Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 27, 2015 | Jul. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CENVEO, INC | |
Entity Central Index Key | 920,321 | |
Current Fiscal Year End Date | --01-02 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 27, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 67,873,560 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 27, 2015 | Dec. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 12,197 | $ 14,593 |
Accounts receivable, net | 259,861 | 281,898 |
Inventories | 142,657 | 137,010 |
Prepaid and other current assets | 47,256 | 50,406 |
Assets of discontinued operations - current | 37 | 8 |
Total current assets | 462,008 | 483,915 |
Property, plant and equipment, net | 270,942 | 282,408 |
Goodwill | 185,552 | 185,849 |
Other intangible assets, net | 152,852 | 157,704 |
Other assets, net | 45,599 | 48,015 |
Total assets | 1,116,953 | 1,157,891 |
Current liabilities: | ||
Current maturities of long-term debt | 4,466 | 4,355 |
Accounts payable | 206,732 | 232,184 |
Accrued compensation and related liabilities | 31,267 | 37,125 |
Other current liabilities | 78,420 | 87,221 |
Liabilities of discontinued operations - current | 104 | 70 |
Total current liabilities | 320,989 | 360,955 |
Long-term debt | 1,247,783 | 1,229,984 |
Other liabilities | $ 189,267 | $ 199,627 |
Commitments and contingencies | ||
Shareholders’ deficit: | ||
Preferred stock | $ 0 | $ 0 |
Common stock | 679 | 677 |
Paid-in capital | 370,454 | 370,228 |
Retained deficit | (915,467) | (905,383) |
Accumulated other comprehensive loss | (96,752) | (98,197) |
Total shareholders’ deficit | (641,086) | (632,675) |
Total liabilities and shareholders’ deficit | $ 1,116,953 | $ 1,157,891 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 460,857 | $ 479,410 | $ 935,962 | $ 969,529 |
Cost of sales | 384,105 | 399,436 | 781,993 | 814,593 |
Selling, general and administrative expenses | 49,037 | 55,840 | 101,298 | 111,334 |
Amortization of intangible assets | 2,446 | 3,449 | 4,853 | 6,898 |
Restructuring and other charges | 2,040 | 7,338 | 6,394 | 13,285 |
Operating income | 23,229 | 13,347 | 41,424 | 23,419 |
Interest expense, net | 25,278 | 26,666 | 50,970 | 54,576 |
Loss on early extinguishment of debt, net | 126 | 26,480 | 559 | 26,498 |
Other expense (income), net | 347 | 212 | 130 | (297) |
Loss from continuing operations before income taxes | (2,522) | (40,011) | (10,235) | (57,358) |
Income tax benefit | (103) | (710) | (169) | (1,270) |
Loss from continuing operations | (2,419) | (39,301) | (10,066) | (56,088) |
Income (loss) from discontinued operations, net of taxes | 14 | 664 | (18) | 1,617 |
Net loss | (2,405) | (38,637) | (10,084) | (54,471) |
Other comprehensive income (loss): | ||||
Changes in pension and other employee benefit accounts, net of taxes | 1,342 | 480 | 2,684 | 960 |
Currency translation adjustment | 91 | 645 | (1,239) | 733 |
Comprehensive loss | $ (972) | $ (37,512) | $ (8,639) | $ (52,778) |
(Loss) income per share – basic: | ||||
Continuing operations per share - basic | $ (0.04) | $ (0.59) | $ (0.15) | $ (0.84) |
Discontinued operations per share - basic | 0 | 0.01 | 0 | 0.02 |
Net loss per share - basic | (0.04) | (0.58) | (0.15) | (0.82) |
(Loss) income per share – diluted: | ||||
Continuing operations per share - diluted | (0.04) | (0.59) | (0.15) | (0.84) |
Discontinued operations per share - diluted | 0 | 0.01 | 0 | 0.02 |
Net loss per share - diluted | $ (0.04) | $ (0.58) | $ (0.15) | $ (0.82) |
Weighted average shares outstanding: | ||||
Basic shares | 67,831 | 66,496 | 67,789 | 66,416 |
Diluted shares | 67,831 | 66,496 | 67,789 | 66,416 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Cash flows from operating activities: [Abstract] | ||
Net loss | $ (10,084) | $ (54,471) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on sale of discontinued operations, net of taxes | 0 | (1,559) |
Loss (income) from discontinued operations, net of taxes | 18 | (58) |
Depreciation and amortization, excluding non-cash interest expense | 29,456 | 32,860 |
Non-cash interest expense, net | 4,990 | 5,006 |
Deferred income taxes | (622) | (1,121) |
(Gain) loss on sale of assets | (299) | 4 |
Non-cash restructuring and other charges, net | 2,800 | 4,821 |
Loss on early extinguishment of debt, net | 559 | 26,498 |
Stock-based compensation provision | 444 | 1,672 |
Other non-cash charges | 2,912 | 2,346 |
Changes in operating assets and liabilities, excluding the effects of acquired businesses: | ||
Accounts receivable | 19,695 | 2,483 |
Inventories | (7,026) | (530) |
Accounts payable and accrued compensation and related liabilities | (31,355) | (8,369) |
Other working capital changes | (9,228) | (22,252) |
Other, net | (3,865) | (12,757) |
Net cash used in operating activities of continuing operations | (1,605) | (25,427) |
Net cash used in operating activities of discontinued operations | (24) | (1,687) |
Net cash used in operating activities | (1,629) | (27,114) |
Cash flows from investing activities: | ||
Capital expenditures | (13,703) | (16,777) |
Purchase of investment | 0 | (2,000) |
Proceeds from sale of property, plant and equipment | 1,429 | 320 |
Net cash used in investing activities of continuing operations | (12,274) | (18,457) |
Net cash provided by investing activities of discontinued operations | 0 | 2,196 |
Net cash used in investing activities | (12,274) | (16,261) |
Cash flows from financing activities: | ||
Proceeds from issuance of 6.000% senior secured priority notes due 2019 | 0 | 540,000 |
Proceeds from issuance of 8.500% junior secured priority notes due 2022 | 0 | 250,000 |
Payment of financing-related costs and expenses and debt issuance discounts | (1,210) | (35,017) |
Repayments of other long-term debt | (2,582) | (2,967) |
Repayment of 11.5% senior notes due 2017 | (22,720) | 0 |
Purchase and retirement of common stock upon vesting of RSUs | (218) | (562) |
Proceeds from exercise of stock options | 2 | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | (10,000) |
Repayment of Term Loan Facility due 2017 | 0 | (329,100) |
Repayment of 8.875% senior second lien notes due 2018 | 0 | (400,000) |
Borrowings under ABL Facility due 2017 | 265,900 | 287,900 |
Repayments under ABL Facility due 2017 | (227,000) | (258,900) |
Net cash provided by financing activities | 12,172 | 41,354 |
Effect of exchange rate changes on cash and cash equivalents | (665) | 20 |
Net decrease in cash and cash equivalents | (2,396) | (2,001) |
Cash and cash equivalents at beginning of period | 14,593 | 11,329 |
Cash and cash equivalents at end of period | $ 12,197 | $ 9,328 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 27, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited and unreviewed 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 June 27, 2015 , and the results of operations for the three and six months ended June 27, 2015 , and June 28, 2014 , and cash flows for the six months ended June 27, 2015 , and June 28, 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 and six months ended June 27, 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 and six months ended June 27, 2015 , and June 28, 2014 , each consisted of 13 weeks and 26 weeks, respectively. The unaudited interim financial information presented in this Form 10-Q has not been reviewed by an outside independent registered public accounting firm as required by SEC rules. See the Explanatory Note to this Form 10-Q for a further description. While this Form 10-Q does not comply with the requirements of Regulation S-X, the Company’s Audit Committee and management believe that the interim financial information presented in this Form 10-Q fairly presents in all material respects the financial position of the Company as of June 27, 2015, and the results of operations for the three and six months ended June 27, 2015, and June 28, 2014, and cash flows for the six months ended June 27, 2015, and June 28, 2014. Except for the absence of such review and the omission of the certification under Section 906 of the Sarbanes-Oxley Act of 2002 ("SOX"), for the reasons discussed in greater detail in the Explanatory Note, the Company believes that this Form 10-Q fully complies with the requirements of the Exchange Act. Once the Company’s new independent accounting firm completes its reviews of the unaudited interim financial information presented in the first quarter Form 10-Q ("Q1 10-Q") and this Form 10-Q under Public Company Accounting Oversight Board ("PCAOB") AU 722, as required by SEC rules, the Company will file amendments to such filings as soon as practicable. 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 ASU 2014-08 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, 2017 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 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 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 June 27, 2015 , the Company had $19.4 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 | 6 Months Ended |
Jun. 27, 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 less than $0.1 million and $1.1 million for the three months ended June 27, 2015 , and June 28, 2014 , respectively, and $0.3 million and $3.1 million for the six months ended June 27, 2015 , and June 28, 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 | 6 Months Ended |
Jun. 27, 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"). The Company received total net cash proceeds of approximately $47.0 million , of which $2.2 million was received in 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 June 27, 2015 , and December 27, 2014 (in thousands): June 27, December 27, Prepaid and other current assets $ 37 $ 8 Assets of discontinued operations - current 37 8 Accrued compensation and related liabilities 104 70 Liabilities of discontinued operations - current 104 70 Net assets $ (67 ) $ (62 ) The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): For the Three Months Ended For the Six Months Ended June 27, June 28, June 27, June 28, Income (loss) from discontinued operations before income taxes $ 3 $ (82 ) $ (29 ) $ 94 Income tax (benefit) expense on discontinued operations (11 ) (32 ) (11 ) 36 Gain on sale of discontinued operations (1) — 714 — 1,559 Income (loss) from discontinued operations, net of taxes $ 14 $ 664 $ (18 ) $ 1,617 Income (loss) per share - basic $ — $ 0.01 $ — $ 0.02 Income (loss) per share - diluted $ — $ 0.01 $ — $ 0.02 __________________________ (1) The gain on the sale of discontinued operations is shown net of taxes of $0.5 million for the three months ended June 28, 2014 and $1.0 million for the six months ended June 28, 2014 . |
Inventories
Inventories | 6 Months Ended |
Jun. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories by major category are as follows (in thousands): June 27, December 27, Raw materials $ 47,368 $ 45,341 Work in process 18,562 19,649 Finished goods 76,727 72,020 $ 142,657 $ 137,010 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 27, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are as follows (in thousands): June 27, December 27, Land and land improvements $ 13,982 $ 13,982 Buildings and building improvements 103,029 101,407 Machinery and equipment 618,312 623,619 Furniture and fixtures 9,580 10,086 Construction in progress 17,565 13,154 762,468 762,248 Accumulated depreciation (491,526 ) (479,840 ) $ 270,942 $ 282,408 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 27, 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 June 27, 2015 , by reportable segment are as follows (in thousands): Envelope Print Label and Packaging Total Balance as of December 27, 2014 $ 23,433 $ 45,432 $ 116,984 $ 185,849 Foreign currency translation — (6 ) (291 ) (297 ) Balance as of June 27, 2015 $ 23,433 $ 45,426 $ 116,693 $ 185,552 Other intangible assets are as follows (in thousands): June 27, 2015 December 27, 2014 Weighted Average Remaining Amortization Period (Years) Gross Accumulated Impairment Charges Accumulated Net Gross Accumulated Impairment Charges Accumulated Net Intangible assets with definite lives: Customer relationships 8 $ 144,663 $ (27,234 ) $ (66,510 ) $ 50,919 $ 144,732 $ (27,234 ) $ (62,202 ) $ 55,296 Trademarks and trade names 21 77,749 (55,367 ) (9,728 ) 12,654 77,750 (55,367 ) (9,383 ) 13,000 Leasehold interest 18 4,430 — (404 ) 4,026 4,430 — (291 ) 4,139 Patents 11 3,528 — (3,175 ) 353 3,528 — (3,159 ) 369 Subtotal 11 230,370 (82,601 ) (79,817 ) 67,952 230,440 (82,601 ) (75,035 ) 72,804 Intangible assets with indefinite lives: Trademarks 84,900 — — 84,900 84,900 — — 84,900 Total $ 315,270 $ (82,601 ) $ (79,817 ) $ 152,852 $ 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 Remainder of 2015 $ 4,801 2016 7,879 2017 7,438 2018 7,156 2019 6,949 2020 6,763 Thereafter 26,966 Total $ 67,952 Asset Impairments There were no goodwill or intangible asset impairments recorded in the three and six months ended June 27, 2015 , and June 28, 2014 . |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 27, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt is as follows (in thousands): June 27, December 27, ABL Facility due 2017 $ 173,600 $ 134,700 8.500% junior priority secured notes due 2022 ($248.0 million outstanding principal amount as of June 27, 2015, and December 27, 2014) 245,505 245,384 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of June 27, 2015, and December 27, 2014) 535,063 534,552 11.5% senior notes due 2017 ($199.7 million and $222.3 million outstanding principal amount as of June 27, 2015, and December 27, 2014, respectively) 196,493 218,011 7% senior exchangeable notes due 2017 83,250 83,250 Other debt including capital leases 18,338 18,442 1,252,249 1,234,339 Less current maturities (4,466 ) (4,355 ) Long-term debt $ 1,247,783 $ 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 June 27, 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 June 27, 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 second quarter of 2015 , the Company recorded a loss on early extinguishment of debt of $0.1 million related to the repurchase of $6.8 million of its 11.5% senior notes due 2017 (the "11.5% Notes"). During the six months ended June 27, 2015 , the Company recorded a loss on early extinguishment of debt of $0.6 million related to the repurchase of $22.6 million of its 11.5% Notes, of which $0.2 million related to the write-off of unamortized debt issuance costs, $0.2 million related to the write-off of original issuance discount, and $0.2 million related to a premium paid over the principal amount upon repurchase. In the second quarter of 2014, the Company extinguished its $360 million secured term loan facility (the "Term Loan Facility") and its 8.875% senior second lien notes due 2018 (the "8.875% Notes"). In connection with this extinguishment, the Company recorded a loss on early extinguishment of debt of approximately $9.0 million , of which $5.8 million related to the write-off of unamortized debt issuance costs, and $3.2 million related to the write-off of original issuance discount. Additionally, in connection with the issuance of $540.0 million aggregate principal amount of 6.000% senior priority secured notes due 2019 (the "6.000% Notes") and $250.0 million aggregate principal amount of 8.500% junior priority secured notes due 2022 (the "8.500% Notes") in the second quarter of 2014, the Company expensed debt issuance costs of $16.5 million , of which $1.6 million related to fees paid to third parties. The Company also used cash on hand of $9.4 million to repay in full the remaining principal balance on the unsecured $50.0 million aggregate principal amount term loan due 2017 (the "Unsecured Term Loan"). In connection with the extinguishment of the Unsecured Term Loan, the Company recorded a loss on early extinguishment of debt of approximately $1.0 million , of which $0.6 million related to the write-off of unamortized debt issuance costs, and $0.4 million related to the write-off of original issuance discount. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 27, 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 | 6 Months Ended |
Jun. 27, 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 June 27, 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 June 27, 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 | 6 Months Ended |
Jun. 27, 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 For the Six Months Ended June 27, June 28, June 27, June 28, Service cost $ — $ — $ 1 $ 1 Interest cost 3,524 3,707 7,048 7,413 Expected return on plan assets (5,226 ) (5,206 ) (10,452 ) (10,412 ) Net amortization and deferral — — — — Recognized net actuarial loss 2,156 794 4,312 1,587 Net periodic expense (benefit) $ 454 $ (705 ) $ 909 $ (1,411 ) 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 June 27, 2015 , and June 28, 2014 and $0.4 million in each of the six month periods ended June 27, 2015 , and June 28, 2014 . For the six months ended June 27, 2015 , the Company made total contributions of $3.4 million to its pension, SERP and OPEB plans. The Company expects to contribute approximately $3.4 million to its pension, SERP and OPEB plans for the remainder of 2015. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 27, 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 $0.3 million and $0.8 million for the three months ended June 27, 2015 , and June 28, 2014 , respectively, and $0.4 million and $1.7 million for the six months ended June 27, 2015 , and June 28, 2014 , respectively. As of June 27, 2015 , there was approximately $3.9 million of total unrecognized compensation cost related to unvested stock-based compensation grants, which is expected to be amortized over a weighted average period of 2.2 years. Stock Options A summary of the Company’s outstanding stock options as of and for the six months ended June 27, 2015 , is as follows: Options Weighted Weighted Aggregate Outstanding at December 27, 2014 1,670,500 $ 5.18 1.4 $ 29 Granted 685,500 2.38 Exercised — — $ — Forfeited/expired (159,125 ) 4.68 Outstanding at June 27, 2015 2,196,875 $ 4.32 2.5 $ 17 Exercisable at June 27, 2015 1,434,125 $ 5.37 0.8 $ 9 The weighted average grant date fair value of stock options granted during the six months ended June 27, 2015 , were at exercise prices equal to the market price of the stock on the grant dates, as calculated under the Black-Scholes model with the weighted average assumptions as follows: June 27, Weighted average fair value of option grants during the year $ 0.86 Assumptions: Expected option life in years 4.25 Risk-free interest rate 1.24 % Expected volatility 43.0 % Expected dividend yield 0.0 % The risk-free interest rate represents the United States Treasury Bond constant maturity yield approximating the expected option life of stock options granted during the period. The expected option life represents the period of time that the stock options granted during the period are expected to be outstanding, based on the mid-point between the vesting date and contractual expiration date of the option. The expected volatility is based on the historical market price volatility of the Company’s common stock for the expected term of the options, adjusted for expected mean reversion. There were no stock options granted during the six months ended June 28, 2014 . RSUs A summary of the Company’s non-vested restricted share units ("RSUs") as of and for the six months ended June 27, 2015 , is as follows: RSUs Weighted Average Unvested at December 27, 2014 512,861 $ 3.22 Granted 695,944 2.38 Vested (326,861 ) 3.92 Forfeited (6,250 ) 2.21 Unvested at June 27, 2015 875,694 $ 2.30 On May 20, 2015, 582,500 RSUs were issued to certain employees of the Company, which vest ratably over four years. Additionally, 113,444 RSUs were issued to certain members of the Company's Board of Directors, which vest one year from the date of issuance. The fair value of these awards was determined based on the Company's stock price on the dates of issuance. The total fair value of RSUs which vested during the three and six months ended June 27, 2015 , was $0.4 million and $0.7 million , respectively. PSUs A summary of the Company's non-vested performance share units ("PSUs") as of and for the six months ended June 27, 2015 is as follows: PSUs Weighted Average Unvested at December 27, 2014 — $ — Granted 590,000 2.38 Vested — — Forfeited — — Unvested at June 27, 2015 590,000 $ 2.38 On May 20, 2015, 590,000 PSUs were granted to certain employees, with each award representing the right to receive one share of the Company's common stock upon the achievement of certain established performance targets and service conditions. The performance period for the awards is December 28, 2014 through January 2, 2016. Distributions under these awards are payable on the one year anniversary of the grant date provided the grantee's employment has not ceased prior to such date. The fair value of these awards was determined based on the Company's stock price on the grant date. These awards are subject to forfeiture upon termination of employment prior to vesting. Total stock-based compensation expense related to PSUs recognized in selling, general and administrative expenses in the Company’s statements of operations was $0.1 million for the three and six months ended June 27, 2015 , respectively. There were no PSUs granted in fiscal year 2014. |
Restructuring and Other Charges
Restructuring and Other Charges | 6 Months Ended |
Jun. 27, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges The Company currently has two active cost savings, restructuring and integration 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"). 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 a plan related to the integration of certain assets of National into existing envelope operations (the "National Plan"). The Company completed the National Plan in 2015, which included the closure and consolidation of nine manufacturing facilities into existing envelope operations and two new facilities. 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 June 27, 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2015 Plan $ 86 $ — $ — $ — $ — $ — $ 86 Residual Plans — — — — 42 17 59 Acquisition Integration Plans 6 — 20 11 — 163 200 Total Envelope 92 — 20 11 42 180 345 Print 2015 Plan 152 — — — — — 152 2014 Plan (9 ) — 22 — — 379 392 Residual Plans — 65 — 33 156 32 286 Total Print 143 65 22 33 156 411 830 Label and Packaging 2015 Plan 90 — 17 — — 28 135 2014 Plan (12 ) — — — — — (12 ) Total Label and Packaging 78 — 17 — — 28 123 Corporate 2015 Plan 718 — — — — 24 742 Total Corporate 718 — — — — 24 742 Total Restructuring and Other Charges $ 1,031 $ 65 $ 59 $ 44 $ 198 $ 643 $ 2,040 Restructuring and other charges for the six months ended June 27, 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2015 Plan $ 86 $ — $ — $ — $ — $ — $ 86 2014 Plan 270 — — — — — 270 Residual Plans — — — (22 ) 82 57 117 Acquisition Integration Plans 45 1,895 28 286 — 410 2,664 Total Envelope 401 1,895 28 264 82 467 3,137 Print 2015 Plan 212 — — — — — 212 2014 Plan 116 116 35 — — 942 1,209 Residual Plans (54 ) 65 — 91 288 56 446 Total Print 274 181 35 91 288 998 1,867 Label and Packaging 2015 Plan 240 — 17 — — 28 285 2014 Plan 261 — — — — — 261 Total Label and Packaging 501 — 17 — — 28 546 Corporate 2015 Plan 806 — — — — 24 830 Residual Plans — — — — — 14 14 Total Corporate 806 — — — — 38 844 Total Restructuring and Other Charges $ 1,982 $ 2,076 $ 80 $ 355 $ 370 $ 1,531 $ 6,394 2014 Activity Restructuring and other charges for the three months ended June 28, 2014 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2014 Plan $ 81 $ — $ — $ — $ — $ — $ 81 Residual Plans — — — — 34 39 73 Acquisition Integration Plans 1,632 1,613 982 214 — 1,023 5,464 Total Envelope 1,713 1,613 982 214 34 1,062 5,618 Print 2014 Plan 145 — — — — 101 246 Residual Plans (89 ) (19 ) (1 ) 215 122 124 352 Total Print 56 (19 ) (1 ) 215 122 225 598 Label and Packaging 2014 Plan 321 — — — — — 321 Residual Plans 1 — — 14 — — 15 Total Label and Packaging 322 — — 14 — — 336 Corporate 2014 Plan 769 — — — — 17 786 Total Corporate 769 — — — — 17 786 Total Restructuring and Other Charges $ 2,860 $ 1,594 $ 981 $ 443 $ 156 $ 1,304 $ 7,338 Restructuring and other charges for the six months ended June 28, 2014 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2014 Plan $ 81 $ — $ — $ — $ — $ — $ 81 Residual Plans (1 ) — — (198 ) 66 55 (78 ) Acquisition Integration Plans 1,725 2,214 1,618 1,604 — 1,471 8,632 Total Envelope 1,805 2,214 1,618 1,406 66 1,526 8,635 Print 2014 Plan 152 — — — — 101 253 Residual Plans 299 (41 ) — 292 838 963 2,351 Total Print 451 (41 ) — 292 838 1,064 2,604 Label and Packaging 2014 Plan 572 — — — — — 572 Residual Plans 27 — — 28 — — 55 Total Label and Packaging 599 — — 28 — — 627 Corporate 2014 Plan 1,373 — — — — 46 1,419 Total Corporate 1,373 — — — — 46 1,419 Total Restructuring and Other Charges $ 4,228 $ 2,173 $ 1,618 $ 1,726 $ 904 $ 2,636 $ 13,285 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 2015 Plan Balance as of December 27, 2014 $ — $ — $ — $ — $ — Accruals, net 1,344 — — 69 1,413 Payments (794 ) — — (69 ) (863 ) Balance as of June 27, 2015 $ 550 $ — $ — $ — $ 550 2014 Plan Balance as of December 27, 2014 $ 1,506 $ — $ — $ — $ 1,506 Accruals, net 647 — — 977 1,624 Payments (1,878 ) — — (977 ) (2,855 ) Balance as of June 27, 2015 $ 275 $ — $ — $ — $ 275 Residual Plans Balance as of December 27, 2014 $ 54 $ 677 $ 18,700 $ — $ 19,431 Accruals, net (54 ) 69 370 127 512 Payments — (231 ) (1,699 ) (127 ) (2,057 ) Balance as of June 27, 2015 $ — $ 515 $ 17,371 $ — $ 17,886 Acquisition Integration Plans Balance as of December 27, 2014 $ 77 $ 1,136 $ — $ — $ 1,213 Accruals, net 45 286 — 438 769 Payments (110 ) (818 ) — (438 ) (1,366 ) Balance as of June 27, 2015 $ 12 $ 604 $ — $ — $ 616 Total Restructuring Liability $ 837 $ 1,119 $ 17,371 $ — $ 19,327 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 27, 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 (1,239 ) — (1,239 ) Amounts reclassified from AOCI — 2,684 2,684 Other comprehensive (loss) income (1,239 ) 2,684 1,445 Balance as of June 27, 2015 $ (4,144 ) $ (92,608 ) $ (96,752 ) Reclassifications from AOCI AOCI Components (in thousands) Amounts Reclassified from AOCI Amounts Reclassified from AOCI Income Statement Line Item For the Three Months Ended For the Six Months Ended June 27, June 28, June 27, June 28, Changes in pension and other employee benefit accounts: Net actuarial losses $ 2,156 $ 794 $ 4,312 $ 1,587 Selling, general and administrative expenses 2,156 794 4,312 1,587 Total before tax Taxes (814 ) (314 ) (1,628 ) (627 ) Income tax benefit Total reclassifications for the period $ 1,342 $ 480 $ 2,684 $ 960 Net of tax |
Income (Loss) Per Share
Income (Loss) Per Share | 6 Months Ended |
Jun. 27, 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, PSUs (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 six months ended June 27, 2015 , and June 28, 2014 , the effect of approximately 20.1 million and 21.0 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 and six months ended June 27, 2015 , and June 28, 2014 (in thousands, except per share data): For the Three Months Ended For the Six Months Ended June 27, June 28, June 27, June 28, Numerator for basic and diluted (loss) income per share: Loss from continuing operations $ (2,419 ) $ (39,301 ) $ (10,066 ) $ (56,088 ) Income (loss) from discontinued operations, net of taxes 14 664 (18 ) 1,617 Net loss $ (2,405 ) $ (38,637 ) $ (10,084 ) $ (54,471 ) Denominator for weighted average common shares outstanding: Basic shares 67,831 66,496 67,789 66,416 Dilutive effect of 7% Notes — — — — Dilutive effect of Equity Awards — — — — Diluted shares 67,831 66,496 67,789 66,416 (Loss) income per share – basic: Continuing operations $ (0.04 ) $ (0.59 ) $ (0.15 ) $ (0.84 ) Discontinued operations — 0.01 — 0.02 Net loss $ (0.04 ) $ (0.58 ) $ (0.15 ) $ (0.82 ) (Loss) income per share – diluted: Continuing operations $ (0.04 ) $ (0.59 ) $ (0.15 ) $ (0.84 ) Discontinued operations — 0.01 — 0.02 Net loss $ (0.04 ) $ (0.58 ) $ (0.15 ) $ (0.82 ) |
Segment Information
Segment Information | 6 Months Ended |
Jun. 27, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information T he 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 For the Six Months Ended June 27, June 28, June 27, June 28, Net sales: Envelope $ 218,139 $ 229,593 $ 445,549 $ 471,264 Print 121,518 124,986 249,684 253,383 Label and Packaging 121,200 124,831 240,729 244,882 Total $ 460,857 $ 479,410 $ 935,962 $ 969,529 Operating income (loss): Envelope $ 16,711 $ 9,332 $ 31,551 $ 19,138 Print 3,755 4,741 6,128 5,981 Label and Packaging 11,956 11,048 21,361 21,241 Corporate (9,193 ) (11,774 ) (17,616 ) (22,941 ) Total $ 23,229 $ 13,347 $ 41,424 $ 23,419 Restructuring and other charges: Envelope $ 345 $ 5,618 $ 3,137 $ 8,635 Print 830 598 1,867 2,604 Label and Packaging 123 336 546 627 Corporate 742 786 844 1,419 Total $ 2,040 $ 7,338 $ 6,394 $ 13,285 Depreciation and intangible asset amortization: Envelope $ 4,930 $ 5,134 $ 9,833 $ 10,288 Print 4,391 6,052 8,843 11,752 Label and Packaging 4,682 4,413 9,045 8,290 Corporate 765 1,200 1,735 2,530 Total $ 14,768 $ 16,799 $ 29,456 $ 32,860 Net sales by product line: Envelope $ 218,139 $ 229,593 $ 445,549 $ 471,264 Print 121,518 124,986 249,684 253,383 Label 80,675 82,475 160,842 161,161 Packaging 40,525 42,356 79,887 83,721 Total $ 460,857 $ 479,410 $ 935,962 $ 969,529 Intercompany sales: Envelope $ 1,331 $ 1,227 $ 3,143 $ 2,759 Print 4,139 6,525 8,003 7,712 Label and Packaging 2,374 1,946 4,713 4,123 Total $ 7,844 $ 9,698 $ 15,859 $ 14,594 June 27, December 27, Total assets: Envelope $ 429,186 $ 449,819 Print 278,700 291,892 Label and Packaging 355,212 355,325 Corporate 53,855 60,855 Total $ 1,116,953 $ 1,157,891 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 27, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Horizon Paper Co., Inc. (“Horizon”), whose Chairman is a member of the Company’s Board of Directors, has supplied raw materials to the Company. For the three and six months ended June 27, 2015 , purchases of raw materials from Horizon made by the Company totaled less than $0.1 million and $0.2 million , respectively. There were no transactions between Horizon and the Company during the three and six months ended June 28, 2014 . As of June 27, 2015 and December 27, 2014 , the balance due to Horizon was less than $0.1 million . Balances due to Horizon are generally settled in cash within 75 days of each transaction. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 27, 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% Notes, the 8.500% Notes, the 7.875% senior subordinated notes due 2013 (the "7.875% Notes"), the 8.875% Notes, the 7% Notes, and the 11.5% Notes (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 June 27, 2015 , and December 27, 2014 , and for the three and six months ended June 27, 2015 , and June 28, 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 June 27, 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 6,875 $ 653 $ 4,669 $ — $ 12,197 Accounts receivable, net — 111,945 145,767 2,149 — 259,861 Inventories — 75,531 65,795 1,331 — 142,657 Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 39,758 5,061 2,437 — 47,256 Assets of discontinued operations - current — — 37 — — 37 Total current assets — 271,047 220,558 10,586 (40,183 ) 462,008 Investment in subsidiaries (641,086 ) 1,986,007 4,234 7,829 (1,356,984 ) — Property, plant and equipment, net — 117,103 153,276 563 — 270,942 Goodwill — 25,540 154,827 5,185 — 185,552 Other intangible assets, net — 9,774 142,424 654 — 152,852 Other assets, net — 40,483 4,632 484 — 45,599 Total assets $ (641,086 ) $ 2,449,954 $ 679,951 $ 25,301 $ (1,397,167 ) $ 1,116,953 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 3,000 $ 1,466 $ — $ — $ 4,466 Accounts payable — 119,952 86,389 391 — 206,732 Accrued compensation and related liabilities — 24,804 5,834 629 — 31,267 Other current liabilities — 61,686 15,915 819 — 78,420 Liabilities of discontinued operations - current — — 104 — — 104 Intercompany payable (receivable) — 1,486,799 (1,496,281 ) 9,482 — — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,696,241 (1,349,635 ) 14,566 (40,183 ) 320,989 Long-term debt — 1,243,911 3,872 — — 1,247,783 Other liabilities — 150,888 39,707 (1,328 ) — 189,267 Shareholders’ (deficit) equity (641,086 ) (641,086 ) 1,986,007 12,063 (1,356,984 ) (641,086 ) Total liabilities and shareholders’ (deficit) equity $ (641,086 ) $ 2,449,954 $ 679,951 $ 25,301 $ (1,397,167 ) $ 1,116,953 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the three months ended June 27, 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 211,534 $ 247,863 $ 1,460 $ — $ 460,857 Cost of sales — 183,257 200,050 798 — 384,105 Selling, general and administrative expenses — 27,969 20,585 483 — 49,037 Amortization of intangible assets — 152 2,177 117 — 2,446 Restructuring and other charges — 1,520 520 — — 2,040 Operating (loss) income — (1,364 ) 24,531 62 — 23,229 Interest expense, net — 25,195 83 — — 25,278 Intercompany interest (income) expense — (277 ) 277 — — — Loss on early extinguishment of debt, net — 126 — — — 126 Other expense (income), net — 499 (43 ) (109 ) — 347 (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (26,907 ) 24,214 171 — (2,522 ) Income tax (benefit) expense — (344 ) 135 106 — (103 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (26,563 ) 24,079 65 — (2,419 ) Equity in (loss) income of subsidiaries (2,405 ) 24,158 65 — (21,818 ) — (Loss) income from continuing operations (2,405 ) (2,405 ) 24,144 65 (21,818 ) (2,419 ) Income from discontinued operations, net of taxes — — 14 — — 14 Net (loss) income (2,405 ) (2,405 ) 24,158 65 (21,818 ) (2,405 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 1,433 91 (371 ) — (1,153 ) — Changes in pension and other employee benefit accounts, net of taxes — 1,342 — — — 1,342 Currency translation adjustment — — 462 (371 ) — 91 Comprehensive (loss) income $ (972 ) $ (972 ) $ 24,249 $ (306 ) $ (22,971 ) $ (972 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the six months ended June 27, 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 435,386 $ 497,327 $ 3,249 $ — $ 935,962 Cost of sales — 374,120 406,542 1,331 — 781,993 Selling, general and administrative expenses — 58,084 42,305 909 — 101,298 Amortization of intangible assets — 304 4,321 228 — 4,853 Restructuring and other charges — 4,967 1,427 — — 6,394 Operating (loss) income — (2,089 ) 42,732 781 — 41,424 Interest expense, net — 50,787 183 — — 50,970 Intercompany interest (income) expense — (551 ) 551 — — — Loss on early extinguishment of debt, net — 559 — — — 559 Other expense (income), net — 793 (582 ) (81 ) — 130 (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (53,677 ) 42,580 862 — (10,235 ) Income tax (benefit) expense — (665 ) 278 218 — (169 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (53,012 ) 42,302 644 — (10,066 ) Equity in (loss) income of subsidiaries (10,084 ) 42,929 644 — (33,489 ) — (Loss) income from continuing operations (10,084 ) (10,083 ) 42,946 644 (33,489 ) (10,066 ) Loss from discontinued operations, net of taxes — (1 ) (17 ) — — (18 ) Net (loss) income (10,084 ) (10,084 ) 42,929 644 (33,489 ) (10,084 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 1,445 (1,239 ) (18 ) — (188 ) — Changes in pension and other employee benefit accounts, net of taxes — 2,684 — — — 2,684 Currency translation adjustment — — (1,221 ) (18 ) — (1,239 ) Comprehensive (loss) income $ (8,639 ) $ (8,639 ) $ 41,690 $ 626 $ (33,677 ) $ (8,639 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 27, 2015 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 444 $ (53,058 ) $ 48,789 $ 2,220 $ — $ (1,605 ) Net cash used in operating activities of discontinued operations — — (24 ) — — (24 ) Net cash provided by (used in) operating activities 444 (53,058 ) 48,765 2,220 — (1,629 ) Cash flows from investing activities: Capital expenditures — (9,922 ) (3,781 ) — — (13,703 ) Proceeds from sale of property, plant and equipment — 586 843 — — 1,429 Net cash used in investing activities — (9,336 ) (2,938 ) — — (12,274 ) Cash flows from financing activities: Payment of financing-related costs and expenses and debt issuance discounts — (1,210 ) — — — (1,210 ) Repayments of other long-term debt — (3,978 ) 1,396 — — (2,582 ) Repayment of 11.5% senior notes due 2017 — (22,720 ) — — — (22,720 ) Purchase and retirement of common stock upon vesting of RSUs (218 ) — — — — (218 ) Proceeds from exercise of stock options 2 — — — — 2 Borrowings under ABL Facility due 2017 — 265,900 — — — 265,900 Repayments under ABL Facility due 2017 — (227,000 ) — — — (227,000 ) Intercompany advances (228 ) 47,312 (46,862 ) (222 ) — — Net cash (used in) provided by financing activities (444 ) 58,304 (45,466 ) (222 ) — 12,172 Effect of exchange rate changes on cash and cash equivalents — — (552 ) (113 ) — (665 ) Net (decrease) increase in cash and cash equivalents — (4,090 ) (191 ) 1,885 — (2,396 ) Cash and cash equivalents at beginning of period — 10,965 844 2,784 — 14,593 Cash and cash equivalents at end of period $ — $ 6,875 $ 653 $ 4,669 $ — $ 12,197 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 27, 2014 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated 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 June 28, 2014 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 227,225 $ 249,377 $ 2,808 $ — $ 479,410 Cost of sales — 194,081 203,786 1,569 — 399,436 Selling, general and administrative expenses — 33,898 21,601 341 — 55,840 Amortization of intangible assets — 185 3,131 133 — 3,449 Restructuring and other charges — 6,517 821 — — 7,338 Operating (loss) income — (7,456 ) 20,038 765 — 13,347 Interest expense, net — 26,519 147 — — 26,666 Intercompany interest (income) expense — (216 ) 216 — — — Loss on early extinguishment of debt, net — 26,480 — — — 26,480 Other expense (income), net — 409 (219 ) 22 — 212 (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (60,648 ) 19,894 743 — (40,011 ) Income tax (benefit) expense — (597 ) (252 ) 139 — (710 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (60,051 ) 20,146 604 — (39,301 ) Equity in (loss) income of subsidiaries (38,637 ) 21,306 604 — 16,727 — (Loss) income from continuing operations (38,637 ) (38,745 ) 20,750 604 16,727 (39,301 ) Income from discontinued operations, net of taxes — 108 556 — — 664 Net (loss) income (38,637 ) (38,637 ) 21,306 604 16,727 (38,637 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 1,125 645 (37 ) — (1,733 ) — Changes in pension and other employee benefit accounts, net of taxes — 480 — — — 480 Currency translation adjustment — — 682 (37 ) — 645 Comprehensive (loss) income $ (37,512 ) $ (37,512 ) $ 21,951 $ 567 $ 14,994 $ (37,512 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the six months ended June 28, 2014 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 468,692 $ 494,554 $ 6,283 $ — $ 969,529 Cost of sales — 404,806 405,330 4,457 — 814,593 Selling, general and administrative expenses — 67,506 43,151 677 — 111,334 Amortization of intangible assets — 370 6,262 266 — 6,898 Restructuring and other charges — 10,448 2,837 — — 13,285 Operating (loss) income — (14,438 ) 36,974 883 — 23,419 Interest expense, net — 54,342 234 — — 54,576 Intercompany interest (income) expense — (486 ) 486 — — — Loss on early extinguishment of debt, net — 26,498 — — — 26,498 Other expense (income), net — 226 (544 ) 21 — (297 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (95,018 ) 36,798 862 — (57,358 ) Income tax (benefit) expense — (988 ) (489 ) 207 — (1,270 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (94,030 ) 37,287 655 — (56,088 ) Equity in (loss) income of subsidiaries (54,471 ) 39,378 655 — 14,438 — (Loss) income from continuing operations (54,471 ) (54,652 ) 37,942 655 14,438 (56,088 ) Income from discontinued operations, net of taxes — 181 1,436 — — 1,617 Net (loss) income (54,471 ) (54,471 ) 39,378 655 14,438 (54,471 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 1,693 733 582 — (3,008 ) — Changes in pension and other employee benefit accounts, net of taxes — 960 — — — 960 Currency translation adjustment — — 151 582 — 733 Comprehensive (loss) income $ (52,778 ) $ (52,778 ) $ 40,111 $ 1,237 $ 11,430 $ (52,778 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 28, 2014 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 1,672 $ (79,382 ) $ 54,411 $ (2,128 ) $ — $ (25,427 ) Net cash used in operating activities of discontinued operations — (730 ) (957 ) — — (1,687 ) Net cash provided by (used in) operating activities 1,672 (80,112 ) 53,454 (2,128 ) — (27,114 ) Cash flows from investing activities: Capital expenditures — (8,424 ) (8,306 ) (47 ) — (16,777 ) Purchase of investment — (2,000 ) — — — (2,000 ) Proceeds from sale of property, plant and equipment — 166 154 — — 320 Net cash used in investing activities of continuing operations — (10,258 ) (8,152 ) (47 ) — (18,457 ) Net cash provided by investing activities of discontinued operations — 1,033 1,163 — — 2,196 Net cash used in investing activities — (9,225 ) (6,989 ) (47 ) — (16,261 ) Cash flows from financing activities: Proceeds from issuance of 6.000% senior secured priority notes due 2019 — 540,000 — — — 540,000 Proceeds from issuance of 8.500% junior secured priority notes due 2022 — 250,000 — — — 250,000 Payment of financing-related costs and expenses and debt issuance discounts — (35,017 ) — — — (35,017 ) Repayments of other long-term debt — (1,500 ) (1,467 ) — — (2,967 ) Purchase and retirement of common stock upon vesting of RSUs (562 ) — — — — (562 ) Repayment of 15% Unsecured Term Loan due 2017 — (10,000 ) — — — (10,000 ) Repayment of Term Loan Facility due 2017 — (329,100 ) — — — (329,100 ) Repayment of 8.875% senior second lien notes due 2018 — (400,000 ) — — — (400,000 ) Borrowings under ABL Facility due 2017 — 287,900 — — — 287,900 Repayments under ABL Facility due 2017 — (258,900 ) — — — (258,900 ) Intercompany advances (1,110 ) 43,802 (44,766 ) 2,074 — — Net cash (used in) provided by financing activities (1,672 ) 87,185 (46,233 ) 2,074 — 41,354 Effect of exchange rate changes on cash and cash equivalents — — 4 16 — 20 Net increase (decrease) in cash and cash equivalents — (2,152 ) 236 (85 ) — (2,001 ) Cash and cash equivalents at beginning of period — 9,504 — 1,825 — 11,329 Cash and cash equivalents at end of period $ — $ 7,352 $ 236 $ 1,740 $ — $ 9,328 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 27, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event As previously disclosed, on July 21, 2015, the Company dismissed Grant Thornton LLP ("GT") as the Company’s registered public accounting firm, effective immediately, due to GT’s determination that it was not independent of the Company with respect to the first two quarters of 2015, and not for any reason related to the Company’s financial reporting or accounting operations, policies or practices. GT concluded that it was not independent solely as a result of inadvertent "scope creep" by an employee of GT in its work for the Company regarding a non-material tax matter. In particular, the GT employee appeared on behalf of the Company at an administrative hearing on the matter, took action on the matter without required authorization from the Company and otherwise acted in excess of actual authorization, thus impairing GT’s independence. The decision to dismiss GT was approved by the Company’s Audit Committee of the Board of Directors (the "Audit Committee"). The Audit Committee determined that GT was not independent of the Company with respect to the first two quarters of 2015, but only after the filing of the Company’s 2014 Form 10-K, which remains unaffected by the subsequent independence violation. The Audit Committee has commenced the process of selecting a new independent accounting firm. The Company expects that the new firm will be engaged to complete a re-review of the first quarter of 2015. The Company will devote all necessary resources to facilitate the new firm’s completion of its work on an expedited basis. There can be no assurance that the new firm will reach the same conclusions as GT regarding the application of accounting standards, management estimates or other factors affecting the Company’s financial statements. GT has confirmed that its impaired independence is unrelated to the Company’s financial statements, its accounting practices, the integrity of the Company’s management or for any other matter relating to the Company. As a result of GT’s impaired independence, the unaudited interim financial information as presented in the Company’s Q1 10-Q has not been reviewed by an outside independent registered public accounting firm as required by the rules of the SEC. As a result, the Q1 10-Q is considered deficient and the Company continues not to be timely or current in its filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). While the Q1 10-Q does not comply with the requirements of Regulation S-X and should not be interpreted to be a substitute for the review that would normally occur by the Company’s independent registered public accounting firm, the Company’s Audit Committee and management believe that the interim financial information presented in the Q1 10-Q fairly presents in all material respects the financial condition and results of operations of the Company as of the end of and for the applicable quarter. Except for the absence of this review of the unaudited interim financial information discussed above, the Company believes that the Q1 10-Q fully complies with the requirements of the Exchange Act. As with the Q1 10-Q as described above, the unaudited interim financial information presented in this Form 10-Q has not been reviewed by an outside independent registered public accounting firm as required by SEC rules. While this Form 10-Q, like the Q1 10-Q, does not comply with the requirements of Regulation S-X, the Company’s Audit Committee and management believe that the interim financial information presented in this Form 10-Q fairly presents in all material respects the financial position of the Company as of June 27, 2015 , and the results of operations for the three and six months ended June 27, 2015 , and June 28, 2014 , and cash flows for the six months ended June 27, 2015 , and June 28, 2014 . Except for the absence, for the reasons discussed above, of a review by an independent registered public accounting firm of the second quarter unaudited interim financial information, the Company believes that this Form 10-Q fully complies with the requirements of the Exchange Act. The Chief Executive Officer and Chief Financial Officer of the Company believe, to the best of their knowledge, that the unaudited interim financial information presented in the Q1 10-Q and this Form 10-Q accurately portrays the financial condition of the Company for the applicable quarters. To that end, they provided the certifications under SOX Section 302. The SOX Section 906 certification by the officers, however was withdrawn from the Q1 10-Q and has been omitted from this Form 10-Q only as a result of GT’s independence violation as described above. The unaudited interim financial information presented in the Q1 10-Q was not, and the information presented in this Form 10-Q has not been, reviewed by an independent registered public accountant under PCAOB AU 722, Interim Financial Information ("PCAOB AU 722"). The Company believes that the Q1 10-Q and this Form 10-Q otherwise meet all of the qualifications of the Exchange Act and the rules and regulations thereunder governing the preparation and filing of periodic reports as referenced in the applicable certifications. Before the Company’s officers can make a SOX Section 906 certification, the Company’s new independent accounting firm must complete its reviews of the unaudited interim financial information presented in the Q1 10-Q and this Form 10-Q under PCAOB AU 722, as required by SEC rules. Once that firm completes its PCAOB AU 722 reviews of this unaudited interim financial information for the first two quarters of 2015, the Company will file amendments to such filings with the SOX Section 906 certifications as soon as practicable. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 27, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited and unreviewed 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 June 27, 2015 , and the results of operations for the three and six months ended June 27, 2015 , and June 28, 2014 , and cash flows for the six months ended June 27, 2015 , and June 28, 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 and six months ended June 27, 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. |
Fiscal period | The reporting periods for the three and six months ended June 27, 2015 , and June 28, 2014 , each consisted of 13 weeks and 26 weeks, respectively. |
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 ASU 2014-08 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, 2017 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 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 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 June 27, 2015 , the Company had $19.4 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) | 6 Months Ended |
Jun. 27, 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) | 6 Months Ended |
Jun. 27, 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 June 27, 2015 , and December 27, 2014 (in thousands): June 27, December 27, Prepaid and other current assets $ 37 $ 8 Assets of discontinued operations - current 37 8 Accrued compensation and related liabilities 104 70 Liabilities of discontinued operations - current 104 70 Net assets $ (67 ) $ (62 ) The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): For the Three Months Ended For the Six Months Ended June 27, June 28, June 27, June 28, Income (loss) from discontinued operations before income taxes $ 3 $ (82 ) $ (29 ) $ 94 Income tax (benefit) expense on discontinued operations (11 ) (32 ) (11 ) 36 Gain on sale of discontinued operations (1) — 714 — 1,559 Income (loss) from discontinued operations, net of taxes $ 14 $ 664 $ (18 ) $ 1,617 Income (loss) per share - basic $ — $ 0.01 $ — $ 0.02 Income (loss) per share - diluted $ — $ 0.01 $ — $ 0.02 __________________________ (1) The gain on the sale of discontinued operations is shown net of taxes of $0.5 million for the three months ended June 28, 2014 and $1.0 million for the six months ended June 28, 2014 . |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories by major category are as follows (in thousands): June 27, December 27, Raw materials $ 47,368 $ 45,341 Work in process 18,562 19,649 Finished goods 76,727 72,020 $ 142,657 $ 137,010 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment are as follows (in thousands): June 27, December 27, Land and land improvements $ 13,982 $ 13,982 Buildings and building improvements 103,029 101,407 Machinery and equipment 618,312 623,619 Furniture and fixtures 9,580 10,086 Construction in progress 17,565 13,154 762,468 762,248 Accumulated depreciation (491,526 ) (479,840 ) $ 270,942 $ 282,408 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill as of June 27, 2015 , by reportable segment are as follows (in thousands): Envelope Print Label and Packaging Total Balance as of December 27, 2014 $ 23,433 $ 45,432 $ 116,984 $ 185,849 Foreign currency translation — (6 ) (291 ) (297 ) Balance as of June 27, 2015 $ 23,433 $ 45,426 $ 116,693 $ 185,552 |
Schedule of intangible assets | Other intangible assets are as follows (in thousands): June 27, 2015 December 27, 2014 Weighted Average Remaining Amortization Period (Years) Gross Accumulated Impairment Charges Accumulated Net Gross Accumulated Impairment Charges Accumulated Net Intangible assets with definite lives: Customer relationships 8 $ 144,663 $ (27,234 ) $ (66,510 ) $ 50,919 $ 144,732 $ (27,234 ) $ (62,202 ) $ 55,296 Trademarks and trade names 21 77,749 (55,367 ) (9,728 ) 12,654 77,750 (55,367 ) (9,383 ) 13,000 Leasehold interest 18 4,430 — (404 ) 4,026 4,430 — (291 ) 4,139 Patents 11 3,528 — (3,175 ) 353 3,528 — (3,159 ) 369 Subtotal 11 230,370 (82,601 ) (79,817 ) 67,952 230,440 (82,601 ) (75,035 ) 72,804 Intangible assets with indefinite lives: Trademarks 84,900 — — 84,900 84,900 — — 84,900 Total $ 315,270 $ (82,601 ) $ (79,817 ) $ 152,852 $ 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 Remainder of 2015 $ 4,801 2016 7,879 2017 7,438 2018 7,156 2019 6,949 2020 6,763 Thereafter 26,966 Total $ 67,952 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt is as follows (in thousands): June 27, December 27, ABL Facility due 2017 $ 173,600 $ 134,700 8.500% junior priority secured notes due 2022 ($248.0 million outstanding principal amount as of June 27, 2015, and December 27, 2014) 245,505 245,384 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of June 27, 2015, and December 27, 2014) 535,063 534,552 11.5% senior notes due 2017 ($199.7 million and $222.3 million outstanding principal amount as of June 27, 2015, and December 27, 2014, respectively) 196,493 218,011 7% senior exchangeable notes due 2017 83,250 83,250 Other debt including capital leases 18,338 18,442 1,252,249 1,234,339 Less current maturities (4,466 ) (4,355 ) Long-term debt $ 1,247,783 $ 1,229,984 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 27, 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 For the Six Months Ended June 27, June 28, June 27, June 28, Service cost $ — $ — $ 1 $ 1 Interest cost 3,524 3,707 7,048 7,413 Expected return on plan assets (5,226 ) (5,206 ) (10,452 ) (10,412 ) Net amortization and deferral — — — — Recognized net actuarial loss 2,156 794 4,312 1,587 Net periodic expense (benefit) $ 454 $ (705 ) $ 909 $ (1,411 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 27, 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 six months ended June 27, 2015 , is as follows: Options Weighted Weighted Aggregate Outstanding at December 27, 2014 1,670,500 $ 5.18 1.4 $ 29 Granted 685,500 2.38 Exercised — — $ — Forfeited/expired (159,125 ) 4.68 Outstanding at June 27, 2015 2,196,875 $ 4.32 2.5 $ 17 Exercisable at June 27, 2015 1,434,125 $ 5.37 0.8 $ 9 |
Schedule of stock option fair value assumptions | The weighted average grant date fair value of stock options granted during the six months ended June 27, 2015 , were at exercise prices equal to the market price of the stock on the grant dates, as calculated under the Black-Scholes model with the weighted average assumptions as follows: June 27, Weighted average fair value of option grants during the year $ 0.86 Assumptions: Expected option life in years 4.25 Risk-free interest rate 1.24 % Expected volatility 43.0 % Expected dividend yield 0.0 % |
Schedule of nonvested restricted share units | RSUs A summary of the Company’s non-vested restricted share units ("RSUs") as of and for the six months ended June 27, 2015 , is as follows: RSUs Weighted Average Unvested at December 27, 2014 512,861 $ 3.22 Granted 695,944 2.38 Vested (326,861 ) 3.92 Forfeited (6,250 ) 2.21 Unvested at June 27, 2015 875,694 $ 2.30 |
Schedule of nonvested performance share units | PSUs A summary of the Company's non-vested performance share units ("PSUs") as of and for the six months ended June 27, 2015 is as follows: PSUs Weighted Average Unvested at December 27, 2014 — $ — Granted 590,000 2.38 Vested — — Forfeited — — Unvested at June 27, 2015 590,000 $ 2.38 |
Restructuring and Other Charg32
Restructuring and Other Charges (Tables) | 6 Months Ended |
Jun. 27, 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 June 27, 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2015 Plan $ 86 $ — $ — $ — $ — $ — $ 86 Residual Plans — — — — 42 17 59 Acquisition Integration Plans 6 — 20 11 — 163 200 Total Envelope 92 — 20 11 42 180 345 Print 2015 Plan 152 — — — — — 152 2014 Plan (9 ) — 22 — — 379 392 Residual Plans — 65 — 33 156 32 286 Total Print 143 65 22 33 156 411 830 Label and Packaging 2015 Plan 90 — 17 — — 28 135 2014 Plan (12 ) — — — — — (12 ) Total Label and Packaging 78 — 17 — — 28 123 Corporate 2015 Plan 718 — — — — 24 742 Total Corporate 718 — — — — 24 742 Total Restructuring and Other Charges $ 1,031 $ 65 $ 59 $ 44 $ 198 $ 643 $ 2,040 Restructuring and other charges for the six months ended June 27, 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2015 Plan $ 86 $ — $ — $ — $ — $ — $ 86 2014 Plan 270 — — — — — 270 Residual Plans — — — (22 ) 82 57 117 Acquisition Integration Plans 45 1,895 28 286 — 410 2,664 Total Envelope 401 1,895 28 264 82 467 3,137 Print 2015 Plan 212 — — — — — 212 2014 Plan 116 116 35 — — 942 1,209 Residual Plans (54 ) 65 — 91 288 56 446 Total Print 274 181 35 91 288 998 1,867 Label and Packaging 2015 Plan 240 — 17 — — 28 285 2014 Plan 261 — — — — — 261 Total Label and Packaging 501 — 17 — — 28 546 Corporate 2015 Plan 806 — — — — 24 830 Residual Plans — — — — — 14 14 Total Corporate 806 — — — — 38 844 Total Restructuring and Other Charges $ 1,982 $ 2,076 $ 80 $ 355 $ 370 $ 1,531 $ 6,394 2014 Activity Restructuring and other charges for the three months ended June 28, 2014 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2014 Plan $ 81 $ — $ — $ — $ — $ — $ 81 Residual Plans — — — — 34 39 73 Acquisition Integration Plans 1,632 1,613 982 214 — 1,023 5,464 Total Envelope 1,713 1,613 982 214 34 1,062 5,618 Print 2014 Plan 145 — — — — 101 246 Residual Plans (89 ) (19 ) (1 ) 215 122 124 352 Total Print 56 (19 ) (1 ) 215 122 225 598 Label and Packaging 2014 Plan 321 — — — — — 321 Residual Plans 1 — — 14 — — 15 Total Label and Packaging 322 — — 14 — — 336 Corporate 2014 Plan 769 — — — — 17 786 Total Corporate 769 — — — — 17 786 Total Restructuring and Other Charges $ 2,860 $ 1,594 $ 981 $ 443 $ 156 $ 1,304 $ 7,338 Restructuring and other charges for the six months ended June 28, 2014 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2014 Plan $ 81 $ — $ — $ — $ — $ — $ 81 Residual Plans (1 ) — — (198 ) 66 55 (78 ) Acquisition Integration Plans 1,725 2,214 1,618 1,604 — 1,471 8,632 Total Envelope 1,805 2,214 1,618 1,406 66 1,526 8,635 Print 2014 Plan 152 — — — — 101 253 Residual Plans 299 (41 ) — 292 838 963 2,351 Total Print 451 (41 ) — 292 838 1,064 2,604 Label and Packaging 2014 Plan 572 — — — — — 572 Residual Plans 27 — — 28 — — 55 Total Label and Packaging 599 — — 28 — — 627 Corporate 2014 Plan 1,373 — — — — 46 1,419 Total Corporate 1,373 — — — — 46 1,419 Total Restructuring and Other Charges $ 4,228 $ 2,173 $ 1,618 $ 1,726 $ 904 $ 2,636 $ 13,285 |
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 2015 Plan Balance as of December 27, 2014 $ — $ — $ — $ — $ — Accruals, net 1,344 — — 69 1,413 Payments (794 ) — — (69 ) (863 ) Balance as of June 27, 2015 $ 550 $ — $ — $ — $ 550 2014 Plan Balance as of December 27, 2014 $ 1,506 $ — $ — $ — $ 1,506 Accruals, net 647 — — 977 1,624 Payments (1,878 ) — — (977 ) (2,855 ) Balance as of June 27, 2015 $ 275 $ — $ — $ — $ 275 Residual Plans Balance as of December 27, 2014 $ 54 $ 677 $ 18,700 $ — $ 19,431 Accruals, net (54 ) 69 370 127 512 Payments — (231 ) (1,699 ) (127 ) (2,057 ) Balance as of June 27, 2015 $ — $ 515 $ 17,371 $ — $ 17,886 Acquisition Integration Plans Balance as of December 27, 2014 $ 77 $ 1,136 $ — $ — $ 1,213 Accruals, net 45 286 — 438 769 Payments (110 ) (818 ) — (438 ) (1,366 ) Balance as of June 27, 2015 $ 12 $ 604 $ — $ — $ 616 Total Restructuring Liability $ 837 $ 1,119 $ 17,371 $ — $ 19,327 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 27, 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 (1,239 ) — (1,239 ) Amounts reclassified from AOCI — 2,684 2,684 Other comprehensive (loss) income (1,239 ) 2,684 1,445 Balance as of June 27, 2015 $ (4,144 ) $ (92,608 ) $ (96,752 ) |
Schedule of reclassifications from AOCI | Reclassifications from AOCI AOCI Components (in thousands) Amounts Reclassified from AOCI Amounts Reclassified from AOCI Income Statement Line Item For the Three Months Ended For the Six Months Ended June 27, June 28, June 27, June 28, Changes in pension and other employee benefit accounts: Net actuarial losses $ 2,156 $ 794 $ 4,312 $ 1,587 Selling, general and administrative expenses 2,156 794 4,312 1,587 Total before tax Taxes (814 ) (314 ) (1,628 ) (627 ) Income tax benefit Total reclassifications for the period $ 1,342 $ 480 $ 2,684 $ 960 Net of tax |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 27, 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 and six months ended June 27, 2015 , and June 28, 2014 (in thousands, except per share data): For the Three Months Ended For the Six Months Ended June 27, June 28, June 27, June 28, Numerator for basic and diluted (loss) income per share: Loss from continuing operations $ (2,419 ) $ (39,301 ) $ (10,066 ) $ (56,088 ) Income (loss) from discontinued operations, net of taxes 14 664 (18 ) 1,617 Net loss $ (2,405 ) $ (38,637 ) $ (10,084 ) $ (54,471 ) Denominator for weighted average common shares outstanding: Basic shares 67,831 66,496 67,789 66,416 Dilutive effect of 7% Notes — — — — Dilutive effect of Equity Awards — — — — Diluted shares 67,831 66,496 67,789 66,416 (Loss) income per share – basic: Continuing operations $ (0.04 ) $ (0.59 ) $ (0.15 ) $ (0.84 ) Discontinued operations — 0.01 — 0.02 Net loss $ (0.04 ) $ (0.58 ) $ (0.15 ) $ (0.82 ) (Loss) income per share – diluted: Continuing operations $ (0.04 ) $ (0.59 ) $ (0.15 ) $ (0.84 ) Discontinued operations — 0.01 — 0.02 Net loss $ (0.04 ) $ (0.58 ) $ (0.15 ) $ (0.82 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Segment Reporting [Abstract] | |
Segment information | The following tables present certain segment information (in thousands): For the Three Months Ended For the Six Months Ended June 27, June 28, June 27, June 28, Net sales: Envelope $ 218,139 $ 229,593 $ 445,549 $ 471,264 Print 121,518 124,986 249,684 253,383 Label and Packaging 121,200 124,831 240,729 244,882 Total $ 460,857 $ 479,410 $ 935,962 $ 969,529 Operating income (loss): Envelope $ 16,711 $ 9,332 $ 31,551 $ 19,138 Print 3,755 4,741 6,128 5,981 Label and Packaging 11,956 11,048 21,361 21,241 Corporate (9,193 ) (11,774 ) (17,616 ) (22,941 ) Total $ 23,229 $ 13,347 $ 41,424 $ 23,419 Restructuring and other charges: Envelope $ 345 $ 5,618 $ 3,137 $ 8,635 Print 830 598 1,867 2,604 Label and Packaging 123 336 546 627 Corporate 742 786 844 1,419 Total $ 2,040 $ 7,338 $ 6,394 $ 13,285 Depreciation and intangible asset amortization: Envelope $ 4,930 $ 5,134 $ 9,833 $ 10,288 Print 4,391 6,052 8,843 11,752 Label and Packaging 4,682 4,413 9,045 8,290 Corporate 765 1,200 1,735 2,530 Total $ 14,768 $ 16,799 $ 29,456 $ 32,860 Net sales by product line: Envelope $ 218,139 $ 229,593 $ 445,549 $ 471,264 Print 121,518 124,986 249,684 253,383 Label 80,675 82,475 160,842 161,161 Packaging 40,525 42,356 79,887 83,721 Total $ 460,857 $ 479,410 $ 935,962 $ 969,529 Intercompany sales: Envelope $ 1,331 $ 1,227 $ 3,143 $ 2,759 Print 4,139 6,525 8,003 7,712 Label and Packaging 2,374 1,946 4,713 4,123 Total $ 7,844 $ 9,698 $ 15,859 $ 14,594 June 27, December 27, Total assets: Envelope $ 429,186 $ 449,819 Print 278,700 291,892 Label and Packaging 355,212 355,325 Corporate 53,855 60,855 Total $ 1,116,953 $ 1,157,891 |
Condensed Consolidating Finan36
