Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 01, 2016 | Nov. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CENVEO, INC | |
Entity Central Index Key | 920,321 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Oct. 1, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 8,551,968 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 01, 2016 | Jan. 02, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 4,894 | $ 7,785 |
Accounts receivable, net | 222,668 | 254,042 |
Inventories, net | 111,797 | 121,615 |
Prepaid and other current assets | 39,318 | 46,731 |
Assets of discontinued operations - current | 0 | 48,566 |
Total current assets | 378,677 | 478,739 |
Property, plant and equipment, net | 208,710 | 210,578 |
Goodwill | 175,304 | 175,338 |
Other intangible assets, net | 126,184 | 130,450 |
Other assets, net | 23,362 | 24,070 |
Assets of discontinued operations - long-term | 0 | 62,851 |
Total assets | 912,237 | 1,082,026 |
Current liabilities: | ||
Current maturities of long-term debt | 57,132 | 5,373 |
Accounts payable | 172,272 | 200,120 |
Accrued compensation and related liabilities | 23,027 | 31,961 |
Other current liabilities | 61,580 | 88,814 |
Liabilities of discontinued operations - current | 280 | 22,268 |
Total current liabilities | 314,291 | 348,536 |
Long-term debt | 986,955 | 1,203,250 |
Other liabilities | 193,232 | 198,926 |
Liabilities of discontinued operations - long-term | 0 | 1,153 |
Commitments and contingencies | ||
Shareholders’ deficit: | ||
Preferred stock | 0 | 0 |
Common stock | 86 | 85 |
Paid-in capital | 382,038 | 372,240 |
Retained deficit | (868,044) | (936,234) |
Accumulated other comprehensive loss | (96,321) | (105,930) |
Total shareholders’ deficit | (582,241) | (669,839) |
Total liabilities and shareholders’ deficit | $ 912,237 | $ 1,082,026 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 405,955 | $ 419,783 | $ 1,242,757 | $ 1,262,819 |
Cost of sales | 335,733 | 347,409 | 1,033,122 | 1,050,004 |
Selling, general and administrative expenses | 45,560 | 45,394 | 137,533 | 136,559 |
Amortization of intangible assets | 1,375 | 1,981 | 4,361 | 5,756 |
Restructuring and other charges | 2,414 | 5,483 | 8,284 | 11,529 |
Operating income | 20,873 | 19,516 | 59,457 | 58,971 |
Interest expense, net | 20,318 | 25,095 | 65,925 | 76,001 |
(Gain) loss on early extinguishment of debt, net | (7,442) | 0 | (80,328) | 559 |
Other income, net | (1,735) | (1,332) | (2,825) | (773) |
Income (loss) from continuing operations before income taxes | 9,732 | (4,247) | 76,685 | (16,816) |
Income tax expense (benefit) | 987 | (685) | 4,060 | (1,720) |
Income (loss) from continuing operations | 8,745 | (3,562) | 72,625 | (15,096) |
Income (loss) from discontinued operations, net of taxes | 686 | 319 | (4,435) | 1,769 |
Net income (loss) | 9,431 | (3,243) | 68,190 | (13,327) |
Other comprehensive income (loss): | ||||
Changes in pension and other employee benefit accounts, net of taxes | 2,507 | 1,433 | 7,467 | 4,117 |
Currency translation adjustment, net | 557 | (1,893) | 2,142 | (3,132) |
Total other comprehensive income | 3,064 | (460) | 9,609 | 985 |
Comprehensive income (loss) | $ 12,495 | $ (3,703) | $ 77,799 | $ (12,342) |
Income (loss) per share – basic: | ||||
Continuing operations per share - basic | $ 1.02 | $ (0.42) | $ 8.53 | $ (1.78) |
Discontinued operations per share - basic | 0.08 | 0.04 | (0.52) | 0.21 |
Net income (loss) per share - basic | 1.10 | (0.38) | 8.01 | (1.57) |
Income (loss) per share – diluted: | ||||
Continuing operations per share - diluted | 1 | (0.42) | 7.61 | (1.78) |
Discontinued operations per share - diluted | 0.08 | 0.04 | (0.46) | 0.21 |
Net income (loss) per share - diluted | $ 1.08 | $ (0.38) | $ 7.15 | $ (1.57) |
Weighted average shares outstanding: | ||||
Basic shares | 8,552 | 8,484 | 8,518 | 8,477 |
Diluted shares | 8,967 | 8,484 | 9,745 | 8,477 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2016 | Sep. 26, 2015 | |
Cash flows from operating activities: [Abstract] | ||
Net income (loss) | $ 68,190 | $ (13,327) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Loss on sale of discontinued operations, net of taxes | 1,948 | 0 |
Loss (income) from discontinued operations, net of taxes | 2,487 | (1,769) |
Depreciation and amortization, excluding non-cash interest expense | 35,545 | 35,633 |
Non-cash interest expense, net | 6,963 | 7,532 |
Deferred income taxes | 1,068 | (2,962) |
Gain on sale of assets | (4,468) | (2,323) |
Non-cash restructuring and other charges, net | 3,450 | 6,050 |
(Gain) loss on early extinguishment of debt, net | (80,328) | 559 |
Stock-based compensation provision | 1,230 | 1,481 |
Other non-cash charges | 3,491 | 3,711 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 29,491 | 5,243 |
Inventories | 8,186 | (12,530) |
Accounts payable and accrued compensation and related liabilities | (39,004) | (3,790) |
Other working capital changes | (24,952) | (12,037) |
Other, net | 108 | (9,971) |
Net cash provided by operating activities of continuing operations | 13,405 | 1,500 |
Net cash (used in) provided by operating activities of discontinued operations | (7,739) | 13,345 |
Net cash provided by operating activities | 5,666 | 14,845 |
Cash flows from investing activities: | ||
Capital expenditures | (31,173) | (19,245) |
Cost of business acquisitions | 0 | (1,996) |
Proceeds from sale of property, plant and equipment | 8,272 | 1,471 |
Proceeds from sale of assets | 2,000 | 2,180 |
Net cash used in investing activities of continuing operations | (20,901) | (17,590) |
Net cash provided by (used in) investing activities of discontinued operations | 94,364 | (1,864) |
Net cash provided by (used in) investing activities | 73,463 | (19,454) |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% secured notes due 2021 | 50,000 | 0 |
Payment of financing-related costs and expenses and debt issuance discounts | (9,967) | (1,309) |
Repayments of other long-term debt | (4,115) | (3,345) |
Repayment of 11.5% senior notes due 2017 | (4,725) | (22,720) |
Repayment of 7% senior exchangeable notes | (40,207) | 0 |
Purchase and retirement of common stock upon vesting of RSUs | (341) | (218) |
Proceeds from exercise of stock options | 0 | 2 |
Borrowings under ABL Facility due 2021 | 368,600 | 358,900 |
Repayments under ABL Facility due 2021 | (441,700) | (328,500) |
Net cash (used in) provided by financing activities of continuing operations | (82,455) | 2,810 |
Net cash used in financing activities of discontinued operations | (8) | (352) |
Net cash (used in) provided by financing activities | (82,463) | 2,458 |
Effect of exchange rate changes on cash and cash equivalents | 443 | (536) |
Net decrease in cash and cash equivalents | (2,891) | (2,687) |
Cash and cash equivalents at beginning of period | 7,785 | 14,593 |
Cash and cash equivalents at end of period | 4,894 | 11,906 |
Less cash and cash equivalents of discontinued operations | 0 | (2,332) |
Cash and cash equivalents of continuing operations at end of period | $ 4,894 | $ 9,574 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 01, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements ("financial statements") of Cenveo, Inc. and its subsidiaries (collectively, "Cenveo" or the "Company") have been prepared in accordance with Regulation S-X promulgated by the Securities and Exchange Commission ("SEC") and, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of financial position as of October 1, 2016 , and the results of operations for the three and nine months ended October 1, 2016 , and September 26, 2015 , and cash flows for the nine months ended October 1, 2016 , and September 26, 2015 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to SEC rules. The results of operations for the three and nine months ended October 1, 2016 , are generally not indicative of the results to be expected for any interim period or for the full year, primarily due to restructuring, acquisition and debt-related activities or transactions. The January 2, 2016 consolidated balance sheet has been derived from the audited consolidated financial statements at that date. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2016 , filed with the SEC. Certain amounts in the January 2, 2016 condensed consolidated balance sheet have been reclassified to conform to the current year presentation. The reporting periods for the three and nine months ended October 1, 2016 , and September 26, 2015 , each consisted of 13 and 39 weeks, respectively. 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 the sale of the Packaging Business. As a result, the financial results of the Packaging Business have been accounted for as discontinued operations. The Company's historical condensed consolidated financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented. On July 8, 2016, the Company announced a reverse split of its common stock, par value $0.01 per share (the "Common Stock"), at a ratio of 1-for-8, effective July 13, 2016 (the "Reverse Stock Split"). The Common Stock began trading on a split-adjusted basis on July 14, 2016. The Reverse Stock Split was approved by the Company’s stockholders at the annual meeting of the stockholders held on May 26, 2016. As a result of the Reverse Stock Split, each eight pre-split shares of Common Stock outstanding were automatically combined into one new share of Common Stock without any action on the part of the respective holders, and the number of outstanding common shares on the date of the split was reduced from approximately 68.5 million shares to approximately 8.5 million shares. The Reverse Stock Split also applied to Common Stock issuable upon the exchange of the Company’s outstanding 7% senior exchangeable notes due 2017 (the "7% Notes") and upon the exercise of the Company’s outstanding warrants and the Company's outstanding stock options, restricted share units ("RSUs"), and performance share units ("PSUs"), (collectively, the "Equity Awards"). In addition, the authorized Common Stock was initially increased from 100 million to 120 million shares and then adjusted in the Reverse Stock Split from 120 million to 15 million shares. The Company's historical condensed consolidated financial statements have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. New Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 expects that the future adoption of ASU 2014-09 will not have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, " Inventory (Topic 340): Simplifying the Measurement of Inventory ." Under ASU 2015-11, companies utilizing the first-in, first-out or average cost method should measure inventory at the lower of cost or net realizable value, whereas net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for interim and annual reporting periods beginning after December 15, 2016. The Company expects that the future adoption of ASU 2015-11 will not have a material impact on its consolidated financial statements. 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. As of October 1, 2016 , the Company had $2.0 million of current deferred tax assets that would be reclassified from prepaid and other current assets to other assets, net in the Company's condensed consolidated balance sheet. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842)." The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. A modified retrospective transition approach is required for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the timing and impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, " Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ." The new standard simplifies various aspects related to how share-based payments are accounted for and presented in the consolidated financial statements. The amendments include income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance is effective in the first quarter of fiscal 2017 and early adoption is permitted if all amendments are adopted in the same period. The Company expects that the future adoption of ASU 2016-09 will not have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ” ASU 2016-15 reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU is effective for interim and annual reporting periods beginning after December 15, 2017. The Company expects that the future adoption of ASU 2016-15 will not have a material impact on its consolidated financial statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Oct. 01, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company accounts for business combinations under the provisions of ASC 805 " Business Combination ". 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 values on the acquisition date with the excess of the purchase price over their estimated fair values recorded as goodwill. In the event the estimated fair values of the assets and liabilities acquired exceed the purchase price paid, a bargain purchase gain is recorded in the statements of operations. Acquisition-related costs are expensed as incurred. Acquisition-related costs, including integration costs, included in selling, general and administrative expenses in the Company’s statements of operations were zero for both the three and nine months ended October 1, 2016 , and were $0.7 million and $1.0 million for the three and nine months ended September 26, 2015 , 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 and had 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 condensed consolidated statements of operations and cash flows from August 7, 2015. Pro forma results for the three and nine months ended September 26, 2015 , assuming the acquisition had been made on December 29, 2013, are not presented, as the effect would not be material. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Oct. 01, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On January 19, 2016, the Company completed the sale of the Packaging Business. The Company received total cash proceeds of approximately $88.1 million , net of transaction costs of approximately $6.3 million . This resulted in the recognition of a total loss of $5.1 million , of which a gain of $1.2 million and a loss of $0.1 million were recorded during the three and nine months ended October 1, 2016 , respectively. In the fourth quarter of 2015, the Company recorded a non-cash loss on the sale of $5.0 million . The loss was based on the executed purchase agreement and the net assets of the Packaging Business. During the fourth quarter of 2015, the Company recorded a non-cash goodwill impairment charge of $9.9 million related to this transaction. 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. Any amount received from the Holdback Amount will be recognized as income when received. The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's condensed consolidated balance sheets as of October 1, 2016 , and January 2, 2016 (in thousands): October 1, January 2, Accounts receivable, net $ — $ 23,244 Inventories — 18,603 Other current assets — 6,719 Assets of discontinued operations - current — 48,566 Property, plant and equipment, net — 48,244 Goodwill and other long-term assets — 14,607 Assets of discontinued operations - long-term — 62,851 Accounts payable — 17,917 Other current liabilities 280 4,351 Liabilities of discontinued operations - current 280 22,268 Long-term debt and other liabilities — 1,153 Liabilities of discontinued operations - long-term — 1,153 Net (liabilities) assets of discontinued operations $ (280 ) $ 87,996 The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): For the Three Months Ended For the Nine Months Ended October 1, September 26, October 1, September 26, Net sales $ — $ 44,166 $ 6,637 $ 137,092 Cost of sales — 37,679 6,625 117,110 Selling, general and administrative expenses — 5,187 2,242 15,321 Amortization of intangible assets — 539 — 1,617 Restructuring and other charges — 31 1 379 Interest expense, net — 28 7 92 Other expense (income), net 490 (149 ) 728 (578 ) (Loss) income from discontinued operations (490 ) 851 (2,966 ) 3,151 Gain (loss) on sale of discontinued operations 1,176 — (97 ) — Income (loss) from discontinued operations before income taxes 686 851 (3,063 ) 3,151 Income tax expense — 532 1,372 1,382 Income (loss) from discontinued operations, net of taxes $ 686 $ 319 $ (4,435 ) $ 1,769 Income (loss) per share - basic $ 0.08 $ 0.04 $ (0.52 ) $ 0.21 Income (loss) per share - diluted $ 0.08 $ 0.04 $ (0.46 ) $ 0.21 |
Inventories
Inventories | 9 Months Ended |
Oct. 01, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories by major category are as follows (in thousands): October 1, January 2, Raw materials $ 32,717 $ 40,938 Work in process 15,007 14,696 Finished goods 64,073 65,981 $ 111,797 $ 121,615 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Oct. 01, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are as follows (in thousands): October 1, January 2, Land and land improvements $ 8,537 $ 9,194 Buildings and building improvements 79,443 82,206 Machinery and equipment 536,224 525,914 Furniture and fixtures 9,463 8,696 Construction in progress 15,920 10,181 649,587 636,191 Accumulated depreciation (440,877 ) (425,613 ) $ 208,710 $ 210,578 Sale-Leaseback Transaction On June 30, 2016, the Company sold the real estate used by one manufacturing facility related to its envelope segment for net proceeds of $7.9 million and entered into a five year operating lease for the same facility, with options to renew for up to two additional five year periods. In connection with the sale, the Company maintained continuing involvement in one capital improvement project which, under ASC 840 " Leases, " resulted in the deferral of sale-leaseback accounting. During the three months ended October 1, 2016 , the Company no longer maintained any continuing involvement obligations and accordingly the transaction qualified for sales-leaseback accounting. As a result, the Company recorded a gain of approximately $2.1 million in other income, net in the condensed consolidated statement of operations and a deferred gain of approximately $2.8 million which will be recognized ratably over the original five year lease. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Oct. 01, 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 October 1, 2016 , by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of January 2, 2016 $ 23,433 $ 42,628 $ 109,277 $ 175,338 Foreign currency translation — (34 ) — (34 ) Balance as of October 1, 2016 $ 23,433 $ 42,594 $ 109,277 $ 175,304 Other intangible assets are as follows (in thousands): October 1, 2016 January 2, 2016 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 $ 114,329 $ (27,234 ) $ (58,896 ) $ 28,199 $ 114,345 $ (27,234 ) $ (55,209 ) $ 31,902 Trademarks and trade names 22 64,538 (46,493 ) (9,015 ) 9,030 64,540 (46,493 ) (8,649 ) 9,398 Leasehold interest 17 4,430 — (686 ) 3,744 4,430 — (516 ) 3,914 Patents 9 3,528 — (3,217 ) 311 3,528 — (3,192 ) 336 Subtotal 11 186,825 (73,727 ) (71,814 ) 41,284 186,843 (73,727 ) (67,566 ) 45,550 Intangible assets with indefinite lives: Trade names 84,900 — — 84,900 84,900 — — 84,900 Total $ 271,725 $ (73,727 ) $ (71,814 ) $ 126,184 $ 271,743 $ (73,727 ) $ (67,566 ) $ 130,450 Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): Annual Estimated Remainder of 2016 $ 1,359 2017 5,272 2018 5,003 2019 4,885 2020 4,885 2021 4,731 Thereafter 15,149 Total $ 41,284 Asset Impairments There were no goodwill or intangible asset impairments recorded in the three and nine months ended October 1, 2016 , or September 26, 2015 , respectively. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Oct. 01, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt is as follows (in thousands): October 1, January 2, ABL Facility due 2021 (1) $ 75,100 $ 148,200 4.0% secured notes due 2021 ($50 million and $0 outstanding principal amount as of October 1, 2016, and January 2, 2016, respectively) 49,883 — 8.500% junior priority secured notes due 2022 ($248.0 million outstanding principal amount as of October 1, 2016, and January 2, 2016) 241,300 240,533 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of October 1, 2016, and January 2, 2016) 529,252 526,533 6.000% senior unsecured notes due 2024 ($104.5 million and $0 outstanding principal amount as of October 1, 2016, and January 2, 2016, respectively) 85,063 — 11.5% senior notes due 2017 ($40.5 million and $199.7 million outstanding principal amount as of October 1, 2016, and January 2, 2016, respectively) 40,120 195,846 7% senior exchangeable notes due 2017 ($11.2 million and $83.3 million outstanding principal amount as of October 1, 2016, and January 2, 2016, respectively) 11,171 82,430 Other debt including capital leases 12,198 15,081 1,044,087 1,208,623 Less current maturities (57,132 ) (5,373 ) Long-term debt $ 986,955 $ 1,203,250 __________________________ (1) The weighted average interest rate outstanding for the ABL Facility was 3.6% and 2.8% as of October 1, 2016 , and January 2, 2016 , respectively. The estimated fair value of the Company’s outstanding indebtedness was approximately $937.8 million and $895.7 million as of October 1, 2016 , and January 2, 2016 , respectively. The fair value was determined by the Company to be Level 2 under the fair value hierarchy, and was based upon review of observable pricing in secondary markets for each debt instrument. As of October 1, 2016 , the Company was in compliance with all covenants under its long-term debt. Exchange Offer On June 10, 2016, the Company's wholly-owned subsidiary, Cenveo Corporation (the "Subsidiary Issuer") closed its exchange offer (the "Exchange Offer") whereby $149.3 million , or approximately 80% , of its outstanding 11.5% senior notes due 2017 (the "11.5% Notes") were exchanged for $104.5 million of newly issued 6.000% senior unsecured notes due 2024 (the "6.000% Unsecured Notes") and warrants (the "Warrants") to purchase shares of Common Stock, representing in the aggregate 16.6% of the outstanding Common Stock as of June 10, 2016. Subsequent to the Exchange Offer, $40.5 million of 11.5% Notes remained outstanding as of October 1, 2016 . Included in the total amount exchanged was $4.2 million of 11.5% Notes owned by affiliated noteholders, whose notes were exchanged for 6.000% Unsecured Notes and Warrants pursuant to a simultaneous and separately negotiated securities exchange agreement. In connection with the Exchange Offer, the Company capitalized debt issuance costs of $7.4 million , all of which will be amortized over the life of the 6.000% Unsecured Notes, and of which $7.3 million is unamortized at October 1, 2016 . For accounting purposes, the Exchange Offer was treated as an extinguishment of the 11.5% Notes and the issuance of the new 6.000% Unsecured Notes. Upon extinguishment, the net carrying amount of the 11.5% Notes was written off and the 6.000% Unsecured Notes were recorded at fair value based on market comparable transactions at the time of the Exchange Offer. The fair value of the 6.000% Unsecured Notes was based on market value pricing, using observable market-based data for similar issuances (Level 2). The Company estimates the fair value of the 6.000% Unsecured Notes on the date of issuance was $92.0 million . The discount of $12.5 million was recorded as a component of the gain on early extinguishment of debt, net, and will be amortized over the life of the 6.000% Unsecured Notes using the effective interest method. The 6.000% Unsecured Notes were issued pursuant to an Indenture, dated as of June 10, 2016 (the "Indenture"), among the Company, Subsidiary Issuer, the other guarantors party thereto and The Bank of New York Mellon ("BNY Mellon"), as trustee. The 6.000% Unsecured Notes will mature on May 15, 2024. Interest on the 6.000% Unsecured Notes is payable semi-annually in arrears on May 15 and November 15 of each year, commencing November 15, 2016. The 6.000% Unsecured Notes and the related guarantees are the Subsidiary Issuer's and the guarantors’ senior unsecured obligations. The 6.000% Unsecured Notes are fully and unconditionally guaranteed on a senior basis by the Company and by certain of its existing and future U.S. subsidiaries (other than the Subsidiary Issuer) and, under certain circumstances, certain of its future Canadian subsidiaries. As such, the 6.000% Unsecured Notes rank pari passu with the Subsidiary Issuer's and the guarantors’ existing and future senior indebtedness, senior to the Subsidiary Issuer's and the guarantors’ future indebtedness that is expressly subordinated to the 6.000% Unsecured Notes, effectively junior to the Subsidiary Issuer's and the guarantors’ existing and future indebtedness that is secured by liens to the extent of the value of the collateral securing such indebtedness and structurally subordinated to all of the existing and future liabilities, including trade payables, of the Company’s subsidiaries that do not guarantee the 6.000% Unsecured Notes. The 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 other subsidiaries of the Company to incur additional indebtedness; declare or pay dividends, redeem stock or make other distributions to shareholders; purchase or prepay subordinated indebtedness; make investments; create liens or use assets as security in other transactions; merge or consolidate, or sell, transfer, lease or dispose of assets; and engage in transactions with affiliates. The Indenture also contains certain customary affirmative covenants and events of default. The Warrants were issued pursuant to a Warrant Agreement, dated as of June 10, 2016 (the "Warrant Agreement"), between the Company and Computershare Trust Company, N.A., as warrant agent. Each Warrant is currently exercisable for 0.125 shares of Common Stock at $12.00 per share as adjusted as a result of the Company’s recent Reverse Stock Split, subject to mandatory cashless exercise provisions. The number of shares for which a Warrant may be exercised and the exercise price are subject to adjustment in certain events. The Warrants will be exercisable at any time prior to their expiration on June 10, 2024. The Company used the Black-Scholes-Merton option-pricing model, which resulted in a fair value of $6.3 million for the Warrants. The Company recorded the fair value in paid-in capital in the Company's condensed consolidated balance sheet. In connection with the issuance of the Warrants, the Company and Allianz Global Investors U.S. LLC ("Allianz") entered into a Warrant Registration Rights Agreement, dated as of June 10, 2016 (the "Registration Rights Agreement"), pursuant to which the Company has agreed to file a shelf registration statement covering the resale of the Warrants and the shares of Common Stock to be issued upon exercise of the Warrants. Under the Registration Rights Agreement, the Company is obligated to cause to be filed such shelf registration agreement on or prior to November 21, 2016 and to use its commercially reasonable efforts to have such registration statement declared effective within 60 days after the initial date of filing thereof, and to keep such shelf registration statement effective until the earlier of (i) the fifth anniversary of the effective date of the shelf registration statement and (ii) the date all transfer restricted securities covered by the shelf registration statement have been sold as contemplated in the shelf registration statement. If the Company fails to satisfy its obligations under the Registration Rights Agreement, it will be required to pay liquidated damages to the holders of the Warrants under certain circumstances. ABL Amendment Concurrent with the Exchange Offer, the Company and Subsidiary Issuer entered into Amendment No. 4, dated as of June 10, 2016 (the "ABL Amendment No. 4"), to the Subsidiary Issuer's asset-based revolving credit facility (the "ABL Facility"), which, among other things, extends the term of the ABL Facility through 2021 and reduces the commitments thereunder by $50 million to $190 million . The ABL Facility now matures in June 2021, with a springing maturity of May 2019 ahead of the Subsidiary Issuer's existing 6.000% senior priority secured notes due 2019 (the "6.000% Secured Notes") in the event that more than $10.0 million of the 6.000% Secured Notes remain outstanding at such time. In connection with this amendment, the Company capitalized debt issuance costs of $2.3 million . Indenture and Note Purchase Agreement Concurrent with the Exchange Offer, the Company and Subsidiary Issuer also entered into a secured Indenture and Note Purchase Agreement, dated as of June 10, 2016 (the "Indenture and Note Purchase Agreement"), with certain affiliates of or funds managed by Allianz (collectively, the "Purchasers"), pursuant to which Subsidiary Issuer issued 4% secured notes to the Purchasers in an aggregate principal amount of $50.0 million (the "4% Secured Notes") at par, the proceeds of which were applied to reduce the outstanding principal amount under the ABL Facility. The 4% Secured Notes mature in December 2021, with a springing maturity of May 2019 ahead of the 6.000% Secured Notes. The 4% Secured Notes bear interest at 4% per annum, payable quarterly in arrears on the last day of March, June, September and December in each year, commencing September 30, 2016, and are secured by the same collateral that secures the ABL Facility, the 6.000% Secured Notes and the Subsidiary Issuer's existing 8.500% junior priority secured notes due 2022 (the "8.500% Notes"). With respect to the ABL Facility, the 4% Secured Notes rank junior with respect to all collateral up to a certain maximum principal amount of the ABL Facility. With respect to the 6.000% Secured Notes, the 4% Secured Notes rank junior with respect to notes priority collateral and senior with respect to ABL Facility priority collateral. With respect to the 8.500% Notes, the 4% Secured Notes rank senior with respect to all collateral. Such ranking of the 4% Secured Notes with respect to the 6.000% Secured Notes and the 8.500% Notes is the same ranking that the ABL Facility has with such notes. The Indenture and Note Purchase Agreement 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 other subsidiaries of the Company to incur additional indebtedness; declare or pay dividends, redeem stock or make other distributions to shareholders; purchase or prepay certain specified indebtedness; dispose of assets; make investments; grant liens on assets; merge or consolidate or transfer certain assets; and engage in transactions with affiliates. The Indenture and Note Purchase Agreement also contains certain customary affirmative covenants. In connection with the issuance of the 4% Secured Notes, the Company capitalized debt issuance costs of $0.1 million . 7% Note Purchase Agreement In addition, on July 18, 2016, the Company, Subsidiary Issuer and Allianz completed the last transactions contemplated by the Support Agreement, dated as of May 10, 2016, among the Company, Subsidiary Issuer and Allianz, pursuant to which Allianz agreed to, among other things, tender and sell to Subsidiary Issuer all of its 7% Notes owned by Allianz in the aggregate principal amount of $37.5 million in exchange for: (a) payment in cash in an amount equal to (i) the aggregate principal amount of such 7% Notes multiplied by 0.6 plus (ii) an amount of interest on the amount payable pursuant to the immediately preceding clause (i) at an annual interest rate of 7% per annum, such interest accruing from June 10, 2016 until (and including) the closings of the purchases and computed based on a year of 360 days; (b) payment in cash of interest that accrued in respect of such 7% Notes in accordance with the indenture relating to such 7% Notes but remained unpaid at the closings of the purchases; and (c) delivery to Allianz of Warrants to purchase Common Stock, representing in the aggregate 3.3% of the outstanding Common Stock as of June 10, 2016. In connection with such agreement, during the second quarter of 2016, the Subsidiary Issuer repurchased an aggregate of $16.5 million of its 7% Notes for $10.1 million and issued an aggregate of 984,342 Warrants. Additionally, during the third quarter of 2016, the Subsidiary Issuer repurchased (the "July 2016 Repurchase") an aggregate of $21.0 million of its 7% Notes for $13.0 million and issued an aggregate of 1,255,485 Warrants. Extinguishments In the third quarter of 2016, the Company recorded a gain on early extinguishment of debt of $7.4 million related to the July 2016 Repurchase, of which $8.4 million related to a discount on the purchase price, partially offset by the fair value of the Warrants issued of $0.7 million , a write off of unamortized debt issuance costs of $0.2 million , and $0.1 million of transaction fees and expenses. The fair value of the Warrants was determined using the Black-Scholes-Merton option-pricing model. In the second quarter of 2016 , the Company recorded a gain on early extinguishment of debt of $46.1 million related to the Exchange Offer, of which $49.6 million related to a discount on the difference of the net carrying value of the extinguished 11.5% Notes and the fair value of the new 6.000% Unsecured Notes, partially offset by a write-off of unamortized debt issuance costs of $0.8 million , a write-off of original issuance discount of $1.2 million and $1.5 million of transaction fees and expenses. Additionally, $1.2 million of gain on early extinguishment of debt related to the $4.2 million exchange by affiliated noteholders was recorded as a component of paid-in capital, all of which related to a discount on the Exchange Offer. In the second quarter of 2016, the Company recorded a gain on early extinguishment of debt of $5.4 million related to the repurchase of $16.5 million of its 7% Notes, of which $6.0 million related to a discount on the purchase price, partially offset by $0.5 million in fees paid to lenders, and a write off of unamortized debt issuance costs of $0.1 million . Additionally, during the second quarter of 2016, in connection with ABL Amendment No. 4, the Company recorded a loss on early extinguishment of debt of $0.2 million related to the write off of unamortized debt issuance costs. In the first quarter of 2016 , the Company recorded a gain on early extinguishment of debt of $16.5 million related to the repurchase of $34.5 million of its 7% Notes, of which $16.8 million related to a discount on the purchase price, partially offset by a write-off of unamortized debt issuance costs of $0.3 million . Additionally, the Company recorded a gain on early extinguishment of debt of $5.1 million related to the repurchase of $10.0 million of its 11.5% Notes, of which $5.3 million related to a discount on the purchase, partially offset by a write-off of unamortized debt issuance costs of $0.1 million and a write-off of original issuance discount of $0.1 million . In the second quarter of 2015 , the Company recorded a loss on early extinguishment of debt of $0.1 million related to the repurchase of $6.8 million of its 11.5% Notes. In the first quarter of 2015 , the Company recorded a loss on early extinguishment of debt of $0.4 million related to the repurchase of $15.8 million of its 11.5% Notes, of which $0.2 million related to the write-off of unamortized debt issuance costs, and $0.2 million related to the write-off of original issuance discount. The Company recognized a total gain on early extinguishment of debt of $7.4 million and $80.3 million during the three and nine months ended October 1, 2016 , respectively, and a total loss on early extinguishment of debt of zero and $0.6 million during the three and nine months ended September 26, 2015 , respectively. Subsequent Event During the fourth quarter of 2016, the Company extinguished $5.7 million of its 7% Notes. In connection with these retirements, the Company recorded a loss on early extinguishment of debt of less than $0.1 million , primarily related to the write-off unamortized debt issuance costs. During the fourth quarter of 2016, the Company announced it has commenced the process of redeeming $20.0 million of its 11.5% Notes at a call price of par. This process is anticipated to be complete by the end of 2016. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 01, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is party to various legal actions that are ordinary and incidental to its business. While the outcome of pending legal actions cannot be predicted with certainty, management believes the outcome of these various proceedings will not have a material effect on the Company’s financial statements. In the second quarter of 2016 , the Company reached confidential agreements to settle controversies and disputes in connection with certain product warranty litigations. Total expense related to the litigation and associated accruals, recognized in selling, general and administrative expenses in the condensed consolidated statement of operations was $1.5 million for the nine months ended October 1, 2016 . The Company is involved in certain environmental matters and has been designated as a potentially responsible party for certain hazardous waste sites. There have been no material changes related to these environmental matters and, based on information currently available, the Company believes that remediation of these environmental matters will not have a material effect on the Company’s financial statements. The Company’s income, sales and use, and other tax returns are routinely subject to audit by various authorities. The Company 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. The Company participates in a number of multi-employer pension plans for union employees ("Multi-Employer Pension Plans") and is exposed to significant risks and uncertainties arising from its participation in these Multi-Employer Pension Plans. These risks and uncertainties, including changes in future contributions due to partial or full withdrawal of the Company and other participating employers from these Multi-Employer Pension Plans, could significantly increase the Company’s future contributions or the underfunded status of these Multi-Employer Pension Plans. Two of the Multi-Employer Pension Plans are in mass withdrawal status. While it is not possible to quantify the potential impact of future actions of the Company or other participating employers in these Multi-Employer Pension Plans, continued participation in or withdrawal from these Multi-Employer Pension Plans could have a material effect on the Company’s financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 01, 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 nonrecurring basis. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. There were no assets or liabilities recorded at fair value on a recurring or nonrecurring basis as of October 1, 2016 . On an annual basis, the Company records its pension plan assets at fair value. No additional assets or liabilities were recorded at fair value on a recurring or nonrecurring basis as of January 2, 2016 . 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, and accounts payable are reasonable estimates of their fair values as of October 1, 2016 , and January 2, 2016 , due to the short-term nature of these instruments. See Note 7 for fair value of the Company’s long-term debt. Additionally, the Company records the assets acquired and liabilities assumed in its acquisitions (Note 2) at fair value. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Oct. 01, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans The components of the net periodic expense for the Company’s pension plans, supplemental executive retirement plans ("SERP") and other postretirement benefit plans ("OPEB") are as follows (in thousands): For the Three Months Ended For the Nine Months Ended October 1, September 26, October 1, September 26, Service cost $ — $ — $ 1 $ 1 Interest cost 3,555 3,505 10,645 10,553 Expected return on plan assets (4,775 ) (5,280 ) (14,326 ) (15,732 ) Net amortization and deferral 1 — 3 — Recognized net actuarial loss 2,507 2,339 7,467 6,651 Net periodic expense $ 1,288 $ 564 $ 3,790 $ 1,473 Interest cost on the projected benefit obligation includes $0.2 million related to the Company’s SERP and OPEB plans in each of the three months ended October 1, 2016 and September 26, 2015 , and $0.5 million for both the nine months ended October 1, 2016 , and September 26, 2015 . For the nine months ended October 1, 2016 , the Company made total contributions of $0.8 million to its pension, SERP and OPEB plans. The Company expects to contribute approximately $1.4 million to its pension, SERP and OPEB plans for the remainder of 2016. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 01, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Total stock-based compensation expense recognized in selling, general and administrative expenses in the Company’s statements of operations was $0.2 million and $1.0 million for the three months ended October 1, 2016 , and September 26, 2015 , respectively, and $1.2 million and $1.5 million for the nine months ended October 1, 2016 and September 26, 2015 , respectively. As of October 1, 2016 , there was approximately $1.6 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 nine months ended October 1, 2016 , is as follows: Options Weighted Weighted Aggregate Outstanding at January 2, 2016 190,250 $ 34.56 3.0 $ — Granted — — Exercised — — $ — Forfeited/expired (58,573 ) 53.12 Outstanding at October 1, 2016 131,677 $ 26.31 3.1 $ — Exercisable at October 1, 2016 70,732 $ 32.74 1.9 $ — RSUs A summary of the Company’s non-vested RSUs as of and for the nine months ended October 1, 2016 , is as follows: RSUs Weighted Average Unvested at January 2, 2016 105,087 $ 18.43 Granted 20,961 9.66 Vested (43,084 ) 18.29 Forfeited — — Unvested at October 1, 2016 82,964 $ 16.28 The total fair value of RSUs which vested during the three and nine months ended October 1, 2016 , was $0.3 million . On July 28, 2016, a total of 20,961 RSUs, which vest one year from the date of issuance, were issued to the independent members of the Company's Board of Directors. The fair value of these awards was determined based on the Company's stock price on the date of issuance. PSUs A summary of the Company's non-vested PSUs as of and for the nine months ended October 1, 2016 is as follows: PSUs Weighted Average Unvested at January 2, 2016 70,625 $ 19.04 Granted — — Vested (70,625 ) 19.04 Forfeited — — Unvested at October 1, 2016 — $ — |
Restructuring and Other Charges
Restructuring and Other Charges | 9 Months Ended |
