of continuing operations | -4,342,000 | -2,517,000 | 4,812,000 |
Net cash provided by (used in) investing activities of discontinued operations | 22,054,000 | 23,419,000 | 0 |
Net cash (used in) provided by investing activities | 17,712,000 | 20,902,000 | 4,812,000 |
Cash flows from financing activities: | ' | ' | ' |
Repayment of 10.5% senior notes | ' | 0 | ' |
Repayment of 7.875% senior subordinated notes | 0 | 0 | 0 |
(Repayment) borrowing of Term Loan B due 2016 | 0 | 0 | 0 |
Repayment of 8.375% senior subordinated notes | ' | 0 | 0 |
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 | 0 |
Repayments of other long-term debt | -4,829,000 | -4,699,000 | -6,296,000 |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | 0 |
Proceeds from issuance of 11.5% senior notes | ' | 0 | ' |
Proceeds from issuance of 7% senior exchangeable notes | ' | 0 | ' |
(Repayment) borrowings under Revolving Credit Facility, net | 0 | 0 | ' |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | ' | ' |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | ' | ' |
Proceeds from exercise of stock options | 0 | ' | 0 |
Proceeds from issuance of Term Loan Facility due 2017 | 0 | ' | ' |
Repayment of Term Loan Facility due 2017 | 0 | ' | ' |
Borrowings under ABL Facility due 2017 | 0 | ' | ' |
Repayments under ABL Facility due 2017 | 0 | ' | ' |
Proceeds from equipment loan | 0 | ' | ' |
Repayments of equipment loan | 0 | ' | ' |
Intercompany note | ' | 0 | 0 |
Intercompany advances | -149,225,000 | -167,988,000 | -170,730,000 |
Net cash used in financing activities of continuing operations | ' | -172,687,000 | ' |
Net cash used in financing activities of discontinued operations | ' | 0 | ' |
Net cash used in financing activities | -154,054,000 | -172,687,000 | -177,026,000 |
Effect of exchange rate changes on cash and cash equivalents | 173,000 | 104,000 | 0 |
Net increase (decrease) in cash and cash equivalents | -286,000 | 6,000 | -724,000 |
Cash and cash equivalents at beginning of period | 286,000 | 280,000 | 1,004,000 |
Cash and cash equivalents at end of period | 0 | 286,000 | 280,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | 87,000 | 2,494,000 | 1,605,000 |
Net cash provided by operating activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | 87,000 | 2,494,000 | 1,605,000 |
Cash flows from investing activities: | ' | ' | ' |
Cost of business acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | -103,000 | -165,000 | -695,000 |
Purchase of investment | 0 | 0 | ' |
Proceeds from insurance claim | 0 | ' | ' |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of intangible asset | ' | 0 | ' |
Intercompany note | ' | 0 | 0 |
Net cash used in investing activities of continuing operations | -103,000 | -165,000 | -695,000 |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | -103,000 | -165,000 | -695,000 |
Cash flows from financing activities: | ' | ' | ' |
Repayment of 10.5% senior notes | ' | 0 | ' |
Repayment of 7.875% senior subordinated notes | 0 | 0 | 0 |
(Repayment) borrowing of Term Loan B due 2016 | 0 | 0 | 0 |
Repayment of 8.375% senior subordinated notes | ' | 0 | 0 |
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 | 0 |
Repayments of other long-term debt | 0 | 0 | 0 |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | 0 |
Proceeds from issuance of 11.5% senior notes | ' | 0 | ' |
Proceeds from issuance of 7% senior exchangeable notes | ' | 0 | ' |
(Repayment) borrowings under Revolving Credit Facility, net | 0 | 0 | ' |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | ' | ' |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | ' | ' |
Proceeds from exercise of stock options | 0 | ' | 0 |
Proceeds from issuance of Term Loan Facility due 2017 | 0 | ' | ' |
Repayment of Term Loan Facility due 2017 | 0 | ' | ' |
Borrowings under ABL Facility due 2017 | 0 | ' | ' |
Repayments under ABL Facility due 2017 | 0 | ' | ' |
Proceeds from equipment loan | 0 | ' | ' |
Repayments of equipment loan | 0 | ' | ' |
Intercompany note | ' | -3,900,000 | -5,600,000 |
Intercompany advances | -120,000 | 2,190,000 | 3,652,000 |