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 27, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET June 27, 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 6,875 $ 653 $ 4,669 $ — $ 12,197 Accounts receivable, net — 111,945 145,767 2,149 — 259,861 Inventories — 75,531 65,795 1,331 — 142,657 Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 39,758 5,061 2,437 — 47,256 Assets of discontinued operations - current — — 37 — — 37 Total current assets — 271,047 220,558 10,586 (40,183 ) 462,008 Investment in subsidiaries (641,086 ) 1,986,007 4,234 7,829 (1,356,984 ) — Property, plant and equipment, net — 117,103 153,276 563 — 270,942 Goodwill — 25,540 154,827 5,185 — 185,552 Other intangible assets, net — 9,774 142,424 654 — 152,852 Other assets, net — 40,483 4,632 484 — 45,599 Total assets $ (641,086 ) $ 2,449,954 $ 679,951 $ 25,301 $ (1,397,167 ) $ 1,116,953 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 3,000 $ 1,466 $ — $ — $ 4,466 Accounts payable — 119,952 86,389 391 — 206,732 Accrued compensation and related liabilities — 24,804 5,834 629 — 31,267 Other current liabilities — 61,686 15,915 819 — 78,420 Liabilities of discontinued operations - current — — 104 — — 104 Intercompany payable (receivable) — 1,486,799 (1,496,281 ) 9,482 — — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,696,241 (1,349,635 ) 14,566 (40,183 ) 320,989 Long-term debt — 1,243,911 3,872 — — 1,247,783 Other liabilities — 150,888 39,707 (1,328 ) — 189,267 Shareholders’ (deficit) equity (641,086 ) (641,086 ) 1,986,007 12,063 (1,356,984 ) (641,086 ) Total liabilities and shareholders’ (deficit) equity $ (641,086 ) $ 2,449,954 $ 679,951 $ 25,301 $ (1,397,167 ) $ 1,116,953 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 27, 2014 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated 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 June 27, 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 211,534 $ 247,863 $ 1,460 $ — $ 460,857 Cost of sales — 183,257 200,050 798 — 384,105 Selling, general and administrative expenses — 27,969 20,585 483 — 49,037 Amortization of intangible assets — 152 2,177 117 — 2,446 Restructuring and other charges — 1,520 520 — — 2,040 Operating (loss) income — (1,364 ) 24,531 62 — 23,229 Interest expense, net — 25,195 83 — — 25,278 Intercompany interest (income) expense — (277 ) 277 — — — Loss on early extinguishment of debt, net — 126 — — — 126 Other expense (income), net — 499 (43 ) (109 ) — 347 (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (26,907 ) 24,214 171 — (2,522 ) Income tax (benefit) expense — (344 ) 135 106 — (103 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (26,563 ) 24,079 65 — (2,419 ) Equity in (loss) income of subsidiaries (2,405 ) 24,158 65 — (21,818 ) — (Loss) income from continuing operations (2,405 ) (2,405 ) 24,144 65 (21,818 ) (2,419 ) Income from discontinued operations, net of taxes — — 14 — — 14 Net (loss) income (2,405 ) (2,405 ) 24,158 65 (21,818 ) (2,405 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 1,433 91 (371 ) — (1,153 ) — Changes in pension and other employee benefit accounts, net of taxes — 1,342 — — — 1,342 Currency translation adjustment — — 462 (371 ) — 91 Comprehensive (loss) income $ (972 ) $ (972 ) $ 24,249 $ (306 ) $ (22,971 ) $ (972 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the six months ended June 27, 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 435,386 $ 497,327 $ 3,249 $ — $ 935,962 Cost of sales — 374,120 406,542 1,331 — 781,993 Selling, general and administrative expenses — 58,084 42,305 909 — 101,298 Amortization of intangible assets — 304 4,321 228 — 4,853 Restructuring and other charges — 4,967 1,427 — — 6,394 Operating (loss) income — (2,089 ) 42,732 781 — 41,424 Interest expense, net — 50,787 183 — — 50,970 Intercompany interest (income) expense — (551 ) 551 — — — Loss on early extinguishment of debt, net — 559 — — — 559 Other expense (income), net — 793 (582 ) (81 ) — 130 (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (53,677 ) 42,580 862 — (10,235 ) Income tax (benefit) expense — (665 ) 278 218 — (169 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (53,012 ) 42,302 644 — (10,066 ) Equity in (loss) income of subsidiaries (10,084 ) 42,929 644 — (33,489 ) — (Loss) income from continuing operations (10,084 ) (10,083 ) 42,946 644 (33,489 ) (10,066 ) Loss from discontinued operations, net of taxes — (1 ) (17 ) — — (18 ) Net (loss) income (10,084 ) (10,084 ) 42,929 644 (33,489 ) (10,084 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 1,445 (1,239 ) (18 ) — (188 ) — Changes in pension and other employee benefit accounts, net of taxes — 2,684 — — — 2,684 Currency translation adjustment — — (1,221 ) (18 ) — (1,239 ) Comprehensive (loss) income $ (8,639 ) $ (8,639 ) $ 41,690 $ 626 $ (33,677 ) $ (8,639 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the three months ended June 28, 2014 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 227,225 $ 249,377 $ 2,808 $ — $ 479,410 Cost of sales — 194,081 203,786 1,569 — 399,436 Selling, general and administrative expenses — 33,898 21,601 341 — 55,840 Amortization of intangible assets — 185 3,131 133 — 3,449 Restructuring and other charges — 6,517 821 — — 7,338 Operating (loss) income — (7,456 ) 20,038 765 — 13,347 Interest expense, net — 26,519 147 — — 26,666 Intercompany interest (income) expense — (216 ) 216 — — — Loss on early extinguishment of debt, net — 26,480 — — — 26,480 Other expense (income), net — 409 (219 ) 22 — 212 (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (60,648 ) 19,894 743 — (40,011 ) Income tax (benefit) expense — (597 ) (252 ) 139 — (710 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (60,051 ) 20,146 604 — (39,301 ) Equity in (loss) income of subsidiaries (38,637 ) 21,306 604 — 16,727 — (Loss) income from continuing operations (38,637 ) (38,745 ) 20,750 604 16,727 (39,301 ) Income from discontinued operations, net of taxes — 108 556 — — 664 Net (loss) income (38,637 ) (38,637 ) 21,306 604 16,727 (38,637 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 1,125 645 (37 ) — (1,733 ) — Changes in pension and other employee benefit accounts, net of taxes — 480 — — — 480 Currency translation adjustment — — 682 (37 ) — 645 Comprehensive (loss) income $ (37,512 ) $ (37,512 ) $ 21,951 $ 567 $ 14,994 $ (37,512 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the six months ended June 28, 2014 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 468,692 $ 494,554 $ 6,283 $ — $ 969,529 Cost of sales — 404,806 405,330 4,457 — 814,593 Selling, general and administrative expenses — 67,506 43,151 677 — 111,334 Amortization of intangible assets — 370 6,262 266 — 6,898 Restructuring and other charges — 10,448 2,837 — — 13,285 Operating (loss) income — (14,438 ) 36,974 883 — 23,419 Interest expense, net — 54,342 234 — — 54,576 Intercompany interest (income) expense — (486 ) 486 — — — Loss on early extinguishment of debt, net — 26,498 — — — 26,498 Other expense (income), net — 226 (544 ) 21 — (297 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (95,018 ) 36,798 862 — (57,358 ) Income tax (benefit) expense — (988 ) (489 ) 207 — (1,270 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (94,030 ) 37,287 655 — (56,088 ) Equity in (loss) income of subsidiaries (54,471 ) 39,378 655 — 14,438 — (Loss) income from continuing operations (54,471 ) (54,652 ) 37,942 655 14,438 (56,088 ) Income from discontinued operations, net of taxes — 181 1,436 — — 1,617 Net (loss) income (54,471 ) (54,471 ) 39,378 655 14,438 (54,471 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 1,693 733 582 — (3,008 ) — Changes in pension and other employee benefit accounts, net of taxes — 960 — — — 960 Currency translation adjustment — — 151 582 — 733 Comprehensive (loss) income $ (52,778 ) $ (52,778 ) $ 40,111 $ 1,237 $ 11,430 $ (52,778 ) |
Schedule of Condensed Consolidating Statement of Cash Flows | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 27, 2015 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 444 $ (53,058 ) $ 48,789 $ 2,220 $ — $ (1,605 ) Net cash used in operating activities of discontinued operations — — (24 ) — — (24 ) Net cash provided by (used in) operating activities 444 (53,058 ) 48,765 2,220 — (1,629 ) Cash flows from investing activities: Capital expenditures — (9,922 ) (3,781 ) — — (13,703 ) Proceeds from sale of property, plant and equipment — 586 843 — — 1,429 Net cash used in investing activities — (9,336 ) (2,938 ) — — (12,274 ) Cash flows from financing activities: Payment of financing-related costs and expenses and debt issuance discounts — (1,210 ) — — — (1,210 ) Repayments of other long-term debt — (3,978 ) 1,396 — — (2,582 ) Repayment of 11.5% senior notes due 2017 — (22,720 ) — — — (22,720 ) Purchase and retirement of common stock upon vesting of RSUs (218 ) — — — — (218 ) Proceeds from exercise of stock options 2 — — — — 2 Borrowings under ABL Facility due 2017 — 265,900 — — — 265,900 Repayments under ABL Facility due 2017 — (227,000 ) — — — (227,000 ) Intercompany advances (228 ) 47,312 (46,862 ) (222 ) — — Net cash (used in) provided by financing activities (444 ) 58,304 (45,466 ) (222 ) — 12,172 Effect of exchange rate changes on cash and cash equivalents — — (552 ) (113 ) — (665 ) Net (decrease) increase in cash and cash equivalents — (4,090 ) (191 ) 1,885 — (2,396 ) Cash and cash equivalents at beginning of period — 10,965 844 2,784 — 14,593 Cash and cash equivalents at end of period $ — $ 6,875 $ 653 $ 4,669 $ — $ 12,197 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 28, 2014 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 1,672 $ (79,382 ) $ 54,411 $ (2,128 ) $ — $ (25,427 ) Net cash used in operating activities of discontinued operations — (730 ) (957 ) — — (1,687 ) Net cash provided by (used in) operating activities 1,672 (80,112 ) 53,454 (2,128 ) — (27,114 ) Cash flows from investing activities: Capital expenditures — (8,424 ) (8,306 ) (47 ) — (16,777 ) Purchase of investment — (2,000 ) — — — (2,000 ) Proceeds from sale of property, plant and equipment — 166 154 — — 320 Net cash used in investing activities of continuing operations — (10,258 ) (8,152 ) (47 ) — (18,457 ) Net cash provided by investing activities of discontinued operations — 1,033 1,163 — — 2,196 Net cash used in investing activities — (9,225 ) (6,989 ) (47 ) — (16,261 ) Cash flows from financing activities: Proceeds from issuance of 6.000% senior secured priority notes due 2019 — 540,000 — — — 540,000 Proceeds from issuance of 8.500% junior secured priority notes due 2022 — 250,000 — — — 250,000 Payment of financing-related costs and expenses and debt issuance discounts — (35,017 ) — — — (35,017 ) Repayments of other long-term debt — (1,500 ) (1,467 ) — — (2,967 ) Purchase and retirement of common stock upon vesting of RSUs (562 ) — — — — (562 ) Repayment of 15% Unsecured Term Loan due 2017 — (10,000 ) — — — (10,000 ) Repayment of Term Loan Facility due 2017 — (329,100 ) — — — (329,100 ) Repayment of 8.875% senior second lien notes due 2018 — (400,000 ) — — — (400,000 ) Borrowings under ABL Facility due 2017 — 287,900 — — — 287,900 Repayments under ABL Facility due 2017 — (258,900 ) — — — (258,900 ) Intercompany advances (1,110 ) 43,802 (44,766 ) 2,074 — — Net cash (used in) provided by financing activities (1,672 ) 87,185 (46,233 ) 2,074 — 41,354 Effect of exchange rate changes on cash and cash equivalents — — 4 16 — 20 Net increase (decrease) in cash and cash equivalents — (2,152 ) 236 (85 ) — (2,001 ) Cash and cash equivalents at beginning of period — 9,504 — 1,825 — 11,329 Cash and cash equivalents at end of period $ — $ 7,352 $ 236 $ 1,740 $ — $ 9,328 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) $ in Millions | Jun. 27, 2015USD ($) |
Accounting Policies [Abstract] | |
Unamortized debt issuance costs | $ 19.4 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Sep. 16, 2013USD ($)employee | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) | Jun. 27, 2015USD ($) | Jun. 28, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Acquisition related costs | $ 100 | $ 1,100 | $ 300 | $ 3,100 | |
National Envelope Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of employees (employee) | employee | 1,600 | ||||
Acquisition purchase price | $ 34,062 | ||||
Acquistion purchase price, company common stock | 6,000 | ||||
Gain on bargain purchase | 17,262 | ||||
Gain on bargain purchase, tax expense | 6,800 | ||||
Finite-lived intangible assets | 4,430 | ||||
Leasehold interests [Member] | National Envelope Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 4,400 | ||||
Intangible asset, useful life (years) | 20 years |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation of National Envelope) (Details) - Sep. 16, 2013 - National Envelope Acquisition [Member] - USD ($) $ in Thousands | Total |
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 ($) $ in Millions | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 27, 2015 | Jun. 28, 2014 | Dec. 28, 2013 | |
Discontinued Operations [Line Items] | |||
Proceeds from the sales of discontinued operations | $ 2.2 | $ 47 | |
Gain on sale of discontinued operations | $ 16.5 | $ 14.9 |
Discontinued Operations (Compon
Discontinued Operations (Components of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Dec. 27, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Prepaid and other current assets | $ 37 | $ 8 |
Assets of discontinued operations - current | 37 | 8 |
Accrued compensation and related liabilities | 104 | 70 |
Liabilities of discontinued operations - current | 104 | 70 |
Net assets | $ (67) | $ (62) |
Discontinued Operations (Statem
Discontinued Operations (Statement of Operations Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Income (loss) from discontinued operations before income taxes | $ 3 | $ (82) | $ (29) | $ 94 |
Income tax (benefit) expense on discontinued operations | (11) | (32) | (11) | 36 |
Gain on sale of discontinued operations | 0 | 714 | 0 | 1,559 |
Gain on sale of discontinued operations, tax expense | 500 | 1,000 | ||
Income (loss) from discontinued operations, net of taxes | $ 14 | $ 664 | $ (18) | $ 1,617 |
Discontinued operations per share - basic | $ 0 | $ 0.01 | $ 0 | $ 0.02 |
Discontinued operations per share - diluted | $ 0 | $ 0.01 | $ 0 | $ 0.02 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Dec. 27, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 47,368 | $ 45,341 |
Work in process | 18,562 | 19,649 |
Finished goods | 76,727 | 72,020 |
Inventories | $ 142,657 | $ 137,010 |
Property, Plant and Equipment44
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Dec. 27, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 762,468 | $ 762,248 |
Accumulated depreciation | (491,526) | (479,840) |
Property, plant and equipment, net | 270,942 | 282,408 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,982 | 13,982 |
Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 103,029 | 101,407 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 618,312 | 623,619 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,580 | 10,086 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 17,565 | $ 13,154 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Goodwill by Reportable Segment) (Details) $ in Thousands | 6 Months Ended |
Jun. 27, 2015USD ($) | |
Goodwill [Roll Forward] | |
Balance as of the year ended | $ 185,849 |
Foreign currency translation | (297) |
Balance as of the period ended | 185,552 |
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 | (6) |
Balance as of the period ended | 45,426 |
Label and Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 116,984 |
Foreign currency translation | (291) |
Balance as of the period ended | $ 116,693 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 27, 2015 | Dec. 27, 2014 | |
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 11 years | |
Gross Carrying Amount | $ 230,370 | $ 230,440 |
Accumulated Impairment Charges | (82,601) | (82,601) |
Accumulated Amortization | (79,817) | (75,035) |
Total Net Carrying Amount | 67,952 | 72,804 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 315,270 | 315,340 |
Accumulated Impairment Charges | (82,601) | (82,601) |
Accumulated Amortization | (79,817) | (75,035) |
Net Carrying Amount | 152,852 | 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 | $ 144,663 | 144,732 |
Accumulated Impairment Charges | (27,234) | (27,234) |
Accumulated Amortization | (66,510) | (62,202) |
Total Net Carrying Amount | $ 50,919 | 55,296 |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 21 years | |
Gross Carrying Amount | $ 77,749 | 77,750 |
Accumulated Impairment Charges | (55,367) | (55,367) |
Accumulated Amortization | (9,728) | (9,383) |
Total Net Carrying Amount | $ 12,654 | 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 | (404) | (291) |
Total Net Carrying Amount | $ 4,026 | 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 | (3,175) | (3,159) |
Total Net Carrying Amount | $ 353 | $ 369 |
Goodwill and Other Intangible47
Goodwill and Other Intangible Assets (Schedule of Future Annual Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Dec. 27, 2014 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2015 | $ 4,801 | |
2,016 | 7,879 | |
2,017 | 7,438 | |
2,018 | 7,156 | |
2,019 | 6,949 | |
2,020 | 6,763 | |
Thereafter | 26,966 | |
Total Net Carrying Amount | $ 67,952 | $ 72,804 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Dec. 27, 2014 |
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 1,252,249 | $ 1,234,339 |
Current maturities of long-term debt | (4,466) | (4,355) |
Long-term debt | 1,247,783 | 1,229,984 |
