Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 02, 2016 | Feb. 25, 2016 | Jun. 27, 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-K | ||
Document Period End Date | Jan. 2, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 67,873,560 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 118,702,646 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 7,785 | $ 12,572 |
Accounts receivable, net | 254,042 | 252,555 |
Inventories | 121,615 | 118,891 |
Prepaid and other current assets | 44,620 | 47,328 |
Assets of discontinued operations - current | 48,566 | 52,569 |
Total current assets | 476,628 | 483,915 |
Property, plant and equipment, net | 210,578 | 227,823 |
Goodwill | 175,338 | 175,542 |
Other intangible assets, net | 130,450 | 138,019 |
Other assets, net | 24,070 | 23,809 |
Assets of discontinued operations - long-term | 62,851 | 86,613 |
Total assets | 1,079,915 | 1,135,721 |
Current liabilities: | ||
Current maturities of long-term debt | 5,373 | 3,872 |
Accounts payable | 200,120 | 213,040 |
Accrued compensation and related liabilities | 31,961 | 35,055 |
Other current liabilities | 86,703 | 84,777 |
Liabilities of discontinued operations - current | 22,268 | 24,203 |
Total current liabilities | 346,425 | 360,947 |
Long-term debt | 1,203,250 | 1,206,508 |
Other liabilities | 198,926 | 197,421 |
Liabilities of discontinued operations - long-term | $ 1,153 | $ 3,520 |
Commitments and contingencies | ||
Shareholders’ deficit: | ||
Preferred stock, $0.01 par value; 25 shares authorized, no shares issued | $ 0 | $ 0 |
Common stock, $0.01 par value; 100,000 shares authorized, 67,874 and 67,682 shares issued and outstanding as of the years ended 2015 and 2014, respectively | 679 | 677 |
Paid-in capital | 371,646 | 370,228 |
Retained deficit | (936,234) | (905,383) |
Accumulated other comprehensive loss | (105,930) | (98,197) |
Total shareholders’ deficit | (669,839) | (632,675) |
Total liabilities and shareholders’ deficit | $ 1,079,915 | $ 1,135,721 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 02, 2016 | Dec. 27, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 25,000 | 25,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (shares) | 67,874,000 | 67,682,000 |
Common stock, shares outstanding (shares) | 67,874,000 | 67,682,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 478,960 | $ 419,783 | $ 413,359 | $ 429,677 | $ 453,522 | $ 435,595 | $ 429,738 | $ 442,460 | $ 1,741,779 | $ 1,761,315 | $ 1,588,702 |
Cost of sales | 1,450,876 | 1,491,488 | 1,325,365 | ||||||||
Selling, general and administrative expenses | 186,749 | 196,343 | 186,435 | ||||||||
Amortization of intangible assets | 7,785 | 9,184 | 7,782 | ||||||||
Restructuring and other charges | 12,576 | 21,526 | 12,586 | ||||||||
Impairment of intangible assets | 0 | 0 | 24,493 | ||||||||
Operating income | 24,822 | 19,516 | 21,655 | 17,800 | 11,231 | 10,233 | 12,438 | 8,872 | 83,793 | 42,774 | 32,041 |
Gain on bargain purchase | 0 | 0 | (17,262) | ||||||||
Interest expense, net | 100,805 | 106,661 | 112,579 | ||||||||
Loss on early extinguishment of debt, net | 1,252 | 27,449 | 11,324 | ||||||||
Other income, net | (3,196) | (442) | (2,485) | ||||||||
Loss from continuing operations before income taxes | (15,068) | (90,894) | (72,115) | ||||||||
Income tax expense | 4,393 | 4,159 | 14,161 | ||||||||
Loss from continuing operations | (4,365) | (3,562) | (3,355) | (8,179) | (23,398) | (14,030) | (39,942) | (17,683) | (19,461) | (95,053) | (86,276) |
(Loss) income from discontinued operations, net of taxes | (13,159) | 319 | 950 | 500 | 4,899 | 3,137 | 1,305 | 1,849 | (11,390) | 11,190 | 17,490 |
Net loss | $ (17,524) | $ (3,243) | $ (2,405) | $ (7,679) | $ (18,499) | $ (10,893) | $ (38,637) | $ (15,834) | (30,851) | (83,863) | (68,786) |
Other comprehensive (loss) income: | |||||||||||
Changes in pension and other employee benefit accounts, net of taxes | (3,438) | (56,576) | 31,430 | ||||||||
Currency translation adjustment, net | (4,295) | (1,321) | (4,529) | ||||||||
Total other comprehensive (loss) income | (7,733) | (57,897) | 26,901 | ||||||||
Comprehensive loss | $ (38,584) | $ (141,760) | $ (41,885) | ||||||||
(Loss) income per share – basic: | |||||||||||
Continuing operations per share - basic | $ (0.06) | $ (0.05) | $ (0.05) | $ (0.12) | $ (0.34) | $ (0.21) | $ (0.60) | $ (0.27) | $ (0.29) | $ (1.42) | $ (1.34) |
Discontinued operations per share - basic | (0.20) | 0 | 0.01 | 0.01 | 0.07 | 0.05 | 0.02 | 0.03 | (0.16) | 0.17 | 0.27 |
Net loss per share - basic | (0.26) | (0.05) | (0.04) | (0.11) | (0.27) | (0.16) | (0.58) | (0.24) | (0.45) | (1.25) | (1.07) |
(Loss) income per share – diluted: | |||||||||||
Continuing operations per share - diluted | (0.06) | (0.05) | (0.05) | (0.12) | (0.34) | (0.21) | (0.60) | (0.27) | (0.29) | (1.42) | (1.34) |
Discontinued operations per share - diluted | (0.20) | 0 | 0.01 | 0.01 | 0.07 | 0.05 | 0.02 | 0.03 | (0.16) | 0.17 | 0.27 |
Net loss per share - diluted | $ (0.26) | $ (0.05) | $ (0.04) | $ (0.11) | $ (0.27) | $ (0.16) | $ (0.58) | $ (0.24) | $ (0.45) | $ (1.25) | $ (1.07) |
Weighted average shares outstanding: | |||||||||||
Basic shares | 67,832 | 66,952 | 64,576 | ||||||||
Diluted shares | 67,832 | 66,952 | 64,576 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (30,851) | $ (83,863) | $ (68,786) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Loss (gain) on sale of discontinued operations, net of taxes | 4,987 | (2,519) | (14,933) |
Loss (income) from discontinued operations, net of taxes | 6,403 | (8,671) | (2,557) |
Depreciation | 41,904 | 43,786 | 41,449 |
Amortization of intangible assets | 7,785 | 9,184 | 7,782 |
Non-cash interest expense, net | 10,057 | 9,768 | 10,275 |
Deferred income taxes | 2,742 | 2,703 | (27,989) |
Non-cash taxes | 0 | 0 | 40,562 |
Gain on bargain purchase | 0 | 0 | (17,262) |
(Gain) loss on sale of assets | (5,356) | 78 | 37 |
Non-cash restructuring and other charges, net | 5,936 | 4,904 | 2,757 |
Impairment of intangible assets | 0 | 0 | 24,493 |
Loss on early extinguishment of debt, net | 1,252 | 27,449 | 11,324 |
Provisions for bad debts | 2,567 | 1,634 | 4,073 |
Provisions for inventory obsolescence | 2,359 | 10,744 | 6,131 |
Stock-based compensation provision | 1,636 | 2,420 | 3,739 |
Changes in operating assets and liabilities, excluding the effects of acquired businesses: | |||
Accounts receivable | (3,953) | (7) | (33,120) |
Inventories | (5,130) | 12,906 | (37,307) |
Accounts payable and accrued compensation and related liabilities | (16,363) | (5,144) | 66,457 |
Other working capital changes | 3,103 | 4,272 | 1,951 |
Other, net | (12,852) | (23,246) | (14,619) |
Net cash provided by operating activities of continuing operations | 16,226 | 6,398 | 4,457 |
Net cash provided by operating activities of discontinued operations | 15,968 | 17,517 | 23,736 |
Net cash provided by operating activities | 32,194 | 23,915 | 28,193 |
Cash flows from investing activities: | |||
Cost of business acquisitions, net of cash acquired | (1,996) | 0 | (33,166) |
Capital expenditures | (25,928) | (32,322) | (24,345) |
Purchase of investment | 0 | (2,000) | (1,650) |
Proceeds from sale of property, plant and equipment | 8,558 | 3,766 | 2,682 |
Proceeds from sale of assets | 2,180 | 0 | 0 |
Net cash used in investing activities of continuing operations | (17,186) | (30,556) | (56,479) |
Net cash (used in) provided by investing activities of discontinued operations | (2,282) | (2,712) | 48,982 |
Net cash used in investing activities | (19,468) | (33,268) | (7,497) |
Cash flows from financing activities: | |||
Proceeds from issuance of 6.000% senior secured priority notes due 2019 | 0 | 540,000 | 0 |
Proceeds from issuance of 8.500% junior secured priority notes due 2022 | 0 | 250,000 | 0 |
Repayment of 7.875% senior subordinated notes | 0 | 0 | (67,848) |
Repayment of Term Loan B due 2016 | 0 | 0 | (388,205) |
Payment of financing related costs and expenses and debt issuance discounts | (1,596) | (37,994) | (15,570) |
Proceeds from issuance of other long-term debt | 12,500 | 0 | 20,000 |
Repayments of other long-term debt | (16,545) | (7,695) | (6,789) |
Repayment of 11.5% senior notes due 2017 | (22,720) | (2,680) | 0 |
Repayment of 8.500% junior secured priority notes due 2022 | 0 | (2,000) | 0 |
Purchase and retirement of common stock upon vesting of RSUs | (216) | (562) | (660) |
Repayment under Revolving Credit Facility, net | 0 | 0 | (18,000) |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | 0 | 50,000 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | (10,000) | (40,000) |
Proceeds from exercise of stock options | 0 | 20 | 98 |
Proceeds from issuance of Term Loan Facility due 2017 | 0 | 0 | 360,000 |
Repayment of Term Loan Facility due 2017 | 0 | (329,100) | (30,900) |
Repayment of 8.875% senior second lien notes due 2018 | 0 | (400,000) | 0 |
Borrowings under ABL Facility due 2017 | 468,300 | 520,100 | 699,200 |
Repayments under ABL Facility due 2017 | (454,800) | (506,800) | (577,800) |
Net cash (used in) provided by financing activities of continuing operations | (15,077) | 13,289 | (16,474) |
Net cash used in financing activities of discontinued operations | (473) | (798) | (1,076) |
Net cash (used in) provided by financing activities | (15,550) | 12,491 | (17,550) |
Effect of exchange rate changes on cash and cash equivalents | (1,213) | 126 | 73 |
Net (decrease) increase in cash and cash equivalents | (4,037) | 3,264 | 3,219 |
Cash and cash equivalents at beginning of period | 14,593 | 11,329 | 8,110 |
Cash and cash equivalents at end of period | 10,556 | 14,593 | 11,329 |
Less cash and equivalents of discontinued operations | (2,771) | (2,021) | (900) |
Cash and cash equivalents of continuing operations at end of period | $ 7,785 | $ 12,572 | $ 10,429 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
Common stock, beginning balance (shares) at Dec. 29, 2012 | 63,762 | ||||
Stockholders' equity, beginning balance at Dec. 29, 2012 | $ (464,314) | $ 638 | $ 354,983 | $ (752,734) | $ (67,201) |
Other comprehensive (loss) income: | |||||
Net loss | (68,786) | (68,786) | |||
Other comprehensive income (loss): | |||||
Changes in pension and other employee benefit accounts, net of taxes | 31,430 | 31,430 | |||
Currency translation adjustment, net | (4,529) | (4,529) | |||
Total other comprehensive (loss) income | 26,901 | ||||
Total comprehensive loss | (41,885) | ||||
Issuance of stock (shares) | 2,083 | ||||
Issuance of stock | 6,042 | $ 21 | 6,021 | ||
Exercise of stock options (shares) | 20 | ||||
Exercise of stock options | 98 | $ 0 | 98 | ||
Purchase and retirement of common stock upon vesting of RSUs (shares) | 400 | ||||
Purchase and retirement of common stock upon vesting of RSUs | (660) | $ (4) | (664) | ||
Amortization of stock based compensation | 3,739 | 3,739 | |||
Common stock, ending balance (shares) at Dec. 28, 2013 | 66,265 | ||||
Stockholders' equity, ending balance at Dec. 28, 2013 | (496,980) | $ 663 | 364,177 | (821,520) | (40,300) |
Other comprehensive (loss) income: | |||||
Net loss | (83,863) | (83,863) | |||
Other comprehensive income (loss): | |||||
Changes in pension and other employee benefit accounts, net of taxes | (56,576) | (56,576) | |||
Currency translation adjustment, net | (1,321) | (1,321) | |||
Total other comprehensive (loss) income | (57,897) | ||||
Total comprehensive loss | (141,760) | ||||
Exchange of 7% Notes (shares) | 1,068 | ||||
Exchange of 7% Notes | 4,187 | $ 11 | 4,176 | ||
Exercise of stock options (shares) | 10 | ||||
Exercise of stock options | 20 | $ 0 | 20 | ||
Purchase and retirement of common stock upon vesting of RSUs (shares) | 339 | ||||
Purchase and retirement of common stock upon vesting of RSUs | (562) | $ (3) | (565) | ||
Amortization of stock based compensation | $ 2,420 | 2,420 | |||
Common stock, ending balance (shares) at Dec. 27, 2014 | 67,682 | 67,682 | |||
Stockholders' equity, ending balance at Dec. 27, 2014 | $ (632,675) | $ 677 | 370,228 | (905,383) | (98,197) |
Other comprehensive (loss) income: | |||||
Net loss | (30,851) | (30,851) | |||
Other comprehensive income (loss): | |||||
Changes in pension and other employee benefit accounts, net of taxes | (3,438) | (3,438) | |||
Currency translation adjustment, net | (4,295) | (4,295) | |||
Total other comprehensive (loss) income | (7,733) | ||||
Total comprehensive loss | (38,584) | ||||
Purchase and retirement of common stock upon vesting of RSUs (shares) | 192 | ||||
Purchase and retirement of common stock upon vesting of RSUs | (216) | $ (2) | (218) | ||
Amortization of stock based compensation | $ 1,636 | 1,636 | |||
Common stock, ending balance (shares) at Jan. 02, 2016 | 67,874 | 67,874 | |||
Stockholders' equity, ending balance at Jan. 02, 2016 | $ (669,839) | $ 679 | $ 371,646 | $ (936,234) | $ (105,930) |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||
Changes in pension and other employee benefit accounts, tax expense (benefit) | $ 0 | $ 0 | $ 20,105 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 02, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation: The consolidated financial statements include the results of Cenveo, Inc. and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions have been eliminated. Cenveo, Inc. and its wholly-owned subsidiaries (collectively, the "Company" or "Cenveo") are engaged in envelope converting, commercial printing, and the manufacturing of label products. The Company is headquartered in Stamford, Connecticut, is organized under Colorado law, and its common stock is traded on the New York Stock Exchange under the symbol "CVO." The Company operates a network of strategically located manufacturing facilities, serving a diverse base of customers. The Company’s operations are based in North America and Asia. The Company’s reporting periods for 2015 , 2014 and 2013 in this report consisted of 53, 52 and 52 week periods, respectively, and ended on January 2, 2016 , December 27, 2014 , and December 28, 2013 , respectively. Such periods are referred to herein as: (i) "as of the year ended 2015 ," "the year ended 2015 " or " 2015 ;" (ii) "as of the year ended 2014 ," "the year ended 2014 " or " 2014 ;" and (iii) "as of the year ended 2013 ," "the year ended 2013 " or " 2013 ." All references to years and year-ends herein relate to fiscal years rather than calendar years. As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, during the first quarter of 2016 the Company completed the sale of its folded carton and shrink sleeve packaging businesses, along with its one top-sheet lithographic print operation (collectively, the "Packaging Business"). See Note 3 for information regarding the completion of sale of the Packaging Business. In accordance with the guidance in Accounting Standards Codification ("ASC") 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment , the financial results of the Packaging Business have been accounted for as discontinued operations for all periods presented. The Company completed the sale of its Custom Envelope Group ("Custom Envelope") during the third quarter of 2013. Additionally, during the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility. Collectively with the Packaging Business, the Company refers to these businesses as the "Discontinued Operations." As a result, the Company's historical consolidated balance sheets, statements of comprehensive income (loss) ("statement of operations") and statements of cash flows have been retroactively adjusted to give recognition to the Discontinued Operations for all periods presented. Liquidity: As of January 2, 2016, the Company's total indebtedness was approximately $1.2 billion , of which approximately $442.1 million matures in the next 12 to 18 months. The Company is exploring to what extent it may have practicable alternatives to its current capital structure, including in particular our unsecured debt with 2017 maturities. The alternatives may include any and all transactions and strategies. Should the Company pursue any particular transaction or strategy, the structure naturally will depend on all circumstances, including market conditions. There can be no assurance that any transaction or strategy will ultimately be pursued or, if pursued, will be successful. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates and assumptions are used for, but not limited to, establishing the allowance for doubtful accounts, valuation of inventory, purchase price allocation, depreciation and amortization lives, asset impairment evaluations, deferred tax assets and liabilities, self-insurance accruals, stock-based compensation and other contingencies. Actual results could differ from estimates. Fair Value Measurements: Certain assets and liabilities of the Company are required to be recorded at fair value. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to their short-term nature. The Company also has other assets or liabilities that it records at fair value, such as its pension plan assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. Cash and Cash Equivalents: Cash and cash equivalents include cash on deposit and highly liquid investments with original maturities of three months or less. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of Federal Deposit Insurance Corporation ("FDIC") insurance limits. Cash and cash equivalents are stated at cost, which approximates fair value. Accounts Receivable: Trade accounts receivable are stated net of allowances for doubtful accounts. Specific customer provisions are made when a review of significant outstanding amounts, customer creditworthiness and current economic trends indicate that collection is doubtful. In addition, provisions are made at differing amounts, based upon the balance and age of the receivable and the Company’s historical collection experience. Trade accounts are charged off against the allowance for doubtful accounts or expensed when it is probable the accounts will not be recovered. As of the years ended 2015 and 2014 , accounts receivable were reduced by an allowance for doubtful accounts of $5.9 million and $4.6 million , respectively. Transactions affecting the allowance for doubtful accounts were as follows (in thousands): For The Years Ended 2015 2014 2013 Balance at beginning of year $ 4,632 $ 4,952 $ 4,573 Charged to expense 2,567 1,634 4,073 Write-offs, recoveries and other (1,327 ) (1,954 ) (3,694 ) Balance at end of year $ 5,872 $ 4,632 $ 4,952 Inventories: Inventories are stated at the lower of cost or market, with cost primarily determined on a first-in, first-out or average cost basis. Cost includes materials, labor and overhead related to the purchase and production of inventories. Property, Plant and Equipment: Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided using the straight-line method generally based on the estimated useful lives of 15 to 45 years for buildings and building improvements, 10 to 15 years for machinery and equipment and 3 to 10 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When an asset is retired or otherwise disposed of, the related gross cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of operations. Expenditures for repairs and maintenance are charged to expense as incurred, and expenditures that increase the capacity, efficiency or useful lives of existing assets are capitalized. Computer Software: The Company develops and purchases software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed, tested and is ready for use, additional costs incurred in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, generally between three and seven years. Net computer software costs included in property, plant and equipment were $16.6 million and $15.8 million as of the years ended 2015 and 2014 , respectively. Debt Issuance Costs: Direct expenses such as legal, accounting and underwriting fees incurred to issue, extend or amend debt are included as a reduction in the carrying amount of the related debt. Debt issuance costs of $18.9 million and $25.2 million were included in the Company's consolidated balance sheets as of the years ended 2015 and 2014 , respectively, net of accumulated amortization, and are amortized to interest expense over the term of the related debt on a straight line basis, which approximates the effective interest method. In accordance with Accounting Standards Update ("ASU") No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), the Company reclassified $22.2 million of debt issuance costs, net of $3.0 million of deferred charges associated with the Company's asset-based revolving credit facility (the "ABL Facility") as a deduction from the carrying amount of the outstanding debt for the year ended 2014 . Interest expense includes the amortization of debt issuance costs of $10.1 million , $9.8 million and $9.4 million in 2015 , 2014 and 2013 , respectively. Goodwill and Other Intangible Assets: Goodwill represents the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is not amortized. Goodwill is subject to an annual impairment test and is reviewed annually as of the end of November to determine if there is an impairment, or more frequently if an indication of possible impairment exists. Impairment testing for goodwill is performed at a reporting unit level, with all goodwill assigned to a reporting unit. The Company's reporting units are the same as its three operating segments. An impairment loss generally would be recognized when the carrying amount of the reporting unit's net assets exceeds the estimated fair value of the reporting unit. No impairment charges for goodwill were recorded in 2015 , 2014 or 2013 , except as disclosed in Note 3. Other intangible assets consist primarily of customer relationships and trademarks. Other intangible assets primarily arise from the purchase price allocations of businesses acquired. Intangible assets with determinable lives are amortized on a straight-line basis over the estimated useful life assigned to these assets. Intangible assets that are expected to generate cash flows indefinitely are not amortized, but are evaluated for impairment using the relief-from-royalty method. During the fourth quarter of 2013, the Company made the decision to retire a certain indefinite lived trade name during 2014 as a result of rebranding the Company's print business line. Accordingly, based on its evaluation using a relief-from-royalty and other discounted cash flow methodologies, the Company concluded that the trade name asset was impaired. An impairment charge of $24.5 million was recorded to reduce the carrying value to the estimated fair value. The trade name was fully amortized during 2014. There were no intangible asset impairments in the years ended 2015 or 2014 . Long-Lived Assets: Long-lived assets, including property, plant and equipment, and intangible assets with definite lives, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. An impairment is assessed if the undiscounted expected future cash flows generated from an asset are less than its carrying value. Impairment losses are recognized for the amount by which the carrying value of an asset exceeds its fair value (Level 2 and 3). Additionally, the estimated useful lives of all long-lived assets are periodically reviewed and revised, if necessary. Self-Insurance: The Company is self-insured for the majority of its workers’ compensation costs and health insurance costs, subject to specific retention levels. The Company records its liability for workers’ compensation claims on a fully-developed basis. The Company’s liability for health insurance claims includes an estimate for claims incurred, but not reported. As of the years ended 2015 and 2014 , the (i) undiscounted workers' compensation liability was $12.3 million and $13.2 million , respectively, and the discounted liability was $11.4 million and $12.2 million , respectively, using discount rates of 2% for each of the years ended 2015 and 2014 ; and the (ii) healthcare liability was $3.2 million and $3.3 million as of the years ended 2015 and 2014 , respectively. Pension and Other Postretirement Plans: The Company records expense relating to its pension and other postretirement plans based on actuarial calculations. The inputs for these estimates mainly include discount rates, anticipated mortality rates and assumed rates of return. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current anticipated rates. The effect of modifications on the value of plan obligations and assets is recognized in accumulated other comprehensive income (loss) ("AOCI") and is recognized in the statement of operations over future periods. Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred, pricing is fixed or determinable, and collection is reasonably assured, net of rebates earned by customers. Since a significant portion of the Company’s products are customer specific, it is common for customers to inspect the quality of the product at the Company’s facility prior to its shipment. Products shipped are not subject to contractual right of return provisions. Sales Tax: The Company records sales net of applicable sales tax. Freight Costs: The costs of delivering finished goods to customers are recorded as freight costs and included in cost of sales. Freight costs that are either billed separately to the customer or included in the price of the product are included in net sales. Advertising Costs: All advertising costs are expensed as incurred. Advertising costs were $3.2 million , $3.4 million and $2.7 million for 2015 , 2014 and 2013 , respectively. Stock-Based Compensation: The Company uses the fair value method of accounting for stock-based compensation. The Company uses the Black-Scholes-Merton option-pricing model ("Black-Scholes") to measure fair value of stock option awards. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the stock price volatility assumption, the expected life of the option award, the risk-free rate of return and dividends during the expected term. The Company recognizes stock-based compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. Foreign Currency Translation: Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the United States dollar are translated at year-end exchange rates. The effects of translation are included in shareholders’ deficit. Income and expense items and gains and losses are translated at the average monthly rate. Foreign currency transaction gains and losses are recorded in other income, net. Income Taxes: Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the net deferred tax assets will not be realized. The Company has a full valuation allowance related to its net deferred tax assets as of the year ended 2015 . The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although the Company believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is recognized in its consolidated financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. New Accounting Pronouncements: In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-08, " Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ." The amendments in the ASU change the criteria for reporting discontinued operations while enhancing related disclosures. The amendments in the ASU were effective in the first quarter of 2015. The Company adopted this new guidance effective December 28, 2014. The new guidance was only applied prospectively to new disposals and new classifications of disposal groups held for sale after such date. As a result, this guidance did not have any impact on the Company's previously reported financial statements or related disclosures upon adoption. 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 April 2015, the FASB issued ASU 2015-03. 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 a result of the Company's adoption of ASU 2015-03, $22.2 million of debt issuance costs were reclassified from a long-term asset to a reduction in the carrying amount of its debt for the year ended 2014 . In November 2015, the FASB issued ASU 2015-17 " Balance Sheet Classification of Deferred Taxes ." ASU 2015-17 simplifies the presentation of deferred income taxes to require that deferred tax assets and liabilities be classified as non-current in a classified balance sheet. This ASU is effective for annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Jan. 02, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company accounts for business combinations under the provisions of the Business Combination Topic of the FASB's ASC 805. Acquisitions are accounted for by the acquisition method, and accordingly, the assets and liabilities of the acquired businesses have been recorded at their estimated fair value on the acquisition date with the excess of the purchase price over their estimated fair value recorded as goodwill. In the event the estimated fair value of the assets and liabilities acquired exceeds the purchase price paid, a bargain purchase gain is recorded in the statement of operations. Acquisition-related costs are expensed as incurred. Acquisition-related costs, including integration costs, are included in selling, general and administrative expenses in the Company’s consolidated statement of operations and were $1.1 million , $5.2 million and $8.7 million for the years ended 2015 , 2014 and 2013 , respectively. Asendia On August 7, 2015, the Company acquired certain assets of Asendia USA, Inc. ("Asendia"). The acquired assets provide letter shop, data processing, bindery and digital printing offerings. The Company also acquired approximately 40 employees. The total purchase price of approximately $2.0 million was allocated to the tangible and identifiable intangible assets acquired based on their estimated fair values at the acquisition date, and was assigned to the Company's print segment. The acquired identifiable intangible assets relate to customer relationships of $0.1 million . Purchase Price Allocation The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed in the Asendia acquisition (in thousands): Accounts receivable, net $ 145 Inventories 46 Prepaid and other current assets 10 Property, plant and equipment 1,662 Other intangible assets 133 Total assets acquired $ 1,996 The results of operations and cash flows are included in the Company’s statements of operations and cash flows from August 7, 2015. Pro forma results for the years ended 2015 or 2014 , assuming the acquisition had been made on December 29, 2013, are not presented, as the effect would not be material. National Envelope On September 16, 2013, the Company acquired certain assets of National Envelope Corporation ("National"). National's accounts receivable and inventory were purchased by unrelated third parties in conjunction with the Company's acquisition. National manufactured and distributed envelope products for the wholesale, billing, financial, direct mail and office products markets and had approximately 1,600 employees. The Company believes the acquisition of certain assets of National 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 consolidated statement of operations. Prior to the recognition of the bargain purchase gain, the Company reassessed the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The Company believes it was able to acquire those assets of National for less than their fair value due to National's bankruptcy prior to the Company's acquisition. The acquired identifiable intangible asset relates to a leasehold interest with a fair value of $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 consolidated statement of operations and cash flows from September 16, 2013. As a result of the Company's integration of certain assets of National into the Company's existing envelope operations, it is impracticable to disclose the amounts of revenues and operating income of National since the acquisition date. 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. National's results of operations and cash flows are included in the Company's statements of operations and cash flows from September 16, 2013. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jan. 02, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations During the second and third quarters of 2015, the Company began actively marketing for sale its Packaging Business to multiple strategic parties. As of the end of the third quarter, management was given the appropriate authority to move forward with these strategic parties on a potential sale of the Packaging Business. In accordance with the guidance in ASC 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment , at that time, the financial results of the Packaging Business were accounted for as discontinued operations. On January 19, 2016, the Company completed the sale of the Packaging Business. The Company received total cash proceeds of approximately $86.6 million , net of transaction costs of approximately $6.4 million . In the fourth quarter of 2015, the Company recorded a non-cash loss on sale of $5.0 million . The Company recorded a non-cash goodwill impairment charge of $9.9 million related to this transaction. This loss was based on the executed purchase agreement and the net assets of the Packaging Business. In addition to the proceeds, $5.0 million of purchase price consideration has been held in escrow ("the Holdback Amount") and will be paid to the Company subject to the satisfaction of certain conditions, which is expected to be completed within 90 days of the closing date. Any amount received from the Holdback Amount will be recognized as income when received. During the fourth quarter of 2013, the Company made the decision to retire a certain indefinite lived trade name during 2014 as a result of rebranding the Company's packaging business line. Accordingly, based on its evaluation using a relief-from-royalty and other discounted cash flow methodologies, the Company concluded that the trade name asset was impaired. An impairment charge of $8.9 million was recorded to reduce the carrying value to the estimated fair value. The trade name was fully amortized during 2014. The non-cash impairment charge was reported in in discontinued operations in the Company's consolidated financial statements. On September 28, 2013, the Company completed the sale of 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 consolidated financial statements for all periods presented herein. The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of January 2, 2016 , and December 27, 2014 (in thousands): 2015 2014 Accounts receivable, net $ 23,244 $ 29,344 Inventories 18,603 18,119 Other current assets 6,719 5,106 Assets of discontinued operations - current 48,566 52,569 Property, plant and equipment, net 48,244 54,585 Goodwill and other long-term assets 14,607 32,028 Assets of discontinued operations - long-term 62,851 86,613 Accounts payable 17,917 19,145 Other current liabilities 4,351 5,058 Liabilities of discontinued operations - current 22,268 24,203 Long-term debt and other liabilities 1,153 3,520 Liabilities of discontinued operations - long-term 1,153 3,520 Net assets of discontinued operations $ 87,996 $ 111,459 The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): For The Years Ended 2015 2014 2013 Net sales $ 178,850 $ 187,725 $ 228,178 Cost of sales 154,570 162,448 192,237 Selling, general and administrative expenses 20,630 20,826 22,278 Amortization of intangible assets 2,062 2,597 2,482 Restructuring and other charges 390 932 514 Impairment of goodwill 9,857 — — Impairment of intangible assets — — 8,874 Interest expense, net 117 137 99 Other income, net (954 ) (6,563 ) (3,141 ) (Loss) income from discontinued operations before income taxes (7,822 ) 7,348 4,835 (Loss) gain on sale of discontinued operations before income taxes (4,987 ) 2,519 25,597 Total (loss) income from discontinued operations before income taxes (12,809 ) 9,867 30,432 Income tax (benefit) expense on discontinued operations (1,419 ) (1,323 ) 12,942 (Loss) income from discontinued operations, net of taxes $ (11,390 ) $ 11,190 $ 17,490 (Loss) income per share - basic $ (0.16 ) $ 0.17 $ 0.27 (Loss) income per share - diluted $ (0.16 ) $ 0.17 $ 0.27 |
Inventories
Inventories | 12 Months Ended |