Net cash used in financing activities of continuing operations | ' | -1,710,000 | ' |
Net cash used in financing activities of discontinued operations | ' | 0 | ' |
Net cash used in financing activities | -120,000 | -1,710,000 | -1,948,000 |
Effect of exchange rate changes on cash and cash equivalents | -100,000 | 2,000 | 614,000 |
Net increase (decrease) in cash and cash equivalents | -236,000 | 621,000 | -424,000 |
Cash and cash equivalents at beginning of period | 2,061,000 | 1,440,000 | 1,864,000 |
Cash and cash equivalents at end of period | 1,825,000 | 2,061,000 | 1,440,000 |
Eliminations [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | 0 | 0 | 0 |
Net cash provided by operating activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | ' | ' | ' |
Cost of business acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Purchase of investment | 0 | 0 | ' |
Proceeds from insurance claim | 0 | ' | ' |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of intangible asset | ' | 0 | ' |
Intercompany note | ' | -3,900,000 | -5,600,000 |
Net cash used in investing activities of continuing operations | 0 | -3,900,000 | -5,600,000 |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | 0 | -3,900,000 | -5,600,000 |
Cash flows from financing activities: | ' | ' | ' |
Repayment of 10.5% senior notes | ' | 0 | ' |
Repayment of 7.875% senior subordinated notes | 0 | 0 | 0 |
(Repayment) borrowing of Term Loan B due 2016 | 0 | 0 | 0 |
Repayment of 8.375% senior subordinated notes | ' | 0 | 0 |
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 | 0 |
Repayments of other long-term debt | 0 | 0 | 0 |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | 0 |
Proceeds from issuance of 11.5% senior notes | ' | 0 | ' |
Proceeds from issuance of 7% senior exchangeable notes | ' | 0 | ' |
(Repayment) borrowings under Revolving Credit Facility, net | 0 | 0 | ' |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | ' | ' |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | ' | ' |
Proceeds from exercise of stock options | 0 | ' | 0 |
Proceeds from issuance of Term Loan Facility due 2017 | 0 | ' | ' |
Repayment of Term Loan Facility due 2017 | 0 | ' | ' |
Borrowings under ABL Facility due 2017 | 0 | ' | ' |
Repayments under ABL Facility due 2017 | 0 | ' | ' |
Proceeds from equipment loan | 0 | ' | ' |
Repayments of equipment loan | 0 | ' | ' |
Intercompany note | ' | 3,900,000 | 5,600,000 |
Intercompany advances | 0 | 0 | 0 |
Net cash used in financing activities of continuing operations | ' | 3,900,000 | ' |
Net cash used in financing activities of discontinued operations | ' | 0 | ' |
Net cash used in financing activities | 0 | 3,900,000 | 5,600,000 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 | $0 |
Selected_Quarterly_Financial_I2
Selected Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Sep. 16, 2013 | Sep. 16, 2013 | |
Federal and State Net Operating Loss Carry Forwards [Member] | Federal and State Net Operating Loss Carry Forwards [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Envelope [Member] | Print [Member] | Print [Member] | Print [Member] | Print [Member] | Print [Member] | Print [Member] | Print [Member] | Print [Member] | Print [Member] | Print [Member] | Print [Member] | Label and packaging [Member] | Label and packaging [Member] | Label and packaging [Member] | Label and packaging [Member] | Label and packaging [Member] | Label and packaging [Member] | Label and packaging [Member] | Label and packaging [Member] | Label and packaging [Member] | Label and packaging [Member] | Label and packaging [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | National Envelope Acquisition [Member] | Tax Expense [Member] | ||||||||||||
National Envelope Acquisition [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $509,873,000 | $442,781,000 | $406,540,000 | $418,614,000 | $437,700,000 | $437,168,000 | $423,861,000 | $439,564,000 | $1,777,808,000 | $1,738,293,000 | $1,844,371,000 | ' | ' | $244,424,000 | $177,717,000 | $161,304,000 | $166,453,000 | $168,121,000 | $159,804,000 | $161,760,000 | $168,532,000 | $749,898,000 | $658,217,000 | $706,596,000 | $140,630,000 | $140,331,000 | $121,554,000 | $127,245,000 | $149,868,000 | $154,926,000 | $138,565,000 | $142,273,000 | $529,760,000 | $585,632,000 | $626,994,000 | $124,819,000 | $124,733,000 | $123,682,000 | $124,916,000 | $119,711,000 | $122,438,000 | $123,536,000 | $128,759,000 | $498,150,000 | $494,444,000 | $510,781,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | -15,681,000 | 16,524,000 | 16,842,000 | 11,678,000 | 31,650,000 | 32,282,000 | 25,967,000 | 11,286,000 | 29,363,000 | 101,185,000 | 105,162,000 | ' | ' | 12,521,000 | 8,119,000 | 10,125,000 | 9,010,000 | 13,140,000 | 10,275,000 | 11,127,000 | 10,943,000 | 39,775,000 | 45,485,000 | 46,838,000 | -15,941,000 | 6,874,000 | 2,018,000 | 1,007,000 | 14,181,000 | 15,556,000 | 8,627,000 | -5,519,000 | -6,042,000 | 32,845,000 | 43,709,000 | -1,053,000 | 9,245,000 | 12,908,000 | 11,544,000 | 13,048,000 | 13,811,000 | 14,363,000 | 13,444,000 | 32,644,000 | 54,666,000 | 57,768,000 | -11,208,000 | -7,714,000 | -8,209,000 | -9,883,000 | -8,719,000 | -7,360,000 | -8,150,000 | -7,582,000 | -37,014,000 | -31,811,000 | -43,153,000 | ' | ' |
Loss from continuing operations | -59,468,000 | 13,427,000 | -18,996,000 | -20,490,000 | -57,389,000 | 3,022,000 | -1,790,000 | -24,371,000 | -85,527,000 | -80,528,000 | -8,694,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from discontinued operations, net of taxes | 1,791,000 | 13,492,000 | 113,000 | 1,345,000 | 646,000 | 1,453,000 | 1,389,000 | -2,847,000 | 16,741,000 | 641,000 | 129,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | -57,677,000 | 26,919,000 | -18,883,000 | -19,145,000 | -56,743,000 | 4,475,000 | -401,000 | -27,218,000 | -68,786,000 | -79,887,000 | -8,565,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income per share – basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income per share from continuing operations - basic | ($0.90) | $0.21 | ($0.30) | ($0.32) | ($0.90) | $0.05 | ($0.03) | ($0.38) | ($1.32) | ($1.27) | ($0.14) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations per share - basic | $0.03 | $0.21 | $0 | $0.02 | $0.01 | $0.02 | $0.02 | ($0.05) | $0.25 | $0.01 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss per share - basic | ($0.87) | $0.42 | ($0.30) | ($0.30) | ($0.89) | $0.07 | ($0.01) | ($0.43) | ($1.07) | ($1.26) | ($0.14) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income per share – diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income per share from continuing operations - diluted | ($0.90) | $0.16 | ($0.30) | ($0.32) | ($0.90) | $0.05 | ($0.03) | ($0.38) | ($1.32) | ($1.27) | ($0.14) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations per share - diluted | $0.03 | $0.16 | $0 | $0.02 | $0.01 | $0.02 | $0.02 | ($0.05) | $0.25 | $0.01 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss per share - diluted | ($0.87) | $0.32 | ($0.30) | ($0.30) | ($0.89) | $0.07 | ($0.01) | ($0.43) | ($1.07) | ($1.26) | ($0.14) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance, Change in deferred tax asset | 40,600,000 | ' | ' | ' | ' | ' | ' | ' | 40,600,000 | 56,500,000 | ' | 56,500,000 | 40,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of discontinued operations, before tax | ' | ' | ' | ' | ' | ' | ' | ' | 25,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax expense (benefit) on income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | -2,600,000 | 10,700,000 | -2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on sale of discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | -6,300,000 | 14,933,000 | -6,260,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | 17,262,000 | 0 | 11,720,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,262,000 | 6,800,000 |
Bargain purchase gain, adjustment | ' | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bargain purchase gain, adjustment, tax effect | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of intangible assets | $33,400,000 | ' | ' | ' | ' | ' | ' | ' | $33,367,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |