Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 28, 2015 | 5-May-15 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CENVEO, INC | |
Entity Central Index Key | 920321 | |
Current Fiscal Year End Date | -1 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 67,873,560 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $12,439 | $14,593 |
Accounts receivable, net | 271,409 | 281,898 |
Inventories | 141,553 | 137,010 |
Prepaid and other current assets | 46,851 | 50,406 |
Assets of discontinued operations - current | 12 | 8 |
Total current assets | 472,264 | 483,915 |
Property, plant and equipment, net | 275,428 | 282,408 |
Goodwill | 185,590 | 185,849 |
Other intangible assets, net | 155,254 | 157,704 |
Other assets, net | 46,971 | 48,015 |
Total assets | 1,135,507 | 1,157,891 |
Current liabilities: | ||
Current maturities of long-term debt | 4,467 | 4,355 |
Accounts payable | 219,130 | 232,184 |
Accrued compensation and related liabilities | 36,987 | 37,125 |
Other current liabilities | 76,483 | 87,221 |
Liabilities of discontinued operations - current | 68 | 70 |
Total current liabilities | 337,135 | 360,955 |
Long-term debt | 1,246,274 | 1,229,984 |
Other liabilities | 192,449 | 199,627 |
Commitments and contingencies | ||
Shareholders’ deficit: | ||
Preferred stock | 0 | 0 |
Common stock | 678 | 677 |
Paid-in capital | 370,218 | 370,228 |
Retained deficit | -913,062 | -905,383 |
Accumulated other comprehensive loss | -98,185 | -98,197 |
Total shareholders’ deficit | -640,351 | -632,675 |
Total liabilities and shareholders’ deficit | $1,135,507 | $1,157,891 |
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. 28, 2015 | Mar. 29, 2014 |
Income Statement [Abstract] | ||
Net sales | $475,105 | $490,119 |
Cost of sales | 397,888 | 415,157 |
Selling, general and administrative expenses | 52,261 | 55,494 |
Amortization of intangible assets | 2,407 | 3,449 |
Restructuring and other charges | 4,354 | 5,947 |
Operating income | 18,195 | 10,072 |
Interest expense, net | 25,692 | 27,910 |
Loss on early extinguishment of debt, net | 433 | 18 |
Other income, net | -217 | -509 |
Loss from continuing operations before income taxes | -7,713 | -17,347 |
Income tax benefit | -66 | -560 |
Loss from continuing operations | -7,647 | -16,787 |
(Loss) income from discontinued operations, net of taxes | -32 | 953 |
Net loss | -7,679 | -15,834 |
Other comprehensive income (loss): | ||
Changes in pension and other employee benefit accounts, net of taxes | 1,342 | 480 |
Currency translation adjustment | -1,330 | 88 |
Comprehensive loss | ($7,667) | ($15,266) |
(Loss) income per share – basic: | ||
Continuing operations per share - basic | ($0.11) | ($0.25) |
Discontinued operations per share - basic | $0 | $0.01 |
Net loss per share - basic | ($0.11) | ($0.24) |
(Loss) income per share – diluted: | ||
Continuing operations per share - diluted | ($0.11) | ($0.25) |
Discontinued operations per share - diluted | $0 | $0.01 |
Net loss per share - diluted | ($0.11) | ($0.24) |
Weighted average shares outstanding: | ||
Basic shares | 67,746 | 66,336 |
Diluted shares | 67,746 | 66,336 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Cash flows from operating activities: [Abstract] | ||
Net loss | ($7,679) | ($15,834) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on sale of discontinued operations, net of taxes | 0 | -845 |
Loss (income) from discontinued operations, net of taxes | 32 | -108 |
Depreciation and amortization, excluding non-cash interest expense | 14,688 | 16,061 |
Non-cash interest expense, net | 2,472 | 2,418 |
Deferred income taxes | -266 | -852 |
Loss (gain) on sale of assets | 684 | -2 |
Non-cash restructuring and other charges, net | 2,491 | 2,609 |
Loss on early extinguishment of debt, net | 433 | 18 |
Stock-based compensation provision | 132 | 836 |
Other non-cash charges | 803 | 735 |
Changes in operating assets and liabilities, excluding the effects of acquired businesses: | ||
Accounts receivable | 9,136 | 7,382 |
Inventories | -4,946 | -11,130 |
Accounts payable and accrued compensation and related liabilities | -13,157 | 2,654 |
Other working capital changes | -10,263 | -2,004 |
Other, net | -1,966 | -5,361 |
Net cash used in operating activities of continuing operations | -7,406 | -3,423 |
Net cash used in operating activities of discontinued operations | -38 | -1,658 |
Net cash used in operating activities | -7,444 | -5,081 |
Cash flows from investing activities: | ||
Capital expenditures | -6,059 | -8,975 |
Purchase of investment | 0 | -2,000 |
Proceeds from sale of property, plant and equipment | 573 | 162 |
Net cash used in investing activities of continuing operations | -5,486 | -10,813 |
Net cash provided by investing activities of discontinued operations | 0 | 1,018 |
Net cash used in investing activities | -5,486 | -9,795 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | -1,162 | -2,330 |
Repayments of other long-term debt | -1,472 | -1,569 |
Repayment of 11.5% senior notes due 2017 | -15,776 | 0 |
Purchase and retirement of common stock upon vesting of RSUs | -141 | -252 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | -600 |
Repayment of Term Loan Facility due 2017 | 0 | -900 |
Borrowings under ABL Facility due 2017 | 141,300 | 156,400 |
Repayments under ABL Facility due 2017 | -111,100 | -135,600 |
Net cash provided by financing activities | 11,649 | 15,149 |
Effect of exchange rate changes on cash and cash equivalents | -873 | -64 |
Net (decrease) increase in cash and cash equivalents | -2,154 | 209 |
Cash and cash equivalents at beginning of period | 14,593 | 11,329 |
Cash and cash equivalents at end of period | $12,439 | $11,538 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 28, 2015 | |
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 28, 2015, and the results of operations for the three months ended March 28, 2015, and March 29, 2014, and cash flows for the three months ended March 28, 2015, and March 29, 2014. 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 28, 2015, 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 27, 2014 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 27, 2014, filed with the SEC. The reporting periods for the three months ended March 28, 2015, and March 29, 2014, each consisted of 13 weeks. | |
New Accounting Pronouncements: In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 were effective in the first quarter of 2015. The Company's adoption of this amendment did not have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new revenue recognition standard provides a five-step analysis to determine when and how revenue is recognized. The standard requires that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2016 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements. | |
In February 2015, the FASB issued ASU No. 2015-02, “Consolidation: Amendment to the Consolidation Analysis.” This revised standard improves targeted areas of the consolidation guidance and reduces the number of consolidation models. This update is effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of ASU 2015-02 to have a material impact on its consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual and interim periods beginning on or after December 15, 2015. As of March 28, 2015, the Company had $24.5 million of debt issuance costs that would be reclassified from a long-term asset to a reduction in the carrying amount of its debt. |
Acquisitions
Acquisitions | 3 Months Ended | ||||
Mar. 28, 2015 | |||||
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 exceed the purchase price paid, a bargain purchase gain is recorded in the statements 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 statements of operations and were $0.3 million and $1.9 million for the three months ended March 28, 2015, and March 29, 2014, respectively. | |||||
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 has enhanced the Company's manufacturing capabilities and reduced capacity in the envelope industry. The purchase price was $34.1 million, of which $6.0 million was Cenveo common stock, and was 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 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 $4.4 million, which is being amortized over the remaining lease term of 20 years, which includes renewal periods. The Company finalized the purchase price allocation in the third quarter of 2014 and adjusted the preliminary values allocated to certain assets and liabilities. There were no material adjustments to the purchase price allocation. | |||||
National's results of operations and cash flows are included in the Company’s statements of operations and cash flows from September 16, 2013. | |||||
Purchase Price Allocation | |||||
The following table summarizes the allocation of the purchase price of National to the assets acquired and liabilities assumed in the acquisition (in thousands): | |||||
Property, plant and equipment | $ | 53,108 | |||
Other intangible assets | 4,430 | ||||
Total assets acquired | 57,538 | ||||
Accounts payable | 1,015 | ||||
Accrued compensation and related liabilities | 1,210 | ||||
Other current liabilities | 1,453 | ||||
Note payable | 2,536 | ||||
Total liabilities assumed | 6,214 | ||||
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. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Discontinued Operations | Discontinued Operations | ||||||||
On September 28, 2013, the Company completed the sale of its Custom Envelope Group ("Custom Envelope"). To date, the Company has received total net cash proceeds of approximately $47.0 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 $16.5 million, of which $14.9 million was recognized in the year ended 2013. 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. | |||||||||
Collectively, the Company refers to these businesses as the "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 28, 2015, and December 27, 2014 (in thousands): | |||||||||
March 28, 2015 | December 27, 2014 | ||||||||
Prepaid and other current assets | $ | 12 | $ | 8 | |||||
Assets of discontinued operations - current | 12 | 8 | |||||||
Accrued compensation and related liabilities | 68 | 70 | |||||||
Liabilities of discontinued operations - current | 68 | 70 | |||||||
Net assets | $ | (56 | ) | $ | (62 | ) | |||
The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): | |||||||||
For the Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
(Loss) income from discontinued operations before income taxes | $ | (32 | ) | $ | 176 | ||||
Income tax expense on discontinued operations | — | 68 | |||||||
Gain on sale of discontinued operations (1) | — | 845 | |||||||
(Loss) income from discontinued operations, net of taxes | $ | (32 | ) | $ | 953 | ||||
(Loss) income per share - basic | $ | — | $ | 0.01 | |||||
(Loss) income per share - diluted | $ | — | $ | 0.01 | |||||
__________________________ | |||||||||
-1 | The gain on the sale of discontinued operations is shown net of taxes of $0.5 million for the three months ended March 29, 2014. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories | ||||||||
Inventories by major category are as follows (in thousands): | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 49,253 | $ | 45,341 | |||||
Work in process | 15,728 | 19,649 | |||||||
Finished goods | 76,572 | 72,020 | |||||||
$ | 141,553 | $ | 137,010 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | Property, Plant and Equipment | ||||||||
Property, plant and equipment are as follows (in thousands): | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 13,995 | $ | 13,982 | |||||
Buildings and building improvements | 101,245 | 101,407 | |||||||
Machinery and equipment | 614,498 | 623,619 | |||||||
Furniture and fixtures | 9,554 | 10,086 | |||||||
Construction in progress | 16,212 | 13,154 | |||||||
755,504 | 762,248 | ||||||||
Accumulated depreciation | (480,076 | ) | (479,840 | ) | |||||
$ | 275,428 | $ | 282,408 | ||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||||||||||||
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 28, 2015, by reportable segment are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Envelope | Label and Packaging | Total | |||||||||||||||||||||||||||||||||
Balance as of December 27, 2014 | $ | 23,433 | $ | 45,432 | $ | 116,984 | $ | 185,849 | |||||||||||||||||||||||||||
Foreign currency translation | — | 96 | (355 | ) | (259 | ) | |||||||||||||||||||||||||||||
Balance as of March 28, 2015 | $ | 23,433 | $ | 45,528 | $ | 116,629 | $ | 185,590 | |||||||||||||||||||||||||||
Other intangible assets are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
March 28, 2015 | December 27, 2014 | ||||||||||||||||||||||||||||||||||
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 | 8 | $ | 144,693 | $ | (27,234 | ) | $ | (64,376 | ) | $ | 53,083 | $ | 144,732 | $ | (27,234 | ) | $ | (62,202 | ) | $ | 55,296 | ||||||||||||||
Trademarks and trade names | 21 | 77,755 | (55,367 | ) | (9,560 | ) | 12,828 | 77,750 | (55,367 | ) | (9,383 | ) | 13,000 | ||||||||||||||||||||||
Leasehold interest | 18 | 4,430 | — | (348 | ) | 4,082 | 4,430 | — | (291 | ) | 4,139 | ||||||||||||||||||||||||
Patents | 11 | 3,528 | — | (3,167 | ) | 361 | 3,528 | — | (3,159 | ) | 369 | ||||||||||||||||||||||||
Subtotal | 11 | 230,406 | (82,601 | ) | (77,451 | ) | 70,354 | 230,440 | (82,601 | ) | (75,035 | ) | 72,804 | ||||||||||||||||||||||
Intangible | |||||||||||||||||||||||||||||||||||
assets with | |||||||||||||||||||||||||||||||||||
indefinite | |||||||||||||||||||||||||||||||||||
lives: | |||||||||||||||||||||||||||||||||||
Trademarks | 84,900 | — | — | 84,900 | 84,900 | — | — | 84,900 | |||||||||||||||||||||||||||
Total | $ | 315,306 | $ | (82,601 | ) | $ | (77,451 | ) | $ | 155,254 | $ | 315,340 | $ | (82,601 | ) | $ | (75,035 | ) | $ | 157,704 | |||||||||||||||
Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Annual Estimated | |||||||||||||||||||||||||||||||||||
Expense | |||||||||||||||||||||||||||||||||||
Remainder of 2015 | $ | 7,205 | |||||||||||||||||||||||||||||||||
2016 | 7,889 | ||||||||||||||||||||||||||||||||||
2017 | 7,439 | ||||||||||||||||||||||||||||||||||
2018 | 7,154 | ||||||||||||||||||||||||||||||||||
2019 | 6,949 | ||||||||||||||||||||||||||||||||||
2020 | 6,853 | ||||||||||||||||||||||||||||||||||
Thereafter | 26,865 | ||||||||||||||||||||||||||||||||||
Total | $ | 70,354 | |||||||||||||||||||||||||||||||||
Asset Impairments | |||||||||||||||||||||||||||||||||||
There were no goodwill or intangible asset impairments recorded in the three months ended March 28, 2015, and March 29, 2014. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Long-Term Debt | ||||||||
Long-term debt is as follows (in thousands): | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
ABL Facility due 2017 | $ | 164,900 | $ | 134,700 | |||||
8.500% junior priority secured notes due 2022 ($248.0 million outstanding principal amount as of March 28, 2015, and December 27, 2014) | 245,444 | 245,384 | |||||||
6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of March 28, 2015, and December 27, 2014) | 534,805 | 534,552 | |||||||
11.5% senior notes due 2017 ($206.5 million and $222.3 million outstanding principal amount as of March 28, 2015, and December 27, 2014, respectively) | 202,903 | 218,011 | |||||||
7% senior exchangeable notes due 2017 | 83,250 | 83,250 | |||||||
Other debt including capital leases | 19,439 | 18,442 | |||||||
1,250,741 | 1,234,339 | ||||||||
Less current maturities | (4,467 | ) | (4,355 | ) | |||||
Long-term debt | $ | 1,246,274 | $ | 1,229,984 | |||||
The estimated fair value of the Company’s long-term debt was approximately $1.2 billion and $1.1 billion as of March 28, 2015, and December 27, 2014, respectively. 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 28, 2015, the Company was in compliance with all covenants under its long-term debt. | |||||||||
Amendment to ABL Facility | |||||||||
On January 30, 2015, the Company entered into Amendment No. 3 ("ABL Amendment No. 3") to the $230 million asset-based revolving credit facility (the "ABL Facility"), and an accompanying Increasing Lender Agreement on February 4, 2015, pursuant to which the revolving commitments were increased by $10.0 million. Among other things, ABL Amendment No. 3 increased the Company's flexibility to use the proceeds of any future asset sales to prepay its other indebtedness. The amendment also generally increased the Company's flexibility to prepay outstanding indebtedness, make acquisitions and other investments, and pay dividends, subject to the satisfaction of certain conditions. In connection with this amendment, the Company capitalized debt issuance costs of $1.3 million. | |||||||||
Extinguishments | |||||||||
In the first quarter of 2015, the Company recorded a loss on early extinguishment of debt of $0.4 million related to the repurchase of $15.8 million of its 11.5% senior notes due 2017 (the "11.5% Notes"), of which $0.2 million related to the write-off of unamortized debt issuance costs, and $0.2 million related to the write-off of original issuance discount. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 28, 2015 | |
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 Pension Plans") and is exposed to significant risks and uncertainties arising from its participation in these Multi-Employer Pension 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 Pension Plans, could significantly increase the Company’s future contributions or the underfunded status of these Multi-Employer Pension Plans. Two of the Multi-Employer Pension 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 in these Multi-Employer Pension 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. 28, 2015 | |
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 28, 2015. On an annual basis, the Company records its pension plan assets at fair value. No additional assets or liabilities were recorded at fair value on a recurring or nonrecurring basis as of December 27, 2014. | |
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 28, 2015, and December 27, 2014, 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 records the assets acquired and liabilities assumed in its acquisitions (Note 2) at fair value. |
Retirement_Plans
Retirement Plans | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Retirement Plans | Retirement Plans | ||||||||
The components of the net periodic expense (benefit) 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 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Service cost | $ | — | $ | — | |||||
Interest cost | 3,524 | 3,707 | |||||||
Expected return on plan assets | (5,226 | ) | (5,206 | ) | |||||
Net amortization and deferral | — | — | |||||||
Recognized net actuarial loss | 2,156 | 794 | |||||||
Net periodic expense (benefit) | $ | 454 | $ | (705 | ) | ||||
Interest cost on the projected benefit obligation includes $0.2 million related to the Company’s SERP and OPEB plans in each of the three months ended March 28, 2015, and March 29, 2014. | |||||||||
For the three months ended March 28, 2015, the Company made total contributions of $3.1 million to its pension, SERP and OPEB plans. The Company expects to contribute approximately $3.7 million to its pension, SERP and OPEB plans for the remainder of 2015. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||
Mar. 28, 2015 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||
Total stock-based compensation expense recognized in selling, general and administrative expenses in the Company’s statements of operations was $0.1 million and $0.8 million for the three months ended March 28, 2015, and March 29, 2014, respectively. | ||||||||||||||
As of March 28, 2015, there was approximately $0.6 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 2.0 years. | ||||||||||||||
Stock Options | ||||||||||||||
A summary of the Company’s outstanding stock options as of and for the three months ended March 28, 2015, is as follows: | ||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value (in thousands) | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(In Years) | ||||||||||||||
Outstanding at December 27, 2014 | 1,670,500 | $ | 5.18 | 1.4 | $ | 29 | ||||||||
Granted | — | — | ||||||||||||
Exercised | — | — | $ | — | ||||||||||
Forfeited/expired | (100,000 | ) | 5.2 | |||||||||||
Outstanding at March 28, 2015 | 1,570,500 | $ | 5.18 | 1.2 | $ | 16 | ||||||||
Exercisable at March 28, 2015 | 1,450,875 | $ | 5.44 | 1 | $ | 4 | ||||||||
RSUs | ||||||||||||||
A summary of the Company’s non-vested restricted share units ("RSUs") as of and for the three months ended March 28, 2015, is as follows: | ||||||||||||||
RSUs | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 27, 2014 | 512,861 | $ | 3.22 | |||||||||||
Granted | — | — | ||||||||||||
Vested | (147,500 | ) | 5.62 | |||||||||||
Forfeited | — | — | ||||||||||||
Non-vested at March 28, 2015 | 365,361 | $ | 2.26 | |||||||||||
The total fair value of RSUs which vested during the three months ended March 28, 2015, was $0.3 million. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||||||||
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 "2015 Plan" and the "2014 Plan"); and (ii) a plan related to the integration of certain assets of National into existing envelope operations (the "National Plan"). | ||||||||||||||||||||||||||||||
2015 Plan | ||||||||||||||||||||||||||||||
During the first quarter of 2015, the Company began implementing the 2015 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 2015 Plan during the 2016 fiscal year. | ||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||
Acquisition Integration Plans | ||||||||||||||||||||||||||||||
Upon the completion of the acquisition of certain assets of National, the Company developed and began implementing the National Plan. The Company is substantially complete with the accelerated integration of these assets, which has included the closure and consolidation of nine manufacturing facilities into existing envelope operations and two new facilities. The Company expects to be complete with the National Plan in 2015. | ||||||||||||||||||||||||||||||
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 several years, the Company has closed or consolidated a significant amount of manufacturing facilities and has had a significant number of headcount reductions. | ||||||||||||||||||||||||||||||
The Company does not anticipate any significant future expenses related to the Residual Plans other than modifications to current assumptions for lease terminations, multi-employer pension withdrawal liabilities and ongoing expenses related to maintaining restructured assets. | ||||||||||||||||||||||||||||||
The following tables present the details of the expenses recognized as a result of these plans. | ||||||||||||||||||||||||||||||
2015 Activity | ||||||||||||||||||||||||||||||
Restructuring and other charges for the three months ended March 28, 2015 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 | ||||||||||||||||||||||||||||||
2014 Plan | $ | 270 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 270 | ||||||||||||||||
Residual Plans | — | — | — | (22 | ) | 40 | 40 | 58 | ||||||||||||||||||||||
Acquisition Integration Plans | 39 | 1,895 | 8 | 275 | — | 247 | 2,464 | |||||||||||||||||||||||
Total Envelope | 309 | 1,895 | 8 | 253 | 40 | 287 | 2,792 | |||||||||||||||||||||||
2015 Plan | 60 | — | — | — | — | — | 60 | |||||||||||||||||||||||
2014 Plan | 125 | 116 | 13 | — | — | 563 | 817 | |||||||||||||||||||||||
Residual Plans | (54 | ) | — | — | 58 | 132 | 24 | 160 | ||||||||||||||||||||||
Total Print | 131 | 116 | 13 | 58 | 132 | 587 | 1,037 | |||||||||||||||||||||||
Label and Packaging | ||||||||||||||||||||||||||||||
2015 Plan | 150 | — | — | — | — | — | 150 | |||||||||||||||||||||||
2014 Plan | 273 | — | — | — | — | — | 273 | |||||||||||||||||||||||
Total Label and Packaging | 423 | — | — | — | — | — | 423 | |||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
2015 Plan | 88 | — | — | — | — | — | 88 | |||||||||||||||||||||||
Residual Plans | — | — | — | — | — | 14 | 14 | |||||||||||||||||||||||
Total Corporate | 88 | — | — | — | — | 14 | 102 | |||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 951 | $ | 2,011 | $ | 21 | $ | 311 | $ | 172 | $ | 888 | $ | 4,354 | ||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Residual Plans | $ | (1 | ) | $ | — | $ | — | $ | (198 | ) | $ | 32 | $ | 16 | $ | (151 | ) | |||||||||||||
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 | |||||||||||||||||||||||
Residual Plans | 388 | (22 | ) | 1 | 77 | 716 | 839 | 1,999 | ||||||||||||||||||||||
Total Print | 395 | (22 | ) | 1 | 77 | 716 | 839 | 2,006 | ||||||||||||||||||||||
Label and Packaging | ||||||||||||||||||||||||||||||
2014 Plan | 251 | — | — | — | — | — | 251 | |||||||||||||||||||||||
Residual Plans | 26 | — | — | 14 | — | — | 40 | |||||||||||||||||||||||
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 | ||||||||||||||||
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 | |||||||||||||||||||||||||||||
2015 Plan | ||||||||||||||||||||||||||||||
Balance as of December 27, 2014 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Accruals, net | 298 | — | — | — | 298 | |||||||||||||||||||||||||
Payments | (257 | ) | — | — | — | (257 | ) | |||||||||||||||||||||||
Balance as of March 28, 2015 | $ | 41 | $ | — | $ | — | $ | — | $ | 41 | ||||||||||||||||||||
2014 Plan | ||||||||||||||||||||||||||||||
Balance as of December 27, 2014 | $ | 1,506 | $ | — | $ | — | $ | — | $ | 1,506 | ||||||||||||||||||||
Accruals, net | 668 | — | — | 576 | 1,244 | |||||||||||||||||||||||||
Payments | (1,486 | ) | — | — | (576 | ) | (2,062 | ) | ||||||||||||||||||||||
Balance as of March 28, 2015 | $ | 688 | $ | — | $ | — | $ | — | $ | 688 | ||||||||||||||||||||
Residual Plans | ||||||||||||||||||||||||||||||
Balance as of December 27, 2014 | $ | 54 | $ | 677 | $ | 18,700 | $ | — | $ | 19,431 | ||||||||||||||||||||
Accruals, net | (54 | ) | 36 | 172 | 78 | 232 | ||||||||||||||||||||||||
Payments | — | (144 | ) | (849 | ) | (78 | ) | (1,071 | ) | |||||||||||||||||||||
Balance as of March 28, 2015 | $ | — | $ | 569 | $ | 18,023 | $ | — | $ | 18,592 | ||||||||||||||||||||
Acquisition Integration Plans | ||||||||||||||||||||||||||||||
Balance as of December 27, 2014 | $ | 77 | $ | 1,136 | $ | — | $ | — | $ | 1,213 | ||||||||||||||||||||
Accruals, net | 39 | 275 | — | 255 | 569 | |||||||||||||||||||||||||
Payments | (63 | ) | (573 | ) | — | (255 | ) | (891 | ) | |||||||||||||||||||||
Balance as of March 28, 2015 | $ | 53 | $ | 838 | $ | — | $ | — | $ | 891 | ||||||||||||||||||||
Total Restructuring Liability | $ | 782 | $ | 1,407 | $ | 18,023 | $ | — | $ | 20,212 | ||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |||||||||||||
Mar. 28, 2015 | ||||||||||||||
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 accumulated other comprehensive income ("AOCI"), net of tax (in thousands): | ||||||||||||||
Foreign Currency Translation | Pension and Other Postretirement Benefits | Total | ||||||||||||
Balance as of December 27, 2014 | $ | (2,905 | ) | $ | (95,292 | ) | $ | (98,197 | ) | |||||
Other comprehensive loss before reclassifications | (1,330 | ) | — | (1,330 | ) | |||||||||
Amounts reclassified from AOCI | — | 1,342 | 1,342 | |||||||||||
Other comprehensive (loss) income | (1,330 | ) | 1,342 | 12 | ||||||||||
Balance as of March 28, 2015 | $ | (4,235 | ) | $ | (93,950 | ) | $ | (98,185 | ) | |||||
Reclassifications from AOCI | ||||||||||||||
AOCI Components (in thousands) | Amounts Reclassified from AOCI | Income Statement Line Item | ||||||||||||
For the Three Months Ended | ||||||||||||||
March 28, | March 29, | |||||||||||||
2015 | 2014 | |||||||||||||
Changes in pension and other employee benefit accounts: | ||||||||||||||
Net actuarial losses | $ | 2,156 | $ | 794 | Selling, general and administrative expenses | |||||||||
2,156 | 794 | Total before tax | ||||||||||||
Taxes | (814 | ) | (314 | ) | Income tax benefit | |||||||||
Total reclassifications for the period | $ | 1,342 | $ | 480 | Net of tax | |||||||||
Income_Loss_Per_Share
Income (Loss) Per Share | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
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 senior exchangeable notes due 2017 (the "7% Notes") being exchanged for common stock. Under this method, interest expense associated with the 7% Notes, net of tax, is added back to income from continuing operations and the shares outstanding are increased by the underlying 7% Notes equivalent. | |||||||||
For the three months ended March 28, 2015, and March 29, 2014, the effect of approximately 20.3 million and 21.1 million shares, respectively, related to the exchange of the 7% Notes for common stock and the issuance of common stock upon exercise of the 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 three months ended March 28, 2015, and March 29, 2014 (in thousands, except per share data): | |||||||||
For the Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Numerator for basic and diluted (loss) income per share: | |||||||||
Loss from continuing operations | $ | (7,647 | ) | $ | (16,787 | ) | |||
(Loss) income from discontinued operations, net of taxes | (32 | ) | 953 | ||||||
Net loss | $ | (7,679 | ) | $ | (15,834 | ) | |||
Denominator for weighted average common shares outstanding: | |||||||||
Basic shares | 67,746 | 66,336 | |||||||
Dilutive effect of 7% Notes | — | — | |||||||
Dilutive effect of Equity Awards | — | — | |||||||
Diluted shares | 67,746 | 66,336 | |||||||
(Loss) income per share – basic: | |||||||||
Continuing operations | $ | (0.11 | ) | $ | (0.25 | ) | |||
Discontinued operations | — | 0.01 | |||||||
Net loss | $ | (0.11 | ) | $ | (0.24 | ) | |||
(Loss) income per share – diluted: | |||||||||
Continuing operations | $ | (0.11 | ) | $ | (0.25 | ) | |||
Discontinued operations | — | 0.01 | |||||||
Net loss | $ | (0.11 | ) | $ | (0.24 | ) |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
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 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Net sales: | |||||||||
Envelope | $ | 227,410 | $ | 241,671 | |||||
128,166 | 128,397 | ||||||||
Label and Packaging | 119,529 | 120,051 | |||||||
Total | $ | 475,105 | $ | 490,119 | |||||
Operating income (loss): | |||||||||
Envelope | $ | 14,840 | $ | 9,806 | |||||
2,373 | 1,240 | ||||||||
Label and Packaging | 9,405 | 10,193 | |||||||
Corporate | (8,423 | ) | (11,167 | ) | |||||
Total | $ | 18,195 | $ | 10,072 | |||||
Restructuring and other charges: | |||||||||
Envelope | $ | 2,792 | $ | 3,017 | |||||
1,037 | 2,006 | ||||||||
Label and Packaging | 423 | 291 | |||||||
Corporate | 102 | 633 | |||||||
Total | $ | 4,354 | $ | 5,947 | |||||
Depreciation and intangible asset amortization: | |||||||||
Envelope | $ | 4,903 | $ | 5,154 | |||||
4,452 | 5,700 | ||||||||
Label and Packaging | 4,363 | 3,876 | |||||||
Corporate | 970 | 1,331 | |||||||
Total | $ | 14,688 | $ | 16,061 | |||||
Net sales by product line: | |||||||||
Envelope | $ | 227,410 | $ | 241,671 | |||||
128,166 | 128,397 | ||||||||
Label | 80,167 | 78,686 | |||||||
Packaging | 39,362 | 41,365 | |||||||
Total | $ | 475,105 | $ | 490,119 | |||||
Intercompany sales: | |||||||||
Envelope | $ | 1,812 | $ | 1,532 | |||||
3,864 | 1,188 | ||||||||
Label and Packaging | 2,339 | 2,176 | |||||||
Total | $ | 8,015 | $ | 4,896 | |||||
March 28, | December 27, 2014 | ||||||||
2015 | |||||||||
Total assets: | |||||||||
Envelope | $ | 440,746 | $ | 449,819 | |||||
286,033 | 291,892 | ||||||||
Label and Packaging | 353,550 | 355,325 | |||||||
Corporate | 55,178 | 60,855 | |||||||
Total | $ | 1,135,507 | $ | 1,157,891 | |||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
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 6.000% senior priority secured notes due 2019 (the “6.000% Notes”), the 8.500% junior priority secured notes due 2022 (the “8.500% Notes”), the 7.875% senior subordinated notes due 2013 (the “7.875% Notes”), the 8.875% senior second lien notes due 2018 (the “8.875% Notes”), the 7% Notes, and the 11.5% senior notes due 2017 (the “11.5% Notes,” and collectively with the 6.000% Notes, the 8.500% Notes, the 7.875% Notes, the 8.875% Notes, and the 7% 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 North American subsidiaries, other than the Subsidiary Issuer (the "Guarantor Subsidiaries"). | ||||||||||||||||||||||||
Presented below is condensed consolidating financial information for the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Parent Company's subsidiaries other than the Subsidiary Issuer and the Guarantor Subsidiaries (the "Non-Guarantor Subsidiaries") as of March 28, 2015, and December 27, 2014, and for the three months ended March 28, 2015, and March 29, 2014. 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 Parent Company’s primary transactions with its subsidiaries, other than the investment account and related equity in net income (loss) of subsidiaries, are the intercompany payables and receivables between its subsidiaries. | ||||||||||||||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
28-Mar-15 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 6,353 | $ | 622 | $ | 5,464 | $ | — | $ | 12,439 | ||||||||||||
Accounts receivable, net | — | 129,046 | 140,699 | 1,664 | — | 271,409 | ||||||||||||||||||
Inventories | — | 71,911 | 67,761 | 1,881 | — | 141,553 | ||||||||||||||||||
Notes receivable from subsidiaries | — | 36,938 | 3,245 | — | (40,183 | ) | — | |||||||||||||||||
Prepaid and other current assets | — | 38,088 | 6,054 | 2,709 | — | 46,851 | ||||||||||||||||||
Assets of discontinued operations - current | — | — | 12 | — | — | 12 | ||||||||||||||||||
Total current assets | — | 282,336 | 218,393 | 11,718 | (40,183 | ) | 472,264 | |||||||||||||||||
Investment in subsidiaries | (640,351 | ) | 1,961,772 | 4,540 | 7,829 | (1,333,790 | ) | — | ||||||||||||||||
Property, plant and equipment, net | — | 117,131 | 157,752 | 545 | — | 275,428 | ||||||||||||||||||
Goodwill | — | 25,540 | 154,763 | 5,287 | — | 185,590 | ||||||||||||||||||
Other intangible assets, net | — | 9,892 | 144,612 | 750 | — | 155,254 | ||||||||||||||||||
Other assets, net | — | 41,871 | 4,607 | 493 | — | 46,971 | ||||||||||||||||||
Total assets | $ | (640,351 | ) | $ | 2,438,542 | $ | 684,667 | $ | 26,622 | $ | (1,373,973 | ) | $ | 1,135,507 | ||||||||||
Liabilities and Shareholders’ (Deficit) Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 3,000 | $ | 1,467 | $ | — | $ | — | $ | 4,467 | ||||||||||||
Accounts payable | — | 120,168 | 97,852 | 1,110 | — | 219,130 | ||||||||||||||||||
Accrued compensation and related liabilities | — | 29,624 | 6,770 | 593 | — | 36,987 | ||||||||||||||||||
Other current liabilities | — | 56,522 | 19,054 | 907 | — | 76,483 | ||||||||||||||||||
Liabilities of discontinued operations - current | — | — | 68 | — | — | 68 | ||||||||||||||||||
Intercompany payable (receivable) | — | 1,473,784 | (1,483,531 | ) | 9,747 | — | — | |||||||||||||||||
Notes payable to issuer | — | — | 36,938 | 3,245 | (40,183 | ) | — | |||||||||||||||||
Total current liabilities | — | 1,683,098 | (1,321,382 | ) | 15,602 | (40,183 | ) | 337,135 | ||||||||||||||||
Long-term debt | — | 1,242,052 | 4,222 | — | — | 1,246,274 | ||||||||||||||||||
Other liabilities | — | 153,743 | 40,055 | (1,349 | ) | — | 192,449 | |||||||||||||||||
Shareholders’ (deficit) equity | (640,351 | ) | (640,351 | ) | 1,961,772 | 12,369 | (1,333,790 | ) | (640,351 | ) | ||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (640,351 | ) | $ | 2,438,542 | $ | 684,667 | $ | 26,622 | $ | (1,373,973 | ) | $ | 1,135,507 | ||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
For the three months ended March 28, 2015 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 223,852 | $ | 249,464 | $ | 1,789 | $ | — | $ | 475,105 | ||||||||||||
Cost of sales | — | 190,863 | 206,492 | 533 | — | 397,888 | ||||||||||||||||||
Selling, general and administrative expenses | — | 30,115 | 21,720 | 426 | — | 52,261 | ||||||||||||||||||
Amortization of intangible assets | — | 152 | 2,144 | 111 | — | 2,407 | ||||||||||||||||||
Restructuring and other charges | — | 3,447 | 907 | — | — | 4,354 | ||||||||||||||||||
Operating (loss) income | — | (725 | ) | 18,201 | 719 | — | 18,195 | |||||||||||||||||
Interest expense, net | — | 25,592 | 100 | — | — | 25,692 | ||||||||||||||||||
Intercompany interest (income) expense | — | (274 | ) | 274 | — | — | — | |||||||||||||||||
Loss on early extinguishment of debt, net | — | 433 | — | — | — | 433 | ||||||||||||||||||
Other expense (income), net | — | 294 | (539 | ) | 28 | — | (217 | ) | ||||||||||||||||
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries | — | (26,770 | ) | 18,366 | 691 | — | (7,713 | ) | ||||||||||||||||
Income tax (benefit) expense | — | (321 | ) | 143 | 112 | — | (66 | ) | ||||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | — | (26,449 | ) | 18,223 | 579 | — | (7,647 | ) | ||||||||||||||||
Equity in (loss) income of subsidiaries | (7,679 | ) | 18,771 | 579 | — | (11,671 | ) | — | ||||||||||||||||
(Loss) income from continuing operations | (7,679 | ) | (7,678 | ) | 18,802 | 579 | (11,671 | ) | (7,647 | ) | ||||||||||||||
Loss from discontinued operations, net of taxes | — | (1 | ) | (31 | ) | — | — | (32 | ) | |||||||||||||||
Net (loss) income | (7,679 | ) | (7,679 | ) | 18,771 | 579 | (11,671 | ) | (7,679 | ) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Other comprehensive income (loss) of subsidiaries | 12 | (1,330 | ) | 353 | — | 965 | — | |||||||||||||||||
Changes in pension and other employee benefit accounts, net of taxes | — | 1,342 | — | — | — | 1,342 | ||||||||||||||||||
Currency translation adjustment | — | — | (1,683 | ) | 353 | — | (1,330 | ) | ||||||||||||||||
Comprehensive (loss) income | $ | (7,667 | ) | $ | (7,667 | ) | $ | 17,441 | $ | 932 | $ | (10,706 | ) | $ | (7,667 | ) | ||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the three months ended March 28, 2015 | ||||||||||||||||||||||||
(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 | $ | 132 | $ | (44,536 | ) | $ | 34,028 | $ | 2,970 | $ | — | $ | (7,406 | ) | ||||||||||
Net cash used in operating activities of discontinued operations | — | — | (38 | ) | — | — | (38 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 132 | (44,536 | ) | 33,990 | 2,970 | — | (7,444 | ) | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (4,750 | ) | (1,309 | ) | — | — | (6,059 | ) | |||||||||||||||
Proceeds from sale of property, plant and equipment | — | 571 | 2 | — | — | 573 | ||||||||||||||||||
Net cash used in investing activities | — | (4,179 | ) | (1,307 | ) | — | — | (5,486 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Payment of financing-related costs and expenses and debt issuance discounts | — | (1,162 | ) | — | — | — | (1,162 | ) | ||||||||||||||||
Repayments (borrowings) of other long-term debt | — | (3,219 | ) | 1,747 | — | — | (1,472 | ) | ||||||||||||||||
Repayment of 11.5% senior notes due 2017 | — | (15,776 | ) | — | — | — | (15,776 | ) | ||||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (141 | ) | — | — | — | — | (141 | ) | ||||||||||||||||
Borrowings under ABL Facility due 2017 | — | 141,300 | — | — | — | 141,300 | ||||||||||||||||||
Repayments under ABL Facility due 2017 | — | (111,100 | ) | — | — | — | (111,100 | ) | ||||||||||||||||
Intercompany advances | 9 | 34,060 | (34,112 | ) | 43 | — | — | |||||||||||||||||
Net cash (used in) provided by financing activities | (132 | ) | 44,103 | (32,365 | ) | 43 | — | 11,649 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (540 | ) | (333 | ) | — | (873 | ) | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (4,612 | ) | (222 | ) | 2,680 | — | (2,154 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 10,965 | 844 | 2,784 | — | 14,593 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 6,353 | $ | 622 | $ | 5,464 | $ | — | $ | 12,439 | ||||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
27-Dec-14 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10,965 | $ | 844 | $ | 2,784 | $ | — | $ | 14,593 | ||||||||||||
Accounts receivable, net | — | 128,599 | 149,528 | 3,771 | — | 281,898 | ||||||||||||||||||
Inventories | — | 71,108 | 64,036 | 1,866 | — | 137,010 | ||||||||||||||||||
Notes receivable from subsidiaries | — | 36,938 | 3,245 | — | (40,183 | ) | — | |||||||||||||||||
Prepaid and other current assets | — | 42,889 | 5,012 | 2,505 | — | 50,406 | ||||||||||||||||||
Assets of discontinued operations - current | — | — | 8 | — | — | 8 | ||||||||||||||||||
Total current assets | — | 290,499 | 222,673 | 10,926 | (40,183 | ) | 483,915 | |||||||||||||||||
Investment in subsidiaries | (632,675 | ) | 1,944,300 | 3,608 | 7,829 | (1,323,062 | ) | — | ||||||||||||||||
Property, plant and equipment, net | — | 120,949 | 160,903 | 556 | — | 282,408 | ||||||||||||||||||
Goodwill | — | 25,540 | 155,118 | 5,191 | — | 185,849 | ||||||||||||||||||
Other intangible assets, net | — | 10,011 | 146,843 | 850 | — | 157,704 | ||||||||||||||||||
Other assets, net | — | 42,242 | 5,289 | 484 | — | 48,015 | ||||||||||||||||||
Total assets | $ | (632,675 | ) | $ | 2,433,541 | $ | 694,434 | $ | 25,836 | $ | (1,363,245 | ) | $ | 1,157,891 | ||||||||||
Liabilities and Shareholders’ (Deficit) Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 3,000 | $ | 1,355 | $ | — | $ | — | $ | 4,355 | ||||||||||||
Accounts payable | — | 138,939 | 91,860 | 1,385 | — | 232,184 | ||||||||||||||||||
Accrued compensation and related liabilities | — | 29,851 | 6,736 | 538 | — | 37,125 | ||||||||||||||||||
Other current liabilities | — | 66,895 | 19,346 | 980 | — | 87,221 | ||||||||||||||||||
Liabilities of discontinued operations - current | — | — | 70 | — | — | 70 | ||||||||||||||||||
Intercompany payable (receivable) | — | 1,439,715 | (1,449,419 | ) | 9,704 | — | — | |||||||||||||||||
Notes payable to issuer | — | — | 36,938 | 3,245 | (40,183 | ) | — | |||||||||||||||||
Total current liabilities | — | 1,678,400 | (1,293,114 | ) | 15,852 | (40,183 | ) | 360,955 | ||||||||||||||||
Long-term debt | — | 1,227,397 | 2,587 | — | — | 1,229,984 | ||||||||||||||||||
Other liabilities | — | 160,419 | 40,661 | (1,453 | ) | — | 199,627 | |||||||||||||||||
Shareholders’ (deficit) equity | (632,675 | ) | (632,675 | ) | 1,944,300 | 11,437 | (1,323,062 | ) | (632,675 | ) | ||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (632,675 | ) | $ | 2,433,541 | $ | 694,434 | $ | 25,836 | $ | (1,363,245 | ) | $ | 1,157,891 | ||||||||||
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, 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 increase (decrease) 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 | ||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
Fiscal period | The reporting periods for the three months ended March 28, 2015, and March 29, 2014, each consisted of 13 weeks. |
New Accounting Pronouncements | In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 were effective in the first quarter of 2015. The Company's adoption of this amendment did not have a material impact on the Company's consolidated financial statements. |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The new revenue recognition standard provides a five-step analysis to determine when and how revenue is recognized. The standard requires that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2016 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements. | |
In February 2015, the FASB issued ASU No. 2015-02, “Consolidation: Amendment to the Consolidation Analysis.” This revised standard improves targeted areas of the consolidation guidance and reduces the number of consolidation models. This update is effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of ASU 2015-02 to have a material impact on its consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual and interim periods beginning on or after December 15, 2015. As of March 28, 2015, the Company had $24.5 million of debt issuance costs that would be reclassified from a long-term asset to a reduction in the carrying amount of its debt. |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||
Mar. 28, 2015 | |||||
Business Combinations [Abstract] | |||||
Purchase price allocation | Purchase Price Allocation | ||||
The following table summarizes the allocation of the purchase price of National to the assets acquired and liabilities assumed in the acquisition (in thousands): | |||||
Property, plant and equipment | $ | 53,108 | |||
Other intangible assets | 4,430 | ||||
Total assets acquired | 57,538 | ||||
Accounts payable | 1,015 | ||||
Accrued compensation and related liabilities | 1,210 | ||||
Other current liabilities | 1,453 | ||||
Note payable | 2,536 | ||||
Total liabilities assumed | 6,214 | ||||
Net assets acquired | 51,324 | ||||
Cost of the acquisition of certain assets of National | 34,062 | ||||
Gain on bargain purchase | $ | 17,262 | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
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 28, 2015, and December 27, 2014 (in thousands): | ||||||||
March 28, 2015 | December 27, 2014 | ||||||||
Prepaid and other current assets | $ | 12 | $ | 8 | |||||
Assets of discontinued operations - current | 12 | 8 | |||||||
Accrued compensation and related liabilities | 68 | 70 | |||||||
Liabilities of discontinued operations - current | 68 | 70 | |||||||
Net assets | $ | (56 | ) | $ | (62 | ) | |||
The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): | |||||||||
For the Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
(Loss) income from discontinued operations before income taxes | $ | (32 | ) | $ | 176 | ||||
Income tax expense on discontinued operations | — | 68 | |||||||
Gain on sale of discontinued operations (1) | — | 845 | |||||||
(Loss) income from discontinued operations, net of taxes | $ | (32 | ) | $ | 953 | ||||
(Loss) income per share - basic | $ | — | $ | 0.01 | |||||
(Loss) income per share - diluted | $ | — | $ | 0.01 | |||||
__________________________ | |||||||||
-1 | The gain on the sale of discontinued operations is shown net of taxes of $0.5 million for the three months ended March 29, 2014. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories by major category are as follows (in thousands): | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 49,253 | $ | 45,341 | |||||
Work in process | 15,728 | 19,649 | |||||||
Finished goods | 76,572 | 72,020 | |||||||
$ | 141,553 | $ | 137,010 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | Property, plant and equipment are as follows (in thousands): | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 13,995 | $ | 13,982 | |||||
Buildings and building improvements | 101,245 | 101,407 | |||||||
Machinery and equipment | 614,498 | 623,619 | |||||||
Furniture and fixtures | 9,554 | 10,086 | |||||||
Construction in progress | 16,212 | 13,154 | |||||||
755,504 | 762,248 | ||||||||
Accumulated depreciation | (480,076 | ) | (479,840 | ) | |||||
$ | 275,428 | $ | 282,408 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||
Schedule of goodwill | The changes in the carrying amount of goodwill as of March 28, 2015, by reportable segment are as follows (in thousands): | ||||||||||||||||||||||||||||||||||
Envelope | Label and Packaging | Total | |||||||||||||||||||||||||||||||||
Balance as of December 27, 2014 | $ | 23,433 | $ | 45,432 | $ | 116,984 | $ | 185,849 | |||||||||||||||||||||||||||
Foreign currency translation | — | 96 | (355 | ) | (259 | ) | |||||||||||||||||||||||||||||
Balance as of March 28, 2015 | $ | 23,433 | $ | 45,528 | $ | 116,629 | $ | 185,590 | |||||||||||||||||||||||||||
Schedule of intangible assets | Other intangible assets are as follows (in thousands): | ||||||||||||||||||||||||||||||||||
March 28, 2015 | December 27, 2014 | ||||||||||||||||||||||||||||||||||
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 | 8 | $ | 144,693 | $ | (27,234 | ) | $ | (64,376 | ) | $ | 53,083 | $ | 144,732 | $ | (27,234 | ) | $ | (62,202 | ) | $ | 55,296 | ||||||||||||||
Trademarks and trade names | 21 | 77,755 | (55,367 | ) | (9,560 | ) | 12,828 | 77,750 | (55,367 | ) | (9,383 | ) | 13,000 | ||||||||||||||||||||||
Leasehold interest | 18 | 4,430 | — | (348 | ) | 4,082 | 4,430 | — | (291 | ) | 4,139 | ||||||||||||||||||||||||
Patents | 11 | 3,528 | — | (3,167 | ) | 361 | 3,528 | — | (3,159 | ) | 369 | ||||||||||||||||||||||||
Subtotal | 11 | 230,406 | (82,601 | ) | (77,451 | ) | 70,354 | 230,440 | (82,601 | ) | (75,035 | ) | 72,804 | ||||||||||||||||||||||
Intangible | |||||||||||||||||||||||||||||||||||
assets with | |||||||||||||||||||||||||||||||||||
indefinite | |||||||||||||||||||||||||||||||||||
lives: | |||||||||||||||||||||||||||||||||||
Trademarks | 84,900 | — | — | 84,900 | 84,900 | — | — | 84,900 | |||||||||||||||||||||||||||
Total | $ | 315,306 | $ | (82,601 | ) | $ | (77,451 | ) | $ | 155,254 | $ | 315,340 | $ | (82,601 | ) | $ | (75,035 | ) | $ | 157,704 | |||||||||||||||
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 2015 | $ | 7,205 | |||||||||||||||||||||||||||||||||
2016 | 7,889 | ||||||||||||||||||||||||||||||||||
2017 | 7,439 | ||||||||||||||||||||||||||||||||||
2018 | 7,154 | ||||||||||||||||||||||||||||||||||
2019 | 6,949 | ||||||||||||||||||||||||||||||||||
2020 | 6,853 | ||||||||||||||||||||||||||||||||||
Thereafter | 26,865 | ||||||||||||||||||||||||||||||||||
Total | $ | 70,354 | |||||||||||||||||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of long-term debt | Long-term debt is as follows (in thousands): | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
ABL Facility due 2017 | $ | 164,900 | $ | 134,700 | |||||
8.500% junior priority secured notes due 2022 ($248.0 million outstanding principal amount as of March 28, 2015, and December 27, 2014) | 245,444 | 245,384 | |||||||
6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of March 28, 2015, and December 27, 2014) | 534,805 | 534,552 | |||||||
11.5% senior notes due 2017 ($206.5 million and $222.3 million outstanding principal amount as of March 28, 2015, and December 27, 2014, respectively) | 202,903 | 218,011 | |||||||
7% senior exchangeable notes due 2017 | 83,250 | 83,250 | |||||||
Other debt including capital leases | 19,439 | 18,442 | |||||||
1,250,741 | 1,234,339 | ||||||||
Less current maturities | (4,467 | ) | (4,355 | ) | |||||
Long-term debt | $ | 1,246,274 | $ | 1,229,984 | |||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Schedule of net periodic (benefit) expenses | The components of the net periodic expense (benefit) 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 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Service cost | $ | — | $ | — | |||||
Interest cost | 3,524 | 3,707 | |||||||
Expected return on plan assets | (5,226 | ) | (5,206 | ) | |||||
Net amortization and deferral | — | — | |||||||
Recognized net actuarial loss | 2,156 | 794 | |||||||
Net periodic expense (benefit) | $ | 454 | $ | (705 | ) | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||
Mar. 28, 2015 | ||||||||||||||
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 28, 2015, is as follows: | ||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value (in thousands) | ||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
(In Years) | ||||||||||||||
Outstanding at December 27, 2014 | 1,670,500 | $ | 5.18 | 1.4 | $ | 29 | ||||||||
Granted | — | — | ||||||||||||
Exercised | — | — | $ | — | ||||||||||
Forfeited/expired | (100,000 | ) | 5.2 | |||||||||||
Outstanding at March 28, 2015 | 1,570,500 | $ | 5.18 | 1.2 | $ | 16 | ||||||||
Exercisable at March 28, 2015 | 1,450,875 | $ | 5.44 | 1 | $ | 4 | ||||||||
Schedule of nonvested restricted share units | RSUs | |||||||||||||
A summary of the Company’s non-vested restricted share units ("RSUs") as of and for the three months ended March 28, 2015, is as follows: | ||||||||||||||
RSUs | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 27, 2014 | 512,861 | $ | 3.22 | |||||||||||
Granted | — | — | ||||||||||||
Vested | (147,500 | ) | 5.62 | |||||||||||
Forfeited | — | — | ||||||||||||
Non-vested at March 28, 2015 | 365,361 | $ | 2.26 | |||||||||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||
Schedule of restructuring expenses | The following tables present the details of the expenses recognized as a result of these plans. | |||||||||||||||||||||||||||||
2015 Activity | ||||||||||||||||||||||||||||||
Restructuring and other charges for the three months ended March 28, 2015 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 | ||||||||||||||||||||||||||||||
2014 Plan | $ | 270 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 270 | ||||||||||||||||
Residual Plans | — | — | — | (22 | ) | 40 | 40 | 58 | ||||||||||||||||||||||
Acquisition Integration Plans | 39 | 1,895 | 8 | 275 | — | 247 | 2,464 | |||||||||||||||||||||||
Total Envelope | 309 | 1,895 | 8 | 253 | 40 | 287 | 2,792 | |||||||||||||||||||||||
2015 Plan | 60 | — | — | — | — | — | 60 | |||||||||||||||||||||||
2014 Plan | 125 | 116 | 13 | — | — | 563 | 817 | |||||||||||||||||||||||
Residual Plans | (54 | ) | — | — | 58 | 132 | 24 | 160 | ||||||||||||||||||||||
Total Print | 131 | 116 | 13 | 58 | 132 | 587 | 1,037 | |||||||||||||||||||||||
Label and Packaging | ||||||||||||||||||||||||||||||
2015 Plan | 150 | — | — | — | — | — | 150 | |||||||||||||||||||||||
2014 Plan | 273 | — | — | — | — | — | 273 | |||||||||||||||||||||||
Total Label and Packaging | 423 | — | — | — | — | — | 423 | |||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
2015 Plan | 88 | — | — | — | — | — | 88 | |||||||||||||||||||||||
Residual Plans | — | — | — | — | — | 14 | 14 | |||||||||||||||||||||||
Total Corporate | 88 | — | — | — | — | 14 | 102 | |||||||||||||||||||||||
Total Restructuring and Other Charges | $ | 951 | $ | 2,011 | $ | 21 | $ | 311 | $ | 172 | $ | 888 | $ | 4,354 | ||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Residual Plans | $ | (1 | ) | $ | — | $ | — | $ | (198 | ) | $ | 32 | $ | 16 | $ | (151 | ) | |||||||||||||
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 | |||||||||||||||||||||||
Residual Plans | 388 | (22 | ) | 1 | 77 | 716 | 839 | 1,999 | ||||||||||||||||||||||
Total Print | 395 | (22 | ) | 1 | 77 | 716 | 839 | 2,006 | ||||||||||||||||||||||
Label and Packaging | ||||||||||||||||||||||||||||||
2014 Plan | 251 | — | — | — | — | — | 251 | |||||||||||||||||||||||
Residual Plans | 26 | — | — | 14 | — | — | 40 | |||||||||||||||||||||||
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 | ||||||||||||||||
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 | |||||||||||||||||||||||||||||
2015 Plan | ||||||||||||||||||||||||||||||
Balance as of December 27, 2014 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Accruals, net | 298 | — | — | — | 298 | |||||||||||||||||||||||||
Payments | (257 | ) | — | — | — | (257 | ) | |||||||||||||||||||||||
Balance as of March 28, 2015 | $ | 41 | $ | — | $ | — | $ | — | $ | 41 | ||||||||||||||||||||
2014 Plan | ||||||||||||||||||||||||||||||
Balance as of December 27, 2014 | $ | 1,506 | $ | — | $ | — | $ | — | $ | 1,506 | ||||||||||||||||||||
Accruals, net | 668 | — | — | 576 | 1,244 | |||||||||||||||||||||||||
Payments | (1,486 | ) | — | — | (576 | ) | (2,062 | ) | ||||||||||||||||||||||
Balance as of March 28, 2015 | $ | 688 | $ | — | $ | — | $ | — | $ | 688 | ||||||||||||||||||||
Residual Plans | ||||||||||||||||||||||||||||||
Balance as of December 27, 2014 | $ | 54 | $ | 677 | $ | 18,700 | $ | — | $ | 19,431 | ||||||||||||||||||||
Accruals, net | (54 | ) | 36 | 172 | 78 | 232 | ||||||||||||||||||||||||
Payments | — | (144 | ) | (849 | ) | (78 | ) | (1,071 | ) | |||||||||||||||||||||
Balance as of March 28, 2015 | $ | — | $ | 569 | $ | 18,023 | $ | — | $ | 18,592 | ||||||||||||||||||||
Acquisition Integration Plans | ||||||||||||||||||||||||||||||
Balance as of December 27, 2014 | $ | 77 | $ | 1,136 | $ | — | $ | — | $ | 1,213 | ||||||||||||||||||||
Accruals, net | 39 | 275 | — | 255 | 569 | |||||||||||||||||||||||||
Payments | (63 | ) | (573 | ) | — | (255 | ) | (891 | ) | |||||||||||||||||||||
Balance as of March 28, 2015 | $ | 53 | $ | 838 | $ | — | $ | — | $ | 891 | ||||||||||||||||||||
Total Restructuring Liability | $ | 782 | $ | 1,407 | $ | 18,023 | $ | — | $ | 20,212 | ||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||||||
Mar. 28, 2015 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Schedule of changes in AOCI components | The following table presents the changes in the balances of each component of accumulated other comprehensive income ("AOCI"), net of tax (in thousands): | |||||||||||||
Foreign Currency Translation | Pension and Other Postretirement Benefits | Total | ||||||||||||
Balance as of December 27, 2014 | $ | (2,905 | ) | $ | (95,292 | ) | $ | (98,197 | ) | |||||
Other comprehensive loss before reclassifications | (1,330 | ) | — | (1,330 | ) | |||||||||
Amounts reclassified from AOCI | — | 1,342 | 1,342 | |||||||||||
Other comprehensive (loss) income | (1,330 | ) | 1,342 | 12 | ||||||||||
Balance as of March 28, 2015 | $ | (4,235 | ) | $ | (93,950 | ) | $ | (98,185 | ) | |||||
Schedule of reclassifications from AOCI | Reclassifications from AOCI | |||||||||||||
AOCI Components (in thousands) | Amounts Reclassified from AOCI | Income Statement Line Item | ||||||||||||
For the Three Months Ended | ||||||||||||||
March 28, | March 29, | |||||||||||||
2015 | 2014 | |||||||||||||
Changes in pension and other employee benefit accounts: | ||||||||||||||
Net actuarial losses | $ | 2,156 | $ | 794 | Selling, general and administrative expenses | |||||||||
2,156 | 794 | Total before tax | ||||||||||||
Taxes | (814 | ) | (314 | ) | Income tax benefit | |||||||||
Total reclassifications for the period | $ | 1,342 | $ | 480 | Net of tax | |||||||||
Income_Loss_Per_Share_Tables
Income (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
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 three months ended March 28, 2015, and March 29, 2014 (in thousands, except per share data): | ||||||||
For the Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Numerator for basic and diluted (loss) income per share: | |||||||||
Loss from continuing operations | $ | (7,647 | ) | $ | (16,787 | ) | |||
(Loss) income from discontinued operations, net of taxes | (32 | ) | 953 | ||||||
Net loss | $ | (7,679 | ) | $ | (15,834 | ) | |||
Denominator for weighted average common shares outstanding: | |||||||||
Basic shares | 67,746 | 66,336 | |||||||
Dilutive effect of 7% Notes | — | — | |||||||
Dilutive effect of Equity Awards | — | — | |||||||
Diluted shares | 67,746 | 66,336 | |||||||
(Loss) income per share – basic: | |||||||||
Continuing operations | $ | (0.11 | ) | $ | (0.25 | ) | |||
Discontinued operations | — | 0.01 | |||||||
Net loss | $ | (0.11 | ) | $ | (0.24 | ) | |||
(Loss) income per share – diluted: | |||||||||
Continuing operations | $ | (0.11 | ) | $ | (0.25 | ) | |||
Discontinued operations | — | 0.01 | |||||||
Net loss | $ | (0.11 | ) | $ | (0.24 | ) |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment information | The following tables present certain segment information (in thousands): | ||||||||
For the Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Net sales: | |||||||||
Envelope | $ | 227,410 | $ | 241,671 | |||||