Oct. 01, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges The Company currently has two active cost savings, restructuring and integration plans, related to the implementation of cost savings initiatives focused on overhead cost eliminations, including headcount reductions, and the potential closure of certain manufacturing facilities (the "2016 Plan" and the "2015 Plan"). 2016 Plan During the first quarter of 2016, the Company began implementing the 2016 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 2016 Plan during the 2017 fiscal year. 2015 Plan During the first quarter of 2015, the Company began implementing the 2015 Plan, which primarily focuses on overhead cost eliminations, including headcount reductions, and the potential closure of certain manufacturing facilities. The Company expects to be substantially complete with the 2015 Plan during the 2016 fiscal year. Acquisition Integration Plans Upon the completion of the acquisition of certain assets of National Envelope Corporation ("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. 2016 Activity Restructuring and other charges for the three months ended October 1, 2016 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 384 $ — $ 22 $ — $ — $ 66 $ 472 Residual Plans — — — — — 5 5 Acquisition Integration Plans — — — — — 19 19 Total Envelope 384 — 22 — — 90 496 Print 2016 Plan 92 — — — — — 92 2015 Plan — — — — — 162 162 Residual Plans — — — — 203 20 223 Total Print 92 — — — 203 182 477 Label 2016 Plan 158 — — — — 4 162 2015 Plan (45 ) — — — — (81 ) (126 ) Total Label 113 — — — — (77 ) 36 Corporate 2016 Plan 1,448 — — — — — 1,448 2015 Plan (54 ) — — — — — (54 ) Residual Plans — — — — — 11 11 Total Corporate 1,394 — — — — 11 1,405 Total Restructuring and Other Charges $ 1,983 $ — $ 22 $ — $ 203 $ 206 $ 2,414 Restructuring and other charges for the nine months ended October 1, 2016 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 481 $ — $ 22 $ — $ — $ 66 $ 569 2015 Plan 13 — — — — — 13 Residual Plans — — — — 54 7 61 Acquisition Integration Plans — 146 276 — — 137 559 Total Envelope 494 146 298 — 54 210 1,202 Print 2016 Plan 107 — — — — — 107 2015 Plan (3 ) — — — — 283 280 Residual Plans 1 — — 113 715 58 887 Acquisition Integration Plans — — — 45 — — 45 Total Print 105 — — 158 715 341 1,319 Label 2016 Plan 191 — — — — 5 196 2015 Plan 558 — — — — 1,078 1,636 Asset Impairments — 2,300 — — — — 2,300 Total Label 749 2,300 — — — 1,083 4,132 Corporate 2016 Plan 1,655 — — — — 3 1,658 2015 Plan (54 ) — — — — — (54 ) Residual Plans — — — — — 27 27 Total Corporate 1,601 — — — — 30 1,631 Total Restructuring and Other Charges $ 2,949 $ 2,446 $ 298 $ 158 $ 769 $ 1,664 $ 8,284 2015 Activity Restructuring and other charges for the three months ended September 26, 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2015 Plan $ 61 $ — $ — $ — $ — $ — $ 61 Residual Plans (18 ) — — — 44 5 31 Acquisition Integration Plans — — 5 — — 84 89 Total Envelope 43 — 5 — 44 89 181 Print 2015 Plan 172 — — — — — 172 Residual Plans 10 — 4 36 4,160 91 4,301 Total Print 182 — 4 36 4,160 91 4,473 Label 2015 Plan (6 ) — 116 — — 170 280 Residual Plans 1 — — — — — 1 Total Label (5 ) — 116 — — 170 281 Corporate 2015 Plan 503 — — — — 45 548 Total Corporate 503 — — — — 45 548 Total Restructuring and Other Charges $ 723 $ — $ 125 $ 36 $ 4,204 $ 395 $ 5,483 Restructuring and other charges for the nine months ended September 26, 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2015 Plan $ 147 $ — $ — $ — $ — $ — $ 147 Residual Plans 252 — — (22 ) 126 62 418 Acquisition Integration Plans 45 1,895 33 286 — 494 2,753 Total Envelope 444 1,895 33 264 126 556 3,318 Print 2015 Plan 384 — — — — — 384 Residual Plans 72 181 39 127 4,448 1,089 5,956 Total Print 456 181 39 127 4,448 1,089 6,340 Label 2015 Plan 20 — 133 — — 197 350 Residual Plans 129 — — — — — 129 Total Label 149 — 133 — — 197 479 Corporate 2015 Plan 1,309 — — — — 69 1,378 Residual Plans — — — — — 14 14 Total Corporate 1,309 — — — — 83 1,392 Total Restructuring and Other Charges $ 2,358 $ 2,076 $ 205 $ 391 $ 4,574 $ 1,925 $ 11,529 A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands): Employee Separation Costs Lease Termination Expenses Multi-Employer Pension Building Clean-up, Total 2016 Plan Balance as of January 2, 2016 $ — $ — $ — $ — $ — Accruals, net 2,434 — — 96 2,530 Payments (837 ) — — (96 ) (933 ) Balance as of October 1, 2016 $ 1,597 $ — $ — $ — $ 1,597 2015 Plan Balance as of January 2, 2016 $ 276 $ — $ — $ — $ 276 Accruals, net 514 — — 1,361 1,875 Payments (493 ) — — (1,102 ) (1,595 ) Balance as of October 1, 2016 $ 297 $ — $ — $ 259 $ 556 Residual Plans Balance as of January 2, 2016 $ 3 $ 411 $ 19,842 $ — $ 20,256 Accruals, net 1 113 769 92 975 Payments (4 ) (524 ) (2,542 ) (92 ) (3,162 ) Balance as of October 1, 2016 $ — $ — $ 18,069 $ — $ 18,069 Acquisition Integration Plans Balance as of January 2, 2016 $ — $ 392 $ — $ — $ 392 Accruals, net — 45 — 413 458 Payments — (437 ) — (413 ) (850 ) Balance as of October 1, 2016 $ — $ — $ — $ — $ — Total Restructuring Liability $ 1,894 $ — $ 18,069 $ 259 $ 20,222 As of October 1, 2016 , the total restructuring liability was $20.2 million , of which $4.3 million is included in other current liabilities and $15.9 million is included in other liabilities in the Company's condensed consolidated balance sheet. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Oct. 01, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) ("AOCI"), net of tax (in thousands): Foreign Currency Translation Pension and Other Postretirement Benefits Total Balance as of January 2, 2016 $ (7,200 ) $ (98,730 ) $ (105,930 ) Other comprehensive loss before reclassifications (196 ) — (196 ) Amounts reclassified from AOCI 2,338 7,467 9,805 Other comprehensive income 2,142 7,467 9,609 Balance as of October 1, 2016 $ (5,058 ) $ (91,263 ) $ (96,321 ) Reclassifications from AOCI AOCI Components (in thousands) Amounts Reclassified from AOCI Amounts Reclassified from AOCI Income Statement Line Item For the Three Months Ended For the Nine Months Ended October 1, September 26, October 1, September 26, Changes in Foreign Currency Translation Loss on foreign exchange $ 393 $ — $ 2,338 $ — Income (loss) from discontinued operations, net of taxes Changes in pension and other employee benefit accounts: Net actuarial losses 2,507 2,339 7,467 6,651 Cost of sales 2,900 2,339 9,805 6,651 Total before tax Taxes — (906 ) — (2,534 ) Income tax expense (benefit) Total reclassifications for the period $ 2,900 $ 1,433 $ 9,805 $ 4,117 Net of tax |
Income (Loss) Per Share
Income (Loss) Per Share | 9 Months Ended |
Oct. 01, 2016 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Share | Income (Loss) per Share On July 8, 2016, the Company announced a Reverse Stock Split of its Common Stock at a ratio of 1-for-8, effective July 13, 2016. The Common Stock began trading on a split-adjusted basis on July 14, 2016. As a result of the Reverse Stock Split, each eight pre-split shares of Common Stock outstanding were automatically combined into one new share of Common Stock without any action on the part of the respective holders. The Reverse Stock Split also applied to Common Stock issuable upon the exchange of the Company’s outstanding 7% Notes and upon the exercise of the Company’s outstanding warrants and Equity Awards. The share and per share amounts below have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. 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 Equity Awards to issue Common Stock were exercised. The second approach, the if converted method, reflects the potential dilution of the Equity Awards, the 7% Notes and the Warrants being exchanged for Common Stock. Under this method, interest expense associated with the 7% Notes, net of tax, if any, is added back to income from continuing operations and the shares outstanding are increased by the underlying 7% Notes equivalent. As of September 26, 2015 , the effect of approximately 2.5 million shares 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. As of October 1, 2016 , and September 26, 2015 , the effect of approximately 218,000 and 374,000 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. As of October 1, 2016 , and September 26, 2015 , the effect of approximately 1.7 million and zero shares, respectively, related to the issuance of Common Stock upon exercise of Warrants were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted income (loss) per share for the three and nine months ended October 1, 2016 , and September 26, 2015 (in thousands, except per share data): For the Three Months Ended For the Nine Months Ended October 1, September 26, October 1, September 26, Numerator for basic and diluted income (loss) per share: Income (loss) from continuing operations $ 8,745 $ (3,562 ) $ 72,625 $ (15,096 ) Income (loss) from discontinued operations, net of taxes 686 319 (4,435 ) 1,769 Net income (loss) $ 9,431 $ (3,243 ) $ 68,190 $ (13,327 ) Numerator for diluted income (loss) per share: Income (loss) from continuing operations - as reported $ 8,745 $ (3,562 ) $ 72,625 $ (15,096 ) Interest expense on 7% Notes, net of taxes 211 — 1,521 — Income (loss) from continuing operations - after assumed conversions of dilutive shares 8,956 (3,562 ) 74,146 (15,096 ) Income (loss) from discontinued operations, net of taxes 686 319 (4,435 ) 1,769 Net income (loss) for diluted loss per share - after assumed conversions of dilutive shares $ 9,642 $ (3,243 ) $ 69,711 $ (13,327 ) Denominator for weighted average common shares outstanding: Basic shares 8,552 8,484 8,518 8,477 Dilutive effect of 7% Notes 415 — 1,227 — Dilutive effect of Equity Awards — — — — Dilutive effect of Warrants — — — — Diluted shares 8,967 8,484 9,745 8,477 Income (loss) per share – basic: Continuing operations $ 1.02 $ (0.42 ) $ 8.53 $ (1.78 ) Discontinued operations 0.08 0.04 (0.52 ) 0.21 Net income (loss) $ 1.10 $ (0.38 ) $ 8.01 $ (1.57 ) Income (loss) per share – diluted: Continuing operations $ 1.00 $ (0.42 ) $ 7.61 $ (1.78 ) Discontinued operations 0.08 0.04 (0.46 ) 0.21 Net income (loss) $ 1.08 $ (0.38 ) $ 7.15 $ (1.57 ) |
Segment Information
Segment Information | 9 Months Ended |
Oct. 01, 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. Assets of discontinued operations primarily consist of assets of the Packaging Business. The following tables present certain segment information (in thousands): For the Three Months Ended For the Nine Months Ended October 1, September 26, October 1, September 26, Net sales: Envelope $ 212,578 $ 218,454 $ 654,115 $ 664,003 Print 121,739 123,875 360,879 360,520 Label 71,638 77,454 227,763 238,296 Total $ 405,955 $ 419,783 $ 1,242,757 $ 1,262,819 Operating income (loss): Envelope $ 16,832 $ 17,746 $ 51,604 $ 49,297 Print 5,446 1,541 10,756 6,207 Label 6,764 10,146 23,373 31,000 Corporate (8,169 ) (9,917 ) (26,276 ) (27,533 ) Total $ 20,873 $ 19,516 $ 59,457 $ 58,971 Restructuring and other charges: Envelope $ 496 $ 181 $ 1,202 $ 3,318 Print 477 4,473 1,319 6,340 Label 36 281 4,132 479 Corporate 1,405 548 1,631 1,392 Total $ 2,414 $ 5,483 $ 8,284 $ 11,529 Depreciation and intangible asset amortization: Envelope $ 4,717 $ 4,775 $ 14,299 $ 14,608 Print 4,443 4,137 13,505 12,573 Label 1,572 2,006 5,360 6,000 Corporate 957 717 2,381 2,452 Total $ 11,689 $ 11,635 $ 35,545 $ 35,633 Intercompany sales: Envelope $ 1,843 $ 1,531 $ 5,259 $ 4,674 Print 5,674 4,611 15,939 12,535 Label 716 1,342 2,306 3,010 Total $ 8,233 $ 7,484 $ 23,504 $ 20,219 October 1, January 2, Total assets: Envelope $ 406,538 $ 445,443 Print 257,705 266,074 Label 214,320 223,534 Corporate 33,674 35,558 Assets of discontinued operations — 111,417 Total $ 912,237 $ 1,082,026 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Oct. 01, 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% Secured Notes, the 8.500% Notes, the 6.000% Unsecured Notes, the 8.875% senior second lien notes due 2018, 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 domestic 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 October 1, 2016 , and January 2, 2016 , and for the three and nine months ended October 1, 2016 , and September 26, 2015 . The condensed consolidating financial information has been presented to show the financial position, results of operations and cash flows of the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, assuming the guarantee structure of the Subsidiary Issuer Notes was in effect at the beginning of the periods presented. The supplemental condensed consolidating financial information reflects the investments of the Parent Company in the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries using the equity method of accounting. The Parent Company’s primary transactions with its subsidiaries, other than the investment account and related equity in net income (loss) of subsidiaries, are the intercompany payables and receivables between its subsidiaries. CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 4,564 $ 211 $ 119 $ — $ 4,894 Accounts receivable, net — 114,029 108,639 — — 222,668 Inventories, net — 70,582 41,215 — — 111,797 Intercompany receivable — — 1,739,710 604 (1,740,314 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 35,175 2,672 2,365 (894 ) 39,318 Total current assets — 261,288 1,895,692 3,088 (1,781,391 ) 378,677 Investment in subsidiaries (582,241 ) 2,088,004 5,347 7,829 (1,518,939 ) — Property, plant and equipment, net — 110,066 97,670 974 — 208,710 Goodwill — 25,540 144,810 4,954 — 175,304 Other intangible assets, net — 9,926 116,030 228 — 126,184 Other assets, net — 19,576 3,197 589 — 23,362 Total assets $ (582,241 ) $ 2,514,400 $ 2,262,746 $ 17,662 $ (3,300,330 ) $ 912,237 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 56,061 $ 1,071 $ — $ — $ 57,132 Accounts payable — 107,482 64,559 231 — 172,272 Accrued compensation and related liabilities — 18,948 3,736 343 — 23,027 Other current liabilities — 49,292 11,621 667 — 61,580 Liabilities of discontinued operations - current — — 280 — — 280 Intercompany payable — 1,740,314 — — (1,740,314 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,972,097 118,205 4,486 (1,780,497 ) 314,291 Long-term debt — 984,684 2,271 — — 986,955 Other liabilities — 139,860 54,266 — (894 ) 193,232 Shareholders’ (deficit) equity (582,241 ) (582,241 ) 2,088,004 13,176 (1,518,939 ) (582,241 ) Total liabilities and shareholders’ (deficit) equity $ (582,241 ) $ 2,514,400 $ 2,262,746 $ 17,662 $ (3,300,330 ) $ 912,237 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the three months ended October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 211,525 $ 193,945 $ 485 $ — $ 405,955 Cost of sales — 184,466 151,267 — — 335,733 Selling, general and administrative expenses — 27,855 17,526 179 — 45,560 Amortization of intangible assets — 148 1,116 111 — 1,375 Restructuring and other charges — 2,581 (167 ) — — 2,414 Operating (loss) income — (3,525 ) 24,203 195 — 20,873 Interest expense, net — 20,272 46 — — 20,318 Intercompany interest (income) expense — (249 ) 249 — — — Gain on early extinguishment of debt, net — (7,442 ) — — — (7,442 ) Other (income) expense, net — (1,877 ) 100 42 — (1,735 ) (Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries — (14,229 ) 23,808 153 — 9,732 Income tax expense — 774 160 53 — 987 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (15,003 ) 23,648 100 — 8,745 Equity in income (loss) of subsidiaries 9,431 24,927 163 — (34,521 ) — Income (loss) from continuing operations 9,431 9,924 23,811 100 (34,521 ) 8,745 (Loss) income from discontinued operations, net of taxes — (493 ) 1,116 63 — 686 Net income (loss) 9,431 9,431 24,927 163 (34,521 ) 9,431 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 3,064 363 213 — (3,640 ) — Changes in pension and other employee benefit accounts, net of taxes — 2,701 (194 ) — — 2,507 Currency translation adjustment, net — — 344 213 — 557 Total other comprehensive income (loss) 3,064 3,064 363 213 (3,640 ) 3,064 Comprehensive income (loss) $ 12,495 $ 12,495 $ 25,290 $ 376 $ (38,161 ) $ 12,495 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the nine months ended October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 654,350 $ 587,116 $ 1,291 $ — $ 1,242,757 Cost of sales — 575,709 457,413 — — 1,033,122 Selling, general and administrative expenses — 85,229 51,747 557 — 137,533 Amortization of intangible assets — 452 3,576 333 — 4,361 Restructuring and other charges — 6,358 1,926 — — 8,284 Operating (loss) income — (13,398 ) 72,454 401 — 59,457 Interest expense, net — 65,779 146 — — 65,925 Intercompany interest (income) expense — (740 ) 740 — — — Gain on early extinguishment of debt, net — (80,328 ) — — — (80,328 ) Other income, net — (877 ) (1,848 ) (100 ) — (2,825 ) Income from continuing operations before income taxes and equity in income (loss) of subsidiaries — 2,768 73,416 501 — 76,685 Income tax expense — 2,827 402 831 — 4,060 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (59 ) 73,014 (330 ) — 72,625 Equity in income (loss) of subsidiaries 68,190 70,889 715 — (139,794 ) — Income (loss) from continuing operations 68,190 70,830 73,729 (330 ) (139,794 ) 72,625 (Loss) income from discontinued operations, net of taxes — (2,640 ) (2,840 ) 1,045 — (4,435 ) Net income (loss) 68,190 68,190 70,889 715 (139,794 ) 68,190 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 9,609 2,401 140 — (12,150 ) — Changes in pension and other employee benefit accounts, net of taxes — 7,208 259 — — 7,467 Currency translation adjustment, net — — 2,002 140 — 2,142 Total other comprehensive income (loss) 9,609 9,609 2,401 140 (12,150 ) 9,609 Comprehensive income (loss) $ 77,799 $ 77,799 $ 73,290 $ 855 $ (151,944 ) $ 77,799 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 1,230 $ (81,724 ) $ 92,403 $ 1,496 $ — $ 13,405 Net cash used in operating activities of discontinued operations — — (7,301 ) (438 ) — (7,739 ) Net cash provided by (used in) operating activities 1,230 (81,724 ) 85,102 1,058 — 5,666 Cash flows from investing activities: Capital expenditures — (14,317 ) (16,255 ) (601 ) — (31,173 ) Proceeds from sale of property, plant and equipment — 8,131 141 — — 8,272 Proceeds from sale of assets — — 2,000 — — 2,000 Net cash used in investing activities of continuing operations — (6,186 ) (14,114 ) (601 ) — (20,901 ) Net cash provided by investing activities of discontinued operations — — 87,877 6,487 — 94,364 Net cash (used in) provided by investing activities — (6,186 ) 73,763 5,886 — 73,463 Cash flows from financing activities: Proceeds from issuance of 4% secured notes due 2021 — 50,000 — — — 50,000 Payment of financing-related costs and expenses and debt issuance discounts — (9,967 ) — — — (9,967 ) Repayments of other long-term debt — (4,136 ) 21 — — (4,115 ) Repayment of 11.5% senior notes due 2017 — (4,725 ) — — — (4,725 ) Repayment of 7% senior exchangeable notes — (40,207 ) — — — (40,207 ) Purchase and retirement of common stock upon vesting of RSUs (341 ) — — — — (341 ) Borrowings under ABL Facility due 2021 — 368,600 — — — 368,600 Repayments under ABL Facility due 2021 — (441,700 ) — — — (441,700 ) Intercompany advances (889 ) 169,051 (159,218 ) (8,944 ) — — Net cash (used in) provided by financing activities of continuing operations (1,230 ) 86,916 (159,197 ) (8,944 ) — (82,455 ) Net cash used in financing activities of discontinued operations — — (8 ) — — (8 ) Net cash (used in) provided by financing activities (1,230 ) 86,916 (159,205 ) (8,944 ) — (82,463 ) Effect of exchange rate changes on cash and cash equivalents — — 316 127 — 443 Net decrease in cash and cash equivalents — (994 ) (24 ) (1,873 ) — (2,891 ) Cash and cash equivalents at beginning of period — 5,558 235 1,992 — 7,785 Cash and cash equivalents at end of period $ — $ 4,564 $ 211 $ 119 $ — $ 4,894 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, net — 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 — 43,349 1,807 1,575 — 46,731 Assets of discontinued operations - current — — 41,821 6,745 — 48,566 Total current assets — 293,193 1,795,909 10,312 (1,620,675 ) 478,739 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 ) $ 2,475,799 $ 2,229,861 $ 25,781 $ (2,979,576 ) $ 1,082,026 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 — 71,365 16,737 712 — 88,814 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 — 1,801,167 154,584 13,460 (1,620,675 ) 348,536 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 ) $ 2,475,799 $ 2,229,861 $ 25,781 $ (2,979,576 ) $ 1,082,026 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the three months ended September 26, 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 218,392 $ 200,548 $ 843 $ — $ 419,783 Cost of sales — 187,614 159,795 — — 347,409 Selling, general and administrative expenses — 29,511 15,707 176 — 45,394 Amortization of intangible assets — 239 1,622 120 — 1,981 Restructuring and other charges — 4,875 608 — — 5,483 Operating (loss) income — (3,847 ) 22,816 547 — 19,516 Interest expense, net — 25,046 49 — — 25,095 Intercompany interest (income) expense — (214 ) 214 — — — Other (income) expense, net — (1,228 ) 64 (168 ) — (1,332 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (27,451 ) 22,489 715 — (4,247 ) Income tax (benefit) expense — (1,597 ) 666 246 — (685 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (25,854 ) 21,823 469 — (3,562 ) Equity in (loss) income of subsidiaries (3,243 ) 22,810 441 — (20,008 ) — (Loss) income from continuing operations (3,243 ) (3,044 ) 22,264 469 (20,008 ) (3,562 ) (Loss) income from discontinued operations, net of taxes — (199 ) 546 (28 ) — 319 Net (loss) income (3,243 ) (3,243 ) 22,810 441 (20,008 ) (3,243 ) Other comprehensive (loss) income: Other comprehensive (loss) income of subsidiaries (460 ) (1,641 ) (872 ) — 2,973 — Changes in pension and other employee benefit accounts, net of taxes — 1,181 252 — — 1,433 Currency translation adjustment, net — — (1,021 ) (872 ) — (1,893 ) Total other comprehensive (loss) income (460 ) (460 ) (1,641 ) (872 ) 2,973 (460 ) Comprehensive (loss) income $ (3,703 ) $ (3,703 ) $ 21,169 $ (431 ) $ (17,035 ) $ (3,703 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the nine months ended September 26, 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 653,778 $ 605,967 $ 3,074 $ — $ 1,262,819 Cost of sales — 561,734 487,539 731 — 1,050,004 Selling, general and administrative expenses — 87,595 48,424 540 — 136,559 Amortization of intangible assets — 543 4,865 348 — 5,756 Restructuring and other charges — 9,842 1,687 — — 11,529 Operating (loss) income — (5,936 ) 63,452 1,455 — 58,971 Interest expense, net — 75,833 168 — — 76,001 Intercompany interest (income) expense — (765 ) 765 — — — Loss on early extinguishment of debt, net — 559 — — — 559 Other expense (income), net — (435 ) (106 ) (232 ) — (773 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (81,128 ) 62,625 1,687 — (16,816 ) Income tax (benefit) expense — (4,194 ) 1,976 498 — (1,720 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (76,934 ) 60,649 1,189 — (15,096 ) Equity in (loss) income of subsidiaries (13,327 ) 63,807 982 — (51,462 ) — (Loss) income from continuing operations (13,327 ) (13,127 ) 61,631 1,189 (51,462 ) (15,096 ) (Loss) income from discontinued operations, net of taxes — (200 ) 2,176 (207 ) — 1,769 Net (loss) income (13,327 ) (13,327 ) 63,807 982 (51,462 ) (13,327 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 985 (2,880 ) (890 ) — 2,785 — Changes in pension and other employee benefit accounts, net of taxes — 3,865 252 — — 4,117 Currency translation adjustment, net — — (2,242 ) (890 ) — (3,132 ) Total other comprehensive income (loss) 985 985 (2,880 ) (890 ) 2,785 985 Comprehensive (loss) income $ (12,342 ) $ (12,342 ) $ 60,927 $ 92 $ (48,677 ) $ (12,342 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 26, 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 $ 1,481 $ 86,182 $ (85,589 ) $ (574 ) $ — $ 1,500 Net cash provided by operating activities of discontinued operations — — 13,039 306 — 13,345 Net cash provided by (used in) operating activities 1,481 86,182 (72,550 ) (268 ) — 14,845 Cash flows from investing activities: Capital expenditures — (14,315 ) (4,693 ) (237 ) — (19,245 ) Cost of business acquisitions, net of cash acquired — (1,996 ) — — — (1,996 ) Proceeds from sale of property, plant and equipment — 586 885 — — 1,471 Proceeds from sale of assets — — 2,180 — — 2,180 Net cash used in investing activities of continuing operations — (15,725 ) (1,628 ) (237 ) — (17,590 ) Net cash used in investing activities of discontinued operations — — (1,864 ) — — (1,864 ) Net cash used in investing activities — (15,725 ) (3,492 ) (237 ) — (19,454 ) Cash flows from financing activities: Payment of financing-related costs and expenses and debt issuance discounts — (1,309 ) — — — (1,309 ) Repayments of other long-term debt — (4,763 ) 1,418 — — (3,345 ) Repayment of 11.5% senior notes due 2017 — (22,720 ) — — — (22,720 ) Purchase and retirement of common stock upon vesting of RSUs (218 ) — — — — (218 ) Proceeds from exercise of stock options 2 — — — — 2 Borrowings under ABL Facility due 2021 — 358,900 — — — 358,900 Repayments under ABL Facility due 2021 — (328,500 ) — — — (328,500 ) Intercompany advances (1,265 ) (76,014 ) 75,440 1,839 — — Net cash (used in) provided by financing activities of continuing operations (1,481 ) (74,406 ) 76,858 1,839 — 2,810 Net cash used in financing activities of discontinued operations — — (352 ) — — (352 ) Net cash (used in) provided by financing activities (1,481 ) (74,406 ) 76,506 1,839 — 2,458 Effect of exchange rate changes on cash and cash equivalents — — (866 ) 330 — (536 ) Net (decrease) increase in cash and cash equivalents — (3,949 ) (402 ) 1,664 — (2,687 ) Cash and cash equivalents at beginning of period — 10,965 844 2,784 — 14,593 Cash and cash equivalents at end of period — 7,016 442 4,448 — 11,906 Less cash and cash equivalents of discontinued operations — — (82 ) (2,250 ) — (2,332 ) Cash and cash equivalents of continuing operations at end of period $ — $ 7,016 $ 360 $ 2,198 $ — $ 9,574 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Oct. 01, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements ("financial statements") of Cenveo, Inc. and its subsidiaries (collectively, "Cenveo" or the "Company") have been prepared in accordance with Regulation S-X promulgated by the Securities and Exchange Commission ("SEC") and, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of financial position as of October 1, 2016 , and the results of operations for the three and nine months ended October 1, 2016 , and September 26, 2015 , and cash flows for the nine months ended October 1, 2016 , and September 26, 2015 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to SEC rules. The results of operations for the three and nine months ended October 1, 2016 , are generally not indicative of the results to be expected for any interim period or for the full year, primarily due to restructuring, acquisition and debt-related activities or transactions. The January 2, 2016 consolidated balance sheet has been derived from the audited consolidated financial statements at that date. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2016 , filed with the SEC. Certain amounts in the January 2, 2016 condensed consolidated balance sheet have been reclassified to conform to the current year presentation. The reporting periods for the three and nine months ended October 1, 2016 , and September 26, 2015 , each consisted of 13 and 39 weeks, respectively. 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 the sale of the Packaging Business. As a result, the financial results of the Packaging Business have been accounted for as discontinued operations. The Company's historical condensed consolidated financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented. On July 8, 2016, the Company announced a reverse split of its common stock, par value $0.01 per share (the "Common Stock"), at a ratio of 1-for-8, effective July 13, 2016 (the "Reverse Stock Split"). The Common Stock began trading on a split-adjusted basis on July 14, 2016. The Reverse Stock Split was approved by the Company’s stockholders at the annual meeting of the stockholders held on May 26, 2016. As a result of the Reverse Stock Split, each eight pre-split shares of Common Stock outstanding were automatically combined into one new share of Common Stock without any action on the part of the respective holders, and the number of outstanding common shares on the date of the split was reduced from approximately 68.5 million shares to approximately 8.5 million shares. The Reverse Stock Split also applied to Common Stock issuable upon the exchange of the Company’s outstanding 7% senior exchangeable notes due 2017 (the "7% Notes") and upon the exercise of the Company’s outstanding warrants and the Company's outstanding stock options, restricted share units ("RSUs"), and performance share units ("PSUs"), (collectively, the "Equity Awards"). In addition, the authorized Common Stock was initially increased from 100 million to 120 million shares and then adjusted in the Reverse Stock Split from 120 million to 15 million shares. The Company's historical condensed consolidated financial statements have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. |
New Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 expects that the future adoption of ASU 2014-09 will not have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, " Inventory (Topic 340): Simplifying the Measurement of Inventory ." Under ASU 2015-11, companies utilizing the first-in, first-out or average cost method should measure inventory at the lower of cost or net realizable value, whereas net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for interim and annual reporting periods beginning after December 15, 2016. The Company expects that the future adoption of ASU 2015-11 will not have a material impact on its consolidated financial statements. 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. As of October 1, 2016 , the Company had $2.0 million of current deferred tax assets that would be reclassified from prepaid and other current assets to other assets, net in the Company's condensed consolidated balance sheet. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842)." The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. A modified retrospective transition approach is required for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the timing and impact of the adoption of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, " Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ." The new standard simplifies various aspects related to how share-based payments are accounted for and presented in the consolidated financial statements. The amendments include income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance is effective in the first quarter of fiscal 2017 and early adoption is permitted if all amendments are adopted in the same period. The Company expects that the future adoption of ASU 2016-09 will not have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ” ASU 2016-15 reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU is effective for interim and annual reporting periods beginning after December 15, 2017. The Company expects that the future adoption of ASU 2016-15 will not have a material impact on its consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Business Combinations [Abstract] | |
Purchase price allocation | 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 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's condensed consolidated balance sheets as of October 1, 2016 , and January 2, 2016 (in thousands): October 1, January 2, Accounts receivable, net $ — $ 23,244 Inventories — 18,603 Other current assets — 6,719 Assets of discontinued operations - current — 48,566 Property, plant and equipment, net — 48,244 Goodwill and other long-term assets — 14,607 Assets of discontinued operations - long-term — 62,851 Accounts payable — 17,917 Other current liabilities 280 4,351 Liabilities of discontinued operations - current 280 22,268 Long-term debt and other liabilities — 1,153 Liabilities of discontinued operations - long-term — 1,153 Net (liabilities) assets of discontinued operations $ (280 ) $ 87,996 The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): For the Three Months Ended For the Nine Months Ended October 1, September 26, October 1, September 26, Net sales $ — $ 44,166 $ 6,637 $ 137,092 Cost of sales — 37,679 6,625 117,110 Selling, general and administrative expenses — 5,187 2,242 15,321 Amortization of intangible assets — 539 — 1,617 Restructuring and other charges — 31 1 379 Interest expense, net — 28 7 92 Other expense (income), net 490 (149 ) 728 (578 ) (Loss) income from discontinued operations (490 ) 851 (2,966 ) 3,151 Gain (loss) on sale of discontinued operations 1,176 — (97 ) — Income (loss) from discontinued operations before income taxes 686 851 (3,063 ) 3,151 Income tax expense — 532 1,372 1,382 Income (loss) from discontinued operations, net of taxes $ 686 $ 319 $ (4,435 ) $ 1,769 Income (loss) per share - basic $ 0.08 $ 0.04 $ (0.52 ) $ 0.21 Income (loss) per share - diluted $ 0.08 $ 0.04 $ (0.46 ) $ 0.21 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories by major category are as follows (in thousands): October 1, January 2, Raw materials $ 32,717 $ 40,938 Work in process 15,007 14,696 Finished goods 64,073 65,981 $ 111,797 $ 121,615 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment are as follows (in thousands): October 1, January 2, Land and land improvements $ 8,537 $ 9,194 Buildings and building improvements 79,443 82,206 Machinery and equipment 536,224 525,914 Furniture and fixtures 9,463 8,696 Construction in progress 15,920 10,181 649,587 636,191 Accumulated depreciation (440,877 ) (425,613 ) $ 208,710 $ 210,578 |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill as of October 1, 2016 , by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of January 2, 2016 $ 23,433 $ 42,628 $ 109,277 $ 175,338 Foreign currency translation — (34 ) — (34 ) Balance as of October 1, 2016 $ 23,433 $ 42,594 $ 109,277 $ 175,304 |
Schedule of intangible assets | Other intangible assets are as follows (in thousands): October 1, 2016 January 2, 2016 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 $ 114,329 $ (27,234 ) $ (58,896 ) $ 28,199 $ 114,345 $ (27,234 ) $ (55,209 ) $ 31,902 Trademarks and trade names 22 64,538 (46,493 ) (9,015 ) 9,030 64,540 (46,493 ) (8,649 ) 9,398 Leasehold interest 17 4,430 — (686 ) 3,744 4,430 — (516 ) 3,914 Patents 9 3,528 — (3,217 ) 311 3,528 — (3,192 ) 336 Subtotal 11 186,825 (73,727 ) (71,814 ) 41,284 186,843 (73,727 ) (67,566 ) 45,550 Intangible assets with indefinite lives: Trade names 84,900 — — 84,900 84,900 — — 84,900 Total $ 271,725 $ (73,727 ) $ (71,814 ) $ 126,184 $ 271,743 $ (73,727 ) $ (67,566 ) $ 130,450 |
Schedule of future amortization expense of intangible assets | Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): Annual Estimated Remainder of 2016 $ 1,359 2017 5,272 2018 5,003 2019 4,885 2020 4,885 2021 4,731 Thereafter 15,149 Total $ 41,284 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt is as follows (in thousands): October 1, January 2, ABL Facility due 2021 (1) $ 75,100 $ 148,200 4.0% secured notes due 2021 ($50 million and $0 outstanding principal amount as of October 1, 2016, and January 2, 2016, respectively) 49,883 — 8.500% junior priority secured notes due 2022 ($248.0 million outstanding principal amount as of October 1, 2016, and January 2, 2016) 241,300 240,533 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of October 1, 2016, and January 2, 2016) 529,252 526,533 6.000% senior unsecured notes due 2024 ($104.5 million and $0 outstanding principal amount as of October 1, 2016, and January 2, 2016, respectively) 85,063 — 11.5% senior notes due 2017 ($40.5 million and $199.7 million outstanding principal amount as of October 1, 2016, and January 2, 2016, respectively) 40,120 195,846 7% senior exchangeable notes due 2017 ($11.2 million and $83.3 million outstanding principal amount as of October 1, 2016, and January 2, 2016, respectively) 11,171 82,430 Other debt including capital leases 12,198 15,081 1,044,087 1,208,623 Less current maturities (57,132 ) (5,373 ) Long-term debt $ 986,955 $ 1,203,250 __________________________ (1) The weighted average interest rate outstanding for the ABL Facility was 3.6% and 2.8% as of October 1, 2016 , and January 2, 2016 , respectively. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of net periodic expense | The components of the net periodic expense for the Company’s pension plans, supplemental executive retirement plans ("SERP") and other postretirement benefit plans ("OPEB") are as follows (in thousands): For the Three Months Ended For the Nine Months Ended October 1, September 26, October 1, September 26, Service cost $ — $ — $ 1 $ 1 Interest cost 3,555 3,505 10,645 10,553 Expected return on plan assets (4,775 ) (5,280 ) (14,326 ) (15,732 ) Net amortization and deferral 1 — 3 — Recognized net actuarial loss 2,507 2,339 7,467 6,651 Net periodic expense $ 1,288 $ 564 $ 3,790 $ 1,473 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 01, 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 nine months ended October 1, 2016 , is as follows: Options Weighted Weighted Aggregate Outstanding at January 2, 2016 190,250 $ 34.56 3.0 $ — Granted — — Exercised — — $ — Forfeited/expired (58,573 ) 53.12 Outstanding at October 1, 2016 131,677 $ 26.31 3.1 $ — Exercisable at October 1, 2016 70,732 $ 32.74 1.9 $ — |
Schedule of nonvested restricted share units | RSUs A summary of the Company’s non-vested RSUs as of and for the nine months ended October 1, 2016 , is as follows: RSUs Weighted Average Unvested at January 2, 2016 105,087 $ 18.43 Granted 20,961 9.66 Vested (43,084 ) 18.29 Forfeited — — Unvested at October 1, 2016 82,964 $ 16.28 |
Schedule of nonvested performance share units | PSUs A summary of the Company's non-vested PSUs as of and for the nine months ended October 1, 2016 is as follows: PSUs Weighted Average Unvested at January 2, 2016 70,625 $ 19.04 Granted — — Vested (70,625 ) 19.04 Forfeited — — Unvested at October 1, 2016 — $ — |
Restructuring and Other Charg30
Restructuring and Other Charges (Tables) | 9 Months Ended |
Oct. 01, 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. 2016 Activity Restructuring and other charges for the three months ended October 1, 2016 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 384 $ — $ 22 $ — $ — $ 66 $ 472 Residual Plans — — — — — 5 5 Acquisition Integration Plans — — — — — 19 19 Total Envelope 384 — 22 — — 90 496 Print 2016 Plan 92 — — — — — 92 2015 Plan — — — — — 162 162 Residual Plans — — — — 203 20 223 Total Print 92 — — — 203 182 477 Label 2016 Plan 158 — — — — 4 162 2015 Plan (45 ) — — — — (81 ) (126 ) Total Label 113 — — — — (77 ) 36 Corporate 2016 Plan 1,448 — — — — — 1,448 2015 Plan (54 ) — — — — — (54 ) Residual Plans — — — — — 11 11 Total Corporate 1,394 — — — — 11 1,405 Total Restructuring and Other Charges $ 1,983 $ — $ 22 $ — $ 203 $ 206 $ 2,414 Restructuring and other charges for the nine months ended October 1, 2016 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 481 $ — $ 22 $ — $ — $ 66 $ 569 2015 Plan 13 — — — — — 13 Residual Plans — — — — 54 7 61 Acquisition Integration Plans — 146 276 — — 137 559 Total Envelope 494 146 298 — 54 210 1,202 Print 2016 Plan 107 — — — — — 107 2015 Plan (3 ) — — — — 283 280 Residual Plans 1 — — 113 715 58 887 Acquisition Integration Plans — — — 45 — — 45 Total Print 105 — — 158 715 341 1,319 Label 2016 Plan 191 — — — — 5 196 2015 Plan 558 — — — — 1,078 1,636 Asset Impairments — 2,300 — — — — 2,300 Total Label 749 2,300 — — — 1,083 4,132 Corporate 2016 Plan 1,655 — — — — 3 1,658 2015 Plan (54 ) — — — — — (54 ) Residual Plans — — — — — 27 27 Total Corporate 1,601 — — — — 30 1,631 Total Restructuring and Other Charges $ 2,949 $ 2,446 $ 298 $ 158 $ 769 $ 1,664 $ 8,284 2015 Activity Restructuring and other charges for the three months ended September 26, 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2015 Plan $ 61 $ — $ — $ — $ — $ — $ 61 Residual Plans (18 ) — — — 44 5 31 Acquisition Integration Plans — — 5 — — 84 89 Total Envelope 43 — 5 — 44 89 181 Print 2015 Plan 172 — — — — — 172 Residual Plans 10 — 4 36 4,160 91 4,301 Total Print 182 — 4 36 4,160 91 4,473 Label 2015 Plan (6 ) — 116 — — 170 280 Residual Plans 1 — — — — — 1 Total Label (5 ) — 116 — — 170 281 Corporate 2015 Plan 503 — — — — 45 548 Total Corporate 503 — — — — 45 548 Total Restructuring and Other Charges $ 723 $ — $ 125 $ 36 $ 4,204 $ 395 $ 5,483 Restructuring and other charges for the nine months ended September 26, 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2015 Plan $ 147 $ — $ — $ — $ — $ — $ 147 Residual Plans 252 — — (22 ) 126 62 418 Acquisition Integration Plans 45 1,895 33 286 — 494 2,753 Total Envelope 444 1,895 33 264 126 556 3,318 Print 2015 Plan 384 — — — — — 384 Residual Plans 72 181 39 127 4,448 1,089 5,956 Total Print 456 181 39 127 4,448 1,089 6,340 Label 2015 Plan 20 — 133 — — 197 350 Residual Plans 129 — — — — — 129 Total Label 149 — 133 — — 197 479 Corporate 2015 Plan 1,309 — — — — 69 1,378 Residual Plans — — — — — 14 14 Total Corporate 1,309 — — — — 83 1,392 Total Restructuring and Other Charges $ 2,358 $ 2,076 $ 205 $ 391 $ 4,574 $ 1,925 $ 11,529 |
Schedule of activity related to the restructuring liability | A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands): Employee Separation Costs Lease Termination Expenses Multi-Employer Pension Building Clean-up, Total 2016 Plan Balance as of January 2, 2016 $ — $ — $ — $ — $ — Accruals, net 2,434 — — 96 2,530 Payments (837 ) — — (96 ) (933 ) Balance as of October 1, 2016 $ 1,597 $ — $ — $ — $ 1,597 2015 Plan Balance as of January 2, 2016 $ 276 $ — $ — $ — $ 276 Accruals, net 514 — — 1,361 1,875 Payments (493 ) — — (1,102 ) (1,595 ) Balance as of October 1, 2016 $ 297 $ — $ — $ 259 $ 556 Residual Plans Balance as of January 2, 2016 $ 3 $ 411 $ 19,842 $ — $ 20,256 Accruals, net 1 113 769 92 975 Payments (4 ) (524 ) (2,542 ) (92 ) (3,162 ) Balance as of October 1, 2016 $ — $ — $ 18,069 $ — $ 18,069 Acquisition Integration Plans Balance as of January 2, 2016 $ — $ 392 $ — $ — $ 392 Accruals, net — 45 — 413 458 Payments — (437 ) — (413 ) (850 ) Balance as of October 1, 2016 $ — $ — $ — $ — $ — Total Restructuring Liability $ 1,894 $ — $ 18,069 $ 259 $ 20,222 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Equity [Abstract] | |
Schedule of changes in AOCI components | The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) ("AOCI"), net of tax (in thousands): Foreign Currency Translation Pension and Other Postretirement Benefits Total Balance as of January 2, 2016 $ (7,200 ) $ (98,730 ) $ (105,930 ) Other comprehensive loss before reclassifications (196 ) — (196 ) Amounts reclassified from AOCI 2,338 7,467 9,805 Other comprehensive income 2,142 7,467 9,609 Balance as of October 1, 2016 $ (5,058 ) $ (91,263 ) $ (96,321 ) |
Schedule of reclassifications from AOCI | Reclassifications from AOCI AOCI Components (in thousands) Amounts Reclassified from AOCI Amounts Reclassified from AOCI Income Statement Line Item For the Three Months Ended For the Nine Months Ended October 1, September 26, October 1, September 26, Changes in Foreign Currency Translation Loss on foreign exchange $ 393 $ — $ 2,338 $ — Income (loss) from discontinued operations, net of taxes Changes in pension and other employee benefit accounts: Net actuarial losses 2,507 2,339 7,467 6,651 Cost of sales 2,900 2,339 9,805 6,651 Total before tax Taxes — (906 ) — (2,534 ) Income tax expense (benefit) Total reclassifications for the period $ 2,900 $ 1,433 $ 9,805 $ 4,117 Net of tax |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 9 Months Ended |
Oct. 01, 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 income (loss) per share for the three and nine months ended October 1, 2016 , and September 26, 2015 (in thousands, except per share data): For the Three Months Ended For the Nine Months Ended October 1, September 26, October 1, September 26, Numerator for basic and diluted income (loss) per share: Income (loss) from continuing operations $ 8,745 $ (3,562 ) $ 72,625 $ (15,096 ) Income (loss) from discontinued operations, net of taxes 686 319 (4,435 ) 1,769 Net income (loss) $ 9,431 $ (3,243 ) $ 68,190 $ (13,327 ) Numerator for diluted income (loss) per share: Income (loss) from continuing operations - as reported $ 8,745 $ (3,562 ) $ 72,625 $ (15,096 ) Interest expense on 7% Notes, net of taxes 211 — 1,521 — Income (loss) from continuing operations - after assumed conversions of dilutive shares 8,956 (3,562 ) 74,146 (15,096 ) Income (loss) from discontinued operations, net of taxes 686 319 (4,435 ) 1,769 Net income (loss) for diluted loss per share - after assumed conversions of dilutive shares $ 9,642 $ (3,243 ) $ 69,711 $ (13,327 ) Denominator for weighted average common shares outstanding: Basic shares 8,552 8,484 8,518 8,477 Dilutive effect of 7% Notes 415 — 1,227 — Dilutive effect of Equity Awards — — — — Dilutive effect of Warrants — — — — Diluted shares 8,967 8,484 9,745 8,477 Income (loss) per share – basic: Continuing operations $ 1.02 $ (0.42 ) $ 8.53 $ (1.78 ) Discontinued operations 0.08 0.04 (0.52 ) 0.21 Net income (loss) $ 1.10 $ (0.38 ) $ 8.01 $ (1.57 ) Income (loss) per share – diluted: Continuing operations $ 1.00 $ (0.42 ) $ 7.61 $ (1.78 ) Discontinued operations 0.08 0.04 (0.46 ) 0.21 Net income (loss) $ 1.08 $ (0.38 ) $ 7.15 $ (1.57 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Segment Reporting [Abstract] | |
Segment information | The following tables present certain segment information (in thousands): For the Three Months Ended For the Nine Months Ended October 1, September 26, October 1, September 26, Net sales: Envelope $ 212,578 $ 218,454 $ 654,115 $ 664,003 Print 121,739 123,875 360,879 360,520 Label 71,638 77,454 227,763 238,296 Total $ 405,955 $ 419,783 $ 1,242,757 $ 1,262,819 Operating income (loss): Envelope $ 16,832 $ 17,746 $ 51,604 $ 49,297 Print 5,446 1,541 10,756 6,207 Label 6,764 10,146 23,373 31,000 Corporate (8,169 ) (9,917 ) (26,276 ) (27,533 ) Total $ 20,873 $ 19,516 $ 59,457 $ 58,971 Restructuring and other charges: Envelope $ 496 $ 181 $ 1,202 $ 3,318 Print 477 4,473 1,319 6,340 Label 36 281 4,132 479 Corporate 1,405 548 1,631 1,392 Total $ 2,414 $ 5,483 $ 8,284 $ 11,529 Depreciation and intangible asset amortization: Envelope $ 4,717 $ 4,775 $ 14,299 $ 14,608 Print 4,443 4,137 13,505 12,573 Label 1,572 2,006 5,360 6,000 Corporate 957 717 2,381 2,452 Total $ 11,689 $ 11,635 $ 35,545 $ 35,633 Intercompany sales: Envelope $ 1,843 $ 1,531 $ 5,259 $ 4,674 Print 5,674 4,611 15,939 12,535 Label 716 1,342 2,306 3,010 Total $ 8,233 $ 7,484 $ 23,504 $ 20,219 October 1, January 2, Total assets: Envelope $ 406,538 $ 445,443 Print 257,705 266,074 Label 214,320 223,534 Corporate 33,674 35,558 Assets of discontinued operations — 111,417 Total $ 912,237 $ 1,082,026 |
Condensed Consolidating Finan34
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 4,564 $ 211 $ 119 $ — $ 4,894 Accounts receivable, net — 114,029 108,639 — — 222,668 Inventories, net — 70,582 41,215 — — 111,797 Intercompany receivable — — 1,739,710 604 (1,740,314 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 35,175 2,672 2,365 (894 ) 39,318 Total current assets — 261,288 1,895,692 3,088 (1,781,391 ) 378,677 Investment in subsidiaries (582,241 ) 2,088,004 5,347 7,829 (1,518,939 ) — Property, plant and equipment, net — 110,066 97,670 974 — 208,710 Goodwill — 25,540 144,810 4,954 — 175,304 Other intangible assets, net — 9,926 116,030 228 — 126,184 Other assets, net — 19,576 3,197 589 — 23,362 Total assets $ (582,241 ) $ 2,514,400 $ 2,262,746 $ 17,662 $ (3,300,330 ) $ 912,237 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 56,061 $ 1,071 $ — $ — $ 57,132 Accounts payable — 107,482 64,559 231 — 172,272 Accrued compensation and related liabilities — 18,948 3,736 343 — 23,027 Other current liabilities — 49,292 11,621 667 — 61,580 Liabilities of discontinued operations - current — — 280 — — 280 Intercompany payable — 1,740,314 — — (1,740,314 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,972,097 118,205 4,486 (1,780,497 ) 314,291 Long-term debt — 984,684 2,271 — — 986,955 Other liabilities — 139,860 54,266 — (894 ) 193,232 Shareholders’ (deficit) equity (582,241 ) (582,241 ) 2,088,004 13,176 (1,518,939 ) (582,241 ) Total liabilities and shareholders’ (deficit) equity $ (582,241 ) $ 2,514,400 $ 2,262,746 $ 17,662 $ (3,300,330 ) $ 912,237 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, net — 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 — 43,349 1,807 1,575 — 46,731 Assets of discontinued operations - current — — 41,821 6,745 — 48,566 Total current assets — 293,193 1,795,909 10,312 (1,620,675 ) 478,739 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 ) $ 2,475,799 $ 2,229,861 $ 25,781 $ (2,979,576 ) $ 1,082,026 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 — 71,365 16,737 712 — 88,814 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 — 1,801,167 154,584 13,460 (1,620,675 ) 348,536 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 ) $ 2,475,799 $ 2,229,861 $ 25,781 $ (2,979,576 ) $ 1,082,026 |
Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss) | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the three months ended October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 211,525 $ 193,945 $ 485 $ — $ 405,955 Cost of sales — 184,466 151,267 — — 335,733 Selling, general and administrative expenses — 27,855 17,526 179 — 45,560 Amortization of intangible assets — 148 1,116 111 — 1,375 Restructuring and other charges — 2,581 (167 ) — — 2,414 Operating (loss) income — (3,525 ) 24,203 195 — 20,873 Interest expense, net — 20,272 46 — — 20,318 Intercompany interest (income) expense — (249 ) 249 — — — Gain on early extinguishment of debt, net — (7,442 ) — — — (7,442 ) Other (income) expense, net — (1,877 ) 100 42 — (1,735 ) (Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries — (14,229 ) 23,808 153 — 9,732 Income tax expense — 774 160 53 — 987 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (15,003 ) 23,648 100 — 8,745 Equity in income (loss) of subsidiaries 9,431 24,927 163 — (34,521 ) — Income (loss) from continuing operations 9,431 9,924 23,811 100 (34,521 ) 8,745 (Loss) income from discontinued operations, net of taxes — (493 ) 1,116 63 — 686 Net income (loss) 9,431 9,431 24,927 163 (34,521 ) 9,431 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 3,064 363 213 — (3,640 ) — Changes in pension and other employee benefit accounts, net of taxes — 2,701 (194 ) — — 2,507 Currency translation adjustment, net — — 344 213 — 557 Total other comprehensive income (loss) 3,064 3,064 363 213 (3,640 ) 3,064 Comprehensive income (loss) $ 12,495 $ 12,495 $ 25,290 $ 376 $ (38,161 ) $ 12,495 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the nine months ended October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 654,350 $ 587,116 $ 1,291 $ — $ 1,242,757 Cost of sales — 575,709 457,413 — — 1,033,122 Selling, general and administrative expenses — 85,229 51,747 557 — 137,533 Amortization of intangible assets — 452 3,576 333 — 4,361 Restructuring and other charges — 6,358 1,926 — — 8,284 Operating (loss) income — (13,398 ) 72,454 401 — 59,457 Interest expense, net — 65,779 146 — — 65,925 Intercompany interest (income) expense — (740 ) 740 — — — Gain on early extinguishment of debt, net — (80,328 ) — — — (80,328 ) Other income, net — (877 ) (1,848 ) (100 ) — (2,825 ) Income from continuing operations before income taxes and equity in income (loss) of subsidiaries — 2,768 73,416 501 — 76,685 Income tax expense — 2,827 402 831 — 4,060 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (59 ) 73,014 (330 ) — 72,625 Equity in income (loss) of subsidiaries 68,190 70,889 715 — (139,794 ) — Income (loss) from continuing operations 68,190 70,830 73,729 (330 ) (139,794 ) 72,625 (Loss) income from discontinued operations, net of taxes — (2,640 ) (2,840 ) 1,045 — (4,435 ) Net income (loss) 68,190 68,190 70,889 715 (139,794 ) 68,190 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 9,609 2,401 140 — (12,150 ) — Changes in pension and other employee benefit accounts, net of taxes — 7,208 259 — — 7,467 Currency translation adjustment, net — — 2,002 140 — 2,142 Total other comprehensive income (loss) 9,609 9,609 2,401 140 (12,150 ) 9,609 Comprehensive income (loss) $ 77,799 $ 77,799 $ 73,290 $ 855 $ (151,944 ) $ 77,799 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the three months ended September 26, 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 218,392 $ 200,548 $ 843 $ — $ 419,783 Cost of sales — 187,614 159,795 — — 347,409 Selling, general and administrative expenses — 29,511 15,707 176 — 45,394 Amortization of intangible assets — 239 1,622 120 — 1,981 Restructuring and other charges — 4,875 608 — — 5,483 Operating (loss) income — (3,847 ) 22,816 547 — 19,516 Interest expense, net — 25,046 49 — — 25,095 Intercompany interest (income) expense — (214 ) 214 — — — Other (income) expense, net — (1,228 ) 64 (168 ) — (1,332 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (27,451 ) 22,489 715 — (4,247 ) Income tax (benefit) expense — (1,597 ) 666 246 — (685 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (25,854 ) 21,823 469 — (3,562 ) Equity in (loss) income of subsidiaries (3,243 ) 22,810 441 — (20,008 ) — (Loss) income from continuing operations (3,243 ) (3,044 ) 22,264 469 (20,008 ) (3,562 ) (Loss) income from discontinued operations, net of taxes — (199 ) 546 (28 ) — 319 Net (loss) income (3,243 ) (3,243 ) 22,810 441 (20,008 ) (3,243 ) Other comprehensive (loss) income: Other comprehensive (loss) income of subsidiaries (460 ) (1,641 ) (872 ) — 2,973 — Changes in pension and other employee benefit accounts, net of taxes — 1,181 252 — — 1,433 Currency translation adjustment, net — — (1,021 ) (872 ) — (1,893 ) Total other comprehensive (loss) income (460 ) (460 ) (1,641 ) (872 ) 2,973 (460 ) Comprehensive (loss) income $ (3,703 ) $ (3,703 ) $ 21,169 $ (431 ) $ (17,035 ) $ (3,703 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the nine months ended September 26, 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 653,778 $ 605,967 $ 3,074 $ — $ 1,262,819 Cost of sales — 561,734 487,539 731 — 1,050,004 Selling, general and administrative expenses — 87,595 48,424 540 — 136,559 Amortization of intangible assets — 543 4,865 348 — 5,756 Restructuring and other charges — 9,842 1,687 — — 11,529 Operating (loss) income — (5,936 ) 63,452 1,455 — 58,971 Interest expense, net — 75,833 168 — — 76,001 Intercompany interest (income) expense — (765 ) 765 — — — Loss on early extinguishment of debt, net — 559 — — — 559 Other expense (income), net — (435 ) (106 ) (232 ) — (773 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (81,128 ) 62,625 1,687 — (16,816 ) Income tax (benefit) expense — (4,194 ) 1,976 498 — (1,720 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (76,934 ) 60,649 1,189 — (15,096 ) Equity in (loss) income of subsidiaries (13,327 ) 63,807 982 — (51,462 ) — (Loss) income from continuing operations (13,327 ) (13,127 ) 61,631 1,189 (51,462 ) (15,096 ) (Loss) income from discontinued operations, net of taxes — (200 ) 2,176 (207 ) — 1,769 Net (loss) income (13,327 ) (13,327 ) 63,807 982 (51,462 ) (13,327 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 985 (2,880 ) (890 ) — 2,785 — Changes in pension and other employee benefit accounts, net of taxes — 3,865 252 — — 4,117 Currency translation adjustment, net — — (2,242 ) (890 ) — (3,132 ) Total other comprehensive income (loss) 985 985 (2,880 ) (890 ) 2,785 985 Comprehensive (loss) income $ (12,342 ) $ (12,342 ) $ 60,927 $ 92 $ (48,677 ) $ (12,342 ) |
Schedule of Condensed Consolidating Statement of Cash Flows | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 1,230 $ (81,724 ) $ 92,403 $ 1,496 $ — $ 13,405 Net cash used in operating activities of discontinued operations — — (7,301 ) (438 ) — (7,739 ) Net cash provided by (used in) operating activities 1,230 (81,724 ) 85,102 1,058 — 5,666 Cash flows from investing activities: Capital expenditures — (14,317 ) (16,255 ) (601 ) — (31,173 ) Proceeds from sale of property, plant and equipment — 8,131 141 — — 8,272 Proceeds from sale of assets — — 2,000 — — 2,000 Net cash used in investing activities of continuing operations — (6,186 ) (14,114 ) (601 ) — (20,901 ) Net cash provided by investing activities of discontinued operations — — 87,877 6,487 — 94,364 Net cash (used in) provided by investing activities — (6,186 ) 73,763 5,886 — 73,463 Cash flows from financing activities: Proceeds from issuance of 4% secured notes due 2021 — 50,000 — — — 50,000 Payment of financing-related costs and expenses and debt issuance discounts — (9,967 ) — — — (9,967 ) Repayments of other long-term debt — (4,136 ) 21 — — (4,115 ) Repayment of 11.5% senior notes due 2017 — (4,725 ) — — — (4,725 ) Repayment of 7% senior exchangeable notes — (40,207 ) — — — (40,207 ) Purchase and retirement of common stock upon vesting of RSUs (341 ) — — — — (341 ) Borrowings under ABL Facility due 2021 — 368,600 — — — 368,600 Repayments under ABL Facility due 2021 — (441,700 ) — — — (441,700 ) Intercompany advances (889 ) 169,051 (159,218 ) (8,944 ) — — Net cash (used in) provided by financing activities of continuing operations (1,230 ) 86,916 (159,197 ) (8,944 ) — (82,455 ) Net cash used in financing activities of discontinued operations — — (8 ) — — (8 ) Net cash (used in) provided by financing activities (1,230 ) 86,916 (159,205 ) (8,944 ) — (82,463 ) Effect of exchange rate changes on cash and cash equivalents — — 316 127 — 443 Net decrease in cash and cash equivalents — (994 ) (24 ) (1,873 ) — (2,891 ) Cash and cash equivalents at beginning of period — 5,558 235 1,992 — 7,785 Cash and cash equivalents at end of period $ — $ 4,564 $ 211 $ 119 $ — $ 4,894 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 26, 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 $ 1,481 $ 86,182 $ (85,589 ) $ (574 ) $ — $ 1,500 Net cash provided by operating activities of discontinued operations — — 13,039 306 — 13,345 Net cash provided by (used in) operating activities 1,481 86,182 (72,550 ) (268 ) — 14,845 Cash flows from investing activities: Capital expenditures — (14,315 ) (4,693 ) (237 ) — (19,245 ) Cost of business acquisitions, net of cash acquired — (1,996 ) — — — (1,996 ) Proceeds from sale of property, plant and equipment — 586 885 — — 1,471 Proceeds from sale of assets — — 2,180 — — 2,180 Net cash used in investing activities of continuing operations — (15,725 ) (1,628 ) (237 ) — (17,590 ) Net cash used in investing activities of discontinued operations — — (1,864 ) — — (1,864 ) Net cash used in investing activities — (15,725 ) (3,492 ) (237 ) — (19,454 ) Cash flows from financing activities: Payment of financing-related costs and expenses and debt issuance discounts — (1,309 ) — — — (1,309 ) Repayments of other long-term debt — (4,763 ) 1,418 — — (3,345 ) Repayment of 11.5% senior notes due 2017 — (22,720 ) — — — (22,720 ) Purchase and retirement of common stock upon vesting of RSUs (218 ) — — — — (218 ) Proceeds from exercise of stock options 2 — — — — 2 Borrowings under ABL Facility due 2021 — 358,900 — — — 358,900 Repayments under ABL Facility due 2021 — (328,500 ) — — — (328,500 ) Intercompany advances (1,265 ) (76,014 ) 75,440 1,839 — — Net cash (used in) provided by financing activities of continuing operations (1,481 ) (74,406 ) 76,858 1,839 — 2,810 Net cash used in financing activities of discontinued operations — — (352 ) — — (352 ) Net cash (used in) provided by financing activities (1,481 ) (74,406 ) 76,506 1,839 — 2,458 Effect of exchange rate changes on cash and cash equivalents — — (866 ) 330 — (536 ) Net (decrease) increase in cash and cash equivalents — (3,949 ) (402 ) 1,664 — (2,687 ) Cash and cash equivalents at beginning of period — 10,965 844 2,784 — 14,593 Cash and cash equivalents at end of period — 7,016 442 4,448 — 11,906 Less cash and cash equivalents of discontinued operations — — (82 ) (2,250 ) — (2,332 ) Cash and cash equivalents of continuing operations at end of period $ — $ 7,016 $ 360 $ 2,198 $ — $ 9,574 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) shares in Millions, $ in Millions | Jul. 13, 2016shares | Oct. 01, 2016USD ($) | Jul. 12, 2016shares |
Accounting Policies [Abstract] | |||
Shares outstanding pre-split (shares) | 68.5 | ||
Shares outstanding (shares) | 8.5 | ||
Shares authorized pre-split (shares) | 120 | 100 | |
Shares authorized (shares) | 15 | ||
Reverse stock split ratio | 0.125 | ||
Current deferred tax asset | $ | $ 2 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Aug. 07, 2015USD ($)employee | Oct. 01, 2016USD ($) | Sep. 26, 2015USD ($) | Oct. 01, 2016USD ($) | Sep. 26, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Acquisition related costs | $ 0 | $ 700 | $ 0 | $ 1,000 | |
Asendia [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of employees (employee) | employee | 40 | ||||
Acquisition purchase price | $ 2,000 | ||||
Other intangible assets | $ 133 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation) (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 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | Jan. 19, 2016 | Oct. 01, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
(Loss) gain on sale of discontinued operations before income taxes | $ 1,176 | $ 0 | $ (97) | $ 0 | |||
Packaging Business [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of discontinued operations | $ 88,100 | ||||||
Sale of discontinued operations, transaction costs | 6,300 | ||||||
(Loss) gain on sale of discontinued operations before income taxes | $ (1,200) | $ (5,000) | $ 100 | $ (5,100) | |||
Sale of discontinued operations, impairment | $ 9,900 | ||||||
Sale of discontinued operations, Holdback amount | $ 5,000 |
Discontinued Operations (Compon
Discontinued Operations (Components of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Jan. 02, 2016 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accounts receivable, net | $ 0 | $ 23,244 |
Inventories | 0 | 18,603 |
Other current assets | 0 | 6,719 |
Assets of discontinued operations - current | 0 | 48,566 |
Property, plant and equipment, net | 0 | 48,244 |
Goodwill and other long-term assets | 0 | 14,607 |
Assets of discontinued operations - long-term | 0 | 62,851 |
Accounts payable | 0 | 17,917 |
Other current liabilities | 280 | 4,351 |
Liabilities of discontinued operations - current | 280 | 22,268 |
Long-term debt and other liabilities | 0 | 1,153 |
Liabilities of discontinued operations - long-term | 0 | 1,153 |
Net (liabilities) assets of discontinued operations | $ (280) | $ 87,996 |
Discontinued Operations (Statem
Discontinued Operations (Statement of Operations Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Net sales | $ 0 | $ 44,166 | $ 6,637 | $ 137,092 |
Cost of sales | 0 | 37,679 | 6,625 | 117,110 |
Selling, general and administrative expenses | 0 | 5,187 | 2,242 | 15,321 |
Amortization of intangible assets | 0 | 539 | 0 | 1,617 |
Restructuring and other charges | 0 | 31 | 1 | 379 |
Interest expense, net | 0 | 28 | 7 | 92 |
Other expense (income), net | 490 | (149) | 728 | (578) |
(Loss) income from discontinued operations | (490) | 851 | (2,966) | 3,151 |
Gain (loss) on sale of discontinued operations | 1,176 | 0 | (97) | 0 |
Income (loss) from discontinued operations before income taxes | 686 | 851 | (3,063) | 3,151 |
Income tax expense | 0 | 532 | 1,372 | 1,382 |
Income (loss) from discontinued operations, net of taxes | $ 686 | $ 319 | $ (4,435) | $ 1,769 |
Discontinued operations per share - basic | $ 0.08 | $ 0.04 | $ (0.52) | $ 0.21 |
Discontinued operations per share - diluted | $ 0.08 | $ 0.04 | $ (0.46) | $ 0.21 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Jan. 02, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 32,717 | $ 40,938 |
Work in process | 15,007 | 14,696 |
Finished goods | 64,073 | 65,981 |
Inventories | $ 111,797 | $ 121,615 |
Property, Plant and Equipment42
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Jan. 02, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 649,587 | $ 636,191 |
Accumulated depreciation | (440,877) | (425,613) |
Property, plant and equipment, net | 208,710 | 210,578 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,537 | 9,194 |
Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 79,443 | 82,206 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 536,224 | 525,914 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,463 | 8,696 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 15,920 | $ 10,181 |
Property, Plant and Equipment43
Property, Plant and Equipment (Narrative) (Details) - Envelope [Member] - Land, Buildings and Improvements [Member] $ in Millions | Jun. 30, 2016USD ($)facility | Oct. 01, 2016USD ($) |
Property, Plant and Equipment [Line Items] | ||
Number of manufacturing facilities sold (facility) | facility | 1 | |
Sale leaseback, net proceeds | $ 7.9 | |
Sale leaseback, lease period (Years) | 5 years | |
Sale leaseback, gain recognized | $ 2.1 | |
Sale leaseback, deferred gain | $ 2.8 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets (Goodwill by Reportable Segment) (Details) $ in Thousands | 9 Months Ended |
Oct. 01, 2016USD ($) | |
Goodwill [Roll Forward] | |
Balance as of the year ended | $ 175,338 |
Foreign currency translation | (34) |
Balance as of the period ended | 175,304 |
Envelope [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 23,433 |
Foreign currency translation | 0 |
Balance as of the period ended | 23,433 |
Print [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 42,628 |
Foreign currency translation | (34) |
Balance as of the period ended | 42,594 |
Label [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 109,277 |
Foreign currency translation | 0 |
Balance as of the period ended | $ 109,277 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2016 | Jan. 02, 2016 | |
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 11 years | |
Gross Carrying Amount | $ 186,825 | $ 186,843 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (71,814) | (67,566) |
Total Net Carrying Amount | 41,284 | 45,550 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 271,725 | 271,743 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (71,814) | (67,566) |
Net Carrying Amount | 126,184 | 130,450 |
Trade names [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 84,900 | 84,900 |
Accumulated Impairment Charges | 0 | 0 |
Net Carrying Amount | $ 84,900 | 84,900 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 7 years | |
Gross Carrying Amount | $ 114,329 | 114,345 |
Accumulated Impairment Charges | (27,234) | (27,234) |
Accumulated Amortization | (58,896) | (55,209) |
Total Net Carrying Amount | $ 28,199 | 31,902 |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 22 years | |
Gross Carrying Amount | $ 64,538 | 64,540 |
Accumulated Impairment Charges | (46,493) | (46,493) |
Accumulated Amortization | (9,015) | (8,649) |
Total Net Carrying Amount | $ 9,030 | 9,398 |
Leasehold 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 | (686) | (516) |
Total Net Carrying Amount | $ 3,744 | 3,914 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 9 years | |
Gross Carrying Amount | $ 3,528 | 3,528 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | (3,217) | (3,192) |
Total Net Carrying Amount | $ 311 | $ 336 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Schedule of Future Annual Amortization Expense) (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Jan. 02, 2016 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2016 | $ 1,359 | |
2,017 | 5,272 | |
2,018 | 5,003 | |
2,019 | 4,885 | |
2,020 | 4,885 | |
2,021 | 4,731 | |
Thereafter | 15,149 | |
Total Net Carrying Amount | $ 41,284 | $ 45,550 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Jan. 02, 2016 |
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 1,044,087 | $ 1,208,623 |
Current maturities of long-term debt | (57,132) | (5,373) |
Long-term debt | 986,955 | 1,203,250 |
Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 75,100 | $ 148,200 |
Debt interest rate (percent) | 3.60% | 2.80% |
Secured debt [Member] | 4.0% secured note due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 49,883 | $ 0 |
Long-term debt, outstanding principal amount | $ 50,000 | 0 |
Debt interest rate (percent) | 4.00% | |
Junior notes [Member] | 8.500% junior secured priority notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 241,300 | 240,533 |
Long-term debt, outstanding principal amount | $ 248,000 | 248,000 |
Debt interest rate (percent) | 8.50% | |
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 529,252 | 526,533 |
Long-term debt, outstanding principal amount | $ 540,000 | 540,000 |
Debt interest rate (percent) | 6.00% | |
Senior unsecured debt [Member] | 6.000% Senior Unsecured Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 85,063 | 0 |
Long-term debt, outstanding principal amount | $ 104,500 | 0 |
Debt interest rate (percent) | 6.00% | |
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 40,120 | 195,846 |
Long-term debt, outstanding principal amount | $ 40,500 | 199,700 |
Debt interest rate (percent) | 11.50% | |
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 11,171 | 82,430 |
Long-term debt, outstanding principal amount | $ 11,200 | 83,300 |
Debt interest rate (percent) | 7.00% | |
Other debt including capital leases [Member] | Other debt including capital leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 12,198 | $ 15,081 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Jan. 02, 2016 |
Debt Disclosure [Abstract] | ||
Fair value of long-term debt | $ 937.8 | $ 895.7 |
Long-Term Debt (Exchange Offer)
Long-Term Debt (Exchange Offer) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 01, 2016 | Jun. 10, 2016 | Jan. 02, 2016 |
Debt Instrument [Line Items] | |||
Fair value of long-term debt | $ 937.8 | $ 895.7 | |
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, outstanding principal amount | 40.5 | 199.7 | |
Senior unsecured debt [Member] | 6.000% Senior Unsecured Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, outstanding principal amount | 104.5 | $ 0 | |
Exchange Offer [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt exchange, amount exchanged | $ 149.3 | ||
Debt exchanged, percentage exchanged (percent) | 80.00% | ||
Long-term debt, outstanding principal amount | $ 40.5 | ||
Exchange Offer [Member] | Senior unsecured debt [Member] | 6.000% Senior Unsecured Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, outstanding principal amount | $ 104.5 | ||
Warrants, percentage of common stock outstanding (percent) | 16.60% | ||
Unamortized debt issuance costs | $ 7.3 | $ 7.4 | |
Fair value of long-term debt | 92 | ||
Unamortized original issuance discount | $ 12.5 | ||
Warrant, number of shares per warrant (shares) | 0.125 | ||
Warrant, exercise price (dollar per share) | $ 12 | ||
Warrants, fair value | $ 6.3 | ||
Affiliate Exchange Agreement [Member] | Affiliate noteholders [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, outstanding principal amount | $ 4.2 |
Long-Term Debt (ABL Amendment)
Long-Term Debt (ABL Amendment) (Details) - ABL Amendment [Member] - Asset based lending facility [Member] - ABL Facility due 2021 [Member] | Jun. 10, 2016USD ($) |
Debt Instrument [Line Items] | |
Credit facility, decrease in borrowing capacity | $ 50,000,000 |
Credit facility, borrowing capacity | 190,000,000 |
Amount of outstanding senior secured debt triggering a springing maturity | 10,000,000 |
Unamortized debt issuance costs | $ 2,300,000 |
Long-Term Debt (Indenture and N
Long-Term Debt (Indenture and Note Purchase Agreement) (Details) - Secured debt [Member] - 4.0% secured note due 2021 [Member] - USD ($) $ in Millions | Oct. 01, 2016 | Jun. 10, 2016 | Jan. 02, 2016 |
Debt Instrument [Line Items] | |||
Long-term debt, outstanding principal amount | $ 50 | $ 0 | |
Secured Note Purchase Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, outstanding principal amount | $ 50 | ||
Unamortized debt issuance costs | $ 0.1 |
Long-Term Debt (7% Note Purchas
Long-Term Debt (7% Note Purchase Agreement) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 01, 2016USD ($)shares | Jul. 02, 2016USD ($)shares | Apr. 02, 2016USD ($) | Oct. 01, 2016USD ($)shares | Sep. 26, 2015USD ($) | May 10, 2016USD ($) | Jan. 02, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||
Repayment of 7% senior exchangeable notes | $ 40,207 | $ 0 | |||||
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, outstanding principal amount | $ 11,200 | $ 11,200 | $ 83,300 | ||||
Debt extinguishment amount | $ 16,500 | $ 34,500 | |||||
Allianz 7% Notes Purchase Agreement [Member] | Allianz [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, outstanding principal amount | $ 37,500 | ||||||
Debt exchange rate (percent) | 0.6 | ||||||
Warrants, percentage of common stock outstanding (percent) | 3.30% | ||||||
Debt extinguishment amount | 21,000 | 16,500 | |||||
Repayment of 7% senior exchangeable notes | $ 13,000 | $ 10,100 | |||||
Warrants, amount issued (shares) | shares | 1,255,485 | 984,342 | 1,255,485 |
Long-Term Debt (Extinguishments
Long-Term Debt (Extinguishments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | $ 7,442 | $ 0 | $ 80,328 | $ (559) | |||||
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | $ 46,100 | $ 5,100 | $ (100) | $ (400) | |||||
Debt extinguishment amount | 10,000 | $ 6,800 | 15,800 | ||||||
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | 7,400 | 5,400 | 16,500 | ||||||
Debt extinguishment amount | 16,500 | 34,500 | |||||||
Discount [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | 49,600 | 5,300 | |||||||
Discount [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | 8,400 | 6,000 | 16,800 | ||||||
Warrant [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | (700) | ||||||||
Unamortized debt issuance costs [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | (800) | (100) | (200) | ||||||
Unamortized debt issuance costs [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | (200) | (100) | (300) | ||||||
Unamortized debt issuance costs [Member] | Asset based lending facility [Member] | ABL Facility due 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | (200) | ||||||||
Original issuance discount [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | (1,200) | $ (100) | $ (200) | ||||||
Transaction fees [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | (1,500) | ||||||||
Transaction fees [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | $ (100) | (500) | |||||||
Affiliate noteholders [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt extinguishment amount | 4,200 | ||||||||
Affiliate noteholders [Member] | Discount [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | $ 1,200 | ||||||||
Subsequent Event [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt extinguishment amount | $ 20,000 | ||||||||
Subsequent Event [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | (100) | ||||||||
Debt extinguishment amount | $ 5,700 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | 9 Months Ended |
Oct. 01, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal expenses | $ 1.5 |
Retirement Plans (Schedule of N
Retirement Plans (Schedule of Net Periodic (Benefit) Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 1 | $ 1 |
Interest cost | 3,555 | 3,505 | 10,645 | 10,553 |
Expected return on plan assets | (4,775) | (5,280) | (14,326) | (15,732) |
Net amortization and deferral | 1 | 0 | 3 | 0 |
Recognized net actuarial loss | 2,507 | 2,339 | 7,467 | 6,651 |
Net periodic expense | $ 1,288 | $ 564 | $ 3,790 | $ 1,473 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 3,555 | $ 3,505 | $ 10,645 | $ 10,553 |
Employer contributions | 800 | |||
Estimated future employer contributions during fiscal year | 1,400 | |||
SERP and OPEB Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 200 | $ 200 | $ 500 | $ 500 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 01, 2016 | Jan. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Beginning balance (shares) | 190,250 | |
Options, Granted (shares) | 0 | |
Options, Exercised (shares) | 0 | |
Options, Forfeited/expired (shares) | (58,573) | |
Options, Ending balance (shares) | 131,677 | 190,250 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Exercise Price, Beginning balance (dollars per share) | $ 34.56 | |
Weighted Average Exercise Price, Granted (dollars per share) | 0 | |
Weighted Average Exercise Price, Exercised (dollars per share) | 0 | |
Weighted Average Exercise Price, Forfeited/expired (dollars per share) | 53.12 | |
Weighted Average Exercise Price, Ending balance (dollars per share) | $ 26.31 | $ 34.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual Term (In Years) | 3 years 1 month | 3 years |
Aggregate Intrinsic Value | $ 0 | $ 0 |
Aggregate Intrinsic Value, Exercised | $ 0 | |
Options Exercisable (shares) | 70,732 | |
Weighted Average Exercise Price, Options Exercisable (dollars per share) | $ 32.74 | |
Weighted Average Remaining Contractual Term, Options Exercisable (In Years) | 1 year 11 months 12 days | |
Aggregate Intrinsic Value, Options Exercisable | $ 0 |
Stock-Based Compensation (RSU A
Stock-Based Compensation (RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Oct. 01, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, Beginning balance (shares) | shares | 105,087 |
Granted (shares) | shares | 20,961 |
Vested (shares) | shares | (43,084) |
Forfeited (shares) | shares | 0 |
Unvested, Ending balance (shares) | shares | 82,964 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $ / shares | $ 18.43 |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | $ / shares | 9.66 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | $ / shares | 18.29 |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ / shares | $ 16.28 |
Stock-Based Compensation (PSU A
Stock-Based Compensation (PSU Activity) (Details) - Performance Share Units (PSUs) [Member] | 9 Months Ended |
Oct. 01, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, Beginning balance (shares) | shares | 70,625 |
Granted (shares) | shares | 0 |
Vested (shares) | shares | (70,625) |
Forfeited (shares) | shares | 0 |
Unvested, Ending balance (shares) | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $ / shares | $ 19.04 |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | $ / shares | 19.04 |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ / shares | $ 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | Jul. 28, 2016 | Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation provision | $ 200 | $ 1,000 | $ 1,230 | $ 1,481 | |
Unrecognized share based compensation expense | 1,600 | $ 1,600 | |||
Unrecognized share based compensation costs, amortization period (years) | 2 years 3 months 18 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of RSUs vested | $ 300 | $ 300 | |||
Granted (shares) | 20,961 | ||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (shares) | 20,961 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Restructuring and Other Charg61
Restructuring and Other Charges (Narrative) (Details) $ in Thousands | Oct. 01, 2016USD ($)facilityrestructuring_plan | Jan. 02, 2016USD ($) |
Restructuring Cost and Reserve [Line Items] | ||
Number of active restructuring plans (restructuring plan) | restructuring_plan | 2 | |
Restructuring reserve | $ 20,222 | |
Restructuring reserve, current | 4,300 | |
Restructuring reserve, noncurrent | 15,900 | |
Acquisition Integration Plans [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 0 | $ 392 |
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 Charg62
Restructuring and Other Charges (Restructuring Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 2,414 | $ 5,483 | $ 8,284 | $ 11,529 |
Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,983 | 723 | 2,949 | 2,358 |
Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 2,446 | 2,076 |
Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 22 | 125 | 298 | 205 |
Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 36 | 158 | 391 |
Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 203 | 4,204 | 769 | 4,574 |
Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 206 | 395 | 1,664 | 1,925 |
Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 496 | 181 | 1,202 | 3,318 |
Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 384 | 43 | 494 | 444 |
Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 146 | 1,895 |
Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 22 | 5 | 298 | 33 |
Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 264 |
Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 44 | 54 | 126 |
Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 90 | 89 | 210 | 556 |
Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 477 | 4,473 | 1,319 | 6,340 |
Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 92 | 182 | 105 | 456 |
Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 181 |
Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 4 | 0 | 39 |
Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 36 | 158 | 127 |
Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 203 | 4,160 | 715 | 4,448 |
Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 182 | 91 | 341 | 1,089 |
Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 36 | 281 | 4,132 | 479 |
Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 113 | (5) | 749 | 149 |
Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 2,300 | 0 |
Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 116 | 0 | 133 |
Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Label [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (77) | 170 | 1,083 | 197 |
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,405 | 548 | 1,631 | 1,392 |
Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,394 | 503 | 1,601 | 1,309 |
Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 11 | 45 | 30 | 83 |
2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2,530 | |||
2016 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2,434 | |||
2016 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
2016 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
2016 Plan [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 96 | |||
2016 Plan [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 472 | 569 | ||
2016 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 384 | 481 | ||
2016 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 22 | 22 | ||
2016 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 66 | 66 | ||
2016 Plan [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 92 | 107 | ||
2016 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 92 | 107 | ||
2016 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 162 | 196 | ||
2016 Plan [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 158 | 191 | ||
2016 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 4 | 5 | ||
2016 Plan [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,448 | 1,658 | ||
2016 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,448 | 1,655 | ||
2016 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 3 | ||
2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,875 | |||
2015 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 514 | |||
2015 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
2015 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
2015 Plan [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,361 | |||
2015 Plan [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 61 | 13 | 147 | |
2015 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 61 | 13 | 147 | |
2015 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2015 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2015 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2015 Plan [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2015 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2015 Plan [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 162 | 172 | 280 | 384 |
2015 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 172 | (3) | 384 |
2015 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 162 | 0 | 283 | 0 |
2015 Plan [Member] | Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (126) | 280 | 1,636 | 350 |
2015 Plan [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (45) | (6) | 558 | 20 |
2015 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 116 | 0 | 133 |
2015 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (81) | 170 | 1,078 | 197 |
2015 Plan [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (54) | 548 | (54) | 1,378 |
2015 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (54) | 503 | (54) | 1,309 |
2015 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2015 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 45 | 0 | 69 |
Residual Plans [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 975 | |||
Residual Plans [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1 | |||
Residual Plans [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 113 | |||
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 769 | |||
Residual Plans [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 92 | |||
Residual Plans [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 5 | 31 | 61 | 418 |
Residual Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | (18) | 0 | 252 |
Residual Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | (22) |
Residual Plans [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 44 | 54 | 126 |
Residual Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 5 | 5 | 7 | 62 |
Residual Plans [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 223 | 4,301 | 887 | 5,956 |
Residual Plans [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 10 | 1 | 72 |
Residual Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 181 |
Residual Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 4 | 0 | 39 |
Residual Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 36 | 113 | 127 |
Residual Plans [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 203 | 4,160 | 715 | 4,448 |
Residual Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 20 | 91 | 58 | 1,089 |
Residual Plans [Member] | Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1 | 129 | ||
Residual Plans [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1 | 129 | ||
Residual Plans [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 11 | 27 | 14 | |
Residual Plans [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
Residual Plans [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
Residual Plans [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
Residual Plans [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
Residual Plans [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
Residual Plans [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 11 | 27 | 14 | |
Acquisition Integration Plans [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 458 | |||
Acquisition Integration Plans [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 45 | |||
Acquisition Integration Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Acquisition Integration Plans [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 413 | |||
Acquisition Integration Plans [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 19 | 89 | 559 | 2,753 |
Acquisition Integration Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 45 |
Acquisition Integration Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 146 | 1,895 |
Acquisition Integration Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 5 | 276 | 33 |
Acquisition Integration Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 286 |
Acquisition Integration Plans [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Acquisition Integration Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 19 | $ 84 | 137 | $ 494 |
Acquisition Integration Plans [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 45 | |||
Acquisition Integration Plans [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Acquisition Integration Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Acquisition Integration Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Acquisition Integration Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 45 | |||
Acquisition Integration Plans [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Acquisition Integration Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Asset Impairments [Member] | Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2,300 | |||
Asset Impairments [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Asset Impairments [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2,300 | |||
Asset Impairments [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Asset Impairments [Member] | Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Asset Impairments [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Asset Impairments [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 0 |
Restructuring and Other Charg63
Restructuring and Other Charges (Changes in Restructuring Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | $ 2,414 | $ 5,483 | $ 8,284 | $ 11,529 |
Restructuring Reserve | 20,222 | 20,222 | ||
Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 1,983 | 723 | 2,949 | 2,358 |
Restructuring Reserve | 1,894 | 1,894 | ||
Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 0 | 36 | 158 | 391 |
Restructuring Reserve | 0 | 0 | ||
Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 203 | 4,204 | 769 | 4,574 |
Restructuring Reserve | 18,069 | 18,069 | ||
Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 206 | $ 395 | 1,664 | $ 1,925 |
Restructuring Reserve | 259 | 259 | ||
2016 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 2,530 | |||
Payments for Restructuring | (933) | |||
Restructuring Reserve | 1,597 | 1,597 | ||
2016 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 2,434 | |||
Payments for Restructuring | (837) | |||
Restructuring Reserve | 1,597 | 1,597 | ||
2016 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 0 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 0 | 0 | ||
2016 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 0 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 0 | 0 | ||
2016 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 96 | |||
Payments for Restructuring | (96) | |||
Restructuring Reserve | 0 | 0 | ||
2015 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 276 | |||
Restructuring and other charges | 1,875 | |||
Payments for Restructuring | (1,595) | |||
Restructuring Reserve | 556 | 556 | ||
2015 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 276 | |||
Restructuring and other charges | 514 | |||
Payments for Restructuring | (493) | |||
Restructuring Reserve | 297 | 297 | ||
2015 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 0 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 0 | 0 | ||
2015 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 0 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 0 | 0 | ||
2015 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 1,361 | |||
Payments for Restructuring | (1,102) | |||
Restructuring Reserve | 259 | 259 | ||
Residual Plans [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 20,256 | |||
Restructuring and other charges | 975 | |||
Payments for Restructuring | (3,162) | |||
Restructuring Reserve | 18,069 | 18,069 | ||
Residual Plans [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 3 | |||
Restructuring and other charges | 1 | |||
Payments for Restructuring | (4) | |||
Restructuring Reserve | 0 | 0 | ||
Residual Plans [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 411 | |||
Restructuring and other charges | 113 | |||
Payments for Restructuring | (524) | |||
Restructuring Reserve | 0 | 0 | ||
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 19,842 | |||
Restructuring and other charges | 769 | |||
Payments for Restructuring | (2,542) | |||
Restructuring Reserve | 18,069 | 18,069 | ||
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 92 | |||
Payments for Restructuring | (92) | |||
Restructuring Reserve | 0 | 0 | ||
Acquisition Integration Plans [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 392 | |||
Restructuring and other charges | 458 | |||
Payments for Restructuring | (850) | |||
Restructuring Reserve | 0 | 0 | ||
Acquisition Integration Plans [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 0 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 0 | 0 | ||
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 392 | |||
Restructuring and other charges | 45 | |||
Payments for Restructuring | (437) | |||
Restructuring Reserve | 0 | 0 | ||
Acquisition Integration Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 0 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 0 | 0 | ||
Acquisition Integration Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 413 | |||
Payments for Restructuring | (413) | |||
Restructuring Reserve | $ 0 | $ 0 |
Accumulated Other Comprehensi64
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated Other Comprehensive Loss, Beginning balance | $ (105,930) | |||
Other comprehensive loss before reclassifications | (196) | |||
Amounts reclassified from AOCI | 9,805 | |||
Total other comprehensive income | $ 3,064 | $ (460) | 9,609 | $ 985 |
Accumulated Other Comprehensive Loss, Ending balance | (96,321) | (96,321) | ||
Foreign Currency Translation [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated Other Comprehensive Loss, Beginning balance | (7,200) | |||
Other comprehensive loss before reclassifications | (196) | |||
Amounts reclassified from AOCI | 2,338 | |||
Total other comprehensive income | 2,142 | |||
Accumulated Other Comprehensive Loss, Ending balance | (5,058) | (5,058) | ||
Pension and Other Postretirement Benefits [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated Other Comprehensive Loss, Beginning balance | (98,730) | |||
Other comprehensive loss before reclassifications | 0 | |||
Amounts reclassified from AOCI | 7,467 | |||
Total other comprehensive income | 7,467 | |||
Accumulated Other Comprehensive Loss, Ending balance | $ (91,263) | $ (91,263) |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) from discontinued operations, net of taxes | $ 686 | $ 319 | $ (4,435) | $ 1,769 |
Loss from continuing operations before income taxes | 9,732 | (4,247) | 76,685 | (16,816) |
Income tax expense (benefit) | (987) | 685 | (4,060) | 1,720 |
Income (loss) from continuing operations | 8,745 | (3,562) | 72,625 | (15,096) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Loss from continuing operations before income taxes | 2,900 | 2,339 | 9,805 | 6,651 |
Income tax expense (benefit) | 0 | (906) | 0 | (2,534) |
Income (loss) from continuing operations | 2,900 | 1,433 | 9,805 | 4,117 |
Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) from discontinued operations, net of taxes | 393 | 0 | 2,338 | 0 |
Pension and Other Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net actuarial losses | $ 2,507 | $ 2,339 | $ 7,467 | $ 6,651 |
Income (Loss) Per Share (Narrat
Income (Loss) Per Share (Narrative) (Details) - shares | 9 Months Ended | |
Oct. 01, 2016 | Sep. 26, 2015 | |
7% Notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 2,500,000 | |
Equity Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 218,000 | 374,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 1,700,000 | 0 |
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 | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations | $ 8,745 | $ (3,562) | $ 72,625 | $ (15,096) |
Income (loss) from discontinued operations, net of taxes | 686 | 319 | (4,435) | 1,769 |
Net income (loss) | 9,431 | (3,243) | 68,190 | (13,327) |
Interest expense on 7% Notes, net of taxes | 211 | 0 | 1,521 | 0 |
Income (loss) from continuing operations - after assumed conversions of dilutive shares | 8,956 | (3,562) | 74,146 | (15,096) |
Net income (loss) for diluted loss per share - after assumed conversions of dilutive shares | $ 9,642 | $ (3,243) | $ 69,711 | $ (13,327) |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Basic shares | 8,552 | 8,484 | 8,518 | 8,477 |
Dilutive effect of 7% Notes (shares) | 415 | 0 | 1,227 | 0 |
Dilutive effect of Equity Awards (shares) | 0 | 0 | 0 | 0 |
Dilutive effect of Warrants (shares) | 0 | 0 | 0 | 0 |
Diluted shares | 8,967 | 8,484 | 9,745 | 8,477 |
Income (loss) per share – basic: | ||||
Continuing operations per share - basic | $ 1.02 | $ (0.42) | $ 8.53 | $ (1.78) |
Discontinued operations per share - basic | 0.08 | 0.04 | (0.52) | 0.21 |
Net income (loss) per share - basic | 1.10 | (0.38) | 8.01 | (1.57) |
Income (loss) per share – diluted: | ||||
Continuing operations per share - diluted | 1 | (0.42) | 7.61 | (1.78) |
Discontinued operations per share - diluted | 0.08 | 0.04 | (0.46) | 0.21 |
Net income (loss) per share - diluted | $ 1.08 | $ (0.38) | $ 7.15 | $ (1.57) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | Jan. 19, 2016operating_segmentreportable_segment | Oct. 01, 2016operating_segmentreportable_segment |
Segment Reporting [Abstract] | ||
Number of operating segments (operating segment) | operating_segment | 4 | 3 |
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 | 9 Months Ended | |||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Jan. 02, 2016 | |
Segment Information [Line Items] | |||||
Net sales | $ 405,955 | $ 419,783 | $ 1,242,757 | $ 1,262,819 | |
Operating income (loss) | 20,873 | 19,516 | 59,457 | 58,971 | |
Restructuring and other charges | 2,414 | 5,483 | 8,284 | 11,529 | |
Depreciation and intangible asset amortization | 11,689 | 11,635 | 35,545 | 35,633 | |
Intercompany sales | 8,233 | 7,484 | 23,504 | 20,219 | |
Total assets | 912,237 | 912,237 | $ 1,082,026 | ||
Assets of discontinued operations | 0 | 0 | 111,417 | ||
Envelope [Member] | |||||
Segment Information [Line Items] | |||||
Net sales | 212,578 | 218,454 | 654,115 | 664,003 | |
Operating income (loss) | 16,832 | 17,746 | 51,604 | 49,297 | |
Restructuring and other charges | 496 | 181 | 1,202 | 3,318 | |
Depreciation and intangible asset amortization | 4,717 | 4,775 | 14,299 | 14,608 | |
Intercompany sales | 1,843 | 1,531 | 5,259 | 4,674 | |
Total assets | 406,538 | 406,538 | 445,443 | ||
Print [Member] | |||||
Segment Information [Line Items] | |||||
Net sales | 121,739 | 123,875 | 360,879 | 360,520 | |
Operating income (loss) | 5,446 | 1,541 | 10,756 | 6,207 | |
Restructuring and other charges | 477 | 4,473 | 1,319 | 6,340 | |
Depreciation and intangible asset amortization | 4,443 | 4,137 | 13,505 | 12,573 | |
Intercompany sales | 5,674 | 4,611 | 15,939 | 12,535 | |
Total assets | 257,705 | 257,705 | 266,074 | ||
Label [Member] | |||||
Segment Information [Line Items] | |||||
Net sales | 71,638 | 77,454 | 227,763 | 238,296 | |
Operating income (loss) | 6,764 | 10,146 | 23,373 | 31,000 | |
Restructuring and other charges | 36 | 281 | 4,132 | 479 | |
Depreciation and intangible asset amortization | 1,572 | 2,006 | 5,360 | 6,000 | |
Intercompany sales | 716 | 1,342 | 2,306 | 3,010 | |
Total assets | 214,320 | 214,320 | 223,534 | ||
Corporate [Member] | |||||
Segment Information [Line Items] | |||||
Operating income (loss) | (8,169) | (9,917) | (26,276) | (27,533) | |
Restructuring and other charges | 1,405 | 548 | 1,631 | 1,392 | |
Depreciation and intangible asset amortization | 957 | $ 717 | 2,381 | $ 2,452 | |
Total assets | $ 33,674 | $ 33,674 | $ 35,558 |
Condensed Consolidating Finan70
Condensed Consolidating Financial Information (Narrative) (Details) | Oct. 01, 2016 |
6.000% senior secured priority notes due 2019 [Member] | Senior notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 6.00% |
8.500% junior secured priority notes due 2022 [Member] | Junior notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 8.50% |
6.000% Senior Unsecured Notes Due 2024 [Member] | Senior unsecured debt [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 6.00% |
8.875% senior second lien notes due 2018 [Member] | Senior second lien notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 8.875% |
7% senior exchangeable notes due 2017 [Member] | Convertible debt [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 7.00% |
11.5% senior notes due 2017 [Member] | Senior unsecured debt [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 11.50% |
Condensed Consolidating Finan71
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Jan. 02, 2016 | Sep. 26, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 4,894 | $ 7,785 | $ 9,574 |
Accounts receivable, net | 222,668 | 254,042 | |
Inventories, net | 111,797 | 121,615 | |
Intercompany receivable | 0 | 0 | |
Notes receivable from subsidiaries | 0 | 0 | |
Prepaid and other current assets | 39,318 | 46,731 | |
Assets of discontinued operations - current | 0 | 48,566 | |
Total current assets | 378,677 | 478,739 | |
Investment in subsidiaries | 0 | 0 | |
Property, plant and equipment, net | 208,710 | 210,578 | |
Goodwill | 175,304 | 175,338 | |
Other intangible assets, net | 126,184 | 130,450 | |
Other assets, net | 23,362 | 24,070 | |
Assets of discontinued operations - long-term | 0 | 62,851 | |
Total assets | 912,237 | 1,082,026 | |
Current liabilities: | |||
Current maturities of long-term debt | 57,132 | 5,373 | |
Accounts payable | 172,272 | 200,120 | |
Accrued compensation and related liabilities | 23,027 | 31,961 | |
Other current liabilities | 61,580 | 88,814 | |
Liabilities of discontinued operations - current | 280 | 22,268 | |
Intercompany payable | 0 | 0 | |
Notes payable to issuer | 0 | 0 | |
Total current liabilities | 314,291 | 348,536 | |
Long-term debt | 986,955 | 1,203,250 | |
Other liabilities | 193,232 | 198,926 | |
Liabilities of discontinued operations - long-term | 0 | 1,153 | |
Shareholders’ (deficit) equity | (582,241) | (669,839) | |
Total liabilities and shareholders’ deficit | 912,237 | 1,082,026 | |
Parent Company [Member] | |||
Current assets: | |||
Cash and cash equivalents | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | |
Inventories, net | 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 | ||
Total current assets | 0 | 0 | |
Investment in subsidiaries | (582,241) | (669,839) | |
Property, plant and equipment, net | 0 | 0 | |
Goodwill | 0 | 0 | |
Other intangible assets, net | 0 | 0 | |
Other assets, net | 0 | 0 | |
Assets of discontinued operations - long-term | 0 | ||
Total assets | (582,241) | (669,839) | |
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 | ||
Shareholders’ (deficit) equity | (582,241) | (669,839) | |
Total liabilities and shareholders’ deficit | (582,241) | (669,839) | |
Subsidiary Issuer [Member] | |||
Current assets: | |||
Cash and cash equivalents | 4,564 | 5,558 | 7,016 |
Accounts receivable, net | 114,029 | 133,232 | |
Inventories, net | 70,582 | 74,116 | |
Intercompany receivable | 0 | 0 | |
Notes receivable from subsidiaries | 36,938 | 36,938 | |
Prepaid and other current assets | 35,175 | 43,349 | |
Assets of discontinued operations - current | 0 | ||
Total current assets | 261,288 | 293,193 | |
Investment in subsidiaries | 2,088,004 | 2,014,972 | |
Property, plant and equipment, net | 110,066 | 113,608 | |
Goodwill | 25,540 | 22,940 | |
Other intangible assets, net | 9,926 | 9,533 | |
Other assets, net | 19,576 | 20,327 | |
Assets of discontinued operations - long-term | 1,226 | ||
Total assets | 2,514,400 | 2,475,799 | |
Current liabilities: | |||
Current maturities of long-term debt | 56,061 | 4,454 | |
Accounts payable | 107,482 | 126,384 | |
Accrued compensation and related liabilities | 18,948 | 26,812 | |
Other current liabilities | 49,292 | 71,365 | |
Liabilities of discontinued operations - current | 0 | 0 | |
Intercompany payable | 1,740,314 | 1,572,152 | |
Notes payable to issuer | 0 | 0 | |
Total current liabilities | 1,972,097 | 1,801,167 | |
Long-term debt | 984,684 | 1,200,848 | |
Other liabilities | 139,860 | 143,623 | |
Liabilities of discontinued operations - long-term | 0 | ||
Shareholders’ (deficit) equity | (582,241) | (669,839) | |
Total liabilities and shareholders’ deficit | 2,514,400 | 2,475,799 | |
Guarantor Subsidiaries [Member] | |||
Current assets: | |||
Cash and cash equivalents | 211 | 235 | 360 |
Accounts receivable, net | 108,639 | 120,810 | |
Inventories, net | 41,215 | 47,499 | |
Intercompany receivable | 1,739,710 | 1,580,492 | |
Notes receivable from subsidiaries | 3,245 | 3,245 | |
Prepaid and other current assets | 2,672 | 1,807 | |
Assets of discontinued operations - current | 41,821 | ||
Total current assets | 1,895,692 | 1,795,909 | |
Investment in subsidiaries | 5,347 | 4,492 | |
Property, plant and equipment, net | 97,670 | 96,262 | |
Goodwill | 144,810 | 147,409 | |
Other intangible assets, net | 116,030 | 120,451 | |
Other assets, net | 3,197 | 3,154 | |
Assets of discontinued operations - long-term | 62,184 | ||
Total assets | 2,262,746 | 2,229,861 | |
Current liabilities: | |||
Current maturities of long-term debt | 1,071 | 919 | |
Accounts payable | 64,559 | 73,601 | |
Accrued compensation and related liabilities | 3,736 | 4,846 | |
Other current liabilities | 11,621 | 16,737 | |
Liabilities of discontinued operations - current | 280 | 21,543 | |
Intercompany payable | 0 | 0 | |
Notes payable to issuer | 36,938 | 36,938 | |
Total current liabilities | 118,205 | 154,584 | |
Long-term debt | 2,271 | 2,402 | |
Other liabilities | 54,266 | 56,191 | |
Liabilities of discontinued operations - long-term | 1,712 | ||
Shareholders’ (deficit) equity | 2,088,004 | 2,014,972 | |
Total liabilities and shareholders’ deficit | 2,262,746 | 2,229,861 | |
Non-Guarantor Subsidiaries [Member] | |||
Current assets: | |||
Cash and cash equivalents | 119 | 1,992 | 2,198 |
Accounts receivable, net | 0 | 0 | |
Inventories, net | 0 | 0 | |
Intercompany receivable | 604 | 0 | |
Notes receivable from subsidiaries | 0 | 0 | |
Prepaid and other current assets | 2,365 | 1,575 | |
Assets of discontinued operations - current | 6,745 | ||
Total current assets | 3,088 | 10,312 | |
Investment in subsidiaries | 7,829 | 7,829 | |
Property, plant and equipment, net | 974 | 708 | |
Goodwill | 4,954 | 4,989 | |
Other intangible assets, net | 228 | 466 | |
Other assets, net | 589 | 1,477 | |
Assets of discontinued operations - long-term | 0 | ||
Total assets | 17,662 | 25,781 | |
Current liabilities: | |||
Current maturities of long-term debt | 0 | 0 | |
Accounts payable | 231 | 135 | |
Accrued compensation and related liabilities | 343 | 303 | |
Other current liabilities | 667 | 712 | |
Liabilities of discontinued operations - current | 0 | 725 | |
Intercompany payable | 0 | 8,340 | |
Notes payable to issuer | 3,245 | 3,245 | |
Total current liabilities | 4,486 | 13,460 | |
Long-term debt | 0 | 0 | |
Other liabilities | 0 | 0 | |
Liabilities of discontinued operations - long-term | 0 | ||
