Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 29, 2014 | 6-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CENVEO, INC | ' |
Entity Central Index Key | '0000920321 | ' |
Current Fiscal Year End Date | '--12-27 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 66,351,596 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $11,538 | $11,329 |
Accounts receivable, net | 273,783 | 281,586 |
Inventories | 172,209 | 161,565 |
Prepaid and other current assets | 53,178 | 55,353 |
Assets of discontinued operations - current | 88 | 132 |
Total current assets | 510,796 | 509,965 |
Property, plant and equipment, net | 299,915 | 304,907 |
Goodwill | 186,426 | 186,436 |
Other intangible assets, net | 165,356 | 168,749 |
Other assets, net | 44,291 | 43,614 |
Assets of discontinued operations - long-term | 0 | 33 |
Total assets | 1,206,784 | 1,213,704 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 8,762 | 9,174 |
Accounts payable | 241,184 | 244,228 |
Accrued compensation and related liabilities | 37,479 | 32,139 |
Other current liabilities | 78,253 | 81,198 |
Liabilities of discontinued operations - current | 104 | 2,013 |
Total current liabilities | 365,782 | 368,752 |
Long-term debt | 1,193,765 | 1,176,351 |
Other liabilities | 158,899 | 165,581 |
Commitments and contingencies | ' | ' |
Shareholders’ deficit: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 664 | 663 |
Paid-in capital | 364,760 | 364,177 |
Retained deficit | -837,354 | -821,520 |
Accumulated other comprehensive loss | -39,732 | -40,300 |
Total shareholders’ deficit | -511,662 | -496,980 |
Total liabilities and shareholders’ deficit | $1,206,784 | $1,213,704 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $490,119 | $418,614 |
Cost of sales | 415,157 | 351,902 |
Selling, general and administrative expenses | 55,494 | 48,345 |
Amortization of intangible assets | 3,449 | 2,507 |
Restructuring and other charges | 5,947 | 4,182 |
Operating income | 10,072 | 11,678 |
Interest expense, net | 27,910 | 29,575 |
Loss on early extinguishment of debt, net | 18 | 127 |
Other (income) expense, net | -509 | 296 |
Loss from continuing operations before income taxes | -17,347 | -18,320 |
Income tax (benefit) expense | -560 | 2,170 |
Loss from continuing operations | -16,787 | -20,490 |
Income from discontinued operations, net of taxes | 953 | 1,345 |
Net loss | -15,834 | -19,145 |
Other comprehensive income (loss): | ' | ' |
Changes in pension and other employee benefit accounts, net of taxes | 480 | 0 |
Currency translation adjustment | 88 | -779 |
Comprehensive loss | ($15,266) | ($19,924) |
(Loss) income per share – basic: | ' | ' |
Continuing operations per share - basic | ($0.25) | ($0.32) |
Discontinued operations per share - basic | $0.01 | $0.02 |
Net loss per share - basic | ($0.24) | ($0.30) |
(Loss) income per share – diluted: | ' | ' |
Continuing operations per share - diluted | ($0.25) | ($0.32) |
Discontinued operations per share - diluted | $0.01 | $0.02 |
Net loss per share - diluted | ($0.24) | ($0.30) |
Weighted average shares outstanding: | ' | ' |
Basic shares | 66,336 | 63,840 |
Diluted shares | 66,336 | 63,840 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Cash flows from operating activities: [Abstract] | ' | ' |
Net loss | ($15,834) | ($19,145) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' |
Gain on sale of discontinued operations, net of taxes | -845 | 0 |
Income from discontinued operations, net of taxes | -108 | -1,345 |
Depreciation and amortization, excluding non-cash interest expense | 16,061 | 15,636 |
Non-cash interest expense, net | 2,418 | 2,493 |
Deferred income taxes | -852 | 1,857 |
(Gain) loss on sale of assets | -2 | 329 |
Non-cash restructuring and other charges, net | 2,609 | 265 |
Loss on early extinguishment of debt, net | 18 | 127 |
Stock-based compensation provision | 836 | 953 |
Other non-cash charges | 735 | 917 |
Changes in operating assets and liabilities, excluding the effects of acquired businesses: | ' | ' |
Accounts receivable | 7,382 | 5,768 |
Inventories | -11,130 | -5,486 |
Accounts payable and accrued compensation and related liabilities | 2,654 | -1,966 |
Other working capital changes | -2,004 | 4,789 |
Other, net | -5,361 | -3,393 |
Net cash (used in) provided by operating activities of continuing operations | -3,423 | 1,799 |
Net cash (used in) provided by operating activities of discontinued operations | -1,658 | 1,519 |
Net cash (used in) provided by operating activities | -5,081 | 3,318 |
Cash flows from investing activities: | ' | ' |
Cost of business acquisitions, net of cash acquired | 0 | -5,145 |
Capital expenditures | -8,975 | -10,061 |
Purchase of investment | -2,000 | -1,650 |
Proceeds from sale of property, plant and equipment | 162 | 5,850 |
Net cash used in investing activities of continuing operations | -10,813 | -11,006 |
Net cash provided by (used in) investing activities of discontinued operations | 1,018 | -201 |
Net cash used in investing activities | -9,795 | -11,207 |
Cash flows from financing activities: | ' | ' |
Repayment of 7.875% senior subordinated notes | 0 | -67,848 |
Repayment of Term Loan B due 2016 | 0 | -990 |
Payment of financing-related costs and expenses and debt issuance discounts | -2,330 | -5,054 |
Repayments of other long-term debt | -1,569 | -890 |
Purchase and retirement of common stock upon vesting of RSUs | -252 | -219 |
Borrowings under Revolving Credit Facility, net | 0 | 42,300 |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | 50,000 |
Repayment of 15% Unsecured Term Loan due 2017 | -600 | -7,000 |
Repayment of Term Loan Facility due 2017 | -900 | 0 |
Borrowings under ABL Facility due 2017 | 156,400 | 0 |
Repayments under ABL Facility due 2017 | -135,600 | 0 |
Net cash provided by financing activities | 15,149 | 10,299 |
Effect of exchange rate changes on cash and cash equivalents | -64 | 93 |
Net increase in cash and cash equivalents | 209 | 2,503 |
Cash and cash equivalents at beginning of period | 11,329 | 8,110 |
Cash and cash equivalents at end of period | $11,538 | $10,613 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 29, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements ("financial statements") of Cenveo, Inc. and its subsidiaries (collectively, "Cenveo" or the "Company") have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission ("SEC") and, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of financial position as of March 29, 2014, and the results of operations and cash flows as of and for the three months ended March 29, 2014, and March 30, 2013. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to SEC rules. The results of operations for the three months ended March 29, 2014 are generally not indicative of the results to be expected for any interim period or for the full year, primarily due to restructuring, acquisition and debt-related activities or transactions. The December 28, 2013 consolidated balance sheet has been derived from the audited consolidated financial statements at that date. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2013, filed with the SEC. | |
It is the Company’s practice to close its fiscal quarters on the Saturday closest to the last day of the calendar quarter. The reporting periods for the three months ended March 29, 2014, and March 30, 2013, each consisted of 13 weeks. | |
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. Collectively, the Company refers to these businesses as the "Discontinued Operations." As a result, the Company's historical condensed consolidated balance sheets, condensed consolidated statement of operations and comprehensive income (loss) ("statement of operations") and condensed consolidated 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 the print and envelope segment and the label and packaging segment. Prior period disclosures have been updated to reflect current year presentation. | |
New Accounting Pronouncements: Effective in the first quarter of 2013, the Company adopted an accounting pronouncement relating to the presentation of accumulated other comprehensive income (loss) ("AOCI"). This pronouncement does not change the current accounting 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 loss is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net loss, but only if the amount is required under GAAP to be reclassified to net 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 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 13. The adoption of this pronouncement did not have a material impact to the Company's 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. This ASU is effective for annual and interim periods beginning after December 15, 2013. The adoption of this pronouncement did not have a material impact to the Company's financial statements. | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." The amendments in the ASU change the criteria for reporting discontinued operations while enhancing related disclosures. The amendments in the ASU are effective in the first quarter of 2015. The Company is currently evaluating the impact of the pending adoption of ASU 2014-08 on its consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
Acquisitions | |||||
The Company accounts for business combinations under the provisions of the Business Combination Topic of the FASB’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 values on the acquisition date with the excess of the purchase price over their estimated fair values recorded as goodwill. In the event the estimated fair values 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 statement of operations and were $1.9 million and $0.4 million for the three months ended March 29, 2014, and March 30, 2013, respectively. | |||||
2013 | |||||
National Envelope | |||||
On September 16, 2013, Cenveo acquired certain assets of National Envelope Corporation ("National"). National's accounts receivable and inventory were purchased by unrelated third parties in conjunction with Cenveo's acquisition. National manufactured and distributed envelope products for the 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 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 statement of operations in 2013. Prior to the recognition of the bargain purchase gain, the Company reassessed the fair values 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 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: (i) the contractual amounts to be paid pursuant to the lease; and (ii) 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 three months ended March 30, 2013 herein has been prepared by adjusting the historical data as set forth in its statement 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 Three Months Ended | |||||
March 30, | |||||
2013 | |||||
Net sales | |||||
As reported | $ | 418,614 | |||
Pro forma | $ | 512,773 | |||
Loss from continuing operations | |||||
As reported | $ | (20,490 | ) | ||
Pro forma | $ | (31,142 | ) | ||
Loss per share from continuing operations - basic | |||||
As reported | $ | (0.32 | ) | ||
Pro forma | $ | (0.47 | ) | ||
Loss per share from continuing operations - diluted | |||||
As reported | $ | (0.32 | ) | ||
Pro forma | $ | (0.47 | ) | ||
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 Company has performed its assessment of the preliminary purchase price allocation by identifying and estimating the fair values of tangible and identifiable intangible 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 the operations. | |||||
Express Label | |||||
On December 31, 2012, the Company acquired certain assets and assumed certain liabilities of Express Label Company ("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 statements of operations and cash flows from December 31, 2012. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
Discontinued Operations | |||||||||
On September 28, 2013, the Company completed the sale of Custom Envelope. To date, the Company has received net cash proceeds of approximately $45.8 million, of which $1.0 million was received in the first quarter of 2014. This resulted in the recognition of a total after-tax gain of $15.7 million, of which $14.9 million was recognized in the year ended 2013. In addition to the proceeds, $1.2 million of purchase price consideration is 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. The operating results of Custom Envelope are reported in discontinued operations in the Company's 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 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 condensed consolidated balance sheets as of March 29, 2014, and December 28, 2013 (in thousands): | |||||||||
March 29, 2014 | December 28, 2013 | ||||||||
Accounts receivable, net | $ | — | $ | 9 | |||||
Prepaid and other current assets | 88 | 123 | |||||||
Assets of discontinued operations - current | 88 | 132 | |||||||
Property, plant and equipment, net | — | 33 | |||||||
Assets of discontinued operations - long-term | — | 33 | |||||||
Accrued compensation and related liabilities | 99 | 627 | |||||||
Other current liabilities | 5 | 1,386 | |||||||
Liabilities of discontinued operations - current | 104 | 2,013 | |||||||
Net assets | $ | (16 | ) | $ | (1,848 | ) | |||
The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): | |||||||||
For the Three Months Ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Net sales | $ | — | $ | 13,730 | |||||
Income from discontinued operations before income taxes | 176 | 2,234 | |||||||
Income tax expense on discontinued operations | 68 | 889 | |||||||
Gain on sale of discontinued operations, net of tax expense of $0.5 million | 845 | — | |||||||
Income from discontinued operations, net of taxes | $ | 953 | $ | 1,345 | |||||
Income per share - basic | $ | 0.01 | $ | 0.02 | |||||
Income per share - diluted | $ | 0.01 | $ | 0.02 | |||||
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories by major category are as follows (in thousands): | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 65,975 | $ | 62,241 | |||||
Work in process | 19,508 | 21,698 | |||||||
Finished goods | 86,726 | 77,626 | |||||||
$ | 172,209 | $ | 161,565 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment are as follows (in thousands): | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 14,507 | $ | 14,507 | |||||
Buildings and building improvements | 96,462 | 97,674 | |||||||
Machinery and equipment | 636,912 | 635,638 | |||||||
Furniture and fixtures | 11,340 | 11,049 | |||||||
Construction in progress | 16,460 | 11,828 | |||||||
775,681 | 770,696 | ||||||||
Accumulated depreciation | (475,766 | ) | (465,789 | ) | |||||
$ | 299,915 | $ | 304,907 | ||||||
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 statement of operations. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||||||||||||
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 March 29, 2014, by reportable segment are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Envelope | Label and Packaging | Total | |||||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | 23,433 | $ | 45,576 | $ | 117,427 | $ | 186,436 | |||||||||||||||||||||||||||
Foreign currency translation | — | 173 | (183 | ) | (10 | ) | |||||||||||||||||||||||||||||
Balance as of March 29, 2014 | $ | 23,433 | $ | 45,749 | $ | 117,244 | $ | 186,426 | |||||||||||||||||||||||||||
Other intangible assets are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
March 29, 2014 | December 28, 2013 | ||||||||||||||||||||||||||||||||||
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 | $ | 144,932 | $ | (27,234 | ) | $ | (55,859 | ) | $ | 61,839 | $ | 144,898 | $ | (27,234 | ) | $ | (53,682 | ) | $ | 63,982 | ||||||||||||||
Trademarks and trade names | 20 | 77,765 | (55,367 | ) | (7,896 | ) | 14,502 | 77,754 | (55,367 | ) | (6,734 | ) | 15,653 | ||||||||||||||||||||||
Leasehold interest | 19 | 3,780 | — | (104 | ) | 3,676 | 3,780 | — | (55 | ) | 3,725 | ||||||||||||||||||||||||
Patents | 10 | 3,528 | — | (3,089 | ) | 439 | 3,528 | — | (3,039 | ) | 489 | ||||||||||||||||||||||||
Non-compete agreements | 140 | — | (140 | ) | — | 140 | — | (140 | ) | — | |||||||||||||||||||||||||
Subtotal | 11 | 230,145 | (82,601 | ) | (67,088 | ) | 80,456 | 230,100 | (82,601 | ) | (63,650 | ) | 83,849 | ||||||||||||||||||||||
Intangible | |||||||||||||||||||||||||||||||||||
assets with | |||||||||||||||||||||||||||||||||||
indefinite | |||||||||||||||||||||||||||||||||||
lives: | |||||||||||||||||||||||||||||||||||
Trademarks | 84,900 | — | — | 84,900 | 84,900 | — | — | 84,900 | |||||||||||||||||||||||||||
Total | $ | 315,045 | $ | (82,601 | ) | $ | (67,088 | ) | $ | 165,356 | $ | 315,000 | $ | (82,601 | ) | $ | (63,650 | ) | $ | 168,749 | |||||||||||||||
Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Annual Estimated | |||||||||||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||||||||||
Remainder of 2014 | $ | 8,317 | |||||||||||||||||||||||||||||||||
2015 | 9,721 | ||||||||||||||||||||||||||||||||||
2016 | 7,927 | ||||||||||||||||||||||||||||||||||
2017 | 7,267 | ||||||||||||||||||||||||||||||||||
2018 | 7,125 | ||||||||||||||||||||||||||||||||||
2019 | 6,887 | ||||||||||||||||||||||||||||||||||
Thereafter | 33,212 | ||||||||||||||||||||||||||||||||||
Total | $ | 80,456 | |||||||||||||||||||||||||||||||||
Asset Impairments | |||||||||||||||||||||||||||||||||||
There were no goodwill or intangible asset impairments recorded in the three months ended March 29, 2014, and March 30, 2013. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
Long-term debt is as follows (in thousands): | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
ABL Facility, due 2017 | $ | 142,200 | $ | 121,400 | |||||
Term Loan Facility, due 2017 ($328.2 million and $329.1 million outstanding principal amount as of March 29, 2014, and December 28, 2013, respectively) | 323,882 | 326,013 | |||||||
15% Unsecured Term Loan, due 2017 ($9.4 million and $10.0 million outstanding principal amount as of March 29, 2014, and December 28, 2013, respectively) | 8,940 | 9,500 | |||||||
11.5% senior notes, due 2017 ($225.0 million outstanding principal amount as of March 29, 2014, and December 28, 2013) | 219,444 | 219,068 | |||||||
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 March 29, 2014, and December 28, 2013) | 398,411 | 398,326 | |||||||
Other debt including capital leases | 23,400 | 24,968 | |||||||
1,202,527 | 1,185,525 | ||||||||
Less current maturities | (8,762 | ) | (9,174 | ) | |||||
Long-term debt | $ | 1,193,765 | $ | 1,176,351 | |||||
The estimated fair value of the Company’s long-term debt was approximately $1.2 billion as of March 29, 2014, and December 28, 2013. 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. | |||||||||
As of March 29, 2014, the Company was in compliance with all debt agreement covenants. | |||||||||
Amendment to Term Loan Facility | |||||||||
In February 2014, the Company entered into an amendment to adjust, among other things, its covenant requirements under its $360 million secured term loan facility (the "Term Loan Facility"). 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. In connection with this amendment, the Company capitalized $1.5 million related to original issuance discount. | |||||||||
Extinguishments | |||||||||
In the first quarter of 2013, the Company extinguished all of its 7.875% senior subordinated notes due 2013 ("7.875% Notes"). In connection with the extinguishment, the Company recorded a loss on early extinguishment of debt of approximately $0.1 million, all of which relates to the write-off of unamortized debt issuance costs. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 29, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
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 financial statements. | |
The Company is involved in certain environmental matters and has been designated as a potentially responsible party for certain hazardous waste sites. 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 financial statements. | |
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 financial statements. | |
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 effect on the Company’s financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 29, 2014 | |
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 nonrecurring 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. There were no assets or liabilities recorded at fair value on a recurring or nonrecurring basis as of March 29, 2014, and March 30, 2013. | |
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 March 29, 2014, and December 28, 2013, due to the short-term nature of these instruments. See Note 7 for fair value of the Company’s long-term debt. Additionally, the Company also records the assets acquired and liabilities assumed in its acquisitions (Note 2) at fair value. |
Retirement_Plans
Retirement Plans | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Retirement Plans | ' | ||||||||
Retirement Plans | |||||||||
The components of the net periodic (benefit) expense for the Company’s pension plans, supplemental executive retirement plans ("SERP") and other postretirement benefit plans ("OPEB") are as follows (in thousands): | |||||||||
For the Three Months Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
Service cost | $ | — | $ | — | |||||
Interest cost | 3,707 | 3,421 | |||||||
Expected return on plan assets | (5,206 | ) | (4,618 | ) | |||||
Net amortization and deferral | — | (2 | ) | ||||||
Recognized net actuarial loss | 794 | 1,992 | |||||||
Net periodic (benefit) expense | $ | (705 | ) | $ | 793 | ||||
Interest cost on projected benefit obligation includes $0.2 million related to the Company’s SERP and OPEB plans in each of the three months ended March 29, 2014, and March 30, 2013, respectively. | |||||||||
For the three months ended March 29, 2014, the Company made total contributions of $3.3 million to its pension, SERP and OPEB plans. The Company expects to contribute approximately $14.8 million to its pension, SERP and OPEB plans for the remainder of 2014. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company did not issue any form of stock-based compensation in the first quarter of 2014. Total stock-based compensation expense recognized in selling, general and administrative expenses in the Company’s statements of operations was $0.8 million for the three months ended March 29, 2014, and $1.0 million for the three months ended March 30, 2013, respectively. | |||||||||||||
As of March 29, 2014, there was approximately $2.0 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 three months ended March 29, 2014, is as follows: | |||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value (in thousands) | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(In Years) | |||||||||||||
Outstanding at December 28, 2013 | 1,778,000 | $ | 5.23 | 2.4 | $ | 259 | |||||||
Granted | — | — | |||||||||||
Exercised | — | — | $ | — | |||||||||
Forfeited/expired | (39,375 | ) | 5.86 | ||||||||||
Outstanding at March 29, 2014 | 1,738,625 | $ | 5.21 | 2.2 | $ | 176 | |||||||
Exercisable at March 29, 2014 | 1,367,875 | $ | 5.45 | 1.8 | $ | — | |||||||
RSUs | |||||||||||||
A summary of the Company’s non-vested restricted share units ("RSUs") as of and for the three months ended March 29, 2014, is as follows: | |||||||||||||
RSUs | Weighted Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested at December 28, 2013 | 980,750 | $ | 3.91 | ||||||||||
Granted | — | — | |||||||||||
Vested | (159,375 | ) | 5.62 | ||||||||||
Forfeited | (625 | ) | 5.62 | ||||||||||
Non-vested at March 29, 2014 | 820,750 | $ | 3.57 | ||||||||||
The total fair value of RSUs which vested during the three months ended March 29, 2014, was $0.5 million. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||||
Restructuring and Other Charges | ' | |||||||||||||||||||||||||||||
Restructuring and Other Charges | ||||||||||||||||||||||||||||||
The Company currently has three active cost savings, restructuring and integration plans: (i) two plans 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 "2014 Plan" and the "2013 Plan"); and (ii) the plan related to the integration of certain assets of National into existing envelope operations (the "National Plan"). | ||||||||||||||||||||||||||||||
2014 Plan | ||||||||||||||||||||||||||||||
During the first quarter of 2014, the Company began implementing the 2014 Plan, which primarily focuses on overhead cost eliminations, including headcount reductions, and the potential closure of certain manufacturing facilities. The Company expects to be substantially complete with the 2014 Plan during the 2015 fiscal year. | ||||||||||||||||||||||||||||||
2013 Plan | ||||||||||||||||||||||||||||||
During the first quarter of 2013, the Company began implementing the 2013 Plan, which primarily focuses on overhead cost eliminations, including headcount reductions, and the potential closure of certain manufacturing facilities. The Company expects to be substantially complete with the 2013 Plan during the 2014 fiscal year. | ||||||||||||||||||||||||||||||
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 and two manufacturing facilities into the Company's existing envelope operations, and the elimination of duplicative headcount. The Company expects the National Plan to be completed during the 2015 fiscal year. | ||||||||||||||||||||||||||||||
Upon the completion of the Envelope Product Group ("EPG") acquisition, the Company developed and implemented its plan to integrate EPG into its existing envelope operations (the "EPG Plan"). Since the date of acquisition, activities related to the EPG Plan have included the closure and consolidation of five manufacturing facilities into the Company's existing operations and the elimination of duplicative headcount. The Company has substantially completed the EPG Plan. | ||||||||||||||||||||||||||||||
2012 Plan | ||||||||||||||||||||||||||||||
In 2012, the Company announced the closure and consolidation of a print plant and an envelope plant into its existing print operations. Additionally, the Company began implementing a cost savings initiative (the "2012 Plan"), which primarily focused on the Company's print and envelope segments and corporate expenses. This initiative focused on the consolidation of office and warehouse space and other overhead cost elimination plans, including headcount reductions. | ||||||||||||||||||||||||||||||
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 either the 2012 Plan or the Residual Plans. | ||||||||||||||||||||||||||||||
The following tables present the details of the expenses recognized as a result of these plans. | ||||||||||||||||||||||||||||||
2014 Activity | ||||||||||||||||||||||||||||||
Restructuring and other charges for the three months ended March 29, 2014, 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 | $ | (1 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | ||||||||||||||
2012 Plan | — | — | — | (198 | ) | — | — | (198 | ) | |||||||||||||||||||||
Residual Plans | — | — | — | — | 32 | 16 | 48 | |||||||||||||||||||||||
Acquisition Integration Plans | 93 | 601 | 636 | 1,390 | — | 448 | 3,168 | |||||||||||||||||||||||
Total Envelope | 92 | 601 | 636 | 1,192 | 32 | 464 | 3,017 | |||||||||||||||||||||||
2014 Plan | 7 | — | — | — | — | — | 7 | |||||||||||||||||||||||
2013 Plan | 388 | (22 | ) | — | 133 | — | 292 | 791 | ||||||||||||||||||||||
2012 Plan | — | — | — | 4 | 729 | — | 733 | |||||||||||||||||||||||
Residual Plans | — | — | 1 | (60 | ) | (13 | ) | 547 | 475 | |||||||||||||||||||||
Total Print | 395 | (22 | ) | 1 | 77 | 716 | 839 | 2,006 | ||||||||||||||||||||||
Label and Packaging | ||||||||||||||||||||||||||||||
2014 Plan | 251 | — | — | — | — | — | 251 | |||||||||||||||||||||||
2013 Plan | 26 | — | — | — | — | — | 26 | |||||||||||||||||||||||
Residual Plans | — | — | — | 14 | — | — | 14 | |||||||||||||||||||||||
Total Label and Packaging | 277 | — | — | 14 | — | — | 291 | |||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
2014 Plan | 604 | — | — | — | — | 29 | 633 | |||||||||||||||||||||||
Total Corporate | 604 | — | — | — | — | 29 | 633 | |||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 1,368 | $ | 579 | $ | 637 | $ | 1,283 | $ | 748 | $ | 1,332 | $ | 5,947 | ||||||||||||||||
2013 Activity | ||||||||||||||||||||||||||||||
Restructuring and other charges for the three months ended March 30, 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 | $ | 42 | $ | — | $ | 10 | $ | — | $ | — | $ | — | $ | 52 | ||||||||||||||||
2012 Plan | (10 | ) | — | 44 | 48 | — | 208 | 290 | ||||||||||||||||||||||
Residual Plans | — | — | — | — | 23 | 5 | 28 | |||||||||||||||||||||||
Acquisition Integration Plans | 518 | — | 203 | (26 | ) | — | 75 | 770 | ||||||||||||||||||||||
Total Envelope | 550 | — | 257 | 22 | 23 | 288 | 1,140 | |||||||||||||||||||||||
2013 Plan | 706 | — | — | — | — | — | 706 | |||||||||||||||||||||||
2012 Plan | (73 | ) | 147 | 39 | 2 | — | 4 | 119 | ||||||||||||||||||||||
Residual Plans | — | — | 10 | 52 | 56 | 38 | 156 | |||||||||||||||||||||||
Total Print | 633 | 147 | 49 | 54 | 56 | 42 | 981 | |||||||||||||||||||||||
Label and Packaging | ||||||||||||||||||||||||||||||
2013 Plan | 251 | — | — | — | — | 4 | 255 | |||||||||||||||||||||||
Residual Plans | (4 | ) | — | — | 24 | — | — | 20 | ||||||||||||||||||||||
Total Label and Packaging | 247 | — | — | 24 | — | 4 | 275 | |||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
2013 Plan | 1,725 | — | — | — | — | 21 | 1,746 | |||||||||||||||||||||||
Residual Plans | 23 | — | — | — | — | 17 | 40 | |||||||||||||||||||||||
Total Corporate | 1,748 | — | — | — | — | 38 | 1,786 | |||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 3,178 | $ | 147 | $ | 306 | $ | 100 | $ | 79 | $ | 372 | $ | 4,182 | ||||||||||||||||
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 Costs | Lease Termination Expenses | Multi-Employer Pension | Building Clean-up, | Total | ||||||||||||||||||||||||||
Withdrawal Expenses | Equipment Moving and Other Expenses | |||||||||||||||||||||||||||||
2014 Plan | ||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Accruals, net | 862 | — | — | 29 | 891 | |||||||||||||||||||||||||
Payments | (801 | ) | — | — | (29 | ) | (830 | ) | ||||||||||||||||||||||
Balance as of March 29, 2014 | $ | 61 | $ | — | $ | — | $ | — | $ | 61 | ||||||||||||||||||||
2013 Plan | ||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | 837 | $ | 56 | $ | — | $ | — | $ | 893 | ||||||||||||||||||||
Accruals, net | 413 | 133 | — | 292 | 838 | |||||||||||||||||||||||||
Payments | (633 | ) | (46 | ) | — | (292 | ) | (971 | ) | |||||||||||||||||||||
Balance as of March 29, 2014 | $ | 617 | $ | 143 | $ | — | $ | — | $ | 760 | ||||||||||||||||||||
2012 Plan | ||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | — | $ | 327 | $ | 5,400 | $ | — | $ | 5,727 | ||||||||||||||||||||
Accruals, net | — | (194 | ) | 729 | — | 535 | ||||||||||||||||||||||||
Payments | — | (31 | ) | — | — | (31 | ) | |||||||||||||||||||||||
Balance as of March 29, 2014 | $ | — | $ | 102 | $ | 6,129 | $ | — | $ | 6,231 | ||||||||||||||||||||
Residual Plans | ||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | — | $ | 1,017 | $ | 15,155 | $ | — | $ | 16,172 | ||||||||||||||||||||
Accruals, net | — | (46 | ) | 19 | 564 | 537 | ||||||||||||||||||||||||
Payments | — | 30 | (566 | ) | (564 | ) | (1,100 | ) | ||||||||||||||||||||||
Balance as of March 29, 2014 | $ | — | $ | 1,001 | $ | 14,608 | $ | — | $ | 15,609 | ||||||||||||||||||||
Acquisition Integration Plans | ||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | 155 | $ | 2,503 | $ | — | $ | — | $ | 2,658 | ||||||||||||||||||||
Accruals, net | 93 | 1,390 | — | 1,084 | 2,567 | |||||||||||||||||||||||||
Payments | (202 | ) | (663 | ) | — | (1,084 | ) | (1,949 | ) | |||||||||||||||||||||
Balance as of March 29, 2014 | $ | 46 | $ | 3,230 | $ | — | $ | — | $ | 3,276 | ||||||||||||||||||||
Total Restructuring Liability | $ | 724 | $ | 4,476 | $ | 20,737 | $ | — | $ | 25,937 | ||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following table presents the changes in the balances of each component of AOCI, net of tax (in thousands): | |||||||||||||
Foreign Currency Translation | Pension and Other Postretirement Benefits | Total | |||||||||||
Balance as of December 28, 2013 | $ | (1,584 | ) | $ | (38,716 | ) | $ | (40,300 | ) | ||||
Other comprehensive income before reclassifications | 88 | — | 88 | ||||||||||
Amounts reclassified from AOCI | — | 480 | 480 | ||||||||||
Other comprehensive income | 88 | 480 | 568 | ||||||||||
Balance as of March 29, 2014 | $ | (1,496 | ) | $ | (38,236 | ) | $ | (39,732 | ) | ||||
Reclassifications from AOCI | |||||||||||||
AOCI Components | Amounts Reclassified from AOCI (in thousands) | Income Statement Line Item | |||||||||||
For the Three Months Ended | |||||||||||||
29-Mar-14 | 30-Mar-13 | ||||||||||||
Changes in pension and other employee benefit accounts: | |||||||||||||
Net actuarial losses (1) | $ | 794 | $ | — | Selling, general and administrative expenses | ||||||||
794 | — | Total before tax | |||||||||||
Taxes | (314 | ) | — | Income tax (benefit) expense | |||||||||
Total reclassifications for the period | $ | 480 | $ | — | Net of tax | ||||||||
__________________________ | |||||||||||||
(1) In the first quarter of 2014, the Company began to reclassify the amortization of net actuarial losses from AOCI on a quarterly basis. Previously, these amounts were reclassified on an annual basis. |
Income_Loss_Per_Share
Income (Loss) Per Share | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
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, when applicable, performance share units ("PSUs," and collectively with the stock options and RSUs, the "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% senior exchangeable notes due 2017 ("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 three months ended March 29, 2014, and March 30, 2013, the effect of approximately 21.1 million and 23.0 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 Three Months Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
Numerator for basic and diluted loss per share: | |||||||||
Loss from continuing operations | $ | (16,787 | ) | $ | (20,490 | ) | |||
Income from discontinued operations, net of taxes | 953 | 1,345 | |||||||
Net loss | $ | (15,834 | ) | $ | (19,145 | ) | |||
Denominator for weighted average common shares outstanding: | |||||||||
Basic shares | 66,336 | 63,840 | |||||||
Dilutive effect of 7% notes | — | — | |||||||
Dilutive effect of Equity Awards | — | — | |||||||
Diluted shares | 66,336 | 63,840 | |||||||
(Loss) income per share – basic: | |||||||||
Continuing operations | $ | (0.25 | ) | $ | (0.32 | ) | |||
Discontinued operations | 0.01 | 0.02 | |||||||
Net loss | $ | (0.24 | ) | $ | (0.30 | ) | |||
(Loss) income per share – diluted: | |||||||||