Asset based lending facility [Member] | ABL Facility due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | 173,600 | 134,700 |
Junior notes [Member] | 8.500% junior secured priority notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | 245,505 | 245,384 |
Long-term debt, outstanding principal amount | $ 248,000 | 248,000 |
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 | $ 535,063 | 534,552 |
Long-term debt, outstanding principal amount | $ 540,000 | 540,000 |
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 | $ 196,493 | 218,011 |
Long-term debt, outstanding principal amount | $ 199,700 | 222,300 |
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 | 83,250 |
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 | $ 18,338 | $ 18,442 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Jun. 27, 2015 | Jan. 30, 2015 | Dec. 27, 2014 |
Debt Instrument [Line Items] | |||
Fair value of long-term debt | $ 1,200,000,000 | $ 1,100,000,000 | |
Unamortized debt issuance costs | $ 19,400,000 | ||
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 |
Long-Term Debt (Extinguishments
Long-Term Debt (Extinguishments) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 26, 2014 | Apr. 16, 2013 | Jan. 18, 2013 | |
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | $ (126,000) | $ (26,480,000) | $ (559,000) | $ (26,498,000) | |||
8.875% senior second lien notes due 2018 and Term Loan Facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | (9,000,000) | ||||||
Secured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt extinguishment amount | $ 6,800,000 | 22,600,000 | |||||
Long-term debt [Member] | Term loan facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 360,000,000 | ||||||
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 540,000,000 | ||||||
Junior notes [Member] | 8.500% junior secured priority notes due 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 250,000,000 | ||||||
Unsecured debt [Member] | 15% unsecured term loan due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | (1,000,000) | ||||||
Debt extinguishment amount | 9,400,000 | ||||||
Debt instrument, face amount | $ 50,000,000 | ||||||
Unamortized debt issuance costs [Member] | 8.875% senior second lien notes due 2018 and Term Loan Facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | (5,800,000) | ||||||
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) | ||||||
Unamortized debt issuance costs [Member] | Unsecured debt [Member] | 15% unsecured term loan due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | (600,000) | ||||||
Original issuance discount [Member] | 8.875% senior second lien notes due 2018 and Term Loan Facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | (3,200,000) | ||||||
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) | ||||||
Original issuance discount [Member] | Unsecured debt [Member] | 15% unsecured term loan due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | (400,000) | ||||||
Premiums [Member] | Secured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | $ (200,000) | ||||||
Debt issuance costs [Member] | Secured debt [Member] | 6.000% senior secured priority notes due 2019 and 8.500% junior secured priority notes due 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | (16,500,000) | ||||||
Fees paid to third parties [Member] | Secured debt [Member] | 6.000% senior secured priority notes due 2019 and 8.500% junior secured priority notes due 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | $ (1,600,000) |
Retirement Plans (Schedule of N
Retirement Plans (Schedule of Net Periodic (Benefit) Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 1 | $ 1 |
Interest cost | 3,524 | 3,707 | 7,048 | 7,413 |
Expected return on plan assets | (5,226) | (5,206) | (10,452) | (10,412) |
Net amortization and deferral | 0 | 0 | 0 | 0 |
Net amortization and deferral | 2,156 | 794 | 4,312 | 1,587 |
Net periodic expense (benefit) | $ 454 | $ (705) | $ 909 | $ (1,411) |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 3,524 | $ 3,707 | $ 7,048 | $ 7,413 |
Employer contributions | 3,400 | |||
Estimated future employer contributions during 2015 | 3,400 | |||
SERP and OPEB Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 200 | $ 200 | $ 400 | $ 400 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 27, 2015 | Dec. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Beginning balance (shares) | 1,670,500 | |
Options, Granted (shares) | 685,500 | |
Options, Exercised (shares) | 0 | |
Options, Forfeited/expired (shares) | (159,125) | |
Options, Ending balance (shares) | 2,196,875 | 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) | 2.38 | |
Weighted Average Exercise Price, Exercised (dollars per share) | 0 | |
Weighted Average Exercise Price, Forfeited/expired (dollars per share) | 4.68 | |
Weighted Average Exercise Price, Ending balance (dollars per share) | $ 4.32 | $ 5.18 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual Term (In Years) | 2 years 6 months | 1 year 4 months 24 days |
Aggregate Intrinsic Value | $ 17 | $ 29 |
Aggregate Intrinsic Value, Exercised | $ 0 | |
Options Exercisable (shares) | 1,434,125 | |
Weighted Average Exercise Price, Options Exercisable (dollars per share) | $ 5.37 | |
Weighted Average Remaining Contractual Term, Options Exercisable (In Years) | 10 months | |
Aggregate Intrinsic Value, Options Exercisable | $ 9 |
Stock-Based Compensation (Sto54
Stock-Based Compensation (Stock Option Fair Value Assumptions) (Details) - 6 months ended Jun. 27, 2015 - Stock Options [Member] - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value of option grants during the year | $ 0.86 |
Expected option life in years (years) | 4 years 3 months |
Risk-free interest rate (percent) | 1.24% |
Expected volatility (percent) | 43.00% |
Expected dividend yield (percent) | 0.00% |
Stock-Based Compensation (RSU A
Stock-Based Compensation (RSU Activity) (Details) - 6 months ended Jun. 27, 2015 - Restricted Stock Units (RSUs) [Member] - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, Beginning balance (shares) | 512,861 |
Granted (shares) | 695,944 |
Vested (shares) | (326,861) |
Forfeited (shares) | (6,250) |
Unvested, Ending balance (shares) | 875,694 |
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) | 2.38 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | 3.92 |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | 2.21 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ 2.30 |
Stock-Based Compensation (PSU A
Stock-Based Compensation (PSU Activity) (Details) - Performance Share Units (PSUs) [Member] - $ / shares | May. 20, 2015 | Jun. 27, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested, Beginning balance (shares) | 0 | |
Granted (shares) | 590,000 | 590,000 |
Vested (shares) | 0 | |
Forfeited (shares) | 0 | |
Unvested, Ending balance (shares) | 590,000 | |
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) | $ 0 | |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | 2.38 | |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | 0 | |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | 0 | |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ 2.38 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | May. 20, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation provision | $ 300 | $ 800 | $ 444 | $ 1,672 | |
Unrecognized share based compensation expense | 3,900 | $ 3,900 | |||
Unrecognized share based compensation costs, amortization period (years) | 2 years 2 months 1 day | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (shares) | 695,944 | ||||
Fair value of RSUs vested | 400 | $ 700 | |||
Performance Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation provision | $ 100 | $ 0 | $ 100 | $ 0 | |
Shares granted (shares) | 590,000 | 590,000 | |||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (shares) | 113,444 | ||||
Vesting period (years) | 1 year | ||||
Management [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (shares) | 582,500 | ||||
Vesting period (years) | 4 years |
Restructuring and Other Charg58
Restructuring and Other Charges (Narrative) (Details) - Jun. 27, 2015 | facilityrestructuring_plan |
Restructuring Cost and Reserve [Line Items] | |
Number of active restructuring plans (restructuring plan) | restructuring_plan | 2 |
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 Charg59
Restructuring and Other Charges (Restructuring Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 2,040 | $ 7,338 | $ 6,394 | $ 13,285 |
Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,031 | 2,860 | 1,982 | 4,228 |
Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 65 | 1,594 | 2,076 | 2,173 |
Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 59 | 981 | 80 | 1,618 |
Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 44 | 443 | 355 | 1,726 |
Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 198 | 156 | 370 | 904 |
Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 643 | 1,304 | 1,531 | 2,636 |
Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 345 | 5,618 | 3,137 | 8,635 |
Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 92 | 1,713 | 401 | 1,805 |
Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 1,613 | 1,895 | 2,214 |
Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 20 | 982 | 28 | 1,618 |
Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 11 | 214 | 264 | 1,406 |
Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 42 | 34 | 82 | 66 |
Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 180 | 1,062 | 467 | 1,526 |
Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 830 | 598 | 1,867 | 2,604 |
Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 143 | 56 | 274 | 451 |
Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 65 | (19) | 181 | (41) |
Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 22 | (1) | 35 | 0 |
Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 33 | 215 | 91 | 292 |
Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 156 | 122 | 288 | 838 |
Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 411 | 225 | 998 | 1,064 |
Label and Packaging [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 123 | 336 | 546 | 627 |
Label and Packaging [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 78 | 322 | 501 | 599 |
Label and Packaging [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Label and Packaging [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 17 | 0 | 17 | 0 |
Label and Packaging [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 14 | 0 | 28 |
Label and Packaging [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Label and Packaging [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 28 | 0 | 28 | 0 |
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 742 | 786 | 844 | 1,419 |
Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 718 | 769 | 806 | 1,373 |
Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 24 | 17 | 38 | 46 |
2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,413 | |||
2015 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,344 | |||
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 | 69 | |||
2015 Plan [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 86 | 86 | ||
2015 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 86 | 86 | ||
2015 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 152 | 212 | ||
2015 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 152 | 212 | ||
2015 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Label and Packaging [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 135 | 285 | ||
2015 Plan [Member] | Label and Packaging [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 90 | 240 | ||
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 | 0 | ||
2015 Plan [Member] | Label and Packaging [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 17 | 17 | ||
2015 Plan [Member] | Label and Packaging [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 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 | 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 | 28 | 28 | ||
2015 Plan [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 742 | 830 | ||
2015 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 718 | 806 | ||
2015 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2015 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 24 | 24 | ||
2014 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,624 | |||
2014 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 647 | |||
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 | 977 | |||
2014 Plan [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 81 | 270 | 81 | |
2014 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 81 | 270 | 81 | |
2014 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2014 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2014 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2014 Plan [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2014 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2014 Plan [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 392 | 246 | 1,209 | 253 |
2014 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (9) | 145 | 116 | 152 |
2014 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 116 | 0 |
2014 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 22 | 0 | 35 | 0 |
2014 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 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 | 0 | 0 |
2014 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 379 | 101 | 942 | 101 |
2014 Plan [Member] | Label and Packaging [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (12) | 321 | 261 | 572 |
2014 Plan [Member] | Label and Packaging [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (12) | 321 | 261 | 572 |
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 | 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 | 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 | 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 | 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 | 0 | 0 |
2014 Plan [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 786 | 1,419 | ||
2014 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 769 | 1,373 | ||
2014 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2014 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2014 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2014 Plan [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2014 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 17 | 46 | ||
Residual Plans [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 512 | |||
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 | 69 | |||
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 370 | |||
Residual Plans [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 127 | |||
Residual Plans [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 59 | 73 | 117 | (78) |
Residual Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 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 | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | (22) | (198) |
Residual Plans [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 42 | 34 | 82 | 66 |
Residual Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 17 | 39 | 57 | 55 |
Residual Plans [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 286 | 352 | 446 | 2,351 |
Residual Plans [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | (89) | (54) | 299 |
Residual Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 65 | (19) | 65 | (41) |
Residual Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | (1) | 0 | 0 |
Residual Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 33 | 215 | 91 | 292 |
Residual Plans [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 156 | 122 | 288 | 838 |
Residual Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 32 | 124 | 56 | 963 |
Residual Plans [Member] | Label and Packaging [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 15 | 55 | ||
Residual Plans [Member] | Label and Packaging [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1 | 27 | ||