Jan. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories by major category are as follows (in thousands): 2015 2014 Raw materials $ 40,938 $ 35,288 Work in process 14,696 17,429 Finished goods 65,981 66,174 $ 121,615 $ 118,891 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jan. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are as follows (in thousands): 2015 2014 Land and land improvements $ 9,194 $ 10,585 Buildings and building improvements 82,206 82,142 Machinery and equipment 525,914 516,443 Furniture and fixtures 8,696 8,570 Construction in progress 10,181 11,106 636,191 628,846 Accumulated depreciation (425,613 ) (401,023 ) $ 210,578 $ 227,823 Sale-Leaseback Transaction During the fourth quarter of 2015, the Company sold one manufacturing facility, which related to its print segment, and entered into a one-year operating lease for the same facility. At the time of the sale, the facility had a net book value of $3.4 million , and the Company received net proceeds of $7.1 million . In connection with the sale, the Company recorded a gain of $3.1 million in the consolidated statement of operations. Proceeds From Long-Lived Assets During the fourth quarter of 2014, the Company sold one manufacturing facility, which related to its envelope segment, for net proceeds of $1.0 million . During the third quarter of 2014, the Company sold one manufacturing facility, which related to its print segment, for net proceeds of $1.2 million . The sale of these facilities did not have a material impact on the consolidated statement of operations. During the fourth quarter of 2013, the Company sold one office facility, which related to its envelope segment for net proceeds of $0.5 million . During the second quarter of 2013, the Company sold one manufacturing facility, which related to its envelope segment, for net proceeds of $1.7 million . The sale of these facilities did not have a material impact on the consolidated statement of operations. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill as of the years ended 2015 and 2014 by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of the year ended 2013 $ 23,433 $ 42,976 $ 109,277 $ 175,686 Foreign currency translation — (144 ) — (144 ) Balance as of the year ended 2014 23,433 42,832 109,277 175,542 Foreign currency translation — (204 ) — (204 ) Balance as of the year ended 2015 $ 23,433 $ 42,628 $ 109,277 $ 175,338 The impairment test for goodwill uses a two-step approach. Step one compares the estimated fair value of a reporting unit with goodwill to its carrying value. If the carrying value exceeds the estimated fair value, step two must be performed. Step two compares the carrying value of the reporting unit to the fair value of all of the assets and liabilities of the reporting unit (including any unrecognized intangibles) as if the reporting unit was acquired in a business combination. If the carrying amount of a reporting unit’s goodwill exceeds the implied fair value of its goodwill, an impairment loss is recognized in an amount equal to the excess. The Company's valuation of all of its reporting units was performed using the income approach in which the Company utilized a discounted cash flow analysis to determine the present value of expected future cash flows of each reporting unit. The Company performed a market approach analysis in order to support the reasonableness of the fair value determined under the income approach. The estimated fair value for each of the Company's reporting units, as of the year ended 2015 , exceeded the respective carrying values of each reporting unit. As a result, it was concluded that the goodwill assigned to each reporting unit, as of January 2, 2016 , was not impaired. Refer to Note 3 for detail on goodwill impairment recorded in discontinued operations. Additionally, there were no goodwill impairments recorded in the years ended 2014 and 2013 . Other intangible assets are as follows (in thousands): 2015 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 7 $ 114,345 $ (27,234 ) $ (55,209 ) $ 31,902 $ 114,301 $ (27,234 ) $ (48,356 ) $ 38,711 Trademarks and trade names 23 64,540 (46,493 ) (8,649 ) 9,398 64,550 (46,493 ) (8,157 ) 9,900 Leasehold interest 17 4,430 — (516 ) 3,914 4,430 — (291 ) 4,139 Patents 10 3,528 — (3,192 ) 336 3,528 — (3,159 ) 369 Subtotal 11 186,843 (73,727 ) (67,566 ) 45,550 186,809 (73,727 ) (59,963 ) 53,119 Intangible assets with indefinite lives: Trade names 84,900 — — 84,900 84,900 — — 84,900 Total $ 271,743 $ (73,727 ) $ (67,566 ) $ 130,450 $ 271,709 $ (73,727 ) $ (59,963 ) $ 138,019 Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): Annual Estimated 2016 $ 5,664 2017 5,273 2018 5,003 2019 4,885 2020 4,885 Thereafter 19,840 Total $ 45,550 Asset Impairments During the fourth quarter of 2013, the Company made the decision to retire a certain indefinite lived trade name during 2014 as a result of rebranding the Company's print business line. Accordingly, based on its evaluation using a relief-from-royalty and other discounted cash flow methodologies, the Company concluded that the trade name asset was impaired. An impairment charge of $24.5 million was recorded to reduce the carrying value to the estimated fair value. The trade name was fully amortized during 2014. There were no intangible asset impairments in the years ended 2015 or 2014 . |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Jan. 02, 2016 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities | Other Current Liabilities Other current liabilities are as follows (in thousands): 2015 2014 Accrued interest expense $ 23,644 $ 24,378 Accrued customer rebates 20,591 20,857 Restructuring liabilities 3,198 5,174 Other accrued liabilities 39,270 34,368 $ 86,703 $ 84,777 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jan. 02, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt is as follows (in thousands): 2015 2014 ABL Facility due 2017 (1) $ 148,200 $ 134,700 8.500% junior priority secured notes due 2022 ($248.0 million outstanding principal amount as of the years ended 2015 and 2014) 240,533 239,533 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of the years ended 2015 and 2014) 526,533 522,969 11.5% senior notes due 2017 ($199.7 million and $222.3 million outstanding principal amount as of the years ended 2015 and 2014, respectively) 195,846 215,247 7% senior exchangeable notes due 2017 ($83.3 million outstanding principal amount as of the years ended 2015 and 2014) 82,430 81,851 Other debt including capital leases 15,081 16,080 1,208,623 1,210,380 Less current maturities (5,373 ) (3,872 ) Long-term debt $ 1,203,250 $ 1,206,508 __________________________ (1) The weighted average interest rate outstanding for the ABL Facility was 3.36% and 3.82% as of the years ended 2015 and 2014 , respectively. The estimated fair value of the Company’s long-term debt was approximately $895.7 million and $1.2 billion for the years ended 2015 and 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. Interest expense in 2015 reflected average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 7.2% , compared to the average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 7.6% in 2014 . Cash interest payments on long-term debt were $91.5 million , $94.7 million and $103.0 million in 2015 , 2014 and 2013 , respectively. 6.000% Senior Priority Secured Notes On June 26, 2014, the Company's wholly-owned subsidiary, Cenveo Corporation (the "Subsidiary Issuer") issued $540.0 million aggregate principal amount of 6.000% senior priority secured notes due 2019 (the "6.000% Notes"), which were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act of 1933. The 6.000% Notes were issued at par, pursuant to an indenture (the "6.000% Indenture") among the Subsidiary Issuer, Cenveo, Inc. and the other guarantors party thereto, and The Bank of New York Mellon, as trustee and collateral agent. The Subsidiary Issuer will pay interest on the 6.000% Notes semi-annually, in cash in arrears, on February 1 and August 1 of each year, commencing on August 1, 2014. The 6.000% Notes have no required principal payments prior to their maturity on August 1, 2019. The 6.000% Notes are guaranteed on a senior secured basis by Cenveo, Inc. and substantially all of its existing and future North American subsidiaries (other than the Subsidiary Issuer). As such, the 6.000% Notes rank pari passu with all of the Subsidiary Issuer's existing and future senior debt, and senior to any of the Subsidiary Issuer's subordinated debt and effectively junior to the Subsidiary Issuer's obligations under the ABL Facility, to the extent that the ABL Facility has a first priority perfected security interest in certain of the Company's assets. The Subsidiary Issuer may redeem the 6.000% Notes, in whole or in part, on or after February 1, 2019, at a redemption price of 100.0% plus accrued and unpaid interest. In addition, at any time between August 1, 2017, and February 1, 2019, the Subsidiary Issuer may redeem in whole or in part the remaining aggregate principal amount of the notes originally issued at a redemption price of 100% plus accrued and unpaid interest and a "make-whole" premium of not less than 1% . At any time prior to August 1, 2017, the Subsidiary Issuer may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 106.0% plus accrued and unpaid interest. Each holder of the 6.000% Notes has the right to require the Subsidiary Issuer to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 6.000% Indenture contains a number of covenants which, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of the Subsidiary Issuer and the Company's other subsidiaries, to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing the Company's capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. With respect to a disposition of assets, the 6.000% Indenture requires, within 360 days after the receipt of any net proceeds, that the Company apply all such net proceeds (i) to be reinvested in the business of the Company; (ii) to repay obligations under the ABL Facility under certain circumstances; or (iii) to make an offer to purchase the 6.000% Notes. The 6.000% Indenture also contains certain customary affirmative covenants and events of default. 8.500% Junior Priority Secured Notes Concurrently with the issuance of the 6.000% Notes on June 26, 2014, the Subsidiary Issuer issued $250.0 million aggregate principal amount of 8.500% junior priority secured notes due 2022 (the "8.500% Notes"), which were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933. The 8.500% Notes were issued at par, pursuant to an indenture (the "8.500% Indenture") among the Subsidiary Issuer, Cenveo, Inc. and the other guarantors party thereto, and The Bank of New York Mellon, as trustee and collateral agent. The Subsidiary Issuer will pay interest on the 8.500% Notes semi-annually, in cash in arrears, on March 15 and September 15 of each year, commencing on September 15, 2014. The 8.500% Notes have no required principal payments prior to their maturity on September 15, 2022. The 8.500% Notes are guaranteed on a junior secured basis by Cenveo, Inc. and substantially all of its existing and future North American subsidiaries (other than the Subsidiary Issuer). As such, the 8.500% Notes rank junior to any senior secured obligations of the Subsidiary Issuer, senior to any existing and future unsecured obligations of the Subsidiary Issuer, and senior to all existing and future obligations of the Subsidiary Issuer that are expressly subordinated to the 8.500% Notes. The Subsidiary Issuer may redeem the 8.500% Notes, in whole or in part, on or after September 15, 2017, September 15, 2018, September 15, 2019, or September 15, 2020, at redemption prices of 106.375% , 104.250% , 102.125% and 100.00% , respectively, plus accrued and unpaid interest. At any time prior to September 15, 2017, the Subsidiary Issuer may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 108.5% plus accrued and unpaid interest. Each holder of the 8.500% Notes has the right to require the Subsidiary Issuer to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 8.500% Indenture contains a number of covenants which, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of the Subsidiary Issuer and the Company's other subsidiaries, to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing the Company's capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. With respect to a disposition of assets, the 8.500% Indenture requires, within 360 days after the receipt of any net proceeds, that the Company apply all such net proceeds (i) to be reinvested in the business of the Company, (ii) to repay indebtedness constituting senior priority obligations, or (iii) to make an offer to purchase the 8.500% Notes. The 8.500% Indenture also contains certain customary affirmative covenants and events of default. Net proceeds of the 6.000% Notes and 8.500% Notes were used to: (i) refinance the $360 million secured term loan facility (the "Term Loan Facility"), which at the time had a remaining principal balance of $327.3 million ; (ii) refinance the 8.875% senior second lien notes due 2018 (the "8.875% Notes"), which at the time had a remaining principal balance of $400.0 million ; and (iii) pay related fees, expenses and accrued interest. In connection with the issuance of the 6.000% Notes and the 8.500% Notes, the Company capitalized debt issuance costs of $14.7 million and $7.1 million , respectively, all of which will be amortized over the life of the 6.000% Notes and the 8.500% Notes, of which $9.1 million and $5.1 million , respectively, remain unamortized at January 2, 2016. A portion of the refinancing was accounted for as a modification of debt. As a result, the Company will continue to amortize a portion of the unamortized debt issuance costs on the 8.875% Notes and Term Loan Facility. The modification resulted in the recording of a discount of $5.9 million on the 6.000% Notes and $2.8 million on the 8.500% Notes, of which $4.4 million and $2.4 million , respectively, remain unamortized at January 2, 2016. 2013 Credit Facilities, including the ABL Facility On April 16, 2013, the Company completed the refinancing of its $170 million revolving credit facility due 2014 (the "Revolving Credit Facility") and its existing term loan B due 2016 (the "Term Loan B," and collectively with the Revolving Credit Facility, the "Refinanced Facility") by entering into: (i) a Second Amended and Restated Credit Agreement providing for the Term Loan Facility, with a syndicate of lenders arranged by Bank of America, N.A., Macquarie Capital (USA) Inc. and Barclays Bank PLC, with Bank of America, N.A. serving as administrative agent, syndication agent and documentation agent; and (ii) a Credit Agreement providing for a $200 million ABL Facility (together with the Term Loan Facility, the "2013 Credit Facilities"), with a syndicate of lenders arranged by Bank of America, N.A., Barclays Bank PLC, General Electric Capital Corporation and Wells Fargo Bank, National Association, with Bank of America, N.A. serving as administrative agent, issuing bank and swingline lender. In connection with the 2013 Credit Facilities, the Company capitalized debt issuance costs of $7.2 million , of which $1.8 million relates to original issuance discount, and of which $2.3 million in debt issuance costs remains unamortized as of January 2, 2016. Proceeds from the 2013 Credit Facilities, together with available cash on hand, were used to refinance the outstanding term loans and revolving loans, and accrued interest thereon, under the Refinanced Facility, and to pay certain fees and expenses incurred in connection with the transactions. During 2014, the Company extinguished the Term Loan Facility. Borrowing rates under the Term Loan Facility were, and under the ABL Facility are, selected at the Company's option at the time of each borrowing and, with respect to the Term Loan Facility were, and with respect to the ABL Facility are, generally based on London Interbank Offered Rate ("LIBOR") or the prime rate publicly announced by Bank of America, N.A. from time to time, in each case plus a specified interest rate margin. With respect to the Term Loan Facility, LIBOR-based borrowings had an interest rate of not less than 1.25% per annum plus an applicable margin of 5.00% per annum, and prime rate borrowings had an interest rate of not less than 2.25% per annum plus an applicable margin of 4.00% per annum. With respect to the ABL Facility, LIBOR-based borrowings have an interest rate margin ranging from 2.00% to 2.50% per annum, and prime rate borrowings have an interest rate margin ranging from 1.00% to 1.50% per annum, in each case depending on average availability under the ABL Facility for the most recent fiscal quarter. Under the ABL Facility, the Company pays a commitment fee on unused revolving loan commitments of 0.375% per annum or 0.50% per annum, depending on average usage under the ABL Facility for the most recent fiscal quarter. The Term Loan Facility contained a maximum consolidated leverage ratio covenant and the ABL Facility contains a minimum consolidated fixed charge coverage ratio covenant that applies if availability thereunder falls below a certain level. In addition, the Term Loan Facility contained, and the ABL Facility contains, customary covenants that, among other things, place limits on the Company’s ability to incur debt, create liens, make investments and acquisitions, sell assets, pay dividends, prepay subordinated debt, merge with other entities, engage in transactions with affiliates and make capital expenditures. The Term Loan Facility also contained, and the ABL Facility also contains, customary events of default. Under the Term Loan Facility, the term loan amortized in quarterly installments equal to 1.00% per year, commencing June 21, 2013, with the remaining principal balance due at maturity on February 13, 2017. Under the ABL Facility, all loans mature on February 13, 2017. Under the ABL Facility, the Company may elect, in its sole discretion, to extend the maturity date upon the satisfaction of certain conditions related to the refinancing of the Company's outstanding indebtedness under its 11.5% senior notes due 2017 (the "11.5% Notes"). If such conditions are satisfied, the maturity date of the ABL Facility may be extended to April 16, 2018. The obligations under the Term Loan Facility were, and under the ABL Facility are, each guaranteed by the Company and each existing and future direct and indirect North American subsidiary. The Term Loan Facility was, and the ABL Facility is, secured by a first priority perfected security interest in substantially all assets of the Company and its North American subsidiaries, including: (i) all capital stock of each present and future subsidiary (with certain exclusions of foreign subsidiaries); (ii) all present and future inter-company debt; (iii) all intellectual property rights, including patents, trademarks and copyrights; and (iv) substantially all of the present and future other property and assets, including material real property. In connection with the 2013 Credit Facilities, the Company entered into a third supplemental indenture to the indenture dated as of February 5, 2010, among the Company, the guarantors named therein and Wells Fargo Bank, National Association, as trustee, pursuant to which the Company's 8.875% Notes were issued. Also in connection with the 2013 Credit Facilities, the Company entered into an Amendment No. 1 to its existing Unsecured Term Loan (as defined below). The Unsecured Term Loan was amended in order to, among other things, permit the refinancing of the Refinanced Facility. On December 11, 2013, the Company entered into an Amendment No. 1 to the ABL Facility ("ABL Amendment No. 1"), pursuant to which the revolving commitments under the original agreement were increased by $30.0 million . Capitalized fees and expenses associated with the ABL Amendment No. 1 were approximately $0.3 million . A portion of the additional $30.0 million borrowing capacity under the ABL Facility, together with cash on hand, were used to repay $28.2 million of its Term Loan Facility. In February 2014, the Company entered into an amendment to adjust, among other things, its covenant requirements under its Term Loan Facility. This amendment eliminated the maximum consolidated leverage ratio and replaced it with a maximum consolidated first lien leverage ratio, providing the Company additional financial flexibility. In connection with this amendment, the Company capitalized $1.5 million related to original issuance discount. The refinancing in June 2014, which resulted in the issuance of the 6.000% Notes and 8.500% Notes, eliminated all covenant requirements of the Term Loan Facility. On June 10, 2014, the Company entered into Amendment No. 2 to the ABL Facility, which amended the ABL Facility in order to allow the issuance of the 6.000% Notes and 8.500% Notes and the related refinancing transactions. On January 30, 2015, the Company entered into Amendment No. 3 to the ABL Facility ("ABL Amendment No. 3"), and an accompanying Increasing Lender Agreement on February 4, 2015, pursuant to which the revolving commitments were increased by $10.0 million to a total capacity of $240.0 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 . Unsecured Term Loan On January 18, 2013, the Company entered into an unsecured credit agreement with Macquarie US Trading LLC, as administrative agent, and the lenders named therein, which provided for an unsecured $50.0 million aggregate principal amount term loan due March 31, 2017 (the "Unsecured Term Loan"). In connection with the Unsecured Term Loan, the Company capitalized debt issuance costs of $6.1 million , of which $2.5 million relates to original issuance discount. In connection with the Unsecured Term Loan, all of the Company's North American subsidiaries as guarantors, entered into a guaranty agreement, dated as of January 18, 2013 (the "Guaranty"), in favor of the administrative agent. Proceeds from the Unsecured Term Loan together with borrowings on its Revolving Credit Facility were used to redeem, satisfy and discharge in full the Company's 7.875% senior subordinated notes due 2013 ("7.875% Notes"), and to pay certain fees and expenses incurred in connection with the Unsecured Term Loan and the redemption, satisfaction and discharge of the 7.875% Notes. On January 22, 2013, U.S. Bank National Association, the trustee for the 7.875% Notes, officially canceled the 7.875% Notes. The Unsecured Term Loan bore interest at a rate of 15% per annum, payable quarterly in arrears on the 25th day of each February, May, August and November prior to the maturity of the Unsecured Term Loan, and on the maturity date of the Unsecured Term Loan. During the second quarter of 2014, the Company used cash on hand to repay in full the remaining principal balance on the Unsecured Term Loan. Other Debt On September 30, 2015, the Company entered into an equipment loan in the aggregate amount of $12.5 million , secured by certain machinery and equipment of the Company. Interest on the equipment loan accrues at 8.25% per year and is payable monthly in arrears beginning on November 1, 2015, through February 1, 2019. If the Company elects to prepay the loan in full before the maturity date, a prepayment fee of 3% will apply if such payment is made during the first year following closing of the equipment loan, 2% if such prepayment is made during the second year following such closing, and 1% if such prepayment is made during the third year following such closing or thereafter. Net proceeds from the equipment loan were used to repay in full the equipment loan entered into in connection with the acquisition of certain assets of National on September 16, 2013, as described below. On September 16, 2013, in connection with the acquisition of certain assets of National, the Company entered into an equipment loan in the aggregate amount of $20.0 million , secured by the machinery and equipment of National. Interest on the equipment loan accrued at a rate of LIBOR plus 11% per year and was payable monthly in arrears for a period of five years beginning on November 1, 2013. A prepayment fee applied if the Company elected to prepay the loan in full before the maturity date. From the date of issuance through September 30, 2014, the prepayment fee was 4% , and the fee declined by 1% in each subsequent year. 11.5% Senior Notes On March 28, 2012, the Company issued $225 million aggregate principal amount of 11.5% Notes that were sold with registration rights to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act of 1933. The 11.5% Notes were issued at a discount of approximately $8.3 million , of which $2.4 million remains unamortized as of January 2, 2016. The 11.5% Notes were issued pursuant to an indenture (the "11.5% Indenture") among the Company, certain subsidiary guarantors and U.S. Bank N.A., as trustee. The Company will pay interest on the 11.5% Notes, semi-annually, in cash in arrears, on May 15 and November 15 of each year, commencing on May 15, 2012. The 11.5% Notes have no required principal payments prior to their maturity on May 15, 2017. The 11.5% Notes are guaranteed on a senior unsecured basis by the Company and substantially all of its existing and future North American subsidiaries. As such, the 11.5% Notes rank pari passu with all of the Company's existing and future senior debt and senior to any of the Company's subordinated debt. The Company has the right to redeem the 11.5% Notes, in whole or in part, on or after May 15, 2015, at redemption prices ranging from 100% to 105.75% , plus accrued and unpaid interest. In addition, at any time prior to May 15, 2015, the Company had the right to redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 111.5% plus accrued and unpaid interest. The Company had the right to also redeem some or all of the 11.5% Notes before May 15, 2015 at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus a "make whole" premium. Each holder of the 11.5% Notes has the right to require the Company to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 11.5% Indenture contains a number of covenants that, among other things, restrict, subject to certain exceptions, the Company's ability and the ability of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing the Company's capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. With respect to a disposition of assets, the 11.5% Indenture requires, within 360 days after the receipt of any net proceeds from an asset sale, that the Company apply all such net proceeds (i) to be reinvested in the business of the Company; (ii) to repay or retire any senior debt; or (iii) to make an offer to purchase the 11.5% Notes. The 11.5% Indenture also contains certain customary affirmative covenants. In order to fulfill its registration rights obligations, on May 10, 2012, the Company launched a registered exchange offer to exchange any and all of its unregistered 11.5% Notes for publicly tradable notes having substantially identical terms, except for the elimination of some transfer restrictions, registration rights and additional interest payments relating to the outstanding notes, which expired on June 18, 2012. During the first quarter of 2016, the Company extinguished $10.0 million of its 11.5% Notes. In connection with these retirements, the Company recorded a gain on early extinguishment of $5.1 million , which primarily relates to a discount from the principal amount upon repurchase. 7% Senior Exchangeable Notes Concurrently with the issuance of the 11.5% Notes on March 28, 2012, the Company issued $86.3 million aggregate principal amount of senior exchangeable notes due 2017 (the "7% Notes") that were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933. The 7% Notes were issued pursuant to an indenture (the "7% Indenture") among the Company, certain subsidiary guarantors and U.S. Bank N.A., as trustee. The Company will pay interest on the 7% Notes semi-annually, in cash in arrears, on May 15 and November 15 of each year, commencing on November 15, 2012. The 7% Notes have no required principal payments prior to their maturity on May 15, 2017. The 7% Notes are guaranteed on a senior unsecured basis by the Company and substantially all of its existing and future North American subsidiaries. As such, the 7% Notes rank pari passu with all of the Company's existing and future senior debt and senior to any of the Company's subordinated debt. The Company may not redeem the notes at its option. Upon a fundamental change, as defined in the 7% Indenture, each holder of 7% Notes may require the Company to repurchase all or a portion of such holder's notes for cash at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date, as defined in the 7% Indenture. The 7% Indenture does not contain any financial covenants or any restrictions, among other things, on the payment of dividends, the incurrence of other indebtedness, or the issuance or repurchase of securities by the Company. The 7% Indenture does not contain any covenants or other provisions to protect holders of the notes in the event of a highly leveraged transaction or a change of control, except to the extent described in the 7% Indenture. The 7% Notes are exchangeable at any time prior to the close of business on the business day immediately preceding the maturity date, for shares of the Company's common stock at an exchange rate of 241.5167 shares per $1,000 principal amount of 7% Notes, which is equal to an exchange price of approximately $4.14 per share, subject to adjustment under certain specified circumstances. This represents a premium of 22.5% above the last reported sale price of Cenveo's common stock on the New York Stock Exchange on Thursday, March 22, 2012, which was $3.38 per share. If a holder elects to exchange notes in connection with a make-whole fundamental change, as described in the 7% Indenture, such holder may also be entitled to receive a make-whole premium upon exchange in certain circumstances. Net proceeds of the 11.5% Notes and 7% Notes together with borrowings under the Company's Revolving Credit Facility were used to fund the cash tender offers for any and all of the Company's 8.375% senior subordinated notes due 2014 (the "8.375% Notes") and the 10.5% senior notes due 2016 (the "10.5% Notes"), plus $45 million aggregate principal amount of the Company's 7.875% Notes and to repurchase an additional $73 million of the 7.875% Notes through open market, negotiated purchases to refinance such indebtedness, and to pay related fees and expenses. In connection with the issuance of the 11.5% Notes and the 7% Notes, the Company capitalized debt issuance costs of $6.0 million and $3.0 million , respectively, all of which will be amortized over the life of the 11.5% Notes and the 7% Notes, of which $1.5 million and $0.8 million , respectively, remain unamortized at January 2, 2016. During the first quarter of 2016, the Company extinguished $34.5 million of its 7% Notes. In connection with these retirements, the Company recorded a gain on early extinguishment of $16.5 million , which primarily relates to a discount from the principal amount upon repurchase. 8.875% Notes In 2010, the Company issued $400 million of 8.875% Notes that were sold with registration rights to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-United States persons in accordance with Regulation S under the Securities Act of 1933. The 8.875% Notes were issued at a discount of approximately $2.8 million . Net proceeds after fees and expenses were used to pay down $300.0 million of the Company’s outstanding senior secured term loans and $88.0 million outstanding under the Company's then existing senior secured revolving credit facility. The 8.875% Notes were issued pursuant to an indenture among Cenveo Corporation, certain subsidiary guarantors and Wells Fargo Bank, National Association, as trustee, and an Intercreditor Agreement among Cenveo Corporation, certain subsidiary guarantors, Bank of America, N.A., as first lien agent and control agent, and Wells Fargo Bank, National Association, as second lien collateral agent. The 8.875% Notes paid interest semi-annually on February 1 and August 1, commencing August 1, 2010. The 8.875% Notes had no required principal payments prior to their maturity on February 1, 2018. The 8.875% Notes were guaranteed on a senior secured basis by Cenveo, Inc. and substantially all of its domestic subsidiaries with a second priority lien on substantially all of the assets that secured the 2010 Credit Facilities, and on a senior unsecured basis by substantially all of the Canadian subsidiaries. As such the 8.875% Notes ranked pari passu with all the Company’s senior debt and senior in right of payment to all of the Company’s subordinated debt. The Company had the right to redeem the 8.875% Notes, in whole or in part, on or after February 1, 2014, at redemption prices ranging from 100.0% to approximately 104.4% , plus accrued and unpaid interest. Each holder of the 8.875% Notes had the right to require the Company to repurchase such holder’s notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change in control. The 8.875% Notes contained customary covenants, representations and warranties, plus a consolidated secured debt to consolidated cash flow liens incurrence test. In order to fulfill its registration rights obligations, on April 28, 2010, the Company launched a registered exchange offer to exchange any and all of its outstanding unregistered 8.875% Notes for publicly tradable notes having substantially identical terms and guarantees, except that the exchange notes were freely tradable. The exchange offer expired on May 26, 2010, and nearly all unregistered 8.875% Notes were exchanged for registered 8.875% Notes. In connection with the issuance of the 8.875% Notes, the Company capitalized $9.4 million of debt issuance costs, of which $7.6 million related to fees paid to consenting lenders and $1.8 million related to offering expenses. During 2014, the 8.875% Notes, which at the time had a remaining principal balance of $400.0 million , were extinguished in full using the net proceeds of the 6.000% Notes and 8.500% Notes. 2015 Extinguishments During the year ended 2015, the Company recorded a total loss on early extinguishment of debt of $1.3 million . During the year ended 2015, the Company paid in full its existing equipment loan, which had a remaining principal balance at the time of $12.3 million . In connection with this extinguishment, the Company recorded a loss on early extinguishment of $0.7 million , of which $0.2 million related to prepayment fees and $0.5 million related to the write-off of unamortized debt issuance costs. During the year ended 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 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 02, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and Liabilities Measured at Fair Value on a Recurring Basis: On a recurring basis, the Company records its pension plan assets (Note 13) at fair value. No additional assets or liabilities were recorded at fair value on a recurring basis for the years ended 2015 and 2014 . Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis: Assets and liabilities measured at fair value on a nonrecurring basis relate primarily to the Company's tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on the consolidated balance sheets. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. When the Company determines that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within operating income in the statement of operations. No impairment of fixed assets or goodwill has been recorded in 2015 or 2014 . Refer to Note 6 for further information associated with the impairment of certain trade names, recorded in 2013. Fair value was derived using the relief-from-royalty method, as described in Note 1. Fair Value of Financial Instruments: The Company’s financial instruments include cash and cash equivalents, accounts receivable, net, long-term debt and accounts payable. The carrying values of cash and cash equivalents, accounts receivable, net, current maturities of long-term debt and accounts payable are reasonable estimates of their fair values as of the years ended 2015 and 2014 due to the short-term nature of these instruments. See Note 8 for fair value of the Company’s long-term debt. Additionally, the Company also records the assets and liabilities assumed in its acquisitions (Note 2) at fair value. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income Tax Expense (Benefit) Income (loss) from continuing operations before income taxes was as follows for the years ended (in thousands): 2015 2014 2013 Domestic $ (17,196 ) $ (93,157 ) $ (74,741 ) Foreign 2,128 2,263 2,626 $ (15,068 ) $ (90,894 ) $ (72,115 ) Income tax expense (benefit) on loss from continuing operations consisted of the following for the years ended (in thousands): 2015 2014 2013 Current tax expense: Federal $ — $ — $ — Foreign 592 376 702 State 1,058 1,080 888 1,650 1,456 1,590 Deferred tax expense (benefit): Federal 1,109 (8,771 ) 1,905 Foreign 270 124 16 State 1,364 11,350 10,650 2,743 2,703 12,571 Income tax expense $ 4,393 $ 4,159 $ 14,161 The Company's deferred tax expense (benefit) for the year ended 2013 includes a tax charge of $40.6 million related to a valuation allowance against its deferred tax assets. A reconciliation of the expected tax benefit based on the federal statutory tax rate to the Company’s actual income tax expense is summarized as follows for the years ended (in thousands): 2015 2014 2013 Expected tax benefit at federal statutory income tax rate $ (5,274 ) $ (31,814 ) $ (25,240 ) State and local income tax benefit (3,295 ) (1,411 ) (1,706 ) Change in valuation allowance 5,914 31,734 34,049 Change in contingency reserves (118 ) (118 ) (105 ) Non-U.S. tax rate differences 116 (293 ) (201 ) Non-deductible expenses 3,094 4,120 4,054 Change in state tax rates 802 1,379 (272 ) Expiration of stock option contracts — — 968 Other 3,154 562 2,614 Income tax expense $ 4,393 $ 4,159 $ 14,161 Deferred Income Taxes Deferred taxes are recorded to give recognition to temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The tax effects of these temporary differences are recorded as deferred tax assets and deferred tax liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years. Deferred tax liabilities generally represent items that have been deducted for tax purposes, but have not yet been recorded in the consolidated statement of operations. The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities of the Company, were as follows (in thousands): 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 128,232 $ 135,930 Compensation and benefit related accruals 50,255 50,537 Foreign tax credit carryforwards — 7,013 Alternative minimum tax credit carryforwards 7,450 7,706 Accounts receivable 2,679 2,468 Inventory 2,816 2,501 Restructuring accruals 8,810 8,592 Accrued tax and interest 1,882 1,763 Other 4,022 8,599 Valuation allowance (163,225 ) (164,121 ) Total deferred tax assets 42,921 60,988 Deferred tax liabilities: Property, plant and equipment (27,850 ) (35,287 ) Goodwill and other intangible assets (52,438 ) (53,948 ) Other (553 ) (6,917 ) Total deferred tax liabilities (80,841 ) (96,152 ) Net deferred tax liability $ (37,920 ) $ (35,164 ) The net deferred tax (liability) asset included the following (in thousands): 2015 2014 Current deferred tax asset (included in prepaid and other current assets) $ 4,116 $ 5,042 Long-term deferred tax liability (included in other liabilities) (42,036 ) (40,206 ) Total $ (37,920 ) $ (35,164 ) The Company has federal and state net operating loss carryforwards. The tax effect of these attributes was $128.2 million as of the year ended 2015 . Federal net operating loss carryforwards of $330.7 million will expire from 2022 through 2034 and alternative minimum tax credit carryforwards of $7.5 million do not have an expiration date. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. The factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: recent historical financial results, historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, the duration of statutory carryforward periods and tax planning strategies. If, based upon the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is recorded. Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss adjusted for significant permanent book to tax differences as a measure of its cumulative results in recent years. In the United States, the Company's analysis indicates that it has cumulative three year historical losses on this basis. While there are significant impairment, restructuring and refinancing charges driving the cumulative three year loss, this is considered significant negative evidence which is objective and verifiable and therefore, difficult to overcome. However, the three year loss position is not solely determinative and accordingly, the Company considers all other available positive and negative evidence in its analysis. Based upon the Company's analysis, which incorporated the excess capacity and pricing pressure experienced in certain product lines, the Company believes it is more likely than not that the net deferred tax assets in the United States will not be fully realized in the future. Accordingly, the Company has a valuation allowance related to those net deferred tax assets of $144.4 million as of the year ended 2015 . Deferred tax assets related to certain state net operating losses also did not reach the more likely than not realizability criteria and accordingly, were subject to a valuation allowance, the balance of which, as of the year ended 2015 was $18.8 million . There is no corresponding income tax benefit recognized with respect to losses incurred and no corresponding income tax expense recognized with respect to earnings generated in jurisdictions with a valuation allowance. This causes variability in the Company's effective tax rate. The Company intends to maintain the valuation allowances until it is more likely than not that the net deferred tax assets will be realized. If operating results improve on a sustained basis, or if certain tax planning strategies are implemented, conclusions regarding the need for valuation allowances could change, resulting in a decrease of the valuation allowances in the future, which could have a significant impact on income tax expense in the period recognized and subsequent periods. Uncertain Tax Positions The Company accounts for uncertain tax positions by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. During 2015 and 2014 , the Company did not reduce its liability for uncertain tax positions. The Company does not anticipate significant changes to its unrecognized tax benefits in the next twelve months. The balance of the Company’s remaining unrecognized tax benefits as of the year ended 2015 includes $2.2 million of tax benefits that, if recognized would affect the effective tax rate, which is included in other liabilities. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the uncertain tax benefits noted above, the Company accrued interest of $0.3 million during 2015 and, in total, as of the year ended 2015 , has recognized no liabilities for penalties and liabilities of $2.8 million for interest. The Company’s unrecognized tax benefit activity for the years ended 2015 , 2014 and 2013 was as follows (in thousands): Unrecognized tax benefit – As of year end 2012 $ 2,226 Gross decreases - tax positions in prior period — Gross decreases – expiration of applicable statute of limitations — Unrecognized tax benefit – As of year end 2013 2,226 Gross decreases - tax positions in prior period — Gross decreases – expiration of applicable statute of limitations — Unrecognized tax benefit – As of year end 2014 2,226 Gross decreases - tax positions in prior period — Gross decreases – expiration of applicable statute of limitations — Unrecognized tax benefit – As of year end 2015 $ 2,226 The Internal Revenue Service ("IRS") has examined the Company’s federal income tax returns through 2010. The Company’s federal income tax returns for tax years 2004 through 2006, and 2009 through 2010, remain subject to examination by the IRS due to a federal net operating loss generated in those years. Federal tax returns filed for 2012 forward remain subject to examination by statute. The various states in which the Company is subject to income tax audits are generally open for the tax years after 2010. In Canada, the Company remains subject to audit for tax years after 2004. The Company does not believe that the outcome of any examination will have a material impact on its consolidated financial statements. Current Taxes and Cash Taxes As of the years ended 2015 and 2014 , the Company had income tax receivables of $0.3 million and $1.1 million , respectively, included in other current assets. Net cash payments for income taxes were $0.7 million , $1.6 million and $0.3 million in 2015 , 2014 and 2013 , respectively. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Jan. 02, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges Cost Savings, Restructuring and Integration Plans The Company currently has two active cost savings, restructuring and integration plans, which are 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 2015, the Company implemented 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 substantially completed 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 year ended 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2015 Plan $ 150 $ — $ — $ — $ — $ — $ 150 2014 Plan 252 — — — — — 252 Residual Plans — — — (22 ) 174 65 217 Acquisition Integration Plans 45 1,895 33 338 — 570 2,881 Total Envelope 447 1,895 33 316 174 635 3,500 Print 2015 Plan 397 — — — — — 397 2014 Plan 119 116 52 — 4,017 1,069 5,373 Residual Plans (54 ) 65 — 163 790 119 1,083 Total Print 462 181 52 163 4,807 1,188 6,853 Label 2015 Plan 20 — 139 — — 200 359 2014 Plan 127 — — — — — 127 Total Label 147 — 139 — — 200 486 Corporate 2015 Plan 1,552 — — — — 171 1,723 Residual Plans — — — — — 14 14 Total Corporate 1,552 — — — — 185 1,737 Total Restructuring and Other Charges $ 2,608 $ 2,076 $ 224 $ 479 $ 4,981 $ 2,208 $ 12,576 2014 Activity Restructuring and other charges for the year ended 2014 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2014 Plan $ 145 $ — $ — $ — $ — $ — $ 145 Residual Plans (4 ) — — (198 ) 140 89 27 Acquisition Integration Plans 2,019 2,793 3,432 1,949 — 3,816 14,009 Total Envelope 2,160 2,793 3,432 1,751 140 3,905 14,181 Print 2014 Plan 597 (747 ) 11 — — 376 237 Residual Plans 299 (41 ) — 362 1,120 1,114 2,854 Total Print 896 (788 ) 11 362 1,120 1,490 3,091 Label 2014 Plan 149 — — — — — 149 Residual Plans 8 — — — — — 8 Total Label 157 — — — — — 157 Corporate 2014 Plan 4,016 — — — — 46 4,062 Residual Plans — — — — — 35 35 Total Corporate 4,016 — — — — 81 4,097 Total Restructuring and Other Charges $ 7,229 $ 2,005 $ 3,443 $ 2,113 $ 1,260 $ 5,476 $ 21,526 2013 Activity Restructuring and other charges for the year ended 2013 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope Residual Plans $ 195 $ 118 $ 203 $ 515 $ 107 $ 806 $ 1,944 Acquisition Integration Plans 448 1,030 1,274 37 — 743 3,532 Total Envelope 643 1,148 1,477 552 107 1,549 5,476 Print Residual Plans 2,614 147 49 569 346 564 4,289 Total Print 2,614 147 49 569 346 564 4,289 Label Residual Plans 611 — — 9 — 13 633 Total Label 611 — — 9 — 13 633 Corporate Residual Plans 1,963 — — 64 — 161 2,188 Total Corporate 1,963 — — 64 — 161 2,188 Total Restructuring and Other Charges $ 5,831 $ 1,295 $ 1,526 $ 1,194 $ 453 $ 2,287 $ 12,586 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 Pension Building Clean-up, Total 2015 Plan Balance as of the year ended 2014 $ — $ — $ — $ — $ — Accruals, net 2,119 — — 510 2,629 Payments (1,843 ) — — (510 ) (2,353 ) Balance as of the year ended 2015 $ 276 $ — $ — $ — $ 276 2014 Plan Balance as of the year ended 2013 $ — $ — $ — $ — $ — Accruals, net 4,907 — — 433 5,340 Payments (3,401 ) — — (433 ) (3,834 ) Balance as of the year ended 2014 1,506 — — — 1,506 Accruals, net 498 — 4,017 1,121 5,636 Payments (2,001 ) — (155 ) (1,121 ) (3,277 ) Balance as of the year ended 2015 $ 3 $ — $ 3,862 $ — $ 3,865 Residual Plans Balance as of the year ended 2013 $ 837 $ 1,400 $ 20,555 $ — $ 22,792 Accruals, net 303 164 1,260 1,238 2,965 Payments (1,086 ) (887 ) (3,115 ) (1,238 ) (6,326 ) Balance as of the year ended 2014 54 677 18,700 — 19,431 Accruals, net (54 ) 141 964 198 1,249 Payments — (407 ) (3,684 ) (198 ) (4,289 ) Balance as of the year ended 2015 $ — $ 411 $ 15,980 $ — $ 16,391 Acquisition Integration Plans Balance as of the year ended 2013 $ 155 $ 2,503 $ — $ — $ 2,658 Accruals, net 2,019 1,949 — 7,248 11,216 Payments (2,097 ) (3,316 ) — (7,248 ) (12,661 ) Balance as of the year ended 2014 77 1,136 — — 1,213 Accruals, net 45 338 — 603 986 Payments (122 ) (1,082 ) — (603 ) (1,807 ) Balance as of the year ended 2015 $ — $ 392 $ — $ — $ 392 Total Restructuring Liability $ 279 $ 803 $ 19,842 $ — $ 20,924 The total restructuring liability was $20.9 million , of which $3.2 million is included in other current liabilities, and $17.7 million is included in other liabilities in the Company's consolidated balance sheet. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 02, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s 2007 Long-Term Equity Incentive Plan, as amended, approved in May 2008 (the "2007 Plan"), authorizes the issuance of up to 4,500,000 shares of the Company’s common stock. Upon approval of the 2007 Plan, the Company ceased making awards under its prior equity plans, including the Company’s 2001 Long-Term Equity Incentive Plan. Unused shares previously authorized under prior plans have been rolled over into the 2007 Plan and increased the total number of shares authorized for issuance under the 2007 Plan by 1,040,000 shares in 2013. The Company’s outstanding unvested stock options have maximum contractual terms of up to six years, principally vest ratably over four years and are granted at exercise prices equal to the market price of the Company’s common stock on the date of grant. The Company’s outstanding stock options are exercisable into shares of the Company’s common stock. The Company’s outstanding restricted share units ("RSUs") principally vest ratably over four years. Upon vesting, RSUs convert into shares of the Company’s common stock. The Company currently issues authorized shares of common stock upon vesting of restricted shares or the exercise of other equity awards. The Company has no outstanding stock appreciation rights. The Company measures the cost of employee services received in exchange for an award of equity instruments, including grants of employee stock options, RSUs and performance share units ("PSUs"), based on the fair value of the award at the date of grant in accordance with the modified prospective method. The Company uses the Black-Scholes model for purposes of determining the fair value of stock options granted and recognizes compensation costs ratably over the requisite service period for each separately vesting portion of the award, net of estimated forfeitures. The Black-Scholes model has limitations on its effectiveness including that it was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable and that the model requires the use of parameters, such as stock price volatility that must be estimated from historical data and other market information. The Company’s stock option awards to employees have characteristics significantly different from those of traded options and parameter estimation methodologies can materially affect fair value estimates. Stock-based compensation is expensed on a straight-line basis over the service period of the awards, with the exception of PSUs, which are expensed based on the probability that the performance condition will be satisfied. Total stock-based compensation expense recognized in selling, general and administrative expenses in the Company’s consolidated statement of operations was $1.6 million , $2.4 million and $3.7 million for the years ended 2015 , 2014 and 2013 , respectively. The income tax benefits related to the Company’s stock-based compensation expense were $0.4 million , $0.6 million and $0.7 million for the years ended 2015 , 2014 and 2013 , respectively. As of January 2, 2016 , there was approximately $2.6 million of total unrecognized compensation cost related to unvested stock-based compensation grants, which is expected to be amortized over a weighted average period of 2.3 years . Stock Options A summary of the Company’s outstanding stock options as of and for the years ended 2015 , 2014 and 2013 is as follows: Options Weighted Weighted Aggregate (1) (in thousands) Outstanding as of the year ended 2012 2,226,000 $ 7.75 2.7 $ — Granted 189,500 2.00 Exercised (20,000 ) 2.00 $ 22 Forfeited/expired (617,500 ) 13.43 Outstanding as of the year ended 2013 1,778,000 $ 5.23 2.4 $ 259 Granted — — Exercised (10,000 ) 2.00 $ — Forfeited/expired (97,500 ) 6.35 Outstanding as of the year ended 2014 1,670,500 $ 5.18 1.4 $ 29 Granted 685,500 2.38 Exercised — — $ — Forfeited/expired (834,000 ) 4.39 Outstanding as of the year ended 2015 1,522,000 $ 4.32 3.0 $ — Exercisable as of the year ended 2015 797,250 $ 6.12 0.9 $ — __________________________ (1) Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of the years ended 2015 , 2014 and 2013 , or, if exercised, the exercise dates, exceeds the exercise prices of the respective options. The weighted average grant date fair value of stock options granted during 2015 and 2013 , 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: 2015 2013 Weighted average fair value of option grants during the year $ 0.86 $ 1.01 Assumptions: Expected option life in years 4.25 4.25 Risk-free interest rate 1.24 % 0.50 % Expected volatility 43.0 % 65.7 % Expected dividend yield 0.0 % 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 2014 . RSUs A summary of the Company’s non-vested RSUs as of and for the years ended 2015 , 2014 and 2013 is as follows: RSUs Weighted Average Unvested as of the year ended 2012 1,074,340 $ 5.44 Granted 549,500 2.00 Vested (629,340 ) 4.88 Forfeited (13,750 ) 2.99 Unvested as of the year ended 2013 980,750 $ 3.91 Granted 88,236 3.06 Vested (555,500 ) 4.40 Forfeited (625 ) 5.62 Unvested as of the year ended 2014 512,861 $ 3.22 Granted 695,944 2.38 Vested (326,861 ) 3.92 Forfeited (41,250 ) 2.25 Unvested as of the year ended 2015 840,694 $ 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. On May 1, 2014, 88,236 RSUs were issued to certain members of the Company's Board of Directors. The RSUs 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 date of issuance. In 2013, 419,500 RSUs were issued to certain employees of the Company, which vest ratably over four years. Additionally, 130,000 RSUs were issued during 2013 to certain members of the Company's Board of Directors, which vested 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 2015 , 2014 and 2013 was $0.6 million , $1.7 million and $1.6 million , respectively, as of the respective vesting dates. PSUs A summary of the Company's non-vested PSUs as of and for the years ended 2015 , 2014 and 2013 is as follows: PSUs Weighted Average Unvested as of the year ended 2012 — $ — Granted 730,500 — Vested — — Forfeited (730,500 ) — Unvested as of the year ended 2013 — — Granted — — Vested — — Forfeited — — Unvested as of the year ended 2014 — — Granted 590,000 2.38 Vested — — Forfeited (25,000 ) 2.38 Unvested as of the year ended 2015 565,000 $ 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. On May 1, 2013, 730,500 PSUs were granted to certain employees, with each award representing the right to receive one share of the Company's common stock upon the achievement of certain established performance targets and service conditions. The performance period for the awards was December 30, 2012 through December 28, 2013. As the performance targets were not met, the PSUs expired unvested and no compensation expense related to PSUs was recognized in the consolidated statement of operations for the year ended 2013 . There were no PSUs granted in fiscal year 2014 . |
Retirement Plans
Retirement Plans | 12 Months Ended |
Jan. 02, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans Pension Plan s: The Company currently has two defined benefit pension plans for certain of its employees in the United States. The defined benefit plans provide benefit payments using formulas based on an employee's compensation and length of service, or stated amounts for each year of service. The Company expects to continue to fund these plans based on governmental requirements, amounts deductible for income tax purposes and as needed to ensure that plan assets are sufficient to satisfy plan liabilities. The benefits under the Company’s defined benefit pension plans are frozen. Supplemental Executive Retirement Plans: The Company has various supplemental executive retirement plans ("SERP"), which provide benefits to certain former directors and executives. For accounting purposes, these plans are unfunded; however, one plan utilizes income from annuities to offset a portion of the cost of the plan. These annuities are included in other assets, net in the consolidated balance sheets and are not netted against the plan's benefit obligation. Additionally, the income or loss from the annuities are not reflected in net periodic expense related to the plan. Other Postretirement Plans: The Company has various other postretirement benefit plans ("OPEB"), primarily focused on postretirement healthcare, such as medical insurance and life insurance and related benefits for certain of its former employees and, in some instances, their spouses. Benefits, eligibility and cost-sharing provisions vary by plan documents or union collective bargaining arrangements. Savings Plan: The Company sponsors a defined contribution plan to provide substantially all United States salaried and certain hourly employees an opportunity to accumulate personal funds for their retirement. The Company contributed $0.5 million , $0.5 million and $0.3 million to the plan in 2015 , 2014 and 2013 , respectively, for certain union employees. Employees participating in the plan held 2,210,499 shares of the Company’s common stock as of the year ended 2015 . Funded Status and Net Periodic Cost: The following tables provide a reconciliation of the changes in the Company’s pension, SERP and OPEB plans' benefit obligations and fair value of assets for 2015 and 2014 , a statement of the funded status as of the years ended 2015 and 2014 , respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2015 and 2014 (in thousands). Pensions SERPs OPEBs 2015 2014 2015 2014 2015 2014 Benefit obligation at beginning of year $ 365,326 $ 319,151 $ 18,508 $ 17,824 $ 1,789 $ 2,075 Service cost — — — — 2 2 Interest cost 13,341 14,027 656 754 63 88 Actuarial (gain) loss (14,715 ) 55,821 (94 ) 1,925 (274 ) (254 ) Benefits paid (18,051 ) (23,673 ) (2,072 ) (1,995 ) (76 ) (122 ) Benefit obligation at end of year $ 345,901 $ 365,326 $ 16,998 $ 18,508 $ 1,504 $ 1,789 The following table provides a reconciliation of the Company’s fair value of plan assets: Pensions SERPs OPEBs 2015 2014 2015 2014 2015 2014 Fair value of plan assets at beginning of year $ 267,635 $ 260,917 $ — $ — $ — $ — Actual return on plan assets (6,610 ) 18,466 — — — — Employer contributions 4,545 11,925 2,072 1,995 76 122 Benefits paid (18,051 ) (23,673 ) (2,072 ) (1,995 ) (76 ) (122 ) Fair value of plan assets at end of year $ 247,519 $ 267,635 $ — $ — $ — $ — The following table shows the funded status at the end of the year: Pensions SERPs OPEBs 2015 2014 2015 2014 2015 2014 Funded status at end of year $ (98,382 ) $ (97,691 ) $ (16,998 ) $ (18,508 ) $ (1,504 ) $ (1,789 ) The following table shows amounts recognized in AOCI: Pensions SERPs OPEBs 2015 2014 2015 2014 2015 2014 Net actuarial loss (gain) $ 119,712 $ 115,438 $ 5,438 $ 5,872 $ (1,045 ) $ (830 ) Prior service cost — — — — 44 44 Total $ 119,712 $ 115,438 $ 5,438 $ 5,872 $ (1,001 ) $ (786 ) The following table shows amounts recognized in the consolidated balance sheets: Pensions SERPs OPEBs 2015 2014 2015 2014 2015 2014 Other current liabilities $ — $ — $ 1,967 $ 1,989 $ 130 $ 164 Other liabilities 98,382 97,691 15,031 16,519 1,374 1,625 Total liabilities $ 98,382 $ 97,691 $ 16,998 $ 18,508 $ 1,504 $ 1,789 The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2015, 2014 and 2013 (in thousands): For The Years Ended 2015 2014 2013 Service cost $ 2 $ 2 $ — Interest cost 14,061 14,870 13,716 Expected return on plan assets (20,976 ) (20,792 ) (18,455 ) Net amortization and deferral — — (6 ) Recognized net actuarial loss 8,877 3,220 7,779 Net periodic expense (benefit) $ 1,964 $ (2,700 ) $ 3,034 Interest cost on projected benefit obligation includes $0.7 million , $0.8 million and $0.8 million related to the Company’s SERP and OPEB plans in 2015 , 2014 and 2013 , respectively. The pre-tax amount of actuarial losses in AOCI as of the year ended 2015 that are expected to be recognized in net periodic benefit cost in 2016 is $9.7 million for defined benefit pension plans and $0.2 million for other postretirement benefit plans, including SERP. The pre-tax amount of prior service cost included in AOCI as of the year ended 2015 that is expected to be recognized in net periodic benefit cost in 2016 is zero for all defined benefit plans. The assumptions used were as follows: 2015 2014 2013 Discount rate used to calculate net periodic benefit expense 3.75 % 4.50 % 3.75 % Discount rate used to calculate projected benefit obligation 4.00 % 3.75 % 4.50 % Expected long-term rate of return on plan assets 8.00 % 8.00 % 8.00 % Rate of compensation increase n/a n/a n/a The discount rate assumption used to determine the Company’s pension obligations as of the years ended 2015 and 2014 takes into account the projected future benefit cash flow and the underlying individual yields in the Citigroup Pension Liability Index that would be available to provide for the payment of those benefits. The ultimate rate is developed by calculating an equivalent discounted present value of the benefit cash flow as of the years ended 2015 and 2014 , respectively, using a single discount rate rounded to the nearest quarter percent. The expected long-term rate of return on plan assets of 8.0% for the years ended 2015 and 2014 was based on historical returns and the expectations for future returns for each asset class in which plan assets are invested as well as the target asset allocation of the investments of the plan assets. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands): 2015 2014 Projected benefit obligation $ 362,899 $ 383,834 Accumulated benefit obligation 362,899 383,834 Fair value of plan assets 247,519 267,635 The Company currently expects to contribute less than $0.1 million to its pension plans in 2016 . The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2016 through 2020 , and in the aggregate for the years 2021 through 2025, are as follows (in thousands): Pension Plans SERP OPEB 2016 $ 17,867 $ 2,006 $ 133 2017 18,122 1,870 129 2018 18,609 1,707 126 2019 19,001 1,642 122 2020 19,356 1,574 118 2021 through 2025 101,485 6,680 526 Fair Value of Assets: The Company's investment objective is to maximize the long-term return on its pension plan assets within prudent levels of risk. Investments are primarily diversified with a blend of equity securities, fixed income securities and alternative investments. The intent is to minimize plan expenses by outperforming plan liabilities over the long run. The Company segregated its plan assets by the following major categories and levels for determining their fair values as of the years ended 2015 and 2014 : Cash and cash equivalents - Carrying value approximates fair value. As such, these assets were classified as Level 1. Equity - Equity investments are diversified by including United States and non-United States stocks, growth stocks, value stocks and stocks of large and small companies. The values of individual equity securities are based on quoted prices in active markets and are classified as Level 1. Fixed income - Fixed income securities are primarily United States governmental and corporate bonds including mutual funds. The Company invests in certain fixed income funds that were priced in active markets and were classified as Level 1. The Company also invests in certain fixed income securities that are priced based on valuation models rather than a last trade basis and are not exchange-traded and are classified as Level 2. Other - The Company also invests in group annuity contracts, which are invested in certain fixed income securities and are classified as Level 2. Alternative investments - Alternative investments are primarily private equity hedge funds and hedge fund-of-funds. The fair value of alternative investments has been estimated using their Net Asset Values ("NAV") as reported by the investment manager of the respective alternative investment funds. NAV reported by the hedge funds is used as a practical expedient to estimate the fair value. The investment manager values these investments on a periodic basis with models that use market, income and valuation methods. The valuation inputs are not highly observable, and these investments are not actively traded in an open market. These investments were classified as Level 3. The methods described above may produce a fair value calculation that may not be indicative of net realizable value, or reflective of future fair values. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement. The Company invests in various assets in which valuation is determined by NAV. The Company believes that the NAV is representative of fair value, as there are no significant restrictions on redemption on these investments or other reasons that indicate the investment would be redeemed at an amount different than the NAV. The fair values of the Company’s pension plan assets as of the years ended 2015 and 2014 , by asset category are as follows (in thousands): 2015 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 12,306 $ — $ — $ 12,306 $ 6,661 $ — $ — $ 6,661 Equity 120,953 — — 120,953 133,833 — — 133,833 Fixed income 12,497 49,993 — 62,490 16,696 50,203 — 66,899 Other — 1,489 — 1,489 — 1,599 — 1,599 Alternative investments — — 50,281 50,281 — — 58,643 58,643 Total pension plan assets $ 145,756 $ 51,482 $ 50,281 $ 247,519 $ 157,190 $ 51,802 $ 58,643 $ 267,635 The following table provides a summary of changes in the fair value of the Company’s Level 3 assets (in thousands): Alternative Investments Balance as of the year ended 2013 $ 53,116 Asset sales (1) (2,884 ) Asset purchases 2,884 Unrealized gains 5,527 Balance as of the year ended 2014 58,643 Asset sales (1) (7,010 ) Asset purchases — Unrealized losses (1,352 ) Balance as of the year ended 2015 $ 50,281 __________________________ (1) Gains (losses) of approximately $2.5 million and ( $0.1 million ) were realized on sales during 2015 and 2014, respectively. The range of asset allocations and the target allocations for the pension plan assets were as follows: 2015 2014 Target Equity securities 49 % 62 % 48 % 62 % 60 % 75 % Fixed income securities 29 % 33 % 26 % 33 % 25 % 35 % Alternative investments and other 5 % 22 % 5 % 26 % 10 % 30 % Multi-Employer Pension Plans: Certain of the Company’s union employees are included in multi-employer pension plans ("Multi-Employer Pension Plans"), to which the Company makes contributions in accordance with contractual union agreements. Such contributions are made on a monthly basis in accordance with the requirements of the plans and the actuarial computations and assumptions of the administrators of the plans. Contributions to Multi-Employer Pension Plans were $0.6 million , $0.4 million and $1.1 million in 2015 , 2014 and 2013 , respectively. In 2015 , 2014 and 2013 , the Company recorded expenses of $5.0 million , $1.3 million , and $0.5 million , respectively, as a result of exiting certain Multi-Employer Pension Plans in connection with its cost savings and restructuring plans. The Company's participation in these plans for the years ended 2015 , 2014 and 2013 , is outlined in the table below: Pension Fund EIN Pension Plan Number Pension Protection Act Reported Status (1) FIP/RP Status (2) Contributions Surcharge imposed Expiration Date of Collective Bargaining Agreement 2015 2014 2015 2014 2013 (in thousands) GCC/IBT National Pension Fund 526118568 001 Red Red Implemented $219 $220 $262 No 6/30/2016 GCC/IBT National Pension Fund 526118568 001 Red Red Implemented 177 135 100 No 2/26/2017 GCC/IBT National Pension Fund 526118568 001 Red Red Implemented — 11 14 No 4/30/2017 CWA/ITU Negotiated Pension Plan 136212879 001 Red Red Implemented 158 — 88 No 3/1/2018 Total contributions $ 554 $ 366 $ 1,143 __________________________ (1) Unless otherwise noted, the most recent Pension Protection Act ("PPA") zone status available in 2015 and 2014 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (2) The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases: The Company leases buildings and equipment under operating lease agreements expiring at various dates through 2033 . Certain leases include renewal and/or purchase options, which may be exercised by us. As of the year ended 2015 , future minimum annual lease payments by year and, in the aggregate, under non-cancelable operating lease agreements with original terms of one year or more consisted of the following (in thousands): 2016 $ 19,395 2017 15,576 2018 12,541 2019 8,886 2020 6,675 Thereafter 12,347 Total $ 75,420 Rent expense was $25.3 million , $26.3 million and $22.9 million in 2015 , 2014 and 2013 , respectively. Environmental: The Company is involved in certain environmental matters and has been designated as a potentially responsible party for certain hazardous waste sites. Prior to the Company’s acquisition of Nashua, Nashua was involved in certain environmental matters and was designated by the Environmental Protection Agency ("EPA") as a potentially responsible party for certain hazardous waste sites. In addition, Nashua had been notified by certain state environmental agencies that Nashua may bear responsibility for remedial action at other sites which have not been addressed by the EPA. The sites at which Nashua may have remedial responsibilities are in various stages of investigation and remediation. Due to the unique physical characteristics of each site, the remedial technology employed, the extended time-frames of each remediation, the interpretation of applicable laws and regulations and the financial viability of other potential participants, the ultimate range of outcomes cannot be predicted with certainty; therefore, the Company’s ultimate cost of remediation is an estimate and is contingent on these factors. Based on information currently available, the Company believes that Nashua’s remediation expense, if any, is not likely to have a material effect on its consolidated financial position or results of operations. As of the years ended 2015 and 2014 , the undiscounted liability relating to the Company’s environmental matters was $1.6 million and $1.7 million , respectively, primarily the amount recorded on Nashua’s acquisition date, and is included in other liabilities. There have been no material changes related to these environmental matters since Nashua's acquisition date. Litigation: The Company is party to various legal actions that are ordinary and incidental to its business. While the outcome of pending legal actions cannot be predicted with certainty, management believes the outcome of these various proceedings will not have a material effect on the Company’s consolidated financial statements. Concentrations of Credit Risk: The Company has limited concentrations of credit risk with respect to financial instruments. Temporary cash investments and other investments are placed with high credit quality institutions, and concentrations within accounts receivable are generally limited due to the Company’s diverse customer base and its dispersion across different industries and geographic areas. The Company extends credit to customers based on its evaluation of the customer's financial condition. The Company does not require that any collateral be provided by its customers. Letters of Credit: As of the year ended 2015 , the Company had outstanding letters of credit of approximately $17.8 million and a de minimis amount of surety bonds. Based on the Company’s experience with these arrangements, it does not believe that any obligations that may arise will have a material effect on the Company's consolidated financial condition or results of operations. Tax Audits: The Company’s income, sales and use, and other tax returns are routinely subject to audit by various authorities. The Company is currently under audit related to unclaimed property, which is being led by the state of Delaware and includes other states as well. The Company believes that the resolution of any matters raised during such audits will not have a material effect on the Company’s consolidated financial position or its results of operations. Multi-Employer Pension Plans: The Company participates in a number of Multi-Employer Pension Plans 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 from these Multi-Employer Pension Plans, continued participation in or withdrawal from these Multi-Employer Pension Plans could have a material impact on the Company’s consolidated financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jan. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the balances of each component of AOCI, net of tax (in thousands): Foreign Currency Translation Pension and Other Postretirement Benefits Total Balance as of the year ended 2013 $ (1,584 ) $ (38,716 ) $ (40,300 ) Other comprehensive loss before reclassifications (1,321 ) (59,796 ) (61,117 ) Amounts reclassified from AOCI — 3,220 3,220 Other comprehensive loss (1,321 ) (56,576 ) (57,897 ) Balance as of the year ended 2014 (2,905 ) (95,292 ) (98,197 ) Other comprehensive loss before reclassifications (4,295 ) (12,315 ) (16,610 ) Amounts reclassified from AOCI — 8,877 8,877 Other comprehensive loss (4,295 ) (3,438 ) (7,733 ) Balance as of the year ended 2015 $ (7,200 ) $ (98,730 ) $ (105,930 ) Reclassifications from AOCI AOCI Components Amounts Reclassified from AOCI (in thousands) Income Statement Line Item 2015 2014 Amortization of pension and other benefit items Net actuarial losses (1) $ 8,877 $ 3,220 Selling, general and administrative expenses 8,877 3,220 Total before tax Taxes — — Income tax expense Total reclassifications for the period $ 8,877 $ 3,220 Net of tax __________________________ (1) Components are included in the computation of net periodic benefit cost as presented in Note 13. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 02, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the fourth quarter of 2013, the Company entered into a 10 -year lease of a manufacturing facility with a related party wholly owned and managed by the Burton family. The Company believes the lease terms have not been significantly affected by the fact that the Company and the lessors are related parties. The Company recognized approximately $0.5 million , $0.5 million and less than $0.1 million in rental expense associated with the lease during 2015 , 2014 and 2013 , respectively, which is recorded in cost of sales. Future lease payments related to this lease (undiscounted) are $4.3 million as of the year ended 2015 . The Company has no other commitments or guarantees related to the lease. In the fourth quarter of 2015, this related party also purchased land located under an adjacent Cenveo manufacturing facility. The Company is currently sub-leasing this facility under a separate agreement with an unrelated third party, which is leasing the land from the related party. Horizon Paper Co., Inc. ("Horizon"), whose Chairman was a member of the Company’s Board of Directors through September 10, 2015, has supplied raw materials to the Company. For the years ended 2015 and 2014, purchases of raw materials from Horizon made by the Company were $1.9 million and less than $0.1 million , respectively. There were no transactions between Horizon and the Company during the year ended 2013. As of January 2, 2016 and December 27, 2014 , the balance due to Horizon was $0.2 million and less than $0.1 million , respectively. Balances due to Horizon are generally settled in cash within 75 days of each transaction. Roosevelt Paper Company ("Roosevelt") is both a paper supplier to, and a customer of, the Company. The sole owners of Roosevelt are related to Mr. Scheinmann, Senior Vice President, Legal Affairs and Corporate Secretary. Mr. Scheinmann has no ownership in Roosevelt. Purchases of paper from Roosevelt were approximately $1.0 million for each of the three years ended 2015, 2014 and 2013. As of January 2, 2016 and December 27, 2014, the balance due to Roosevelt was $0.3 million and $0.2 million , respectively. Additionally, the Company had net sales to Roosevelt of $0.1 million for the year ended 2015 and less than $0.1 million for each of the years ended 2014 and 2013. As of both January 2, 2016 and December 27, 2014, there were no balances due from Roosevelt. |
Income (Loss) Per Share
Income (Loss) Per Share | 12 Months Ended |
Jan. 02, 2016 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Share | Income (Loss) per Share Basic income (loss) per share is computed based upon the weighted average number of common shares outstanding for the period. When applicable, diluted income (loss) per share is calculated using two approaches. The first approach, the treasury stock method, reflects the potential dilution that could occur if the stock options, RSUs and, when applicable, PSUs, (collectively, the "Equity Awards") to issue common stock were exercised. The second approach, the if converted method, reflects the potential dilution of the Equity Awards and the 7% Notes being exchanged for common stock. Under this method, interest expense associated with the 7% Notes, net of tax, is added back to income from continuing operations and the shares outstanding are increased by the underlying 7% Notes equivalent. For the years ended 2015 , 2014 and 2013 , the effect of approximately 20.1 million , 20.3 million and 20.8 million shares, respectively, related to the exchange of the 7% Notes for common stock were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. For the years ended 2015, 2014 and 2013, the effect of approximately 2.9 million , 2.0 million and 2.0 million shares, respectively, related to the issuance of common stock upon exercise of Equity Awards were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted (loss) income per share for the periods ended (in thousands, except per share data): For The Years Ended 2015 2014 2013 Numerator for basic and diluted loss per share: Loss from continuing operations $ (19,461 ) $ (95,053 ) $ (86,276 ) (Loss) income from discontinued operations, net of taxes (11,390 ) 11,190 17,490 Net loss $ (30,851 ) $ (83,863 ) $ (68,786 ) Denominator for weighted average common shares outstanding: Basic shares 67,832 66,952 64,576 Dilutive effect of 7% Notes — — — Dilutive effect of Equity Awards — — — Diluted shares 67,832 66,952 64,576 (Loss) income per share – basic: Continuing operations $ (0.29 ) $ (1.42 ) $ (1.34 ) Discontinued operations (0.16 ) 0.17 0.27 Net loss $ (0.45 ) $ (1.25 ) $ (1.07 ) (Loss) income per share – diluted: Continuing operations $ (0.29 ) $ (1.42 ) $ (1.34 ) Discontinued operations (0.16 ) 0.17 0.27 Net loss $ (0.45 ) $ (1.25 ) $ (1.07 ) |
Segment Information
Segment Information | 12 Months Ended |
Jan. 02, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information T he Company operates three operating and reportable segments: envelope, print and label. 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 segment specializes in the design, manufacturing and printing of labels such as custom labels, overnight packaging labels and pressure-sensitive prescription labels. Prior to the disposition of the Packaging Business, the Company operated four operating segments: envelope, print, label and packaging. Based upon similar economic characteristics and management reporting, the Company previously aggregated the label and packaging operating segments to have a total of three reportable segments: envelope, print and label and packaging. Operating income (loss) of each segment includes all costs and expenses directly related to the segment's operations. Corporate expenses include corporate general and administrative expenses including stock-based compensation. Corporate identifiable assets primarily consist of cash and cash equivalents, miscellaneous receivables, deferred financing fees, deferred tax assets and other assets. The following tables present certain segment information (in thousands): For The Years Ended 2015 2014 2013 Net sales: Envelope $ 908,718 $ 929,518 $ 749,898 Print 510,974 507,913 501,534 Label 322,087 323,884 337,270 Total $ 1,741,779 $ 1,761,315 $ 1,588,702 Operating income (loss): Envelope $ 66,424 $ 29,602 $ 39,775 Print 15,122 16,908 (8,902 ) Label 39,533 38,310 38,182 Corporate (37,286 ) (42,046 ) (37,014 ) Total $ 83,793 $ 42,774 $ 32,041 Restructuring and other charges: Envelope $ 3,500 $ 14,181 $ 5,476 Print 6,853 3,091 4,289 Label 486 157 633 Corporate 1,737 4,097 2,188 Total $ 12,576 $ 21,526 $ 12,586 Impairment of intangible assets: Envelope $ — $ — $ — Print — — 24,493 Label — — — Corporate — — — Total $ — $ — $ 24,493 Depreciation and intangible asset amortization: Envelope $ 20,318 $ 19,616 $ 16,407 Print 17,424 21,146 19,808 Label 8,584 7,420 8,035 Corporate 3,363 4,788 4,981 Total $ 49,689 $ 52,970 $ 49,231 Capital expenditures: Envelope $ 7,480 $ 17,267 $ 7,221 Print 9,240 6,008 6,172 Label 3,678 3,224 5,411 Corporate 5,530 5,823 5,541 Total $ 25,928 $ 32,322 $ 24,345 Intercompany sales: Envelope $ 6,357 $ 6,114 $ 4,178 Print 17,627 15,239 4,871 Label 4,297 4,153 3,245 Total $ 28,281 $ 25,506 $ 12,294 2015 2014 Total assets: Envelope $ 445,443 $ 449,819 Print 266,074 277,564 Label 223,534 230,806 Corporate 33,447 38,350 Assets of discontinued operations 111,417 139,182 Total $ 1,079,915 $ 1,135,721 Geographic information is as follows as of and for the years ended (in thousands): 2015 2014 2013 Net sales: U.S. $ 1,735,921 $ 1,754,947 $ 1,571,004 Foreign 5,858 6,368 17,698 Total $ 1,741,779 $ 1,761,315 $ 1,588,702 2015 2014 Long-lived assets (property, plant and equipment, goodwill and intangible assets): U.S. $ 510,205 $ 534,787 Foreign 6,161 6,597 Total $ 516,366 $ 541,384 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Jan. 02, 2016 | |