128,166 | 128,397 | ||||||||
Label and Packaging | 119,529 | 120,051 | |||||||
Total | $ | 475,105 | $ | 490,119 | |||||
Operating income (loss): | |||||||||
Envelope | $ | 14,840 | $ | 9,806 | |||||
2,373 | 1,240 | ||||||||
Label and Packaging | 9,405 | 10,193 | |||||||
Corporate | (8,423 | ) | (11,167 | ) | |||||
Total | $ | 18,195 | $ | 10,072 | |||||
Restructuring and other charges: | |||||||||
Envelope | $ | 2,792 | $ | 3,017 | |||||
1,037 | 2,006 | ||||||||
Label and Packaging | 423 | 291 | |||||||
Corporate | 102 | 633 | |||||||
Total | $ | 4,354 | $ | 5,947 | |||||
Depreciation and intangible asset amortization: | |||||||||
Envelope | $ | 4,903 | $ | 5,154 | |||||
4,452 | 5,700 | ||||||||
Label and Packaging | 4,363 | 3,876 | |||||||
Corporate | 970 | 1,331 | |||||||
Total | $ | 14,688 | $ | 16,061 | |||||
Net sales by product line: | |||||||||
Envelope | $ | 227,410 | $ | 241,671 | |||||
128,166 | 128,397 | ||||||||
Label | 80,167 | 78,686 | |||||||
Packaging | 39,362 | 41,365 | |||||||
Total | $ | 475,105 | $ | 490,119 | |||||
Intercompany sales: | |||||||||
Envelope | $ | 1,812 | $ | 1,532 | |||||
3,864 | 1,188 | ||||||||
Label and Packaging | 2,339 | 2,176 | |||||||
Total | $ | 8,015 | $ | 4,896 | |||||
March 28, | December 27, 2014 | ||||||||
2015 | |||||||||
Total assets: | |||||||||
Envelope | $ | 440,746 | $ | 449,819 | |||||
286,033 | 291,892 | ||||||||
Label and Packaging | 353,550 | 355,325 | |||||||
Corporate | 55,178 | 60,855 | |||||||
Total | $ | 1,135,507 | $ | 1,157,891 | |||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | CENVEO, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
28-Mar-15 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 6,353 | $ | 622 | $ | 5,464 | $ | — | $ | 12,439 | ||||||||||||
Accounts receivable, net | — | 129,046 | 140,699 | 1,664 | — | 271,409 | ||||||||||||||||||
Inventories | — | 71,911 | 67,761 | 1,881 | — | 141,553 | ||||||||||||||||||
Notes receivable from subsidiaries | — | 36,938 | 3,245 | — | (40,183 | ) | — | |||||||||||||||||
Prepaid and other current assets | — | 38,088 | 6,054 | 2,709 | — | 46,851 | ||||||||||||||||||
Assets of discontinued operations - current | — | — | 12 | — | — | 12 | ||||||||||||||||||
Total current assets | — | 282,336 | 218,393 | 11,718 | (40,183 | ) | 472,264 | |||||||||||||||||
Investment in subsidiaries | (640,351 | ) | 1,961,772 | 4,540 | 7,829 | (1,333,790 | ) | — | ||||||||||||||||
Property, plant and equipment, net | — | 117,131 | 157,752 | 545 | — | 275,428 | ||||||||||||||||||
Goodwill | — | 25,540 | 154,763 | 5,287 | — | 185,590 | ||||||||||||||||||
Other intangible assets, net | — | 9,892 | 144,612 | 750 | — | 155,254 | ||||||||||||||||||
Other assets, net | — | 41,871 | 4,607 | 493 | — | 46,971 | ||||||||||||||||||
Total assets | $ | (640,351 | ) | $ | 2,438,542 | $ | 684,667 | $ | 26,622 | $ | (1,373,973 | ) | $ | 1,135,507 | ||||||||||
Liabilities and Shareholders’ (Deficit) Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 3,000 | $ | 1,467 | $ | — | $ | — | $ | 4,467 | ||||||||||||
Accounts payable | — | 120,168 | 97,852 | 1,110 | — | 219,130 | ||||||||||||||||||
Accrued compensation and related liabilities | — | 29,624 | 6,770 | 593 | — | 36,987 | ||||||||||||||||||
Other current liabilities | — | 56,522 | 19,054 | 907 | — | 76,483 | ||||||||||||||||||
Liabilities of discontinued operations - current | — | — | 68 | — | — | 68 | ||||||||||||||||||
Intercompany payable (receivable) | — | 1,473,784 | (1,483,531 | ) | 9,747 | — | — | |||||||||||||||||
Notes payable to issuer | — | — | 36,938 | 3,245 | (40,183 | ) | — | |||||||||||||||||
Total current liabilities | — | 1,683,098 | (1,321,382 | ) | 15,602 | (40,183 | ) | 337,135 | ||||||||||||||||
Long-term debt | — | 1,242,052 | 4,222 | — | — | 1,246,274 | ||||||||||||||||||
Other liabilities | — | 153,743 | 40,055 | (1,349 | ) | — | 192,449 | |||||||||||||||||
Shareholders’ (deficit) equity | (640,351 | ) | (640,351 | ) | 1,961,772 | 12,369 | (1,333,790 | ) | (640,351 | ) | ||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (640,351 | ) | $ | 2,438,542 | $ | 684,667 | $ | 26,622 | $ | (1,373,973 | ) | $ | 1,135,507 | ||||||||||
CENVEO, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
27-Dec-14 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10,965 | $ | 844 | $ | 2,784 | $ | — | $ | 14,593 | ||||||||||||
Accounts receivable, net | — | 128,599 | 149,528 | 3,771 | — | 281,898 | ||||||||||||||||||
Inventories | — | 71,108 | 64,036 | 1,866 | — | 137,010 | ||||||||||||||||||
Notes receivable from subsidiaries | — | 36,938 | 3,245 | — | (40,183 | ) | — | |||||||||||||||||
Prepaid and other current assets | — | 42,889 | 5,012 | 2,505 | — | 50,406 | ||||||||||||||||||
Assets of discontinued operations - current | — | — | 8 | — | — | 8 | ||||||||||||||||||
Total current assets | — | 290,499 | 222,673 | 10,926 | (40,183 | ) | 483,915 | |||||||||||||||||
Investment in subsidiaries | (632,675 | ) | 1,944,300 | 3,608 | 7,829 | (1,323,062 | ) | — | ||||||||||||||||
Property, plant and equipment, net | — | 120,949 | 160,903 | 556 | — | 282,408 | ||||||||||||||||||
Goodwill | — | 25,540 | 155,118 | 5,191 | — | 185,849 | ||||||||||||||||||
Other intangible assets, net | — | 10,011 | 146,843 | 850 | — | 157,704 | ||||||||||||||||||
Other assets, net | — | 42,242 | 5,289 | 484 | — | 48,015 | ||||||||||||||||||
Total assets | $ | (632,675 | ) | $ | 2,433,541 | $ | 694,434 | $ | 25,836 | $ | (1,363,245 | ) | $ | 1,157,891 | ||||||||||
Liabilities and Shareholders’ (Deficit) Equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 3,000 | $ | 1,355 | $ | — | $ | — | $ | 4,355 | ||||||||||||
Accounts payable | — | 138,939 | 91,860 | 1,385 | — | 232,184 | ||||||||||||||||||
Accrued compensation and related liabilities | — | 29,851 | 6,736 | 538 | — | 37,125 | ||||||||||||||||||
Other current liabilities | — | 66,895 | 19,346 | 980 | — | 87,221 | ||||||||||||||||||
Liabilities of discontinued operations - current | — | — | 70 | — | — | 70 | ||||||||||||||||||
Intercompany payable (receivable) | — | 1,439,715 | (1,449,419 | ) | 9,704 | — | — | |||||||||||||||||
Notes payable to issuer | — | — | 36,938 | 3,245 | (40,183 | ) | — | |||||||||||||||||
Total current liabilities | — | 1,678,400 | (1,293,114 | ) | 15,852 | (40,183 | ) | 360,955 | ||||||||||||||||
Long-term debt | — | 1,227,397 | 2,587 | — | — | 1,229,984 | ||||||||||||||||||
Other liabilities | — | 160,419 | 40,661 | (1,453 | ) | — | 199,627 | |||||||||||||||||
Shareholders’ (deficit) equity | (632,675 | ) | (632,675 | ) | 1,944,300 | 11,437 | (1,323,062 | ) | (632,675 | ) | ||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (632,675 | ) | $ | 2,433,541 | $ | 694,434 | $ | 25,836 | $ | (1,363,245 | ) | $ | 1,157,891 | ||||||||||
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 28, 2015 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Parent | Subsidiary | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
Company | Issuer | Subsidiaries | Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 223,852 | $ | 249,464 | $ | 1,789 | $ | — | $ | 475,105 | ||||||||||||
Cost of sales | — | 190,863 | 206,492 | 533 | — | 397,888 | ||||||||||||||||||
Selling, general and administrative expenses | — | 30,115 | 21,720 | 426 | — | 52,261 | ||||||||||||||||||
Amortization of intangible assets | — | 152 | 2,144 | 111 | — | 2,407 | ||||||||||||||||||
Restructuring and other charges | — | 3,447 | 907 | — | — | 4,354 | ||||||||||||||||||
Operating (loss) income | — | (725 | ) | 18,201 | 719 | — | 18,195 | |||||||||||||||||
Interest expense, net | — | 25,592 | 100 | — | — | 25,692 | ||||||||||||||||||
Intercompany interest (income) expense | — | (274 | ) | 274 | — | — | — | |||||||||||||||||
Loss on early extinguishment of debt, net | — | 433 | — | — | — | 433 | ||||||||||||||||||
Other expense (income), net | — | 294 | (539 | ) | 28 | — | (217 | ) | ||||||||||||||||
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries | — | (26,770 | ) | 18,366 | 691 | — | (7,713 | ) | ||||||||||||||||
Income tax (benefit) expense | — | (321 | ) | 143 | 112 | — | (66 | ) | ||||||||||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | — | (26,449 | ) | 18,223 | 579 | — | (7,647 | ) | ||||||||||||||||
Equity in (loss) income of subsidiaries | (7,679 | ) | 18,771 | 579 | — | (11,671 | ) | — | ||||||||||||||||
(Loss) income from continuing operations | (7,679 | ) | (7,678 | ) | 18,802 | 579 | (11,671 | ) | (7,647 | ) | ||||||||||||||
Loss from discontinued operations, net of taxes | — | (1 | ) | (31 | ) | — | — | (32 | ) | |||||||||||||||
Net (loss) income | (7,679 | ) | (7,679 | ) | 18,771 | 579 | (11,671 | ) | (7,679 | ) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Other comprehensive income (loss) of subsidiaries | 12 | (1,330 | ) | 353 | — | 965 | — | |||||||||||||||||
Changes in pension and other employee benefit accounts, net of taxes | — | 1,342 | — | — | — | 1,342 | ||||||||||||||||||
Currency translation adjustment | — | — | (1,683 | ) | 353 | — | (1,330 | ) | ||||||||||||||||
Comprehensive (loss) income | $ | (7,667 | ) | $ | (7,667 | ) | $ | 17,441 | $ | 932 | $ | (10,706 | ) | $ | (7,667 | ) | ||||||||
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, 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 | ) | ||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | CENVEO, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
For the three months ended March 28, 2015 | ||||||||||||||||||||||||
(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 | $ | 132 | $ | (44,536 | ) | $ | 34,028 | $ | 2,970 | $ | — | $ | (7,406 | ) | ||||||||||
Net cash used in operating activities of discontinued operations | — | — | (38 | ) | — | — | (38 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 132 | (44,536 | ) | 33,990 | 2,970 | — | (7,444 | ) | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (4,750 | ) | (1,309 | ) | — | — | (6,059 | ) | |||||||||||||||
Proceeds from sale of property, plant and equipment | — | 571 | 2 | — | — | 573 | ||||||||||||||||||
Net cash used in investing activities | — | (4,179 | ) | (1,307 | ) | — | — | (5,486 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Payment of financing-related costs and expenses and debt issuance discounts | — | (1,162 | ) | — | — | — | (1,162 | ) | ||||||||||||||||
Repayments (borrowings) of other long-term debt | — | (3,219 | ) | 1,747 | — | — | (1,472 | ) | ||||||||||||||||
Repayment of 11.5% senior notes due 2017 | — | (15,776 | ) | — | — | — | (15,776 | ) | ||||||||||||||||
Purchase and retirement of common stock upon vesting of RSUs | (141 | ) | — | — | — | — | (141 | ) | ||||||||||||||||
Borrowings under ABL Facility due 2017 | — | 141,300 | — | — | — | 141,300 | ||||||||||||||||||
Repayments under ABL Facility due 2017 | — | (111,100 | ) | — | — | — | (111,100 | ) | ||||||||||||||||
Intercompany advances | 9 | 34,060 | (34,112 | ) | 43 | — | — | |||||||||||||||||
Net cash (used in) provided by financing activities | (132 | ) | 44,103 | (32,365 | ) | 43 | — | 11,649 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (540 | ) | (333 | ) | — | (873 | ) | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (4,612 | ) | (222 | ) | 2,680 | — | (2,154 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 10,965 | 844 | 2,784 | — | 14,593 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 6,353 | $ | 622 | $ | 5,464 | $ | — | $ | 12,439 | ||||||||||||
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 increase (decrease) 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 | ||||||||||||
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) (USD $) | Mar. 28, 2015 |
In Millions, unless otherwise specified | |
Accounting Policies [Abstract] | |
Unamortized debt issuance costs | $24.50 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | Sep. 16, 2013 | |
employee | |||
Business Acquisition [Line Items] | |||
Acquisition related costs | $300,000 | $1,900,000 | |
National Envelope Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Number of employees (employee) | 1,600 | ||
Acquisition purchase price | 34,062,000 | ||
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 | 4,430,000 | ||
Leasehold interests [Member] | National Envelope Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible assets | $4,400,000 | ||
Intangible asset, useful life (years) | 20 years 0 months |
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 | $53,108 |
Other intangible assets | 4,430 |
Total assets acquired | 57,538 |
Accounts payable | 1,015 |
Accrued compensation and related liabilities | 1,210 |
Other current liabilities | 1,453 |
Note payable | 2,536 |
Total liabilities assumed | 6,214 |
Net assets acquired | 51,324 |
Cost of the acquisition of certain assets of National | 34,062 |
Gain on bargain purchase | $17,262 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (Custom Envelope [Member], USD $) | 3 Months Ended | 12 Months Ended | 18 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 28, 2015 |
Custom Envelope [Member] | |||
Discontinued Operations [Line Items] | |||
Proceeds from the sales of discontinued operations | $1 | $47 | |
Gain on sale of discontinued operations | $14.90 | $16.50 |
Discontinued_Operations_Compon
Discontinued Operations (Components of Assets and Liabilities) (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Discontinued Operations and Disposal Groups [Abstract] | ||
Prepaid and other current assets | $12 | $8 |
Assets of discontinued operations - current | 12 | 8 |
Accrued compensation and related liabilities | 68 | 70 |
Liabilities of discontinued operations - current | 68 | 70 |
Net assets | ($56) | ($62) |
Discontinued_Operations_Statem
Discontinued Operations (Statement of Operations Information) (Details) (USD $) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
(Loss) income from discontinued operations before income taxes | ($32,000) | $176,000 |
Income tax expense on discontinued operations | 0 | 68,000 |
Gain on sale of discontinued operations | 0 | 845,000 |
Gain on sale of discontinued operations, tax expense | 500,000 | |
(Loss) income from discontinued operations, net of taxes | ($32,000) | $953,000 |
Discontinued operations per share - basic | $0 | $0.01 |
Discontinued operations per share - diluted | $0 | $0.01 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $49,253 | $45,341 |
Work in process | 15,728 | 19,649 |
Finished goods | 76,572 | 72,020 |
Inventories | $141,553 | $137,010 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $755,504 | $762,248 |
Accumulated depreciation | -480,076 | -479,840 |
Property, plant and equipment, net | 275,428 | 282,408 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,995 | 13,982 |
Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 101,245 | 101,407 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 614,498 | 623,619 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,554 | 10,086 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $16,212 | $13,154 |
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. 28, 2015 |
Goodwill [Roll Forward] | |
Balance as of the year ended | $185,849 |
Foreign currency translation | -259 |
Balance as of the period ended | 185,590 |
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 | 45,432 |
Foreign currency translation | 96 |
Balance as of the period ended | 45,528 |
Label and Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 116,984 |
Foreign currency translation | -355 |
Balance as of the period ended | $116,629 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Intangible Assets) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Dec. 27, 2014 |
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 11 years | |
Gross Carrying Amount | $230,406 | $230,440 |
Accumulated Impairment Charges | -82,601 | -82,601 |
Accumulated Amortization | -77,451 | -75,035 |
Total Net Carrying Amount | 70,354 | 72,804 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 315,306 | 315,340 |
Accumulated Impairment Charges | -82,601 | -82,601 |
Accumulated Amortization | -77,451 | -75,035 |
Net Carrying Amount | 155,254 | 157,704 |
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) | 8 years | |
Gross Carrying Amount | 144,693 | 144,732 |
Accumulated Impairment Charges | -27,234 | -27,234 |
Accumulated Amortization | -64,376 | -62,202 |
Total Net Carrying Amount | 53,083 | 55,296 |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 21 years | |
Gross Carrying Amount | 77,755 | 77,750 |
Accumulated Impairment Charges | -55,367 | -55,367 |
Accumulated Amortization | -9,560 | -9,383 |
Total Net Carrying Amount | 12,828 | 13,000 |
Leasehold interests [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 18 years | |
Gross Carrying Amount | 4,430 | 4,430 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | -348 | -291 |
Total Net Carrying Amount | 4,082 | 4,139 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 11 years | |
Gross Carrying Amount | 3,528 | 3,528 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | -3,167 | -3,159 |
Total Net Carrying Amount | $361 | $369 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Schedule of Future Annual Amortization Expense) (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2015 | $7,205 | |
2016 | 7,889 | |
2017 | 7,439 | |
2018 | 7,154 | |
2019 | 6,949 | |
2020 | 6,853 | |
Thereafter | 26,865 | |
Total Net Carrying Amount | $70,354 | $72,804 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $1,250,741,000 | $1,234,339,000 |
Current maturities of long-term debt | -4,467,000 | -4,355,000 |
Long-term debt | 1,246,274,000 | 1,229,984,000 |
Asset based lending facility [Member] | ABL Facility due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | 164,900,000 | 134,700,000 |
Junior notes [Member] | 8.500% junior secured priority notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | 245,444,000 | 245,384,000 |
Long-term debt, outstanding principal amount | 248,000,000 | 248,000,000 |
Debt interest rate (percent) | 8.50% | |
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | 534,805,000 | 534,552,000 |
Long-term debt, outstanding principal amount | 540,000,000 | 540,000,000 |
Debt interest rate (percent) | 6.00% | |
Secured debt [Member] | 11.5% senior notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | 202,903,000 | 218,011,000 |
Long-term debt, outstanding principal amount | 206,500,000 | 222,300,000 |
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 | 83,250,000 | 83,250,000 |
Debt interest rate (percent) | 7.00% | |
Other debt including capital leases [Member] | Other debt including capital leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $19,439,000 | $18,442,000 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | |||
Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | Jan. 30, 2015 | |
Debt Instrument [Line Items] | ||||
Fair value of long-term debt | $1,200,000,000 | $1,100,000,000 | ||
Unamortized debt issuance costs | 24,500,000 | |||
Gains (losses) on extinguishment of debt | -433,000 | -18,000 | ||
Asset based lending facility [Member] | ABL Facility due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowing capacity | 230,000,000 | |||
Additional borrowing capacity | 10,000,000 | |||
Unamortized debt issuance costs | 1,300,000 | |||
Secured debt [Member] | 11.5% senior notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt extinguishment amount | 15,800,000 | |||
Unamortized debt issuance costs [Member] | Secured debt [Member] | 11.5% senior notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | -200,000 | |||
Original issuance discount [Member] | Secured debt [Member] | 11.5% senior notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | ($200,000) |
Retirement_Plans_Schedule_of_N
Retirement Plans (Schedule of Net Periodic (Benefit) Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Net Periodic Benefit Cost [Abstract] | ||
Service cost | $0 | $0 |
Interest cost | 3,524 | 3,707 |
Expected return on plan assets | -5,226 | -5,206 |
Net amortization and deferral | 0 | 0 |
Net amortization and deferral | 2,156 | 794 |
Net periodic expense (benefit) | $454 | ($705) |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Interest cost | $3,524,000 | $3,707,000 |
Employer contributions | 3,100,000 | |
Estimated future employer contributions during 2014 | 3,700,000 | |
SERP and OPEB Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
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. 28, 2015 | Dec. 27, 2014 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Beginning balance (shares) | 1,670,500 | |
Options, Granted (shares) | 0 | |
Options, Exercised (shares) | 0 | |
Options, Forfeited/expired (shares) | -100,000 | |
Options, Ending balance (shares) | 1,570,500 | 1,670,500 |
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) | $5.18 | |
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) | $5.20 | |
Weighted Average Exercise Price, Ending balance (dollars per share) | $5.18 | $5.18 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual Term (In Years) | 1 year 2 months 24 days | 1 year 4 months 24 days |
Aggregate Intrinsic Value | $16 | $29 |
Aggregate Intrinsic Value, Exercised | 0 | |
Options Exercisable (shares) | 1,450,875 | |
Weighted Average Exercise Price, Options Exercisable (dollars per share) | $5.44 | |
Weighted Average Remaining Contractual Term, Options Exercisable (In Years) | 1 year 0 months | |
Aggregate Intrinsic Value, Options Exercisable | $4 |
StockBased_Compensation_RSU_Ac
Stock-Based Compensation (RSU Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
Mar. 28, 2015 | |
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] | |
Non-vested, Beginning balance (shares) | 512,861 |
Granted (shares) | 0 |
Vested (shares) | -147,500 |
Forfeited (shares) | 0 |
Non-vested, Ending balance (shares) | 365,361 |
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) | $3.22 |
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) | $0 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $2.26 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation provision | $132,000 | $836,000 |
Unrecognized share based compensation expense | 600,000 | |
Unrecognized share based compensation costs, amortization period (years) | 2 years 0 months 0 days | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of RSUs vested | $300,000 |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Narrative) (Details) | Mar. 28, 2015 |
restructuring_plan | |
Restructuring Cost and Reserve [Line Items] | |
Number of active restructuring plans (restructuring plan) | 3 |
National Envelope Acquisition [Member] | Acquisition Integration Plans [Member] | Envelope [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of facilities closed (facility) | 9 |
Number of new facilities (facility) | 2 |
Restructuring_and_Other_Charge3
Restructuring and Other Charges (Restructuring Expenses) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | $4,354 | $5,947 |
Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 951 | 1,368 |
Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 2,011 | 579 |
Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 21 | 637 |
Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 311 | 1,283 |
Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 172 | 748 |
Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 888 | 1,332 |
Envelope [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 2,792 | 3,017 |
Envelope [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 309 | 92 |
Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,895 | 601 |
Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 8 | 636 |
Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 253 | 1,192 |
Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 40 | 32 |
Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 287 | 464 |
Print [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,037 | 2,006 |
Print [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 131 | 395 |
Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 116 | -22 |
Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 13 | 1 |
Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 58 | 77 |
Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 132 | 716 |
Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 587 | 839 |
Label and Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 423 | 291 |
Label and Packaging [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 423 | 277 |
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 | 0 | 14 |
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 | 0 |
Corporate [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 102 | 633 |
Corporate [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 88 | 604 |
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 | 14 | 29 |
2015 Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 298 | |
2015 Plan [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 298 | |
2015 Plan [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Print [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 60 | |
2015 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 60 | |
2015 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Label and Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 150 | |
2015 Plan [Member] | Label and Packaging [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 150 | |
2015 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 | |
2015 Plan [Member] | Label and Packaging [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Label and Packaging [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Label and Packaging [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Label and Packaging [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Corporate [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 88 | |
2015 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 88 | |
2015 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2015 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2014 Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,244 | |
2014 Plan [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 668 | |
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 | 576 | |
2014 Plan [Member] | Envelope [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 270 | |
2014 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 270 | |
2014 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2014 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2014 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2014 Plan [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2014 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2014 Plan [Member] | Print [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 817 | 7 |
2014 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 125 | 7 |
2014 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 116 | 0 |
2014 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 13 | 0 |
2014 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
2014 Plan [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
2014 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 563 | 0 |
2014 Plan [Member] | Label and Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 273 | 251 |
2014 Plan [Member] | Label and Packaging [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 273 | 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 | 0 |
2014 Plan [Member] | Label and Packaging [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
2014 Plan [Member] | Label and Packaging [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 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 | 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 | 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 | |
Residual Plans [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 232 | |
Residual Plans [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | -54 | |
Residual Plans [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 36 | |
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 172 | |
Residual Plans [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 78 | |
Residual Plans [Member] | Envelope [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 58 | -151 |
Residual Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | -1 |
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 | -22 | -198 |
Residual Plans [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 40 | 32 |
Residual Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 40 | 16 |
Residual Plans [Member] | Print [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 160 | 1,999 |
Residual Plans [Member] | Print [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | -54 | 388 |
Residual Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | -22 |
Residual Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 1 |
Residual Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 58 | 77 |
Residual Plans [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 132 | 716 |
Residual Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 24 | 839 |
Residual Plans [Member] | Label and Packaging [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 40 | |
Residual Plans [Member] | Label and Packaging [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 26 | |
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 | |
Residual Plans [Member] | Label and Packaging [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Label and Packaging [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 14 | |
Residual Plans [Member] | Label and Packaging [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 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 | |
Residual Plans [Member] | Corporate [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 14 | |
Residual Plans [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
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 | 14 | |
Acquisition Integration Plans [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 569 | |
Acquisition Integration Plans [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 39 | |
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 275 | |
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 | 255 | |
Acquisition Integration Plans [Member] | Envelope [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 2,464 | 3,168 |
Acquisition Integration Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 39 | 93 |
Acquisition Integration Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,895 | 601 |
Acquisition Integration Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 8 | 636 |
Acquisition Integration Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 275 | 1,390 |
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 | $247 | $448 |
Restructuring_and_Other_Charge4
Restructuring and Other Charges (Changes in Restructuring Liability) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Restructuring Reserve [Roll Forward] | ||
Restructuring and other charges | $4,354 | $5,947 |
Restructuring Reserve | 20,212 | |
Employee Severance Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring and other charges | 951 | 1,368 |
Restructuring Reserve | 782 | |
Lease Termination Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring and other charges | 311 | 1,283 |
Restructuring Reserve | 1,407 | |
Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring and other charges | 172 | 748 |
Restructuring Reserve | 18,023 | |
Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring and other charges | 888 | 1,332 |
Restructuring Reserve | 0 | |
2015 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 0 | |
Restructuring and other charges | 298 | |
Payments for Restructuring | -257 | |
Restructuring Reserve | 41 | |
2015 Plan [Member] | Employee Severance Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 0 | |
Restructuring and other charges | 298 | |
Payments for Restructuring | -257 | |
Restructuring Reserve | 41 | |
2015 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 | |
2015 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 | |
2015 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 | |
2014 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 1,506 | |
Restructuring and other charges | 1,244 | |
Payments for Restructuring | -2,062 | |
Restructuring Reserve | 688 | |
2014 Plan [Member] | Employee Severance Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 1,506 | |
Restructuring and other charges | 668 | |
Payments for Restructuring | -1,486 | |
Restructuring Reserve | 688 | |
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 | 576 | |
Payments for Restructuring | -576 | |
Restructuring Reserve | 0 | |
Residual Plans [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 19,431 | |
Restructuring and other charges | 232 | |
Payments for Restructuring | -1,071 | |
Restructuring Reserve | 18,592 | |
Residual Plans [Member] | Employee Severance Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 54 | |
Restructuring and other charges | -54 | |
Payments for Restructuring | 0 | |
Restructuring Reserve | 0 | |
Residual Plans [Member] | Lease Termination Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 677 | |
Restructuring and other charges | 36 | |
Payments for Restructuring | -144 | |
Restructuring Reserve | 569 | |
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 18,700 | |
Restructuring and other charges | 172 | |
Payments for Restructuring | -849 | |
Restructuring Reserve | 18,023 | |
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 0 | |
Restructuring and other charges | 78 | |
Payments for Restructuring | -78 | |
Restructuring Reserve | 0 | |
Acquisition Integration Plans [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 1,213 | |
Restructuring and other charges | 569 | |
Payments for Restructuring | -891 | |
Restructuring Reserve | 891 | |
Acquisition Integration Plans [Member] | Employee Severance Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 77 | |
Restructuring and other charges | 39 | |
Payments for Restructuring | -63 | |
Restructuring Reserve | 53 | |
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 1,136 | |
Restructuring and other charges | 275 | |
Payments for Restructuring | -573 | |
Restructuring Reserve | 838 | |
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 | 255 | |
Payments for Restructuring | -255 | |
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. 28, 2015 |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |
Accumulated Other Comprehensive Loss, Beginning balance | ($98,197) |
Other comprehensive loss before reclassifications | -1,330 |
Amounts reclassified from AOCI | 1,342 |
Other comprehensive (loss) income | 12 |
Accumulated Other Comprehensive Loss, Ending balance | -98,185 |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |
Accumulated Other Comprehensive Loss, Beginning balance | -2,905 |
Other comprehensive loss before reclassifications | -1,330 |
Amounts reclassified from AOCI | 0 |
Other comprehensive (loss) income | -1,330 |
Accumulated Other Comprehensive Loss, Ending balance | -4,235 |
Pension and Other Postretirement Benefits [Member] | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |
Accumulated Other Comprehensive Loss, Beginning balance | -95,292 |
Other comprehensive loss before reclassifications | 0 |
Amounts reclassified from AOCI | 1,342 |
Other comprehensive (loss) income | 1,342 |
Accumulated Other Comprehensive Loss, Ending balance | ($93,950) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Loss from continuing operations before income taxes | ($7,713) | ($17,347) |
Income tax benefit | 66 | 560 |
Loss from continuing operations | -7,647 | -16,787 |
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 | 2,156 | 794 |
Income tax benefit | -814 | -314 |
Loss from continuing operations | 1,342 | 480 |
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 | $2,156 | $794 |
Income_Loss_Per_Share_Narrativ
Income (Loss) Per Share (Narrative) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 20.3 | 21.1 |
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. 28, 2015 | Mar. 29, 2014 |
Earnings Per Share [Abstract] | ||
Loss from continuing operations | ($7,647) | ($16,787) |
(Loss) income from discontinued operations, net of taxes | -32 | 953 |
Net loss | ($7,679) | ($15,834) |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Basic shares | 67,746 | 66,336 |
Dilutive effect of 7% Notes (shares) | 0 | 0 |
Dilutive effect of Equity Awards (shares) | 0 | 0 |
Diluted shares | 67,746 | 66,336 |
(Loss) income per share – basic: | ||
Continuing operations per share - basic | ($0.11) | ($0.25) |
Discontinued operations per share - basic | $0 | $0.01 |
Net loss per share - basic | ($0.11) | ($0.24) |
(Loss) income per share – diluted: | ||
Continuing operations per share - diluted | ($0.11) | ($0.25) |
Discontinued operations per share - diluted | $0 | $0.01 |
Net loss per share - diluted | ($0.11) | ($0.24) |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 28, 2015 | |
reportable_segment | |
operating_segment | |
Segment Reporting [Abstract] | |
Number of operating segments (operating segment) | 4 |
Number of reportable segments (reportable segment) | 3 |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Information) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Segment Information [Line Items] | |||
Net sales | $475,105 | $490,119 | |
Operating income (loss) | 18,195 | 10,072 | |
Restructuring and other charges | 4,354 | 5,947 | |
Depreciation and intangible asset amortization | 14,688 | 16,061 | |
Intercompany sales | 8,015 | 4,896 | |
Total assets | 1,135,507 | 1,157,891 | |
Envelope [Member] | |||
Segment Information [Line Items] | |||
Net sales | 227,410 | 241,671 | |
Operating income (loss) | 14,840 | 9,806 | |
Restructuring and other charges | 2,792 | 3,017 | |
Depreciation and intangible asset amortization | 4,903 | 5,154 | |
Intercompany sales | 1,812 | 1,532 | |
Total assets | 440,746 | 449,819 | |
Print [Member] | |||
Segment Information [Line Items] | |||
Net sales | 128,166 | 128,397 | |
Operating income (loss) | 2,373 | 1,240 | |
Restructuring and other charges | 1,037 | 2,006 | |
Depreciation and intangible asset amortization | 4,452 | 5,700 | |
Intercompany sales | 3,864 | 1,188 | |
Total assets | 286,033 | 291,892 | |
Label and Packaging [Member] | |||
Segment Information [Line Items] | |||
Net sales | 119,529 | 120,051 | |
Operating income (loss) | 9,405 | 10,193 | |
Restructuring and other charges | 423 | 291 | |
Depreciation and intangible asset amortization | 4,363 | 3,876 | |
Intercompany sales | 2,339 | 2,176 | |
Total assets | 353,550 | 355,325 | |
Corporate [Member] | |||
Segment Information [Line Items] | |||
Operating income (loss) | -8,423 | -11,167 | |
Restructuring and other charges | 102 | 633 | |
Depreciation and intangible asset amortization | 970 | 1,331 | |
Total assets | 55,178 | 60,855 | |
Envelope [Member] | |||
Segment Information [Line Items] | |||
Net sales | 227,410 | 241,671 | |
Print [Member] | |||
Segment Information [Line Items] | |||
Net sales | 128,166 | 128,397 | |
Label [Member] | |||
Segment Information [Line Items] | |||
Net sales | 80,167 | 78,686 | |
Packaging [Member] | |||
Segment Information [Line Items] | |||
Net sales | $39,362 | $41,365 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Narrative) (Details) | Mar. 28, 2015 |
6.000% senior secured priority notes due 2019 [Member] | Senior notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 6.00% |
8.500% junior secured priority notes due 2022 [Member] | Junior notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 8.50% |
7.875% senior subordinated notes due 2013 [Member] | Senior second lien notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 7.88% |
8.875% senior second lien notes due 2018 [Member] | Senior second lien notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 8.88% |
7% senior exchangeable notes due 2017 [Member] | Convertible debt [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 7.00% |
11.5% senior notes due 2017 [Member] | Secured debt [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. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $12,439 | $14,593 | $11,538 | $11,329 |
Accounts receivable, net | 271,409 | 281,898 | ||
Inventories | 141,553 | 137,010 | ||
Notes receivable from subsidiaries | 0 | 0 | ||
Prepaid and other current assets | 46,851 | 50,406 | ||
Assets of discontinued operations - current | 12 | 8 | ||
Total current assets | 472,264 | 483,915 | ||
Investment in subsidiaries | 0 | 0 | ||
Property, plant and equipment, net | 275,428 | 282,408 | ||
Goodwill | 185,590 | 185,849 | ||
Other intangible assets, net | 155,254 | 157,704 | ||
Other assets, net | 46,971 | 48,015 | ||
Total assets | 1,135,507 | 1,157,891 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 4,467 | 4,355 | ||
Accounts payable | 219,130 | 232,184 | ||
Accrued compensation and related liabilities | 36,987 | 37,125 | ||
Other current liabilities | 76,483 | 87,221 | ||
Liabilities of discontinued operations - current | 68 | 70 | ||
Intercompany payable (receivable) | 0 | 0 | ||
Notes payable to issuer | 0 | 0 | ||
Total current liabilities | 337,135 | 360,955 | ||
Long-term debt | 1,246,274 | 1,229,984 | ||
Other liabilities | 192,449 | 199,627 | ||
Shareholders’ (deficit) equity | -640,351 | -632,675 | ||
Total liabilities and shareholders’ deficit | 1,135,507 | 1,157,891 | ||
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 | -640,351 | -632,675 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Total assets | -640,351 | -632,675 | ||
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 | -640,351 | -632,675 | ||
Total liabilities and shareholders’ deficit | -640,351 | -632,675 | ||
Subsidiary Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 6,353 | 10,965 | 8,463 | 9,504 |
Accounts receivable, net | 129,046 | 128,599 | ||
Inventories | 71,911 | 71,108 | ||
Notes receivable from subsidiaries | 36,938 | 36,938 | ||
Prepaid and other current assets | 38,088 | 42,889 | ||
Assets of discontinued operations - current | 0 | 0 | ||
Total current assets | 282,336 | 290,499 | ||
Investment in subsidiaries | 1,961,772 | 1,944,300 | ||
Property, plant and equipment, net | 117,131 | 120,949 | ||
Goodwill | 25,540 | 25,540 | ||
Other intangible assets, net | 9,892 | 10,011 | ||
Other assets, net | 41,871 | 42,242 | ||
Total assets | 2,438,542 | 2,433,541 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 3,000 | 3,000 | ||
Accounts payable | 120,168 | 138,939 | ||
Accrued compensation and related liabilities | 29,624 | 29,851 | ||
Other current liabilities | 56,522 | 66,895 | ||
Liabilities of discontinued operations - current | 0 | 0 | ||
Intercompany payable (receivable) | 1,473,784 | 1,439,715 | ||
Notes payable to issuer | 0 | 0 | ||
Total current liabilities | 1,683,098 | 1,678,400 | ||
Long-term debt | 1,242,052 | 1,227,397 | ||
Other liabilities | 153,743 | 160,419 | ||
Shareholders’ (deficit) equity | -640,351 | -632,675 | ||
Total liabilities and shareholders’ deficit | 2,438,542 | 2,433,541 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 622 | 844 | 582 | 0 |
Accounts receivable, net | 140,699 | 149,528 | ||
Inventories | 67,761 | 64,036 | ||
Notes receivable from subsidiaries | 3,245 | 3,245 | ||
Prepaid and other current assets | 6,054 | 5,012 | ||
Assets of discontinued operations - current | 12 | 8 | ||
Total current assets | 218,393 | 222,673 | ||
Investment in subsidiaries | 4,540 | 3,608 | ||
Property, plant and equipment, net | 157,752 | 160,903 | ||
Goodwill | 154,763 | 155,118 | ||
Other intangible assets, net | 144,612 | 146,843 | ||
Other assets, net | 4,607 | 5,289 | ||
Total assets | 684,667 | 694,434 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 1,467 | 1,355 | ||
Accounts payable | 97,852 | 91,860 | ||
Accrued compensation and related liabilities | 6,770 | 6,736 | ||
Other current liabilities | 19,054 | 19,346 | ||
Liabilities of discontinued operations - current | 68 | 70 | ||
Intercompany payable (receivable) | -1,483,531 | -1,449,419 | ||
Notes payable to issuer | 36,938 | 36,938 | ||
Total current liabilities | -1,321,382 | -1,293,114 | ||
Long-term debt | 4,222 | 2,587 | ||
Other liabilities | 40,055 | 40,661 | ||
Shareholders’ (deficit) equity | 1,961,772 | 1,944,300 | ||
Total liabilities and shareholders’ deficit | 684,667 | 694,434 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 5,464 | 2,784 | 2,493 | 1,825 |
Accounts receivable, net | 1,664 | 3,771 | ||
Inventories | 1,881 | 1,866 | ||
Notes receivable from subsidiaries | 0 | 0 | ||
Prepaid and other current assets | 2,709 | 2,505 | ||
Assets of discontinued operations - current | 0 | 0 | ||
Total current assets | 11,718 | 10,926 | ||
Investment in subsidiaries | 7,829 | 7,829 | ||
Property, plant and equipment, net | 545 | 556 | ||
Goodwill | 5,287 | 5,191 | ||
Other intangible assets, net | 750 | 850 | ||
Other assets, net | 493 | 484 | ||
Total assets | 26,622 | 25,836 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 1,110 | 1,385 | ||
Accrued compensation and related liabilities | 593 | 538 | ||
Other current liabilities | 907 | 980 | ||
Liabilities of discontinued operations - current | 0 | 0 | ||
Intercompany payable (receivable) | 9,747 | 9,704 | ||
Notes payable to issuer | 3,245 | 3,245 | ||
Total current liabilities | 15,602 | 15,852 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | -1,349 | -1,453 | ||
Shareholders’ (deficit) equity | 12,369 | 11,437 | ||
Total liabilities and shareholders’ deficit | 26,622 | 25,836 | ||
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 | -40,183 | ||
Prepaid and other current assets | 0 | 0 | ||
Assets of discontinued operations - current | 0 | 0 | ||
Total current assets | -40,183 | -40,183 | ||
Investment in subsidiaries | -1,333,790 | -1,323,062 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Total assets | -1,373,973 | -1,363,245 | ||
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 | -40,183 | ||
Total current liabilities | -40,183 | -40,183 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Shareholders’ (deficit) equity | -1,333,790 | -1,323,062 | ||
Total liabilities and shareholders’ deficit | ($1,373,973) | ($1,363,245) |
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. 28, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $475,105 | $490,119 |
Cost of sales | 397,888 | 415,157 |
Selling, general and administrative expenses | 52,261 | 55,494 |
Amortization of intangible assets | 2,407 | 3,449 |
Restructuring and other charges | 4,354 | 5,947 |
Operating income | 18,195 | 10,072 |
Interest expense, net | 25,692 | 27,910 |
Intercompany interest (income) expense | 0 | 0 |
Loss on early extinguishment of debt, net | 433 | 18 |
Other expense (income), net | -217 | -509 |
Loss from continuing operations before income taxes | -7,713 | -17,347 |
Income tax (benefit) expense | -66 | -560 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | -7,647 | -16,787 |
Equity in (loss) income of subsidiaries | 0 | 0 |
Loss from continuing operations | -7,647 | -16,787 |
(Loss) income from discontinued operations, net of taxes | -32 | 953 |
Net loss | -7,679 | -15,834 |
Other comprehensive income (loss): | ||
Other comprehensive income (loss) of subsidiaries | 0 | 0 |
Changes in pension and other employee benefit accounts, net of taxes | 1,342 | 480 |
Currency translation adjustment | -1,330 | 88 |
Comprehensive loss | -7,667 | -15,266 |
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 expense (income), 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 | -7,679 | -15,834 |
Loss from continuing operations | -7,679 | -15,834 |
(Loss) income from discontinued operations, net of taxes | 0 | 0 |
Net loss | -7,679 | -15,834 |
Other comprehensive income (loss): | ||
Other comprehensive income (loss) of subsidiaries | 12 | 568 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 |
Currency translation adjustment | 0 | 0 |
Comprehensive loss | -7,667 | -15,266 |
Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 223,852 | 241,467 |
Cost of sales | 190,863 | 210,725 |
Selling, general and administrative expenses | 30,115 | 33,608 |
Amortization of intangible assets | 152 | 185 |
Restructuring and other charges | 3,447 | 3,931 |
Operating income | -725 | -6,982 |
Interest expense, net | 25,592 | 27,823 |
Intercompany interest (income) expense | -274 | -270 |
Loss on early extinguishment of debt, net | 433 | 18 |
Other expense (income), net | 294 | -183 |
Loss from continuing operations before income taxes | -26,770 | -34,370 |
Income tax (benefit) expense | -321 | -391 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | -26,449 | -33,979 |
Equity in (loss) income of subsidiaries | 18,771 | 18,072 |
Loss from continuing operations | -7,678 | -15,907 |
(Loss) income from discontinued operations, net of taxes | -1 | 73 |
Net loss | -7,679 | -15,834 |
Other comprehensive income (loss): | ||
Other comprehensive income (loss) of subsidiaries | -1,330 | 88 |
Changes in pension and other employee benefit accounts, net of taxes | 1,342 | 480 |
Currency translation adjustment | 0 | 0 |
Comprehensive loss | -7,667 | -15,266 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 249,464 | 245,177 |
Cost of sales | 206,492 | 201,544 |
Selling, general and administrative expenses | 21,720 | 21,550 |
Amortization of intangible assets | 2,144 | 3,131 |
Restructuring and other charges | 907 | 2,016 |
Operating income | 18,201 | 16,936 |
Interest expense, net | 100 | 87 |
Intercompany interest (income) expense | 274 | 270 |
Loss on early extinguishment of debt, net | 0 | 0 |
Other expense (income), net | -539 | -325 |
Loss from continuing operations before income taxes | 18,366 | 16,904 |
Income tax (benefit) expense | 143 | -237 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 18,223 | 17,141 |
Equity in (loss) income of subsidiaries | 579 | 51 |
Loss from continuing operations | 18,802 | 17,192 |
(Loss) income from discontinued operations, net of taxes | -31 | 880 |
Net loss | 18,771 | 18,072 |
Other comprehensive income (loss): | ||
Other comprehensive income (loss) of subsidiaries | 353 | 619 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 |
Currency translation adjustment | -1,683 | -531 |
Comprehensive loss | 17,441 | 18,160 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 1,789 | 3,475 |
Cost of sales | 533 | 2,888 |
Selling, general and administrative expenses | 426 | 336 |
Amortization of intangible assets | 111 | 133 |
Restructuring and other charges | 0 | 0 |
Operating income | 719 | 118 |
Interest expense, net | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 |
Loss on early extinguishment of debt, net | 0 | 0 |
Other expense (income), net | 28 | -1 |
Loss from continuing operations before income taxes | 691 | 119 |
Income tax (benefit) expense | 112 | 68 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 579 | 51 |
Equity in (loss) income of subsidiaries | 0 | 0 |
Loss from continuing operations | 579 | 51 |
(Loss) income from discontinued operations, net of taxes | 0 | 0 |
Net loss | 579 | 51 |
Other comprehensive income (loss): | ||
Other comprehensive income (loss) of subsidiaries | 0 | 0 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 |
Currency translation adjustment | 353 | 619 |
Comprehensive loss | 932 | 670 |
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 expense (income), 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 | -11,671 | -2,289 |
Loss from continuing operations | -11,671 | -2,289 |
(Loss) income from discontinued operations, net of taxes | 0 | 0 |
Net loss | -11,671 | -2,289 |
Other comprehensive income (loss): | ||
Other comprehensive income (loss) of subsidiaries | 965 | -1,275 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 |
Currency translation adjustment | 0 | 0 |
Comprehensive loss | ($10,706) | ($3,564) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | ($7,406) | ($3,423) |
Net cash used in operating activities of discontinued operations | -38 | -1,658 |
Net cash used in operating activities | -7,444 | -5,081 |
Cash flows from investing activities: | ||
Capital expenditures | -6,059 | -8,975 |
Purchase of investment | 0 | -2,000 |
Proceeds from sale of property, plant and equipment | 573 | 162 |
Net cash used in investing activities of continuing operations | -5,486 | -10,813 |
Net cash provided by investing activities of discontinued operations | 0 | 1,018 |
Net cash used in investing activities | -5,486 | -9,795 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | -1,162 | -2,330 |
Repayments (borrowings) of other long-term debt | -1,472 | -1,569 |
Repayment of 11.5% senior notes due 2017 | -15,776 | 0 |
Purchase and retirement of common stock upon vesting of RSUs | -141 | -252 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | -600 |
Repayment of Term Loan Facility due 2017 | 0 | -900 |
Borrowings under ABL Facility due 2017 | 141,300 | 156,400 |
Repayments under ABL Facility due 2017 | -111,100 | -135,600 |
Intercompany advances | 0 | 0 |
Net cash provided by financing activities | 11,649 | 15,149 |
Effect of exchange rate changes on cash and cash equivalents | -873 | -64 |
Net (decrease) increase in cash and cash equivalents | -2,154 | 209 |
Cash and cash equivalents at beginning of period | 14,593 | 11,329 |
Cash and cash equivalents at end of period | 12,439 | 11,538 |
Parent Company [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 132 | 836 |
Net cash used in operating activities of discontinued operations | 0 | 0 |
Net cash used in operating activities | 132 | 836 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Purchase of investment | 0 | |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Net cash used in investing activities of continuing operations | 0 | |
Net cash provided by investing activities of discontinued operations | 0 | |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments (borrowings) of other long-term debt | 0 | 0 |
Repayment of 11.5% senior notes due 2017 | 0 | |
Purchase and retirement of common stock upon vesting of RSUs | -141 | -252 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | |
Repayment of Term Loan Facility due 2017 | 0 | |
Borrowings under ABL Facility due 2017 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 0 |
Intercompany advances | 9 | -584 |
Net cash provided by financing activities | -132 | -836 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net (decrease) 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 | -44,536 | -34,318 |
Net cash used in operating activities of discontinued operations | 0 | -610 |
Net cash used in operating activities | -44,536 | -34,928 |
Cash flows from investing activities: | ||
Capital expenditures | -4,750 | -5,427 |
Purchase of investment | -2,000 | |
Proceeds from sale of property, plant and equipment | 571 | 8 |
Net cash used in investing activities of continuing operations | -7,419 | |
Net cash provided by investing activities of discontinued operations | 462 | |
Net cash used in investing activities | -4,179 | -6,957 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | -1,162 | -2,330 |
Repayments (borrowings) of other long-term debt | -3,219 | -750 |
Repayment of 11.5% senior notes due 2017 | -15,776 | |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | -600 | |
Repayment of Term Loan Facility due 2017 | -900 | |
Borrowings under ABL Facility due 2017 | 141,300 | 156,400 |
Repayments under ABL Facility due 2017 | -111,100 | -135,600 |
Intercompany advances | 34,060 | 24,624 |
Net cash provided by financing activities | 44,103 | 40,844 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -4,612 | -1,041 |
Cash and cash equivalents at beginning of period | 10,965 | 9,504 |
Cash and cash equivalents at end of period | 6,353 | 8,463 |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 34,028 | 31,552 |
Net cash used in operating activities of discontinued operations | -38 | -1,048 |
Net cash used in operating activities | 33,990 | 30,504 |
Cash flows from investing activities: | ||
Capital expenditures | -1,309 | -3,501 |
Purchase of investment | 0 | |
Proceeds from sale of property, plant and equipment | 2 | 154 |
Net cash used in investing activities of continuing operations | -3,347 | |
Net cash provided by investing activities of discontinued operations | 556 | |
Net cash used in investing activities | -1,307 | -2,791 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments (borrowings) of other long-term debt | 1,747 | -819 |
Repayment of 11.5% senior notes due 2017 | 0 | |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | |
Repayment of Term Loan Facility due 2017 | 0 | |
Borrowings under ABL Facility due 2017 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 0 |
Intercompany advances | -34,112 | -26,317 |
Net cash provided by financing activities | -32,365 | -27,136 |
Effect of exchange rate changes on cash and cash equivalents | -540 | 5 |
Net (decrease) increase in cash and cash equivalents | -222 | 582 |
Cash and cash equivalents at beginning of period | 844 | 0 |
Cash and cash equivalents at end of period | 622 | 582 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 2,970 | -1,493 |
Net cash used in operating activities of discontinued operations | 0 | 0 |
Net cash used in operating activities | 2,970 | -1,493 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | -47 |
Purchase of investment | 0 | |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Net cash used in investing activities of continuing operations | -47 | |
Net cash provided by investing activities of discontinued operations | 0 | |
Net cash used in investing activities | 0 | -47 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments (borrowings) of other long-term debt | 0 | 0 |
Repayment of 11.5% senior notes due 2017 | 0 | |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | |
Repayment of Term Loan Facility due 2017 | 0 | |
Borrowings under ABL Facility due 2017 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 0 |
Intercompany advances | 43 | 2,277 |
Net cash provided by financing activities | 43 | 2,277 |
Effect of exchange rate changes on cash and cash equivalents | -333 | -69 |
Net (decrease) increase in cash and cash equivalents | 2,680 | 668 |
Cash and cash equivalents at beginning of period | 2,784 | 1,825 |
Cash and cash equivalents at end of period | 5,464 | 2,493 |
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 operating activities of discontinued operations | 0 | 0 |
Net cash used in operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Purchase of investment | 0 | |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Net cash used in investing activities of continuing operations | 0 | |
Net cash provided by investing activities of discontinued operations | 0 | |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments (borrowings) of other long-term debt | 0 | 0 |
Repayment of 11.5% senior notes due 2017 | 0 | |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | |
Repayment of Term Loan Facility due 2017 | 0 | |
Borrowings under ABL Facility due 2017 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 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 (decrease) 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 |