Continuing operations | $ | (0.25 | ) | $ | (0.32 | ) | |||
Discontinued operations | 0.01 | 0.02 | |||||||
Net loss | $ | (0.24 | ) | $ | (0.30 | ) |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
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 segments 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, 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 Three Months Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
Net sales: | |||||||||
Envelope | $ | 241,671 | $ | 166,453 | |||||
128,397 | 127,245 | ||||||||
Label and Packaging | 120,051 | 124,916 | |||||||
Total | $ | 490,119 | $ | 418,614 | |||||
Operating income (loss): | |||||||||
Envelope | $ | 9,806 | $ | 9,010 | |||||
1,240 | 1,007 | ||||||||
Label and Packaging | 10,193 | 11,544 | |||||||
Corporate | (11,167 | ) | (9,883 | ) | |||||
Total | $ | 10,072 | $ | 11,678 | |||||
Restructuring and other charges: | |||||||||
Envelope | $ | 3,017 | $ | 1,140 | |||||
2,006 | 981 | ||||||||
Label and Packaging | 291 | 275 | |||||||
Corporate | 633 | 1,786 | |||||||
Total | $ | 5,947 | $ | 4,182 | |||||
Net sales by product line: | |||||||||
Envelope | $ | 241,671 | $ | 166,453 | |||||
128,397 | 127,245 | ||||||||
Label | 78,686 | 85,384 | |||||||
Packaging | 41,365 | 39,532 | |||||||
Total | $ | 490,119 | $ | 418,614 | |||||
Intercompany sales: | |||||||||
Envelope | $ | 1,532 | $ | 936 | |||||
1,188 | 822 | ||||||||
Label and Packaging | 2,176 | 1,598 | |||||||
Total | $ | 4,896 | $ | 3,356 | |||||
March 29, 2014 | December 28, 2013 | ||||||||
Total assets: | |||||||||
Envelope | $ | 478,059 | $ | 472,334 | |||||
303,930 | 320,720 | ||||||||
Label and Packaging | 361,858 | 356,183 | |||||||
Corporate | 62,937 | 64,467 | |||||||
Total | $ | 1,206,784 | $ | 1,213,704 | |||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||
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% senior second lien notes due 2018 (the "8.875% Notes") and the 11.5% senior notes due 2017 (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 March 29, 2014, and December 28, 2013, and for the three months ended March 29, 2014, and March 30, 2013. 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 | ||||||||||||||||||||||||
29-Mar-14 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 8,463 | $ | 582 | $ | 2,493 | $ | — | $ | 11,538 | ||||||||||||
Accounts receivable, net | — | 127,442 | 145,599 | 742 | — | 273,783 | ||||||||||||||||||
Inventories | — | 95,546 | 76,650 | 13 | — | 172,209 | ||||||||||||||||||
Notes receivable from subsidiaries | — | 36,938 | 3,245 | — | (40,183 | ) | — | |||||||||||||||||
Prepaid and other current assets | — | 43,576 | 6,666 | 2,936 | — | 53,178 | ||||||||||||||||||
Assets of discontinued operations - current | — | — | 88 | — | — | 88 | ||||||||||||||||||
Total current assets | — | 311,965 | 232,830 | 6,184 | (40,183 | ) | 510,796 | |||||||||||||||||
Investment in subsidiaries | (511,662 | ) | 1,882,283 | 2,811 | 7,829 | (1,381,261 | ) | — | ||||||||||||||||
Property, plant and equipment, net | — | 133,262 | 165,904 | 749 | — | 299,915 | ||||||||||||||||||
Goodwill | — | 25,540 | 155,379 | 5,507 | — | 186,426 | ||||||||||||||||||
Other intangible assets, net | — | 9,778 | 154,432 | 1,146 | — | 165,356 | ||||||||||||||||||
Other assets, net | — | 38,629 | 5,146 | 516 | — | 44,291 | ||||||||||||||||||
Total assets | $ | (511,662 | ) | $ | 2,401,457 | $ | 716,502 | $ | 21,931 | $ | (1,421,444 | ) | $ | 1,206,784 | ||||||||||
Liabilities and Shareholders’ (Deficit) Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 6,600 | $ | 2,162 | $ | — | $ | — | $ | 8,762 | ||||||||||||
Accounts payable | — | 141,960 | 98,744 | 480 | — | 241,184 | ||||||||||||||||||
Accrued compensation and related liabilities | — | 28,908 | 8,033 | 538 | — | 37,479 | ||||||||||||||||||
Other current liabilities | — | 58,989 | 18,669 | 595 | — | 78,253 | ||||||||||||||||||
Liabilities of discontinued operations - current | — | — | 104 | — | — | 104 | ||||||||||||||||||
Intercompany payable (receivable) | — | 1,364,419 | (1,372,431 | ) | 8,012 | — | — | |||||||||||||||||
Notes payable to issuer | — | — | 36,938 | 3,245 | (40,183 | ) | — | |||||||||||||||||
Total current liabilities | — | 1,600,876 | (1,207,781 | ) | 12,870 | (40,183 | ) | 365,782 | ||||||||||||||||
Long-term debt | — | 1,191,278 | 2,487 | — | — | 1,193,765 | ||||||||||||||||||
Other liabilities | — | 120,965 | 39,513 | (1,579 | ) | — | 158,899 | |||||||||||||||||
Shareholders’ (deficit) equity | (511,662 | ) | (511,662 | ) | 1,882,283 | 10,640 | (1,381,261 | ) | (511,662 | ) | ||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (511,662 | ) | $ | 2,401,457 | $ | 716,502 | $ | 21,931 | $ | (1,421,444 | ) | $ | 1,206,784 | ||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
For the three months ended March 29, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 241,467 | $ | 245,177 | $ | 3,475 | $ | — | $ | 490,119 | ||||||||||||
Cost of sales | — | 210,725 | 201,544 | 2,888 | — | 415,157 | ||||||||||||||||||
Selling, general and administrative expenses | — | 33,608 | 21,550 | 336 | — | 55,494 | ||||||||||||||||||
Amortization of intangible assets | — | 185 | 3,131 | 133 | — | 3,449 | ||||||||||||||||||
Restructuring and other charges | — | 3,931 | 2,016 | — | — | 5,947 | ||||||||||||||||||
Operating (loss) income | — | (6,982 | ) | 16,936 | 118 | — | 10,072 | |||||||||||||||||
Interest expense, net | — | 27,823 | 87 | — | — | 27,910 | ||||||||||||||||||
Intercompany interest (income) expense | — | (270 | ) | 270 | — | — | — | |||||||||||||||||
Loss on early extinguishment of debt, net | — | 18 | — | — | — | 18 | ||||||||||||||||||
Other (income) expense, net | — | (183 | ) | (325 | ) | (1 | ) | — | (509 | ) | ||||||||||||||
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries | — | (34,370 | ) | 16,904 | 119 | — | (17,347 | ) | ||||||||||||||||
Income tax (benefit) expense | — | (391 | ) | (237 | ) | 68 | — | (560 | ) | |||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | — | (33,979 | ) | 17,141 | 51 | — | (16,787 | ) | ||||||||||||||||
Equity in (loss) income of subsidiaries | (15,834 | ) | 18,072 | 51 | — | (2,289 | ) | — | ||||||||||||||||
(Loss) income from continuing operations | (15,834 | ) | (15,907 | ) | 17,192 | 51 | (2,289 | ) | (16,787 | ) | ||||||||||||||
Income from discontinued operations, net of taxes | — | 73 | 880 | — | — | 953 | ||||||||||||||||||
Net (loss) income | (15,834 | ) | (15,834 | ) | 18,072 | 51 | (2,289 | ) | (15,834 | ) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Other comprehensive income (loss) of subsidiaries | 568 | 88 | 619 | — | (1,275 | ) | — | |||||||||||||||||
Changes in pension and other employee benefit accounts, net of taxes | — | 480 | — | — | — | 480 | ||||||||||||||||||
Currency translation adjustment | — | — | (531 | ) | 619 | — | 88 | |||||||||||||||||
Comprehensive (loss) income | $ | (15,266 | ) | $ | (15,266 | ) | $ | 18,160 | $ | 670 | $ | (3,564 | ) | $ | (15,266 | ) | ||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the three months ended March 29, 2014 | ||||||||||||||||||||||||
(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 | $ | 836 | $ | (34,318 | ) | $ | 31,552 | $ | (1,493 | ) | $ | — | $ | (3,423 | ) | |||||||||
Net cash used in operating activities of discontinued operations | — | (610 | ) | (1,048 | ) | — | — | (1,658 | ) | |||||||||||||||
Net cash provided by (used in) operating activities | 836 | (34,928 | ) | 30,504 | (1,493 | ) | — | (5,081 | ) | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (5,427 | ) | (3,501 | ) | (47 | ) | — | (8,975 | ) | ||||||||||||||
Purchase of investment | — | (2,000 | ) | — | — | — | (2,000 | ) | ||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 8 | 154 | — | — | 162 | ||||||||||||||||||
Net cash used in investing activities of continuing operations | — | (7,419 | ) | (3,347 | ) | (47 | ) | — | (10,813 | ) | ||||||||||||||
Net cash provided by investing activities of discontinued operations | — | 462 | 556 | — | — | 1,018 | ||||||||||||||||||
Net cash used in investing activities | — | (6,957 | ) | (2,791 | ) | (47 | ) | — | (9,795 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Payment of financing-related costs and expenses and debt issuance discounts | — | (2,330 | ) | — | — | — | (2,330 | ) | ||||||||||||||||
Repayments of other long-term debt | — | (750 | ) | (819 | ) | — | — | (1,569 | ) | |||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (252 | ) | — | — | — | — | (252 | ) | ||||||||||||||||
Repayment of 15% Unsecured Term Loan due 2017 | — | (600 | ) | — | — | — | (600 | ) | ||||||||||||||||
Repayment of Term Loan Facility due 2017 | — | (900 | ) | — | — | — | (900 | ) | ||||||||||||||||
Borrowings under ABL Facility due 2017 | — | 156,400 | — | — | — | 156,400 | ||||||||||||||||||
Repayments under ABL Facility due 2017 | — | (135,600 | ) | — | — | — | (135,600 | ) | ||||||||||||||||
Intercompany advances | (584 | ) | 24,624 | (26,317 | ) | 2,277 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (836 | ) | 40,844 | (27,136 | ) | 2,277 | — | 15,149 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 5 | (69 | ) | — | (64 | ) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (1,041 | ) | 582 | 668 | — | 209 | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 9,504 | — | 1,825 | — | 11,329 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 8,463 | $ | 582 | $ | 2,493 | $ | — | $ | 11,538 | ||||||||||||
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 | |||||||||||||||||
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 INCOME (LOSS) | ||||||||||||||||||||||||
For the three months ended March 30, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 167,704 | $ | 247,349 | $ | 3,561 | $ | — | $ | 418,614 | ||||||||||||
Cost of sales | — | 144,152 | 204,698 | 3,052 | — | 351,902 | ||||||||||||||||||
Selling, general and administrative expenses | — | 26,981 | 21,143 | 221 | — | 48,345 | ||||||||||||||||||
Amortization of intangible assets | — | 137 | 2,238 | 132 | — | 2,507 | ||||||||||||||||||
Restructuring and other charges | — | 2,834 | 1,344 | 4 | — | 4,182 | ||||||||||||||||||
Operating (loss) income | — | (6,400 | ) | 17,926 | 152 | — | 11,678 | |||||||||||||||||
Interest expense, net | — | 29,464 | 114 | (3 | ) | — | 29,575 | |||||||||||||||||
Intercompany interest (income) expense | — | (350 | ) | 350 | — | — | — | |||||||||||||||||
Loss on early extinguishment of debt, net | — | 127 | — | — | — | 127 | ||||||||||||||||||
Other expense (income), net | — | 369 | (95 | ) | 22 | — | 296 | |||||||||||||||||
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries | — | (36,010 | ) | 17,557 | 133 | — | (18,320 | ) | ||||||||||||||||
Income tax expense | — | 1,646 | 461 | 63 | — | 2,170 | ||||||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | — | (37,656 | ) | 17,096 | 70 | — | (20,490 | ) | ||||||||||||||||
Equity in (loss) income of subsidiaries | (19,145 | ) | 17,167 | 70 | — | 1,908 | — | |||||||||||||||||
(Loss) income from continuing operations | (19,145 | ) | (20,489 | ) | 17,166 | 70 | 1,908 | (20,490 | ) | |||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | 1,344 | 1 | — | — | 1,345 | ||||||||||||||||||
Net (loss) income | (19,145 | ) | (19,145 | ) | 17,167 | 70 | 1,908 | (19,145 | ) | |||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Other comprehensive (loss) income of subsidiaries | (779 | ) | (779 | ) | 114 | — | 1,444 | — | ||||||||||||||||
Currency translation adjustment | — | — | (893 | ) | 114 | — | (779 | ) | ||||||||||||||||
Comprehensive (loss) income | $ | (19,924 | ) | $ | (19,924 | ) | $ | 16,388 | $ | 184 | $ | 3,352 | $ | (19,924 | ) | |||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the three months ended March 30, 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 | $ | 953 | $ | (19,797 | ) | $ | 20,627 | $ | 16 | $ | — | $ | 1,799 | |||||||||||
Net cash provided by operating activities of discontinued operations | — | 1,033 | 486 | — | — | 1,519 | ||||||||||||||||||
Net cash provided by (used in) operating activities | 953 | (18,764 | ) | 21,113 | 16 | — | 3,318 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | (5,145 | ) | — | — | — | (5,145 | ) | ||||||||||||||||
Capital expenditures | — | (6,130 | ) | (3,924 | ) | (7 | ) | — | (10,061 | ) | ||||||||||||||
Purchase of investment | — | (1,650 | ) | — | — | — | (1,650 | ) | ||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 182 | 5,668 | — | — | 5,850 | ||||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | — | (12,743 | ) | 1,744 | (7 | ) | — | (11,006 | ) | |||||||||||||||
Net cash used in investing activities of discontinued operations | — | (201 | ) | — | — | — | (201 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | — | (12,944 | ) | 1,744 | (7 | ) | — | (11,207 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Repayment of 7.875% senior subordinated notes | — | (67,848 | ) | — | — | — | (67,848 | ) | ||||||||||||||||
Repayment of Term Loan B due 2016 | — | (990 | ) | — | — | — | (990 | ) | ||||||||||||||||
Payment of financing-related costs and expenses and debt issuance discounts | — | (5,054 | ) | — | — | — | (5,054 | ) | ||||||||||||||||
Repayments of other long-term debt | — | — | (890 | ) | — | — | (890 | ) | ||||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (219 | ) | — | — | — | — | (219 | ) | ||||||||||||||||
Borrowings under Revolving Credit Facility, net | — | 42,300 | — | — | — | 42,300 | ||||||||||||||||||
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | — | 50,000 | — | — | — | 50,000 | ||||||||||||||||||
Repayment of 15% Unsecured Term Loan due 2017 | — | (7,000 | ) | — | — | — | (7,000 | ) | ||||||||||||||||
Intercompany advances | (734 | ) | 22,828 | (22,249 | ) | 155 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (953 | ) | 34,236 | (23,139 | ) | 155 | — | 10,299 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 70 | 23 | — | 93 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 2,528 | (212 | ) | 187 | — | 2,503 | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 5,763 | 286 | 2,061 | — | 8,110 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 8,291 | $ | 74 | $ | 2,248 | $ | — | $ | 10,613 | ||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 29, 2014 | |
Accounting Policies [Abstract] | ' |
Fiscal period | ' |
It is the Company’s practice to close its fiscal quarters on the Saturday closest to the last day of the calendar quarter. The reporting periods for the three months ended March 29, 2014, and March 30, 2013, each consisted of 13 weeks. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements: Effective in the first quarter of 2013, the Company adopted an accounting pronouncement relating to the presentation of accumulated other comprehensive income (loss) ("AOCI"). This pronouncement does not change the current accounting 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 loss is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net loss, but only if the amount is required under GAAP to be reclassified to net 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 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 13. The adoption of this pronouncement did not have a material impact to the Company's 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. This ASU is effective for annual and interim periods beginning after December 15, 2013. The adoption of this pronouncement did not have a material impact to the Company's financial statements. | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." The amendments in the ASU change the criteria for reporting discontinued operations while enhancing related disclosures. The amendments in the ASU are effective in the first quarter of 2015. The Company is currently evaluating the impact of the pending adoption of ASU 2014-08 on its consolidated financial statements. | |
Acquisitions | ' |
The Company accounts for business combinations under the provisions of the Business Combination Topic of the FASB’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 values on the acquisition date with the excess of the purchase price over their estimated fair values recorded as goodwill. In the event the estimated fair values 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. | |
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, when applicable, performance share units ("PSUs," and collectively with the stock options and RSUs, the "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% senior exchangeable notes due 2017 ("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 three months ended March 29, 2014, and March 30, 2013, the effect of approximately 21.1 million and 23.0 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 |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||
Mar. 29, 2014 | |||||
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 | ' | ||||
The following supplemental pro forma consolidated summary financial information of the Company for the three months ended March 30, 2013 herein has been prepared by adjusting the historical data as set forth in its statement 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 Three Months Ended | |||||
March 30, | |||||
2013 | |||||
Net sales | |||||
As reported | $ | 418,614 | |||
Pro forma | $ | 512,773 | |||
Loss from continuing operations | |||||
As reported | $ | (20,490 | ) | ||
Pro forma | $ | (31,142 | ) | ||
Loss per share from continuing operations - basic | |||||
As reported | $ | (0.32 | ) | ||