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% Notes, the 8.875% Notes, the 7% Notes, and the 11.5% Notes, collectively 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 January 2, 2016 , and December 27, 2014 ,and for the years ended 2015 , 2014 and 2013 . The condensed consolidating financial information has been presented to show the financial position, results of operations and cash flows of the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, assuming the guarantee structure of the Subsidiary Issuer Notes was in effect at the beginning of the periods presented. The supplemental condensed consolidating financial information reflects the investments of the Parent Company in the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries using the equity method of accounting. The 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. Certain 2014 amounts in the condensed consolidated balance sheet have been reclassified to conform to the current year presentation. CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET January 2, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 5,558 $ 235 $ 1,992 $ — $ 7,785 Accounts receivable, net — 133,232 120,810 — — 254,042 Inventories — 74,116 47,499 — — 121,615 Intercompany receivable — — 1,580,492 — (1,580,492 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 41,238 1,807 1,575 — 44,620 Assets of discontinued operations - current — — 41,821 6,745 — 48,566 Total current assets — 291,082 1,795,909 10,312 (1,620,675 ) 476,628 Investment in subsidiaries (669,839 ) 2,014,972 4,492 7,829 (1,357,454 ) — Property, plant and equipment, net — 113,608 96,262 708 — 210,578 Goodwill — 22,940 147,409 4,989 — 175,338 Other intangible assets, net — 9,533 120,451 466 — 130,450 Other assets, net — 20,327 3,154 1,477 (888 ) 24,070 Assets of discontinued operations - long-term — 1,226 62,184 — (559 ) 62,851 Total assets $ (669,839 ) $ 2,473,688 $ 2,229,861 $ 25,781 $ (2,979,576 ) $ 1,079,915 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 4,454 $ 919 $ — $ — $ 5,373 Accounts payable — 126,384 73,601 135 — 200,120 Accrued compensation and related liabilities — 26,812 4,846 303 — 31,961 Other current liabilities — 69,254 16,737 712 — 86,703 Liabilities of discontinued operations - current — — 21,543 725 — 22,268 Intercompany payable — 1,572,152 — 8,340 (1,580,492 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,799,056 154,584 13,460 (1,620,675 ) 346,425 Long-term debt — 1,200,848 2,402 — — 1,203,250 Other liabilities — 143,623 56,191 — (888 ) 198,926 Liabilities of discontinued operations - long-term — — 1,712 — (559 ) 1,153 Shareholders’ (deficit) equity (669,839 ) (669,839 ) 2,014,972 12,321 (1,357,454 ) (669,839 ) Total liabilities and shareholders’ (deficit) equity $ (669,839 ) $ 2,473,688 $ 2,229,861 $ 25,781 $ (2,979,576 ) $ 1,079,915 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 898,529 $ 839,500 $ 3,750 $ — $ 1,741,779 Cost of sales — 775,386 674,759 731 — 1,450,876 Selling, general and administrative expenses — 119,149 66,882 718 — 186,749 Amortization of intangible assets — 743 6,574 468 — 7,785 Restructuring and other charges — 10,751 1,825 — — 12,576 Operating (loss) income — (7,500 ) 89,460 1,833 — 83,793 Interest expense, net — 100,592 213 — — 100,805 Intercompany interest (income) expense — (998 ) 998 — — — Loss on early extinguishment of debt, net — 1,252 — — — 1,252 Other income, net — (2,658 ) (258 ) (280 ) — (3,196 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (105,688 ) 88,507 2,113 — (15,068 ) Income tax expense (benefit) — 5,425 (1,893 ) 861 — 4,393 (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (111,113 ) 90,400 1,252 — (19,461 ) Equity in (loss) income of subsidiaries (30,851 ) 74,968 1,644 — (45,761 ) — (Loss) income from continuing operations (30,851 ) (36,145 ) 92,044 1,252 (45,761 ) (19,461 ) Income (loss) from discontinued operations, net of taxes — 5,294 (17,076 ) 392 — (11,390 ) Net (loss) income (30,851 ) (30,851 ) 74,968 1,644 (45,761 ) (30,851 ) Other comprehensive (loss) income: Other comprehensive (loss) income of subsidiaries (7,733 ) (4,240 ) (760 ) — 12,733 — Changes in pension and other employee benefit accounts, net of taxes — (3,493 ) 55 — — (3,438 ) Currency translation adjustment, net — — (3,535 ) (760 ) — (4,295 ) Comprehensive (loss) income $ (38,584 ) $ (38,584 ) $ 70,728 $ 884 $ (33,028 ) $ (38,584 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 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 $ 1,636 $ (110,318 ) $ 122,254 $ 2,654 $ — $ 16,226 Net cash provided by operating activities of discontinued operations — — 15,230 738 — 15,968 Net cash provided by (used in) operating activities 1,636 (110,318 ) 137,484 3,392 — 32,194 Cash flows from investing activities: Cost of business acquisitions, net of cash acquired — (1,996 ) — — — (1,996 ) Capital expenditures — (18,448 ) (6,921 ) (559 ) — (25,928 ) Proceeds from sale of property, plant and equipment — 7,673 885 — — 8,558 Proceeds from sale of assets — — 2,180 — — 2,180 Net cash used in investing activities of continuing operations — (12,771 ) (3,856 ) (559 ) — (17,186 ) Net cash used in investing activities of discontinued operations — — (2,282 ) — — (2,282 ) Net cash used in investing activities — (12,771 ) (6,138 ) (559 ) — (19,468 ) Cash flows from financing activities: Payment of financing related costs and expenses and debt issuance discounts — (1,596 ) — — — (1,596 ) Proceeds from issuance of other long-term debt — 12,500 — — — 12,500 Repayments of other long-term debt — (17,721 ) 1,176 — — (16,545 ) Repayment of 11.5% senior notes due 2017 — (22,720 ) — — — (22,720 ) Purchase and retirement of common stock upon vesting of RSUs (216 ) — — — — (216 ) Borrowings under ABL Facility due 2017 — 468,300 — — — 468,300 Repayments under ABL Facility due 2017 — (454,800 ) — — — (454,800 ) Intercompany advances (1,420 ) 133,719 (130,879 ) (1,420 ) — — Net cash (used in) provided by financing activities of continuing operations (1,636 ) 117,682 (129,703 ) (1,420 ) — (15,077 ) Net cash used in financing activities of discontinued operations — — (473 ) — — (473 ) Net cash (used in) provided by financing activities (1,636 ) 117,682 (130,176 ) (1,420 ) — (15,550 ) Effect of exchange rate changes on cash and cash equivalents — — (1,690 ) 477 — (1,213 ) Net (decrease) increase in cash and cash equivalents — (5,407 ) (520 ) 1,890 — (4,037 ) Cash and cash equivalents at beginning of period — 10,965 844 2,784 — 14,593 Cash and cash equivalents at end of period — 5,558 324 4,674 — 10,556 Less cash and equivalents of discontinued operations — — (89 ) (2,682 ) — (2,771 ) Cash and cash equivalents of continuing operations at end of period $ — $ 5,558 $ 235 $ 1,992 $ — $ 7,785 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 $ 767 $ 840 $ — $ 12,572 Accounts receivable, net — 128,599 123,956 — — 252,555 Inventories — 71,108 47,783 — — 118,891 Intercompany receivable — — 1,449,613 — (1,449,613 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 43,027 2,055 2,246 — 47,328 Assets of discontinued operations - current — — 44,673 7,896 — 52,569 Total current assets — 290,637 1,672,092 10,982 (1,489,796 ) 483,915 Investment in subsidiaries (632,675 ) 1,944,300 3,608 7,829 (1,323,062 ) — Property, plant and equipment, net — 120,949 106,318 556 — 227,823 Goodwill — 25,540 144,811 5,191 — 175,542 Other intangible assets, net — 10,011 127,158 850 — 138,019 Other assets, net — 20,080 3,245 1,937 (1,453 ) 23,809 Assets of discontinued operations - long-term — — 86,613 — — 86,613 Total assets $ (632,675 ) $ 2,411,517 $ 2,143,845 $ 27,345 $ (2,814,311 ) $ 1,135,721 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 3,000 $ 872 $ — $ — $ 3,872 Accounts payable — 138,939 73,941 160 — 213,040 Accrued compensation and related liabilities — 29,851 4,666 538 — 35,055 Other current liabilities — 66,895 17,209 673 — 84,777 Liabilities of discontinued operations - current — — 22,671 1,532 — 24,203 Intercompany payable — 1,439,853 — 9,760 (1,449,613 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,678,538 156,297 15,908 (1,489,796 ) 360,947 Long-term debt — 1,205,235 1,273 — — 1,206,508 Other liabilities — 160,419 38,455 — (1,453 ) 197,421 Liabilities of discontinued operations - long-term — — 3,520 — — 3,520 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 ) $ 2,411,517 $ 2,143,845 $ 27,345 $ (2,814,311 ) $ 1,135,721 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2014 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 932,099 $ 823,238 $ 5,978 $ — $ 1,761,315 Cost of sales — 817,761 671,097 2,630 — 1,491,488 Selling, general and administrative expenses — 128,806 66,803 734 — 196,343 Amortization of intangible assets — 703 7,993 488 — 9,184 Restructuring and other charges — 18,560 2,966 — — 21,526 Operating (loss) income — (33,731 ) 74,379 2,126 — 42,774 Interest expense, net — 106,276 385 — — 106,661 Intercompany interest (income) expense — (1,107 ) 1,107 — — — Loss on early extinguishment of debt, net — 27,449 — — — 27,449 Other income, net — (106 ) (199 ) (137 ) — (442 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (166,243 ) 73,086 2,263 — (90,894 ) Income tax expense — 695 2,965 499 — 4,159 (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (166,938 ) 70,121 1,764 — (95,053 ) Equity in (loss) income of subsidiaries (83,863 ) 81,936 1,813 — 114 — (Loss) income from continuing operations (83,863 ) (85,002 ) 71,934 1,764 114 (95,053 ) Income from discontinued operations, net of taxes — 1,139 10,002 49 — 11,190 Net (loss) income (83,863 ) (83,863 ) 81,936 1,813 114 (83,863 ) Other comprehensive (loss) income: Other comprehensive (loss) income of subsidiaries (57,897 ) (4,952 ) (407 ) — 63,256 — Changes in pension and other employee benefit accounts, net of taxes — (52,945 ) (3,631 ) — — (56,576 ) Currency translation adjustment, net — — (914 ) (407 ) — (1,321 ) Comprehensive (loss) income $ (141,760 ) $ (141,760 ) $ 76,984 $ 1,406 $ 63,370 $ (141,760 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 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 $ 2,420 $ (91,517 ) $ 99,190 $ (3,695 ) $ — $ 6,398 Net cash (used in) provided by operating activities of discontinued operations — (884 ) 17,456 945 — 17,517 Net cash provided by (used in) operating activities 2,420 (92,401 ) 116,646 (2,750 ) — 23,915 Cash flows from investing activities: Capital expenditures — (24,554 ) (7,550 ) (218 ) — (32,322 ) Purchase of investment — (2,000 ) — — — (2,000 ) Proceeds from sale of property, plant and equipment — 3,465 301 — — 3,766 Net cash used in investing activities of continuing operations — (23,089 ) (7,249 ) (218 ) — (30,556 ) Net cash provided by (used in) investing activities of discontinued operations — 1,033 (3,745 ) — — (2,712 ) Net cash used in investing activities — (22,056 ) (10,994 ) (218 ) — (33,268 ) 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 — (37,994 ) — — — (37,994 ) Repayments of other long-term debt — (6,967 ) (728 ) — — (7,695 ) Repayment of 11.5% senior notes due 2017 — (2,680 ) — — — (2,680 ) Repayment of 8.500% junior secured priority notes due 2022 — (2,000 ) — — — (2,000 ) Purchase and retirement of common stock upon vesting of RSUs (562 ) — — — — (562 ) Repayment of 15% Unsecured Term Loan due 2017 — (10,000 ) — — — (10,000 ) Proceeds from exercise of stock options 20 — — — — 20 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 — 520,100 — — — 520,100 Repayments under ABL Facility due 2017 — (506,800 ) — — — (506,800 ) Intercompany advances (1,878 ) 101,359 (103,450 ) 3,969 — — Net cash (used in) provided by financing activities of continuing operations (2,420 ) 115,918 (104,178 ) 3,969 — 13,289 Net cash used in financing activities of discontinued operations — — (798 ) — — (798 ) Net cash (used in) provided by financing activities (2,420 ) 115,918 (104,976 ) 3,969 — 12,491 Effect of exchange rate changes on cash and cash equivalents — — 168 (42 ) — 126 Net increase in cash and cash equivalents — 1,461 844 959 — 3,264 Cash and cash equivalents at beginning of period — 9,504 — 1,825 — 11,329 Cash and cash equivalents at end of period — 10,965 844 2,784 — 14,593 Less cash and equivalents of discontinued operations — — (77 ) (1,944 ) — (2,021 ) Cash and cash equivalents of continuing operations at end of period $ — $ 10,965 $ 767 $ 840 $ — $ 12,572 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2013 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 762,810 $ 815,001 $ 10,891 $ — $ 1,588,702 Cost of sales — 660,679 656,133 8,553 — 1,325,365 Selling, general and administrative expenses — 119,046 66,678 711 — 186,435 Amortization of intangible assets — 602 6,649 531 — 7,782 Restructuring and other charges — 7,744 4,843 (1 ) — 12,586 Impairment of intangible assets — — 24,493 — — 24,493 Operating (loss) income — (25,261 ) 56,205 1,097 — 32,041 Gain on bargain purchase — (17,262 ) — — — (17,262 ) Interest expense, net — 112,232 347 — — 112,579 Intercompany interest (income) expense — (1,203 ) 1,203 — — — Gain on early extinguishment of debt, net — 11,324 — — — 11,324 Other income, net — (2,238 ) (9 ) (238 ) — (2,485 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of unconsolidated subsidiaries — (128,114 ) 54,664 1,335 — (72,115 ) Income tax expense (benefit) — 25,081 (11,637 ) 717 — 14,161 (Loss) income from continuing operations before equity in (loss) income of unconsolidated subsidiaries — (153,195 ) 66,301 618 — (86,276 ) Equity in (loss) income of unconsolidated subsidiaries (68,786 ) 75,419 323 — (6,956 ) — (Loss) income from continuing operations (68,786 ) (77,776 ) 66,624 618 (6,956 ) (86,276 ) Income (loss) from discontinued operations, net of taxes — 8,990 8,795 (295 ) — 17,490 Net (loss) income (68,786 ) (68,786 ) 75,419 323 (6,956 ) (68,786 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 26,901 (1,754 ) (2,704 ) — (22,443 ) — Changes in pension and other employee benefit accounts, net of taxes — 28,655 2,775 — — 31,430 Currency translation adjustment, net — — (1,825 ) (2,704 ) — (4,529 ) Comprehensive (loss) income $ (41,885 ) $ (41,885 ) $ 73,665 $ (2,381 ) $ (29,399 ) $ (41,885 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2013 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 3,739 $ (117,743 ) $ 118,207 $ 254 $ — $ 4,457 Net cash provided by (used in) operating activities of discontinued operations — 6,227 17,676 (167 ) — 23,736 Net cash provided by (used in) operating activities 3,739 (111,516 ) 135,883 87 — 28,193 Cash flows from investing activities: Cost of business acquisitions, net of cash acquired — (33,166 ) — — — (33,166 ) Capital expenditures — (13,708 ) (10,534 ) (103 ) — (24,345 ) Purchase of investment — (1,650 ) — — — (1,650 ) Proceeds from sale of property, plant and equipment — 258 2,424 — — 2,682 Net cash used in investing activities of continuing operations — (48,266 ) (8,110 ) (103 ) — (56,479 ) Net cash provided by investing activities of discontinued operations — 23,160 25,822 — — 48,982 Net cash (used in) provided by investing activities — (25,106 ) 17,712 (103 ) — (7,497 ) Cash flows from financing activities: Repayment of 7.875% senior subordinated notes — (67,848 ) — — — (67,848 ) Repayment of Term Loan B due 2016 — (388,205 ) — — — (388,205 ) Payment of financing related costs and expenses — (15,570 ) — — — (15,570 ) Proceeds from issuance of other long-term debt — 20,000 — — — 20,000 Repayments of other long-term debt — (3,036 ) (3,753 ) — — (6,789 ) Purchase and retirement of common stock upon vesting of RSUs (660 ) — — — — (660 ) Borrowings under Revolving Credit Facility, net — (18,000 ) — — — (18,000 ) Proceeds from issuance of 15% Unsecured Term Loan due 2017 — 50,000 — — — 50,000 Repayment of 15% Unsecured Term Loan due 2017 — (40,000 ) — — — (40,000 ) Proceeds from exercise of stock options 98 — — — — 98 Proceeds from issuance of Term Loan Facility due 2017 — 360,000 — — — 360,000 Repayment of Term Loan Facility due 2017 — (30,900 ) — — — (30,900 ) Borrowings under ABL Facility due 2017 — 699,200 — — — 699,200 Repayments under ABL Facility due 2017 — (577,800 ) — — — (577,800 ) Intercompany advances (3,177 ) 152,522 (149,225 ) (120 ) — — Net cash (used in) provided by financing activities of continuing operations (3,739 ) 140,363 (152,978 ) (120 ) — (16,474 ) Net cash used in financing activities of discontinued operations — — (1,076 ) — — (1,076 ) Net cash (used in) provided by financing activities (3,739 ) 140,363 (154,054 ) (120 ) — (17,550 ) Effect of exchange rate changes on cash and cash equivalents — — 173 (100 ) — 73 Net increase (decrease) in cash and cash equivalents — 3,741 (286 ) (236 ) — 3,219 Cash and cash equivalents at beginning of year — 5,763 286 2,061 — 8,110 Cash and cash equivalents at end of year — 9,504 — 1,825 — 11,329 Less cash and equivalents of discontinued operations — — — (900 ) — (900 ) Cash and cash equivalents of continuing operations at end of period $ — $ 9,504 $ — $ 925 $ — $ 10,429 |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Jan. 02, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Selected Quarterly Financial Information (Unaudited) The following table sets forth certain quarterly financial data for the periods indicated (in thousands, except per share amounts): First Second Third Fourth Fiscal Year 2015 Net sales: Envelope $ 227,410 $ 218,139 $ 218,454 $ 244,715 Print 122,100 114,545 123,875 150,454 Label 80,167 80,675 77,454 83,791 Total $ 429,677 $ 413,359 $ 419,783 $ 478,960 Operating income (loss): Envelope $ 14,840 $ 16,711 $ 17,746 $ 17,127 Print 1,679 2,987 1,541 8,915 Label 9,704 11,150 10,146 8,533 Corporate (8,423 ) (9,193 ) (9,917 ) (9,753 ) Total $ 17,800 $ 21,655 $ 19,516 $ 24,822 Loss from continuing operations (8,179 ) (3,355 ) (3,562 ) (4,365 ) Income (loss) from discontinued operations, net of taxes (2) 500 950 319 (13,159 ) Net loss $ (7,679 ) $ (2,405 ) $ (3,243 ) $ (17,524 ) Net (loss) income per share—basic Continuing operations (1) $ (0.12 ) $ (0.05 ) $ (0.05 ) $ (0.06 ) Discontinued operations (1) 0.01 0.01 — (0.20 ) Net loss (1) $ (0.11 ) $ (0.04 ) $ (0.05 ) $ (0.26 ) Net (loss) income per share—diluted Continuing operations (1) $ (0.12 ) $ (0.05 ) $ (0.05 ) $ (0.06 ) Discontinued operations (1) 0.01 0.01 — (0.20 ) Net loss (1) $ (0.11 ) $ (0.04 ) $ (0.05 ) $ (0.26 ) First Second Third Fourth Fiscal Year 2014 Net sales: Envelope $ 241,671 $ 229,593 $ 227,069 $ 231,185 Print 122,103 117,670 127,034 141,106 Label 78,686 82,475 81,492 81,231 Total $ 442,460 $ 429,738 $ 435,595 $ 453,522 Operating income (loss): Envelope $ 9,806 $ 9,332 $ 4,328 $ 6,136 Print 857 3,882 6,340 5,829 Label 9,376 10,998 9,691 8,245 Corporate (11,167 ) (11,774 ) (10,126 ) (8,979 ) Total $ 8,872 $ 12,438 $ 10,233 $ 11,231 Loss from continuing operations (3) (17,683 ) (39,942 ) (14,030 ) (23,398 ) Income from discontinued operations, net of taxes 1,849 1,305 3,137 4,899 Net loss (15,834 ) (38,637 ) (10,893 ) (18,499 ) Net (loss) income per share—basic Continuing operations (1) $ (0.27 ) $ (0.60 ) $ (0.21 ) $ (0.34 ) Discontinued operations (1) 0.03 0.02 0.05 0.07 Net loss (1) $ (0.24 ) $ (0.58 ) $ (0.16 ) $ (0.27 ) Net (loss) income per share—diluted Continuing operations (1) $ (0.27 ) $ (0.60 ) $ (0.21 ) $ (0.34 ) Discontinued operations (1) 0.03 0.02 0.05 0.07 Net loss (1) $ (0.24 ) $ (0.58 ) $ (0.16 ) $ (0.27 ) __________________________ (1) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total year. (2) In the fourth quarter of 2015, the Company recorded a non-cash loss on sale of the Packaging Business of $5.0 million . Additionally, the Company recorded a non-cash goodwill impairment charge of $9.9 million related to this transaction. (3) Includes a total loss on extinguishment of debt of $27.4 million , most of which was recognized in the second quarter of 2014 in connection with the issuance of the 6.000% Notes and 8.500% Notes, and extinguishment of the Term Loan Facility and the 8.875% Notes. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 02, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The consolidated financial statements include the results of Cenveo, Inc. and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions have been eliminated. Cenveo, Inc. and its wholly-owned subsidiaries (collectively, the "Company" or "Cenveo") are engaged in envelope converting, commercial printing, and the manufacturing of label products. The Company is headquartered in Stamford, Connecticut, is organized under Colorado law, and its common stock is traded on the New York Stock Exchange under the symbol "CVO." The Company operates a network of strategically located manufacturing facilities, serving a diverse base of customers. The Company’s operations are based in North America and Asia. The Company’s reporting periods for 2015 , 2014 and 2013 in this report consisted of 53, 52 and 52 week periods, respectively, and ended on January 2, 2016 , December 27, 2014 , and December 28, 2013 , respectively. Such periods are referred to herein as: (i) "as of the year ended 2015 ," "the year ended 2015 " or " 2015 ;" (ii) "as of the year ended 2014 ," "the year ended 2014 " or " 2014 ;" and (iii) "as of the year ended 2013 ," "the year ended 2013 " or " 2013 ." All references to years and year-ends herein relate to fiscal years rather than calendar years. As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, during the first quarter of 2016 the Company completed the sale of its folded carton and shrink sleeve packaging businesses, along with its one top-sheet lithographic print operation (collectively, the "Packaging Business"). See Note 3 for information regarding the completion of sale of the Packaging Business. In accordance with the guidance in Accounting Standards Codification ("ASC") 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment , the financial results of the Packaging Business have been accounted for as discontinued operations for all periods presented. The Company completed the sale of its Custom Envelope Group ("Custom Envelope") during the third quarter of 2013. Additionally, during the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility. Collectively with the Packaging Business, the Company refers to these businesses as the "Discontinued Operations." As a result, the Company's historical consolidated balance sheets, statements of comprehensive income (loss) ("statement of operations") and statements of cash flows have been retroactively adjusted to give recognition to the Discontinued Operations for all periods presented. |
Liquidity | Liquidity: As of January 2, 2016, the Company's total indebtedness was approximately $1.2 billion , of which approximately $442.1 million matures in the next 12 to 18 months. The Company is exploring to what extent it may have practicable alternatives to its current capital structure, including in particular our unsecured debt with 2017 maturities. The alternatives may include any and all transactions and strategies. Should the Company pursue any particular transaction or strategy, the structure naturally will depend on all circumstances, including market conditions. There can be no assurance that any transaction or strategy will ultimately be pursued or, if pursued, will be successful. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates and assumptions are used for, but not limited to, establishing the allowance for doubtful accounts, valuation of inventory, purchase price allocation, depreciation and amortization lives, asset impairment evaluations, deferred tax assets and liabilities, self-insurance accruals, stock-based compensation and other contingencies. Actual results could differ from estimates. |
Fair Value Measurement | Fair Value Measurements: Certain assets and liabilities of the Company are required to be recorded at fair value. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to their short-term nature. The Company also has other assets or liabilities that it records at fair value, such as its pension plan assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include cash on deposit and highly liquid investments with original maturities of three months or less. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of Federal Deposit Insurance Corporation ("FDIC") insurance limits. Cash and cash equivalents are stated at cost, which approximates fair value. |
Accounts Receivable | Accounts Receivable: Trade accounts receivable are stated net of allowances for doubtful accounts. Specific customer provisions are made when a review of significant outstanding amounts, customer creditworthiness and current economic trends indicate that collection is doubtful. In addition, provisions are made at differing amounts, based upon the balance and age of the receivable and the Company’s historical collection experience. Trade accounts are charged off against the allowance for doubtful accounts or expensed when it is probable the accounts will not be recovered. As of the years ended 2015 and 2014 , accounts receivable were reduced by an allowance for doubtful accounts of $5.9 million and $4.6 million , respectively. Transactions affecting the allowance for doubtful accounts were as follows (in thousands): For The Years Ended 2015 2014 2013 Balance at beginning of year $ 4,632 $ 4,952 $ 4,573 Charged to expense 2,567 1,634 4,073 Write-offs, recoveries and other (1,327 ) (1,954 ) (3,694 ) Balance at end of year $ 5,872 $ 4,632 $ 4,952 |
Inventories | Inventories: Inventories are stated at the lower of cost or market, with cost primarily determined on a first-in, first-out or average cost basis. Cost includes materials, labor and overhead related to the purchase and production of inventories. |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided using the straight-line method generally based on the estimated useful lives of 15 to 45 years for buildings and building improvements, 10 to 15 years for machinery and equipment and 3 to 10 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When an asset is retired or otherwise disposed of, the related gross cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of operations. Expenditures for repairs and maintenance are charged to expense as incurred, and expenditures that increase the capacity, efficiency or useful lives of existing assets are capitalized. |
Computer Software | Computer Software: The Company develops and purchases software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed, tested and is ready for use, additional costs incurred in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, generally between three and seven years. Net computer software costs included in property, plant and equipment were $16.6 million and $15.8 million as of the years ended 2015 and 2014 , respectively. |
Debt Issuance Costs | Debt Issuance Costs: Direct expenses such as legal, accounting and underwriting fees incurred to issue, extend or amend debt are included as a reduction in the carrying amount of the related debt. Debt issuance costs of $18.9 million and $25.2 million were included in the Company's consolidated balance sheets as of the years ended 2015 and 2014 , respectively, net of accumulated amortization, and are amortized to interest expense over the term of the related debt on a straight line basis, which approximates the effective interest method. In accordance with Accounting Standards Update ("ASU") No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), the Company reclassified $22.2 million of debt issuance costs, net of $3.0 million of deferred charges associated with the Company's asset-based revolving credit facility (the "ABL Facility") as a deduction from the carrying amount of the outstanding debt for the year ended 2014 . Interest expense includes the amortization of debt issuance costs of $10.1 million , $9.8 million and $9.4 million in 2015 , 2014 and 2013 , respectively. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill represents the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is not amortized. Goodwill is subject to an annual impairment test and is reviewed annually as of the end of November to determine if there is an impairment, or more frequently if an indication of possible impairment exists. Impairment testing for goodwill is performed at a reporting unit level, with all goodwill assigned to a reporting unit. The Company's reporting units are the same as its three operating segments. An impairment loss generally would be recognized when the carrying amount of the reporting unit's net assets exceeds the estimated fair value of the reporting unit. No impairment charges for goodwill were recorded in 2015 , 2014 or 2013 , except as disclosed in Note 3. Other intangible assets consist primarily of customer relationships and trademarks. Other intangible assets primarily arise from the purchase price allocations of businesses acquired. Intangible assets with determinable lives are amortized on a straight-line basis over the estimated useful life assigned to these assets. Intangible assets that are expected to generate cash flows indefinitely are not amortized, but are evaluated for impairment using the relief-from-royalty method. During the fourth quarter of 2013, the Company made the decision to retire a certain indefinite lived trade name during 2014 as a result of rebranding the Company's print business line. Accordingly, based on its evaluation using a relief-from-royalty and other discounted cash flow methodologies, the Company concluded that the trade name asset was impaired. An impairment charge of $24.5 million was recorded to reduce the carrying value to the estimated fair value. The trade name was fully amortized during 2014. There were no intangible asset impairments in the years ended 2015 or 2014 . |
Long-Lived Assets | Long-Lived Assets: Long-lived assets, including property, plant and equipment, and intangible assets with definite lives, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. An impairment is assessed if the undiscounted expected future cash flows generated from an asset are less than its carrying value. Impairment losses are recognized for the amount by which the carrying value of an asset exceeds its fair value (Level 2 and 3). Additionally, the estimated useful lives of all long-lived assets are periodically reviewed and revised, if necessary. |
Self-Insurance | Self-Insurance: The Company is self-insured for the majority of its workers’ compensation costs and health insurance costs, subject to specific retention levels. The Company records its liability for workers’ compensation claims on a fully-developed basis. The Company’s liability for health insurance claims includes an estimate for claims incurred, but not reported. As of the years ended 2015 and 2014 , the (i) undiscounted workers' compensation liability was $12.3 million and $13.2 million , respectively, and the discounted liability was $11.4 million and $12.2 million , respectively, using discount rates of 2% for each of the years ended 2015 and 2014 ; and the (ii) healthcare liability was $3.2 million and $3.3 million as of the years ended 2015 and 2014 , respectively. |
Pension and Other Postretirement Plans | Pension and Other Postretirement Plans: The Company records expense relating to its pension and other postretirement plans based on actuarial calculations. The inputs for these estimates mainly include discount rates, anticipated mortality rates and assumed rates of return. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current anticipated rates. The effect of modifications on the value of plan obligations and assets is recognized in accumulated other comprehensive income (loss) ("AOCI") and is recognized in the statement of operations over future periods. |
Revenue Recognition | Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred, pricing is fixed or determinable, and collection is reasonably assured, net of rebates earned by customers. Since a significant portion of the Company’s products are customer specific, it is common for customers to inspect the quality of the product at the Company’s facility prior to its shipment. Products shipped are not subject to contractual right of return provisions. Sales Tax: The Company records sales net of applicable sales tax. |
Freight Costs | Freight Costs: The costs of delivering finished goods to customers are recorded as freight costs and included in cost of sales. Freight costs that are either billed separately to the customer or included in the price of the product are included in net sales. |
Advertising Costs | Advertising Costs: All advertising costs are expensed as incurred. Advertising costs were $3.2 million , $3.4 million and $2.7 million for 2015 , 2014 and 2013 , respectively. |
Stock-Based Compensation | Stock-Based Compensation: The Company uses the fair value method of accounting for stock-based compensation. The Company uses the Black-Scholes-Merton option-pricing model ("Black-Scholes") to measure fair value of stock option awards. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the stock price volatility assumption, the expected life of the option award, the risk-free rate of return and dividends during the expected term. The Company recognizes stock-based compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. |
Foreign Currency Translation | Foreign Currency Translation: Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the United States dollar are translated at year-end exchange rates. The effects of translation are included in shareholders’ deficit. Income and expense items and gains and losses are translated at the average monthly rate. Foreign currency transaction gains and losses are recorded in other income, net. |
Income Taxes | Income Taxes: Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the net deferred tax assets will not be realized. The Company has a full valuation allowance related to its net deferred tax assets as of the year ended 2015 . The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although the Company believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is recognized in its consolidated financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. |
New Accounting Pronouncements | New Accounting Pronouncements: In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-08, " Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ." The amendments in the ASU change the criteria for reporting discontinued operations while enhancing related disclosures. The amendments in the ASU were effective in the first quarter of 2015. The Company adopted this new guidance effective December 28, 2014. The new guidance was only applied prospectively to new disposals and new classifications of disposal groups held for sale after such date. As a result, this guidance did not have any impact on the Company's previously reported financial statements or related disclosures upon adoption. 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 April 2015, the FASB issued ASU 2015-03. 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 a result of the Company's adoption of ASU 2015-03, $22.2 million of debt issuance costs were reclassified from a long-term asset to a reduction in the carrying amount of its debt for the year ended 2014 . In November 2015, the FASB issued ASU 2015-17 " Balance Sheet Classification of Deferred Taxes ." ASU 2015-17 simplifies the presentation of deferred income taxes to require that deferred tax assets and liabilities be classified as non-current in a classified balance sheet. This ASU is effective for annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Accounting Policies [Abstract] | |
Schedule of allowance for doubtful accounts | Transactions affecting the allowance for doubtful accounts were as follows (in thousands): For The Years Ended 2015 2014 2013 Balance at beginning of year $ 4,632 $ 4,952 $ 4,573 Charged to expense 2,567 1,634 4,073 Write-offs, recoveries and other (1,327 ) (1,954 ) (3,694 ) Balance at end of year $ 5,872 $ 4,632 $ 4,952 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Business Combinations [Abstract] | |
Purchase price allocation | The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed in the Asendia acquisition (in thousands): Accounts receivable, net $ 145 Inventories 46 Prepaid and other current assets 10 Property, plant and equipment 1,662 Other intangible assets 133 Total assets acquired $ 1,996 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) | 12 Months Ended |
Jan. 02, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Components of discontinued operations | The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of January 2, 2016 , and December 27, 2014 (in thousands): 2015 2014 Accounts receivable, net $ 23,244 $ 29,344 Inventories 18,603 18,119 Other current assets 6,719 5,106 Assets of discontinued operations - current 48,566 52,569 Property, plant and equipment, net 48,244 54,585 Goodwill and other long-term assets 14,607 32,028 Assets of discontinued operations - long-term 62,851 86,613 Accounts payable 17,917 19,145 Other current liabilities 4,351 5,058 Liabilities of discontinued operations - current 22,268 24,203 Long-term debt and other liabilities 1,153 3,520 Liabilities of discontinued operations - long-term 1,153 3,520 Net assets of discontinued operations $ 87,996 $ 111,459 The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): For The Years Ended 2015 2014 2013 Net sales $ 178,850 $ 187,725 $ 228,178 Cost of sales 154,570 162,448 192,237 Selling, general and administrative expenses 20,630 20,826 22,278 Amortization of intangible assets 2,062 2,597 2,482 Restructuring and other charges 390 932 514 Impairment of goodwill 9,857 — — Impairment of intangible assets — — 8,874 Interest expense, net 117 137 99 Other income, net (954 ) (6,563 ) (3,141 ) (Loss) income from discontinued operations before income taxes (7,822 ) 7,348 4,835 (Loss) gain on sale of discontinued operations before income taxes (4,987 ) 2,519 25,597 Total (loss) income from discontinued operations before income taxes (12,809 ) 9,867 30,432 Income tax (benefit) expense on discontinued operations (1,419 ) (1,323 ) 12,942 (Loss) income from discontinued operations, net of taxes $ (11,390 ) $ 11,190 $ 17,490 (Loss) income per share - basic $ (0.16 ) $ 0.17 $ 0.27 (Loss) income per share - diluted $ (0.16 ) $ 0.17 $ 0.27 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories by major category are as follows (in thousands): 2015 2014 Raw materials $ 40,938 $ 35,288 Work in process 14,696 17,429 Finished goods 65,981 66,174 $ 121,615 $ 118,891 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment are as follows (in thousands): 2015 2014 Land and land improvements $ 9,194 $ 10,585 Buildings and building improvements 82,206 82,142 Machinery and equipment 525,914 516,443 Furniture and fixtures 8,696 8,570 Construction in progress 10,181 11,106 636,191 628,846 Accumulated depreciation (425,613 ) (401,023 ) $ 210,578 $ 227,823 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill as of the years ended 2015 and 2014 by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of the year ended 2013 $ 23,433 $ 42,976 $ 109,277 $ 175,686 Foreign currency translation — (144 ) — (144 ) Balance as of the year ended 2014 23,433 42,832 109,277 175,542 Foreign currency translation — (204 ) — (204 ) Balance as of the year ended 2015 $ 23,433 $ 42,628 $ 109,277 $ 175,338 |
Schedule of intangible assets | Other intangible assets are as follows (in thousands): 2015 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 7 $ 114,345 $ (27,234 ) $ (55,209 ) $ 31,902 $ 114,301 $ (27,234 ) $ (48,356 ) $ 38,711 Trademarks and trade names 23 64,540 (46,493 ) (8,649 ) 9,398 64,550 (46,493 ) (8,157 ) 9,900 Leasehold interest 17 4,430 — (516 ) 3,914 4,430 — (291 ) 4,139 Patents 10 3,528 — (3,192 ) 336 3,528 — (3,159 ) 369 Subtotal 11 186,843 (73,727 ) (67,566 ) 45,550 186,809 (73,727 ) (59,963 ) 53,119 Intangible assets with indefinite lives: Trade names 84,900 — — 84,900 84,900 — — 84,900 Total $ 271,743 $ (73,727 ) $ (67,566 ) $ 130,450 $ 271,709 $ (73,727 ) $ (59,963 ) $ 138,019 |
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 2016 $ 5,664 2017 5,273 2018 5,003 2019 4,885 2020 4,885 Thereafter 19,840 Total $ 45,550 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Other Liabilities, Current [Abstract] | |
Other current liabilities | Other current liabilities are as follows (in thousands): 2015 2014 Accrued interest expense $ 23,644 $ 24,378 Accrued customer rebates 20,591 20,857 Restructuring liabilities 3,198 5,174 Other accrued liabilities 39,270 34,368 $ 86,703 $ 84,777 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt is as follows (in thousands): 2015 2014 ABL Facility due 2017 (1) $ 148,200 $ 134,700 8.500% junior priority secured notes due 2022 ($248.0 million outstanding principal amount as of the years ended 2015 and 2014) 240,533 239,533 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of the years ended 2015 and 2014) 526,533 522,969 11.5% senior notes due 2017 ($199.7 million and $222.3 million outstanding principal amount as of the years ended 2015 and 2014, respectively) 195,846 215,247 7% senior exchangeable notes due 2017 ($83.3 million outstanding principal amount as of the years ended 2015 and 2014) 82,430 81,851 Other debt including capital leases 15,081 16,080 1,208,623 1,210,380 Less current maturities (5,373 ) (3,872 ) Long-term debt $ 1,203,250 $ 1,206,508 __________________________ (1) The weighted average interest rate outstanding for the ABL Facility was 3.36% and 3.82% as of the years ended 2015 and 2014 , respectively. |
Schedule of long-term debt maturities | The aggregate annual maturities for long-term debt, including the original issuance discount, are as follows (in thousands): 2016 $ 5,373 2017 436,697 2018 3,618 2019 540,543 2020 — Thereafter 248,000 $ 1,234,231 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of income (loss) from continuing operations before income taxes | Income (loss) from continuing operations before income taxes was as follows for the years ended (in thousands): 2015 2014 2013 Domestic $ (17,196 ) $ (93,157 ) $ (74,741 ) Foreign 2,128 2,263 2,626 $ (15,068 ) $ (90,894 ) $ (72,115 ) |
Schedule of components of income tax expense (benefit) on income (loss) from continuing operations | Income tax expense (benefit) on loss from continuing operations consisted of the following for the years ended (in thousands): 2015 2014 2013 Current tax expense: Federal $ — $ — $ — Foreign 592 376 702 State 1,058 1,080 888 1,650 1,456 1,590 Deferred tax expense (benefit): Federal 1,109 (8,771 ) 1,905 Foreign 270 124 16 State 1,364 11,350 10,650 2,743 2,703 12,571 Income tax expense $ 4,393 $ 4,159 $ 14,161 |
Schedule of effective income tax rate reconciliation | A reconciliation of the expected tax benefit based on the federal statutory tax rate to the Company’s actual income tax expense is summarized as follows for the years ended (in thousands): 2015 2014 2013 Expected tax benefit at federal statutory income tax rate $ (5,274 ) $ (31,814 ) $ (25,240 ) State and local income tax benefit (3,295 ) (1,411 ) (1,706 ) Change in valuation allowance 5,914 31,734 34,049 Change in contingency reserves (118 ) (118 ) (105 ) Non-U.S. tax rate differences 116 (293 ) (201 ) Non-deductible expenses 3,094 4,120 4,054 Change in state tax rates 802 1,379 (272 ) Expiration of stock option contracts — — 968 Other 3,154 562 2,614 Income tax expense $ 4,393 $ 4,159 $ 14,161 |
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities of the Company, were as follows (in thousands): 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 128,232 $ 135,930 Compensation and benefit related accruals 50,255 50,537 Foreign tax credit carryforwards — 7,013 Alternative minimum tax credit carryforwards 7,450 7,706 Accounts receivable 2,679 2,468 Inventory 2,816 2,501 Restructuring accruals 8,810 8,592 Accrued tax and interest 1,882 1,763 Other 4,022 8,599 Valuation allowance (163,225 ) (164,121 ) Total deferred tax assets 42,921 60,988 Deferred tax liabilities: Property, plant and equipment (27,850 ) (35,287 ) Goodwill and other intangible assets (52,438 ) (53,948 ) Other (553 ) (6,917 ) Total deferred tax liabilities (80,841 ) (96,152 ) Net deferred tax liability $ (37,920 ) $ (35,164 ) The net deferred tax (liability) asset included the following (in thousands): 2015 2014 Current deferred tax asset (included in prepaid and other current assets) $ 4,116 $ 5,042 Long-term deferred tax liability (included in other liabilities) (42,036 ) (40,206 ) Total $ (37,920 ) $ (35,164 ) |
Schedule of changes of the unrecognized tax benefits | The Company’s unrecognized tax benefit activity for the years ended 2015 , 2014 and 2013 was as follows (in thousands): Unrecognized tax benefit – As of year end 2012 $ 2,226 Gross decreases - tax positions in prior period — Gross decreases – expiration of applicable statute of limitations — Unrecognized tax benefit – As of year end 2013 2,226 Gross decreases - tax positions in prior period — Gross decreases – expiration of applicable statute of limitations — Unrecognized tax benefit – As of year end 2014 2,226 Gross decreases - tax positions in prior period — Gross decreases – expiration of applicable statute of limitations — Unrecognized tax benefit – As of year end 2015 $ 2,226 |
Restructuring and Other Charg38
Restructuring and Other Charges (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
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 year ended 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2015 Plan $ 150 $ — $ — $ — $ — $ — $ 150 2014 Plan 252 — — — — — 252 Residual Plans — — — (22 ) 174 65 217 Acquisition Integration Plans 45 1,895 33 338 — 570 2,881 Total Envelope 447 1,895 33 316 174 635 3,500 Print 2015 Plan 397 — — — — — 397 2014 Plan 119 116 52 — 4,017 1,069 5,373 Residual Plans (54 ) 65 — 163 790 119 1,083 Total Print 462 181 52 163 4,807 1,188 6,853 Label 2015 Plan 20 — 139 — — 200 359 2014 Plan 127 — — — — — 127 Total Label 147 — 139 — — 200 486 Corporate 2015 Plan 1,552 — — — — 171 1,723 Residual Plans — — — — — 14 14 Total Corporate 1,552 — — — — 185 1,737 Total Restructuring and Other Charges $ 2,608 $ 2,076 $ 224 $ 479 $ 4,981 $ 2,208 $ 12,576 2014 Activity Restructuring and other charges for the year ended 2014 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2014 Plan $ 145 $ — $ — $ — $ — $ — $ 145 Residual Plans (4 ) — — (198 ) 140 89 27 Acquisition Integration Plans 2,019 2,793 3,432 1,949 — 3,816 14,009 Total Envelope 2,160 2,793 3,432 1,751 140 3,905 14,181 Print 2014 Plan 597 (747 ) 11 — — 376 237 Residual Plans 299 (41 ) — 362 1,120 1,114 2,854 Total Print 896 (788 ) 11 362 1,120 1,490 3,091 Label 2014 Plan 149 — — — — — 149 Residual Plans 8 — — — — — 8 Total Label 157 — — — — — 157 Corporate 2014 Plan 4,016 — — — — 46 4,062 Residual Plans — — — — — 35 35 Total Corporate 4,016 — — — — 81 4,097 Total Restructuring and Other Charges $ 7,229 $ 2,005 $ 3,443 $ 2,113 $ 1,260 $ 5,476 $ 21,526 2013 Activity Restructuring and other charges for the year ended 2013 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope Residual Plans $ 195 $ 118 $ 203 $ 515 $ 107 $ 806 $ 1,944 Acquisition Integration Plans 448 1,030 1,274 37 — 743 3,532 Total Envelope 643 1,148 1,477 552 107 1,549 5,476 Print Residual Plans 2,614 147 49 569 346 564 4,289 Total Print 2,614 147 49 569 346 564 4,289 Label Residual Plans 611 — — 9 — 13 633 Total Label 611 — — 9 — 13 633 Corporate Residual Plans 1,963 — — 64 — 161 2,188 Total Corporate 1,963 — — 64 — 161 2,188 Total Restructuring and Other Charges $ 5,831 $ 1,295 $ 1,526 $ 1,194 $ 453 $ 2,287 $ 12,586 |
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 Pension Building Clean-up, Total 2015 Plan Balance as of the year ended 2014 $ — $ — $ — $ — $ — Accruals, net 2,119 — — 510 2,629 Payments (1,843 ) — — (510 ) (2,353 ) Balance as of the year ended 2015 $ 276 $ — $ — $ — $ 276 2014 Plan Balance as of the year ended 2013 $ — $ — $ — $ — $ — Accruals, net 4,907 — — 433 5,340 Payments (3,401 ) — — (433 ) (3,834 ) Balance as of the year ended 2014 1,506 — — — 1,506 Accruals, net 498 — 4,017 1,121 5,636 Payments (2,001 ) — (155 ) (1,121 ) (3,277 ) Balance as of the year ended 2015 $ 3 $ — $ 3,862 $ — $ 3,865 Residual Plans Balance as of the year ended 2013 $ 837 $ 1,400 $ 20,555 $ — $ 22,792 Accruals, net 303 164 1,260 1,238 2,965 Payments (1,086 ) (887 ) (3,115 ) (1,238 ) (6,326 ) Balance as of the year ended 2014 54 677 18,700 — 19,431 Accruals, net (54 ) 141 964 198 1,249 Payments — (407 ) (3,684 ) (198 ) (4,289 ) Balance as of the year ended 2015 $ — $ 411 $ 15,980 $ — $ 16,391 Acquisition Integration Plans Balance as of the year ended 2013 $ 155 $ 2,503 $ — $ — $ 2,658 Accruals, net 2,019 1,949 — 7,248 11,216 Payments (2,097 ) (3,316 ) — (7,248 ) (12,661 ) Balance as of the year ended 2014 77 1,136 — — 1,213 Accruals, net 45 338 — 603 986 Payments (122 ) (1,082 ) — (603 ) (1,807 ) Balance as of the year ended 2015 $ — $ 392 $ — $ — $ 392 Total Restructuring Liability $ 279 $ 803 $ 19,842 $ — $ 20,924 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock options outstanding | Stock Options A summary of the Company’s outstanding stock options as of and for the years ended 2015 , 2014 and 2013 is as follows: Options Weighted Weighted Aggregate (1) (in thousands) Outstanding as of the year ended 2012 2,226,000 $ 7.75 2.7 $ — Granted 189,500 2.00 Exercised (20,000 ) 2.00 $ 22 Forfeited/expired (617,500 ) 13.43 Outstanding as of the year ended 2013 1,778,000 $ 5.23 2.4 $ 259 Granted — — Exercised (10,000 ) 2.00 $ — Forfeited/expired (97,500 ) 6.35 Outstanding as of the year ended 2014 1,670,500 $ 5.18 1.4 $ 29 Granted 685,500 2.38 Exercised — — $ — Forfeited/expired (834,000 ) 4.39 Outstanding as of the year ended 2015 1,522,000 $ 4.32 3.0 $ — Exercisable as of the year ended 2015 797,250 $ 6.12 0.9 $ — __________________________ (1) Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of the years ended 2015 , 2014 and 2013 , or, if exercised, the exercise dates, exceeds the exercise prices of the respective options. |
Schedule of stock option fair value assumptions | The weighted average grant date fair value of stock options granted during 2015 and 2013 , 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: 2015 2013 Weighted average fair value of option grants during the year $ 0.86 $ 1.01 Assumptions: Expected option life in years 4.25 4.25 Risk-free interest rate 1.24 % 0.50 % Expected volatility 43.0 % 65.7 % Expected dividend yield 0.0 % 0.0 % |
Schedule of nonvested restricted share unit activity | RSUs A summary of the Company’s non-vested RSUs as of and for the years ended 2015 , 2014 and 2013 is as follows: RSUs Weighted Average Unvested as of the year ended 2012 1,074,340 $ 5.44 Granted 549,500 2.00 Vested (629,340 ) 4.88 Forfeited (13,750 ) 2.99 Unvested as of the year ended 2013 980,750 $ 3.91 Granted 88,236 3.06 Vested (555,500 ) 4.40 Forfeited (625 ) 5.62 Unvested as of the year ended 2014 512,861 $ 3.22 Granted 695,944 2.38 Vested (326,861 ) 3.92 Forfeited (41,250 ) 2.25 Unvested as of the year ended 2015 840,694 $ 2.30 |
Schedule of nonvested performance share unit activity | PSUs A summary of the Company's non-vested PSUs as of and for the years ended 2015 , 2014 and 2013 is as follows: PSUs Weighted Average Unvested as of the year ended 2012 — $ — Granted 730,500 — Vested — — Forfeited (730,500 ) — Unvested as of the year ended 2013 — — Granted — — Vested — — Forfeited — — Unvested as of the year ended 2014 — — Granted 590,000 2.38 Vested — — Forfeited (25,000 ) 2.38 Unvested as of the year ended 2015 565,000 $ 2.38 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of changes in projected benefit obligations | The following tables provide a reconciliation of the changes in the Company’s pension, SERP and OPEB plans' benefit obligations and fair value of assets for 2015 and 2014 , a statement of the funded status as of the years ended 2015 and 2014 , respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2015 and 2014 (in thousands). Pensions SERPs OPEBs 2015 2014 2015 2014 2015 2014 Benefit obligation at beginning of year $ 365,326 $ 319,151 $ 18,508 $ 17,824 $ 1,789 $ 2,075 Service cost — — — — 2 2 Interest cost 13,341 14,027 656 754 63 88 Actuarial (gain) loss (14,715 ) 55,821 (94 ) 1,925 (274 ) (254 ) Benefits paid (18,051 ) (23,673 ) (2,072 ) (1,995 ) (76 ) (122 ) Benefit obligation at end of year $ 345,901 $ 365,326 $ 16,998 $ 18,508 $ 1,504 $ 1,789 |
Schedule of changes in fair value of plan assets | The following table provides a reconciliation of the Company’s fair value of plan assets: Pensions SERPs OPEBs 2015 2014 2015 2014 2015 2014 Fair value of plan assets at beginning of year $ 267,635 $ 260,917 $ — $ — $ — $ — Actual return on plan assets (6,610 ) 18,466 — — — — Employer contributions 4,545 11,925 2,072 1,995 76 122 Benefits paid (18,051 ) (23,673 ) (2,072 ) (1,995 ) (76 ) (122 ) Fair value of plan assets at end of year $ 247,519 $ 267,635 $ — $ — $ — $ — |
Schedule of net funded status | The following table shows the funded status at the end of the year: Pensions SERPs OPEBs 2015 2014 2015 2014 2015 2014 Funded status at end of year $ (98,382 ) $ (97,691 ) $ (16,998 ) $ (18,508 ) $ (1,504 ) $ (1,789 ) |
Schedule of net periodic benefit cost recognized in accumulated other comprehensive loss | The following table shows amounts recognized in AOCI: Pensions SERPs OPEBs 2015 2014 2015 2014 2015 2014 Net actuarial loss (gain) $ 119,712 $ 115,438 $ 5,438 $ 5,872 $ (1,045 ) $ (830 ) Prior service cost — — — — 44 44 Total $ 119,712 $ 115,438 $ 5,438 $ 5,872 $ (1,001 ) $ (786 ) |
Schedule of amounts recognized in the balance sheet | The following table shows amounts recognized in the consolidated balance sheets: Pensions SERPs OPEBs 2015 2014 2015 2014 2015 2014 Other current liabilities $ — $ — $ 1,967 $ 1,989 $ 130 $ 164 Other liabilities 98,382 97,691 15,031 16,519 1,374 1,625 Total liabilities $ 98,382 $ 97,691 $ 16,998 $ 18,508 $ 1,504 $ 1,789 |
Schedule of net benefit costs | The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2015, 2014 and 2013 (in thousands): For The Years Ended 2015 2014 2013 Service cost $ 2 $ 2 $ — Interest cost 14,061 14,870 13,716 Expected return on plan assets (20,976 ) (20,792 ) (18,455 ) Net amortization and deferral — — (6 ) Recognized net actuarial loss 8,877 3,220 7,779 Net periodic expense (benefit) $ 1,964 $ (2,700 ) $ 3,034 |
Schedule of assumptions used in computing net periodic cost and funded status | The assumptions used were as follows: 2015 2014 2013 Discount rate used to calculate net periodic benefit expense 3.75 % 4.50 % 3.75 % Discount rate used to calculate projected benefit obligation 4.00 % 3.75 % 4.50 % Expected long-term rate of return on plan assets 8.00 % 8.00 % 8.00 % Rate of compensation increase n/a n/a n/a |
Schedule of benefit obligations in excess of fair value of plan assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands): 2015 2014 Projected benefit obligation $ 362,899 $ 383,834 Accumulated benefit obligation 362,899 383,834 Fair value of plan assets 247,519 267,635 |
Schedule of expected benefit payments | The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2016 through 2020 , and in the aggregate for the years 2021 through 2025, are as follows (in thousands): Pension Plans SERP OPEB 2016 $ 17,867 $ 2,006 $ 133 2017 18,122 1,870 129 2018 18,609 1,707 126 2019 19,001 1,642 122 2020 19,356 1,574 118 2021 through 2025 101,485 6,680 526 |
Schedule of allocation of plan assets | The range of asset allocations and the target allocations for the pension plan assets were as follows: 2015 2014 Target Equity securities 49 % 62 % 48 % 62 % 60 % 75 % Fixed income securities 29 % 33 % 26 % 33 % 25 % 35 % Alternative investments and other 5 % 22 % 5 % 26 % 10 % 30 % The fair values of the Company’s pension plan assets as of the years ended 2015 and 2014 , by asset category are as follows (in thousands): 2015 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 12,306 $ — $ — $ 12,306 $ 6,661 $ — $ — $ 6,661 Equity 120,953 — — 120,953 133,833 — — 133,833 Fixed income 12,497 49,993 — 62,490 16,696 50,203 — 66,899 Other — 1,489 — 1,489 — 1,599 — 1,599 Alternative investments — — 50,281 50,281 — — 58,643 58,643 Total pension plan assets $ 145,756 $ 51,482 $ 50,281 $ 247,519 $ 157,190 $ 51,802 $ 58,643 $ 267,635 |
Schedule of changes in fair value of level 3 assets | The following table provides a summary of changes in the fair value of the Company’s Level 3 assets (in thousands): Alternative Investments Balance as of the year ended 2013 $ 53,116 Asset sales (1) (2,884 ) Asset purchases 2,884 Unrealized gains 5,527 Balance as of the year ended 2014 58,643 Asset sales (1) (7,010 ) Asset purchases — Unrealized losses (1,352 ) Balance as of the year ended 2015 $ 50,281 __________________________ (1) Gains (losses) of approximately $2.5 million and ( $0.1 million ) were realized on sales during 2015 and 2014, respectively. |
Schedule of multiemployer plans | The Company's participation in these plans for the years ended 2015 , 2014 and 2013 , is outlined in the table below: Pension Fund EIN Pension Plan Number Pension Protection Act Reported Status (1) FIP/RP Status (2) Contributions Surcharge imposed Expiration Date of Collective Bargaining Agreement 2015 2014 2015 2014 2013 (in thousands) GCC/IBT National Pension Fund 526118568 001 Red Red Implemented $219 $220 $262 No 6/30/2016 GCC/IBT National Pension Fund 526118568 001 Red Red Implemented 177 135 100 No 2/26/2017 GCC/IBT National Pension Fund 526118568 001 Red Red Implemented — 11 14 No 4/30/2017 CWA/ITU Negotiated Pension Plan 136212879 001 Red Red Implemented 158 — 88 No 3/1/2018 Total contributions $ 554 $ 366 $ 1,143 __________________________ (1) Unless otherwise noted, the most recent Pension Protection Act ("PPA") zone status available in 2015 and 2014 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (2) The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments | As of the year ended 2015 , future minimum annual lease payments by year and, in the aggregate, under non-cancelable operating lease agreements with original terms of one year or more consisted of the following (in thousands): 2016 $ 19,395 2017 15,576 2018 12,541 2019 8,886 2020 6,675 Thereafter 12,347 Total $ 75,420 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of changes in AOCI components | The following table presents the changes in the balances of each component of AOCI, net of tax (in thousands): Foreign Currency Translation Pension and Other Postretirement Benefits Total Balance as of the year ended 2013 $ (1,584 ) $ (38,716 ) $ (40,300 ) Other comprehensive loss before reclassifications (1,321 ) (59,796 ) (61,117 ) Amounts reclassified from AOCI — 3,220 3,220 Other comprehensive loss (1,321 ) (56,576 ) (57,897 ) Balance as of the year ended 2014 (2,905 ) (95,292 ) (98,197 ) Other comprehensive loss before reclassifications (4,295 ) (12,315 ) (16,610 ) Amounts reclassified from AOCI — 8,877 8,877 Other comprehensive loss (4,295 ) (3,438 ) (7,733 ) Balance as of the year ended 2015 $ (7,200 ) $ (98,730 ) $ (105,930 ) |
Schedule of reclassifications from accumulated other comprehensive income | Reclassifications from AOCI AOCI Components Amounts Reclassified from AOCI (in thousands) Income Statement Line Item 2015 2014 Amortization of pension and other benefit items Net actuarial losses (1) $ 8,877 $ 3,220 Selling, general and administrative expenses 8,877 3,220 Total before tax Taxes — — Income tax expense Total reclassifications for the period $ 8,877 $ 3,220 Net of tax __________________________ (1) Components are included in the computation of net periodic benefit cost as presented in Note 13. |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted income (loss) per share | The following table sets forth the computation of basic and diluted (loss) income per share for the periods ended (in thousands, except per share data): For The Years Ended 2015 2014 2013 Numerator for basic and diluted loss per share: Loss from continuing operations $ (19,461 ) $ (95,053 ) $ (86,276 ) (Loss) income from discontinued operations, net of taxes (11,390 ) 11,190 17,490 Net loss $ (30,851 ) $ (83,863 ) $ (68,786 ) Denominator for weighted average common shares outstanding: Basic shares 67,832 66,952 64,576 Dilutive effect of 7% Notes — — — Dilutive effect of Equity Awards — — — Diluted shares 67,832 66,952 64,576 (Loss) income per share – basic: Continuing operations $ (0.29 ) $ (1.42 ) $ (1.34 ) Discontinued operations (0.16 ) 0.17 0.27 Net loss $ (0.45 ) $ (1.25 ) $ (1.07 ) (Loss) income per share – diluted: Continuing operations $ (0.29 ) $ (1.42 ) $ (1.34 ) Discontinued operations (0.16 ) 0.17 0.27 Net loss $ (0.45 ) $ (1.25 ) $ (1.07 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Segment Reporting [Abstract] | |
Segment information | The following tables present certain segment information (in thousands): For The Years Ended 2015 2014 2013 Net sales: Envelope $ 908,718 $ 929,518 $ 749,898 Print 510,974 507,913 501,534 Label 322,087 323,884 337,270 Total $ 1,741,779 $ 1,761,315 $ 1,588,702 Operating income (loss): Envelope $ 66,424 $ 29,602 $ 39,775 Print 15,122 16,908 (8,902 ) Label 39,533 38,310 38,182 Corporate (37,286 ) (42,046 ) (37,014 ) Total $ 83,793 $ 42,774 $ 32,041 Restructuring and other charges: Envelope $ 3,500 $ 14,181 $ 5,476 Print 6,853 3,091 4,289 Label 486 157 633 Corporate 1,737 4,097 2,188 Total $ 12,576 $ 21,526 $ 12,586 Impairment of intangible assets: Envelope $ — $ — $ — Print — — 24,493 Label — — — Corporate — — — Total $ — $ — $ 24,493 Depreciation and intangible asset amortization: Envelope $ 20,318 $ 19,616 $ 16,407 Print 17,424 21,146 19,808 Label 8,584 7,420 8,035 Corporate 3,363 4,788 4,981 Total $ 49,689 $ 52,970 $ 49,231 Capital expenditures: Envelope $ 7,480 $ 17,267 $ 7,221 Print 9,240 6,008 6,172 Label 3,678 3,224 5,411 Corporate 5,530 5,823 5,541 Total $ 25,928 $ 32,322 $ 24,345 Intercompany sales: Envelope $ 6,357 $ 6,114 $ 4,178 Print 17,627 15,239 4,871 Label 4,297 4,153 3,245 Total $ 28,281 $ 25,506 $ 12,294 2015 2014 Total assets: Envelope $ 445,443 $ 449,819 Print 266,074 277,564 Label 223,534 230,806 Corporate 33,447 38,350 Assets of discontinued operations 111,417 139,182 Total $ 1,079,915 $ 1,135,721 Geographic information is as follows as of and for the years ended (in thousands): 2015 2014 2013 Net sales: U.S. $ 1,735,921 $ 1,754,947 $ 1,571,004 Foreign 5,858 6,368 17,698 Total $ 1,741,779 $ 1,761,315 $ 1,588,702 2015 2014 Long-lived assets (property, plant and equipment, goodwill and intangible assets): U.S. $ 510,205 $ 534,787 Foreign 6,161 6,597 Total $ 516,366 $ 541,384 |
Condensed Consolidating Finan45
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of condensed consolidating balance sheet | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET January 2, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 5,558 $ 235 $ 1,992 $ — $ 7,785 Accounts receivable, net — 133,232 120,810 — — 254,042 Inventories — 74,116 47,499 — — 121,615 Intercompany receivable — — 1,580,492 — (1,580,492 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 41,238 1,807 1,575 — 44,620 Assets of discontinued operations - current — — 41,821 6,745 — 48,566 Total current assets — 291,082 1,795,909 10,312 (1,620,675 ) 476,628 Investment in subsidiaries (669,839 ) 2,014,972 4,492 7,829 (1,357,454 ) — Property, plant and equipment, net — 113,608 96,262 708 — 210,578 Goodwill — 22,940 147,409 4,989 — 175,338 Other intangible assets, net — 9,533 120,451 466 — 130,450 Other assets, net — 20,327 3,154 1,477 (888 ) 24,070 Assets of discontinued operations - long-term — 1,226 62,184 — (559 ) 62,851 Total assets $ (669,839 ) $ 2,473,688 $ 2,229,861 $ 25,781 $ (2,979,576 ) $ 1,079,915 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 4,454 $ 919 $ — $ — $ 5,373 Accounts payable — 126,384 73,601 135 — 200,120 Accrued compensation and related liabilities — 26,812 4,846 303 — 31,961 Other current liabilities — 69,254 16,737 712 — 86,703 Liabilities of discontinued operations - current — — 21,543 725 — 22,268 Intercompany payable — 1,572,152 — 8,340 (1,580,492 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,799,056 154,584 13,460 (1,620,675 ) 346,425 Long-term debt — 1,200,848 2,402 — — 1,203,250 Other liabilities — 143,623 56,191 — (888 ) 198,926 Liabilities of discontinued operations - long-term — — 1,712 — (559 ) 1,153 Shareholders’ (deficit) equity (669,839 ) (669,839 ) 2,014,972 12,321 (1,357,454 ) (669,839 ) Total liabilities and shareholders’ (deficit) equity $ (669,839 ) $ 2,473,688 $ 2,229,861 $ 25,781 $ (2,979,576 ) $ 1,079,915 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 $ 767 $ 840 $ — $ 12,572 Accounts receivable, net — 128,599 123,956 — — 252,555 Inventories — 71,108 47,783 — — 118,891 Intercompany receivable — — 1,449,613 — (1,449,613 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 43,027 2,055 2,246 — 47,328 Assets of discontinued operations - current — — 44,673 7,896 — 52,569 Total current assets — 290,637 1,672,092 10,982 (1,489,796 ) 483,915 Investment in subsidiaries (632,675 ) 1,944,300 3,608 7,829 (1,323,062 ) — Property, plant and equipment, net — 120,949 106,318 556 — 227,823 Goodwill — 25,540 144,811 5,191 — 175,542 Other intangible assets, net — 10,011 127,158 850 — 138,019 Other assets, net — 20,080 3,245 1,937 (1,453 ) 23,809 Assets of discontinued operations - long-term — — 86,613 — — 86,613 Total assets $ (632,675 ) $ 2,411,517 $ 2,143,845 $ 27,345 $ (2,814,311 ) $ 1,135,721 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 3,000 $ 872 $ — $ — $ 3,872 Accounts payable — 138,939 73,941 160 — 213,040 Accrued compensation and related liabilities — 29,851 4,666 538 — 35,055 Other current liabilities — 66,895 17,209 673 — 84,777 Liabilities of discontinued operations - current — — 22,671 1,532 — 24,203 Intercompany payable — 1,439,853 — 9,760 (1,449,613 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,678,538 156,297 15,908 (1,489,796 ) 360,947 Long-term debt — 1,205,235 1,273 — — 1,206,508 Other liabilities — 160,419 38,455 — (1,453 ) 197,421 Liabilities of discontinued operations - long-term — — 3,520 — — 3,520 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 ) $ 2,411,517 $ 2,143,845 $ 27,345 $ (2,814,311 ) $ 1,135,721 |
Schedule of condensed consolidating statement of operations and comprehensive income | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 898,529 $ 839,500 $ 3,750 $ — $ 1,741,779 Cost of sales — 775,386 674,759 731 — 1,450,876 Selling, general and administrative expenses — 119,149 66,882 718 — 186,749 Amortization of intangible assets — 743 6,574 468 — 7,785 Restructuring and other charges — 10,751 1,825 — — 12,576 Operating (loss) income — (7,500 ) 89,460 1,833 — 83,793 Interest expense, net — 100,592 213 — — 100,805 Intercompany interest (income) expense — (998 ) 998 — — — Loss on early extinguishment of debt, net — 1,252 — — — 1,252 Other income, net — (2,658 ) (258 ) (280 ) — (3,196 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (105,688 ) 88,507 2,113 — (15,068 ) Income tax expense (benefit) — 5,425 (1,893 ) 861 — 4,393 (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (111,113 ) 90,400 1,252 — (19,461 ) Equity in (loss) income of subsidiaries (30,851 ) 74,968 1,644 — (45,761 ) — (Loss) income from continuing operations (30,851 ) (36,145 ) 92,044 1,252 (45,761 ) (19,461 ) Income (loss) from discontinued operations, net of taxes — 5,294 (17,076 ) 392 — (11,390 ) Net (loss) income (30,851 ) (30,851 ) 74,968 1,644 (45,761 ) (30,851 ) Other comprehensive (loss) income: Other comprehensive (loss) income of subsidiaries (7,733 ) (4,240 ) (760 ) — 12,733 — Changes in pension and other employee benefit accounts, net of taxes — (3,493 ) 55 — — (3,438 ) Currency translation adjustment, net — — (3,535 ) (760 ) — (4,295 ) Comprehensive (loss) income $ (38,584 ) $ (38,584 ) $ 70,728 $ 884 $ (33,028 ) $ (38,584 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2014 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 932,099 $ 823,238 $ 5,978 $ — $ 1,761,315 Cost of sales — 817,761 671,097 2,630 — 1,491,488 Selling, general and administrative expenses — 128,806 66,803 734 — 196,343 Amortization of intangible assets — 703 7,993 488 — 9,184 Restructuring and other charges — 18,560 2,966 — — 21,526 Operating (loss) income — (33,731 ) 74,379 2,126 — 42,774 Interest expense, net — 106,276 385 — — 106,661 Intercompany interest (income) expense — (1,107 ) 1,107 — — — Loss on early extinguishment of debt, net — 27,449 — — — 27,449 Other income, net — (106 ) (199 ) (137 ) — (442 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (166,243 ) 73,086 2,263 — (90,894 ) Income tax expense — 695 2,965 499 — 4,159 (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (166,938 ) 70,121 1,764 — (95,053 ) Equity in (loss) income of subsidiaries (83,863 ) 81,936 1,813 — 114 — (Loss) income from continuing operations (83,863 ) (85,002 ) 71,934 1,764 114 (95,053 ) Income from discontinued operations, net of taxes — 1,139 10,002 49 — 11,190 Net (loss) income (83,863 ) (83,863 ) 81,936 1,813 114 (83,863 ) Other comprehensive (loss) income: Other comprehensive (loss) income of subsidiaries (57,897 ) (4,952 ) (407 ) — 63,256 — Changes in pension and other employee benefit accounts, net of taxes — (52,945 ) (3,631 ) — — (56,576 ) Currency translation adjustment, net — — (914 ) (407 ) — (1,321 ) Comprehensive (loss) income $ (141,760 ) $ (141,760 ) $ 76,984 $ 1,406 $ 63,370 $ (141,760 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2013 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 762,810 $ 815,001 $ 10,891 $ — $ 1,588,702 Cost of sales — 660,679 656,133 8,553 — 1,325,365 Selling, general and administrative expenses — 119,046 66,678 711 — 186,435 Amortization of intangible assets — 602 6,649 531 — 7,782 Restructuring and other charges — 7,744 4,843 (1 ) — 12,586 Impairment of intangible assets — — 24,493 — — 24,493 Operating (loss) income — (25,261 ) 56,205 1,097 — 32,041 Gain on bargain purchase — (17,262 ) — — — (17,262 ) Interest expense, net — 112,232 347 — — 112,579 Intercompany interest (income) expense — (1,203 ) 1,203 — — — Gain on early extinguishment of debt, net — 11,324 — — — 11,324 Other income, net — (2,238 ) (9 ) (238 ) — (2,485 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of unconsolidated subsidiaries — (128,114 ) 54,664 1,335 — (72,115 ) Income tax expense (benefit) — 25,081 (11,637 ) 717 — 14,161 (Loss) income from continuing operations before equity in (loss) income of unconsolidated subsidiaries — (153,195 ) 66,301 618 — (86,276 ) Equity in (loss) income of unconsolidated subsidiaries (68,786 ) 75,419 323 — (6,956 ) — (Loss) income from continuing operations (68,786 ) (77,776 ) 66,624 618 (6,956 ) (86,276 ) Income (loss) from discontinued operations, net of taxes — 8,990 8,795 (295 ) — 17,490 Net (loss) income (68,786 ) (68,786 ) 75,419 323 (6,956 ) (68,786 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 26,901 (1,754 ) (2,704 ) — (22,443 ) — Changes in pension and other employee benefit accounts, net of taxes — 28,655 2,775 — — 31,430 Currency translation adjustment, net — — (1,825 ) (2,704 ) — (4,529 ) Comprehensive (loss) income $ (41,885 ) $ (41,885 ) $ 73,665 $ (2,381 ) $ (29,399 ) $ (41,885 ) |
Schedule of condensed consolidating statement of cash flows | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 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 $ 1,636 $ (110,318 ) $ 122,254 $ 2,654 $ — $ 16,226 Net cash provided by operating activities of discontinued operations — — 15,230 738 — 15,968 Net cash provided by (used in) operating activities 1,636 (110,318 ) 137,484 3,392 — 32,194 Cash flows from investing activities: Cost of business acquisitions, net of cash acquired — (1,996 ) — — — (1,996 ) Capital expenditures — (18,448 ) (6,921 ) (559 ) — (25,928 ) Proceeds from sale of property, plant and equipment — 7,673 885 — — 8,558 Proceeds from sale of assets — — 2,180 — — 2,180 Net cash used in investing activities of continuing operations — (12,771 ) (3,856 ) (559 ) — (17,186 ) Net cash used in investing activities of discontinued operations — — (2,282 ) — — (2,282 ) Net cash used in investing activities — (12,771 ) (6,138 ) (559 ) — (19,468 ) Cash flows from financing activities: Payment of financing related costs and expenses and debt issuance discounts — (1,596 ) — — — (1,596 ) Proceeds from issuance of other long-term debt — 12,500 — — — 12,500 Repayments of other long-term debt — (17,721 ) 1,176 — — (16,545 ) Repayment of 11.5% senior notes due 2017 — (22,720 ) — — — (22,720 ) Purchase and retirement of common stock upon vesting of RSUs (216 ) — — — — (216 ) Borrowings under ABL Facility due 2017 — 468,300 — — — 468,300 Repayments under ABL Facility due 2017 — (454,800 ) — — — (454,800 ) Intercompany advances (1,420 ) 133,719 (130,879 ) (1,420 ) — — Net cash (used in) provided by financing activities of continuing operations (1,636 ) 117,682 (129,703 ) (1,420 ) — (15,077 ) Net cash used in financing activities of discontinued operations — — (473 ) — — (473 ) Net cash (used in) provided by financing activities (1,636 ) 117,682 (130,176 ) (1,420 ) — (15,550 ) Effect of exchange rate changes on cash and cash equivalents — — (1,690 ) 477 — (1,213 ) Net (decrease) increase in cash and cash equivalents — (5,407 ) (520 ) 1,890 — (4,037 ) Cash and cash equivalents at beginning of period — 10,965 844 2,784 — 14,593 Cash and cash equivalents at end of period — 5,558 324 4,674 — 10,556 Less cash and equivalents of discontinued operations — — (89 ) (2,682 ) — (2,771 ) Cash and cash equivalents of continuing operations at end of period $ — $ 5,558 $ 235 $ 1,992 $ — $ 7,785 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 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 $ 2,420 $ (91,517 ) $ 99,190 $ (3,695 ) $ — $ 6,398 Net cash (used in) provided by operating activities of discontinued operations — (884 ) 17,456 945 — 17,517 Net cash provided by (used in) operating activities 2,420 (92,401 ) 116,646 (2,750 ) — 23,915 Cash flows from investing activities: Capital expenditures — (24,554 ) (7,550 ) (218 ) — (32,322 ) Purchase of investment — (2,000 ) — — — (2,000 ) Proceeds from sale of property, plant and equipment — 3,465 301 — — 3,766 Net cash used in investing activities of continuing operations — (23,089 ) (7,249 ) (218 ) — (30,556 ) Net cash provided by (used in) investing activities of discontinued operations — 1,033 (3,745 ) — — (2,712 ) Net cash used in investing activities — (22,056 ) (10,994 ) (218 ) — (33,268 ) 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 — (37,994 ) — — — (37,994 ) Repayments of other long-term debt — (6,967 ) (728 ) — — (7,695 ) Repayment of 11.5% senior notes due 2017 — (2,680 ) — — — (2,680 ) Repayment of 8.500% junior secured priority notes due 2022 — (2,000 ) — — — (2,000 ) Purchase and retirement of common stock upon vesting of RSUs (562 ) — — — — (562 ) Repayment of 15% Unsecured Term Loan due 2017 — (10,000 ) — — — (10,000 ) Proceeds from exercise of stock options 20 — — — — 20 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 — 520,100 — — — 520,100 Repayments under ABL Facility due 2017 — (506,800 ) — — — (506,800 ) Intercompany advances (1,878 ) 101,359 (103,450 ) 3,969 — — Net cash (used in) provided by financing activities of continuing operations (2,420 ) 115,918 (104,178 ) 3,969 — 13,289 Net cash used in financing activities of discontinued operations — — (798 ) — — (798 ) Net cash (used in) provided by financing activities (2,420 ) 115,918 (104,976 ) 3,969 — 12,491 Effect of exchange rate changes on cash and cash equivalents — — 168 (42 ) — 126 Net increase in cash and cash equivalents — 1,461 844 959 — 3,264 Cash and cash equivalents at beginning of period — 9,504 — 1,825 — 11,329 Cash and cash equivalents at end of period — 10,965 844 2,784 — 14,593 Less cash and equivalents of discontinued operations — — (77 ) (1,944 ) — (2,021 ) Cash and cash equivalents of continuing operations at end of period $ — $ 10,965 $ 767 $ 840 $ — $ 12,572 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2013 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 3,739 $ (117,743 ) $ 118,207 $ 254 $ — $ 4,457 Net cash provided by (used in) operating activities of discontinued operations — 6,227 17,676 (167 ) — 23,736 Net cash provided by (used in) operating activities 3,739 (111,516 ) 135,883 87 — 28,193 Cash flows from investing activities: Cost of business acquisitions, net of cash acquired — (33,166 ) — — — (33,166 ) Capital expenditures — (13,708 ) (10,534 ) (103 ) — (24,345 ) Purchase of investment — (1,650 ) — — — (1,650 ) Proceeds from sale of property, plant and equipment — 258 2,424 — — 2,682 Net cash used in investing activities of continuing operations — (48,266 ) (8,110 ) (103 ) — (56,479 ) Net cash provided by investing activities of discontinued operations — 23,160 25,822 — — 48,982 Net cash (used in) provided by investing activities — (25,106 ) 17,712 (103 ) — (7,497 ) Cash flows from financing activities: Repayment of 7.875% senior subordinated notes — (67,848 ) — — — (67,848 ) Repayment of Term Loan B due 2016 — (388,205 ) — — — (388,205 ) Payment of financing related costs and expenses — (15,570 ) — — — (15,570 ) Proceeds from issuance of other long-term debt — 20,000 — — — 20,000 Repayments of other long-term debt — (3,036 ) (3,753 ) — — (6,789 ) Purchase and retirement of common stock upon vesting of RSUs (660 ) — — — — (660 ) Borrowings under Revolving Credit Facility, net — (18,000 ) — — — (18,000 ) Proceeds from issuance of 15% Unsecured Term Loan due 2017 — 50,000 — — — 50,000 Repayment of 15% Unsecured Term Loan due 2017 — (40,000 ) — — — (40,000 ) Proceeds from exercise of stock options 98 — — — — 98 Proceeds from issuance of Term Loan Facility due 2017 — 360,000 — — — 360,000 Repayment of Term Loan Facility due 2017 — (30,900 ) — — — (30,900 ) Borrowings under ABL Facility due 2017 — 699,200 — — — 699,200 Repayments under ABL Facility due 2017 — (577,800 ) — — — (577,800 ) Intercompany advances (3,177 ) 152,522 (149,225 ) (120 ) — — Net cash (used in) provided by financing activities of continuing operations (3,739 ) 140,363 (152,978 ) (120 ) — (16,474 ) Net cash used in financing activities of discontinued operations — — (1,076 ) — — (1,076 ) Net cash (used in) provided by financing activities (3,739 ) 140,363 (154,054 ) (120 ) — (17,550 ) Effect of exchange rate changes on cash and cash equivalents — — 173 (100 ) — 73 Net increase (decrease) in cash and cash equivalents — 3,741 (286 ) (236 ) — 3,219 Cash and cash equivalents at beginning of year — 5,763 286 2,061 — 8,110 Cash and cash equivalents at end of year — 9,504 — 1,825 — 11,329 Less cash and equivalents of discontinued operations — — — (900 ) — (900 ) Cash and cash equivalents of continuing operations at end of period $ — $ 9,504 $ — $ 925 $ — $ 10,429 |
Selected Quarterly Financial 46
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | The following table sets forth certain quarterly financial data for the periods indicated (in thousands, except per share amounts): First Second Third Fourth Fiscal Year 2015 Net sales: Envelope $ 227,410 $ 218,139 $ 218,454 $ 244,715 Print 122,100 114,545 123,875 150,454 Label 80,167 80,675 77,454 83,791 Total $ 429,677 $ 413,359 $ 419,783 $ 478,960 Operating income (loss): Envelope $ 14,840 $ 16,711 $ 17,746 $ 17,127 Print 1,679 2,987 1,541 8,915 Label 9,704 11,150 10,146 8,533 Corporate (8,423 ) (9,193 ) (9,917 ) (9,753 ) Total $ 17,800 $ 21,655 $ 19,516 $ 24,822 Loss from continuing operations (8,179 ) (3,355 ) (3,562 ) (4,365 ) Income (loss) from discontinued operations, net of taxes (2) 500 950 319 (13,159 ) Net loss $ (7,679 ) $ (2,405 ) $ (3,243 ) $ (17,524 ) Net (loss) income per share—basic Continuing operations (1) $ (0.12 ) $ (0.05 ) $ (0.05 ) $ (0.06 ) Discontinued operations (1) 0.01 0.01 — (0.20 ) Net loss (1) $ (0.11 ) $ (0.04 ) $ (0.05 ) $ (0.26 ) Net (loss) income per share—diluted Continuing operations (1) $ (0.12 ) $ (0.05 ) $ (0.05 ) $ (0.06 ) Discontinued operations (1) 0.01 0.01 — (0.20 ) Net loss (1) $ (0.11 ) $ (0.04 ) $ (0.05 ) $ (0.26 ) First Second Third Fourth Fiscal Year 2014 Net sales: Envelope $ 241,671 $ 229,593 $ 227,069 $ 231,185 Print 122,103 117,670 127,034 141,106 Label 78,686 82,475 81,492 81,231 Total $ 442,460 $ 429,738 $ 435,595 $ 453,522 Operating income (loss): Envelope $ 9,806 $ 9,332 $ 4,328 $ 6,136 Print 857 3,882 6,340 5,829 Label 9,376 10,998 9,691 8,245 Corporate (11,167 ) (11,774 ) (10,126 ) (8,979 ) Total $ 8,872 $ 12,438 $ 10,233 $ 11,231 Loss from continuing operations (3) (17,683 ) (39,942 ) (14,030 ) (23,398 ) Income from discontinued operations, net of taxes 1,849 1,305 3,137 4,899 Net loss (15,834 ) (38,637 ) (10,893 ) (18,499 ) Net (loss) income per share—basic Continuing operations (1) $ (0.27 ) $ (0.60 ) $ (0.21 ) $ (0.34 ) Discontinued operations (1) 0.03 0.02 0.05 0.07 Net loss (1) $ (0.24 ) $ (0.58 ) $ (0.16 ) $ (0.27 ) Net (loss) income per share—diluted Continuing operations (1) $ (0.27 ) $ (0.60 ) $ (0.21 ) $ (0.34 ) Discontinued operations (1) 0.03 0.02 0.05 0.07 Net loss (1) $ (0.24 ) $ (0.58 ) $ (0.16 ) $ (0.27 ) __________________________ (1) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total year. (2) In the fourth quarter of 2015, the Company recorded a non-cash loss on sale of the Packaging Business of $5.0 million . Additionally, the Company recorded a non-cash goodwill impairment charge of $9.9 million related to this transaction. (3) Includes a total loss on extinguishment of debt of $27.4 million , most of which was recognized in the second quarter of 2014 in connection with the issuance of the 6.000% Notes and 8.500% Notes, and extinguishment of the Term Loan Facility and the 8.875% Notes. |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 28, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | Jan. 30, 2015 | Dec. 11, 2013 | |
Debt Disclosure [Abstract] | ||||||
Debt and Capital Lease Obligations | $ 1,208,623 | $ 1,210,380 | ||||
Debt maturities, next 18 months | 442,100 | |||||
Interest and Debt Expense [Abstract] | ||||||
Unamortized debt issuance costs | 18,900 | 25,200 | ||||
Unamortized debt issuance costs, reclass | 22,200 | |||||
Amortization of debt issuance costs | 10,100 | 9,800 | $ 9,400 | |||
Goodwill and Intangible Asset Impairment [Abstract] | ||||||
Impairment of intangible assets | 0 | 0 | 24,493 | |||
Workers' Compensation Discount [Abstract] | ||||||
Workers' compensation liability, undiscounted | 12,300 | 13,200 | ||||
Workers' compensation liability | $ 11,400 | $ 12,200 | ||||
Workers' compensation discount rate (percent) | 2.00% | 2.00% | ||||
Insurance Loss Reserves [Abstract] | ||||||
Self insurance reserve | $ 3,200 | $ 3,300 | ||||
Advertising Costs [Abstract] | ||||||
Advertising costs | $ 3,200 | 3,400 | $ 2,700 | |||
Building and building improvements [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 15 years | |||||
Building and building improvements [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 45 years | |||||
Machinery and equipment [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 10 years | |||||
Machinery and equipment [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 15 years | |||||
Furniture and fixtures [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 3 years | |||||
Furniture and fixtures [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 10 years | |||||
Software and software development costs [Member] | ||||||
Computer Software [Abstract] | ||||||
Net capitalized computer software | $ 16,600 | 15,800 | ||||
Software and software development costs [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 3 years | |||||
Software and software development costs [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 7 years | |||||
Trade names | Level 3 [Member] | Nonrecurring fair value [Member] | ||||||
Goodwill and Intangible Asset Impairment [Abstract] | ||||||
Impairment of intangible assets | $ 24,500 | $ 0 | 0 | |||
ABL Facility due 2017 [Member] | Line of credit [Member] | ||||||
Debt Disclosure [Abstract] | ||||||
Debt and Capital Lease Obligations | 148,200 | 134,700 | ||||
Interest and Debt Expense [Abstract] | ||||||
Unamortized debt issuance costs | $ 2,300 | $ 3,000 | $ 1,300 | $ 300 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Accounts Receivable) (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 4,632 | $ 4,952 | $ 4,573 |
Charged to expense | 2,567 | 1,634 | 4,073 |
Write-offs, recoveries and other | (1,327) | (1,954) | (3,694) |
Balance at end of year | $ 5,872 | $ 4,632 | $ 4,952 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Aug. 07, 2015USD ($)employee | Sep. 16, 2013USD ($)employee | Jan. 02, 2016USD ($) | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) |
Business Acquisition [Line Items] | |||||
Acquisition related costs | $ 1,100 | $ 5,200 | $ 8,700 | ||
Gain on bargain purchase | $ 0 | $ 0 | $ 17,262 | ||
Intangible asset, useful life (years) | 11 years | ||||
Asendia [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of employees (employee) | employee | 40 | ||||
Acquisition purchase price | $ 2,000 | ||||
Other intangible assets acquired | $ 133 | ||||
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 | ||||
Other intangible assets | 4,430 | ||||
Leashold interests [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible asset, useful life (years) | 17 years | ||||
Leashold interests [Member] | National Envelope Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Other intangible assets | $ 4,400 | ||||
Intangible asset, useful life (years) | 20 years |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation of Asendia) (Details) - Asendia [Member] $ in Thousands | Aug. 07, 2015USD ($) |
Business Acquisition [Line Items] | |
Accounts receivable, net | $ 145 |
Inventories | 46 |
Prepaid and other current assets | 10 |
Property, plant and equipment | 1,662 |
Other intangible assets | 133 |
Total assets acquired | $ 1,996 |
Acquisitions (Purchase Price 51
Acquisitions (Purchase Price Allocation of National Envelope) (Details) - USD ($) $ in Thousands | Sep. 16, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 |
Business Acquisition [Line Items] | ||||
Gain on bargain purchase | $ 0 | $ 0 | $ 17,262 | |
National Envelope Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment | $ 53,108 | |||
Other intangible assets | 4,430 | |||
Total assets acquired | 57,538 | |||
Accounts payable | 1,015 | |||
Accrued compensation and related liabilities | 1,210 | |||
Other current liabilities | 1,453 | |||
Note payable | 2,536 | |||
Total liabilities assumed | 6,214 | |||
Total 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) - USD ($) $ in Thousands | Jan. 19, 2016 | Jan. 02, 2016 | Dec. 28, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 27, 2014 |
Discontinued Operations [Line Items] | |||||||
(Loss) gain on sale of discontinued operations before income taxes | $ (4,987) | $ 2,519 | $ 25,597 | ||||
Impairment of goodwill | 9,857 | 0 | 0 | ||||
Impairment of intangible assets | 0 | 0 | 24,493 | ||||
Packaging Business [Member] | |||||||
Discontinued Operations [Line Items] | |||||||
(Loss) gain on sale of discontinued operations before income taxes | $ (4,987) | ||||||
Impairment of goodwill | $ 9,900 | ||||||
Custom Envelope [Member] | |||||||
Discontinued Operations [Line Items] | |||||||
Proceeds from sale of discontinued operations | 2,200 | $ 47,000 | |||||
Gain on sale of discontinued operations, net of tax | 14,900 | $ 16,500 | |||||
Subsequent Event [Member] | Packaging Business [Member] | |||||||
Discontinued Operations [Line Items] | |||||||
Proceeds from sale of discontinued operations | $ 86,600 | ||||||
Sale of discontinued operations, transaction costs | 6,400 | ||||||
Sale of discontinued operations, holdback amount | $ 5,000 | ||||||
Nonrecurring fair value [Member] | Level 3 [Member] | Trade names | |||||||
Discontinued Operations [Line Items] | |||||||
Impairment of intangible assets | $ 24,500 | $ 0 | $ 0 | ||||
Nonrecurring fair value [Member] | Level 3 [Member] | Trade names | Packaging Business [Member] | |||||||
Discontinued Operations [Line Items] | |||||||
Impairment of intangible assets | $ 8,900 |
Discontinued Operations (Compon
Discontinued Operations (Components of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accounts receivable, net | $ 23,244 | $ 29,344 |
Inventories | 18,603 | 18,119 |
Other current assets | 6,719 | 5,106 |
Assets of discontinued operations - current | 48,566 | 52,569 |
Property, plant and equipment, net | 48,244 | 54,585 |
Goodwill and other long-term assets | 14,607 | 32,028 |
Assets of discontinued operations - long-term | 62,851 | 86,613 |
Accounts payable | 17,917 | 19,145 |
Other current liabilities | 4,351 | 5,058 |
Liabilities of discontinued operations - current | 22,268 | 24,203 |
Long-term debt and other liabilities | 1,153 | 3,520 |
Liabilities of discontinued operations - long-term | 1,153 | 3,520 |
Net assets of discontinued operations | $ 87,996 | $ 111,459 |
Discontinued Operations (Statem
Discontinued Operations (Statement of Operations Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Net sales | $ 178,850 | $ 187,725 | $ 228,178 | ||||||||
Cost of sales | 154,570 | 162,448 | 192,237 | ||||||||
Selling, general and administrative expenses | 20,630 | 20,826 | 22,278 | ||||||||
Amortization of intangible assets | 2,062 | 2,597 | 2,482 | ||||||||
Restructuring and other charges | 390 | 932 | 514 | ||||||||
Impairment of goodwill | 9,857 | 0 | 0 | ||||||||
Impairment of intangible assets | 0 | 0 | 8,874 | ||||||||
Interest expense, net | 117 | 137 | 99 | ||||||||
Other income, net | (954) | (6,563) | (3,141) | ||||||||
(Loss) income from discontinued operations before income taxes | (7,822) | 7,348 | 4,835 | ||||||||
(Loss) gain on sale of discontinued operations before income taxes | (4,987) | 2,519 | 25,597 | ||||||||
(Loss) income from discontinued operations before income taxes | (12,809) | 9,867 | 30,432 | ||||||||
Income tax (benefit) expense on discontinued operations | (1,419) | (1,323) | 12,942 | ||||||||
(Loss) income from discontinued operations, net of taxes | $ (13,159) | $ 319 | $ 950 | $ 500 | $ 4,899 | $ 3,137 | $ 1,305 | $ 1,849 | $ (11,390) | $ 11,190 | $ 17,490 |
Discontinued operations per share - basic | $ (0.20) | $ 0 | $ 0.01 | $ 0.01 | $ 0.07 | $ 0.05 | $ 0.02 | $ 0.03 | $ (0.16) | $ 0.17 | $ 0.27 |
Discontinued operations per share - diluted | $ (0.20) | $ 0 | $ 0.01 | $ 0.01 | $ 0.07 | $ 0.05 | $ 0.02 | $ 0.03 | $ (0.16) | $ 0.17 | $ 0.27 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 40,938 | $ 35,288 |
Work in process | 14,696 | 17,429 |
Finished goods | 65,981 | 66,174 |
Inventories, net | $ 121,615 | $ 118,891 |
Property, Plant and Equipment56
Property, Plant and Equipment (Schedule of Property, Plant, and Equipment) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 636,191 | $ 628,846 |
Accumulated depreciation | (425,613) | (401,023) |
Property, plant and equipment, net | 210,578 | 227,823 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,194 | 10,585 |
Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 82,206 | 82,142 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 525,914 | 516,443 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,696 | 8,570 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,181 | $ 11,106 |
Property, Plant and Equipment57
Property, Plant and Equipment (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Jan. 02, 2016USD ($)facility | Dec. 27, 2014USD ($)facility | Sep. 27, 2014USD ($)facility | Dec. 28, 2013USD ($)facility | Jun. 29, 2013USD ($)facility | Jan. 02, 2016USD ($) | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||
Proceeds from sale of property, plant and equipment | $ 8,558 | $ 3,766 | $ 2,682 | |||||
Envelope [Member] | Building and building improvements [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of manufacturing facilities sold (facility) | facility | 1 | 1 | 1 | |||||
Proceeds from sale of property, plant and equipment | $ 1,000 | $ 500 | $ 1,700 | |||||
Print [Member] | Building and building improvements [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of manufacturing facilities sold (facility) | facility | 1 | 1 | ||||||
Sale leaseback transaction, net book value | $ 3,400 | $ 3,400 | ||||||
Sale leaseback transaction, net proceeds | 7,100 | |||||||
Sale leaseback transaction, gain recognized | $ 3,100 | |||||||
Proceeds from sale of property, plant and equipment | $ 1,200 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets (Goodwill by Reportable Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Goodwill [Roll Forward] | ||
Balance as of the year ended | $ 175,542 | $ 175,686 |
Foreign currency translation | (204) | (144) |
Balance as of the year ended | 175,338 | 175,542 |
Envelope [Member] | ||
Goodwill [Roll Forward] | ||
Balance as of the year ended | 23,433 | 23,433 |
Foreign currency translation | 0 | 0 |
Balance as of the year ended | 23,433 | 23,433 |
Print [Member] | ||
Goodwill [Roll Forward] | ||
Balance as of the year ended | 42,832 | 42,976 |
Foreign currency translation | (204) | (144) |
Balance as of the year ended | 42,628 | 42,832 |
Label [Member] | ||
Goodwill [Roll Forward] | ||
Balance as of the year ended | 109,277 | 109,277 |
Foreign currency translation | 0 | 0 |
Balance as of the year ended | $ 109,277 | $ 109,277 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 11 years | |
Gross Carrying Amount | $ 186,843 | $ 186,809 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (67,566) | (59,963) |
Total Net Carrying Amount | 45,550 | 53,119 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 271,743 | 271,709 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (67,566) | (59,963) |
Net Carrying Amount | 130,450 | 138,019 |
Trade names | ||
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) | 7 years | |
Gross Carrying Amount | $ 114,345 | 114,301 |
Accumulated Impairment Charges | (27,234) | (27,234) |
Accumulated Amortization | (55,209) | (48,356) |
Total Net Carrying Amount | $ 31,902 | 38,711 |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 23 years | |
Gross Carrying Amount | $ 64,540 | 64,550 |
Accumulated Impairment Charges | (46,493) | (46,493) |
Accumulated Amortization | (8,649) | (8,157) |
Total Net Carrying Amount | $ 9,398 | 9,900 |
Leashold interests [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 17 years | |
Gross Carrying Amount | $ 4,430 | 4,430 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | (516) | (291) |
Total Net Carrying Amount | $ 3,914 | 4,139 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 10 years | |
Gross Carrying Amount | $ 3,528 | 3,528 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | (3,192) | (3,159) |
Total Net Carrying Amount | $ 336 | $ 369 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets (Annual Amortization expense) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,016 | $ 5,664 | |
2,017 | 5,273 | |
2,018 | 5,003 | |
2,019 | 4,885 | |
2,020 | 4,885 | |
Thereafter | 19,840 | |
Total Net Carrying Amount | $ 45,550 | $ 53,119 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 28, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets | $ 0 | $ 0 | $ 24,493 | |
Trade names | Level 3 [Member] | Nonrecurring fair value [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets | $ 24,500 | $ 0 | $ 0 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Other Liabilities, Current [Abstract] | ||
Accrued interest expense | $ 23,644 | $ 24,378 |
Accrued customer rebates | 20,591 | 20,857 |
Restructuring liabilities | 3,198 | 5,174 |
Other accrued liabilities | 39,270 | 34,368 |
Other current liabilities | $ 86,703 | $ 84,777 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) | Jan. 02, 2016 | Dec. 27, 2014 | Jun. 26, 2014 |
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 1,208,623,000 | $ 1,210,380,000 | |
Less current maturities | (5,373,000) | (3,872,000) | |
Long-term debt | 1,203,250,000 | 1,206,508,000 | |
Line of credit [Member] | ABL Facility due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 148,200,000 | $ 134,700,000 | |
Debt variable interest rate (percent) | 3.36% | 3.82% | |
Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 240,533,000 | $ 239,533,000 | |
Debt interest rate (percent) | 8.50% | 8.50% | |
Long-term debt, outstanding principal amount | $ 248,000,000 | 248,000,000 | |
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 526,533,000 | 522,969,000 | |
Debt interest rate (percent) | 6.00% | 6.00% | |
Long-term debt, outstanding principal amount | $ 540,000,000 | 540,000,000 | |
Secured debt [Member] | 11.5% senior notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 195,846,000 | 215,247,000 | |
Debt interest rate (percent) | 11.50% | ||
Long-term debt, outstanding principal amount | $ 199,700,000 | 222,300,000 | |
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 82,430,000 | 81,851,000 | |
Debt interest rate (percent) | 7.00% | ||
Long-term debt, outstanding principal amount | $ 83,300,000 | 83,300,000 | |
Other debt including capital leases [Member] | Other debt including capital leases [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 15,081,000 | $ 16,080,000 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Jan. 19, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | Jan. 30, 2015 | Jun. 26, 2014 | Feb. 28, 2014 | Dec. 11, 2013 | Apr. 16, 2013 | Feb. 05, 2010 |
Debt Instrument [Line Items] | ||||||||||
Long-term debt, fair value | $ 895,700,000 | $ 1,200,000,000 | ||||||||
Debt, average outstanding amount | $ 1,200,000,000 | $ 1,200,000,000 | ||||||||
Debt, weighted average interest rate (percent) | 7.20% | 7.60% | ||||||||
Cash interest paid | $ 91,500,000 | $ 94,700,000 | $ 103,000,000 | |||||||
Unamortized debt issuance costs | 18,900,000 | 25,200,000 | ||||||||
Gains (losses) on extinguishment of debt | (1,252,000) | (27,449,000) | (11,324,000) | |||||||
Long-term debt [Member] | Term loan facility due 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 360,000,000 | |||||||||
Long-term debt, outstanding principal amount | $ 327,300,000 | |||||||||
Debt, unamortized discount | $ 1,500,000 | |||||||||
Gains (losses) on extinguishment of debt | $ (800,000) | |||||||||
Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||
Long-term debt, outstanding principal amount | 400,000,000 | |||||||||
Unamortized debt issuance costs | 9,400,000 | |||||||||
Debt, unamortized discount | $ 2,800,000 | |||||||||
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 540,000,000 | |||||||||
Long-term debt, outstanding principal amount | 540,000,000 | 540,000,000 | ||||||||
Unamortized debt issuance costs | 9,100,000 | 14,700,000 | ||||||||
Debt, unamortized discount | 4,400,000 | 5,900,000 | ||||||||
Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 250,000,000 | |||||||||
Long-term debt, outstanding principal amount | 248,000,000 | 248,000,000 | ||||||||
Unamortized debt issuance costs | 5,100,000 | 7,100,000 | ||||||||
Debt, unamortized discount | 2,400,000 | $ 2,800,000 | ||||||||
Gains (losses) on extinguishment of debt | 400,000 | |||||||||
Line of credit [Member] | ABL Facility due 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 2,300,000 | $ 3,000,000 | $ 1,300,000 | $ 300,000 | ||||||
Debt Instrument, Restrictive Covenants, Disposition Limitation with Exceptions | $ 35,000,000 | |||||||||
Packaging Business [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from sale of discontinued operations | $ 86,600,000 |
Long-Term Debt (6.0% Senior Pri
Long-Term Debt (6.0% Senior Priority Secured Notes) (Details) - Senior notes [Member] - 6.000% senior secured priority notes due 2019 [Member] - USD ($) $ in Millions | Jun. 26, 2014 | Jan. 02, 2016 |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 540 | |
Debt interest rate (percent) | 6.00% | 6.00% |
Debt redemption price, change of control (percentage) | 101.00% | |
Period one [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 106.00% | |
Debt redemption price, maximum percentage of principal amount redeemable (percent) | 35.00% | |
Period two [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 100.00% | |
Debt redemption price, minimum make-whole premium (percentage) | 1.00% | |
Period three [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 100.00% |
Long-Term Debt (8.5% Junior Pri
Long-Term Debt (8.5% Junior Priority Secured Notes) (Details) - Junior subordinated debt [Member] - 8.500% junior secured priority notes due 2022 [Member] - USD ($) $ in Millions | Jun. 26, 2014 | Jan. 02, 2016 |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 250 | |
Debt interest rate (percent) | 8.50% | 8.50% |
Debt redemption price, maximum percentage of principal amount redeemable (percent) | 35.00% | |
Debt redemption price, change of control (percentage) | 101.00% | |
Period one [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 108.50% | |
Period two [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 106.375% | |
Period three [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 104.25% | |
September 15, 2019 through September 14, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 102.125% | |
On or After September 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 100.00% |
Long-Term Debt (2013 Credit Fac
Long-Term Debt (2013 Credit Facilities) (Details) - USD ($) | Dec. 11, 2013 | Apr. 16, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | Jan. 30, 2015 | Feb. 28, 2014 |
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | $ 18,900,000 | $ 25,200,000 | |||||
Repayments of debt | 0 | 329,100,000 | $ 30,900,000 | ||||
Line of credit [Member] | Revolving credit facility due 2014 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, borrowing capacity | $ 170,000,000 | ||||||
Line of credit [Member] | ABL Facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, borrowing capacity | 200,000,000 | $ 240,000,000 | |||||
Unamortized debt issuance costs | $ 300,000 | $ 2,300,000 | $ 3,000,000 | 1,300,000 | |||
Additional borrowing capacity | 30,000,000 | $ 10,000,000 | |||||
Long-term debt [Member] | 2013 Credit Facilities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | 7,200,000 | ||||||
Debt, unamortized discount | $ 1,800,000 | ||||||
Long-term debt [Member] | Term loan facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, unamortized discount | $ 1,500,000 | ||||||
Debt, minimum required annual principal payment percentage (percent) | 1.00% | ||||||
Repayments of debt | $ 28,200,000 | ||||||
Minimum [Member] | Line of credit [Member] | ABL Facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee percentage (percent) | 0.375% | ||||||
Maximum [Member] | Line of credit [Member] | ABL Facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee percentage (percent) | 0.50% | ||||||
LIBOR [Member] | Line of credit [Member] | ABL Facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, interest rate, minimum (percent) | 2.00% | ||||||
Debt, interest rate, maximum (percent) | 2.50% | ||||||
LIBOR [Member] | Long-term debt [Member] | Term loan facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, interest rate, minimum (percent) | 1.25% | ||||||
Debt, interest rate increase (percent) | 5.00% | ||||||
Prime Rate [Member] | Line of credit [Member] | ABL Facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, interest rate, minimum (percent) | 1.00% | ||||||
Debt, interest rate, maximum (percent) | 1.50% | ||||||
Prime Rate [Member] | Long-term debt [Member] | Term loan facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, interest rate, minimum (percent) | 2.25% | ||||||
Debt, interest rate increase (percent) | 4.00% |
Long-Term Debt (Unsecured Term
Long-Term Debt (Unsecured Term Loan) (Details) - USD ($) $ in Millions | Jan. 02, 2016 | Dec. 27, 2014 | Jan. 18, 2013 |
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ 18.9 | $ 25.2 | |
Unsecured debt [Member] | 15% unsecured term loan due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 50 | ||
Unamortized debt issuance costs | 6.1 | ||
Debt, unamortized discount | $ 2.5 | ||
Debt interest rate (percent) | 15.00% |
Long-Term Debt (Other Debt) (De
Long-Term Debt (Other Debt) (Details) - Other debt including capital leases [Member] - Equipment note [Member] - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 16, 2013 |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 12.5 | $ 20 |
Debt interest rate (percent) | 8.25% | 11.00% |
Debt prepayment fee (percentage) | 4.00% | |
Debt prepayment fee, subsequent annual decrease (percentage) | 1.00% | |
Period one [Member] | ||
Debt Instrument [Line Items] | ||
Debt prepayment fee (percentage) | 3.00% | |
Period two [Member] | ||
Debt Instrument [Line Items] | ||
Debt prepayment fee (percentage) | 2.00% | |
Period three [Member] | ||
Debt Instrument [Line Items] | ||
Debt prepayment fee (percentage) | 1.00% |
Long-Term Debt (11.5% Senior No
Long-Term Debt (11.5% Senior Notes) (Details) - USD ($) | Mar. 28, 2012 | Feb. 26, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 |
Debt Instrument [Line Items] | |||||
Gains (losses) on extinguishment of debt | $ (1,252,000) | $ (27,449,000) | $ (11,324,000) | ||
Secured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 225,000,000 | ||||
Debt, unamortized discount | $ 8,300,000 | 2,400,000 | |||
Debt redemption price (percentage) | 100.00% | ||||
Debt redemption price, change of control (percentage) | 101.00% | ||||
Debt extinguishment amount | 22,600,000 | 2,700,000 | |||
Gains (losses) on extinguishment of debt | $ (600,000) | $ (100,000) | |||
Period one [Member] | Secured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt redemption price (percentage) | 111.50% | ||||
Debt redemption price, maximum percentage of principal amount redeemable (percent) | 35.00% | ||||
Period two [Member] | Minimum [Member] | Secured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt redemption price (percentage) | 100.00% | ||||
Period two [Member] | Maximum [Member] | Secured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt redemption price (percentage) | 105.75% | ||||
Subsequent Event [Member] | Secured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt extinguishment amount | $ 10,000,000 | ||||
Gains (losses) on extinguishment of debt | $ 5,100,000 |
Long-Term Debt (7% Senior Excha
Long-Term Debt (7% Senior Exchangeable Notes) (Details) | Mar. 28, 2012USD ($)$ / shares | Feb. 26, 2016USD ($) | Jan. 02, 2016USD ($) | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) |
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 18,900,000 | $ 25,200,000 | |||
Gains (losses) on extinguishment of debt | (1,252,000) | (27,449,000) | $ (11,324,000) | ||
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from issuance of 7% senior exchangeable notes due 2017 | $ 86,300,000 | ||||
Redemption price percentage if a fundamental change occurs (percent) | 100.00% | ||||
Debt conversion ratio | 241.5167 | ||||
Debt instrument, face amount | $ 1,000 | ||||
Debt conversion price (dollars per share) | $ / shares | $ 4.14 | ||||
Premium debt converted into shares of company's common stock (percent) | 22.50% | ||||
Common stock price per share (dollars per share) | $ / shares | $ 3.38 | ||||
Unamortized debt issuance costs | $ 3,000,000 | 800,000 | |||
Gains (losses) on extinguishment of debt | $ (1,100,000) | ||||
Senior notes [Member] | 11.5% senior notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | 6,000,000 | $ 1,500,000 | |||
Tender Offer [Member] | Senior subordinated notes [Member] | 7.875% senior subordinated notes, due 2013 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt extinguishment amount | 45,000,000 | ||||
Open Market Negotiated Purchase [Member] | Senior subordinated notes [Member] | 7.875% senior subordinated notes, due 2013 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt extinguishment amount | $ 73,000,000 | ||||
Subsequent Event [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt extinguishment amount | $ 34,500,000 | ||||
Gains (losses) on extinguishment of debt | $ 16,500,000 |
Long-Term Debt (8.875% Notes) (
Long-Term Debt (8.875% Notes) (Details) - USD ($) | Feb. 05, 2010 | Jan. 02, 2016 | Dec. 27, 2014 | Jun. 26, 2014 |
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 18,900,000 | $ 25,200,000 | ||
Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 400,000,000 | |||
Debt, unamortized discount | $ 2,800,000 | |||
Redemption price percentage if there was a change of control (percent) | 101.00% | |||
Unamortized debt issuance costs | $ 9,400,000 | |||
Payments of debt issuance costs, fees paid to consenting lenders | 7,600,000 | |||
Payments of debt issuance costs, offering expenses | 1,800,000 | |||
Long-term debt, outstanding principal amount | $ 400,000,000 | |||
Loans payable [Member] | Term Loan, due 2013 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt extinguishment amount | 300,000,000 | |||
Line of credit [Member] | Revolving credit facility, due 2012 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt extinguishment amount | $ 88,000,000 | |||
Minimum [Member] | Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt redemption price (percentage) | 100.00% | |||
Maximum [Member] | Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt redemption price (percentage) | 104.40% |
Long-Term Debt (Debt Extinguish
Long-Term Debt (Debt Extinguishment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | $ (1,252) | $ (27,449) | $ (11,324) |
Other debt including capital leases [Member] | Equipment note [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (700) | ||
Debt extinguishment amount | 12,300 | ||
Secured debt [Member] | 11.5% senior notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (600) | (100) | |
Debt extinguishment amount | 22,600 | 2,700 | |
Secured debt [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 | (9,000) | ||
Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | 400 | ||
Debt extinguishment amount | 2,000 | ||
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (1,100) | ||
Debt conversion amount | 3,000 | ||
Unsecured debt [Member] | 15% unsecured term loan due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (1,000) | (4,000) | |
Debt extinguishment amount | 9,400 | 40,000 | |
Line of Credit and Loans Payable [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (6,400) | ||
Long-term debt [Member] | Term loan facility due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (800) | ||
Debt extinguishment amount | 28,200 | ||
Fees Paid to Third Parties [Member] | Other debt including capital leases [Member] | Equipment note [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (200) | ||
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) | ||
Unamortized Debt Issuance Costs [Member] | Other debt including capital leases [Member] | Equipment note [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (500) | ||
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) | ||
Unamortized Debt Issuance Costs [Member] | Secured debt [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) | ||
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) | (2,200) | |
Unamortized Debt Issuance Costs [Member] | Line of Credit and Loans Payable [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (2,100) | ||
Unamortized Debt Issuance Costs [Member] | Long-term debt [Member] | Term loan facility due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (500) | ||
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) | ||
Original Issuance Discount [Member] | Secured debt [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) | ||
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) | (1,800) | |
Original Issuance Discount [Member] | Line of Credit and Loans Payable [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (200) | ||
Original Issuance Discount [Member] | Long-term debt [Member] | Term loan facility due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | (300) | ||
Premiums [Member] | Secured debt [Member] | 11.5% senior notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | $ (200) | ||
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) | ||
Fees Paid to Consenting Lenders [Member] | Line of Credit and Loans Payable [Member] | Term Loan B and Revolving Credit Facility Due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Gains (losses) on extinguishment of debt | $ (4,100) |
Long-Term Debt (Debt Maturity S
Long-Term Debt (Debt Maturity Schedule) (Details) $ in Thousands | Jan. 02, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 5,373 |
2,017 | 436,697 |
2,018 | 3,618 |
2,019 | 540,543 |
2,020 | 0 |
Thereafter | 248,000 |
Long-term Debt | $ 1,234,231 |
Income Taxes (Components of Inc
Income Taxes (Components of Income (Loss) From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income (Loss) from Continuing Operations before Income Taxes [Abstract] | |||
Domestic | $ (17,196) | $ (93,157) | $ (74,741) |
Foreign | 2,128 | 2,263 | 2,626 |
Loss from continuing operations before income taxes | $ (15,068) | $ (90,894) | $ (72,115) |
Income Taxes (Components of I76
Income Taxes (Components of Income Tax Expense (Benefit) on Income (Loss) from Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Current tax expense: | |||
Federal | $ 0 | $ 0 | $ 0 |
Foreign | 592 | 376 | 702 |
State | 1,058 | 1,080 | 888 |
Current tax expense | 1,650 | 1,456 | 1,590 |
Deferred tax expense (benefit): | |||
Federal | 1,109 | (8,771) | 1,905 |
Foreign | 270 | 124 | 16 |
State | 1,364 | 11,350 | 10,650 |
Deferred tax expense (benefit) | 2,743 | 2,703 | 12,571 |
Income tax expense | $ 4,393 | $ 4,159 | $ 14,161 |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Expected tax benefit at federal statutory income tax rate | $ (5,274) | $ (31,814) | $ (25,240) |
State and local income tax benefit | (3,295) | (1,411) | (1,706) |
Change in valuation allowance | 5,914 | 31,734 | 34,049 |
Change in contingency reserves | (118) | (118) | (105) |
Non-U.S. tax rate differences | 116 | (293) | (201) |
Non-deductible expenses | 3,094 | 4,120 | 4,054 |
Change in state tax rates | 802 | 1,379 | (272) |
Expiration of stock option contracts | 0 | 0 | 968 |
Other | 3,154 | 562 | 2,614 |
Income tax expense | $ 4,393 | $ 4,159 | $ 14,161 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 128,232 | $ 135,930 |
Compensation and benefit related accruals | 50,255 | 50,537 |
Foreign tax credit carryforwards | 0 | 7,013 |
Alternative minimum tax credit carryforwards | 7,450 | 7,706 |
Accounts receivable | 2,679 | 2,468 |
Inventory | 2,816 | 2,501 |
Restructuring accruals | 8,810 | 8,592 |
Accrued tax and interest | 1,882 | 1,763 |
Other | 4,022 | 8,599 |
Valuation allowance | (163,225) | (164,121) |
Total deferred tax assets | 42,921 | 60,988 |
Deferred tax liabilities: | ||
Property, plant and equipment | (27,850) | (35,287) |
Goodwill and other intangible assets | (52,438) | (53,948) |
Other | (553) | (6,917) |
Total deferred tax liabilities | (80,841) | (96,152) |
Net deferred tax liability | (37,920) | (35,164) |
Prepaid and Other Current Assets [Member] | ||
Deferred Tax Assets, Net, Classification [Abstract] | ||
Current deferred tax asset | 4,116 | 5,042 |
Other Liabilities [Member] | ||
Deferred Tax Assets, Net, Classification [Abstract] | ||
Long-term deferred tax liability | $ (42,036) | $ (40,206) |
Income Taxes (Changes in Unreco
Income Taxes (Changes in Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 2,226 | $ 2,226 | $ 2,226 |
Gross decreases - tax positions in prior period | 0 | 0 | 0 |
Gross decreases – expiration of applicable statute of limitations | 0 | 0 | 0 |
Unrecognized tax benefits, ending balance | $ 2,226 | $ 2,226 | $ 2,226 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance, change in deferred tax asset | $ 40,600 | ||
Net operating loss carryforwards | $ 128,232 | $ 135,930 | |
Alternative minimum tax credit carryforwards | 7,450 | 7,706 | |
Valuation allowance | 163,225 | 164,121 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate | 2,200 | ||
Unrecognized tax benefits, interest on income taxes expense | 300 | ||
Unrecognized tax benefits, interest on income taxes accrued | 2,800 | ||
Income Taxes Paid, Net [Abstract] | |||
Income taxes receivable | 300 | 1,100 | |
Income taxes paid | 700 | $ 1,600 | $ 300 |
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 330,700 | ||
Federal and State Net Operating Loss Carry Forwards [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | 144,400 | ||
State Net Operating Loss [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | $ 18,800 |
Restructuring and Other Charg81
Restructuring and Other Charges (Narrative) (Details) $ in Thousands | Jan. 02, 2016USD ($)facilityrestructuring_plan | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) |
Restructuring Cost and Reserve [Line Items] | |||
Number of active restructuring plans (restructuring plan) | restructuring_plan | 2 | ||
Restructuring reserve | $ 20,924 | ||
Restructuring reserve, current | 3,198 | $ 5,174 | |
Restructuring reserve, noncurrent | 17,700 | ||
Acquisition Integration Plans [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | $ 392 | $ 1,213 | $ 2,658 |
National Envelope Acquisition [Member] | Acquisition Integration Plans [Member] | Envelope [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of facilities closed (facility) | facility | 9 | ||
Number of new facilities (facility) | facility | 2 |
Restructuring and Other Charg82
Restructuring and Other Charges (Restructuring Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Restructuring Charges [Abstract] | |||
Restructuring and other charges | $ 12,576 | $ 21,526 | $ 12,586 |
Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 2,608 | 7,229 | 5,831 |
Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 2,076 | 2,005 | 1,295 |
Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 224 | 3,443 | 1,526 |
Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 479 | 2,113 | 1,194 |
Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 4,981 | 1,260 | 453 |
Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 2,208 | 5,476 | 2,287 |
Envelope [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 3,500 | 14,181 | 5,476 |
Envelope [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 447 | 2,160 | 643 |
Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,895 | 2,793 | 1,148 |
Envelope [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 33 | 3,432 | 1,477 |
Envelope [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 316 | 1,751 | 552 |
Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 174 | 140 | 107 |
Envelope [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 635 | 3,905 | 1,549 |
Print [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 6,853 | 3,091 | 4,289 |
Print [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 462 | 896 | 2,614 |
Print [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 181 | (788) | 147 |
Print [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 52 | 11 | 49 |
Print [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 163 | 362 | 569 |
Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 4,807 | 1,120 | 346 |