Residual Plans [Member] | Label and Packaging [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Label and Packaging [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Label and Packaging [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 14 | 28 | ||
Residual Plans [Member] | Label and Packaging [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Label and Packaging [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 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 | 769 | |||
Acquisition Integration Plans [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 45 | |||
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 286 | |||
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 | 438 | |||
Acquisition Integration Plans [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 200 | 5,464 | 2,664 | 8,632 |
Acquisition Integration Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 6 | 1,632 | 45 | 1,725 |
Acquisition Integration Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 1,613 | 1,895 | 2,214 |
Acquisition Integration Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 20 | 982 | 28 | 1,618 |
Acquisition Integration Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 11 | 214 | 286 | 1,604 |
Acquisition Integration Plans [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 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 | $ 163 | $ 1,023 | $ 410 | $ 1,471 |
Restructuring and Other Charg60
Restructuring and Other Charges (Changes in Restructuring Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | $ 2,040 | $ 7,338 | $ 6,394 | $ 13,285 |
Restructuring Reserve | 19,327 | 19,327 | ||
Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 1,031 | 2,860 | 1,982 | 4,228 |
Restructuring Reserve | 837 | 837 | ||
Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 44 | 443 | 355 | 1,726 |
Restructuring Reserve | 1,119 | 1,119 | ||
Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 198 | 156 | 370 | 904 |
Restructuring Reserve | 17,371 | 17,371 | ||
Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 643 | $ 1,304 | 1,531 | $ 2,636 |
Restructuring Reserve | 0 | 0 | ||
2015 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 1,413 | |||
Payments for Restructuring | (863) | |||
Restructuring Reserve | 550 | 550 | ||
2015 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 1,344 | |||
Payments for Restructuring | (794) | |||
Restructuring Reserve | 550 | 550 | ||
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 | 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 | 0 | ||
2015 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 69 | |||
Payments for Restructuring | (69) | |||
Restructuring Reserve | 0 | 0 | ||
2014 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 1,506 | |||
Restructuring and other charges | 1,624 | |||
Payments for Restructuring | (2,855) | |||
Restructuring Reserve | 275 | 275 | ||
2014 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 1,506 | |||
Restructuring and other charges | 647 | |||
Payments for Restructuring | (1,878) | |||
Restructuring Reserve | 275 | 275 | ||
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 | 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 | 0 | ||
2014 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 977 | |||
Payments for Restructuring | (977) | |||
Restructuring Reserve | 0 | 0 | ||
Residual Plans [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 19,431 | |||
Restructuring and other charges | 512 | |||
Payments for Restructuring | (2,057) | |||
Restructuring Reserve | 17,886 | 17,886 | ||
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 | 0 | ||
Residual Plans [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 677 | |||
Restructuring and other charges | 69 | |||
Payments for Restructuring | (231) | |||
Restructuring Reserve | 515 | 515 | ||
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 18,700 | |||
Restructuring and other charges | 370 | |||
Payments for Restructuring | (1,699) | |||
Restructuring Reserve | 17,371 | 17,371 | ||
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 127 | |||
Payments for Restructuring | (127) | |||
Restructuring Reserve | 0 | 0 | ||
Acquisition Integration Plans [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 1,213 | |||
Restructuring and other charges | 769 | |||
Payments for Restructuring | (1,366) | |||
Restructuring Reserve | 616 | 616 | ||
Acquisition Integration Plans [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 77 | |||
Restructuring and other charges | 45 | |||
Payments for Restructuring | (110) | |||
Restructuring Reserve | 12 | 12 | ||
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 1,136 | |||
Restructuring and other charges | 286 | |||
Payments for Restructuring | (818) | |||
Restructuring Reserve | 604 | 604 | ||
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 | 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 | 438 | |||
Payments for Restructuring | (438) | |||
Restructuring Reserve | $ 0 | $ 0 |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI Components) (Details) $ in Thousands | 6 Months Ended |
Jun. 27, 2015USD ($) | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |
Accumulated Other Comprehensive Loss, Beginning balance | $ (98,197) |
Other comprehensive loss before reclassifications | (1,239) |
Amounts reclassified from AOCI | 2,684 |
Other comprehensive (loss) income | 1,445 |
Accumulated Other Comprehensive Loss, Ending balance | (96,752) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |
Accumulated Other Comprehensive Loss, Beginning balance | (2,905) |
Other comprehensive loss before reclassifications | (1,239) |
Amounts reclassified from AOCI | 0 |
Other comprehensive (loss) income | (1,239) |
Accumulated Other Comprehensive Loss, Ending balance | (4,144) |
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 | 2,684 |
Other comprehensive (loss) income | 2,684 |
Accumulated Other Comprehensive Loss, Ending balance | $ (92,608) |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Loss from continuing operations before income taxes | $ (2,522) | $ (40,011) | $ (10,235) | $ (57,358) |
Income tax benefit | 103 | 710 | 169 | 1,270 |
Loss from continuing operations | (2,419) | (39,301) | (10,066) | (56,088) |
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 | 4,312 | 1,587 |
Income tax benefit | (814) | (314) | (1,628) | (627) |
Loss from continuing operations | 1,342 | 480 | 2,684 | 960 |
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 | $ 4,312 | $ 1,587 |
Income (Loss) Per Share (Narrat
Income (Loss) Per Share (Narrative) (Details) - shares shares in Millions | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 20.1 | 21 |
Income (Loss) Per Share (Comput
Income (Loss) Per Share (Computation of Basic and Diluted Income (Loss) per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Earnings Per Share [Abstract] | ||||
Loss from continuing operations | $ (2,419) | $ (39,301) | $ (10,066) | $ (56,088) |
Income (loss) from discontinued operations, net of taxes | 14 | 664 | (18) | 1,617 |
Net loss | $ (2,405) | $ (38,637) | $ (10,084) | $ (54,471) |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Basic shares | 67,831 | 66,496 | 67,789 | 66,416 |
Dilutive effect of 7% Notes (shares) | 0 | 0 | 0 | 0 |
Dilutive effect of Equity Awards (shares) | 0 | 0 | 0 | 0 |
Diluted shares | 67,831 | 66,496 | 67,789 | 66,416 |
(Loss) income per share – basic: | ||||
Continuing operations per share - basic | $ (0.04) | $ (0.59) | $ (0.15) | $ (0.84) |
Discontinued operations per share - basic | 0 | 0.01 | 0 | 0.02 |
Net loss per share - basic | (0.04) | (0.58) | (0.15) | (0.82) |
(Loss) income per share – diluted: | ||||
Continuing operations per share - diluted | (0.04) | (0.59) | (0.15) | (0.84) |
Discontinued operations per share - diluted | 0 | 0.01 | 0 | 0.02 |
Net loss per share - diluted | $ (0.04) | $ (0.58) | $ (0.15) | $ (0.82) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - 6 months ended Jun. 27, 2015 | operating_segmentreportable_segment |
Segment Reporting [Abstract] | |
Number of operating segments (operating segment) | operating_segment | 4 |
Number of reportable segments (reportable segment) | 3 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 27, 2014 | |
Segment Information [Line Items] | |||||
Net sales | $ 460,857 | $ 479,410 | $ 935,962 | $ 969,529 | |
Operating income (loss) | 23,229 | 13,347 | 41,424 | 23,419 | |
Restructuring and other charges | 2,040 | 7,338 | 6,394 | 13,285 | |
Depreciation and intangible asset amortization | 14,768 | 16,799 | 29,456 | 32,860 | |
Intercompany sales | 7,844 | 9,698 | 15,859 | 14,594 | |
Total assets | 1,116,953 | 1,116,953 | $ 1,157,891 | ||
Envelope [Member] | |||||
Segment Information [Line Items] | |||||
Net sales | 218,139 | 229,593 | 445,549 | 471,264 | |
Operating income (loss) | 16,711 | 9,332 | 31,551 | 19,138 | |
Restructuring and other charges | 345 | 5,618 | 3,137 | 8,635 | |
Depreciation and intangible asset amortization | 4,930 | 5,134 | 9,833 | 10,288 | |
Intercompany sales | 1,331 | 1,227 | 3,143 | 2,759 | |
Total assets | 429,186 | 429,186 | 449,819 | ||
Print [Member] | |||||
Segment Information [Line Items] | |||||
Net sales | 121,518 | 124,986 | 249,684 | 253,383 | |
Operating income (loss) | 3,755 | 4,741 | 6,128 | 5,981 | |
Restructuring and other charges | 830 | 598 | 1,867 | 2,604 | |
Depreciation and intangible asset amortization | 4,391 | 6,052 | 8,843 | 11,752 | |
Intercompany sales | 4,139 | 6,525 | 8,003 | 7,712 | |
Total assets | 278,700 | 278,700 | 291,892 | ||
Label and Packaging [Member] | |||||
Segment Information [Line Items] | |||||
Net sales | 121,200 | 124,831 | 240,729 | 244,882 | |
Operating income (loss) | 11,956 | 11,048 | 21,361 | 21,241 | |
Restructuring and other charges | 123 | 336 | 546 | 627 | |
Depreciation and intangible asset amortization | 4,682 | 4,413 | 9,045 | 8,290 | |
Intercompany sales | 2,374 | 1,946 | 4,713 | 4,123 | |
Total assets | 355,212 | 355,212 | 355,325 | ||
Corporate [Member] | |||||
Segment Information [Line Items] | |||||
Operating income (loss) | (9,193) | (11,774) | (17,616) | (22,941) | |
Restructuring and other charges | 742 | 786 | 844 | 1,419 | |
Depreciation and intangible asset amortization | 765 | 1,200 | 1,735 | 2,530 | |
Total assets | 53,855 | 53,855 | $ 60,855 | ||
Envelope [Member] | |||||
Segment Information [Line Items] | |||||
Net sales | 218,139 | 229,593 | 445,549 | 471,264 | |
Print [Member] | |||||
Segment Information [Line Items] | |||||
Net sales | 121,518 | 124,986 | 249,684 | 253,383 | |
Label [Member] | |||||
Segment Information [Line Items] | |||||
Net sales | 80,675 | 82,475 | 160,842 | 161,161 | |
Packaging [Member] | |||||
Segment Information [Line Items] | |||||
Net sales | $ 40,525 | $ 42,356 | $ 79,887 | $ 83,721 |
Related Party Transactions (Det
Related Party Transactions (Details) - Director [Member] - Purchases of Raw Materials [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | Dec. 27, 2014 | |
Related Party Transaction [Line Items] | |||||
Purchases of Raw Materials | $ 0.1 | $ 0 | $ 0.2 | $ 0 | |
Accounts payable to Horizon | $ 0.1 | $ 0.1 | $ 0.1 |
Condensed Consolidating Finan68
Condensed Consolidating Financial Information (Narrative) (Details) | Jun. 27, 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) | 7.875% |
8.875% senior second lien notes due 2018 [Member] | Senior second lien notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 8.875% |
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 Finan69
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 27, 2015 | Dec. 27, 2014 | Jun. 28, 2014 | Dec. 28, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 12,197 | $ 14,593 | $ 9,328 | $ 11,329 |
Accounts receivable, net | 259,861 | 281,898 | ||
Inventories | 142,657 | 137,010 | ||
Notes receivable from subsidiaries | 0 | 0 | ||
Prepaid and other current assets | 47,256 | 50,406 | ||
Assets of discontinued operations - current | 37 | 8 | ||
Total current assets | 462,008 | 483,915 | ||
Investment in subsidiaries | 0 | 0 | ||
Property, plant and equipment, net | 270,942 | 282,408 | ||
Goodwill | 185,552 | 185,849 | ||
Other intangible assets, net | 152,852 | 157,704 | ||
Other assets, net | 45,599 | 48,015 | ||
Total assets | 1,116,953 | 1,157,891 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 4,466 | 4,355 | ||
Accounts payable | 206,732 | 232,184 | ||
Accrued compensation and related liabilities | 31,267 | 37,125 | ||
Other current liabilities | 78,420 | 87,221 | ||
Liabilities of discontinued operations - current | 104 | 70 | ||
Intercompany payable (receivable) | 0 | 0 | ||
Notes payable to issuer | 0 | 0 | ||
Total current liabilities | 320,989 | 360,955 | ||
Long-term debt | 1,247,783 | 1,229,984 | ||
Other liabilities | 189,267 | 199,627 | ||
Shareholders’ (deficit) equity | (641,086) | (632,675) | ||
Total liabilities and shareholders’ deficit | 1,116,953 | 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 | (641,086) | (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 | (641,086) | (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 | (641,086) | (632,675) | ||
Total liabilities and shareholders’ deficit | (641,086) | (632,675) | ||
Subsidiary Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 6,875 | 10,965 | 7,352 | 9,504 |
Accounts receivable, net | 111,945 | 128,599 | ||
Inventories | 75,531 | 71,108 | ||
Notes receivable from subsidiaries | 36,938 | 36,938 | ||
Prepaid and other current assets | 39,758 | 42,889 | ||
Assets of discontinued operations - current | 0 | 0 | ||
Total current assets | 271,047 | 290,499 | ||
Investment in subsidiaries | 1,986,007 | 1,944,300 | ||
Property, plant and equipment, net | 117,103 | 120,949 | ||
Goodwill | 25,540 | 25,540 | ||
Other intangible assets, net | 9,774 | 10,011 | ||
Other assets, net | 40,483 | 42,242 | ||
Total assets | 2,449,954 | 2,433,541 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 3,000 | 3,000 | ||
Accounts payable | 119,952 | 138,939 | ||
Accrued compensation and related liabilities | 24,804 | 29,851 | ||
Other current liabilities | 61,686 | 66,895 | ||
Liabilities of discontinued operations - current | 0 | 0 | ||
Intercompany payable (receivable) | 1,486,799 | 1,439,715 | ||
Notes payable to issuer | 0 | 0 | ||
Total current liabilities | 1,696,241 | 1,678,400 | ||
Long-term debt | 1,243,911 | 1,227,397 | ||
Other liabilities | 150,888 | 160,419 | ||
Shareholders’ (deficit) equity | (641,086) | (632,675) | ||
Total liabilities and shareholders’ deficit | 2,449,954 | 2,433,541 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 653 | 844 | 236 | 0 |
Accounts receivable, net | 145,767 | 149,528 | ||
Inventories | 65,795 | 64,036 | ||
Notes receivable from subsidiaries | 3,245 | 3,245 | ||
Prepaid and other current assets | 5,061 | 5,012 | ||
Assets of discontinued operations - current | 37 | 8 | ||
Total current assets | 220,558 | 222,673 | ||
Investment in subsidiaries | 4,234 | 3,608 | ||
Property, plant and equipment, net | 153,276 | 160,903 | ||
Goodwill | 154,827 | 155,118 | ||
Other intangible assets, net | 142,424 | 146,843 | ||
Other assets, net | 4,632 | 5,289 | ||
Total assets | 679,951 | 694,434 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 1,466 | 1,355 | ||
Accounts payable | 86,389 | 91,860 | ||
Accrued compensation and related liabilities | 5,834 | 6,736 | ||
Other current liabilities | 15,915 | 19,346 | ||
Liabilities of discontinued operations - current | 104 | 70 | ||
Intercompany payable (receivable) | (1,496,281) | (1,449,419) | ||
Notes payable to issuer | 36,938 | 36,938 | ||
Total current liabilities | (1,349,635) | (1,293,114) | ||
Long-term debt | 3,872 | 2,587 | ||
Other liabilities | 39,707 | 40,661 | ||
Shareholders’ (deficit) equity | 1,986,007 | 1,944,300 | ||
Total liabilities and shareholders’ deficit | 679,951 | 694,434 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 4,669 | 2,784 | 1,740 | 1,825 |
Accounts receivable, net | 2,149 | 3,771 | ||
Inventories | 1,331 | 1,866 | ||
Notes receivable from subsidiaries | 0 | 0 | ||
Prepaid and other current assets | 2,437 | 2,505 | ||
Assets of discontinued operations - current | 0 | 0 | ||
Total current assets | 10,586 | 10,926 | ||
Investment in subsidiaries | 7,829 | 7,829 | ||
Property, plant and equipment, net | 563 | 556 | ||
Goodwill | 5,185 | 5,191 | ||
Other intangible assets, net | 654 | 850 | ||
Other assets, net | 484 | 484 | ||
Total assets | 25,301 | 25,836 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 391 | 1,385 | ||
Accrued compensation and related liabilities | 629 | 538 | ||
Other current liabilities | 819 | 980 | ||
Liabilities of discontinued operations - current | 0 | 0 | ||
Intercompany payable (receivable) | 9,482 | 9,704 | ||
Notes payable to issuer | 3,245 | 3,245 | ||
Total current liabilities | 14,566 | 15,852 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | (1,328) | (1,453) | ||
Shareholders’ (deficit) equity | 12,063 | 11,437 | ||
Total liabilities and shareholders’ deficit | 25,301 | 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 | (1,356,984) | (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 | (1,397,167) | (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 | (1,356,984) | (1,323,062) | ||
Total liabilities and shareholders’ deficit | $ (1,397,167) | $ (1,363,245) |
Condensed Consolidating Finan70
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | $ 460,857 | $ 479,410 | $ 935,962 | $ 969,529 |
Cost of sales | 384,105 | 399,436 | 781,993 | 814,593 |
Selling, general and administrative expenses | 49,037 | 55,840 | 101,298 | 111,334 |
Amortization of intangible assets | 2,446 | 3,449 | 4,853 | 6,898 |
Restructuring and other charges | 2,040 | 7,338 | 6,394 | 13,285 |
Operating income | 23,229 | 13,347 | 41,424 | 23,419 |
Interest expense, net | 25,278 | 26,666 | 50,970 | 54,576 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt, net | 126 | 26,480 | 559 | 26,498 |
Other expense (income), net | 347 | 212 | 130 | (297) |
Loss from continuing operations before income taxes | (2,522) | (40,011) | (10,235) | (57,358) |
Income tax (benefit) expense | (103) | (710) | (169) | (1,270) |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | (2,419) | (39,301) | (10,066) | (56,088) |
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 |
Loss from continuing operations | (2,419) | (39,301) | (10,066) | (56,088) |
Income (loss) from discontinued operations, net of taxes | 14 | 664 | (18) | 1,617 |
Net loss | (2,405) | (38,637) | (10,084) | (54,471) |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Changes in pension and other employee benefit accounts, net of taxes | 1,342 | 480 | 2,684 | 960 |
Currency translation adjustment | 91 | 645 | (1,239) | 733 |
Comprehensive loss | (972) | (37,512) | (8,639) | (52,778) |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt, net | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 0 | 0 | 0 |
Loss from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 |
Equity in (loss) income of subsidiaries | (2,405) | (38,637) | (10,084) | (54,471) |
Loss from continuing operations | (2,405) | (38,637) | (10,084) | (54,471) |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net loss | (2,405) | (38,637) | (10,084) | (54,471) |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | 1,433 | 1,125 | 1,445 | 1,693 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | 0 |
Currency translation adjustment | 0 | 0 | 0 | 0 |
Comprehensive loss | (972) | (37,512) | (8,639) | (52,778) |
Subsidiary Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 211,534 | 227,225 | 435,386 | 468,692 |
Cost of sales | 183,257 | 194,081 | 374,120 | 404,806 |
Selling, general and administrative expenses | 27,969 | 33,898 | 58,084 | 67,506 |
Amortization of intangible assets | 152 | 185 | 304 | 370 |
Restructuring and other charges | 1,520 | 6,517 | 4,967 | 10,448 |
Operating income | (1,364) | (7,456) | (2,089) | (14,438) |
Interest expense, net | 25,195 | 26,519 | 50,787 | 54,342 |
Intercompany interest (income) expense | (277) | (216) | (551) | (486) |
Loss on early extinguishment of debt, net | 126 | 26,480 | 559 | 26,498 |
Other expense (income), net | 499 | 409 | 793 | 226 |
Loss from continuing operations before income taxes | (26,907) | (60,648) | (53,677) | (95,018) |
Income tax (benefit) expense | (344) | (597) | (665) | (988) |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | (26,563) | (60,051) | (53,012) | (94,030) |
Equity in (loss) income of subsidiaries | 24,158 | 21,306 | 42,929 | 39,378 |
Loss from continuing operations | (2,405) | (38,745) | (10,083) | (54,652) |
Income (loss) from discontinued operations, net of taxes | 0 | 108 | (1) | 181 |
Net loss | (2,405) | (38,637) | (10,084) | (54,471) |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | 91 | 645 | (1,239) | 733 |
Changes in pension and other employee benefit accounts, net of taxes | 1,342 | 480 | 2,684 | 960 |
Currency translation adjustment | 0 | 0 | 0 | 0 |
Comprehensive loss | (972) | (37,512) | (8,639) | (52,778) |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 247,863 | 249,377 | 497,327 | 494,554 |
Cost of sales | 200,050 | 203,786 | 406,542 | 405,330 |
Selling, general and administrative expenses | 20,585 | 21,601 | 42,305 | 43,151 |
Amortization of intangible assets | 2,177 | 3,131 | 4,321 | 6,262 |
Restructuring and other charges | 520 | 821 | 1,427 | 2,837 |
Operating income | 24,531 | 20,038 | 42,732 | 36,974 |
Interest expense, net | 83 | 147 | 183 | 234 |
Intercompany interest (income) expense | 277 | 216 | 551 | 486 |
Loss on early extinguishment of debt, net | 0 | 0 | 0 | 0 |
Other expense (income), net | (43) | (219) | (582) | (544) |
Loss from continuing operations before income taxes | 24,214 | 19,894 | 42,580 | 36,798 |
Income tax (benefit) expense | 135 | (252) | 278 | (489) |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 24,079 | 20,146 | 42,302 | 37,287 |
Equity in (loss) income of subsidiaries | 65 | 604 | 644 | 655 |
Loss from continuing operations | 24,144 | 20,750 | 42,946 | 37,942 |
Income (loss) from discontinued operations, net of taxes | 14 | 556 | (17) | 1,436 |
Net loss | 24,158 | 21,306 | 42,929 | 39,378 |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | (371) | (37) | (18) | 582 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | 0 |
Currency translation adjustment | 462 | 682 | (1,221) | 151 |
Comprehensive loss | 24,249 | 21,951 | 41,690 | 40,111 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 1,460 | 2,808 | 3,249 | 6,283 |
Cost of sales | 798 | 1,569 | 1,331 | 4,457 |
Selling, general and administrative expenses | 483 | 341 | 909 | 677 |
Amortization of intangible assets | 117 | 133 | 228 | 266 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Operating income | 62 | 765 | 781 | 883 |
Interest expense, net | 0 | 0 | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt, net | 0 | 0 | 0 | 0 |
Other expense (income), net | (109) | 22 | (81) | 21 |
Loss from continuing operations before income taxes | 171 | 743 | 862 | 862 |
Income tax (benefit) expense | 106 | 139 | 218 | 207 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 65 | 604 | 644 | 655 |
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 |
Loss from continuing operations | 65 | 604 | 644 | 655 |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net loss | 65 | 604 | 644 | 655 |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | 0 |
Currency translation adjustment | (371) | (37) | (18) | 582 |
Comprehensive loss | (306) | 567 | 626 | 1,237 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt, net | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 0 | 0 | 0 |
Loss from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 |
Equity in (loss) income of subsidiaries | (21,818) | 16,727 | (33,489) | 14,438 |
Loss from continuing operations | (21,818) | 16,727 | (33,489) | 14,438 |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net loss | (21,818) | 16,727 | (33,489) | 14,438 |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | (1,153) | (1,733) | (188) | (3,008) |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | 0 |
Currency translation adjustment | 0 | 0 | 0 | 0 |
Comprehensive loss | $ (22,971) | $ 14,994 | $ (33,677) | $ 11,430 |
Condensed Consolidating Finan71
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | $ (1,605) | $ (25,427) |
Net cash used in operating activities of discontinued operations | (24) | (1,687) |
Net cash used in operating activities | (1,629) | (27,114) |
Cash flows from investing activities: | ||
Capital expenditures | (13,703) | (16,777) |
Purchase of investment | 0 | (2,000) |
Proceeds from sale of property, plant and equipment | 1,429 | 320 |
Net cash used in investing activities of continuing operations | (12,274) | (18,457) |
Net cash provided by investing activities of discontinued operations | 0 | 2,196 |
Net cash used in investing activities | (12,274) | (16,261) |
Cash flows from financing activities: | ||
Proceeds from issuance of 6.000% senior secured priority notes due 2019 | 0 | 540,000 |
Proceeds from issuance of 8.500% junior secured priority notes due 2022 | 0 | 250,000 |
Payment of financing-related costs and expenses and debt issuance discounts | (1,210) | (35,017) |
Repayments of other long-term debt | (2,582) | (2,967) |
Repayment of 11.5% senior notes due 2017 | (22,720) | 0 |
Purchase and retirement of common stock upon vesting of RSUs | (218) | (562) |
Proceeds from exercise of stock options | 2 | 0 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | (10,000) |
Repayment of Term Loan Facility due 2017 | 0 | (329,100) |
Repayment of 8.875% senior second lien notes due 2018 | 0 | (400,000) |
Borrowings under ABL Facility due 2017 | 265,900 | 287,900 |
Repayments under ABL Facility due 2017 | (227,000) | (258,900) |
Intercompany advances | 0 | 0 |
Net cash provided by financing activities | 12,172 | 41,354 |
Effect of exchange rate changes on cash and cash equivalents | (665) | 20 |
Net decrease in cash and cash equivalents | (2,396) | (2,001) |
Cash and cash equivalents at beginning of period | 14,593 | 11,329 |
Cash and cash equivalents at end of period | 12,197 | 9,328 |
Parent Company [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 444 | 1,672 |
Net cash used in operating activities of discontinued operations | 0 | 0 |
Net cash used in operating activities | 444 | 1,672 |
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: | ||
Proceeds from issuance of 6.000% senior secured priority notes due 2019 | 0 | |
Proceeds from issuance of 8.500% junior secured priority notes due 2022 | 0 | |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments 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 | (218) | (562) |
Proceeds from exercise of stock options | 2 | |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | |
Repayment of Term Loan Facility due 2017 | 0 | |
Repayment of 8.875% senior second lien notes due 2018 | 0 | |
Borrowings under ABL Facility due 2017 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 0 |
Intercompany advances | (228) | (1,110) |
Net cash provided by financing activities | (444) | (1,672) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease 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 | (53,058) | (79,382) |
Net cash used in operating activities of discontinued operations | 0 | (730) |
Net cash used in operating activities | (53,058) | (80,112) |
Cash flows from investing activities: | ||
Capital expenditures | (9,922) | (8,424) |
Purchase of investment | (2,000) | |
Proceeds from sale of property, plant and equipment | 586 | 166 |
Net cash used in investing activities of continuing operations | (10,258) | |
Net cash provided by investing activities of discontinued operations | 1,033 | |
Net cash used in investing activities | (9,336) | (9,225) |
Cash flows from financing activities: | ||
Proceeds from issuance of 6.000% senior secured priority notes due 2019 | 540,000 | |
Proceeds from issuance of 8.500% junior secured priority notes due 2022 | 250,000 | |
Payment of financing-related costs and expenses and debt issuance discounts | (1,210) | (35,017) |
Repayments of other long-term debt | (3,978) | (1,500) |
Repayment of 11.5% senior notes due 2017 | (22,720) | |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 |
Proceeds from exercise of stock options | 0 | |
Repayment of 15% Unsecured Term Loan due 2017 | (10,000) | |
Repayment of Term Loan Facility due 2017 | (329,100) | |
Repayment of 8.875% senior second lien notes due 2018 | (400,000) | |
Borrowings under ABL Facility due 2017 | 265,900 | 287,900 |
Repayments under ABL Facility due 2017 | (227,000) | (258,900) |
Intercompany advances | 47,312 | 43,802 |
Net cash provided by financing activities | 58,304 | 87,185 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | (4,090) | (2,152) |
Cash and cash equivalents at beginning of period | 10,965 | 9,504 |
Cash and cash equivalents at end of period | 6,875 | 7,352 |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 48,789 | 54,411 |
Net cash used in operating activities of discontinued operations | (24) | (957) |
Net cash used in operating activities | 48,765 | 53,454 |
Cash flows from investing activities: | ||
Capital expenditures | (3,781) | (8,306) |
Purchase of investment | 0 | |
Proceeds from sale of property, plant and equipment | 843 | 154 |
Net cash used in investing activities of continuing operations | (8,152) | |
Net cash provided by investing activities of discontinued operations | 1,163 | |
Net cash used in investing activities | (2,938) | (6,989) |
Cash flows from financing activities: | ||
Proceeds from issuance of 6.000% senior secured priority notes due 2019 | 0 | |
Proceeds from issuance of 8.500% junior secured priority notes due 2022 | 0 | |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments of other long-term debt | 1,396 | (1,467) |
Repayment of 11.5% senior notes due 2017 | 0 | |
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 |
Proceeds from exercise of stock options | 0 | |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | |
Repayment of Term Loan Facility due 2017 | 0 | |
Repayment of 8.875% senior second lien notes due 2018 | 0 | |
Borrowings under ABL Facility due 2017 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 0 |
Intercompany advances | (46,862) | (44,766) |
Net cash provided by financing activities | (45,466) | (46,233) |
Effect of exchange rate changes on cash and cash equivalents | (552) | 4 |
Net decrease in cash and cash equivalents | (191) | 236 |
Cash and cash equivalents at beginning of period | 844 | 0 |
Cash and cash equivalents at end of period | 653 | 236 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 2,220 | (2,128) |
Net cash used in operating activities of discontinued operations | 0 | 0 |
Net cash used in operating activities | 2,220 | (2,128) |
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: | ||
Proceeds from issuance of 6.000% senior secured priority notes due 2019 | 0 | |
Proceeds from issuance of 8.500% junior secured priority notes due 2022 | 0 | |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments 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 |
Proceeds from exercise of stock options | 0 | |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | |
Repayment of Term Loan Facility due 2017 | 0 | |
Repayment of 8.875% senior second lien notes due 2018 | 0 | |
Borrowings under ABL Facility due 2017 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 0 |
Intercompany advances | (222) | 2,074 |
Net cash provided by financing activities | (222) | 2,074 |
Effect of exchange rate changes on cash and cash equivalents | (113) | 16 |
Net decrease in cash and cash equivalents | 1,885 | (85) |
Cash and cash equivalents at beginning of period | 2,784 | 1,825 |
Cash and cash equivalents at end of period | 4,669 | 1,740 |
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: | ||
Proceeds from issuance of 6.000% senior secured priority notes due 2019 | 0 | |
Proceeds from issuance of 8.500% junior secured priority notes due 2022 | 0 | |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Repayments 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 |
Proceeds from exercise of stock options | 0 | |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | |
Repayment of Term Loan Facility due 2017 | 0 | |
Repayment of 8.875% senior second lien notes due 2018 | 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 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 |