Pro forma | $ | (0.47 | ) | ||
Loss per share from continuing operations - diluted | |||||
As reported | $ | (0.32 | ) | ||
Pro forma | $ | (0.47 | ) |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of discontinued operations | ' | ||||||||
The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's condensed consolidated balance sheets as of March 29, 2014, and December 28, 2013 (in thousands): | |||||||||
March 29, 2014 | December 28, 2013 | ||||||||
Accounts receivable, net | $ | — | $ | 9 | |||||
Prepaid and other current assets | 88 | 123 | |||||||
Assets of discontinued operations - current | 88 | 132 | |||||||
Property, plant and equipment, net | — | 33 | |||||||
Assets of discontinued operations - long-term | — | 33 | |||||||
Accrued compensation and related liabilities | 99 | 627 | |||||||
Other current liabilities | 5 | 1,386 | |||||||
Liabilities of discontinued operations - current | 104 | 2,013 | |||||||
Net assets | $ | (16 | ) | $ | (1,848 | ) | |||
The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): | |||||||||
For the Three Months Ended | |||||||||
29-Mar-14 | 30-Mar-13 | ||||||||
Net sales | $ | — | $ | 13,730 | |||||
Income from discontinued operations before income taxes | 176 | 2,234 | |||||||
Income tax expense on discontinued operations | 68 | 889 | |||||||
Gain on sale of discontinued operations, net of tax expense of $0.5 million | 845 | — | |||||||
Income from discontinued operations, net of taxes | $ | 953 | $ | 1,345 | |||||
Income per share - basic | $ | 0.01 | $ | 0.02 | |||||
Income per share - diluted | $ | 0.01 | $ | 0.02 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories by major category are as follows (in thousands): | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 65,975 | $ | 62,241 | |||||
Work in process | 19,508 | 21,698 | |||||||
Finished goods | 86,726 | 77,626 | |||||||
$ | 172,209 | $ | 161,565 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment are as follows (in thousands): | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 14,507 | $ | 14,507 | |||||
Buildings and building improvements | 96,462 | 97,674 | |||||||
Machinery and equipment | 636,912 | 635,638 | |||||||
Furniture and fixtures | 11,340 | 11,049 | |||||||
Construction in progress | 16,460 | 11,828 | |||||||
775,681 | 770,696 | ||||||||
Accumulated depreciation | (475,766 | ) | (465,789 | ) | |||||
$ | 299,915 | $ | 304,907 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Schedule of goodwill | ' | ||||||||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill as of March 29, 2014, by reportable segment are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Envelope | Label and Packaging | Total | |||||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | 23,433 | $ | 45,576 | $ | 117,427 | $ | 186,436 | |||||||||||||||||||||||||||
Foreign currency translation | — | 173 | (183 | ) | (10 | ) | |||||||||||||||||||||||||||||
Balance as of March 29, 2014 | $ | 23,433 | $ | 45,749 | $ | 117,244 | $ | 186,426 | |||||||||||||||||||||||||||
Schedule of intangible assets | ' | ||||||||||||||||||||||||||||||||||
Other intangible assets are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
March 29, 2014 | December 28, 2013 | ||||||||||||||||||||||||||||||||||
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 | $ | 144,932 | $ | (27,234 | ) | $ | (55,859 | ) | $ | 61,839 | $ | 144,898 | $ | (27,234 | ) | $ | (53,682 | ) | $ | 63,982 | ||||||||||||||
Trademarks and trade names | 20 | 77,765 | (55,367 | ) | (7,896 | ) | 14,502 | 77,754 | (55,367 | ) | (6,734 | ) | 15,653 | ||||||||||||||||||||||
Leasehold interest | 19 | 3,780 | — | (104 | ) | 3,676 | 3,780 | — | (55 | ) | 3,725 | ||||||||||||||||||||||||
Patents | 10 | 3,528 | — | (3,089 | ) | 439 | 3,528 | — | (3,039 | ) | 489 | ||||||||||||||||||||||||
Non-compete agreements | 140 | — | (140 | ) | — | 140 | — | (140 | ) | — | |||||||||||||||||||||||||
Subtotal | 11 | 230,145 | (82,601 | ) | (67,088 | ) | 80,456 | 230,100 | (82,601 | ) | (63,650 | ) | 83,849 | ||||||||||||||||||||||
Intangible | |||||||||||||||||||||||||||||||||||
assets with | |||||||||||||||||||||||||||||||||||
indefinite | |||||||||||||||||||||||||||||||||||
lives: | |||||||||||||||||||||||||||||||||||
Trademarks | 84,900 | — | — | 84,900 | 84,900 | — | — | 84,900 | |||||||||||||||||||||||||||
Total | $ | 315,045 | $ | (82,601 | ) | $ | (67,088 | ) | $ | 165,356 | $ | 315,000 | $ | (82,601 | ) | $ | (63,650 | ) | $ | 168,749 | |||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Remainder of 2014 | $ | 8,317 | |||||||||||||||||||||||||||||||||
2015 | 9,721 | ||||||||||||||||||||||||||||||||||
2016 | 7,927 | ||||||||||||||||||||||||||||||||||
2017 | 7,267 | ||||||||||||||||||||||||||||||||||
2018 | 7,125 | ||||||||||||||||||||||||||||||||||
2019 | 6,887 | ||||||||||||||||||||||||||||||||||
Thereafter | 33,212 | ||||||||||||||||||||||||||||||||||
Total | $ | 80,456 | |||||||||||||||||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of long-term debt | ' | ||||||||
Long-term debt is as follows (in thousands): | |||||||||
March 29, | December 28, | ||||||||
2014 | 2013 | ||||||||
ABL Facility, due 2017 | $ | 142,200 | $ | 121,400 | |||||
Term Loan Facility, due 2017 ($328.2 million and $329.1 million outstanding principal amount as of March 29, 2014, and December 28, 2013, respectively) | 323,882 | 326,013 | |||||||
15% Unsecured Term Loan, due 2017 ($9.4 million and $10.0 million outstanding principal amount as of March 29, 2014, and December 28, 2013, respectively) | 8,940 | 9,500 | |||||||
11.5% senior notes, due 2017 ($225.0 million outstanding principal amount as of March 29, 2014, and December 28, 2013) | 219,444 | 219,068 | |||||||
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 March 29, 2014, and December 28, 2013) | 398,411 | 398,326 | |||||||
Other debt including capital leases | 23,400 | 24,968 | |||||||
1,202,527 | 1,185,525 | ||||||||
Less current maturities | (8,762 | ) | (9,174 | ) | |||||
Long-term debt | $ | 1,193,765 | $ | 1,176,351 | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of net periodic (benefit) expenses | ' | ||||||||
The components of the net periodic (benefit) expense for the Company’s pension plans, supplemental executive retirement plans ("SERP") and other postretirement benefit plans ("OPEB") are as follows (in thousands): | |||||||||
For the Three Months Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
Service cost | $ | — | $ | — | |||||
Interest cost | 3,707 | 3,421 | |||||||
Expected return on plan assets | (5,206 | ) | (4,618 | ) | |||||
Net amortization and deferral | — | (2 | ) | ||||||
Recognized net actuarial loss | 794 | 1,992 | |||||||
Net periodic (benefit) expense | $ | (705 | ) | $ | 793 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
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 three months ended March 29, 2014, is as follows: | |||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value (in thousands) | |||||||||||
Price | Contractual | ||||||||||||
Term | |||||||||||||
(In Years) | |||||||||||||
Outstanding at December 28, 2013 | 1,778,000 | $ | 5.23 | 2.4 | $ | 259 | |||||||
Granted | — | — | |||||||||||
Exercised | — | — | $ | — | |||||||||
Forfeited/expired | (39,375 | ) | 5.86 | ||||||||||
Outstanding at March 29, 2014 | 1,738,625 | $ | 5.21 | 2.2 | $ | 176 | |||||||
Exercisable at March 29, 2014 | 1,367,875 | $ | 5.45 | 1.8 | $ | — | |||||||
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 three months ended March 29, 2014, is as follows: | |||||||||||||
RSUs | Weighted Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested at December 28, 2013 | 980,750 | $ | 3.91 | ||||||||||
Granted | — | — | |||||||||||
Vested | (159,375 | ) | 5.62 | ||||||||||
Forfeited | (625 | ) | 5.62 | ||||||||||
Non-vested at March 29, 2014 | 820,750 | $ | 3.57 | ||||||||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||||
Schedule of restructuring expenses | ' | |||||||||||||||||||||||||||||
2014 Activity | ||||||||||||||||||||||||||||||
Restructuring and other charges for the three months ended March 29, 2014, 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 | $ | (1 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | ||||||||||||||
2012 Plan | — | — | — | (198 | ) | — | — | (198 | ) | |||||||||||||||||||||
Residual Plans | — | — | — | — | 32 | 16 | 48 | |||||||||||||||||||||||
Acquisition Integration Plans | 93 | 601 | 636 | 1,390 | — | 448 | 3,168 | |||||||||||||||||||||||
Total Envelope | 92 | 601 | 636 | 1,192 | 32 | 464 | 3,017 | |||||||||||||||||||||||
2014 Plan | 7 | — | — | — | — | — | 7 | |||||||||||||||||||||||
2013 Plan | 388 | (22 | ) | — | 133 | — | 292 | 791 | ||||||||||||||||||||||
2012 Plan | — | — | — | 4 | 729 | — | 733 | |||||||||||||||||||||||
Residual Plans | — | — | 1 | (60 | ) | (13 | ) | 547 | 475 | |||||||||||||||||||||
Total Print | 395 | (22 | ) | 1 | 77 | 716 | 839 | 2,006 | ||||||||||||||||||||||
Label and Packaging | ||||||||||||||||||||||||||||||
2014 Plan | 251 | — | — | — | — | — | 251 | |||||||||||||||||||||||
2013 Plan | 26 | — | — | — | — | — | 26 | |||||||||||||||||||||||
Residual Plans | — | — | — | 14 | — | — | 14 | |||||||||||||||||||||||
Total Label and Packaging | 277 | — | — | 14 | — | — | 291 | |||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
2014 Plan | 604 | — | — | — | — | 29 | 633 | |||||||||||||||||||||||
Total Corporate | 604 | — | — | — | — | 29 | 633 | |||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 1,368 | $ | 579 | $ | 637 | $ | 1,283 | $ | 748 | $ | 1,332 | $ | 5,947 | ||||||||||||||||
2013 Activity | ||||||||||||||||||||||||||||||
Restructuring and other charges for the three months ended March 30, 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 | $ | 42 | $ | — | $ | 10 | $ | — | $ | — | $ | — | $ | 52 | ||||||||||||||||
2012 Plan | (10 | ) | — | 44 | 48 | — | 208 | 290 | ||||||||||||||||||||||
Residual Plans | — | — | — | — | 23 | 5 | 28 | |||||||||||||||||||||||
Acquisition Integration Plans | 518 | — | 203 | (26 | ) | — | 75 | 770 | ||||||||||||||||||||||
Total Envelope | 550 | — | 257 | 22 | 23 | 288 | 1,140 | |||||||||||||||||||||||
2013 Plan | 706 | — | — | — | — | — | 706 | |||||||||||||||||||||||
2012 Plan | (73 | ) | 147 | 39 | 2 | — | 4 | 119 | ||||||||||||||||||||||
Residual Plans | — | — | 10 | 52 | 56 | 38 | 156 | |||||||||||||||||||||||
Total Print | 633 | 147 | 49 | 54 | 56 | 42 | 981 | |||||||||||||||||||||||
Label and Packaging | ||||||||||||||||||||||||||||||
2013 Plan | 251 | — | — | — | — | 4 | 255 | |||||||||||||||||||||||
Residual Plans | (4 | ) | — | — | 24 | — | — | 20 | ||||||||||||||||||||||
Total Label and Packaging | 247 | — | — | 24 | — | 4 | 275 | |||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
2013 Plan | 1,725 | — | — | — | — | 21 | 1,746 | |||||||||||||||||||||||
Residual Plans | 23 | — | — | — | — | 17 | 40 | |||||||||||||||||||||||
Total Corporate | 1,748 | — | — | — | — | 38 | 1,786 | |||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 3,178 | $ | 147 | $ | 306 | $ | 100 | $ | 79 | $ | 372 | $ | 4,182 | ||||||||||||||||
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 Costs | Lease Termination Expenses | Multi-Employer Pension | Building Clean-up, | Total | ||||||||||||||||||||||||||
Withdrawal Expenses | Equipment Moving and Other Expenses | |||||||||||||||||||||||||||||
2014 Plan | ||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Accruals, net | 862 | — | — | 29 | 891 | |||||||||||||||||||||||||
Payments | (801 | ) | — | — | (29 | ) | (830 | ) | ||||||||||||||||||||||
Balance as of March 29, 2014 | $ | 61 | $ | — | $ | — | $ | — | $ | 61 | ||||||||||||||||||||
2013 Plan | ||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | 837 | $ | 56 | $ | — | $ | — | $ | 893 | ||||||||||||||||||||
Accruals, net | 413 | 133 | — | 292 | 838 | |||||||||||||||||||||||||
Payments | (633 | ) | (46 | ) | — | (292 | ) | (971 | ) | |||||||||||||||||||||
Balance as of March 29, 2014 | $ | 617 | $ | 143 | $ | — | $ | — | $ | 760 | ||||||||||||||||||||
2012 Plan | ||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | — | $ | 327 | $ | 5,400 | $ | — | $ | 5,727 | ||||||||||||||||||||
Accruals, net | — | (194 | ) | 729 | — | 535 | ||||||||||||||||||||||||
Payments | — | (31 | ) | — | — | (31 | ) | |||||||||||||||||||||||
Balance as of March 29, 2014 | $ | — | $ | 102 | $ | 6,129 | $ | — | $ | 6,231 | ||||||||||||||||||||
Residual Plans | ||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | — | $ | 1,017 | $ | 15,155 | $ | — | $ | 16,172 | ||||||||||||||||||||
Accruals, net | — | (46 | ) | 19 | 564 | 537 | ||||||||||||||||||||||||
Payments | — | 30 | (566 | ) | (564 | ) | (1,100 | ) | ||||||||||||||||||||||
Balance as of March 29, 2014 | $ | — | $ | 1,001 | $ | 14,608 | $ | — | $ | 15,609 | ||||||||||||||||||||
Acquisition Integration Plans | ||||||||||||||||||||||||||||||
Balance as of December 28, 2013 | $ | 155 | $ | 2,503 | $ | — | $ | — | $ | 2,658 | ||||||||||||||||||||
Accruals, net | 93 | 1,390 | — | 1,084 | 2,567 | |||||||||||||||||||||||||
Payments | (202 | ) | (663 | ) | — | (1,084 | ) | (1,949 | ) | |||||||||||||||||||||
Balance as of March 29, 2014 | $ | 46 | $ | 3,230 | $ | — | $ | — | $ | 3,276 | ||||||||||||||||||||
Total Restructuring Liability | $ | 724 | $ | 4,476 | $ | 20,737 | $ | — | $ | 25,937 | ||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of changes in AOCI components | ' | ||||||||||||
The following table presents the changes in the balances of each component of AOCI, net of tax (in thousands): | |||||||||||||
Foreign Currency Translation | Pension and Other Postretirement Benefits | Total | |||||||||||
Balance as of December 28, 2013 | $ | (1,584 | ) | $ | (38,716 | ) | $ | (40,300 | ) | ||||
Other comprehensive income before reclassifications | 88 | — | 88 | ||||||||||
Amounts reclassified from AOCI | — | 480 | 480 | ||||||||||
Other comprehensive income | 88 | 480 | 568 | ||||||||||
Balance as of March 29, 2014 | $ | (1,496 | ) | $ | (38,236 | ) | $ | (39,732 | ) | ||||
Schedule of reclassifications from AOCI | ' | ||||||||||||
Reclassifications from AOCI | |||||||||||||
AOCI Components | Amounts Reclassified from AOCI (in thousands) | Income Statement Line Item | |||||||||||
For the Three Months Ended | |||||||||||||
29-Mar-14 | 30-Mar-13 | ||||||||||||
Changes in pension and other employee benefit accounts: | |||||||||||||
Net actuarial losses (1) | $ | 794 | $ | — | Selling, general and administrative expenses | ||||||||
794 | — | Total before tax | |||||||||||
Taxes | (314 | ) | — | Income tax (benefit) expense | |||||||||
Total reclassifications for the period | $ | 480 | $ | — | Net of tax | ||||||||
__________________________ | |||||||||||||
(1) In the first quarter of 2014, the Company began to reclassify the amortization of net actuarial losses from AOCI on a quarterly basis. Previously, these amounts were reclassified on an annual basis. |
Income_Loss_Per_Share_Tables
Income (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
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 Three Months Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
Numerator for basic and diluted loss per share: | |||||||||
Loss from continuing operations | $ | (16,787 | ) | $ | (20,490 | ) | |||
Income from discontinued operations, net of taxes | 953 | 1,345 | |||||||
Net loss | $ | (15,834 | ) | $ | (19,145 | ) | |||
Denominator for weighted average common shares outstanding: | |||||||||
Basic shares | 66,336 | 63,840 | |||||||
Dilutive effect of 7% notes | — | — | |||||||
Dilutive effect of Equity Awards | — | — | |||||||
Diluted shares | 66,336 | 63,840 | |||||||
(Loss) income per share – basic: | |||||||||
Continuing operations | $ | (0.25 | ) | $ | (0.32 | ) | |||
Discontinued operations | 0.01 | 0.02 | |||||||
Net loss | $ | (0.24 | ) | $ | (0.30 | ) | |||
(Loss) income per share – diluted: | |||||||||
Continuing operations | $ | (0.25 | ) | $ | (0.32 | ) | |||
Discontinued operations | 0.01 | 0.02 | |||||||
Net loss | $ | (0.24 | ) | $ | (0.30 | ) |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment information | ' | ||||||||
The following tables present certain segment information (in thousands): | |||||||||
For the Three Months Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
Net sales: | |||||||||
Envelope | $ | 241,671 | $ | 166,453 | |||||
128,397 | 127,245 | ||||||||
Label and Packaging | 120,051 | 124,916 | |||||||
Total | $ | 490,119 | $ | 418,614 | |||||
Operating income (loss): | |||||||||
Envelope | $ | 9,806 | $ | 9,010 | |||||
1,240 | 1,007 | ||||||||
Label and Packaging | 10,193 | 11,544 | |||||||
Corporate | (11,167 | ) | (9,883 | ) | |||||
Total | $ | 10,072 | $ | 11,678 | |||||
Restructuring and other charges: | |||||||||
Envelope | $ | 3,017 | $ | 1,140 | |||||
2,006 | 981 | ||||||||
Label and Packaging | 291 | 275 | |||||||
Corporate | 633 | 1,786 | |||||||
Total | $ | 5,947 | $ | 4,182 | |||||
Net sales by product line: | |||||||||
Envelope | $ | 241,671 | $ | 166,453 | |||||
128,397 | 127,245 | ||||||||
Label | 78,686 | 85,384 | |||||||
Packaging | 41,365 | 39,532 | |||||||
Total | $ | 490,119 | $ | 418,614 | |||||
Intercompany sales: | |||||||||
Envelope | $ | 1,532 | $ | 936 | |||||
1,188 | 822 | ||||||||
Label and Packaging | 2,176 | 1,598 | |||||||
Total | $ | 4,896 | $ | 3,356 | |||||
March 29, 2014 | December 28, 2013 | ||||||||
Total assets: | |||||||||
Envelope | $ | 478,059 | $ | 472,334 | |||||
303,930 | 320,720 | ||||||||