Shareholders’ (deficit) equity | 13,176 | 12,321 | |
Total liabilities and shareholders’ deficit | 17,662 | 25,781 | |
Eliminations [Member] | |||
Current assets: | |||
Cash and cash equivalents | 0 | 0 | $ 0 |
Accounts receivable, net | 0 | 0 | |
Inventories, net | 0 | 0 | |
Intercompany receivable | (1,740,314) | (1,580,492) | |
Notes receivable from subsidiaries | (40,183) | (40,183) | |
Prepaid and other current assets | (894) | 0 | |
Assets of discontinued operations - current | 0 | ||
Total current assets | (1,781,391) | (1,620,675) | |
Investment in subsidiaries | (1,518,939) | (1,357,454) | |
Property, plant and equipment, net | 0 | 0 | |
Goodwill | 0 | 0 | |
Other intangible assets, net | 0 | 0 | |
Other assets, net | 0 | (888) | |
Assets of discontinued operations - long-term | (559) | ||
Total assets | (3,300,330) | (2,979,576) | |
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 | (1,740,314) | (1,580,492) | |
Notes payable to issuer | (40,183) | (40,183) | |
Total current liabilities | (1,780,497) | (1,620,675) | |
Long-term debt | 0 | 0 | |
Other liabilities | (894) | (888) | |
Liabilities of discontinued operations - long-term | (559) | ||
Shareholders’ (deficit) equity | (1,518,939) | (1,357,454) | |
Total liabilities and shareholders’ deficit | $ (3,300,330) | $ (2,979,576) |
Condensed Consolidating Finan72
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | $ 405,955 | $ 419,783 | $ 1,242,757 | $ 1,262,819 |
Cost of sales | 335,733 | 347,409 | 1,033,122 | 1,050,004 |
Selling, general and administrative expenses | 45,560 | 45,394 | 137,533 | 136,559 |
Amortization of intangible assets | 1,375 | 1,981 | 4,361 | 5,756 |
Restructuring and other charges | 2,414 | 5,483 | 8,284 | 11,529 |
Operating income | 20,873 | 19,516 | 59,457 | 58,971 |
Interest expense, net | 20,318 | 25,095 | 65,925 | 76,001 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
(Gain) loss on early extinguishment of debt, net | (7,442) | 0 | (80,328) | 559 |
Other (income) expense, net | (1,735) | (1,332) | (2,825) | (773) |
Income (loss) from continuing operations before income taxes | 9,732 | (4,247) | 76,685 | (16,816) |
Income tax expense | 987 | (685) | 4,060 | (1,720) |
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | 8,745 | (3,562) | 72,625 | (15,096) |
Equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 8,745 | (3,562) | 72,625 | (15,096) |
Income (loss) from discontinued operations, net of taxes | 686 | 319 | (4,435) | 1,769 |
Net income (loss) | 9,431 | (3,243) | 68,190 | (13,327) |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Changes in pension and other employee benefit accounts, net of taxes | 2,507 | 1,433 | 7,467 | 4,117 |
Currency translation adjustment, net | 557 | (1,893) | 2,142 | (3,132) |
Total other comprehensive income | 3,064 | (460) | 9,609 | 985 |
Comprehensive income (loss) | 12,495 | (3,703) | 77,799 | (12,342) |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
(Gain) loss on early extinguishment of debt, net | 0 | 0 | 0 | |
Other (income) expense, net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Equity in income (loss) of subsidiaries | 9,431 | (3,243) | 68,190 | (13,327) |
Income (loss) from continuing operations | 9,431 | (3,243) | 68,190 | (13,327) |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 9,431 | (3,243) | 68,190 | (13,327) |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | 3,064 | (460) | 9,609 | 985 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | 0 |
Currency translation adjustment, net | 0 | 0 | 0 | 0 |
Total other comprehensive income | 3,064 | (460) | 9,609 | 985 |
Comprehensive income (loss) | 12,495 | (3,703) | 77,799 | (12,342) |
Subsidiary Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 211,525 | 218,392 | 654,350 | 653,778 |
Cost of sales | 184,466 | 187,614 | 575,709 | 561,734 |
Selling, general and administrative expenses | 27,855 | 29,511 | 85,229 | 87,595 |
Amortization of intangible assets | 148 | 239 | 452 | 543 |
Restructuring and other charges | 2,581 | 4,875 | 6,358 | 9,842 |
Operating income | (3,525) | (3,847) | (13,398) | (5,936) |
Interest expense, net | 20,272 | 25,046 | 65,779 | 75,833 |
Intercompany interest (income) expense | (249) | (214) | (740) | (765) |
(Gain) loss on early extinguishment of debt, net | (7,442) | (80,328) | 559 | |
Other (income) expense, net | (1,877) | (1,228) | (877) | (435) |
Income (loss) from continuing operations before income taxes | (14,229) | (27,451) | 2,768 | (81,128) |
Income tax expense | 774 | (1,597) | 2,827 | (4,194) |
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | (15,003) | (25,854) | (59) | (76,934) |
Equity in income (loss) of subsidiaries | 24,927 | 22,810 | 70,889 | 63,807 |
Income (loss) from continuing operations | 9,924 | (3,044) | 70,830 | (13,127) |
Income (loss) from discontinued operations, net of taxes | (493) | (199) | (2,640) | (200) |
Net income (loss) | 9,431 | (3,243) | 68,190 | (13,327) |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | 363 | (1,641) | 2,401 | (2,880) |
Changes in pension and other employee benefit accounts, net of taxes | 2,701 | 1,181 | 7,208 | 3,865 |
Currency translation adjustment, net | 0 | 0 | 0 | 0 |
Total other comprehensive income | 3,064 | (460) | 9,609 | 985 |
Comprehensive income (loss) | 12,495 | (3,703) | 77,799 | (12,342) |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 193,945 | 200,548 | 587,116 | 605,967 |
Cost of sales | 151,267 | 159,795 | 457,413 | 487,539 |
Selling, general and administrative expenses | 17,526 | 15,707 | 51,747 | 48,424 |
Amortization of intangible assets | 1,116 | 1,622 | 3,576 | 4,865 |
Restructuring and other charges | (167) | 608 | 1,926 | 1,687 |
Operating income | 24,203 | 22,816 | 72,454 | 63,452 |
Interest expense, net | 46 | 49 | 146 | 168 |
Intercompany interest (income) expense | 249 | 214 | 740 | 765 |
(Gain) loss on early extinguishment of debt, net | 0 | 0 | 0 | |
Other (income) expense, net | 100 | 64 | (1,848) | (106) |
Income (loss) from continuing operations before income taxes | 23,808 | 22,489 | 73,416 | 62,625 |
Income tax expense | 160 | 666 | 402 | 1,976 |
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | 23,648 | 21,823 | 73,014 | 60,649 |
Equity in income (loss) of subsidiaries | 163 | 441 | 715 | 982 |
Income (loss) from continuing operations | 23,811 | 22,264 | 73,729 | 61,631 |
Income (loss) from discontinued operations, net of taxes | 1,116 | 546 | (2,840) | 2,176 |
Net income (loss) | 24,927 | 22,810 | 70,889 | 63,807 |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | 213 | (872) | 140 | (890) |
Changes in pension and other employee benefit accounts, net of taxes | (194) | 252 | 259 | 252 |
Currency translation adjustment, net | 344 | (1,021) | 2,002 | (2,242) |
Total other comprehensive income | 363 | (1,641) | 2,401 | (2,880) |
Comprehensive income (loss) | 25,290 | 21,169 | 73,290 | 60,927 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 485 | 843 | 1,291 | 3,074 |
Cost of sales | 0 | 0 | 0 | 731 |
Selling, general and administrative expenses | 179 | 176 | 557 | 540 |
Amortization of intangible assets | 111 | 120 | 333 | 348 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Operating income | 195 | 547 | 401 | 1,455 |
Interest expense, net | 0 | 0 | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
(Gain) loss on early extinguishment of debt, net | 0 | 0 | 0 | |
Other (income) expense, net | 42 | (168) | (100) | (232) |
Income (loss) from continuing operations before income taxes | 153 | 715 | 501 | 1,687 |
Income tax expense | 53 | 246 | 831 | 498 |
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | 100 | 469 | (330) | 1,189 |
Equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations | 100 | 469 | (330) | 1,189 |
Income (loss) from discontinued operations, net of taxes | 63 | (28) | 1,045 | (207) |
Net income (loss) | 163 | 441 | 715 | 982 |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | 0 |
Currency translation adjustment, net | 213 | (872) | 140 | (890) |
Total other comprehensive income | 213 | (872) | 140 | (890) |
Comprehensive income (loss) | 376 | (431) | 855 | 92 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 | 0 |
Restructuring and other charges | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
(Gain) loss on early extinguishment of debt, net | 0 | 0 | 0 | |
Other (income) expense, net | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 0 | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Equity in income (loss) of subsidiaries | (34,521) | (20,008) | (139,794) | (51,462) |
Income (loss) from continuing operations | (34,521) | (20,008) | (139,794) | (51,462) |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income (loss) | (34,521) | (20,008) | (139,794) | (51,462) |
Other comprehensive income (loss): | ||||
Other comprehensive income (loss) of subsidiaries | (3,640) | 2,973 | (12,150) | 2,785 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | 0 |
Currency translation adjustment, net | 0 | 0 | 0 | 0 |
Total other comprehensive income | (3,640) | 2,973 | (12,150) | 2,785 |
Comprehensive income (loss) | $ (38,161) | $ (17,035) | $ (151,944) | $ (48,677) |
Condensed Consolidating Finan73
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Jan. 02, 2016 | |
Cash flows from operating activities: [Abstract] | |||
Net cash provided by (used in) operating activities of continuing operations | $ 13,405 | $ 1,500 | |
Net cash (used in) provided by operating activities of discontinued operations | (7,739) | 13,345 | |
Net cash provided by operating activities | 5,666 | 14,845 | |
Cash flows from investing activities: | |||
Capital expenditures | (31,173) | (19,245) | |
Cost of business acquisitions | 0 | (1,996) | |
Proceeds from sale of property, plant and equipment | 8,272 | 1,471 | |
Proceeds from sale of assets | 2,000 | 2,180 | |
Net cash used in investing activities of continuing operations | (20,901) | (17,590) | |
Net cash provided by (used in) investing activities of discontinued operations | 94,364 | (1,864) | |
Net cash provided by (used in) investing activities | 73,463 | (19,454) | |
Cash flows from financing activities: | |||
Proceeds from issuance of 4% secured notes due 2021 | 50,000 | 0 | |
Payment of financing-related costs and expenses and debt issuance discounts | (9,967) | (1,309) | |
Repayments of other long-term debt | (4,115) | (3,345) | |
Repayment of 11.5% senior notes due 2017 | (4,725) | (22,720) | |
Repayment of 7% senior exchangeable notes | (40,207) | 0 | |
Purchase and retirement of common stock upon vesting of RSUs | (341) | (218) | |
Proceeds from exercise of stock options | 0 | 2 | |
Borrowings under ABL Facility due 2021 | 368,600 | 358,900 | |
Repayments under ABL Facility due 2021 | (441,700) | (328,500) | |
Intercompany advances | 0 | 0 | |
Net cash (used in) provided by financing activities of continuing operations | (82,455) | 2,810 | |
Net cash used in financing activities of discontinued operations | (8) | (352) | |
Net cash (used in) provided by financing activities | (82,463) | 2,458 | |
Effect of exchange rate changes on cash and cash equivalents | 443 | (536) | |
Net decrease in cash and cash equivalents | (2,891) | (2,687) | |
Cash and cash equivalents at beginning of period | 7,785 | 14,593 | |
Cash and cash equivalents at end of period | 4,894 | 11,906 | |
Less cash and cash equivalents of discontinued operations | 0 | (2,332) | |
Cash and cash equivalents of continuing operations at end of period | 4,894 | 9,574 | $ 7,785 |
Parent Company [Member] | |||
Cash flows from operating activities: [Abstract] | |||
Net cash provided by (used in) operating activities of continuing operations | 1,230 | 1,481 | |
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 | |
Net cash provided by operating activities | 1,230 | 1,481 | |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | |
Cost of business acquisitions | 0 | ||
Proceeds from sale of property, plant and equipment | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | |
Net cash used in investing activities of continuing operations | 0 | 0 | |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 | |
Net cash provided by (used in) investing activities | 0 | 0 | |
Cash flows from financing activities: | |||
Proceeds from issuance of 4% secured notes due 2021 | 0 | ||
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 | |
Repayments of other long-term debt | 0 | 0 | |
Repayment of 11.5% senior notes due 2017 | 0 | 0 | |
Repayment of 7% senior exchangeable notes | 0 | ||
Purchase and retirement of common stock upon vesting of RSUs | (341) | (218) | |
Proceeds from exercise of stock options | 2 | ||
Borrowings under ABL Facility due 2021 | 0 | 0 | |
Repayments under ABL Facility due 2021 | 0 | 0 | |
Intercompany advances | (889) | (1,265) | |
Net cash (used in) provided by financing activities of continuing operations | (1,230) | (1,481) | |
Net cash used in financing activities of discontinued operations | 0 | 0 | |
Net cash (used in) provided by financing activities | (1,230) | (1,481) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Net decrease in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | |
Cash and cash equivalents at end of period | 0 | 0 | |
Less cash and cash equivalents of discontinued operations | 0 | ||
Cash and cash equivalents of continuing operations at end of period | 0 | 0 | 0 |
Subsidiary Issuer [Member] | |||
Cash flows from operating activities: [Abstract] | |||
Net cash provided by (used in) operating activities of continuing operations | (81,724) | 86,182 | |
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 | |
Net cash provided by operating activities | (81,724) | 86,182 | |
Cash flows from investing activities: | |||
Capital expenditures | (14,317) | (14,315) | |
Cost of business acquisitions | (1,996) | ||
Proceeds from sale of property, plant and equipment | 8,131 | 586 | |
Proceeds from sale of assets | 0 | 0 | |
Net cash used in investing activities of continuing operations | (6,186) | (15,725) | |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 | |
Net cash provided by (used in) investing activities | (6,186) | (15,725) | |
Cash flows from financing activities: | |||
Proceeds from issuance of 4% secured notes due 2021 | 50,000 | ||
Payment of financing-related costs and expenses and debt issuance discounts | (9,967) | (1,309) | |
Repayments of other long-term debt | (4,136) | (4,763) | |
Repayment of 11.5% senior notes due 2017 | (4,725) | (22,720) | |
Repayment of 7% senior exchangeable notes | (40,207) | ||
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | |
Proceeds from exercise of stock options | 0 | ||
Borrowings under ABL Facility due 2021 | 368,600 | 358,900 | |
Repayments under ABL Facility due 2021 | (441,700) | (328,500) | |
Intercompany advances | 169,051 | (76,014) | |
Net cash (used in) provided by financing activities of continuing operations | 86,916 | (74,406) | |
Net cash used in financing activities of discontinued operations | 0 | 0 | |
Net cash (used in) provided by financing activities | 86,916 | (74,406) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Net decrease in cash and cash equivalents | (994) | (3,949) | |
Cash and cash equivalents at beginning of period | 5,558 | 10,965 | |
Cash and cash equivalents at end of period | 4,564 | 7,016 | |
Less cash and cash equivalents of discontinued operations | 0 | ||
Cash and cash equivalents of continuing operations at end of period | 4,564 | 7,016 | 5,558 |
Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: [Abstract] | |||
Net cash provided by (used in) operating activities of continuing operations | 92,403 | (85,589) | |
Net cash (used in) provided by operating activities of discontinued operations | (7,301) | 13,039 | |
Net cash provided by operating activities | 85,102 | (72,550) | |
Cash flows from investing activities: | |||
Capital expenditures | (16,255) | (4,693) | |
Cost of business acquisitions | 0 | ||
Proceeds from sale of property, plant and equipment | 141 | 885 | |
Proceeds from sale of assets | 2,000 | 2,180 | |
Net cash used in investing activities of continuing operations | (14,114) | (1,628) | |
Net cash provided by (used in) investing activities of discontinued operations | 87,877 | (1,864) | |
Net cash provided by (used in) investing activities | 73,763 | (3,492) | |
Cash flows from financing activities: | |||
Proceeds from issuance of 4% secured notes due 2021 | 0 | ||
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 | |
Repayments of other long-term debt | 21 | 1,418 | |
Repayment of 11.5% senior notes due 2017 | 0 | 0 | |
Repayment of 7% senior exchangeable notes | 0 | ||
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | |
Proceeds from exercise of stock options | 0 | ||
Borrowings under ABL Facility due 2021 | 0 | 0 | |
Repayments under ABL Facility due 2021 | 0 | 0 | |
Intercompany advances | (159,218) | 75,440 | |
Net cash (used in) provided by financing activities of continuing operations | (159,197) | 76,858 | |
Net cash used in financing activities of discontinued operations | (8) | (352) | |
Net cash (used in) provided by financing activities | (159,205) | 76,506 | |
Effect of exchange rate changes on cash and cash equivalents | 316 | (866) | |
Net decrease in cash and cash equivalents | (24) | (402) | |
Cash and cash equivalents at beginning of period | 235 | 844 | |
Cash and cash equivalents at end of period | 211 | 442 | |
Less cash and cash equivalents of discontinued operations | (82) | ||
Cash and cash equivalents of continuing operations at end of period | 211 | 360 | 235 |
Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: [Abstract] | |||
Net cash provided by (used in) operating activities of continuing operations | 1,496 | (574) | |
Net cash (used in) provided by operating activities of discontinued operations | (438) | 306 | |
Net cash provided by operating activities | 1,058 | (268) | |
Cash flows from investing activities: | |||
Capital expenditures | (601) | (237) | |
Cost of business acquisitions | 0 | ||
Proceeds from sale of property, plant and equipment | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | |
Net cash used in investing activities of continuing operations | (601) | (237) | |
Net cash provided by (used in) investing activities of discontinued operations | 6,487 | 0 | |
Net cash provided by (used in) investing activities | 5,886 | (237) | |
Cash flows from financing activities: | |||
Proceeds from issuance of 4% secured notes due 2021 | 0 | ||
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 | |
Repayments of other long-term debt | 0 | 0 | |
Repayment of 11.5% senior notes due 2017 | 0 | 0 | |
Repayment of 7% senior exchangeable notes | 0 | ||
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | |
Proceeds from exercise of stock options | 0 | ||
Borrowings under ABL Facility due 2021 | 0 | 0 | |
Repayments under ABL Facility due 2021 | 0 | 0 | |
Intercompany advances | (8,944) | 1,839 | |
Net cash (used in) provided by financing activities of continuing operations | (8,944) | 1,839 | |
Net cash used in financing activities of discontinued operations | 0 | 0 | |
Net cash (used in) provided by financing activities | (8,944) | 1,839 | |
Effect of exchange rate changes on cash and cash equivalents | 127 | 330 | |
Net decrease in cash and cash equivalents | (1,873) | 1,664 | |
Cash and cash equivalents at beginning of period | 1,992 | 2,784 | |
Cash and cash equivalents at end of period | 119 | 4,448 | |
Less cash and cash equivalents of discontinued operations | (2,250) | ||
Cash and cash equivalents of continuing operations at end of period | 119 | 2,198 | 1,992 |
Eliminations [Member] | |||
Cash flows from operating activities: [Abstract] | |||
Net cash provided by (used in) operating activities of continuing operations | 0 | 0 | |
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 | |
Net cash provided by operating activities | 0 | 0 | |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | |
Cost of business acquisitions | 0 | ||
Proceeds from sale of property, plant and equipment | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | |
Net cash used in investing activities of continuing operations | 0 | 0 | |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 | |
Net cash provided by (used in) investing activities | 0 | 0 | |
Cash flows from financing activities: | |||
Proceeds from issuance of 4% secured notes due 2021 | 0 | ||
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 | |
Repayments of other long-term debt | 0 | 0 | |
Repayment of 11.5% senior notes due 2017 | 0 | 0 | |
Repayment of 7% senior exchangeable notes | 0 | ||
Purchase and retirement of common stock upon vesting of RSUs | 0 | 0 | |
Proceeds from exercise of stock options | 0 | ||
Borrowings under ABL Facility due 2021 | 0 | 0 | |
Repayments under ABL Facility due 2021 | 0 | 0 | |
Intercompany advances | 0 | 0 | |
Net cash (used in) provided by financing activities of continuing operations | 0 | 0 | |
Net cash used in financing activities of discontinued operations | 0 | 0 | |
Net cash (used in) provided by financing activities | 0 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Net decrease in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | |
Cash and cash equivalents at end of period | 0 | 0 | |
Less cash and cash equivalents of discontinued operations | 0 | ||
Cash and cash equivalents of continuing operations at end of period | $ 0 | $ 0 | $ 0 |