Print [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,188 | 1,490 | 564 |
Label [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 486 | 157 | 633 |
Label [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 147 | 157 | 611 |
Label [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 0 |
Label [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 139 | 0 | 0 |
Label [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 9 |
Label [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 0 |
Label [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 200 | 0 | 13 |
Corporate [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,737 | 4,097 | 2,188 |
Corporate [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,552 | 4,016 | 1,963 |
Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 0 |
Corporate [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 0 |
Corporate [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 64 |
Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 0 |
Corporate [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 185 | 81 | 161 |
2015 Plan [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 2,629 | ||
2015 Plan [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 2,119 | ||
2015 Plan [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 510 | ||
2015 Plan [Member] | Envelope [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 150 | ||
2015 Plan [Member] | Envelope [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 150 | ||
2015 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Print [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 397 | ||
2015 Plan [Member] | Print [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 397 | ||
2015 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Label [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 359 | ||
2015 Plan [Member] | Label [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 20 | ||
2015 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 139 | ||
2015 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Label [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 200 | ||
2015 Plan [Member] | Corporate [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,723 | ||
2015 Plan [Member] | Corporate [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,552 | ||
2015 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2015 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 171 | ||
2014 Plan [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 5,636 | 5,340 | |
2014 Plan [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 498 | 4,907 | |
2014 Plan [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 4,017 | 0 | |
2014 Plan [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,121 | 433 | |
2014 Plan [Member] | Envelope [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 252 | 145 | |
2014 Plan [Member] | Envelope [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 252 | 145 | |
2014 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Print [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 5,373 | 237 | |
2014 Plan [Member] | Print [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 119 | 597 | |
2014 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 116 | (747) | |
2014 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 52 | 11 | |
2014 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 4,017 | 0 | |
2014 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,069 | 376 | |
2014 Plan [Member] | Label [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 127 | 149 | |
2014 Plan [Member] | Label [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 127 | 149 | |
2014 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Label [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
2014 Plan [Member] | Corporate [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 4,062 | ||
2014 Plan [Member] | Corporate [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 4,016 | ||
2014 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2014 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2014 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2014 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | ||
2014 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 46 | ||
Residual Plans [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,249 | 2,965 | |
Residual Plans [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | (54) | 303 | |
Residual Plans [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 141 | 164 | |
Residual Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 964 | 1,260 | |
Residual Plans [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 198 | 1,238 | |
Residual Plans [Member] | Envelope [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 217 | 27 | 1,944 |
Residual Plans [Member] | Envelope [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | (4) | 195 |
Residual Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 118 |
Residual Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 203 |
Residual Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | (22) | (198) | 515 |
Residual Plans [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 174 | 140 | 107 |
Residual Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 65 | 89 | 806 |
Residual Plans [Member] | Print [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,083 | 2,854 | 4,289 |
Residual Plans [Member] | Print [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | (54) | 299 | 2,614 |
Residual Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 65 | (41) | 147 |
Residual Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 49 |
Residual Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 163 | 362 | 569 |
Residual Plans [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 790 | 1,120 | 346 |
Residual Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 119 | 1,114 | 564 |
Residual Plans [Member] | Label [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 8 | 633 | |
Residual Plans [Member] | Label [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 8 | 611 | |
Residual Plans [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
Residual Plans [Member] | Label [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
Residual Plans [Member] | Label [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 9 | |
Residual Plans [Member] | Label [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
Residual Plans [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 13 | |
Residual Plans [Member] | Corporate [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 14 | 35 | 2,188 |
Residual Plans [Member] | Corporate [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 1,963 |
Residual Plans [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 64 |
Residual Plans [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 14 | 35 | 161 |
Acquisition Integration Plans [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 986 | 11,216 | |
Acquisition Integration Plans [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 45 | 2,019 | |
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 338 | 1,949 | |
Acquisition Integration Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | |
Acquisition Integration Plans [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 603 | 7,248 | |
Acquisition Integration Plans [Member] | Envelope [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 2,881 | 14,009 | 3,532 |
Acquisition Integration Plans [Member] | Envelope [Member] | Employee Separation Costs [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 45 | 2,019 | 448 |
Acquisition Integration Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 1,895 | 2,793 | 1,030 |
Acquisition Integration Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 33 | 3,432 | 1,274 |
Acquisition Integration Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 338 | 1,949 | 37 |
Acquisition Integration Plans [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | 0 | 0 | 0 |
Acquisition Integration Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | |||
Restructuring Charges [Abstract] | |||
Restructuring and other charges | $ 570 | $ 3,816 | $ 743 |
Restructuring and Other Charg83
Restructuring and Other Charges (Changes in Restructuring Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Accruals, net | $ 12,576 | $ 21,526 | $ 12,586 |
Restructuring reserve, ending balance | 20,924 | ||
Employee Separation Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accruals, net | 2,608 | 7,229 | 5,831 |
Restructuring reserve, ending balance | 279 | ||
Lease Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accruals, net | 479 | 2,113 | 1,194 |
Restructuring reserve, ending balance | 803 | ||
Pension Withdrawal Liabilities [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accruals, net | 4,981 | 1,260 | 453 |
Restructuring reserve, ending balance | 19,842 | ||
Building Clean-up, Equipment Moving and Other Expenses [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Accruals, net | 2,208 | 5,476 | 2,287 |
Restructuring reserve, ending balance | 0 | ||
2015 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | ||
Accruals, net | 2,629 | ||
Payments | (2,353) | ||
Restructuring reserve, ending balance | 276 | 0 | |
2015 Plan [Member] | Employee Separation Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | ||
Accruals, net | 2,119 | ||
Payments | (1,843) | ||
Restructuring reserve, ending balance | 276 | 0 | |
2015 Plan [Member] | Lease Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | ||
Accruals, net | 0 | ||
Payments | 0 | ||
Restructuring reserve, ending balance | 0 | 0 | |
2015 Plan [Member] | Pension Withdrawal Liabilities [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | ||
Accruals, net | 0 | ||
Payments | 0 | ||
Restructuring reserve, ending balance | 0 | 0 | |
2015 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | ||
Accruals, net | 510 | ||
Payments | (510) | ||
Restructuring reserve, ending balance | 0 | 0 | |
2014 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1,506 | 0 | |
Accruals, net | 5,636 | 5,340 | |
Payments | (3,277) | (3,834) | |
Restructuring reserve, ending balance | 3,865 | 1,506 | 0 |
2014 Plan [Member] | Employee Separation Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1,506 | 0 | |
Accruals, net | 498 | 4,907 | |
Payments | (2,001) | (3,401) | |
Restructuring reserve, ending balance | 3 | 1,506 | 0 |
2014 Plan [Member] | Lease Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0 | |
Accruals, net | 0 | 0 | |
Payments | 0 | 0 | |
Restructuring reserve, ending balance | 0 | 0 | 0 |
2014 Plan [Member] | Pension Withdrawal Liabilities [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0 | |
Accruals, net | 4,017 | 0 | |
Payments | (155) | 0 | |
Restructuring reserve, ending balance | 3,862 | 0 | 0 |
2014 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0 | |
Accruals, net | 1,121 | 433 | |
Payments | (1,121) | (433) | |
Restructuring reserve, ending balance | 0 | 0 | 0 |
Residual Plans [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 19,431 | 22,792 | |
Accruals, net | 1,249 | 2,965 | |
Payments | (4,289) | (6,326) | |
Restructuring reserve, ending balance | 16,391 | 19,431 | 22,792 |
Residual Plans [Member] | Employee Separation Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 54 | 837 | |
Accruals, net | (54) | 303 | |
Payments | 0 | (1,086) | |
Restructuring reserve, ending balance | 0 | 54 | 837 |
Residual Plans [Member] | Lease Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 677 | 1,400 | |
Accruals, net | 141 | 164 | |
Payments | (407) | (887) | |
Restructuring reserve, ending balance | 411 | 677 | 1,400 |
Residual Plans [Member] | Pension Withdrawal Liabilities [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 18,700 | 20,555 | |
Accruals, net | 964 | 1,260 | |
Payments | (3,684) | (3,115) | |
Restructuring reserve, ending balance | 15,980 | 18,700 | 20,555 |
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0 | |
Accruals, net | 198 | 1,238 | |
Payments | (198) | (1,238) | |
Restructuring reserve, ending balance | 0 | 0 | 0 |
Acquisition Integration Plans [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1,213 | 2,658 | |
Accruals, net | 986 | 11,216 | |
Payments | (1,807) | (12,661) | |
Restructuring reserve, ending balance | 392 | 1,213 | 2,658 |
Acquisition Integration Plans [Member] | Employee Separation Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 77 | 155 | |
Accruals, net | 45 | 2,019 | |
Payments | (122) | (2,097) | |
Restructuring reserve, ending balance | 0 | 77 | 155 |
Acquisition Integration Plans [Member] | Lease Termination [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1,136 | 2,503 | |
Accruals, net | 338 | 1,949 | |
Payments | (1,082) | (3,316) | |
Restructuring reserve, ending balance | 392 | 1,136 | 2,503 |
Acquisition Integration Plans [Member] | Pension Withdrawal Liabilities [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0 | |
Accruals, net | 0 | 0 | |
Payments | 0 | 0 | |
Restructuring reserve, ending balance | 0 | 0 | 0 |
Acquisition Integration Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0 | 0 | |
Accruals, net | 603 | 7,248 | |
Payments | (603) | (7,248) | |
Restructuring reserve, ending balance | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Options, Outstanding [Roll Forward] | ||||
Options, Beginning balance (options) | 1,670,500 | 1,778,000 | 2,226,000 | |
Options, Granted (shares) | 685,500 | 0 | 189,500 | |
Options, Exercised (shares) | 0 | (10,000) | (20,000) | |
Options, Forfeited/expired (shares) | (834,000) | (97,500) | (617,500) | |
Options, Ending balance (options) | 1,522,000 | 1,670,500 | 1,778,000 | 2,226,000 |
Options Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Weighted Average Exercise Price, Beginning balance (dollars per share) | $ 5.18 | $ 5.23 | $ 7.75 | |
Weighted Average Exercise Price, Granted (dollars per share) | 2.38 | 0 | 2 | |
Weighted Average Exercise Price, Exercised (dollars per share) | 0 | 2 | 2 | |
Weighted Average Exercise Price, Forfeited/expired (dollars per share) | 4.39 | 6.35 | 13.43 | |
Weighted Average Exercise Price, Ending balance (dollars per share) | $ 4.32 | $ 5.18 | $ 5.23 | $ 7.75 |
Wt Avg Exercise Price, Contractual Term, Intrinsic Value, Options, Additional Disclosures [Abstract] | ||||
Weighted Average Remaining Contractual Term (In Years) | 3 years | 1 year 5 months | 2 years 5 months 4 days | 2 years 8 months 12 days |
Aggregate Intrinsic Value | $ 0 | $ 29 | $ 259 | $ 0 |
Aggregate Intrinsic Value, Exercised | $ 0 | $ 0 | $ 22 | |
Options, Exercisable (shares) | 797,250 | |||
Weighted Average Exercise Price, Options Excercisable (dollars per share) | $ 6.12 | |||
Weighted Average Remaining Contractual Term, Options Excersiable (In Years) | 11 months 4 days | |||
Aggregate Intrinsic Value, Options Exercisable (dollars per share) | $ 0 |
Stock-Based Compensation (Sto85
Stock-Based Compensation (Stock Option Fair Value Assumptions) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | |
Jan. 02, 2016 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value of option grants during the year (dollars per share) | $ 0.86 | $ 1.01 |
Expected option life in years (years) | 4 years 3 months | 4 years 3 months |
Risk-free interest rate (percent) | 1.24% | 0.50% |
Expected volatility (percent) | 43.00% | 65.70% |
Expected dividend yield (percent) | 0.00% | 0.00% |
Stock-Based Compensation (RSU A
Stock-Based Compensation (RSU Activity) (Details) - RSUs [Member] - $ / shares | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Nonvested, Restricted Shares and RSUs, Number of Shares [Roll Forward] | |||
Unvested, Beginning balance (shares) | 512,861 | 980,750 | 1,074,340 |
Granted (shares) | 695,944 | 88,236 | 549,500 |
Vested (shares) | (326,861) | (555,500) | (629,340) |
Forfeited (shares) | (41,250) | (625) | (13,750) |
Unvested, Ending balance (shares) | 840,694 | 512,861 | 980,750 |
Nonvested, Restricted Shares and RSUs, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $ 3.22 | $ 3.91 | $ 5.44 |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | 2.38 | 3.06 | 2 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | 3.92 | 4.40 | 4.88 |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | 2.25 | 5.62 | 2.99 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ 2.30 | $ 3.22 | $ 3.91 |
Stock-Based Compensation (PSUs)
Stock-Based Compensation (PSUs) (Details) - Performance Shares [Member] - $ / shares | May. 20, 2015 | May. 01, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 |
Nonvested, Restricted Shares and RSUs, Number of Shares [Roll Forward] | |||||
Unvested, Beginning balance (shares) | 0 | 0 | 0 | ||
Granted (shares) | 590,000 | 730,500 | 590,000 | 0 | 730,500 |
Vested (shares) | 0 | 0 | 0 | ||
Forfeited (shares) | (25,000) | 0 | (730,500) | ||
Unvested, Ending balance (shares) | 565,000 | 0 | 0 | ||
Nonvested, Restricted Shares and RSUs, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $ 0 | $ 0 | $ 0 | ||
Weighted Average Grant Date Fair Value, Granted (dollars per share) | 2.38 | 0 | 0 | ||
Weighted Average Grant Date Fair Value, Vested (dollars per share) | 0 | 0 | 0 | ||
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | 2.38 | 0 | 0 | ||
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ 2.38 | $ 0 | $ 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | May. 20, 2015 | May. 01, 2014 | May. 01, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | May. 31, 2008 |
Narrative Disclosures [Abstract] | |||||||
Stock-based compensation provision | $ 1,636 | $ 2,420 | $ 3,739 | ||||
Stock compensation, tax benefit | 400 | $ 600 | $ 700 | ||||
Unrecognized share based compensation expense | $ 2,600 | ||||||
Unrecognized share based compensation costs, amortization period (years) | 2 years 4 months 2 days | ||||||
Stock Options [Member] | |||||||
Narrative Disclosures [Abstract] | |||||||
Maximum remaining contractual term (years) | 6 years | ||||||
Vesting period (years) | 4 years | ||||||
RSUs [Member] | |||||||
Narrative Disclosures [Abstract] | |||||||
Vesting period (years) | 4 years | ||||||
Shares granted (shares) | 695,944 | 88,236 | 549,500 | ||||
RSU fair value | $ 600 | $ 1,700 | $ 1,600 | ||||
Performance Shares [Member] | |||||||
Narrative Disclosures [Abstract] | |||||||
Stock-based compensation provision | $ 0 | ||||||
Shares granted (shares) | 590,000 | 730,500 | 590,000 | 0 | 730,500 | ||
2007 Long-term Equity Incentive Plan [Member] | |||||||
Narrative Disclosures [Abstract] | |||||||
Number of shares authorized for issuance (shares) | 4,500,000 | ||||||
2007 Long-term Equity Incentive Plan [Member] | Stock Options [Member] | |||||||
Narrative Disclosures [Abstract] | |||||||
Number of additional shares authorized for issuance (shares) | 1,040,000 | ||||||
Director [Member] | RSUs [Member] | |||||||
Narrative Disclosures [Abstract] | |||||||
Vesting period (years) | 1 year | 1 year | 1 year | ||||
Shares granted (shares) | 113,444 | 88,236 | 130,000 | ||||
Executives [Member] | RSUs [Member] | |||||||
Narrative Disclosures [Abstract] | |||||||
Vesting period (years) | 4 years | 4 years | |||||
Shares granted (shares) | 582,500 | 419,500 |
Retirement Plans (Funded Status
Retirement Plans (Funded Status and Net Periodic Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Reconciliation of Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 383,834 | ||
Service cost | 2 | $ 2 | $ 0 |
Interest cost | 14,061 | 14,870 | 13,716 |
Actuarial (gain) loss | 8,877 | 3,220 | 7,779 |
Benefit obligation at end of year | 362,899 | 383,834 | |
Pensions [Member] | |||
Reconciliation of Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 365,326 | 319,151 | |
Service cost | 0 | 0 | |
Interest cost | 13,341 | 14,027 | |
Actuarial (gain) loss | (14,715) | 55,821 | |
Benefits paid | (18,051) | (23,673) | |
Benefit obligation at end of year | 345,901 | 365,326 | 319,151 |
Supplemental Employee Retirement Plans [Member] | |||
Reconciliation of Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 18,508 | 17,824 | |
Service cost | 0 | 0 | |
Interest cost | 656 | 754 | |
Actuarial (gain) loss | (94) | 1,925 | |
Benefits paid | (2,072) | (1,995) | |
Benefit obligation at end of year | 16,998 | 18,508 | 17,824 |
Other Postretirement Benefit Plans [Member] | |||
Reconciliation of Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1,789 | 2,075 | |
Service cost | 2 | 2 | |
Interest cost | 63 | 88 | |
Actuarial (gain) loss | (274) | (254) | |
Benefits paid | (76) | (122) | |
Benefit obligation at end of year | $ 1,504 | $ 1,789 | $ 2,075 |
Retirement Plans (Reconciliatio
Retirement Plans (Reconciliation of Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 267,635 | |
Fair value of plan assets at end of year | 247,519 | $ 267,635 |
Pensions [Member] | ||
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 267,635 | 260,917 |
Actual return on plan assets | (6,610) | 18,466 |
Employer contributions | 4,545 | 11,925 |
Benefits paid | (18,051) | (23,673) |
Fair value of plan assets at end of year | 247,519 | 267,635 |
Supplemental Employee Retirement Plans [Member] | ||
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 2,072 | 1,995 |
Benefits paid | (2,072) | (1,995) |
Fair value of plan assets at end of year | 0 | 0 |
Other Postretirement Benefit Plans [Member] | ||
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 76 | 122 |
Benefits paid | (76) | (122) |
Fair value of plan assets at end of year | $ 0 | $ 0 |
Retirement Plans (Plan Funded S
Retirement Plans (Plan Funded Status) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Pensions [Member] | ||
Funded Status of Plan [Abstract] | ||
Funded status at end of year | $ (98,382) | $ (97,691) |
Supplemental Employee Retirement Plans [Member] | ||
Funded Status of Plan [Abstract] | ||
Funded status at end of year | (16,998) | (18,508) |
Other Postretirement Benefit Plans [Member] | ||
Funded Status of Plan [Abstract] | ||
Funded status at end of year | $ (1,504) | $ (1,789) |
Retirement Plans (Amounts Recog
Retirement Plans (Amounts Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Pensions [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ||
Net actuarial loss (gain) | $ 119,712 | $ 115,438 |
Prior service cost | 0 | 0 |
Total | 119,712 | 115,438 |
Supplemental Employee Retirement Plans [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ||
Net actuarial loss (gain) | 5,438 | 5,872 |
Prior service cost | 0 | 0 |
Total | 5,438 | 5,872 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ||
Net actuarial loss (gain) | (1,045) | (830) |
Prior service cost | 44 | 44 |
Total | $ (1,001) | $ (786) |
Retirement Plans (Amount Recong
Retirement Plans (Amount Recongized in the Balance Sheet) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Pensions [Member] | ||
Liabilities [Abstract] | ||
Other current liabilities | $ 0 | $ 0 |
Other liabilities | 98,382 | 97,691 |
Total liabilities | 98,382 | 97,691 |
Supplemental Employee Retirement Plans [Member] | ||
Liabilities [Abstract] | ||
Other current liabilities | 1,967 | 1,989 |
Other liabilities | 15,031 | 16,519 |
Total liabilities | 16,998 | 18,508 |
Other Postretirement Benefit Plans [Member] | ||
Liabilities [Abstract] | ||
Other current liabilities | 130 | 164 |
Other liabilities | 1,374 | 1,625 |
Total liabilities | $ 1,504 | $ 1,789 |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 2 | $ 2 | $ 0 |
Interest cost | 14,061 | 14,870 | 13,716 |
Expected return on plan assets | (20,976) | (20,792) | (18,455) |
Net amortization and deferral | 0 | 0 | (6) |
Recognized net actuarial loss | 8,877 | 3,220 | 7,779 |
Net periodic expense (benefit) | $ 1,964 | $ (2,700) | $ 3,034 |
Retirement Plans (Weighted Aver
Retirement Plans (Weighted Average Assumptions for Net Periodic Benefit Cost) (Details) - Pensions [Member] | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate used to calculate net periodic benefit expense (percent) | 3.75% | 4.50% | 3.75% |
Discount rate used to calculate projected benefit obligation (percent) | 4.00% | 3.75% | 4.50% |
Expected long-term rate of return on plan assets (percent) | 8.00% | 8.00% | 8.00% |
Retirement Plans (Schedule of B
Retirement Plans (Schedule of Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $ 362,899 | $ 383,834 |
Accumulated benefit obligation | 362,899 | 383,834 |
Fair value of plan assets | $ 247,519 | $ 267,635 |
Retirement Plans (Schedule of E
Retirement Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Jan. 02, 2016USD ($) |
Pensions [Member] | |
Expected Future Benefit Payments [Abstract] | |
2,016 | $ 17,867 |
2,017 | 18,122 |
2,018 | 18,609 |
2,019 | 19,001 |
2,020 | 19,356 |
2021 through 2025 | 101,485 |
Supplemental Employee Retirement Plans [Member] | |
Expected Future Benefit Payments [Abstract] | |
2,016 | 2,006 |
2,017 | 1,870 |
2,018 | 1,707 |
2,019 | 1,642 |
2,020 | 1,574 |
2021 through 2025 | 6,680 |
Other Postretirement Benefit Plans [Member] | |
Expected Future Benefit Payments [Abstract] | |
2,016 | 133 |
2,017 | 129 |
2,018 | 126 |
2,019 | 122 |
2,020 | 118 |
2021 through 2025 | $ 526 |
Retirement Plans (Fair Value of
Retirement Plans (Fair Value of Pension Plan Assets) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 |
Retirement Plans [Line Items] | |||
Fair value of plan assets | $ 247,519 | $ 267,635 | |
Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 247,519 | 267,635 | $ 260,917 |
Cash and cash equivalents [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 12,306 | 6,661 | |
Equity [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 120,953 | 133,833 | |
Fixed income [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 62,490 | 66,899 | |
Other [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 1,489 | 1,599 | |
Alternative investments [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 50,281 | 58,643 | |
Level 1 [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 145,756 | 157,190 | |
Level 1 [Member] | Cash and cash equivalents [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 12,306 | 6,661 | |
Level 1 [Member] | Equity [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 120,953 | 133,833 | |
Level 1 [Member] | Fixed income [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 12,497 | 16,696 | |
Level 1 [Member] | Other [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Alternative investments [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 51,482 | 51,802 | |
Level 2 [Member] | Cash and cash equivalents [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Equity [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Fixed income [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 49,993 | 50,203 | |
Level 2 [Member] | Other [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 1,489 | 1,599 | |
Level 2 [Member] | Alternative investments [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 50,281 | 58,643 | |
Level 3 [Member] | Cash and cash equivalents [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Equity [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Fixed income [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Other [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Alternative investments [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | $ 50,281 | $ 58,643 | $ 53,116 |
Retirement Plans (Summary of Ch
Retirement Plans (Summary of Changes in Fair Value of Level 3 Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Fair Value of Level 3 Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 267,635 | |
Fair value of plan assets at end of year | 247,519 | $ 267,635 |
Pensions [Member] | ||
Fair Value of Level 3 Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 267,635 | 260,917 |
Fair value of plan assets at end of year | 247,519 | 267,635 |
Alternative investments [Member] | Pensions [Member] | ||
Fair Value of Level 3 Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 58,643 | |
Fair value of plan assets at end of year | 50,281 | 58,643 |
Level 3 [Member] | Pensions [Member] | ||
Fair Value of Level 3 Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 58,643 | |
Fair value of plan assets at end of year | 50,281 | 58,643 |
Level 3 [Member] | Alternative investments [Member] | Pensions [Member] | ||
Fair Value of Level 3 Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 58,643 | 53,116 |
Asset sales | (7,010) | (2,884) |
Asset purchases | 0 | 2,884 |
Unrealized gains (losses) | (1,352) | 5,527 |
Fair value of plan assets at end of year | 50,281 | 58,643 |
Realized gains (losses) on asset sales | $ 2,500 | $ (100) |
Retirement Plans (Schedule of A
Retirement Plans (Schedule of Actual and Target Allocations of Plan Assets) (Details) - Pensions [Member] | 12 Months Ended | |
Jan. 02, 2016 | Dec. 27, 2014 | |
Equity [Member] | ||
Target Allocations [Abstract] | ||
Target plan asset allocations range, minimum (percent) | 60.00% | |
Target plan asset allocations range, maximum (percent) | 75.00% | |
Fixed income [Member] | ||
Target Allocations [Abstract] | ||
Target plan asset allocations range, minimum (percent) | 25.00% | |
Target plan asset allocations range, maximum (percent) | 35.00% | |
Alternative and other investments [Member] | ||
Target Allocations [Abstract] | ||
Target plan asset allocations range, minimum (percent) | 10.00% | |
Target plan asset allocations range, maximum (percent) | 30.00% | |
Minimum [Member] | Equity [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 49.00% | 48.00% |
Minimum [Member] | Fixed income [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 29.00% | 26.00% |
Minimum [Member] | Alternative and other investments [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 5.00% | 5.00% |
Maximum [Member] | Equity [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 62.00% | 62.00% |
Maximum [Member] | Fixed income [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 33.00% | 33.00% |
Maximum [Member] | Alternative and other investments [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 22.00% | 26.00% |
Retirement Plans (Schedule of M
Retirement Plans (Schedule of Multi-employer Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Multiemployer Plans [Line Items] | |||
Contributions | $ 554 | $ 366 | $ 1,143 |
Multiemployer Plans, Pension [Member] | GCC/IBT National Pension Fund [Member] | Oregon Location [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 526,118,568 | ||
Pension Plan Number | 1 | ||
Pension Protection Act Reported Status | Red | Red | |
FIP/RP Status | Implemented | ||
Contributions | $ 219 | $ 220 | 262 |
Surcharge imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2016 | ||
Multiemployer Plans, Pension [Member] | GCC/IBT National Pension Fund [Member] | Missouri Location [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 526,118,568 | ||
Pension Plan Number | 1 | ||
Pension Protection Act Reported Status | Red | Red | |
FIP/RP Status | Implemented | ||
Contributions | $ 177 | $ 135 | 100 |
Surcharge imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Feb. 26, 2017 | ||
Multiemployer Plans, Pension [Member] | GCC/IBT National Pension Fund [Member] | Minneapolis Location [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 526,118,568 | ||
Pension Plan Number | 1 | ||
Pension Protection Act Reported Status | Red | Red | |
FIP/RP Status | Implemented | ||
Contributions | $ 0 | $ 11 | 14 |
Surcharge imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Apr. 30, 2017 | ||
Multiemployer Plans, Pension [Member] | CWA/ITU Negotiated Pension Plan [Member] | Virginia Location [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN | 136,212,879 | ||
Pension Plan Number | 1 | ||
Pension Protection Act Reported Status | Red | Red | |
FIP/RP Status | Implemented | ||
Contributions | $ 158 | $ 0 | $ 88 |
Surcharge imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Mar. 1, 2018 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Retirement Plans [Line Items] | |||
Savings Plan, company matching contributions | $ 500,000 | $ 500,000 | $ 300,000 |
Savings Plan, shares of Cenveo's common stock (shares) | 2,210,499 | ||
Interest cost | $ 14,061,000 | 14,870,000 | 13,716,000 |
Contributions to multi-employer plans | 600,000 | 400,000 | 1,100,000 |
Multi-employer plans, expense | 5,000,000 | 1,300,000 | 500,000 |
Supplemental Employee Retirement and Other Postretirement Benefit Plans [Member] | |||
Retirement Plans [Line Items] | |||
Interest cost | 700,000 | 800,000 | $ 800,000 |
Actuarial losses expected to be recognized in net periodic benefit costs | 200,000 | ||
Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Interest cost | 13,341,000 | $ 14,027,000 | |
Actuarial losses expected to be recognized in net periodic benefit costs | 9,700,000 | ||
Prior service cost expected to be recognized in net periodic benefit costs | $ 0 | ||
Expected long-term rate of return on plan assets (percent) | 8.00% | 8.00% | 8.00% |
Estimated future employer contributions in the next fiscal year | $ 100,000 | ||
Other Postretirement Benefit Plans [Member] | |||
Retirement Plans [Line Items] | |||
Interest cost | $ 63,000 | $ 88,000 |
Commitments and Contingencie103
Commitments and Contingencies (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands | Jan. 02, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 19,395 |
2,017 | 15,576 |
2,018 | 12,541 |
2,019 | 8,886 |
2,020 | 6,675 |
Thereafter | 12,347 |
Total | $ 75,420 |
Commitments and Contingencie104
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Loss Contingencies [Line Items] | |||
Operating lease rent expense | $ 25.3 | $ 26.3 | $ 22.9 |
Letters of credit | 17.8 | ||
Environmental Remediation [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental remediation reserve | $ 1.6 | $ 1.7 |
Accumulated Other Comprehens105
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Accumulated Other Comprehensive Loss, Beginning balance | $ (98,197) | $ (40,300) | |
Other comprehensive income (loss) before reclassifications | (16,610) | (61,117) | |
Amounts reclassified from AOCI | 8,877 | 3,220 | |
Total other comprehensive (loss) income | (7,733) | (57,897) | $ 26,901 |
Accumulated Other Comprehensive Loss, Ending balance | (105,930) | (98,197) | (40,300) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Accumulated Other Comprehensive Loss, Beginning balance | (2,905) | (1,584) | |
Other comprehensive income (loss) before reclassifications | (4,295) | (1,321) | |
Amounts reclassified from AOCI | 0 | 0 | |
Total other comprehensive (loss) income | (4,295) | (1,321) | |
Accumulated Other Comprehensive Loss, Ending balance | (7,200) | (2,905) | (1,584) |
Pension and Other Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Accumulated Other Comprehensive Loss, Beginning balance | (95,292) | (38,716) | |
Other comprehensive income (loss) before reclassifications | (12,315) | (59,796) | |
Amounts reclassified from AOCI | 8,877 | 3,220 | |
Total other comprehensive (loss) income | (3,438) | (56,576) | |
Accumulated Other Comprehensive Loss, Ending balance | $ (98,730) | $ (95,292) | $ (38,716) |
Accumulated Other Comprehens106
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | $ (15,068) | $ (90,894) | $ (72,115) | ||||||||
Income tax expense | (4,393) | (4,159) | (14,161) | ||||||||
Loss from continuing operations | $ (4,365) | $ (3,562) | $ (3,355) | $ (8,179) | $ (23,398) | $ (14,030) | $ (39,942) | $ (17,683) | (19,461) | (95,053) | $ (86,276) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | 8,877 | 3,220 | |||||||||
Income tax expense | 0 | 0 | |||||||||
Loss from continuing operations | 8,877 | 3,220 | |||||||||
Pension and Other Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net actuarial losses | $ 8,877 | $ 3,220 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 28, 2013 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Related Party Transaction [Line Items] | ||||
Operating lease rent expense | $ 25,300 | $ 26,300 | $ 22,900 | |
Future lease payments | 75,420 | |||
Lease agreement [Member] | Executives [Member] | ||||
Related Party Transaction [Line Items] | ||||
Lease term (years) | 10 years | |||
Operating lease rent expense | 500 | 500 | 100 | |
Future lease payments | 4,300 | |||
Raw Materials [Member] | Executives [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchases of raw materials | 1,000 | 1,000 | 1,000 | |
Accounts payable to related parties | 300 | 200 | ||
Raw Materials [Member] | Director [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchases of raw materials | 1,900 | 100 | 0 | |
Accounts payable to related parties | 200 | 100 | ||
Net sales [Member] | Executives [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 100 | 100 | $ 100 | |
Accounts receivable from related parties | $ 0 | $ 0 |
Income (Loss) Per Share (Narrat
Income (Loss) Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
7% Notes [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (shares) | 20.1 | 20.3 | 20.8 |
Equity Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (shares) | 2.9 | 2 | 2 |
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 | 12 Months Ended | |||||||||
Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Loss from continuing operations | $ (4,365) | $ (3,562) | $ (3,355) | $ (8,179) | $ (23,398) | $ (14,030) | $ (39,942) | $ (17,683) | $ (19,461) | $ (95,053) | $ (86,276) |
(Loss) income from discontinued operations, net of taxes | (13,159) | 319 | 950 | 500 | 4,899 | 3,137 | 1,305 | 1,849 | (11,390) | 11,190 | 17,490 |
Net loss | $ (17,524) | $ (3,243) | $ (2,405) | $ (7,679) | $ (18,499) | $ (10,893) | $ (38,637) | $ (15,834) | $ (30,851) | $ (83,863) | $ (68,786) |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||
Basic shares | 67,832 | 66,952 | 64,576 | ||||||||
Dilutive effect of 7% Notes (shares) | 0 | 0 | 0 | ||||||||
Dilutive effect of Equity Awards (shares) | 0 | 0 | 0 | ||||||||
Diluted shares | 67,832 | 66,952 | 64,576 | ||||||||
(Loss) income per share – basic: | |||||||||||
Loss per share from continuing operations - basic | $ (0.06) | $ (0.05) | $ (0.05) | $ (0.12) | $ (0.34) | $ (0.21) | $ (0.60) | $ (0.27) | $ (0.29) | $ (1.42) | $ (1.34) |
Discontinued operations per share - basic | (0.20) | 0 | 0.01 | 0.01 | 0.07 | 0.05 | 0.02 | 0.03 | (0.16) | 0.17 | 0.27 |
Net loss per share - basic | (0.26) | (0.05) | (0.04) | (0.11) | (0.27) | (0.16) | (0.58) | (0.24) | (0.45) | (1.25) | (1.07) |
(Loss) income per share – diluted: | |||||||||||
Loss per share from continuing operations - diluted | (0.06) | (0.05) | (0.05) | (0.12) | (0.34) | (0.21) | (0.60) | (0.27) | (0.29) | (1.42) | (1.34) |
Discontinued operations per share - diluted | (0.20) | 0 | 0.01 | 0.01 | 0.07 | 0.05 | 0.02 | 0.03 | (0.16) | 0.17 | 0.27 |
Net loss per share - diluted | $ (0.26) | $ (0.05) | $ (0.04) | $ (0.11) | $ (0.27) | $ (0.16) | $ (0.58) | $ (0.24) | $ (0.45) | $ (1.25) | $ (1.07) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended | |
Jan. 02, 2016operating_segmentreportable_segment | Dec. 27, 2014operating_segmentreportable_segment | |
Segment Reporting [Abstract] | ||
Number of operating segments (operating segment) | operating_segment | 3 | 4 |
Number of reportable segments (reportable segment) | reportable_segment | 3 | 3 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Segment Information [Line Items] | |||||||||||
Net sales | $ 478,960 | $ 419,783 | $ 413,359 | $ 429,677 | $ 453,522 | $ 435,595 | $ 429,738 | $ 442,460 | $ 1,741,779 | $ 1,761,315 | $ 1,588,702 |
Operating income (loss) | 24,822 | 19,516 | 21,655 | 17,800 | 11,231 | 10,233 | 12,438 | 8,872 | 83,793 | 42,774 | 32,041 |
Restructuring and other charges | 12,576 | 21,526 | 12,586 | ||||||||
Impairment of intangible assets | 0 | 0 | 24,493 | ||||||||