Label and Packaging | 361,858 | 356,183 | |||||||
Corporate | 62,937 | 64,467 | |||||||
Total | $ | 1,206,784 | $ | 1,213,704 | |||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
29-Mar-14 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 8,463 | $ | 582 | $ | 2,493 | $ | — | $ | 11,538 | ||||||||||||
Accounts receivable, net | — | 127,442 | 145,599 | 742 | — | 273,783 | ||||||||||||||||||
Inventories | — | 95,546 | 76,650 | 13 | — | 172,209 | ||||||||||||||||||
Notes receivable from subsidiaries | — | 36,938 | 3,245 | — | (40,183 | ) | — | |||||||||||||||||
Prepaid and other current assets | — | 43,576 | 6,666 | 2,936 | — | 53,178 | ||||||||||||||||||
Assets of discontinued operations - current | — | — | 88 | — | — | 88 | ||||||||||||||||||
Total current assets | — | 311,965 | 232,830 | 6,184 | (40,183 | ) | 510,796 | |||||||||||||||||
Investment in subsidiaries | (511,662 | ) | 1,882,283 | 2,811 | 7,829 | (1,381,261 | ) | — | ||||||||||||||||
Property, plant and equipment, net | — | 133,262 | 165,904 | 749 | — | 299,915 | ||||||||||||||||||
Goodwill | — | 25,540 | 155,379 | 5,507 | — | 186,426 | ||||||||||||||||||
Other intangible assets, net | — | 9,778 | 154,432 | 1,146 | — | 165,356 | ||||||||||||||||||
Other assets, net | — | 38,629 | 5,146 | 516 | — | 44,291 | ||||||||||||||||||
Total assets | $ | (511,662 | ) | $ | 2,401,457 | $ | 716,502 | $ | 21,931 | $ | (1,421,444 | ) | $ | 1,206,784 | ||||||||||
Liabilities and Shareholders’ (Deficit) Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 6,600 | $ | 2,162 | $ | — | $ | — | $ | 8,762 | ||||||||||||
Accounts payable | — | 141,960 | 98,744 | 480 | — | 241,184 | ||||||||||||||||||
Accrued compensation and related liabilities | — | 28,908 | 8,033 | 538 | — | 37,479 | ||||||||||||||||||
Other current liabilities | — | 58,989 | 18,669 | 595 | — | 78,253 | ||||||||||||||||||
Liabilities of discontinued operations - current | — | — | 104 | — | — | 104 | ||||||||||||||||||
Intercompany payable (receivable) | — | 1,364,419 | (1,372,431 | ) | 8,012 | — | — | |||||||||||||||||
Notes payable to issuer | — | — | 36,938 | 3,245 | (40,183 | ) | — | |||||||||||||||||
Total current liabilities | — | 1,600,876 | (1,207,781 | ) | 12,870 | (40,183 | ) | 365,782 | ||||||||||||||||
Long-term debt | — | 1,191,278 | 2,487 | — | — | 1,193,765 | ||||||||||||||||||
Other liabilities | — | 120,965 | 39,513 | (1,579 | ) | — | 158,899 | |||||||||||||||||
Shareholders’ (deficit) equity | (511,662 | ) | (511,662 | ) | 1,882,283 | 10,640 | (1,381,261 | ) | (511,662 | ) | ||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (511,662 | ) | $ | 2,401,457 | $ | 716,502 | $ | 21,931 | $ | (1,421,444 | ) | $ | 1,206,784 | ||||||||||
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 | |||||||||||||||||
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 | ||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
For the three months ended March 29, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 241,467 | $ | 245,177 | $ | 3,475 | $ | — | $ | 490,119 | ||||||||||||
Cost of sales | — | 210,725 | 201,544 | 2,888 | — | 415,157 | ||||||||||||||||||
Selling, general and administrative expenses | — | 33,608 | 21,550 | 336 | — | 55,494 | ||||||||||||||||||
Amortization of intangible assets | — | 185 | 3,131 | 133 | — | 3,449 | ||||||||||||||||||
Restructuring and other charges | — | 3,931 | 2,016 | — | — | 5,947 | ||||||||||||||||||
Operating (loss) income | — | (6,982 | ) | 16,936 | 118 | — | 10,072 | |||||||||||||||||
Interest expense, net | — | 27,823 | 87 | — | — | 27,910 | ||||||||||||||||||
Intercompany interest (income) expense | — | (270 | ) | 270 | — | — | — | |||||||||||||||||
Loss on early extinguishment of debt, net | — | 18 | — | — | — | 18 | ||||||||||||||||||
Other (income) expense, net | — | (183 | ) | (325 | ) | (1 | ) | — | (509 | ) | ||||||||||||||
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries | — | (34,370 | ) | 16,904 | 119 | — | (17,347 | ) | ||||||||||||||||
Income tax (benefit) expense | — | (391 | ) | (237 | ) | 68 | — | (560 | ) | |||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | — | (33,979 | ) | 17,141 | 51 | — | (16,787 | ) | ||||||||||||||||
Equity in (loss) income of subsidiaries | (15,834 | ) | 18,072 | 51 | — | (2,289 | ) | — | ||||||||||||||||
(Loss) income from continuing operations | (15,834 | ) | (15,907 | ) | 17,192 | 51 | (2,289 | ) | (16,787 | ) | ||||||||||||||
Income from discontinued operations, net of taxes | — | 73 | 880 | — | — | 953 | ||||||||||||||||||
Net (loss) income | (15,834 | ) | (15,834 | ) | 18,072 | 51 | (2,289 | ) | (15,834 | ) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Other comprehensive income (loss) of subsidiaries | 568 | 88 | 619 | — | (1,275 | ) | — | |||||||||||||||||
Changes in pension and other employee benefit accounts, net of taxes | — | 480 | — | — | — | 480 | ||||||||||||||||||
Currency translation adjustment | — | — | (531 | ) | 619 | — | 88 | |||||||||||||||||
Comprehensive (loss) income | $ | (15,266 | ) | $ | (15,266 | ) | $ | 18,160 | $ | 670 | $ | (3,564 | ) | $ | (15,266 | ) | ||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
For the three months ended March 30, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 167,704 | $ | 247,349 | $ | 3,561 | $ | — | $ | 418,614 | ||||||||||||
Cost of sales | — | 144,152 | 204,698 | 3,052 | — | 351,902 | ||||||||||||||||||
Selling, general and administrative expenses | — | 26,981 | 21,143 | 221 | — | 48,345 | ||||||||||||||||||
Amortization of intangible assets | — | 137 | 2,238 | 132 | — | 2,507 | ||||||||||||||||||
Restructuring and other charges | — | 2,834 | 1,344 | 4 | — | 4,182 | ||||||||||||||||||
Operating (loss) income | — | (6,400 | ) | 17,926 | 152 | — | 11,678 | |||||||||||||||||
Interest expense, net | — | 29,464 | 114 | (3 | ) | — | 29,575 | |||||||||||||||||
Intercompany interest (income) expense | — | (350 | ) | 350 | — | — | — | |||||||||||||||||
Loss on early extinguishment of debt, net | — | 127 | — | — | — | 127 | ||||||||||||||||||
Other expense (income), net | — | 369 | (95 | ) | 22 | — | 296 | |||||||||||||||||
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries | — | (36,010 | ) | 17,557 | 133 | — | (18,320 | ) | ||||||||||||||||
Income tax expense | — | 1,646 | 461 | 63 | — | 2,170 | ||||||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | — | (37,656 | ) | 17,096 | 70 | — | (20,490 | ) | ||||||||||||||||
Equity in (loss) income of subsidiaries | (19,145 | ) | 17,167 | 70 | — | 1,908 | — | |||||||||||||||||
(Loss) income from continuing operations | (19,145 | ) | (20,489 | ) | 17,166 | 70 | 1,908 | (20,490 | ) | |||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | 1,344 | 1 | — | — | 1,345 | ||||||||||||||||||
Net (loss) income | (19,145 | ) | (19,145 | ) | 17,167 | 70 | 1,908 | (19,145 | ) | |||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||
Other comprehensive (loss) income of subsidiaries | (779 | ) | (779 | ) | 114 | — | 1,444 | — | ||||||||||||||||
Currency translation adjustment | — | — | (893 | ) | 114 | — | (779 | ) | ||||||||||||||||
Comprehensive (loss) income | $ | (19,924 | ) | $ | (19,924 | ) | $ | 16,388 | $ | 184 | $ | 3,352 | $ | (19,924 | ) | |||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the three months ended March 29, 2014 | ||||||||||||||||||||||||
(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 | $ | 836 | $ | (34,318 | ) | $ | 31,552 | $ | (1,493 | ) | $ | — | $ | (3,423 | ) | |||||||||
Net cash used in operating activities of discontinued operations | — | (610 | ) | (1,048 | ) | — | — | (1,658 | ) | |||||||||||||||
Net cash provided by (used in) operating activities | 836 | (34,928 | ) | 30,504 | (1,493 | ) | — | (5,081 | ) | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (5,427 | ) | (3,501 | ) | (47 | ) | — | (8,975 | ) | ||||||||||||||
Purchase of investment | — | (2,000 | ) | — | — | — | (2,000 | ) | ||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 8 | 154 | — | — | 162 | ||||||||||||||||||
Net cash used in investing activities of continuing operations | — | (7,419 | ) | (3,347 | ) | (47 | ) | — | (10,813 | ) | ||||||||||||||
Net cash provided by investing activities of discontinued operations | — | 462 | 556 | — | — | 1,018 | ||||||||||||||||||
Net cash used in investing activities | — | (6,957 | ) | (2,791 | ) | (47 | ) | — | (9,795 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Payment of financing-related costs and expenses and debt issuance discounts | — | (2,330 | ) | — | — | — | (2,330 | ) | ||||||||||||||||
Repayments of other long-term debt | — | (750 | ) | (819 | ) | — | — | (1,569 | ) | |||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (252 | ) | — | — | — | — | (252 | ) | ||||||||||||||||
Repayment of 15% Unsecured Term Loan due 2017 | — | (600 | ) | — | — | — | (600 | ) | ||||||||||||||||
Repayment of Term Loan Facility due 2017 | — | (900 | ) | — | — | — | (900 | ) | ||||||||||||||||
Borrowings under ABL Facility due 2017 | — | 156,400 | — | — | — | 156,400 | ||||||||||||||||||
Repayments under ABL Facility due 2017 | — | (135,600 | ) | — | — | — | (135,600 | ) | ||||||||||||||||
Intercompany advances | (584 | ) | 24,624 | (26,317 | ) | 2,277 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (836 | ) | 40,844 | (27,136 | ) | 2,277 | — | 15,149 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 5 | (69 | ) | — | (64 | ) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (1,041 | ) | 582 | 668 | — | 209 | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 9,504 | — | 1,825 | — | 11,329 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 8,463 | $ | 582 | $ | 2,493 | $ | — | $ | 11,538 | ||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the three months ended March 30, 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 | $ | 953 | $ | (19,797 | ) | $ | 20,627 | $ | 16 | $ | — | $ | 1,799 | |||||||||||
Net cash provided by operating activities of discontinued operations | — | 1,033 | 486 | — | — | 1,519 | ||||||||||||||||||
Net cash provided by (used in) operating activities | 953 | (18,764 | ) | 21,113 | 16 | — | 3,318 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cost of business acquisitions, net of cash acquired | — | (5,145 | ) | — | — | — | (5,145 | ) | ||||||||||||||||
Capital expenditures | — | (6,130 | ) | (3,924 | ) | (7 | ) | — | (10,061 | ) | ||||||||||||||
Purchase of investment | — | (1,650 | ) | — | — | — | (1,650 | ) | ||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 182 | 5,668 | — | — | 5,850 | ||||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | — | (12,743 | ) | 1,744 | (7 | ) | — | (11,006 | ) | |||||||||||||||
Net cash used in investing activities of discontinued operations | — | (201 | ) | — | — | — | (201 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | — | (12,944 | ) | 1,744 | (7 | ) | — | (11,207 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Repayment of 7.875% senior subordinated notes | — | (67,848 | ) | — | — | — | (67,848 | ) | ||||||||||||||||
Repayment of Term Loan B due 2016 | — | (990 | ) | — | — | — | (990 | ) | ||||||||||||||||
Payment of financing-related costs and expenses and debt issuance discounts | — | (5,054 | ) | — | — | — | (5,054 | ) | ||||||||||||||||
Repayments of other long-term debt | — | — | (890 | ) | — | — | (890 | ) | ||||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (219 | ) | — | — | — | — | (219 | ) | ||||||||||||||||
Borrowings under Revolving Credit Facility, net | — | 42,300 | — | — | — | 42,300 | ||||||||||||||||||
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | — | 50,000 | — | — | — | 50,000 | ||||||||||||||||||
Repayment of 15% Unsecured Term Loan due 2017 | — | (7,000 | ) | — | — | — | (7,000 | ) | ||||||||||||||||
Intercompany advances | (734 | ) | 22,828 | (22,249 | ) | 155 | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (953 | ) | 34,236 | (23,139 | ) | 155 | — | 10,299 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 70 | 23 | — | 93 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 2,528 | (212 | ) | 187 | — | 2,503 | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 5,763 | 286 | 2,061 | — | 8,110 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 8,291 | $ | 74 | $ | 2,248 | $ | — | $ | 10,613 | ||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | 3 Months Ended | 9 Months Ended | |
Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | |
reportable_segment | reportable_segment | reportable_segment | |
Accounting Policies [Abstract] | ' | ' | ' |
Number of reportable segments (reportable segments) | 3 | 3 | 2 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||||
Mar. 29, 2014 | Mar. 30, 2013 | Dec. 28, 2013 | Sep. 16, 2013 | Dec. 31, 2012 | Sep. 16, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
National Envelope Acquisition [Member] | Express Label Acquisition [Member] | Leasehold interests [Member] | Customer relationships [Member] | Trade Names [Member] | ||||
employee | National Envelope Acquisition [Member] | Express Label Acquisition [Member] | Express Label Acquisition [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | $1,900,000 | $400,000 | ' | ' | ' | ' | ' | ' |
Number of employees (employee) | ' | ' | ' | 1,600 | ' | ' | ' | ' |
Acquisition purchase price | ' | ' | ' | 34,062,000 | 5,100,000 | ' | ' | ' |
Acquistion purchase price, company common stock | ' | ' | ' | 6,000,000 | ' | ' | ' | ' |
Gain on bargain purchase | ' | ' | ' | 17,262,000 | ' | ' | ' | ' |
Gain on bargain purchase, tax expense | ' | ' | ' | 6,800,000 | ' | ' | ' | ' |
Finite-lived intangible assets | ' | ' | ' | 3,780,000 | ' | 3,800,000 | 3,000,000 | 300,000 |
Intangible asset, useful life (years) | ' | ' | ' | ' | ' | '20 years 0 months | '10 years | '10 years |
Annual net sales prior to acquisition by the Company | ' | ' | ' | ' | 5,400,000 | ' | ' | ' |
Goodwill | $186,426,000 | ' | $186,436,000 | ' | $100,000 | ' | ' | ' |
Acquisitions_Purchase_Price_Al
Acquisitions (Purchase Price Allocation of National Envelope) (Details) (National Envelope Acquisition [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | 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 |
Acquisitions_Pro_Forma_Financi
Acquisitions (Pro Forma Financial Information of National Envelope) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Business Acquisition [Line Items] | ' | ' |
Net sales | $490,119 | $418,614 |
Loss from continuing operations | -16,787 | -20,490 |
Loss per share from continuing operations - basic | ($0.25) | ($0.32) |
Loss per share from continuing operations - diluted | ($0.25) | ($0.32) |
National Envelope Acquisition [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Pro forma net sales | ' | 512,773 |
Pro forma loss from continuing operations | ' | ($31,142) |
Pro forma loss per share from continuing operations - basic | ' | ($0.47) |
Pro forma loss per share from continuing operations - diluted | ' | ($0.47) |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (Custom Envelope [Member], USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 29, 2014 | Dec. 28, 2013 |
Custom Envelope [Member] | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' |
Proceeds from the sales of discontinued operations | $1 | $45.80 | ' |
Gain on sale of discontinued operations | ' | 15.7 | 14.9 |
Gain on sale of discontinued operations, holdback amount | $1.20 | $1.20 | ' |
Discontinued_Operations_Compon
Discontinued Operations (Components of Assets and Liabilities) (Details) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Accounts receivable, net | $0 | $9 |
Prepaid and other current assets | 88 | 123 |
Assets of discontinued operations - current | 88 | 132 |
Property, plant and equipment, net | 0 | 33 |
Assets of discontinued operations - long-term | 0 | 33 |
Accrued compensation and related liabilities | 99 | 627 |
Other current liabilities | 5 | 1,386 |
Liabilities of discontinued operations - current | 104 | 2,013 |
Net assets | ($16) | ($1,848) |
Discontinued_Operations_Statem
Discontinued Operations (Statement of Operations Information) (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Net sales | $0 | $13,730,000 |
Income from discontinued operations before income taxes | 176,000 | 2,234,000 |
Income tax expense on discontinued operations | 68,000 | 889,000 |
Gain on sale of discontinued operations, net of tax expense of $0.5 million | 845,000 | 0 |
Gain on sale of discontinued operations, tax expense | 500,000 | ' |
Income from discontinued operations, net of taxes | $953,000 | $1,345,000 |
Discontinued operations per share - basic | $0.01 | $0.02 |
Discontinued operations per share - diluted | $0.01 | $0.02 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $65,975 | $62,241 |
Work in process | 19,508 | 21,698 |
Finished goods | 86,726 | 77,626 |
Inventories | $172,209 | $161,565 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $775,681 | $770,696 |
Accumulated depreciation | -475,766 | -465,789 |
Property, plant and equipment, net | 299,915 | 304,907 |
Land and land improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 14,507 | 14,507 |
Building and building improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 96,462 | 97,674 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 636,912 | 635,638 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 11,340 | 11,049 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $16,460 | $11,828 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Narrative) (Details) (Label and packaging [Member], Building and building improvements [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2013 |
facility | |
Label and packaging [Member] | Building and building improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Number of manufacturing facilities sold (facility) | 1 |
Sale leaseback transaction, net book value | $3.70 |
Sale leaseback transaction, net proceeds | 6.3 |
Sale leaseback transaction, deferred gain | $2.60 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Goodwill by Reportable Segment) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Goodwill [Roll Forward] | ' |
Balance as of the year ended | $186,436 |
Foreign currency translation | -10 |
Balance as of the period ended | 186,426 |
Envelope [Member] | ' |
Goodwill [Roll Forward] | ' |
Balance as of the year ended | 23,433 |
Foreign currency translation | 0 |
Balance as of the period ended | 23,433 |
Print [Member] | ' |
Goodwill [Roll Forward] | ' |
Balance as of the year ended | 45,576 |
Foreign currency translation | 173 |
Balance as of the period ended | 45,749 |
Label and packaging [Member] | ' |
Goodwill [Roll Forward] | ' |
Balance as of the year ended | 117,427 |
Foreign currency translation | -183 |
Balance as of the period ended | $117,244 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Intangible Assets) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | '11 years 0 months | ' |
Gross Carrying Amount | $230,145 | $230,100 |
Accumulated Impairment Charges | -82,601 | -82,601 |
Accumulated Amortization | -67,088 | -63,650 |
Total Net Carrying Amount | 80,456 | 83,849 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' |
Gross Carrying Amount | 315,045 | 315,000 |
Accumulated Impairment Charges | -82,601 | -82,601 |
Accumulated Amortization | -67,088 | -63,650 |
Net Carrying Amount | 165,356 | 168,749 |
Trademarks [Member] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' |
Gross Carrying Amount | 84,900 | 84,900 |
Accumulated Impairment Charges | 0 | 0 |
Net Carrying Amount | 84,900 | 84,900 |
Customer relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | '9 years 0 months | ' |
Gross Carrying Amount | 144,932 | 144,898 |
Accumulated Impairment Charges | -27,234 | -27,234 |
Accumulated Amortization | -55,859 | -53,682 |
Total Net Carrying Amount | 61,839 | 63,982 |
Trademarks and trade names [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | '20 years 0 months | ' |
Gross Carrying Amount | 77,765 | 77,754 |
Accumulated Impairment Charges | -55,367 | -55,367 |
Accumulated Amortization | -7,896 | -6,734 |
Total Net Carrying Amount | 14,502 | 15,653 |
Leasehold interests [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | '19 years 0 months | ' |
Gross Carrying Amount | 3,780 | 3,780 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | -104 | -55 |
Total Net Carrying Amount | 3,676 | 3,725 |
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 | -3,089 | -3,039 |
Total Net Carrying Amount | 439 | 489 |
Non-compete agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Abstract] | ' | ' |
Weighted Average Remaining Amortization Period (Years) | ' | ' |
Gross Carrying Amount | 140 | 140 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | -140 | -140 |
Total Net Carrying Amount | $0 | $0 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Schedule of Future Annual Amortization Expense) (Details) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' |
Remainder of 2014 | $8,317 | ' |
2015 | 9,721 | ' |
2016 | 7,927 | ' |
2017 | 7,267 | ' |
2018 | 7,125 | ' |
2019 | 6,887 | ' |
Thereafter | 33,212 | ' |
Total Net Carrying Amount | $80,456 | $83,849 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | $1,202,527,000 | $1,185,525,000 |
Current maturities of long-term debt | -8,762,000 | -9,174,000 |
Long-term debt | 1,193,765,000 | 1,176,351,000 |
Asset-backed Securities [Member] | ABL facility, due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | 142,200,000 | 121,400,000 |
Loans Payable [Member] | Term loan facility, due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | 323,882,000 | 326,013,000 |
Long-term debt, outstanding principal amount | 328,200,000 | 329,100,000 |
Unsecured Debt [Member] | 15% unsecured term loan, due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | 8,940,000 | 9,500,000 |
Long-term debt, outstanding principal amount | 9,400,000 | 10,000,000 |
Debt interest rate (percent) | 15.00% | ' |
Senior Notes [Member] | 11.5% senior notes, due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | 219,444,000 | 219,068,000 |
Long-term debt, outstanding principal amount | 225,000,000 | 225,000,000 |
Debt interest rate (percent) | 11.50% | ' |
Convertible Debt [Member] | 7% senior exchangeable notes, due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | 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] | ' | ' |
Debt and Capital Lease Obligations | 398,411,000 | 398,326,000 |
Long-term debt, outstanding principal amount | 400,000,000 | 400,000,000 |
Debt interest rate (percent) | 8.88% | ' |
Other debt including capital leases [Member] | Other debt including capital leases [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and Capital Lease Obligations | $23,400,000 | $24,968,000 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 | Feb. 28, 2014 | Apr. 16, 2013 | Mar. 30, 2013 |
Loans Payable [Member] | Loans Payable [Member] | Senior Subordinated Notes [Member] | |||
Term loan facility, due 2017 [Member] | Term loan facility, due 2017 [Member] | 7.875% senior subordinated notes, due 2013 [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Fair value of long-term debt | $1,200,000,000 | $1,200,000,000 | ' | ' | ' |
Debt face amount | ' | ' | ' | 360,000,000 | ' |
Debt, capitalized unamortized discount | ' | ' | 1,500,000 | ' | ' |
Write-off of unamortized debt issuance costs | ' | ' | ' | ' | $100,000 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Net Periodic Benefit Cost [Abstract] | ' | ' |
Service cost | $0 | $0 |
Interest cost | 3,707,000 | 3,421,000 |
Expected return on plan assets | -5,206,000 | -4,618,000 |
Net amortization and deferral | 0 | -2,000 |
Net amortization and deferral | 794,000 | 1,992,000 |
Net periodic (benefit) expense | -705,000 | 793,000 |
Employer contributions | 3,300,000 | ' |
Estimated future employer contributions during 2014 | 14,800,000 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Net Periodic Benefit Cost [Abstract] | ' | ' |
Interest cost | $200,000 | $200,000 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Option Activity) (Details) (Stock Options [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Options, Beginning balance (shares) | 1,778,000 | ' |
Options, Granted (shares) | 0 | ' |
Options, Exercised (shares) | 0 | ' |
Options, Forfeited/expired (shares) | -39,375 | ' |
Options, Ending balance (shares) | 1,738,625 | 1,778,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' |
Weighted Average Exercise Price, Beginning balance (dollars per share) | $5.23 | ' |
Weighted Average Exercise Price, Granted (dollars per share) | $0 | ' |
Weighted Average Exercise Price, Exercised (dollars per share) | $0 | ' |
Weighted Average Exercise Price, Forfeited/expired (dollars per share) | $5.86 | ' |
Weighted Average Exercise Price, Ending balance (dollars per share) | $5.21 | $5.23 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' |
Weighted Average Remaining Contractual Term (In Years) | '2 years 2 months 0 days | '2 years 5 months 4 days |
Aggregate Intrinsic Value | $176 | $259 |
Aggregate Intrinsic Value, Exercised | 0 | ' |
Options, Exercisable (shares) | 1,367,875 | ' |
Weighted Average Exercise Price, Options Exercisable (dollars per share) | $5.45 | ' |
Weighted Average Remaining Contractual Term, Options Exercisable (In Years) | '1 year 9 months | ' |
Aggregate Intrinsic Value, Options Exercisable (dollars per share) | $0 | ' |
StockBased_Compensation_RSU_Ac
Stock-Based Compensation (RSU Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
Mar. 29, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Unvested, Beginning balance (shares) | 980,750 |
Granted (shares) | 0 |
Vested (shares) | -159,375 |
Forfeited (shares) | -625 |
Unvested, Ending balance (shares) | 820,750 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $3.91 |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | $0 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | $5.62 |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | $5.62 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $3.57 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation provision | $836,000 | $953,000 |
Unrecognized share based compensation expense | 2,000,000 | ' |
Unrecognized share based compensation costs, amortization period (years) | '1 year 7 months 3 days | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
RSU fair value | $500,000 | ' |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Restructuring Expenses) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | $5,947 | $4,182 |
Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 1,368 | 3,178 |
Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 579 | 147 |
Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 637 | 306 |
Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 1,283 | 100 |
Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 748 | 79 |
Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 1,332 | 372 |
Envelope [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 3,017 | 1,140 |
Envelope [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 92 | 550 |
Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 601 | 0 |
Envelope [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 636 | 257 |
Envelope [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 1,192 | 22 |
Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 32 | 23 |
Envelope [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 464 | 288 |
Print [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 2,006 | 981 |
Print [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 395 | 633 |
Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | -22 | 147 |
Print [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 1 | 49 |
Print [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 77 | 54 |
Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 716 | 56 |
Print [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 839 | 42 |
Label and packaging [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 291 | 275 |
Label and packaging [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 277 | 247 |
Label and packaging [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Label and packaging [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Label and packaging [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 14 | 24 |
Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Label and packaging [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 4 |
Corporate [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 633 | 1,786 |
Corporate [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 604 | 1,748 |
Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 29 | 38 |
2014 Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 891 | ' |
2014 Plan [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 862 | ' |
2014 Plan [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 29 | ' |
2014 Plan [Member] | Print [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 7 | ' |
2014 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 7 | ' |
2014 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Label and packaging [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 251 | ' |
2014 Plan [Member] | Label and packaging [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 251 | ' |
2014 Plan [Member] | Label and packaging [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Label and packaging [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Label and packaging [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Corporate [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 633 | ' |
2014 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 604 | ' |
2014 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2014 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 29 | ' |
2013 Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 838 | ' |
2013 Plan [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 413 | ' |
2013 Plan [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 133 | ' |
2013 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2013 Plan [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 292 | ' |
2013 Plan [Member] | Envelope [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | -1 | 52 |
2013 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | -1 | 42 |
2013 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2013 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 10 |
2013 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2013 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2013 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2013 Plan [Member] | Print [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 791 | 706 |
2013 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 388 | 706 |
2013 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | -22 | 0 |
2013 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2013 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 133 | 0 |
2013 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2013 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 292 | 0 |
2013 Plan [Member] | Label and packaging [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 26 | 255 |
2013 Plan [Member] | Label and packaging [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 26 | 251 |
2013 Plan [Member] | Label and packaging [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2013 Plan [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2013 Plan [Member] | Label and packaging [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2013 Plan [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2013 Plan [Member] | Label and packaging [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 4 |
2013 Plan [Member] | Corporate [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 1,746 |
2013 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 1,725 |
2013 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 0 |
2013 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 0 |
2013 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 0 |
2013 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 0 |
2013 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 21 |
2012 Plan [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 535 | ' |
2012 Plan [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2012 Plan [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | -194 | ' |
2012 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 729 | ' |
2012 Plan [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
2012 Plan [Member] | Envelope [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | -198 | 290 |
2012 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | -10 |
2012 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2012 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 44 |
2012 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | -198 | 48 |
2012 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
2012 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 208 |
2012 Plan [Member] | Print [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 733 | 119 |
2012 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | -73 |
2012 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 147 |
2012 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 39 |
2012 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 4 | 2 |
2012 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 729 | 0 |
2012 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 4 |
Residual Plans [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 537 | ' |
Residual Plans [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
Residual Plans [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | -46 | ' |
Residual Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 19 | ' |
Residual Plans [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 564 | ' |
Residual Plans [Member] | Envelope [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 48 | 28 |
Residual Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 32 | 23 |
Residual Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 16 | 5 |
Residual Plans [Member] | Print [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 475 | 156 |
Residual Plans [Member] | Print [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 1 | 10 |
Residual Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | -60 | 52 |
Residual Plans [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | -13 | 56 |
Residual Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 547 | 38 |
Residual Plans [Member] | Label and packaging [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 14 | 20 |
Residual Plans [Member] | Label and packaging [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | -4 |
Residual Plans [Member] | Label and packaging [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Label and packaging [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Label and packaging [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 14 | 24 |