Depreciation and intangible asset amortization | 49,689 | 52,970 | 49,231 | ||||||||
Capital expenditures | 25,928 | 32,322 | 24,345 | ||||||||
Intercompany sales | 28,281 | 25,506 | 12,294 | ||||||||
Total assets | 1,079,915 | 1,135,721 | 1,079,915 | 1,135,721 | |||||||
Assets of discontinued operations | 111,417 | 139,182 | 111,417 | 139,182 | |||||||
Long-lived assets | 516,366 | 541,384 | 516,366 | 541,384 | |||||||
U.S. [Member] | |||||||||||
Segment Information [Line Items] | |||||||||||
Net sales | 1,735,921 | 1,754,947 | 1,571,004 | ||||||||
Long-lived assets | 510,205 | 534,787 | 510,205 | 534,787 | |||||||
Foreign [Member] | |||||||||||
Segment Information [Line Items] | |||||||||||
Net sales | 5,858 | 6,368 | 17,698 | ||||||||
Long-lived assets | 6,161 | 6,597 | 6,161 | 6,597 | |||||||
Envelope [Member] | |||||||||||
Segment Information [Line Items] | |||||||||||
Net sales | 244,715 | 218,454 | 218,139 | 227,410 | 231,185 | 227,069 | 229,593 | 241,671 | 908,718 | 929,518 | 749,898 |
Operating income (loss) | 17,127 | 17,746 | 16,711 | 14,840 | 6,136 | 4,328 | 9,332 | 9,806 | 66,424 | 29,602 | 39,775 |
Restructuring and other charges | 3,500 | 14,181 | 5,476 | ||||||||
Impairment of intangible assets | 0 | 0 | 0 | ||||||||
Depreciation and intangible asset amortization | 20,318 | 19,616 | 16,407 | ||||||||
Capital expenditures | 7,480 | 17,267 | 7,221 | ||||||||
Intercompany sales | 6,357 | 6,114 | 4,178 | ||||||||
Total assets | 445,443 | 449,819 | 445,443 | 449,819 | |||||||
Print [Member] | |||||||||||
Segment Information [Line Items] | |||||||||||
Net sales | 150,454 | 123,875 | 114,545 | 122,100 | 141,106 | 127,034 | 117,670 | 122,103 | 510,974 | 507,913 | 501,534 |
Operating income (loss) | 8,915 | 1,541 | 2,987 | 1,679 | 5,829 | 6,340 | 3,882 | 857 | 15,122 | 16,908 | (8,902) |
Restructuring and other charges | 6,853 | 3,091 | 4,289 | ||||||||
Impairment of intangible assets | 0 | 0 | 24,493 | ||||||||
Depreciation and intangible asset amortization | 17,424 | 21,146 | 19,808 | ||||||||
Capital expenditures | 9,240 | 6,008 | 6,172 | ||||||||
Intercompany sales | 17,627 | 15,239 | 4,871 | ||||||||
Total assets | 266,074 | 277,564 | 266,074 | 277,564 | |||||||
Label [Member] | |||||||||||
Segment Information [Line Items] | |||||||||||
Net sales | 83,791 | 77,454 | 80,675 | 80,167 | 81,231 | 81,492 | 82,475 | 78,686 | 322,087 | 323,884 | 337,270 |
Operating income (loss) | 8,533 | 10,146 | 11,150 | 9,704 | 8,245 | 9,691 | 10,998 | 9,376 | 39,533 | 38,310 | 38,182 |
Restructuring and other charges | 486 | 157 | 633 | ||||||||
Impairment of intangible assets | 0 | 0 | 0 | ||||||||
Depreciation and intangible asset amortization | 8,584 | 7,420 | 8,035 | ||||||||
Capital expenditures | 3,678 | 3,224 | 5,411 | ||||||||
Intercompany sales | 4,297 | 4,153 | 3,245 | ||||||||
Total assets | 223,534 | 230,806 | 223,534 | 230,806 | |||||||
Corporate [Member] | |||||||||||
Segment Information [Line Items] | |||||||||||
Operating income (loss) | (9,753) | $ (9,917) | $ (9,193) | $ (8,423) | (8,979) | $ (10,126) | $ (11,774) | $ (11,167) | (37,286) | (42,046) | (37,014) |
Restructuring and other charges | 1,737 | 4,097 | 2,188 | ||||||||
Impairment of intangible assets | 0 | 0 | 0 | ||||||||
Depreciation and intangible asset amortization | 3,363 | 4,788 | 4,981 | ||||||||
Capital expenditures | 5,530 | 5,823 | $ 5,541 | ||||||||
Total assets | $ 33,447 | $ 38,350 | $ 33,447 | $ 38,350 |
Condensed Consolidating Fina112
Condensed Consolidating Financial Information (Narrative) (Details) | Jan. 02, 2016 | Jun. 26, 2014 |
6.000% senior secured priority notes due 2019 [Member] | Senior notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt interest rate (percent) | 6.00% | 6.00% |
8.500% junior secured priority notes due 2022 [Member] | Junior subordinated debt [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt interest rate (percent) | 8.50% | 8.50% |
7.875% senior subordinated notes, due 2013 [Member] | Senior subordinated notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt interest rate (percent) | 7.875% | |
8.875% senior second lien notes due 2018 [Member] | Senior subordinated 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 Fina113
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Current assets: | ||||
Cash and cash equivalents | $ 7,785 | $ 12,572 | $ 10,429 | |
Accounts receivable, net | 254,042 | 252,555 | ||
Inventories | 121,615 | 118,891 | ||
Intercompany receivable | 0 | 0 | ||
Notes receivable from subsidiaries | 0 | 0 | ||
Prepaid and other current assets | 44,620 | 47,328 | ||
Assets of discontinued operations - current | 48,566 | 52,569 | ||
Total current assets | 476,628 | 483,915 | ||
Investment in subsidiaries | 0 | 0 | ||
Property, plant and equipment, net | 210,578 | 227,823 | ||
Goodwill | 175,338 | 175,542 | 175,686 | |
Other intangible assets, net | 130,450 | 138,019 | ||
Other assets, net | 24,070 | 23,809 | ||
Assets of discontinued operations - long-term | 62,851 | 86,613 | ||
Total assets | 1,079,915 | 1,135,721 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 5,373 | 3,872 | ||
Accounts payable | 200,120 | 213,040 | ||
Accrued compensation and related liabilities | 31,961 | 35,055 | ||
Other current liabilities | 86,703 | 84,777 | ||
Liabilities of discontinued operations - current | 22,268 | 24,203 | ||
Intercompany payable | 0 | 0 | ||
Notes payable to issuer | 0 | 0 | ||
Total current liabilities | 346,425 | 360,947 | ||
Long-term debt | 1,203,250 | 1,206,508 | ||
Other liabilities | 198,926 | 197,421 | ||
Liabilities of discontinued operations - long-term | 1,153 | 3,520 | ||
Shareholders’ (deficit) equity | (669,839) | (632,675) | (496,980) | $ (464,314) |
Total liabilities and shareholders’ deficit | 1,079,915 | 1,135,721 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany receivable | 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 | (669,839) | (632,675) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Assets of discontinued operations - long-term | 0 | 0 | ||
Total assets | (669,839) | (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 | 0 | 0 | ||
Notes payable to issuer | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Liabilities of discontinued operations - long-term | 0 | 0 | ||
Shareholders’ (deficit) equity | (669,839) | (632,675) | ||
Total liabilities and shareholders’ deficit | (669,839) | (632,675) | ||
Subsidiary Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 5,558 | 10,965 | 9,504 | |
Accounts receivable, net | 133,232 | 128,599 | ||
Inventories | 74,116 | 71,108 | ||
Intercompany receivable | 0 | 0 | ||
Notes receivable from subsidiaries | 36,938 | 36,938 | ||
Prepaid and other current assets | 41,238 | 43,027 | ||
Assets of discontinued operations - current | 0 | 0 | ||
Total current assets | 291,082 | 290,637 | ||
Investment in subsidiaries | 2,014,972 | 1,944,300 | ||
Property, plant and equipment, net | 113,608 | 120,949 | ||
Goodwill | 22,940 | 25,540 | ||
Other intangible assets, net | 9,533 | 10,011 | ||
Other assets, net | 20,327 | 20,080 | ||
Assets of discontinued operations - long-term | 1,226 | 0 | ||
Total assets | 2,473,688 | 2,411,517 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 4,454 | 3,000 | ||
Accounts payable | 126,384 | 138,939 | ||
Accrued compensation and related liabilities | 26,812 | 29,851 | ||
Other current liabilities | 69,254 | 66,895 | ||
Liabilities of discontinued operations - current | 0 | 0 | ||
Intercompany payable | 1,572,152 | 1,439,853 | ||
Notes payable to issuer | 0 | 0 | ||
Total current liabilities | 1,799,056 | 1,678,538 | ||
Long-term debt | 1,200,848 | 1,205,235 | ||
Other liabilities | 143,623 | 160,419 | ||
Liabilities of discontinued operations - long-term | 0 | 0 | ||
Shareholders’ (deficit) equity | (669,839) | (632,675) | ||
Total liabilities and shareholders’ deficit | 2,473,688 | 2,411,517 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 235 | 767 | 0 | |
Accounts receivable, net | 120,810 | 123,956 | ||
Inventories | 47,499 | 47,783 | ||
Intercompany receivable | 1,580,492 | 1,449,613 | ||
Notes receivable from subsidiaries | 3,245 | 3,245 | ||
Prepaid and other current assets | 1,807 | 2,055 | ||
Assets of discontinued operations - current | 41,821 | 44,673 | ||
Total current assets | 1,795,909 | 1,672,092 | ||
Investment in subsidiaries | 4,492 | 3,608 | ||
Property, plant and equipment, net | 96,262 | 106,318 | ||
Goodwill | 147,409 | 144,811 | ||
Other intangible assets, net | 120,451 | 127,158 | ||
Other assets, net | 3,154 | 3,245 | ||
Assets of discontinued operations - long-term | 62,184 | 86,613 | ||
Total assets | 2,229,861 | 2,143,845 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 919 | 872 | ||
Accounts payable | 73,601 | 73,941 | ||
Accrued compensation and related liabilities | 4,846 | 4,666 | ||
Other current liabilities | 16,737 | 17,209 | ||
Liabilities of discontinued operations - current | 21,543 | 22,671 | ||
Intercompany payable | 0 | 0 | ||
Notes payable to issuer | 36,938 | 36,938 | ||
Total current liabilities | 154,584 | 156,297 | ||
Long-term debt | 2,402 | 1,273 | ||
Other liabilities | 56,191 | 38,455 | ||
Liabilities of discontinued operations - long-term | 1,712 | 3,520 | ||
Shareholders’ (deficit) equity | 2,014,972 | 1,944,300 | ||
Total liabilities and shareholders’ deficit | 2,229,861 | 2,143,845 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1,992 | 840 | 925 | |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany receivable | 0 | 0 | ||
Notes receivable from subsidiaries | 0 | 0 | ||
Prepaid and other current assets | 1,575 | 2,246 | ||
Assets of discontinued operations - current | 6,745 | 7,896 | ||
Total current assets | 10,312 | 10,982 | ||
Investment in subsidiaries | 7,829 | 7,829 | ||
Property, plant and equipment, net | 708 | 556 | ||
Goodwill | 4,989 | 5,191 | ||
Other intangible assets, net | 466 | 850 | ||
Other assets, net | 1,477 | 1,937 | ||
Assets of discontinued operations - long-term | 0 | 0 | ||
Total assets | 25,781 | 27,345 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 135 | 160 | ||
Accrued compensation and related liabilities | 303 | 538 | ||
Other current liabilities | 712 | 673 | ||
Liabilities of discontinued operations - current | 725 | 1,532 | ||
Intercompany payable | 8,340 | 9,760 | ||
Notes payable to issuer | 3,245 | 3,245 | ||
Total current liabilities | 13,460 | 15,908 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Liabilities of discontinued operations - long-term | 0 | 0 | ||
Shareholders’ (deficit) equity | 12,321 | 11,437 | ||
Total liabilities and shareholders’ deficit | 25,781 | 27,345 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany receivable | (1,580,492) | (1,449,613) | ||
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 | (1,620,675) | (1,489,796) | ||
Investment in subsidiaries | (1,357,454) | (1,323,062) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other assets, net | (888) | (1,453) | ||
Assets of discontinued operations - long-term | (559) | 0 | ||
Total assets | (2,979,576) | (2,814,311) | ||
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 | (1,580,492) | (1,449,613) | ||
Notes payable to issuer | (40,183) | (40,183) | ||
Total current liabilities | (1,620,675) | (1,489,796) | ||
Long-term debt | 0 | 0 | ||
Other liabilities | (888) | (1,453) | ||
Liabilities of discontinued operations - long-term | (559) | 0 | ||
Shareholders’ (deficit) equity | (1,357,454) | (1,323,062) | ||
Total liabilities and shareholders’ deficit | $ (2,979,576) | $ (2,814,311) |
Condensed Consolidating Fina114
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | $ 478,960 | $ 419,783 | $ 413,359 | $ 429,677 | $ 453,522 | $ 435,595 | $ 429,738 | $ 442,460 | $ 1,741,779 | $ 1,761,315 | $ 1,588,702 |
Cost of sales | 1,450,876 | 1,491,488 | 1,325,365 | ||||||||
Selling, general and administrative expenses | 186,749 | 196,343 | 186,435 | ||||||||
Amortization of intangible assets | 7,785 | 9,184 | 7,782 | ||||||||
Restructuring and other charges | 12,576 | 21,526 | 12,586 | ||||||||
Impairment of intangible assets | 0 | 0 | 24,493 | ||||||||
Operating income | 24,822 | 19,516 | 21,655 | 17,800 | 11,231 | 10,233 | 12,438 | 8,872 | 83,793 | 42,774 | 32,041 |
Gain on bargain purchase | 0 | 0 | (17,262) | ||||||||
Interest expense, net | 100,805 | 106,661 | 112,579 | ||||||||
Intercompany interest (income) expense | 0 | 0 | 0 | ||||||||
Loss on early extinguishment of debt, net | 1,252 | 27,449 | 11,324 | ||||||||
Other income, net | (3,196) | (442) | (2,485) | ||||||||
Loss from continuing operations before income taxes | (15,068) | (90,894) | (72,115) | ||||||||
Income tax expense (benefit) | 4,393 | 4,159 | 14,161 | ||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | (19,461) | (95,053) | (86,276) | ||||||||
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | ||||||||
Loss from continuing operations | (4,365) | (3,562) | (3,355) | (8,179) | (23,398) | (14,030) | (39,942) | (17,683) | (19,461) | (95,053) | (86,276) |
(Loss) income from discontinued operations, net of taxes | (13,159) | 319 | 950 | 500 | 4,899 | 3,137 | 1,305 | 1,849 | (11,390) | 11,190 | 17,490 |
Net loss | $ (17,524) | $ (3,243) | $ (2,405) | $ (7,679) | $ (18,499) | $ (10,893) | $ (38,637) | $ (15,834) | (30,851) | (83,863) | (68,786) |
Other comprehensive (loss) income: | |||||||||||
Other comprehensive (loss) income of subsidiaries | 0 | 0 | 0 | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | (3,438) | (56,576) | 31,430 | ||||||||
Currency translation adjustment, net | (4,295) | (1,321) | (4,529) | ||||||||
Comprehensive loss | (38,584) | (141,760) | (41,885) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Amortization of intangible assets | 0 | 0 | 0 | ||||||||
Restructuring and other charges | 0 | 0 | 0 | ||||||||
Impairment of intangible assets | 0 | ||||||||||
Operating income | 0 | 0 | 0 | ||||||||
Gain on bargain purchase | 0 | ||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Intercompany interest (income) expense | 0 | 0 | 0 | ||||||||
Loss on early extinguishment of debt, net | 0 | 0 | 0 | ||||||||
Other income, net | 0 | 0 | 0 | ||||||||
Loss from continuing operations before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 | 0 | ||||||||
Equity in (loss) income of subsidiaries | (30,851) | (83,863) | (68,786) | ||||||||
Loss from continuing operations | (30,851) | (83,863) | (68,786) | ||||||||
(Loss) income from discontinued operations, net of taxes | 0 | 0 | 0 | ||||||||
Net loss | (30,851) | (83,863) | (68,786) | ||||||||
Other comprehensive (loss) income: | |||||||||||
Other comprehensive (loss) income of subsidiaries | (7,733) | (57,897) | 26,901 | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | ||||||||
Currency translation adjustment, net | 0 | 0 | 0 | ||||||||
Comprehensive loss | (38,584) | (141,760) | (41,885) | ||||||||
Subsidiary Issuer [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 898,529 | 932,099 | 762,810 | ||||||||
Cost of sales | 775,386 | 817,761 | 660,679 | ||||||||
Selling, general and administrative expenses | 119,149 | 128,806 | 119,046 | ||||||||
Amortization of intangible assets | 743 | 703 | 602 | ||||||||
Restructuring and other charges | 10,751 | 18,560 | 7,744 | ||||||||
Impairment of intangible assets | 0 | ||||||||||
Operating income | (7,500) | (33,731) | (25,261) | ||||||||
Gain on bargain purchase | (17,262) | ||||||||||
Interest expense, net | 100,592 | 106,276 | 112,232 | ||||||||
Intercompany interest (income) expense | (998) | (1,107) | (1,203) | ||||||||
Loss on early extinguishment of debt, net | 1,252 | 27,449 | 11,324 | ||||||||
Other income, net | (2,658) | (106) | (2,238) | ||||||||
Loss from continuing operations before income taxes | (105,688) | (166,243) | (128,114) | ||||||||
Income tax expense (benefit) | 5,425 | 695 | 25,081 | ||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | (111,113) | (166,938) | (153,195) | ||||||||
Equity in (loss) income of subsidiaries | 74,968 | 81,936 | 75,419 | ||||||||
Loss from continuing operations | (36,145) | (85,002) | (77,776) | ||||||||
(Loss) income from discontinued operations, net of taxes | 5,294 | 1,139 | 8,990 | ||||||||
Net loss | (30,851) | (83,863) | (68,786) | ||||||||
Other comprehensive (loss) income: | |||||||||||
Other comprehensive (loss) income of subsidiaries | (4,240) | (4,952) | (1,754) | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | (3,493) | (52,945) | 28,655 | ||||||||
Currency translation adjustment, net | 0 | 0 | 0 | ||||||||
Comprehensive loss | (38,584) | (141,760) | (41,885) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 839,500 | 823,238 | 815,001 | ||||||||
Cost of sales | 674,759 | 671,097 | 656,133 | ||||||||
Selling, general and administrative expenses | 66,882 | 66,803 | 66,678 | ||||||||
Amortization of intangible assets | 6,574 | 7,993 | 6,649 | ||||||||
Restructuring and other charges | 1,825 | 2,966 | 4,843 | ||||||||
Impairment of intangible assets | 24,493 | ||||||||||
Operating income | 89,460 | 74,379 | 56,205 | ||||||||
Gain on bargain purchase | 0 | ||||||||||
Interest expense, net | 213 | 385 | 347 | ||||||||
Intercompany interest (income) expense | 998 | 1,107 | 1,203 | ||||||||
Loss on early extinguishment of debt, net | 0 | 0 | 0 | ||||||||
Other income, net | (258) | (199) | (9) | ||||||||
Loss from continuing operations before income taxes | 88,507 | 73,086 | 54,664 | ||||||||
Income tax expense (benefit) | (1,893) | 2,965 | (11,637) | ||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 90,400 | 70,121 | 66,301 | ||||||||
Equity in (loss) income of subsidiaries | 1,644 | 1,813 | 323 | ||||||||
Loss from continuing operations | 92,044 | 71,934 | 66,624 | ||||||||
(Loss) income from discontinued operations, net of taxes | (17,076) | 10,002 | 8,795 | ||||||||
Net loss | 74,968 | 81,936 | 75,419 | ||||||||
Other comprehensive (loss) income: | |||||||||||
Other comprehensive (loss) income of subsidiaries | (760) | (407) | (2,704) | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | 55 | (3,631) | 2,775 | ||||||||
Currency translation adjustment, net | (3,535) | (914) | (1,825) | ||||||||
Comprehensive loss | 70,728 | 76,984 | 73,665 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 3,750 | 5,978 | 10,891 | ||||||||
Cost of sales | 731 | 2,630 | 8,553 | ||||||||
Selling, general and administrative expenses | 718 | 734 | 711 | ||||||||
Amortization of intangible assets | 468 | 488 | 531 | ||||||||
Restructuring and other charges | 0 | 0 | (1) | ||||||||
Impairment of intangible assets | 0 | ||||||||||
Operating income | 1,833 | 2,126 | 1,097 | ||||||||
Gain on bargain purchase | 0 | ||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Intercompany interest (income) expense | 0 | 0 | 0 | ||||||||
Loss on early extinguishment of debt, net | 0 | 0 | 0 | ||||||||
Other income, net | (280) | (137) | (238) | ||||||||
Loss from continuing operations before income taxes | 2,113 | 2,263 | 1,335 | ||||||||
Income tax expense (benefit) | 861 | 499 | 717 | ||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 1,252 | 1,764 | 618 | ||||||||
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | ||||||||
Loss from continuing operations | 1,252 | 1,764 | 618 | ||||||||
(Loss) income from discontinued operations, net of taxes | 392 | 49 | (295) | ||||||||
Net loss | 1,644 | 1,813 | 323 | ||||||||
Other comprehensive (loss) income: | |||||||||||
Other comprehensive (loss) income of subsidiaries | 0 | 0 | 0 | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | ||||||||
Currency translation adjustment, net | (760) | (407) | (2,704) | ||||||||
Comprehensive loss | 884 | 1,406 | (2,381) | ||||||||
Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Amortization of intangible assets | 0 | 0 | 0 | ||||||||
Restructuring and other charges | 0 | 0 | 0 | ||||||||
Impairment of intangible assets | 0 | ||||||||||
Operating income | 0 | 0 | 0 | ||||||||
Gain on bargain purchase | 0 | ||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Intercompany interest (income) expense | 0 | 0 | 0 | ||||||||
Loss on early extinguishment of debt, net | 0 | 0 | 0 | ||||||||
Other income, net | 0 | 0 | 0 | ||||||||
Loss from continuing operations before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 | 0 | ||||||||
Equity in (loss) income of subsidiaries | (45,761) | 114 | (6,956) | ||||||||
Loss from continuing operations | (45,761) | 114 | (6,956) | ||||||||
(Loss) income from discontinued operations, net of taxes | 0 | 0 | 0 | ||||||||
Net loss | (45,761) | 114 | (6,956) | ||||||||
Other comprehensive (loss) income: | |||||||||||
Other comprehensive (loss) income of subsidiaries | 12,733 | 63,256 | (22,443) | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | ||||||||
Currency translation adjustment, net | 0 | 0 | 0 | ||||||||
Comprehensive loss | $ (33,028) | $ 63,370 | $ (29,399) |
Condensed Consolidating Fina115
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016USD ($) | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) | |
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities of continuing operations | $ 16,226 | $ 6,398 | $ 4,457 |
Net cash provided by operating activities of discontinued operations | 15,968 | 17,517 | 23,736 |
Net cash provided by operating activities | 32,194 | 23,915 | 28,193 |
Cash flows from investing activities: | |||
Cost of business acquisitions, net of cash acquired | (1,996) | 0 | (33,166) |
Capital expenditures | (25,928) | (32,322) | (24,345) |
Purchase of investment | 0 | (2,000) | (1,650) |
Proceeds from sale of property, plant and equipment | 8,558 | 3,766 | 2,682 |
Proceeds from sale of assets | 2,180 | 0 | 0 |
Net cash used in investing activities of continuing operations | (17,186) | (30,556) | (56,479) |
Net cash (used in) provided by investing activities of discontinued operations | (2,282) | (2,712) | 48,982 |
Net cash used in investing activities | (19,468) | (33,268) | (7,497) |
Cash flows from financing activities: | |||
Proceeds from issuance of 6.000% senior secured priority notes due 2019 | 0 | 540,000 | 0 |
Proceeds from issuance of 8.500% junior secured priority notes due 2022 | 0 | 250,000 | 0 |
Repayment of 7.875% senior subordinated notes | 0 | 0 | (67,848) |
Repayment of Term Loan B due 2016 | 0 | 0 | (388,205) |
Payment of financing related costs and expenses and debt issuance discounts | (1,596) | (37,994) | (15,570) |
Proceeds from issuance of other long-term debt | 12,500 | 0 | 20,000 |
Repayments of other long-term debt | (16,545) | (7,695) | (6,789) |
Repayment of 11.5% senior notes due 2017 | (22,720) | (2,680) | 0 |
Repayment of 8.500% junior secured priority notes due 2022 | 0 | (2,000) | 0 |
Purchase and retirement of common stock upon vesting of RSUs | (216) | (562) | (660) |
Repayment under Revolving Credit Facility, net | 0 | 0 | (18,000) |
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | 0 | 50,000 |
Repayment of 15% Unsecured Term Loan due 2017 | 0 | (10,000) | (40,000) |
Proceeds from exercise of stock options | 0 | 20 | 98 |
Proceeds from issuance of Term Loan Facility due 2017 | 0 | 0 | 360,000 |
Repayment of Term Loan Facility due 2017 | 0 | (329,100) | (30,900) |
Repayment of 8.875% senior second lien notes due 2018 | 0 | (400,000) | 0 |
Borrowings under ABL Facility due 2017 | 468,300 | 520,100 | 699,200 |
Repayments under ABL Facility due 2017 | (454,800) | (506,800) | (577,800) |
Intercompany advances | 0 | 0 | 0 |
Net cash (used in) provided by financing activities of continuing operations | (15,077) | 13,289 | (16,474) |
Net cash used in financing activities of discontinued operations | (473) | (798) | (1,076) |
Net cash (used in) provided by financing activities | (15,550) | 12,491 | (17,550) |
Effect of exchange rate changes on cash and cash equivalents | (1,213) | 126 | 73 |
Net (decrease) increase in cash and cash equivalents | (4,037) | 3,264 | 3,219 |
Cash and cash equivalents at beginning of period | 14,593 | 11,329 | 8,110 |
Cash and cash equivalents at end of period | 10,556 | 14,593 | 11,329 |
Less cash and equivalents of discontinued operations | (2,771) | (2,021) | (900) |
Cash and cash equivalents of continuing operations at end of period | 7,785 | 12,572 | 10,429 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities of continuing operations | 1,636 | 2,420 | 3,739 |
Net cash provided by operating activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | 1,636 | 2,420 | 3,739 |
Cash flows from investing activities: | |||
Cost of business acquisitions, net of cash acquired | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 |
Purchase of investment | 0 | 0 | |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | ||
Net cash used in investing activities of continuing operations | 0 | 0 | 0 |
Net cash (used in) provided by investing activities of discontinued operations | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 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 | ||
Repayment of 7.875% senior subordinated notes | 0 | ||
Repayment of Term Loan B due 2016 | 0 | ||
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 | 0 |
Proceeds from issuance of other long-term debt | 0 | 0 | |
Repayments of other long-term debt | 0 | 0 | 0 |
Repayment of 11.5% senior notes due 2017 | 0 | 0 | |
Repayment of 8.500% junior secured priority notes due 2022 | 0 | ||
Purchase and retirement of common stock upon vesting of RSUs | (216) | (562) | (660) |
Repayment under Revolving Credit Facility, net | 0 | ||
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | ||
Repayment of 15% Unsecured Term Loan due 2017 | 0 | 0 | |
Proceeds from exercise of stock options | 20 | 98 | |
Proceeds from issuance of Term Loan Facility due 2017 | 0 | ||
Repayment of Term Loan Facility due 2017 | 0 | 0 | |
Repayment of 8.875% senior second lien notes due 2018 | 0 | ||
Borrowings under ABL Facility due 2017 | 0 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 0 | 0 |
Intercompany advances | (1,420) | (1,878) | (3,177) |
Net cash (used in) provided by financing activities of continuing operations | (1,636) | (2,420) | (3,739) |
Net cash used in financing activities of discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (1,636) | (2,420) | (3,739) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Less cash and equivalents of discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents of continuing operations at end of period | 0 | 0 | 0 |
Subsidiary Issuer [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities of continuing operations | (110,318) | (91,517) | (117,743) |
Net cash provided by operating activities of discontinued operations | 0 | (884) | 6,227 |
Net cash provided by operating activities | (110,318) | (92,401) | (111,516) |
Cash flows from investing activities: | |||
Cost of business acquisitions, net of cash acquired | (1,996) | (33,166) | |
Capital expenditures | (18,448) | (24,554) | (13,708) |
Purchase of investment | (2,000) | (1,650) | |
Proceeds from sale of property, plant and equipment | 7,673 | 3,465 | 258 |
Proceeds from sale of assets | 0 | ||
Net cash used in investing activities of continuing operations | (12,771) | (23,089) | (48,266) |
Net cash (used in) provided by investing activities of discontinued operations | 0 | 1,033 | 23,160 |
Net cash used in investing activities | (12,771) | (22,056) | (25,106) |
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 | ||
Repayment of 7.875% senior subordinated notes | (67,848) | ||
Repayment of Term Loan B due 2016 | (388,205) | ||
Payment of financing related costs and expenses and debt issuance discounts | (1,596) | (37,994) | (15,570) |
Proceeds from issuance of other long-term debt | 12,500 | 20,000 | |
Repayments of other long-term debt | (17,721) | (6,967) | (3,036) |
Repayment of 11.5% senior notes due 2017 | (22,720) | (2,680) | |
Repayment of 8.500% junior secured priority notes due 2022 | (2,000) | ||
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | 0 |
Repayment under Revolving Credit Facility, net | (18,000) | ||
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 50,000 | ||
Repayment of 15% Unsecured Term Loan due 2017 | (10,000) | (40,000) | |
Proceeds from exercise of stock options | 0 | 0 | |
Proceeds from issuance of Term Loan Facility due 2017 | 360,000 | ||
Repayment of Term Loan Facility due 2017 | (329,100) | (30,900) | |
Repayment of 8.875% senior second lien notes due 2018 | (400,000) | ||
Borrowings under ABL Facility due 2017 | 468,300 | 520,100 | 699,200 |
Repayments under ABL Facility due 2017 | (454,800) | (506,800) | (577,800) |
Intercompany advances | 133,719 | 101,359 | 152,522 |
Net cash (used in) provided by financing activities of continuing operations | 117,682 | 115,918 | 140,363 |
Net cash used in financing activities of discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 117,682 | 115,918 | 140,363 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | (5,407) | 1,461 | 3,741 |
Cash and cash equivalents at beginning of period | 10,965 | 9,504 | 5,763 |
Cash and cash equivalents at end of period | 5,558 | 10,965 | 9,504 |
Less cash and equivalents of discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents of continuing operations at end of period | 5,558 | 10,965 | 9,504 |
Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities of continuing operations | 122,254 | 99,190 | 118,207 |
Net cash provided by operating activities of discontinued operations | 15,230 | 17,456 | 17,676 |
Net cash provided by operating activities | 137,484 | 116,646 | 135,883 |
Cash flows from investing activities: | |||
Cost of business acquisitions, net of cash acquired | 0 | 0 | |
Capital expenditures | (6,921) | (7,550) | (10,534) |
Purchase of investment | 0 | 0 | |
Proceeds from sale of property, plant and equipment | 885 | 301 | 2,424 |
Proceeds from sale of assets | 2,180 | ||
Net cash used in investing activities of continuing operations | (3,856) | (7,249) | (8,110) |
Net cash (used in) provided by investing activities of discontinued operations | (2,282) | (3,745) | 25,822 |
Net cash used in investing activities | (6,138) | (10,994) | 17,712 |
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 | ||
Repayment of 7.875% senior subordinated notes | 0 | ||
Repayment of Term Loan B due 2016 | 0 | ||
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 | 0 |
Proceeds from issuance of other long-term debt | 0 | 0 | |
Repayments of other long-term debt | 1,176 | (728) | (3,753) |
Repayment of 11.5% senior notes due 2017 | 0 | 0 | |
Repayment of 8.500% junior secured priority notes due 2022 | 0 | ||
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | 0 |
Repayment under Revolving Credit Facility, net | 0 | ||
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | ||
Repayment of 15% Unsecured Term Loan due 2017 | 0 | 0 | |
Proceeds from exercise of stock options | 0 | 0 | |
Proceeds from issuance of Term Loan Facility due 2017 | 0 | ||
Repayment of Term Loan Facility due 2017 | 0 | 0 | |
Repayment of 8.875% senior second lien notes due 2018 | 0 | ||
Borrowings under ABL Facility due 2017 | 0 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 0 | 0 |
Intercompany advances | (130,879) | (103,450) | (149,225) |
Net cash (used in) provided by financing activities of continuing operations | (129,703) | (104,178) | (152,978) |
Net cash used in financing activities of discontinued operations | (473) | (798) | (1,076) |
Net cash (used in) provided by financing activities | (130,176) | (104,976) | (154,054) |
Effect of exchange rate changes on cash and cash equivalents | (1,690) | 168 | 173 |
Net (decrease) increase in cash and cash equivalents | (520) | 844 | (286) |
Cash and cash equivalents at beginning of period | 844 | 0 | 286 |
Cash and cash equivalents at end of period | 324 | 844 | 0 |
Less cash and equivalents of discontinued operations | (89) | (77) | 0 |
Cash and cash equivalents of continuing operations at end of period | 235 | 767 | 0 |
Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities of continuing operations | 2,654 | (3,695) | 254 |
Net cash provided by operating activities of discontinued operations | 738 | 945 | (167) |
Net cash provided by operating activities | 3,392 | (2,750) | 87 |
Cash flows from investing activities: | |||
Cost of business acquisitions, net of cash acquired | 0 | 0 | |
Capital expenditures | (559) | (218) | (103) |
Purchase of investment | 0 | 0 | |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | ||
Net cash used in investing activities of continuing operations | (559) | (218) | (103) |
Net cash (used in) provided by investing activities of discontinued operations | 0 | 0 | 0 |
Net cash used in investing activities | (559) | (218) | (103) |
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 | ||
Repayment of 7.875% senior subordinated notes | 0 | ||
Repayment of Term Loan B due 2016 | 0 | ||
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 | 0 |
Proceeds from issuance of other long-term debt | 0 | 0 | |
Repayments of other long-term debt | 0 | 0 | 0 |
Repayment of 11.5% senior notes due 2017 | 0 | 0 | |
Repayment of 8.500% junior secured priority notes due 2022 | 0 | ||
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | 0 |
Repayment under Revolving Credit Facility, net | 0 | ||
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | ||
Repayment of 15% Unsecured Term Loan due 2017 | 0 | 0 | |
Proceeds from exercise of stock options | 0 | 0 | |
Proceeds from issuance of Term Loan Facility due 2017 | 0 | ||
Repayment of Term Loan Facility due 2017 | 0 | 0 | |
Repayment of 8.875% senior second lien notes due 2018 | 0 | ||
Borrowings under ABL Facility due 2017 | 0 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 0 | 0 |
Intercompany advances | (1,420) | 3,969 | (120) |
Net cash (used in) provided by financing activities of continuing operations | (1,420) | 3,969 | (120) |
Net cash used in financing activities of discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (1,420) | 3,969 | (120) |
Effect of exchange rate changes on cash and cash equivalents | 477 | (42) | (100) |
Net (decrease) increase in cash and cash equivalents | 1,890 | 959 | (236) |
Cash and cash equivalents at beginning of period | 2,784 | 1,825 | 2,061 |
Cash and cash equivalents at end of period | 4,674 | 2,784 | 1,825 |
Less cash and equivalents of discontinued operations | (2,682) | (1,944) | (900) |
Cash and cash equivalents of continuing operations at end of period | 1,992 | 840 | 925 |
Eliminations [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities of continuing operations | 0 | 0 | 0 |
Net cash provided by operating activities of discontinued operations | 0 | 0 | 0 |
Net cash provided by operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | |||
Cost of business acquisitions, net of cash acquired | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 |
Purchase of investment | 0 | 0 | |
Proceeds from sale of property, plant and equipment | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | ||
Net cash used in investing activities of continuing operations | 0 | 0 | 0 |
Net cash (used in) provided by investing activities of discontinued operations | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 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 | ||
Repayment of 7.875% senior subordinated notes | 0 | ||
Repayment of Term Loan B due 2016 | 0 | ||
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 | 0 |
Proceeds from issuance of other long-term debt | 0 | 0 | |
Repayments of other long-term debt | 0 | 0 | 0 |
Repayment of 11.5% senior notes due 2017 | 0 | 0 | |
Repayment of 8.500% junior secured priority notes due 2022 | 0 | ||
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | 0 |
Repayment under Revolving Credit Facility, net | 0 | ||
Proceeds from issuance of 15% Unsecured Term Loan due 2017 | 0 | ||
Repayment of 15% Unsecured Term Loan due 2017 | 0 | 0 | |
Proceeds from exercise of stock options | 0 | 0 | |
Proceeds from issuance of Term Loan Facility due 2017 | 0 | ||
Repayment of Term Loan Facility due 2017 | 0 | 0 | |
Repayment of 8.875% senior second lien notes due 2018 | 0 | ||
Borrowings under ABL Facility due 2017 | 0 | 0 | 0 |
Repayments under ABL Facility due 2017 | 0 | 0 | 0 |
Intercompany advances | 0 | 0 | 0 |
Net cash (used in) provided by financing activities of continuing operations | 0 | 0 | 0 |
Net cash used in financing activities of discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Less cash and equivalents of discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents of continuing operations at end of period | $ 0 | $ 0 | $ 0 |
Selected Quarterly Financial116
Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 28, 2013 | |
Quarterly Financial Data [Line Items] | |||||||||||
Net sales | $ 478,960 | $ 419,783 | $ 413,359 | $ 429,677 | $ 453,522 | $ 435,595 | $ 429,738 | $ 442,460 | $ 1,741,779 | $ 1,761,315 | $ 1,588,702 |
Operating income (loss) | 24,822 | 19,516 | 21,655 | 17,800 | 11,231 | 10,233 | 12,438 | 8,872 | 83,793 | 42,774 | 32,041 |
Loss from continuing operations | (4,365) | (3,562) | (3,355) | (8,179) | (23,398) | (14,030) | (39,942) | (17,683) | (19,461) | (95,053) | (86,276) |
(Loss) income from discontinued operations, net of taxes | (13,159) | 319 | 950 | 500 | 4,899 | 3,137 | 1,305 | 1,849 | (11,390) | 11,190 | 17,490 |
Net loss | $ (17,524) | $ (3,243) | $ (2,405) | $ (7,679) | $ (18,499) | $ (10,893) | $ (38,637) | $ (15,834) | $ (30,851) | $ (83,863) | $ (68,786) |
Continuing operations per share - basic | $ (0.06) | $ (0.05) | $ (0.05) | $ (0.12) | $ (0.34) | $ (0.21) | $ (0.60) | $ (0.27) | $ (0.29) | $ (1.42) | $ (1.34) |
Discontinued operations per share - basic | (0.20) | 0 | 0.01 | 0.01 | 0.07 | 0.05 | 0.02 | 0.03 | (0.16) | 0.17 | 0.27 |
Net loss per share - basic | (0.26) | (0.05) | (0.04) | (0.11) | (0.27) | (0.16) | (0.58) | (0.24) | (0.45) | (1.25) | (1.07) |
Continuing operations per share - diluted | (0.06) | (0.05) | (0.05) | (0.12) | (0.34) | (0.21) | (0.60) | (0.27) | (0.29) | (1.42) | (1.34) |
Discontinued operations per share - diluted | (0.20) | 0 | 0.01 | 0.01 | 0.07 | 0.05 | 0.02 | 0.03 | (0.16) | 0.17 | 0.27 |
Net loss per share - diluted | $ (0.26) | $ (0.05) | $ (0.04) | $ (0.11) | $ (0.27) | $ (0.16) | $ (0.58) | $ (0.24) | $ (0.45) | $ (1.25) | $ (1.07) |
(Loss) gain on sale of discontinued operations before income taxes | $ (4,987) | $ 2,519 | $ 25,597 | ||||||||
Impairment of goodwill | 9,857 | 0 | 0 | ||||||||
Gains (losses) on extinguishment of debt | (1,252) | (27,449) | (11,324) | ||||||||
Envelope [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Net sales | $ 244,715 | $ 218,454 | $ 218,139 | $ 227,410 | $ 231,185 | $ 227,069 | $ 229,593 | $ 241,671 | 908,718 | 929,518 | 749,898 |
Operating income (loss) | 17,127 | 17,746 | 16,711 | 14,840 | 6,136 | 4,328 | 9,332 | 9,806 | 66,424 | 29,602 | 39,775 |
Print [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Net sales | 150,454 | 123,875 | 114,545 | 122,100 | 141,106 | 127,034 | 117,670 | 122,103 | 510,974 | 507,913 | 501,534 |
Operating income (loss) | 8,915 | 1,541 | 2,987 | 1,679 | 5,829 | 6,340 | 3,882 | 857 | 15,122 | 16,908 | (8,902) |
Label [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Net sales | 83,791 | 77,454 | 80,675 | 80,167 | 81,231 | 81,492 | 82,475 | 78,686 | 322,087 | 323,884 | 337,270 |
Operating income (loss) | 8,533 | 10,146 | 11,150 | 9,704 | 8,245 | 9,691 | 10,998 | 9,376 | 39,533 | 38,310 | 38,182 |
Corporate [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Operating income (loss) | (9,753) | $ (9,917) | $ (9,193) | $ (8,423) | $ (8,979) | $ (10,126) | $ (11,774) | $ (11,167) | $ (37,286) | $ (42,046) | $ (37,014) |
Packaging Business [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
(Loss) gain on sale of discontinued operations before income taxes | (4,987) | ||||||||||
Impairment of goodwill | $ 9,900 |