Residual Plans [Member] | Label and packaging [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Label and packaging [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 40 |
Residual Plans [Member] | Corporate [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 23 |
Residual Plans [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 0 |
Residual Plans [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 0 |
Residual Plans [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 0 |
Residual Plans [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 0 |
Residual Plans [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | ' | 17 |
Acquisition Integration Plans [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 2,567 | ' |
Acquisition Integration Plans [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 93 | ' |
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 1,390 | ' |
Acquisition Integration Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | ' |
Acquisition Integration Plans [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 1,084 | ' |
Acquisition Integration Plans [Member] | Envelope [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 3,168 | 770 |
Acquisition Integration Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 93 | 518 |
Acquisition Integration Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 601 | 0 |
Acquisition Integration Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 636 | 203 |
Acquisition Integration Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 1,390 | -26 |
Acquisition Integration Plans [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | 0 | 0 |
Acquisition Integration Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring and other charges | $448 | $75 |
Restructuring_and_Other_Charge3
Restructuring and Other Charges (Changes in Restructuring Liability) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring and other charges | $5,947 | $4,182 |
Restructuring Reserve | 25,937 | ' |
Employee Severance Costs [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring and other charges | 1,368 | 3,178 |
Restructuring Reserve | 724 | ' |
Lease Termination Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring and other charges | 1,283 | 100 |
Restructuring Reserve | 4,476 | ' |
Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring and other charges | 748 | 79 |
Restructuring Reserve | 20,737 | ' |
Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring and other charges | 1,332 | 372 |
Restructuring Reserve | 0 | ' |
2014 Plan [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 891 | ' |
Payments for Restructuring | -830 | ' |
Restructuring Reserve | 61 | ' |
2014 Plan [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 862 | ' |
Payments for Restructuring | -801 | ' |
Restructuring Reserve | 61 | ' |
2014 Plan [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 0 | ' |
Payments for Restructuring | 0 | ' |
Restructuring Reserve | 0 | ' |
2014 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 0 | ' |
Payments for Restructuring | 0 | ' |
Restructuring Reserve | 0 | ' |
2014 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 29 | ' |
Payments for Restructuring | -29 | ' |
Restructuring Reserve | 0 | ' |
2013 Plan [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 893 | ' |
Restructuring and other charges | 838 | ' |
Payments for Restructuring | -971 | ' |
Restructuring Reserve | 760 | ' |
2013 Plan [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 837 | ' |
Restructuring and other charges | 413 | ' |
Payments for Restructuring | -633 | ' |
Restructuring Reserve | 617 | ' |
2013 Plan [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 56 | ' |
Restructuring and other charges | 133 | ' |
Payments for Restructuring | -46 | ' |
Restructuring Reserve | 143 | ' |
2013 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 0 | ' |
Payments for Restructuring | 0 | ' |
Restructuring Reserve | 0 | ' |
2013 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 292 | ' |
Payments for Restructuring | -292 | ' |
Restructuring Reserve | 0 | ' |
2012 Plan [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 5,727 | ' |
Restructuring and other charges | 535 | ' |
Payments for Restructuring | -31 | ' |
Restructuring Reserve | 6,231 | ' |
2012 Plan [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 0 | ' |
Payments for Restructuring | 0 | ' |
Restructuring Reserve | 0 | ' |
2012 Plan [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 327 | ' |
Restructuring and other charges | -194 | ' |
Payments for Restructuring | -31 | ' |
Restructuring Reserve | 102 | ' |
2012 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 5,400 | ' |
Restructuring and other charges | 729 | ' |
Payments for Restructuring | 0 | ' |
Restructuring Reserve | 6,129 | ' |
2012 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 0 | ' |
Payments for Restructuring | 0 | ' |
Restructuring Reserve | 0 | ' |
Residual Plans [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 16,172 | ' |
Restructuring and other charges | 537 | ' |
Payments for Restructuring | -1,100 | ' |
Restructuring Reserve | 15,609 | ' |
Residual Plans [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 0 | ' |
Payments for Restructuring | 0 | ' |
Restructuring Reserve | 0 | ' |
Residual Plans [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 1,017 | ' |
Restructuring and other charges | -46 | ' |
Payments for Restructuring | 30 | ' |
Restructuring Reserve | 1,001 | ' |
Residual Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 15,155 | ' |
Restructuring and other charges | 19 | ' |
Payments for Restructuring | -566 | ' |
Restructuring Reserve | 14,608 | ' |
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 564 | ' |
Payments for Restructuring | -564 | ' |
Restructuring Reserve | 0 | ' |
Acquisition Integration Plans [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 2,658 | ' |
Restructuring and other charges | 2,567 | ' |
Payments for Restructuring | -1,949 | ' |
Restructuring Reserve | 3,276 | ' |
Acquisition Integration Plans [Member] | Employee Severance Costs [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 155 | ' |
Restructuring and other charges | 93 | ' |
Payments for Restructuring | -202 | ' |
Restructuring Reserve | 46 | ' |
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 2,503 | ' |
Restructuring and other charges | 1,390 | ' |
Payments for Restructuring | -663 | ' |
Restructuring Reserve | 3,230 | ' |
Acquisition Integration Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 0 | ' |
Payments for Restructuring | 0 | ' |
Restructuring Reserve | 0 | ' |
Acquisition Integration Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Restructuring Reserve | 0 | ' |
Restructuring and other charges | 1,084 | ' |
Payments for Restructuring | -1,084 | ' |
Restructuring Reserve | $0 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI Components) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' |
Accumulated Other Comprehensive Loss, Beginning balance | ($40,300) |
Other comprehensive income before reclassifications | 88 |
Amounts reclassified from AOCI | 480 |
Other comprehensive income | 568 |
Accumulated Other Comprehensive Loss, Ending balance | -39,732 |
Foreign Currency Translation [Member] | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' |
Accumulated Other Comprehensive Loss, Beginning balance | -1,584 |
Other comprehensive income before reclassifications | 88 |
Amounts reclassified from AOCI | 0 |
Other comprehensive income | 88 |
Accumulated Other Comprehensive Loss, Ending balance | -1,496 |
Pension and Other Postretirement Benefits [Member] | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' |
Accumulated Other Comprehensive Loss, Beginning balance | -38,716 |
Other comprehensive income before reclassifications | 0 |
Amounts reclassified from AOCI | 480 |
Other comprehensive income | 480 |
Accumulated Other Comprehensive Loss, Ending balance | ($38,236) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Loss from continuing operations before income taxes | ($17,347) | ($18,320) |
Income tax (benefit) expense | 560 | -2,170 |
Loss from continuing operations | -16,787 | -20,490 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Loss from continuing operations before income taxes | 794 | 0 |
Income tax (benefit) expense | -314 | 0 |
Loss from continuing operations | 480 | 0 |
Pension and Other Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net actuarial losses | $794 | $0 |
Income_Loss_Per_Share_Narrativ
Income (Loss) Per Share (Narrative) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (shares) | 21.1 | 23 |
Income_Loss_Per_Share_Computat
Income (Loss) Per Share (Computation of Basic and Diluted Income (Loss) per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Loss from continuing operations | ($16,787) | ($20,490) |
Income from discontinued operations, net of taxes | 953 | 1,345 |
Net loss | ($15,834) | ($19,145) |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' |
Basic shares | 66,336 | 63,840 |
Dilutive effect of 7% Notes (shares) | 0 | 0 |
Dilutive effect of Equity Awards (shares) | 0 | 0 |
Diluted shares | 66,336 | 63,840 |
(Loss) income per share – basic: | ' | ' |
Continuing operations per share - basic | ($0.25) | ($0.32) |
Discontinued operations per share - basic | $0.01 | $0.02 |
Net loss per share - basic | ($0.24) | ($0.30) |
(Loss) income per share – diluted: | ' | ' |
Continuing operations per share - diluted | ($0.25) | ($0.32) |
Discontinued operations per share - diluted | $0.01 | $0.02 |
Net loss per share - diluted | ($0.24) | ($0.30) |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 30, 2013 | Sep. 28, 2013 |
reportable_segment | reportable_segment | reportable_segment | ||
operating_segment | ||||
Segment Information [Line Items] | ' | ' | ' | ' |
Number of operating segments (operating segment) | 4 | ' | ' | ' |
Number of reportable segments (reportable segments) | 3 | 3 | ' | 2 |
Net sales | $490,119 | ' | $418,614 | ' |
Operating income (loss) | 10,072 | ' | 11,678 | ' |
Restructuring and other charges | 5,947 | ' | 4,182 | ' |
Intercompany Sales | 4,896 | ' | 3,356 | ' |
Total assets | 1,206,784 | 1,213,704 | ' | ' |
Envelope [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Net sales | 241,671 | ' | 166,453 | ' |
Operating income (loss) | 9,806 | ' | 9,010 | ' |
Restructuring and other charges | 3,017 | ' | 1,140 | ' |
Intercompany Sales | 1,532 | ' | 936 | ' |
Total assets | 478,059 | 472,334 | ' | ' |
Print [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Net sales | 128,397 | ' | 127,245 | ' |
Operating income (loss) | 1,240 | ' | 1,007 | ' |
Restructuring and other charges | 2,006 | ' | 981 | ' |
Intercompany Sales | 1,188 | ' | 822 | ' |
Total assets | 303,930 | 320,720 | ' | ' |
Label and packaging [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Net sales | 120,051 | ' | 124,916 | ' |
Operating income (loss) | 10,193 | ' | 11,544 | ' |
Restructuring and other charges | 291 | ' | 275 | ' |
Intercompany Sales | 2,176 | ' | 1,598 | ' |
Total assets | 361,858 | 356,183 | ' | ' |
Label [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Net sales | 78,686 | ' | 85,384 | ' |
Packaging [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Net sales | 41,365 | ' | 39,532 | ' |
Corporate [Member] | ' | ' | ' | ' |
Segment Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | -11,167 | ' | -9,883 | ' |
Restructuring and other charges | 633 | ' | 1,786 | ' |
Total assets | $62,937 | $64,467 | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Narrative) (Details) | Mar. 29, 2014 |
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 $) | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 30, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $11,538 | $11,329 | $10,613 | $8,110 |
Accounts receivable, net | 273,783 | 281,586 | ' | ' |
Inventories | 172,209 | 161,565 | ' | ' |
Notes receivable from subsidiaries | 0 | 0 | ' | ' |
Prepaid and other current assets | 53,178 | 55,353 | ' | ' |
Assets of discontinued operations - current | 88 | 132 | ' | ' |
Total current assets | 510,796 | 509,965 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Property, plant and equipment, net | 299,915 | 304,907 | ' | ' |
Goodwill | 186,426 | 186,436 | ' | ' |
Other intangible assets, net | 165,356 | 168,749 | ' | ' |
Other assets, net | 44,291 | 43,614 | ' | ' |
Assets of discontinued operations - long-term | 0 | 33 | ' | ' |
Total assets | 1,206,784 | 1,213,704 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 8,762 | 9,174 | ' | ' |
Accounts payable | 241,184 | 244,228 | ' | ' |
Accrued compensation and related liabilities | 37,479 | 32,139 | ' | ' |
Other current liabilities | 78,253 | 81,198 | ' | ' |
Liabilities of discontinued operations - current | 104 | 2,013 | ' | ' |
Intercompany payable (receivable) | 0 | 0 | ' | ' |
Notes payable to issuer | 0 | 0 | ' | ' |
Total current liabilities | 365,782 | 368,752 | ' | ' |
Long-term debt | 1,193,765 | 1,176,351 | ' | ' |
Other liabilities | 158,899 | 165,581 | ' | ' |
Shareholders’ (deficit) equity | -511,662 | -496,980 | ' | ' |
Total liabilities and shareholders’ deficit | 1,206,784 | 1,213,704 | ' | ' |
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 | -511,662 | -496,980 | ' | ' |
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 | ' | ' |
Total assets | -511,662 | -496,980 | ' | ' |
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 | ' | ' |
Shareholders’ (deficit) equity | -511,662 | -496,980 | ' | ' |
Total liabilities and shareholders’ deficit | -511,662 | -496,980 | ' | ' |
Subsidiary Issuer [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 8,463 | 9,504 | 8,291 | 5,763 |
Accounts receivable, net | 127,442 | 128,214 | ' | ' |
Inventories | 95,546 | 89,830 | ' | ' |
Notes receivable from subsidiaries | 36,938 | 36,938 | ' | ' |
Prepaid and other current assets | 43,576 | 46,050 | ' | ' |
Assets of discontinued operations - current | 0 | 0 | ' | ' |
Total current assets | 311,965 | 310,536 | ' | ' |
Investment in subsidiaries | 1,882,283 | 1,865,003 | ' | ' |
Property, plant and equipment, net | 133,262 | 134,326 | ' | ' |
Goodwill | 25,540 | 25,540 | ' | ' |
Other intangible assets, net | 9,778 | 9,930 | ' | ' |
Other assets, net | 38,629 | 37,952 | ' | ' |
Assets of discontinued operations - long-term | ' | 0 | ' | ' |
Total assets | 2,401,457 | 2,383,287 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 6,600 | 6,600 | ' | ' |
Accounts payable | 141,960 | 148,678 | ' | ' |
Accrued compensation and related liabilities | 28,908 | 20,684 | ' | ' |
Other current liabilities | 58,989 | 60,845 | ' | ' |
Liabilities of discontinued operations - current | 0 | 1,372 | ' | ' |
Intercompany payable (receivable) | 1,364,419 | 1,341,397 | ' | ' |
Notes payable to issuer | 0 | 0 | ' | ' |
Total current liabilities | 1,600,876 | 1,579,576 | ' | ' |
Long-term debt | 1,191,278 | 1,173,457 | ' | ' |
Other liabilities | 120,965 | 127,234 | ' | ' |
Shareholders’ (deficit) equity | -511,662 | -496,980 | ' | ' |
Total liabilities and shareholders’ deficit | 2,401,457 | 2,383,287 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 582 | 0 | 74 | 286 |
Accounts receivable, net | 145,599 | 152,091 | ' | ' |
Inventories | 76,650 | 71,722 | ' | ' |
Notes receivable from subsidiaries | 3,245 | 0 | ' | ' |
Prepaid and other current assets | 6,666 | 6,813 | ' | ' |
Assets of discontinued operations - current | 88 | 132 | ' | ' |
Total current assets | 232,830 | 230,758 | ' | ' |
Investment in subsidiaries | 2,811 | 5,385 | ' | ' |
Property, plant and equipment, net | 165,904 | 169,770 | ' | ' |
Goodwill | 155,379 | 155,561 | ' | ' |
Other intangible assets, net | 154,432 | 157,621 | ' | ' |
Other assets, net | 5,146 | 5,175 | ' | ' |
Assets of discontinued operations - long-term | ' | 33 | ' | ' |
Total assets | 716,502 | 724,303 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 2,162 | 2,574 | ' | ' |
Accounts payable | 98,744 | 94,889 | ' | ' |
Accrued compensation and related liabilities | 8,033 | 10,969 | ' | ' |
Other current liabilities | 18,669 | 19,674 | ' | ' |
Liabilities of discontinued operations - current | 104 | 641 | ' | ' |
Intercompany payable (receivable) | -1,372,431 | -1,349,273 | ' | ' |
Notes payable to issuer | 36,938 | 36,938 | ' | ' |
Total current liabilities | -1,207,781 | -1,183,588 | ' | ' |
Long-term debt | 2,487 | 2,894 | ' | ' |
Other liabilities | 39,513 | 39,994 | ' | ' |
Shareholders’ (deficit) equity | 1,882,283 | 1,865,003 | ' | ' |
Total liabilities and shareholders’ deficit | 716,502 | 724,303 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 2,493 | 1,825 | 2,248 | 2,061 |
Accounts receivable, net | 742 | 1,281 | ' | ' |
Inventories | 13 | 13 | ' | ' |
Notes receivable from subsidiaries | 0 | 0 | ' | ' |
Prepaid and other current assets | 2,936 | 2,490 | ' | ' |
Assets of discontinued operations - current | 0 | 0 | ' | ' |
Total current assets | 6,184 | 5,609 | ' | ' |
Investment in subsidiaries | 7,829 | 6,725 | ' | ' |
Property, plant and equipment, net | 749 | 811 | ' | ' |
Goodwill | 5,507 | 5,335 | ' | ' |
Other intangible assets, net | 1,146 | 1,198 | ' | ' |
Other assets, net | 516 | 487 | ' | ' |
Assets of discontinued operations - long-term | ' | 0 | ' | ' |
Total assets | 21,931 | 20,165 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 480 | 661 | ' | ' |
Accrued compensation and related liabilities | 538 | 486 | ' | ' |
Other current liabilities | 595 | 679 | ' | ' |
Liabilities of discontinued operations - current | 0 | 0 | ' | ' |
Intercompany payable (receivable) | 8,012 | 7,876 | ' | ' |
Notes payable to issuer | 3,245 | 0 | ' | ' |
Total current liabilities | 12,870 | 9,702 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other liabilities | -1,579 | -1,647 | ' | ' |
Shareholders’ (deficit) equity | 10,640 | 12,110 | ' | ' |
Total liabilities and shareholders’ deficit | 21,931 | 20,165 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Notes receivable from subsidiaries | -40,183 | -36,938 | ' | ' |
Prepaid and other current assets | 0 | 0 | ' | ' |
Assets of discontinued operations - current | 0 | 0 | ' | ' |
Total current assets | -40,183 | -36,938 | ' | ' |
Investment in subsidiaries | -1,381,261 | -1,380,133 | ' | ' |
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 | ' | ' |
Total assets | -1,421,444 | -1,417,071 | ' | ' |
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 | -40,183 | -36,938 | ' | ' |
Total current liabilities | -40,183 | -36,938 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Shareholders’ (deficit) equity | -1,381,261 | -1,380,133 | ' | ' |
Total liabilities and shareholders’ deficit | ($1,421,444) | ($1,417,071) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | $490,119 | $418,614 |
Cost of sales | 415,157 | 351,902 |
Selling, general and administrative expenses | 55,494 | 48,345 |
Amortization of intangible assets | 3,449 | 2,507 |
Restructuring and other charges | 5,947 | 4,182 |
Operating income | 10,072 | 11,678 |
Interest expense, net | 27,910 | 29,575 |
Intercompany interest (income) expense | 0 | 0 |
Loss on early extinguishment of debt, net | 18 | 127 |
Other (income) expense, net | -509 | 296 |
Loss from continuing operations before income taxes | -17,347 | -18,320 |
Income tax (benefit) expense | -560 | 2,170 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | -16,787 | -20,490 |
Equity in (loss) income of subsidiaries | 0 | 0 |
Loss from continuing operations | -16,787 | -20,490 |
Income from discontinued operations, net of taxes | 953 | 1,345 |
Net loss | -15,834 | -19,145 |
Other comprehensive income (loss): | ' | ' |
Other comprehensive income (loss) of subsidiaries | 0 | 0 |
Changes in pension and other employee benefit accounts, net of taxes | 480 | 0 |
Currency translation adjustment | 88 | -779 |
Comprehensive loss | -15,266 | -19,924 |
Parent Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Restructuring and other charges | 0 | 0 |
Operating income | 0 | 0 |
Interest expense, net | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 |
Loss on early extinguishment of debt, net | 0 | 0 |
Other (income) expense, net | 0 | 0 |
Loss from continuing operations before income taxes | 0 | 0 |
Income tax (benefit) expense | 0 | 0 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 |
Equity in (loss) income of subsidiaries | -15,834 | -19,145 |
Loss from continuing operations | -15,834 | -19,145 |
Income from discontinued operations, net of taxes | 0 | 0 |
Net loss | -15,834 | -19,145 |
Other comprehensive income (loss): | ' | ' |
Other comprehensive income (loss) of subsidiaries | 568 | -779 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | ' |
Currency translation adjustment | 0 | 0 |
Comprehensive loss | -15,266 | -19,924 |
Subsidiary Issuer [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 241,467 | 167,704 |
Cost of sales | 210,725 | 144,152 |
Selling, general and administrative expenses | 33,608 | 26,981 |
Amortization of intangible assets | 185 | 137 |
Restructuring and other charges | 3,931 | 2,834 |
Operating income | -6,982 | -6,400 |
Interest expense, net | 27,823 | 29,464 |
Intercompany interest (income) expense | -270 | -350 |
Loss on early extinguishment of debt, net | 18 | 127 |
Other (income) expense, net | -183 | 369 |
Loss from continuing operations before income taxes | -34,370 | -36,010 |
Income tax (benefit) expense | -391 | 1,646 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | -33,979 | -37,656 |
Equity in (loss) income of subsidiaries | 18,072 | 17,167 |
Loss from continuing operations | -15,907 | -20,489 |
Income from discontinued operations, net of taxes | 73 | 1,344 |
Net loss | -15,834 | -19,145 |
Other comprehensive income (loss): | ' | ' |
Other comprehensive income (loss) of subsidiaries | 88 | -779 |
Changes in pension and other employee benefit accounts, net of taxes | 480 | ' |
Currency translation adjustment | 0 | 0 |
Comprehensive loss | -15,266 | -19,924 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 245,177 | 247,349 |
Cost of sales | 201,544 | 204,698 |
Selling, general and administrative expenses | 21,550 | 21,143 |
Amortization of intangible assets | 3,131 | 2,238 |
Restructuring and other charges | 2,016 | 1,344 |
Operating income | 16,936 | 17,926 |
Interest expense, net | 87 | 114 |
Intercompany interest (income) expense | 270 | 350 |
Loss on early extinguishment of debt, net | 0 | 0 |
Other (income) expense, net | -325 | -95 |
Loss from continuing operations before income taxes | 16,904 | 17,557 |
Income tax (benefit) expense | -237 | 461 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 17,141 | 17,096 |
Equity in (loss) income of subsidiaries | 51 | 70 |
Loss from continuing operations | 17,192 | 17,166 |
Income from discontinued operations, net of taxes | 880 | 1 |
Net loss | 18,072 | 17,167 |
Other comprehensive income (loss): | ' | ' |
Other comprehensive income (loss) of subsidiaries | 619 | 114 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | ' |
Currency translation adjustment | -531 | -893 |
Comprehensive loss | 18,160 | 16,388 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 3,475 | 3,561 |
Cost of sales | 2,888 | 3,052 |
Selling, general and administrative expenses | 336 | 221 |
Amortization of intangible assets | 133 | 132 |
Restructuring and other charges | 0 | 4 |
Operating income | 118 | 152 |
Interest expense, net | 0 | -3 |
Intercompany interest (income) expense | 0 | 0 |
Loss on early extinguishment of debt, net | 0 | 0 |
Other (income) expense, net | -1 | 22 |
Loss from continuing operations before income taxes | 119 | 133 |
Income tax (benefit) expense | 68 | 63 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 51 | 70 |
Equity in (loss) income of subsidiaries | 0 | 0 |
Loss from continuing operations | 51 | 70 |
Income from discontinued operations, net of taxes | 0 | 0 |
Net loss | 51 | 70 |
Other comprehensive income (loss): | ' | ' |
Other comprehensive income (loss) of subsidiaries | 0 | 0 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | ' |
Currency translation adjustment | 619 | 114 |
Comprehensive loss | 670 | 184 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Restructuring and other charges | 0 | 0 |
Operating income | 0 | 0 |
Interest expense, net | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 |
Loss on early extinguishment of debt, net | 0 | 0 |
Other (income) expense, net | 0 | 0 |
Loss from continuing operations before income taxes | 0 | 0 |
Income tax (benefit) expense | 0 | 0 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 |
Equity in (loss) income of subsidiaries | -2,289 | 1,908 |
Loss from continuing operations | -2,289 | 1,908 |
Income from discontinued operations, net of taxes | 0 | 0 |
Net loss | -2,289 | 1,908 |
Other comprehensive income (loss): | ' | ' |
Other comprehensive income (loss) of subsidiaries | -1,275 | 1,444 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | ' |
Currency translation adjustment | 0 | 0 |
Comprehensive loss | ($3,564) | $3,352 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Cash flows from operating activities: [Abstract] | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | ($3,423) | $1,799 |
Net cash (used in) provided by operating activities of discontinued operations | -1,658 | 1,519 |
Net cash (used in) provided by operating activities | -5,081 | 3,318 |
Cash flows from investing activities: | ' | ' |
Cost of business acquisitions, net of cash acquired | 0 | -5,145 |
Capital expenditures | -8,975 | -10,061 |
Purchase of investment | -2,000 | -1,650 |
Proceeds from sale of property, plant and equipment | 162 | 5,850 |
Net cash used in investing activities of continuing operations | -10,813 | -11,006 |
Net cash provided by (used in) investing activities of discontinued operations | 1,018 | -201 |
Net cash used in investing activities | -9,795 | -11,207 |
Cash flows from financing activities: | ' | ' |
Repayment of 7.875% senior subordinated notes | 0 | -67,848 |
Repayment of Term Loan B due 2016 | 0 | -990 |
Payment of financing-related costs and expenses and debt issuance discounts | -2,330 | -5,054 |
Repayments of other long-term debt | -1,569 | -890 |
Purchase and retirement of common stock upon vesting of RSUs | -252 | -219 |
Borrowings under Revolving Credit Facility, net | 0 | 42,300 |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | 50,000 |
Repayment of 15% Unsecured Term Loan due 2017 | -600 | -7,000 |
Repayment of Term Loan Facility due 2017 | -900 | 0 |
Borrowings under ABL Facility due 2017 | 156,400 | 0 |
Repayments under ABL Facility due 2017 | -135,600 | 0 |
Intercompany advances | 0 | 0 |
Net cash provided by financing activities | 15,149 | 10,299 |
Effect of exchange rate changes on cash and cash equivalents | -64 | 93 |
Net increase in cash and cash equivalents | 209 | 2,503 |
Cash and cash equivalents at beginning of period | 11,329 | 8,110 |
Cash and cash equivalents at end of period | 11,538 | 10,613 |
Parent Company [Member] | ' | ' |
Cash flows from operating activities: [Abstract] | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | 836 | 953 |
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 |
Net cash (used in) provided by operating activities | 836 | 953 |
Cash flows from investing activities: | ' | ' |
Cost of business acquisitions, net of cash acquired | ' | 0 |
Capital expenditures | 0 | 0 |
Purchase of investment | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Net cash used in investing activities of continuing operations | 0 | 0 |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Repayment of 7.875% senior subordinated notes | ' | 0 |
Repayment of Term Loan B due 2016 | ' | 0 |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments of other long-term debt | 0 | 0 |
Purchase and retirement of common stock upon vesting of RSUs | -252 | -219 |
Borrowings under Revolving Credit Facility, net | ' | 0 |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | ' | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | 0 |
Repayment of Term Loan Facility due 2017 | 0 | ' |
Borrowings under ABL Facility due 2017 | 0 | ' |
Repayments under ABL Facility due 2017 | 0 | ' |
Intercompany advances | -584 | -734 |
Net cash provided by financing activities | -836 | -953 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Subsidiary Issuer [Member] | ' | ' |
Cash flows from operating activities: [Abstract] | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | -34,318 | -19,797 |
Net cash (used in) provided by operating activities of discontinued operations | -610 | 1,033 |
Net cash (used in) provided by operating activities | -34,928 | -18,764 |
Cash flows from investing activities: | ' | ' |
Cost of business acquisitions, net of cash acquired | ' | -5,145 |
Capital expenditures | -5,427 | -6,130 |
Purchase of investment | -2,000 | -1,650 |
Proceeds from sale of property, plant and equipment | 8 | 182 |
Net cash used in investing activities of continuing operations | -7,419 | -12,743 |
Net cash provided by (used in) investing activities of discontinued operations | 462 | -201 |
Net cash used in investing activities | -6,957 | -12,944 |
Cash flows from financing activities: | ' | ' |
Repayment of 7.875% senior subordinated notes | ' | -67,848 |
Repayment of Term Loan B due 2016 | ' | -990 |
Payment of financing-related costs and expenses and debt issuance discounts | -2,330 | -5,054 |
Repayments of other long-term debt | -750 | 0 |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 |
Borrowings under Revolving Credit Facility, net | ' | 42,300 |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | ' | 50,000 |
Repayment of 15% Unsecured Term Loan due 2017 | -600 | -7,000 |
Repayment of Term Loan Facility due 2017 | -900 | ' |
Borrowings under ABL Facility due 2017 | 156,400 | ' |
Repayments under ABL Facility due 2017 | -135,600 | ' |
Intercompany advances | 24,624 | 22,828 |
Net cash provided by financing activities | 40,844 | 34,236 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | -1,041 | 2,528 |
Cash and cash equivalents at beginning of period | 9,504 | 5,763 |
Cash and cash equivalents at end of period | 8,463 | 8,291 |
Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: [Abstract] | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | 31,552 | 20,627 |
Net cash (used in) provided by operating activities of discontinued operations | -1,048 | 486 |
Net cash (used in) provided by operating activities | 30,504 | 21,113 |
Cash flows from investing activities: | ' | ' |
Cost of business acquisitions, net of cash acquired | ' | 0 |
Capital expenditures | -3,501 | -3,924 |
Purchase of investment | 0 | 0 |
Proceeds from sale of property, plant and equipment | 154 | 5,668 |
Net cash used in investing activities of continuing operations | -3,347 | 1,744 |
Net cash provided by (used in) investing activities of discontinued operations | 556 | 0 |
Net cash used in investing activities | -2,791 | 1,744 |
Cash flows from financing activities: | ' | ' |
Repayment of 7.875% senior subordinated notes | ' | 0 |
Repayment of Term Loan B due 2016 | ' | 0 |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments of other long-term debt | -819 | -890 |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 |
Borrowings under Revolving Credit Facility, net | ' | 0 |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | ' | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | 0 |
Repayment of Term Loan Facility due 2017 | 0 | ' |
Borrowings under ABL Facility due 2017 | 0 | ' |
Repayments under ABL Facility due 2017 | 0 | ' |
Intercompany advances | -26,317 | -22,249 |
Net cash provided by financing activities | -27,136 | -23,139 |
Effect of exchange rate changes on cash and cash equivalents | 5 | 70 |
Net increase in cash and cash equivalents | 582 | -212 |
Cash and cash equivalents at beginning of period | 0 | 286 |
Cash and cash equivalents at end of period | 582 | 74 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: [Abstract] | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | -1,493 | 16 |
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 |
Net cash (used in) provided by operating activities | -1,493 | 16 |
Cash flows from investing activities: | ' | ' |
Cost of business acquisitions, net of cash acquired | ' | 0 |
Capital expenditures | -47 | -7 |
Purchase of investment | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Net cash used in investing activities of continuing operations | -47 | -7 |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 |
Net cash used in investing activities | -47 | -7 |
Cash flows from financing activities: | ' | ' |
Repayment of 7.875% senior subordinated notes | ' | 0 |
Repayment of Term Loan B due 2016 | ' | 0 |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments of other long-term debt | 0 | 0 |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 |
Borrowings under Revolving Credit Facility, net | ' | 0 |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | ' | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | 0 |
Repayment of Term Loan Facility due 2017 | 0 | ' |
Borrowings under ABL Facility due 2017 | 0 | ' |
Repayments under ABL Facility due 2017 | 0 | ' |
Intercompany advances | 2,277 | 155 |
Net cash provided by financing activities | 2,277 | 155 |
Effect of exchange rate changes on cash and cash equivalents | -69 | 23 |
Net increase in cash and cash equivalents | 668 | 187 |
Cash and cash equivalents at beginning of period | 1,825 | 2,061 |
Cash and cash equivalents at end of period | 2,493 | 2,248 |
Eliminations [Member] | ' | ' |
Cash flows from operating activities: [Abstract] | ' | ' |
Net cash provided by (used in) operating activities of continuing operations | 0 | 0 |
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 |
Net cash (used in) provided by operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Cost of business acquisitions, net of cash acquired | ' | 0 |
Capital expenditures | 0 | 0 |
Purchase of investment | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Net cash used in investing activities of continuing operations | 0 | 0 |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Repayment of 7.875% senior subordinated notes | ' | 0 |
Repayment of Term Loan B due 2016 | ' | 0 |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments of other long-term debt | 0 | 0 |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 |
Borrowings under Revolving Credit Facility, net | ' | 0 |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | ' | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | 0 |
Repayment of Term Loan Facility due 2017 | 0 | ' |
Borrowings under ABL Facility due 2017 | 0 | ' |
Repayments under ABL Facility due 2017 | 0 | ' |
Intercompany advances | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |