Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jul. 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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 8,553,167 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 46.8 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 5,532 | $ 7,785 |
Accounts receivable, net | 234,187 | 254,042 |
Inventories, net | 101,950 | 121,615 |
Prepaid and other current assets | 41,576 | 46,731 |
Assets of discontinued operations - current | 0 | 48,566 |
Total current assets | 383,245 | 478,739 |
Property, plant and equipment, net | 207,679 | 210,578 |
Goodwill | 175,209 | 175,338 |
Other intangible assets, net | 124,831 | 130,450 |
Other assets, net | 21,995 | 24,070 |
Assets of discontinued operations - long-term | 0 | 62,851 |
Total assets | 912,959 | 1,082,026 |
Current liabilities: | ||
Current maturities of long-term debt | 31,727 | 5,373 |
Accounts payable | 175,896 | 200,120 |
Accrued compensation and related liabilities | 24,684 | 31,961 |
Other current liabilities | 82,899 | 88,814 |
Liabilities of discontinued operations - current | 0 | 22,268 |
Total current liabilities | 315,206 | 348,536 |
Long-term debt | 986,939 | 1,203,250 |
Other liabilities | 199,971 | 198,926 |
Liabilities of discontinued operations - long-term | 0 | 1,153 |
Commitments and contingencies | ||
Shareholders’ deficit: | ||
Preferred stock, $0.01 par value; 25 shares authorized, no shares issued | 0 | 0 |
Common stock, $0.01 par value; 15,000 and 12,500 shares authorized, 8,553 and 8,484 shares issued and outstanding as of the years ended 2016 and 2015, respectively | 86 | 85 |
Paid-in capital | 382,271 | 372,240 |
Retained deficit | (868,285) | (936,234) |
Accumulated other comprehensive loss | (103,229) | (105,930) |
Total shareholders’ deficit | (589,157) | (669,839) |
Total liabilities and shareholders’ deficit | $ 912,959 | $ 1,082,026 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Jan. 02, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 25,000 | 25,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 15,000,000 | 12,500,000 |
Common stock, shares issued (shares) | 8,553,000 | 8,484,000 |
Common stock, shares outstanding (shares) | 8,553,000 | 8,484,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | |
Income Statement [Abstract] | ||||||||||
Net sales | $ 417,244 | $ 405,955 | $ 404,041 | $ 432,761 | $ 478,960 | $ 419,783 | $ 413,359 | $ 429,677 | $ 1,660,001 | $ 1,741,779 |
Cost of sales | 1,386,746 | 1,450,876 | ||||||||
Selling, general and administrative expenses | 179,525 | 186,749 | ||||||||
Amortization of intangible assets | 5,744 | 7,785 | ||||||||
Restructuring and other charges | 11,954 | 12,576 | ||||||||
Operating income | 16,575 | 20,873 | 21,570 | 17,014 | 24,822 | 19,516 | 21,655 | 17,800 | 76,032 | 83,793 |
Interest expense, net | 85,753 | 100,805 | ||||||||
(Gain) loss on early extinguishment of debt, net | (82,481) | 1,252 | ||||||||
Other income, net | (2,344) | (3,196) | ||||||||
Income (loss) from continuing operations before income taxes | 75,104 | (15,068) | ||||||||
Income tax expense | 4,258 | 4,393 | ||||||||
Income (loss) from continuing operations | (1,779) | 8,745 | 50,860 | 13,020 | (4,365) | (3,562) | (3,355) | (8,179) | 70,846 | (19,461) |
Loss from discontinued operations, net of taxes | 1,538 | 686 | (3,304) | (1,817) | (13,159) | 319 | 950 | 500 | (2,897) | (11,390) |
Net income (loss) | $ (241) | $ 9,431 | $ 47,556 | $ 11,203 | $ (17,524) | $ (3,243) | $ (2,405) | $ (7,679) | 67,949 | (30,851) |
Other comprehensive income (loss): | ||||||||||
Changes in pension and other employee benefit accounts, net of taxes | 756 | (3,438) | ||||||||
Currency translation adjustment, net | 1,945 | (4,295) | ||||||||
Total other comprehensive income (loss) | 2,701 | (7,733) | ||||||||
Comprehensive income (loss) | $ 70,650 | $ (38,584) | ||||||||
Income (loss) per share – basic: | ||||||||||
Continuing operations per share - basic | $ (0.21) | $ 1.02 | $ 5.97 | $ 1.53 | $ (0.51) | $ (0.42) | $ (0.39) | $ (0.97) | $ 8.31 | $ (2.30) |
Discontinued operations per share - basic | 0.18 | 0.08 | (0.39) | (0.21) | (1.56) | 0.04 | 0.11 | 0.06 | (0.34) | (1.34) |
Net income (loss) per share - basic | (0.03) | 1.10 | 5.58 | 1.32 | (2.07) | (0.38) | (0.28) | (0.91) | 7.97 | (3.64) |
Income (loss) per share – diluted: | ||||||||||
Continuing operations per share - diluted | (0.21) | 1 | 5.15 | 1.37 | (0.51) | (0.42) | (0.39) | (0.97) | 7.63 | (2.30) |
Discontinued operations per share - diluted | 0.18 | 0.08 | (0.33) | (0.17) | (1.56) | 0.04 | 0.11 | 0.06 | (0.31) | (1.34) |
Net income (loss) per share - diluted | $ (0.03) | $ 1.08 | $ 4.82 | $ 1.20 | $ (2.07) | $ (0.38) | $ (0.28) | $ (0.91) | $ 7.32 | $ (3.64) |
Weighted average shares outstanding: | ||||||||||
Basic shares | 8,527 | 8,479 | ||||||||
Diluted shares | 9,492 | 8,479 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 67,949 | $ (30,851) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
(Gain) loss on sale of discontinued operations, net of taxes | (69) | 4,987 |
Loss from discontinued operations, net of taxes | 2,966 | 6,403 |
Depreciation | 41,456 | 41,904 |
Amortization of intangible assets | 5,744 | 7,785 |
Non-cash interest expense, net | 9,003 | 10,057 |
Deferred income taxes | 1,280 | 2,743 |
Gain on sale of assets | (4,330) | (5,356) |
Non-cash restructuring and other charges, net | 3,638 | 5,936 |
(Gain) loss on early extinguishment of debt, net | (82,481) | 1,252 |
Provisions for bad debts | 1,415 | 2,567 |
Provisions for inventory obsolescence | 2,826 | 2,359 |
Stock-based compensation provision | 1,468 | 1,636 |
Changes in operating assets and liabilities, excluding the effects of acquired businesses: | ||
Accounts receivable | 18,397 | (3,953) |
Inventories | 16,820 | (5,130) |
Accounts payable and accrued compensation and related liabilities | (33,781) | (16,363) |
Other working capital changes | (2,534) | 3,103 |
Other, net | (384) | (12,853) |
Net cash provided by operating activities of continuing operations | 49,383 | 16,226 |
Net cash (used in) provided by operating activities of discontinued operations | (10,512) | 15,968 |
Net cash provided by operating activities | 38,871 | 32,194 |
Cash flows from investing activities: | ||
Cost of business acquisitions, net of cash acquired | 0 | (1,996) |
Capital expenditures | (41,137) | (25,928) |
Proceeds from sale of property, plant and equipment | 8,330 | 8,558 |
Proceeds from sale of assets | 2,000 | 2,180 |
Net cash used in investing activities of continuing operations | (30,807) | (17,186) |
Net cash provided by (used in) investing activities of discontinued operations | 95,866 | (2,282) |
Net cash provided by (used in) investing activities | 65,059 | (19,468) |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% senior secured notes due 2021 | 50,000 | 0 |
Payment of financing related costs and expenses and debt issuance discounts | (11,576) | (1,596) |
Proceeds from issuance of other long-term debt | 0 | 12,500 |
Repayments of other long-term debt | (5,578) | (16,545) |
Repayment of 11.5% senior notes due 2017 | (24,725) | (22,720) |
Repayment of 7% senior exchangeable notes due 2017 | (45,903) | 0 |
Repayment of 8.500% junior secured priority notes due 2022 | (4,550) | 0 |
Purchase and retirement of common stock upon vesting of restricted stock units | (346) | (216) |
Borrowings under asset-based revolving credit facility due 2021 | 474,300 | 468,300 |
Repayments under asset-based revolving credit facility due 2021 | (540,800) | (454,800) |
Net cash used in financing activities of continuing operations | (109,178) | (15,077) |
Net cash used in financing activities of discontinued operations | (8) | (473) |
Net cash used in financing activities | (109,186) | (15,550) |
Effect of exchange rate changes on cash and cash equivalents | 232 | (1,213) |
Net decrease in cash and cash equivalents | (5,024) | (4,037) |
Cash and cash equivalents at beginning of period | 10,556 | 14,593 |
Cash and cash equivalents at end of period | 5,532 | 10,556 |
Less cash and cash equivalents of discontinued operations | 0 | (2,771) |
Cash and cash equivalents of continuing operations at end of period | 5,532 | 7,785 |
Supplemental cash flow disclosures: (1) | ||
Cash paid for interest | 79,267 | 91,455 |
Cash paid for taxes, net | 4,698 | 739 |
Non-cash origination of capital leases | $ 1,280 | $ 2,518 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
Common stock, beginning balance (shares) at Dec. 27, 2014 | 8,460 | ||||
Stockholders' equity, beginning balance at Dec. 27, 2014 | $ (632,675) | $ 85 | $ 370,820 | $ (905,383) | $ (98,197) |
Other comprehensive income (loss): | |||||
Net income (loss) | (30,851) | (30,851) | |||
Other comprehensive income (loss): | |||||
Changes in pension and other employee benefit accounts, net of taxes | (3,438) | (3,438) | |||
Currency translation adjustment, net | (4,295) | (4,295) | |||
Total other comprehensive income (loss) | (7,733) | ||||
Comprehensive income (loss) | (38,584) | ||||
Purchase and retirement of common stock upon vesting of RSUs (shares) | 24 | ||||
Purchase and retirement of common stock upon vesting of restricted stock units | (216) | $ 0 | (216) | ||
Amortization of stock based compensation | $ 1,636 | 1,636 | |||
Common stock, ending balance (shares) at Jan. 02, 2016 | 8,484 | 8,484 | |||
Stockholders' equity, ending balance at Jan. 02, 2016 | $ (669,839) | $ 85 | 372,240 | (936,234) | (105,930) |
Other comprehensive income (loss): | |||||
Net income (loss) | 67,949 | 67,949 | |||
Other comprehensive income (loss): | |||||
Changes in pension and other employee benefit accounts, net of taxes | 756 | 756 | |||
Currency translation adjustment, net | 1,945 | 1,945 | |||
Total other comprehensive income (loss) | 2,701 | ||||
Comprehensive income (loss) | 70,650 | ||||
Issuance of Warrants in connection with the Exchange Offer (1) | 6,264 | 6,264 | |||
Impact of Exchange Offer with affiliated noteholders (1) | 1,375 | 1,375 | |||
Issuance of Warrants in connection with the repurchase of the 7% senior exchangeable notes due 2017 (1) | 1,270 | 1,270 | |||
Purchase and retirement of common stock upon vesting of RSUs (shares) | 69 | ||||
Purchase and retirement of common stock upon vesting of restricted stock units | (345) | $ (1) | (346) | ||
Amortization of stock based compensation | $ 1,468 | 1,468 | |||
Common stock, ending balance (shares) at Dec. 31, 2016 | 8,553 | 8,553 | |||
Stockholders' equity, ending balance at Dec. 31, 2016 | $ (589,157) | $ 86 | $ 382,271 | $ (868,285) | $ (103,229) |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Accumulated Other Comprehensive (Loss) Income [Member] | ||
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | ||
Changes in pension and other employee benefit accounts, tax expense (benefit) | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation: The consolidated financial statements include the results of Cenveo, Inc. and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions have been eliminated. Certain amounts in the 2015 consolidated balance sheet have been reclassified to conform to current year presentation. Cenveo, Inc. and its wholly-owned subsidiaries (collectively, the "Company" or "Cenveo") are engaged in envelope converting, commercial printing, and the manufacturing of label products. The Company is headquartered in Stamford, Connecticut, is organized under Colorado law, and its common stock is traded on the New York Stock Exchange under the symbol "CVO." The Company operates a network of strategically located manufacturing facilities, serving a diverse base of customers. The Company’s operations are based in North America and India. The Company’s reporting periods for 2016 and 2015 in this report consisted of 52 and 53 week periods, respectively, and ended on December 31, 2016 and January 2, 2016 , respectively. Such periods are referred to herein as: (i) "as of the year ended 2016 ," "the year ended 2016 " or " 2016 ;" and (ii) "as of the year ended 2015 ," "the year ended 2015 " or " 2015 ." All references to years and year-ends herein relate to fiscal years rather than calendar years. As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, during the first quarter of 2016 the Company completed the sale of its folded carton and shrink sleeve packaging businesses, along with its one top-sheet lithographic print operation (collectively, the "Packaging Business"). See Note 3 for information regarding the completion of sale of the Packaging Business. In accordance with the guidance in Accounting Standards Codification ("ASC") 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment , the financial results of the Packaging Business have been accounted for as discontinued operations for all periods presented. 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. Additionally, the Reverse Stock Split applied to 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 consolidated financial statements have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates and assumptions are used for, but not limited to, establishing the allowance for doubtful accounts, valuation of inventory, purchase price allocation, depreciation and amortization lives, asset impairment evaluations, deferred tax assets and liabilities, self-insurance accruals, stock-based compensation and other contingencies. Actual results could differ from estimates. Fair Value Measurements: Certain assets and liabilities of the Company are required to be recorded at fair value. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to their short-term nature. The Company also has other assets or liabilities that it records at fair value, such as its pension plan assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. Cash and Cash Equivalents: Cash and cash equivalents include cash on deposit and highly liquid investments with original maturities of three months or less. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are stated at cost, which approximates fair value. Accounts Receivable: Trade accounts receivable are stated net of allowances for doubtful accounts. Specific customer provisions are made when a review of significant outstanding amounts, customer creditworthiness and current economic trends indicate that collection is doubtful. In addition, provisions are made at differing amounts, based upon the balance and age of the receivable and the Company’s historical collection experience. Trade accounts are charged off against the allowance for doubtful accounts or expensed when it is probable the accounts will not be recovered. As of the years ended 2016 and 2015 , accounts receivable were reduced by an allowance for doubtful accounts of $2.1 million and $5.9 million , respectively. Transactions affecting the allowance for doubtful accounts are as follows (in thousands): For The Years Ended 2016 2015 Balance at beginning of year $ 5,872 $ 4,632 Charged to expense 1,415 2,567 Write-offs, recoveries and other, net (5,152 ) (1,327 ) Balance at end of year $ 2,135 $ 5,872 Inventories: Inventories are stated at the lower of cost or market, with cost primarily determined on a first-in, first-out or average cost basis and stated net of reserves for obsolescence. Cost includes materials, labor and overhead related to the purchase and production of inventories. Property, Plant and Equipment: Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided using the straight-line method generally based on the estimated useful lives of 15 to 45 years for buildings and building improvements, 10 to 15 years for machinery and equipment and 3 to 10 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When an asset is retired or otherwise disposed of, the related gross cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of operations. Expenditures for repairs and maintenance are charged to expense as incurred, and expenditures that increase the capacity, efficiency or useful lives of existing assets are capitalized. Computer Software: The Company develops and purchases software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed, tested and is ready for use, additional costs in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, generally between three and seven years. Net computer software costs included in property, plant and equipment were $20.7 million and $16.6 million as of the years ended 2016 and 2015 , respectively. Debt Issuance Costs: Direct expenses such as legal, accounting and underwriting fees incurred to issue, extend or amend debt are included as a reduction in the carrying amount of the related debt, with the exception of costs incurred in connection with the Company's asset-based revolving credit facility (the "ABL Facility") which are recorded in other assets, net. Debt issuance costs are recorded net of accumulated amortization, and are amortized to interest expense over the term of the related debt. Debt issuance costs of $18.1 million and $16.5 million were recorded as a reduction to long-term debt as of the years ended 2016 and 2015 , respectively, and $3.6 million and $2.4 million were recorded in other assets, net, as of the years ended 2016 and 2015 , respectively. Interest expense includes the amortization of debt issuance costs of $9.0 million and $10.1 million in 2016 and 2015 , respectively. Goodwill and Other Intangible Assets: Goodwill represents the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is not amortized. Goodwill is subject to an annual impairment test and is reviewed annually as of the end of November to determine if there is an impairment, or more frequently if an indication of possible impairment exists. Impairment testing for goodwill is performed at a reporting unit level, with all goodwill assigned to a reporting unit. The Company's reporting units are the same as its three operating segments. An impairment loss generally would be recognized when the carrying amount of the reporting unit's net assets exceeds the estimated fair value of the reporting unit. No impairment charges for goodwill were recorded for years ended 2016 and 2015 , except as disclosed in Note 3, which relates to discontinued operations. Other intangible assets consist primarily of customer relationships and trademarks. Other intangible assets primarily arise from the purchase price allocations of businesses acquired. Intangible assets with determinable lives are amortized on a straight-line basis over the estimated useful life assigned to these assets. Intangible assets that are expected to generate cash flows indefinitely are not amortized, but are evaluated for impairment using the relief-from-royalty method. There were no intangible asset impairments for the years ended 2016 or 2015 . Long-Lived Assets: Long-lived assets, including property, plant and equipment, and intangible assets with definite lives, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. An impairment is assessed if the undiscounted expected future cash flows generated from an asset are less than its carrying value. Impairment losses are recognized for the amount by which the carrying value of an asset exceeds its fair value (Level 2 and 3). Additionally, the estimated useful lives of all long-lived assets are periodically reviewed and revised, if necessary. Self-Insurance: The Company is self-insured for the majority of its workers’ compensation costs and health insurance costs, subject to specific retention levels. The Company records its liability for workers’ compensation claims on a fully-developed basis. The Company’s liability for health insurance claims includes an estimate for claims incurred, but not reported. As of the years ended 2016 and 2015 , the (i) undiscounted workers' compensation liability was $12.1 million and $12.3 million , respectively, and the discounted liability was $11.2 million and $11.4 million , respectively, using discount rates of 2% for each of the years ended 2016 and 2015 ; and the (ii) healthcare liability was $3.2 million for each of the years ended 2016 and 2015 , respectively. Pension and Other Postretirement Plans: The Company records expense relating to its pension and other postretirement plans based on actuarial calculations. The inputs for these estimates mainly include discount rates, anticipated mortality rates and assumed rates of return. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current anticipated rates. The effect of modifications on the value of plan obligations and assets is recognized in accumulated other comprehensive income (loss) ("AOCI") and is recognized in the statement of operations over future periods. Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred, pricing is fixed or determinable, and collection is reasonably assured, net of rebates earned by customers. Since a significant portion of the Company’s products are customer specific, it is common for customers to inspect the quality of the product at the Company’s facility prior to its shipment. Products shipped are not subject to contractual right of return provisions. Sales Tax: The Company records sales net of applicable sales tax. Freight Costs: The costs of delivering finished goods to customers are recorded as freight costs and included in cost of sales. Freight costs that are either billed separately to the customer or included in the price of the product are included in net sales. Advertising Costs: All advertising costs are expensed as incurred. Advertising costs were $3.7 million and $3.2 million for 2016 and 2015 , respectively. Stock-Based Compensation: The Company uses the fair value method of accounting for stock-based compensation. The Company uses the Black-Scholes-Merton option-pricing model ("Black-Scholes") to measure fair value of stock option awards. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the stock price volatility assumption, the expected life of the option award, the risk-free rate of return and dividends during the expected term. The Company recognizes stock-based compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. Foreign Currency Translation: Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the United States dollar are translated at year-end exchange rates. The effects of translation are included in shareholders’ deficit. Income and expense items and gains and losses are translated at the average monthly rate. Foreign currency transaction gains and losses are recorded in other income, net when the underlying transaction takes place. Income Taxes: Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the net deferred tax assets will not be realized. The Company has a full valuation allowance related to its net U.S. deferred tax assets as of the year ended 2016 . The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although the Company believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is recognized in its consolidated financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. New Accounting Pronouncements: In 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 a company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2017 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09; however, we do not expect that the future adoption of ASU 2014-09 will have a material impact on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, " Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) ". This ASU removes the requirement to categorize all investments for which fair value is measured at the net asset value per share practical expedient within the fair value hierarchy. The Company adopted ASU 2015-07 during 2016 and applied the provisions retrospectively to all periods presented. Adoption of ASU 2015-07 did not have a material impact on the Company's consolidated financial statements, other than enhancing the disclosures in Note 13. 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 year ended 2016 , the Company had $3.4 million of current deferred tax assets that would be reclassified from prepaid and other current assets to other liabilities. 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. At a minimum, adoption of ASU 2016-02 will require recording a ROU asset and a lease liability on the Company's consolidated balance sheet; however, the Company is still currently evaluating the impact on its consolidated financial statements. See Note 14 for the current anticipated future operating lease payments. 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. In January 2017, the FASB issued ASU 2017-04 " Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment " which removes the second step from the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted, and applied prospectively. The Company expects that the future adoption of ASU 2017-04 will not have a material impact on its consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company accounts for business combinations under the provisions of ASC 805 " Business Combinations. " 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, are included in selling, general and administrative expenses and were zero and $1.1 million for the years ended 2016 and 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. The Company also added approximately 40 employees. The total purchase price of approximately $2.0 million was allocated to the tangible and identifiable intangible assets acquired based on their estimated fair values at the acquisition date, and was assigned to the Company's print segment. The acquired identifiable intangible assets relate to customer relationships of $0.1 million . Purchase Price Allocation The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed in the Asendia acquisition (in thousands): Accounts receivable, net $ 145 Inventories 46 Prepaid and other current assets 10 Property, plant and equipment 1,662 Other intangible assets 133 Total assets acquired $ 1,996 The results of operations and cash flows are included in the Company’s statements of operations and cash flows from August 7, 2015. Pro forma results for the year ended 2015 are not presented as the effect would not be material. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 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 $89.6 million , net of transaction costs of approximately $6.3 million . This resulted in the recognition of a total loss of $3.6 million , of which a gain of $1.4 million was recorded for the year ended 2016 . For the year ended 2015, the Company recorded a non-cash loss on sale of $5.0 million and a non-cash goodwill impairment charge of $9.9 million related to this transaction. This loss was based on the executed purchase agreement and the net assets of the Packaging Business. In accordance with the guidance in ASC 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment , the financial results of the Packaging Business were accounted for as discontinued operations. The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of December 31, 2016 , and January 2, 2016 (in thousands): 2016 2015 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 — 4,351 Liabilities of discontinued operations - current — 22,268 Long-term debt and other liabilities — 1,153 Liabilities of discontinued operations - long-term — 1,153 Net assets of discontinued operations $ — $ 87,996 The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): For The Years Ended 2016 2015 Net sales $ 6,637 $ 178,850 Cost of sales 6,625 154,570 Selling, general and administrative expenses 2,242 20,630 Amortization of intangible assets — 2,062 Restructuring and other charges — 390 Impairment of goodwill — 9,857 Interest expense, net 7 117 Other expense (income), net 729 (954 ) Loss from discontinued operations (2,966 ) (7,822 ) Gain (loss) on sale of discontinued operations 1,405 (4,987 ) Loss from discontinued operations before income taxes (1,561 ) (12,809 ) Income tax expense (benefit) on discontinued operations 1,336 (1,419 ) Loss from discontinued operations, net of taxes $ (2,897 ) $ (11,390 ) Loss per share - basic $ (0.34 ) $ (1.34 ) Loss per share - diluted $ (0.31 ) $ (1.34 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories by major category are as follows (in thousands): 2016 2015 Raw materials $ 32,696 $ 40,938 Work in process 12,186 14,696 Finished goods 57,068 65,981 $ 101,950 $ 121,615 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are as follows (in thousands): 2016 2015 Land and land improvements $ 8,537 $ 9,194 Buildings and building improvements 82,440 82,206 Machinery and equipment 546,425 525,914 Furniture and fixtures 9,553 8,696 Construction in progress 10,885 10,181 657,840 636,191 Accumulated depreciation (450,161 ) (425,613 ) $ 207,679 $ 210,578 Sale-Leaseback Transactions During the second quarter of 2016, the Company sold one manufacturing facility, which 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 an option to renew for up to two additional five year periods. As a result, the Company recorded a gain of approximately $2.1 million in other income, net and a deferred gain of approximately $2.8 million which will be recognized ratably over the original five year lease term. During the fourth quarter of 2015, the Company sold one manufacturing facility, which related to its print segment for net proceeds of $7.1 million and entered into a one-year operating lease for the same facility. In connection with the sale, the Company recorded a gain of $3.1 million in other income, net and a deferred gain of approximately $0.5 million which was recognized ratably over the lease term. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill as of the years ended 2016 and 2015 by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of the year ended 2014 $ 23,433 $ 42,832 $ 109,277 $ 175,542 Foreign currency translation — (204 ) — (204 ) Balance as of the year ended 2015 23,433 42,628 109,277 175,338 Foreign currency translation — (129 ) — (129 ) Balance as of the year ended 2016 $ 23,433 $ 42,499 $ 109,277 $ 175,209 As discussed in Note 1, the Company is required to perform an impairment test of goodwill at least annually. The impairment test for goodwill uses a two-step approach. Step one compares the estimated fair value of a reporting unit with goodwill to its carrying value. If the carrying value exceeds the estimated fair value, step two must be performed. Step two compares the carrying value of the reporting unit to the fair value of all of the assets and liabilities of the reporting unit (including any unrecognized intangibles) as if the reporting unit was acquired in a business combination. If the carrying amount of a reporting unit’s goodwill exceeds the implied fair value of its goodwill, an impairment loss is recognized in an amount equal to the excess. The Company's valuation of all of its reporting units was performed using the income approach in which the Company utilized a discounted cash flow analysis to determine the present value of expected future cash flows of each reporting unit. The Company performed a market approach analysis in order to support the reasonableness of the fair value determined under the income approach. The estimated fair value for each of the Company's reporting units, as of the year ended 2016 , exceeded the respective carrying values of each reporting unit. As a result, it was concluded that the goodwill assigned to each reporting unit, as of the year ended 2016 , was not impaired. Additionally, there were no goodwill impairments recorded for the year ended 2015 , except as disclosed in Note 3, which relates to discontinued operations. Other intangible assets are as follows (in thousands): 2016 2015 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 $ 114,287 $ (27,234 ) $ (60,014 ) $ 27,039 $ 114,345 $ (27,234 ) $ (55,209 ) $ 31,902 Trademarks and trade names 22 64,533 (46,493 ) (9,138 ) 8,902 64,540 (46,493 ) (8,649 ) 9,398 Leasehold interest 16 4,430 — (743 ) 3,687 4,430 — (516 ) 3,914 Patents 9 3,528 — (3,225 ) 303 3,528 — (3,192 ) 336 Subtotal 11 186,778 (73,727 ) (73,120 ) 39,931 186,843 (73,727 ) (67,566 ) 45,550 Intangible assets with indefinite lives: Trade names 84,900 — — 84,900 84,900 — — 84,900 Total $ 271,678 $ (73,727 ) $ (73,120 ) $ 124,831 $ 271,743 $ (73,727 ) $ (67,566 ) $ 130,450 Annual amortization expense of intangible assets for the next five years and all future periods is estimated to be as follows (in thousands): Annual Estimated 2017 $ 5,269 2018 5,003 2019 4,885 2020 4,885 2021 4,731 Thereafter 15,158 Total $ 39,931 Asset Impairments There were no intangible asset impairments for the years ended 2016 or 2015 . |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities | Other Current Liabilities Other current liabilities are as follows (in thousands): 2016 2015 Accrued interest expense $ 21,074 $ 23,644 Accrued customer rebates 21,126 20,591 Restructuring liabilities 5,477 3,198 Other accrued liabilities 35,222 41,381 $ 82,899 $ 88,814 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt is as follows (in thousands): 2016 2015 ABL Facility due 2021 (1) $ 81,700 $ 148,200 4.0% senior secured notes due 2021 ($50.0 million outstanding principal amount as of the year ended 2016) 49,813 — 8.500% junior priority secured notes due 2022 ($241.0 million and $248.0 million outstanding principal amount as of the years ended 2016 and 2015, respectively) 234,742 240,533 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of the years ended 2016 and 2015) 530,166 526,533 6.000% senior unsecured notes due 2024 ($104.5 million outstanding principal amount as of the year ended 2016) 85,591 — 11.5% senior notes due 2017 ($20.5 million and $199.7 million outstanding principal amount as of the years ended 2016 and 2015, respectively) 20,371 195,846 7% senior exchangeable notes due 2017 ($5.5 million and $83.3 million outstanding principal amount as of the years ended 2016 and 2015, respectively) 5,468 82,430 Other debt including capital leases 10,815 15,081 1,018,666 1,208,623 Less current maturities (31,727 ) (5,373 ) Long-term debt $ 986,939 $ 1,203,250 __________________________ (1) The weighted average interest rate outstanding for the ABL Facility was 3.4% and 2.8% as of the years ended 2016 and 2015 , respectively. The estimated fair value of the Company’s long-term debt was approximately $881.7 million and $895.7 million as of the years ended 2016 and 2015 , respectively. The fair value was determined by the Company to be Level 2 under the fair value hierarchy and was based upon review of observable pricing in secondary markets for each debt instrument. Interest expense for the year ended 2016 reflected average outstanding debt of approximately $1.1 billion and a weighted average interest rate of 6.8% , compared to the average outstanding debt of approximately $1.2 billion and a weighted average interest rate of 7.2% for the year ended 2015 . Exchange Offer On June 10, 2016, Cenveo, Inc.'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. 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 $7.1 million is unamortized as of the year ended 2016 . Subsequent to the Exchange Offer, $40.5 million of 11.5% Notes remained outstanding. 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 "6.000% Unsecured Indenture"), among Cenveo, Inc., Subsidiary Issuer, the other guarantors party thereto and The Bank of New York 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 Cenveo, Inc. 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 Cenveo, Inc.'s subsidiaries that do not guarantee the 6.000% Unsecured Notes. The 6.000% Unsecured Indenture contains a number of covenants which, among other things, restrict, subject to certain exceptions, Cenveo, Inc.'s ability and the ability of the Subsidiary Issuer and the other subsidiaries of Cenveo, Inc. 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 6.000% Unsecured Indenture also contains certain customary affirmative covenants and events of default. The Subsidiary Issuer issued 11,046,028 Warrants pursuant to a Warrant Agreement, dated as of June 10, 2016 (the "Warrant Agreement"), between Cenveo, Inc. 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 Cenveo, Inc.’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 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 consolidated balance sheet. In connection with the issuance of the Warrants, Cenveo, Inc. 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 Cenveo, Inc. initially filed a shelf registration statement on November 23, 2016, covering the resale of the Warrants and the shares of Common Stock to be issued upon exercise of the Warrants, which shelf registration statement was declared effective on December 16, 2016. Under the Registration Rights Agreement, Cenveo, Inc. is obligated to use its commercially reasonable efforts 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 Cenveo, Inc. 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, Cenveo, Inc. and Subsidiary Issuer entered into Amendment No. 4, dated as of June 10, 2016 (the "ABL Amendment No. 4"), to the Subsidiary Issuer's ABL Facility, which, among other things, extends the term of the ABL Facility to 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 . See below for further discussion related to the Company's ABL Facility. Indenture and Note Purchase Agreement Concurrent with the Exchange Offer, Cenveo, Inc. 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% senior 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"). The obligations under the 4% Secured Notes are guaranteed by the Company and each existing and future direct and indirect North American subsidiary of the Company. 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, Cenveo, Inc.’s ability and the ability of the Subsidiary Issuer and the other subsidiaries of Cenveo, Inc. 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, Cenveo, Inc., Subsidiary Issuer and Allianz completed the last transactions contemplated by the Support Agreement, dated as of May 10, 2016, among Cenveo, Inc., the 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 (the "Allianz 7% Note Purchase") 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 2016 the Subsidiary Issuer repurchased an aggregate of $37.5 million of its 7% Notes for $22.5 million and issued an aggregate of 2,239,827 Warrants. 6.000% Senior Priority Secured Notes On June 26, 2014, the Subsidiary Issuer issued $540.0 million aggregate principal amount of 6.000% Secured Notes, which were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act of 1933. The 6.000% Secured Notes were issued at par, pursuant to an indenture (the "6.000% Secured Indenture") among the Subsidiary Issuer, Cenveo, Inc. and the other guarantors party thereto, and The Bank of New York Mellon, as trustee and collateral agent. The Subsidiary Issuer pays interest on the 6.000% Secured Notes semi-annually, in cash in arrears, on February 1 and August 1 of each year, commencing on August 1, 2014. The 6.000% Secured Notes have no required principal payments prior to their maturity on August 1, 2019. The 6.000% Secured Notes are guaranteed on a senior secured basis by Cenveo, Inc. and substantially all of its existing and future North American subsidiaries (other than the Subsidiary Issuer). As such, the 6.000% Secured Notes rank pari passu with all of the Subsidiary Issuer's existing and future senior debt, and senior to any of the Subsidiary Issuer's subordinated debt and effectively junior to the Subsidiary Issuer's obligations under the ABL Facility and the 4% Secured Notes, to the extent that the ABL Facility and the 4% Secured Notes have a first priority perfected security interest in certain of the Company's assets. The Subsidiary Issuer may redeem the 6.000% Secured Notes, in whole or in part, on or after February 1, 2019, at a redemption price of 100.0% plus accrued and unpaid interest. In addition, at any time between August 1, 2017, and February 1, 2019, the Subsidiary Issuer may redeem in whole or in part the remaining aggregate principal amount of the notes originally issued at a redemption price of 100% plus accrued and unpaid interest and a "make-whole" premium of not less than 1% . At any time prior to August 1, 2017, the Subsidiary Issuer may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 106.0% plus accrued and unpaid interest. Each holder of the 6.000% Secured Notes has the right to require the Subsidiary Issuer to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 6.000% Secured Indenture contains a number of covenants which, among other things, restrict, subject to certain exceptions, Cenveo, Inc.'s ability and the ability of the Subsidiary Issuer and Cenveo, Inc.'s other subsidiaries, to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing the Company's capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. With respect to a disposition of assets, the 6.000% Secured Indenture requires, within 360 days after the receipt of any net proceeds, that the Company apply all such net proceeds (i) to be reinvested in the business of the Company; (ii) to repay obligations under the ABL Facility and the 4% Secured Notes under certain circumstances; or (iii) to make an offer to purchase the 6.000% Secured Notes. The 6.000% Secured Indenture also contains certain customary affirmative covenants and events of default. 8.500% Junior Priority Secured Notes Concurrently with the issuance of the 6.000% Secured Notes on June 26, 2014, the Subsidiary Issuer issued $250.0 million aggregate principal amount of 8.500% Notes, which were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933. The 8.500% Notes were issued at par, pursuant to an indenture (the "8.500% Indenture") among the Subsidiary Issuer, Cenveo, Inc. and the other guarantors party thereto, and The Bank of New York Mellon, as trustee and collateral agent. The Subsidiary Issuer pays interest on the 8.500% Notes semi-annually, in cash in arrears, on March 15 and September 15 of each year, commencing on September 15, 2014. The 8.500% Notes have no required principal payments prior to their maturity on September 15, 2022. The 8.500% Notes are guaranteed on a junior secured basis by Cenveo, Inc. and substantially all of its existing and future North American subsidiaries (other than the Subsidiary Issuer). As such, the 8.500% Notes rank junior to any senior secured obligations of the Subsidiary Issuer, senior to any existing and future unsecured obligations of the Subsidiary Issuer, and senior to all existing and future obligations of the Subsidiary Issuer that are expressly subordinated to the 8.500% Notes. The Subsidiary Issuer may redeem the 8.500% Notes, in whole or in part, on or after September 15, 2017, September 15, 2018, September 15, 2019, or September 15, 2020, at redemption prices of 106.375% , 104.250% , 102.125% and 100.00% , respectively, plus accrued and unpaid interest. At any time prior to September 15, 2017, the Subsidiary Issuer may redeem up to 35% of the aggregate principal amount of the notes originally issued with the net cash proceeds of certain public equity offerings, at a redemption price of 108.5% plus accrued and unpaid interest. Each holder of the 8.500% Notes has the right to require the Subsidiary Issuer to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 8.500% Indenture contains a number of covenants which, among other things, restrict, subject to certain exceptions, Cenveo, Inc.'s ability and the ability of the Subsidiary Issuer and Cenveo, Inc.'s other subsidiaries, to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing the Company's capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. With respect to a disposition of assets, the 8.500% Indenture requires, within 360 days after the receipt of any net proceeds, that the Company apply all such net proceeds (i) to be reinvested in the business of the Company; (ii) to repay indebtedness constituting senior priority obligations; or (iii) to make an offer to purchase the 8.500% Notes. The 8.500% Indenture also contains certain customary affirmative covenants and events of default. Net proceeds of the 6.000% Secured Notes and 8.500% Notes were used to: (i) refinance the $360 million secured term loan facility (the "Term Loan Facility"), which at the time had a remaining principal balance of $327.3 million ; (ii) refinance the 8.875% senior second lien notes due 2018 (the "8.875% Notes"), which at the time had a remaining principal balance of $400.0 million ; and (iii) pay related fees, expenses and accrued interest. In connection with the issuance of the 6.000% Secured Notes and the 8.500% Notes, the Company capitalized debt issuance costs of $14.7 million and $7.1 million , respectively, all of which will be amortized over the life of the 6.000% Secured Notes and the 8.500% Notes, of which $6.5 million and $4.2 million , respectively, remain unamortized as of the year ended 2016 . A portion of the refinancing was accounted for as a modification of debt. As a result, the Company will continue to amortize a portion of the unamortized debt issuance costs on the 8.875% Notes and Term Loan Facility. The modification resulted in the recording of a discount of $5.9 million on the 6.000% Secured Notes and $2.8 million on the 8.500% Notes, of which $3.3 million and $2.0 million , respectively, remain unamortized as of the year ended 2016 . ABL Facility On April 16, 2013, the Subsidiary Issuer completed the refinancing of its $170 million revolving credit facility due 2014 (the "Revolving Credit Facility") and its existing term loan B due 2016 (collectively with the Revolving Credit Facility, the "Refinanced Facility") by entering into: (i) a Second Amended and Restated Credit Agreement providing for the Term Loan Facility, with a syndicate of lenders arranged by Bank of America, N.A., Macquarie Capital (USA) Inc. and Barclays Bank PLC, with Bank of America, N.A. serving as administrative agent, syndication agent and documentation agent; and (ii) a Credit Agreement providing for a $200 million ABL Facility (together with the Term Loan Facility, the "2013 Credit Facilities"), with a syndicate of lenders arranged by Bank of America, N.A., Barclays Bank PLC, General Electric Capital Corporation and Wells Fargo Bank, National Association, with Bank of America, N.A. serving as administrative agent, issuing bank and swingline lender. In connection with the 2013 Credit Facilities, the Company capitalized debt issuance costs of $7.2 million . Proceeds from the 2013 Credit Facilities, together with available cash on hand, were used to refinance the outstanding term loans and revolving loans, and accrued interest thereon, under the Refinanced Facility, and to pay certain fees and expenses incurred in connection with the transactions. The Company extinguished the Term Loan Facility during 2014. Borrowing rates under the ABL Facility are selected at the Subsidiary Issuer's option at the time of each borrowing and are generally based on London Interbank Offered Rate ("LIBOR") or the prime rate publicly announced by Bank of America, N.A. from time to time, in each case plus a specified interest rate margin. LIBOR-based borrowings have an interest rate margin ranging from 2.00% to 2.50% per annum, and prime rate borrowings have an interest rate margin ranging from 1.00% to 1.50% per annum, in each case depending on average availability under the ABL Facility for the most recent fiscal quarter. Under the ABL Facility, the Subsidiary Issuer pays a commitment fee on unused revolving loan commitments of 0.375% per annum or 0.50% per annum, depending on average usage under the ABL Facility for the most recent fiscal quarter. The ABL Facility contains a minimum consolidated fixed charge coverage ratio covenant that applies if availability thereunder falls below a certain level. In addition, the ABL Facility contains customary covenants that, among other things, place limits on the Company’s ability to incur debt, create liens, make investments and acquisitions, sell assets, pay dividends, prepay subordinated debt, merge with other entities, engage in transactions with affiliates and make capital expenditures. The ABL Facility also contains customary events of default. The obligations under the ABL Facility are guaranteed by Cenveo, Inc. and each existing and future direct and indirect North American subsidiary (other than the Subsidiary Issuer). The ABL Facility is secured by a first priority perfected security interest in substantially all assets of Cenveo, Inc. and its North American subsidiaries, including: (i) all capital stock of each present and future subsidiary (with certain exclusions of foreign subsidiaries); (ii) all present and future inter-company debt; (iii) all intellectual property rights, including patents, trademarks and copyrights; and (iv) substantially all of the present and future other property and assets, including material real property. On December 11, 2013, Cenveo, Inc. and Subsidiary Issuer entered into an Amendment No. 1 to the ABL Facility ("ABL Amendment No. 1"), pursuant to which the revolving commitments under the original agreement were increased by $30.0 million . Capitalized fees and expenses associated with the ABL Amendment No. 1 were approximately $0.3 million . A portion of the additional $30.0 million borrowing capacity under the ABL Facility, together with cash on hand, were used to repay $28.2 million of its Term Loan Facility. On June 10, 2014, Cenveo, Inc. and Subsidiary Issuer entered into Amendment No. 2 to the ABL Facility, which amended the ABL Facility in order to allow the issuance of the 6.000% Secured Notes and 8.500% Notes and the related refinancing transactions. On January 30, 2015, Cenveo, Inc. and Subsidiary Issuer entered into Amendment No. 3 to the ABL Facility ("ABL Amendment No. 3"), and an accompanying Increasing Lender Agreement on February 4, 2015, pursuant to which the revolving commitments were increased by $10.0 million to a total capacity of $240.0 million . Among other things, ABL Amendment No. 3 increased the Subsidiary Issuer's flexibility to use the proceeds of any future asset sales to prepay its other indebtedness. The amendment also generally increased the Subsidiary Issuer's flexibility to prepay outstanding indebtedness, make acquisitions and other investments, and pay dividends, subject to the satisfaction of certain conditions. In connection with this amendment, the Company capitalized debt issuance costs of $1.3 million . On June 10, 2016, Cenveo, Inc. and Subsidiary Issuer entered into Amendment No. 4 to the ABL Facility (the "ABL Amendment No. 4"), 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% 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 . In connection with the ABL Facility, $3.6 million of debt issuance costs remained unamortized as of the year ended 2016 and is recorded in other assets, net. Other Debt On September 30, 2015, the Subsidiary Issuer entered into an equipment loan in the aggregate amount of $12.5 million , secured by certain machinery and equipment of the Subsidiary Issuer. Interest on the equipment loan accrues at 8.25% per year and is payable monthly in arrears beginning on November 1, 2015, through February 1, 2019. If the Subsidiary Issuer elects to prepay the loan in full before the maturity date, a prepayment fee of 3% will apply if such payment is made during the first year following closing of the equipment loan, 2% if such prepayment is made during the second year following such closing, and 1% if such prepayment is made during the third year following such closing or thereafter. Net proceeds from the equipment loan were used to repay in full the equipment loan entered into in connection with the acquisition of certain assets of National Envelope Corporation ("National") on September 16, 2013. 11.5% Senior Notes On March 28, 2012, the Subsidiary Issuer issued $225 million aggregate principal amount of 11.5% Notes that were sold with registration rights to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act of 1933. The 11.5% Notes were issued at a discount of approximately $8.3 million , of which less than $0.1 million remains unamortized as of December 31, 2016 . The 11.5% Notes were issued pursuant to an indenture (the "11.5% Indenture") among the Subsidiary Issuer, Cenveo, Inc., certain subsidiary guarantors and U.S. Bank N.A., as trustee. The Subsidiary Issuer has paid interest on the 11.5% Notes, semi-annually, in cash in arrears, on May 15 and November 15 of each year, commencing on May 15, 2012, with the final interest payment occurring on the maturity date of May 15, 2017. The 11.5% Notes have no required principal payments prior to their maturity on May 15, 2017. The 11.5% Notes are guaranteed on a senior unsecured basis by Cenveo, Inc. and substantially all of its existing and future North American subsidiaries (other than the Subsidiary Issuer). As such, the 11.5% Notes rank pari passu with all of the Subsidiary Issuer's existing and future senior debt and senior to any of the Subsidiary Issuer's subordinated debt. The Subsidiary Issuer has the right to redeem the 11.5% Notes, in whole or in part, on or after May 15, 2015, at redemption prices ranging from 100% to 105.75% , plus accrued and unpaid interest. Each holder of the 11.5% Notes has the right to require the Subsidiary Issuer to repurchase such holder's notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest thereon, upon the occurrence of certain events specified in the indenture that constitute a change of control. The 11.5% Indenture contains a number of covenants that, among other things, restrict, subject to certain exceptions, Cenveo, Inc.'s ability and the ability of the Subsidiary Issuer and Cenveo, Inc.'s other subsidiaries to incur or guarantee additional indebtedness, make restricted payments (including paying dividends on, redeeming or repurchasing the Company's capital stock), permit restricted subsidiaries to pay dividends or make other distributions or payments, dispose of assets, make investments, grant liens on assets, merge or consolidate or transfer certain assets, and enter into transactions with affiliates. With respect to a disposition of assets, the 11.5% Indenture requires, within 360 days after the receipt of any net proceeds from an asset sale, that the Company apply all such net proceeds: (i) to be reinvested in the business of the Company; (ii) to repay or retire any senior debt; or (iii) to make an offer to purchase the 11.5% Notes. The 11.5% Indenture also contains certain customary affirmative covenants. Subsequent Event On January 13, 2017, the Subsidiary Issuer filed a notice of redemption calling the $20.5 million remaining principal balance of its 11.5% Notes at par. The Company intends to redeem the full outstanding principal balance during the first quarter of 2017. 7% Senior Exchangeable Notes Concurrently with the issuance of the 11.5% Notes on March 28, 2012, the Subsidiary Issuer issued $86.3 million aggregate principal amount of the 7% Notes that were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933. The 7% Notes were issued pursuant to an indenture (the "7% Indenture") among the Subsidiary Issuer, Cenveo, Inc., certain subsidiary guarantors and U.S. Bank N.A., as trustee. The Subsidiary Issuer has paid interest on the 7% Notes semi-annually, in cash in arrears, on May 15 and November 15 of each year, commencing on November 15, 2012, with the final interest payment occurring on the maturity date of May 15, 2017. The 7% Notes have no required principal payments prior to their maturity on May 15, 2017. The 7% Notes are guaranteed on a senior unsecured basis by Cenveo, Inc. and substantially all of its existing and future North American subsidiaries (other than the Subsidiary Issuer). As such, the 7% Notes rank pari passu with all of the Subsidiary Issuer's existing and future senior debt and senior to any of Subsidiary Issuer's subordinated debt. The Subsidiary Issuer may not redeem the notes at its option. Upon a fundamental change, as defined in the 7% Indenture, each holder of 7% Notes may require the Subsidiary Issuer to repurchase all or a portion |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and Liabilities Measured at Fair Value on a Recurring Basis: On a recurring basis, the Company records its pension plan assets (Note 13) at fair value. No additional assets or liabilities were recorded at fair value on a recurring basis for the years ended 2016 and 2015 . Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis: Assets and liabilities measured at fair value on a nonrecurring basis relate primarily to the Company's tangible fixed assets, goodwill and other intangible assets, which are remeasured when the derived fair value is below carrying value on the consolidated balance sheets. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. When the Company determines that impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within operating income in the statement of operations. No impairment of fixed assets or goodwill has been recorded for the years ended 2016 or 2015 , except as disclosed in Note 3 or Note 11. 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 the years ended 2016 and 2015 due to the short-term nature of these instruments. See Note 8 for fair value of the Company’s outstanding debt. Additionally, the Company also records the assets and liabilities assumed in its acquisitions (Note 2) at fair value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income Tax Expense Income (loss) from continuing operations before income taxes was as follows for the years ended (in thousands): 2016 2015 Domestic $ 74,288 $ (17,196 ) Foreign 816 2,128 $ 75,104 $ (15,068 ) Income tax expense on income (loss) from continuing operations consisted of the following for the years ended (in thousands): 2016 2015 Current tax expense: Federal $ — $ — Foreign 1,230 592 State 1,748 1,058 2,978 1,650 Deferred tax expense: Federal 1,165 1,109 Foreign (279 ) 270 State 394 1,364 1,280 2,743 Income tax expense $ 4,258 $ 4,393 A reconciliation of the expected tax benefit based on the federal statutory tax rate to the Company’s actual income tax expense is summarized as follows for the years ended (in thousands): 2016 2015 Expected tax expense (benefit) at federal statutory income tax rate $ 26,286 $ (5,274 ) State and local income tax expense (benefit) 5,917 (3,295 ) State net operating loss adjustments 1,273 2,259 Change in valuation allowance (35,659 ) 5,914 Change in contingency reserves (132 ) (118 ) Non-U.S. tax rate differences 665 116 Non-deductible expenses 4,325 3,094 Change in state tax rates 99 802 Other 1,484 895 Income tax expense $ 4,258 $ 4,393 Deferred Income Taxes Deferred taxes are recorded to give recognition to temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The tax effects of these temporary differences are recorded as deferred tax assets and deferred tax liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years. Deferred tax liabilities generally represent items that have been deducted for tax purposes, but have not yet been recorded in the consolidated statement of operations. The Company has not recorded a U.S. deferred tax liability with respect to its unremitted foreign earnings as the Company’s intention is to permanently reinvest those earnings in the local jurisdiction, as these amounts are not material. The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities of the Company, were as follows (in thousands): 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 81,949 $ 128,232 Compensation and benefit related accruals 50,261 50,255 Alternative minimum tax credit carryforwards 7,307 7,450 Accounts receivable 1,004 2,679 Inventory 2,083 2,816 Restructuring accruals 8,158 8,810 Accrued tax and interest 2,015 1,882 Other 6,292 4,022 Valuation allowance (129,159 ) (163,225 ) Total deferred tax assets 29,910 42,921 Deferred tax liabilities: Property, plant and equipment (19,771 ) (27,850 ) Goodwill and other intangible assets (48,744 ) (52,438 ) Other (630 ) (553 ) Total deferred tax liabilities (69,145 ) (80,841 ) Net deferred tax liability $ (39,235 ) $ (37,920 ) The net deferred tax liability included the following (in thousands): 2016 2015 Current deferred tax asset (included in prepaid and other current assets) $ 3,382 $ 4,116 Long-term deferred tax liability (included in other liabilities) (42,617 ) (42,036 ) Total $ (39,235 ) $ (37,920 ) The Company has federal and state net operating loss carryforwards. The tax effect of these attributes was $81.9 million as of the year ended 2016 . Federal net operating loss carryforwards of $220.0 million will expire from 2025 through 2034 and alternative minimum tax credit carryforwards of $7.3 million do not have an expiration date. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. The factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: recent historical financial results, historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences, the duration of statutory carryforward periods and tax planning strategies. If, based upon the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized, a valuation allowance is recorded. Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss adjusted for significant permanent book to tax differences, as well as non-recurring items, as a measure of its cumulative results in recent years. In the United States, the Company's analysis indicates that it has cumulative three year historical losses on this basis. While there are significant impairment, restructuring and refinancing charges driving the cumulative three year loss, this is considered significant negative evidence which is objective and verifiable and therefore, difficult to overcome. However, the three year loss position is not solely determinative and accordingly, the Company considers all other available positive and negative evidence in its analysis. Based upon the Company's analysis, which incorporated the excess capacity and pricing pressure experienced in certain product lines, the Company believes it is more likely than not that the net deferred tax assets in the United States will not be fully realized in the future. Accordingly, the Company has a valuation allowance related to those net deferred tax assets of $117.8 million as of the year ended 2016 . Deferred tax assets related to certain state net operating losses also did not reach the more likely than not realizability criteria and accordingly, were subject to a valuation allowance, the balance of which, as of the year ended 2016 was $11.4 million . There is no corresponding income tax benefit recognized with respect to losses incurred and no corresponding income tax expense recognized with respect to earnings generated in jurisdictions with a valuation allowance. This causes variability in the Company's effective tax rate. As a result of generating an estimated $112.5 million of federal taxable income for the year ended 2016, primarily as a result of the gain on early extinguishment of debt and the sale of the Packaging Business, there is no federal income tax expense recognized for the year ended 2016. The significant reduction in the valuation allowance for the year ended 2016 is related to these transactions. The Company intends to maintain the valuation allowances until it is more likely than not that the net deferred tax assets will be realized. If operating results improve on a sustained basis, or if certain tax planning strategies are implemented, conclusions regarding the need for valuation allowances could change, resulting in a decrease of the valuation allowances in the future, which could have a significant impact on income tax expense in the period recognized and subsequent periods. Uncertain Tax Positions The Company accounts for uncertain tax positions by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. During 2016 and 2015 , the Company did not reduce its liability for uncertain tax positions. The Company does not anticipate significant changes to its unrecognized tax benefits in the next twelve months. The balance of the Company’s remaining unrecognized tax benefits as of the year ended 2016 includes $2.2 million of tax benefits that, if recognized would affect the effective tax rate. These amounts are included in other liabilities. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the uncertain tax benefits noted above, the Company accrued interest of $0.4 million for the year ended 2016 and, in total, as of the year ended 2016 , has recognized no liabilities for penalties and has recognized liabilities of $3.2 million for interest. The Company’s unrecognized tax benefit activity for the years ended 2016 , 2015 and 2014 was as follows (in thousands): Unrecognized tax benefit – As of year end 2014 $ 2,226 Gross decreases – tax positions in prior period — Gross decreases – expiration of applicable statute of limitations — Unrecognized tax benefit – As of year end 2015 2,226 Gross decreases – tax positions in prior period — Gross decreases – expiration of applicable statute of limitations — Unrecognized tax benefit – As of year end 2016 $ 2,226 The Internal Revenue Service ("IRS") has examined the Company’s federal income tax returns through 2010. The Company’s federal income tax returns for tax years 2004 through 2006, 2009 through 2010, and 2012, remain subject to examination by the IRS due to a federal net operating loss generated in those years. Federal tax returns filed for 2013 forward remain subject to examination by statute. The various states in which the Company is subject to income tax audits are generally open for the tax years after 2011. The Company does not believe that the outcome of any examination will have a material impact on its consolidated financial statements. Current Taxes As of the years ended 2016 and 2015 , the Company had income tax receivables of $2.0 million and $0.3 million , respectively, included in other current assets. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges Cost Savings, Restructuring and Integration Plans The Company currently has three active cost savings, restructuring and integration plans, which are related to the implementation of cost savings initiatives focused on overhead cost eliminations, including headcount reductions, and the potential closure of certain manufacturing facilities (the "2017 Plan," "2016 Plan" and the "2015 Plan"). Each plan is primarily associated with a specific fiscal year of the planned cost actions. During 2016, the Company implemented the 2017 Plan and the 2016 Plan and substantially completed the 2015 Plan. The Company is still contemplating additional cost actions that would be associated with the 2017 Plan. During 2015, the Company also completed the plan to integrate certain assets of National into existing envelope operations (the "National Plan") by completing the closure and consolidation of nine manufacturing facilities into existing envelope operations and the opening of two new facilities. 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 year ended 2016 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2017 Plan $ 465 $ — $ — $ — $ — $ — $ 465 2016 Plan 442 802 82 35 — 145 1,506 2015 Plan 13 — — — — — 13 Residual Plans — — — — 54 9 63 Acquisition Integration Plans — 146 276 — — 149 571 Total Envelope 920 948 358 35 54 303 2,618 Print 2017 Plan 660 — — — — — 660 2016 Plan 98 — — — — — 98 2015 Plan (3 ) — — — — 294 291 Residual Plans 1 — — 113 759 61 934 Acquisition Integration Plans — — — 45 — — 45 Total Print 756 — — 158 759 355 2,028 Label 2017 Plan 220 — — — — — 220 2016 Plan 124 — — — — 7 131 2015 Plan 639 — — 162 — 1,319 2,120 Asset Impairments — 2,300 — — — — 2,300 Total Label 983 2,300 — 162 — 1,326 4,771 Corporate 2017 Plan 655 — — — — — 655 2016 Plan 1,889 — — — — 3 1,892 2015 Plan (54 ) — — — — — (54 ) Residual Plans — — — — — 44 44 Total Corporate 2,490 — — — — 47 2,537 Total Restructuring and Other Charges $ 5,149 $ 3,248 $ 358 $ 355 $ 813 $ 2,031 $ 11,954 2015 Activity Restructuring and other charges for the year ended 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2015 Plan $ 150 $ — $ — $ — $ — $ — $ 150 Residual Plans 252 — — (22 ) 174 65 469 Acquisition Integration Plans 45 1,895 33 338 — 570 2,881 Total Envelope 447 1,895 33 316 174 635 3,500 Print 2015 Plan 397 — — — — — 397 Residual Plans 65 181 52 163 4,807 1,188 6,456 Total Print 462 181 52 163 4,807 1,188 6,853 Label 2015 Plan 20 — 139 — — 200 359 Residual Plans 127 — — — — — 127 Total Label 147 — 139 — — 200 486 Corporate 2015 Plan 1,552 — — — — 171 1,723 Residual Plans — — — — — 14 14 Total Corporate 1,552 — — — — 185 1,737 Total Restructuring and Other Charges $ 2,608 $ 2,076 $ 224 $ 479 $ 4,981 $ 2,208 $ 12,576 A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands): Employee Separation Costs Lease Termination Expenses Pension Building Clean-up, Total 2017 Plan Balance as of the year ended 2015 $ — $ — $ — $ — $ — Accruals, net 2,000 — — — 2,000 Payments — — — — — Balance as of the year ended 2016 $ 2,000 $ — $ — $ — $ 2,000 2016 Plan Balance as of the year ended 2015 $ — $ — $ — $ — $ — Accruals, net 2,553 35 — 237 2,825 Payments (1,709 ) (35 ) — (237 ) (1,981 ) Balance as of the year ended 2016 $ 844 $ — $ — $ — $ 844 2015 Plan Balance as of the year ended 2014 $ — $ — $ — $ — $ — Accruals, net 2,119 — — 510 2,629 Payments (1,843 ) — — (510 ) (2,353 ) Balance as of the year ended 2015 276 — — — 276 Accruals, net 595 162 — 1,613 2,370 Payments (624 ) (162 ) — (1,254 ) (2,040 ) Balance as of the year ended 2016 $ 247 $ — $ — $ 359 $ 606 Residual Plans Balance as of the year ended 2014 $ 1,560 $ 677 $ 18,700 $ — $ 20,937 Accruals, net 444 141 4,981 1,319 6,885 Payments (2,001 ) (407 ) (3,839 ) (1,319 ) (7,566 ) Balance as of the year ended 2015 3 411 19,842 — 20,256 Accruals, net 1 113 813 114 1,041 Payments (4 ) (524 ) (3,173 ) (114 ) (3,815 ) Balance as of the year ended 2016 $ — $ — $ 17,482 $ — $ 17,482 Acquisition Integration Plans Balance as of the year ended 2014 $ 77 $ 1,136 $ — $ — $ 1,213 Accruals, net 45 338 — 603 986 Payments (122 ) (1,082 ) — (603 ) (1,807 ) Balance as of the year ended 2015 — 392 — — 392 Accruals, net — 45 — 425 470 Payments — (437 ) — (425 ) (862 ) Balance as of the year ended 2016 $ — $ — $ — $ — $ — Total Restructuring Liability $ 3,091 $ — $ 17,482 $ 359 $ 20,932 The total restructuring liability was $20.9 million , of which $5.5 million is included in other current liabilities, and $15.4 million is included in other liabilities. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company’s 2007 Long-Term Equity Incentive Plan, as amended, approved in May 2008 (the "2007 Plan"), authorizes the issuance of up to 562,500 shares of the Company’s common stock. Unused shares previously authorized under prior plans have been rolled over into the 2007 Plan and increased the total number of shares authorized for issuance under the 2007 Plan by 130,000 . The Company’s outstanding unvested stock options have maximum contractual terms of up to six years, principally vest ratably over four years and are granted at exercise prices equal to the market price of the Company’s common stock on the date of grant. The Company’s outstanding stock options are exercisable into shares of the Company’s common stock. The Company’s outstanding RSUs principally vest ratably over four years. Upon vesting, RSUs convert into shares of the Company’s common stock. The Company currently issues authorized shares of common stock upon vesting of restricted shares or the exercise of other equity awards. The Company has no outstanding stock appreciation rights. The Company measures the cost of employee services received in exchange for an award of equity instruments, including grants of employee stock options, RSUs and PSUs, based on the fair value of the award at the date of grant in accordance with the modified prospective method. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the stock price volatility assumption, the expected life of the option award, the risk-free rate of return and dividends during the expected term. Stock-based compensation is expensed on a straight-line basis over the service period of the awards, with the exception of PSUs, which are expensed based on the probability that the performance condition will be satisfied. Total stock-based compensation expense recognized in selling, general and administrative expenses was $1.5 million and $1.6 million for the years ended 2016 and 2015 , respectively. The income tax benefits related to the Company’s stock-based compensation expense were $0.1 million and $0.4 million for the years ended 2016 and 2015 , respectively. As of the year ended 2016 , there was approximately $1.4 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 2.1 years . Stock Options A summary of the Company’s outstanding stock options as of and for the years ended 2016 and 2015 is as follows: Options Weighted Weighted Aggregate (1) (in thousands) Outstanding as of the year ended 2014 208,813 $ 41.44 1.4 $ 29 Granted 85,687 19.04 Exercised — — $ — Forfeited/expired (104,250 ) 35.12 Outstanding as of the year ended 2015 190,250 $ 34.56 3.0 $ — Granted — — Exercised — — $ — Forfeited/expired (60,885 ) 52.09 Outstanding as of the year ended 2016 129,365 $ 26.31 2.9 $ — Exercisable as of the year ended 2016 69,684 $ 32.71 1.7 $ — __________________________ (1) Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of the years ended 2016 , 2015 and 2014 , or, if exercised, the exercise dates, exceeds the exercise prices of the respective options. The weighted average grant date fair value of stock options granted during the year ended 2015 , were at exercise prices equal to the market price of the stock on the grant dates, as calculated under the Black-Scholes model with the weighted average assumptions as follows: 2015 Weighted average fair value of option grants during the year $ 6.88 Assumptions: Expected option life in years 4.25 Risk-free interest rate 1.24 % Expected volatility 43.0 % Expected dividend yield 0.0 % The risk-free interest rate represents the United States Treasury Bond constant maturity yield approximating the expected option life of stock options granted during the period. The expected option life represents the period of time that the stock options granted during the period are expected to be outstanding, based on the mid-point between the vesting date and contractual expiration date of the option. The expected volatility is based on the historical market price volatility of the Company’s common stock for the expected term of the options, adjusted for expected mean reversion. There were no stock options granted during the year ended 2016 . RSUs A summary of the Company’s non-vested RSUs as of and for the years ended 2016 and 2015 is as follows: RSUs Weighted Average Unvested as of the year ended 2014 64,108 $ 25.76 Granted 86,994 19.04 Vested (40,858 ) 31.36 Forfeited (5,157 ) 18.00 Unvested as of the year ended 2015 105,087 $ 18.43 Granted 20,961 9.66 Vested (43,084 ) 18.29 Forfeited — — Unvested as of the year ended 2016 82,964 $ 16.28 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 dates of issuance. On May 20, 2015, 72,813 RSUs were issued to certain employees of the Company, which vest ratably over four years. Additionally, 14,181 RSUs were issued to certain members of the Company's Board of Directors, which vested one year from the date of issuance. The fair value of these awards was determined based on the Company's stock price on the dates of issuance. The total fair value of RSUs, which vested during the years ended 2016 and 2015 , was $0.3 million and $0.6 million , respectively, as of the respective vesting dates. PSUs A summary of the Company's non-vested PSUs as of and for the years ended 2016 and 2015 is as follows: PSUs Weighted Average Unvested as of the year ended 2014 — $ — Granted 73,750 19.04 Vested — — Forfeited (3,125 ) 19.04 Unvested as of the year ended 2015 70,625 $ 19.04 Granted — — Vested (70,625 ) 19.04 Forfeited — — Unvested as of the year ended 2016 — $ — On May 20, 2015, 73,750 PSUs were granted to certain employees, with each award representing the right to receive one share of the Company's common stock upon the achievement of certain established performance targets and service conditions. The performance period for the awards was December 28, 2014 through January 2, 2016. Distributions under these awards were payable on the one year anniversary of the grant date provided the grantee's employment had not ceased prior to such date. The fair value of these awards was determined based on the Company's stock price on the grant date. These awards are subject to forfeiture upon termination of employment prior to vesting. There were no PSUs granted during the year ended 2016 . |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans Pension Plans : The Company currently has two defined benefit pension plans for certain of its employees in the United States. The defined benefit plans provide benefit payments using formulas based on an employee's compensation and length of service, or stated amounts for each year of service. The Company expects to continue to fund these plans based on governmental requirements, amounts deductible for income tax purposes and as needed to ensure that plan assets are sufficient to satisfy plan liabilities. The benefits under the Company’s defined benefit pension plans are frozen. Supplemental Executive Retirement Plans: The Company has various supplemental executive retirement plans ("SERP"), which provide benefits to certain former directors and executives. For accounting purposes, these plans are unfunded; however, one plan utilizes income from annuities to offset a portion of the cost of the plan. These annuities are included in other assets, net and are not netted against the plan's benefit obligation. Additionally, the income or loss from the annuities are not reflected in net periodic expense related to the plan. Other Postretirement Plans: The Company has various other postretirement benefit plans ("OPEB"), primarily focused on postretirement healthcare, such as medical insurance and life insurance and related benefits for certain of its former employees and, in some instances, their spouses. Benefits, eligibility and cost-sharing provisions vary by plan documents or union collective bargaining arrangements. Savings Plan: The Company sponsors a defined contribution plan to provide substantially all United States salaried and certain hourly employees an opportunity to accumulate personal funds for their retirement. The Company contributed $0.5 million to the plan for each of the years ended 2016 and 2015 , for certain union employees. Employees participating in the plan held 342,329 shares of the Company’s common stock as of the year ended 2016 . Funded Status and Net Periodic Cost: The following tables provide a reconciliation of the changes in the Company’s pension, SERP and OPEB plans' benefit obligations and fair value of assets for 2016 and 2015 , a statement of the funded status as of the years ended 2016 and 2015 , respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2016 and 2015 (in thousands). Pensions SERPs OPEBs 2016 2015 2016 2015 2016 2015 Benefit obligation at beginning of year $ 345,901 $ 365,326 $ 16,998 $ 18,508 $ 1,504 $ 1,789 Plan changes — — 1,822 — — — Service cost — — — — 2 2 Interest cost 13,495 13,341 640 656 58 63 Actuarial loss (gain) 304 (14,715 ) (531 ) (94 ) 60 (274 ) Benefits paid (19,152 ) (18,051 ) (1,908 ) (2,072 ) (68 ) (76 ) Benefit obligation at end of year $ 340,548 $ 345,901 $ 17,021 $ 16,998 $ 1,556 $ 1,504 The following table provides a reconciliation of the Company’s fair value of plan assets: Pensions SERPs OPEBs 2016 2015 2016 2015 2016 2015 Fair value of plan assets at beginning of year $ 247,519 $ 267,635 $ — $ — $ — $ — Actual return on plan assets 9,965 (6,610 ) — — — — Employer contributions 11 4,545 1,908 2,072 68 76 Benefits paid (19,152 ) (18,051 ) (1,908 ) (2,072 ) (68 ) (76 ) Fair value of plan assets at end of year $ 238,343 $ 247,519 $ — $ — $ — $ — The following table shows the funded status at the end of the year: Pensions SERPs OPEBs 2016 2015 2016 2015 2016 2015 Funded status at end of year $ (102,205 ) $ (98,382 ) $ (17,021 ) $ (16,998 ) $ (1,556 ) $ (1,504 ) The following table shows amounts recognized in AOCI: Pensions SERPs OPEBs 2016 2015 2016 2015 2016 2015 Net actuarial loss (gain) $ 119,450 $ 119,712 $ 4,567 $ 5,438 $ (899 ) $ (1,045 ) Prior service cost — — — — 40 44 Total $ 119,450 $ 119,712 $ 4,567 $ 5,438 $ (859 ) $ (1,001 ) The following table shows amounts recognized in the consolidated balance sheets: Pensions SERPs OPEBs 2016 2015 2016 2015 2016 2015 Other current liabilities $ — $ — $ 2,038 $ 1,967 $ 148 $ 130 Other liabilities 102,205 98,382 14,983 15,031 1,408 1,374 Total liabilities $ 102,205 $ 98,382 $ 17,021 $ 16,998 $ 1,556 $ 1,504 The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2016 and 2015 (in thousands): For The Years Ended 2016 2015 Service cost $ 2 $ 2 Interest cost 14,196 14,061 Expected return on plan assets (19,101 ) (20,976 ) Net amortization and deferral — — Recognized net actuarial loss 9,956 8,877 Net periodic expense $ 5,053 $ 1,964 Interest cost on projected benefit obligation includes $0.7 million related to the Company’s SERP and OPEB plans for each of the years ended 2016 and 2015 . The pre-tax amount of actuarial losses in AOCI as of the year ended 2016 that are expected to be recognized in net periodic benefit cost in 2017 is $10.2 million for defined benefit pension plans and $0.2 million for other postretirement benefit plans, including SERP. The pre-tax amount of prior service cost included in AOCI as of the year ended 2016 that is expected to be recognized in net periodic benefit cost in 2017 is zero for all defined benefit plans. The assumptions used were as follows: 2016 2015 Discount rate used to calculate net periodic benefit expense 4.00 % 3.75 % Discount rate used to calculate projected benefit obligation 3.75 % 4.00 % Expected long-term rate of return on plan assets 8.00 % 8.00 % Rate of compensation increase n/a n/a The discount rate assumption used to determine the Company’s pension obligations as of the years ended 2016 and 2015 takes into account the projected future benefit cash flow and the underlying individual yields in the Citigroup Pension Liability Index that would be available to provide for the payment of those benefits. The ultimate rate is developed by calculating an equivalent discounted present value of the benefit cash flow as of the years ended 2016 and 2015 , respectively, using a single discount rate rounded to the nearest quarter percent. The expected long-term rate of return on plan assets of 8.0% for each of the years ended 2016 and 2015 was based on historical returns and the expectations for future returns for each asset class in which plan assets are invested as well as the target asset allocation of the investments of the plan assets. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands): 2016 2015 Projected benefit obligation $ 357,569 $ 362,899 Accumulated benefit obligation 357,569 362,899 Fair value of plan assets 238,343 247,519 The Company currently expects to contribute $7.1 million to its pension plans in 2017 . The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2017 through 2021 , and in the aggregate for the years 2022 through 2026, are as follows (in thousands): Pension SERP OPEB 2017 $ 18,453 $ 2,076 $ 150 2018 18,743 1,897 145 2019 19,078 1,817 139 2020 19,365 1,733 133 2021 19,650 1,646 127 2022 through 2026 101,161 6,721 540 Fair Value of Assets: The Company's investment objective is to maximize the long-term return on its pension plan assets within prudent levels of risk. Investments are primarily diversified with a blend of equity securities, fixed income securities and alternative investments. The intent is to minimize plan expenses by outperforming plan liabilities over the long run. The Company segregated its plan assets by the following major categories and levels for determining their fair values as of the years ended 2016 and 2015 : Cash and cash equivalents - Carrying value approximates fair value. As such, these assets were classified as Level 1. Equity - Equity investments are diversified by including United States and non-United States stocks, growth stocks, value stocks and stocks of large and small companies. The values of individual equity securities are based on quoted prices in active markets and are classified as Level 1. Fixed income - Fixed income securities are primarily United States governmental and corporate bonds including mutual funds. The Company invests in certain fixed income funds that were priced in active markets and were classified as Level 1. The Company also invests in certain fixed income securities that are priced based on valuation models rather than a last trade basis and are not exchange-traded and are classified as Level 2. Other - The Company also invests in group annuity contracts, which are invested in certain fixed income securities and are classified as Level 2. Alternative investments - Alternative investments are primarily private equity hedge funds and hedge fund-of-funds. The fair value of alternative investments has been estimated using their Net Asset Values ("NAV") as reported by the investment manager of the respective alternative investment funds. NAV reported by the hedge funds is used as a practical expedient to estimate the fair value. The investment manager values these investments on a periodic basis with models that use market, income and valuation methods. The valuation inputs are not highly observable, and these investments are not actively traded in an open market. The methods described above may produce a fair value calculation that may not be indicative of net realizable value, or reflective of future fair values. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement. The Company invests in various assets in which valuation is determined by NAV. The Company believes that the NAV is representative of fair value, as there are no significant restrictions on redemption on these investments or other reasons that indicate the investment would be redeemed at an amount different than the NAV. The fair values of the Company’s pension plan assets as of the years ended 2016 and 2015 , by asset category are as follows (in thousands): 2016 2015 Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ 7,624 $ — $ 7,624 $ 12,306 $ — $ 12,306 Equity 123,352 — 123,352 120,953 — 120,953 Fixed income 15,908 46,280 62,188 12,497 49,993 62,490 Other — 1,369 1,369 — 1,489 1,489 Total of Level 1 and Level 2 assets $ 146,884 $ 47,649 $ 194,533 $ 145,756 $ 51,482 $ 197,238 Investments at Net Asset Value (1) Alternative investments 43,810 50,281 Total net assets $ 238,343 $ 247,519 __________________________ (1) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. The range of asset allocations and the target allocations for the pension plan assets were as follows: 2016 2015 Target Equity securities 52 % 61 % 49 % 62 % 60 % 75 % Fixed income securities 26 % 34 % 29 % 33 % 25 % 35 % Alternative investments and other 5 % 22 % 5 % 22 % 10 % 30 % Multi-Employer Pension Plans: Certain of the Company’s union employees are included in multi-employer pension plans, to which the Company makes contributions in accordance with contractual union agreements. Such contributions are made on a monthly basis in accordance with the requirements of the plans and the actuarial computations and assumptions of the administrators of the plans. Contributions to the multi-employer pension plans were $0.6 million for each of the years ended 2016 and 2015 . In 2016 and 2015 , the Company recorded charges of $0.8 million and $5.0 million , respectively, as a result of exiting certain multi-employer pension plans in connection with its cost savings and restructuring plans. The Company's participation in these plans for the years ended 2016 and 2015 is outlined in the table below: Pension Fund EIN Pension Plan Number Pension Protection Act Reported Status (1) FIP/RP Status (2) Contributions Surcharge imposed Expiration Date of Collective Bargaining Agreement 2016 2015 2016 2015 (in thousands) GCC/IBT National Pension Fund 526118568 001 Red Red Implemented $ 183 $ 219 No 6/30/2019 GCC/IBT National Pension Fund 526118568 001 Red Red Implemented 177 177 No 2/26/2017 CWA/ITU Negotiated Pension Plan 136212879 001 Red Red Implemented 228 158 No 3/1/2018 Total contributions $ 588 $ 554 __________________________ (1) The most recent Pension Protection Act ("PPA") zone status available in 2016 and 2015 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (2) The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases: The Company leases buildings and equipment under operating lease agreements expiring at various dates through 2033 . Certain leases include renewal and/or purchase options, which may be exercised by us. As of the year ended 2016 , future minimum annual lease payments by year and, in the aggregate, under non-cancelable operating lease agreements with original terms of one year or more consisted of the following (in thousands): 2017 $ 21,929 2018 19,391 2019 14,937 2020 11,870 2021 7,306 Thereafter 15,392 Total $ 90,825 Rent expense was $24.5 million and $25.3 million for the years ended 2016 and 2015 , respectively. Energy Commitments: The Company has entered into various energy contracts in order to lock-in energy prices over the next two fiscal years. Future contractual obligations under these energy contracts are $4.9 million and $0.9 million for 2017 and 2018, respectively. Environmental: The Company is involved in certain environmental matters and has been designated as a potentially responsible party for certain hazardous waste sites. Prior to the Company’s acquisition of Nashua, Nashua was involved in certain environmental matters and was designated by the Environmental Protection Agency ("EPA") as a potentially responsible party for certain hazardous waste sites. In addition, Nashua had been notified by certain state environmental agencies that Nashua may bear responsibility for remedial action at other sites which have not been addressed by the EPA. The sites at which Nashua may have remedial responsibilities are in various stages of investigation and remediation. Due to the unique physical characteristics of each site, the remedial technology employed, the extended time-frames of each remediation, the interpretation of applicable laws and regulations and the financial viability of other potential participants, the ultimate range of outcomes cannot be predicted with certainty; therefore, the Company’s ultimate cost of remediation is an estimate and is contingent on these factors. Based on information currently available, the Company believes that Nashua’s remediation expense, if any, is not likely to have a material effect on its consolidated financial position or results of operations. As of the years ended 2016 and 2015 , the undiscounted liability relating to the Company’s environmental matters was $0.7 million and $1.6 million , respectively, and is included in other liabilities. There have been no material changes related to these environmental matters since Nashua's acquisition date. Litigation: The Company is party to various legal actions that are ordinary and incidental to its business. While the outcome of pending legal actions cannot be predicted with certainty, the Company believes the outcome of these various proceedings will not have a material effect on the Company’s consolidated financial statements. During the year ended 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 was $1.5 million for the year ended 2016 . Concentrations of Credit Risk: The Company has limited concentrations of credit risk with respect to financial instruments. Temporary cash investments and other investments are placed with high credit quality institutions, and concentrations within accounts receivable are generally limited due to the Company’s diverse customer base and its dispersion across different industries and geographic areas. The Company extends credit to customers based on its evaluation of the customer's financial condition. The Company does not require that any collateral be provided by its customers. Letters of Credit: As of the year ended 2016 , the Company had outstanding letters of credit of approximately $17.7 million and a de minimis amount of surety bonds. Based on the Company’s experience with these arrangements, it does not believe that any obligations that may arise will have a material effect on the Company's consolidated financial condition or results of operations. Tax Audits: The Company’s income, sales and use, and other tax returns are routinely subject to audit by various authorities. The Company is currently under audit related to unclaimed property, which is being led by the state of Delaware and includes other states as well. The Company believes that the resolution of any matters raised during such audits will not have a material effect on the Company’s consolidated financial position or its results of operations. Multi-Employer Pension Plans: The Company participates in a number of multi-employer pension plans and is exposed to significant risks and uncertainties arising from its participation in these multi-employer pension plans. These risks and uncertainties, including changes in future contributions due to partial or full withdrawal of the Company and other participating employers from these multi-employer pension plans, could significantly increase the Company’s future contributions or the underfunded status of these multi-employer pension plans. Two of the multi-employer pension plans are in mass withdrawal status. While it is not possible to quantify the potential impact of future actions of the Company or other participating employers from these multi-employer pension plans, continued participation in or withdrawal from these multi-employer pension plans could have a material impact on the Company’s consolidated financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the balances of each component of AOCI, net of tax (in thousands): Foreign Currency Translation Pension and Other Postretirement Benefits Total Balance as of the year ended 2014 $ (2,905 ) $ (95,292 ) $ (98,197 ) Other comprehensive loss before reclassifications (4,295 ) (12,315 ) (16,610 ) Amounts reclassified from AOCI — 8,877 8,877 Other comprehensive loss (4,295 ) (3,438 ) (7,733 ) Balance as of the year ended 2015 (7,200 ) (98,730 ) (105,930 ) Other comprehensive loss before reclassifications (393 ) (9,200 ) (9,593 ) Amounts reclassified from AOCI 2,338 9,956 12,294 Other comprehensive loss 1,945 756 2,701 Balance as of the year ended 2016 $ (5,255 ) $ (97,974 ) $ (103,229 ) Reclassifications from AOCI AOCI Components Amounts Reclassified from AOCI (in thousands) Income Statement Line Item 2016 2015 Changes in Foreign Currency Translations Loss on foreign exchange $ 2,338 $ — Loss from discontinued operations, net of taxes Changes in pension and other employee benefit accounts Net actuarial losses (1) 9,956 8,877 Cost of sales 12,294 8,877 Total before tax Taxes — — Income tax expense Total reclassifications for the period $ 12,294 $ 8,877 Net of tax __________________________ (1) Components are included in the computation of net periodic benefit cost as presented in Note 13. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the fourth quarter of 2013, the Company entered into a 10 -year lease of a manufacturing facility with a related party wholly-owned and managed by the Burton family. The Company believes the lease terms have not been significantly affected by the fact that the Company and the lessors are related parties. The Company recognized approximately $0.5 million in rental expense associated with the lease for each of the years ended 2016 and 2015 , which is recorded in cost of sales. Future undiscounted lease payments related to this lease are $3.8 million as of the year ended 2016 . The Company has no other commitments or guarantees related to the lease. In the fourth quarter of 2015, this related party also purchased land located under an adjacent Cenveo manufacturing facility. The Company is currently sub-leasing this facility under a separate agreement with an unrelated third party, which is leasing the land from the related party. Horizon Paper Co., Inc. ("Horizon"), whose Chairman was a member of the Company’s Board of Directors through September 10, 2015, has supplied raw materials to the Company. For the year ended 2015, purchases of raw materials from Horizon made by the Company were $1.9 million . As of the year ended 2015 , the balance due to Horizon was $0.2 million . Roosevelt Paper Company ("Roosevelt") is both a paper supplier to, and a customer of, the Company. The sole owners of Roosevelt are related to Mr. Scheinmann, Senior Vice President, Legal Affairs and Corporate Secretary. Mr. Scheinmann has no ownership in Roosevelt. Purchases of paper from Roosevelt were approximately $1.4 million and $1.0 million for the years ended 2016 and 2015, respectively. The balance due to Roosevelt was $0.3 million for each of the years ended 2016 and 2015 . Additionally, the Company had net sales to Roosevelt of zero and $0.1 million for the years ended 2016 and 2015, respectively. As of both the years ended 2016 and 2015 , there were no balances due from Roosevelt. |
Income (Loss) Per Share
Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 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 and 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. For the year ended 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. For the years ended 2016 and 2015 , the effect of approximately 212,000 and 366,000 shares, respectively, related to the issuance of Common Stock upon exercise of Equity Awards were excluded for the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. For the years ended 2016 and 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 (loss) income per share for the periods ended (in thousands, except per share data): For The Years Ended 2016 2015 Numerator for basic and diluted loss per share: Income (loss) from continuing operations $ 70,846 $ (19,461 ) Loss from discontinued operations, net of taxes (2,897 ) (11,390 ) Net income (loss) $ 67,949 $ (30,851 ) Numerator for diluted income (loss) per share: Income (loss) from continuing operations - as reported $ 70,846 $ (19,461 ) Interest expense on 7% Notes, net of taxes 1,572 — Income (loss) from continuing operations - after assumed conversions of dilutive shares 72,418 (19,461 ) Loss from discontinued operations, net of taxes (2,897 ) (11,390 ) Net income (loss) for diluted loss per share - after assumed conversions of dilutive shares $ 69,521 $ (30,851 ) Denominator for weighted average common shares outstanding: Basic shares 8,527 8,479 Dilutive effect of 7% Notes 965 — Dilutive effect of Equity Awards — — Dilutive effect of Warrants — — Diluted shares 9,492 8,479 Income (loss) per share – basic: Continuing operations $ 8.31 $ (2.30 ) Discontinued operations (0.34 ) (1.34 ) Net income (loss) $ 7.97 $ (3.64 ) Income (loss) per share – diluted: Continuing operations $ 7.63 $ (2.30 ) Discontinued operations (0.31 ) (1.34 ) Net income (loss) $ 7.32 $ (3.64 ) |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information T he Company operates three operating and reportable segments: envelope, print and label. The envelope segment provides direct mail offerings and transactional and stock envelopes. The print segment provides a wide array of print offerings such as high-end printed materials including car brochures, advertising literature, corporate identity and brand marketing material, digital printing and content management. The label segment specializes in the design, manufacturing and printing of labels such as custom labels, overnight packaging labels and pressure-sensitive prescription labels. Prior to the disposition of the Packaging Business, the Company operated four operating segments: envelope, print, label and packaging. Based upon similar economic characteristics and management reporting, the Company previously aggregated the label and packaging operating segments to have a total of three reportable segments: envelope, print and label and packaging. Operating income (loss) of each segment includes all costs and expenses directly related to the segment's operations. Corporate expenses include corporate general and administrative expenses including stock-based compensation. Corporate identifiable assets primarily consist of cash and cash equivalents, miscellaneous receivables, deferred financing fees, deferred tax assets and other assets. The following tables present certain segment information (in thousands): For The Years Ended 2016 2015 Net sales: Envelope $ 865,160 $ 908,718 Print 493,464 510,974 Label 301,377 322,087 Total $ 1,660,001 $ 1,741,779 Operating income (loss): Envelope $ 60,684 $ 66,424 Print 17,613 15,122 Label 30,549 39,533 Corporate (32,814 ) (37,286 ) Total $ 76,032 $ 83,793 Restructuring and other charges: Envelope $ 2,618 $ 3,500 Print 2,028 6,853 Label 4,771 486 Corporate 2,537 1,737 Total $ 11,954 $ 12,576 Depreciation and intangible asset amortization: Envelope $ 18,982 $ 20,318 Print 18,010 17,424 Label 6,988 8,584 Corporate 3,220 3,363 Total $ 47,200 $ 49,689 Capital expenditures: Envelope $ 13,130 $ 7,480 Print 10,984 9,240 Label 11,172 3,678 Corporate 5,851 5,530 Total $ 41,137 $ 25,928 Intercompany sales: Envelope $ 6,589 $ 6,357 Print 19,983 17,627 Label 2,833 4,297 Total $ 29,405 $ 28,281 2016 2015 Total assets: Envelope $ 403,157 $ 445,443 Print 256,888 266,074 Label 216,627 223,534 Corporate 36,287 35,558 Assets of discontinued operations — 111,417 Total $ 912,959 $ 1,082,026 Geographic information is as follows as of and for the years ended (in thousands): 2016 2015 Net sales: U.S. $ 1,654,996 $ 1,735,921 Foreign 5,005 5,858 Total $ 1,660,001 $ 1,741,779 2016 2015 Long-lived assets (property, plant and equipment, goodwill and intangible assets): U.S. $ 501,685 $ 510,205 Foreign 6,034 6,161 Total $ 507,719 $ 516,366 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 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 7% Notes, the 11.5% Notes, and the 4% Secured 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 and for the years ended 2016 and 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 December 31, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 4,678 $ — $ 854 $ — $ 5,532 Accounts receivable, net — 131,770 102,417 — — 234,187 Inventories, net — 62,179 39,771 — — 101,950 Intercompany receivable — — 1,783,858 — (1,783,858 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 35,659 4,789 1,128 — 41,576 Total current assets — 271,224 1,934,080 1,982 (1,824,041 ) 383,245 Investment in subsidiaries (589,157 ) 2,112,403 4,173 7,829 (1,535,248 ) — Property, plant and equipment, net — 108,395 98,255 1,029 — 207,679 Goodwill — 49,170 121,181 4,858 — 175,209 Other intangible assets, net — 9,770 114,914 147 — 124,831 Other assets, net — 18,317 3,100 1,694 (1,116 ) 21,995 Total assets $ (589,157 ) $ 2,569,279 $ 2,275,703 $ 17,539 $ (3,360,405 ) $ 912,959 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 30,709 $ 1,018 $ — $ — $ 31,727 Accounts payable — 114,533 61,098 265 — 175,896 Accrued compensation and related liabilities — 19,245 4,699 740 — 24,684 Other current liabilities — 70,118 11,962 819 — 82,899 Intercompany payable — 1,783,390 — 468 (1,783,858 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 2,017,995 115,715 5,537 (1,824,041 ) 315,206 Long-term debt — 984,833 2,106 — — 986,939 Other liabilities — 155,608 45,479 — (1,116 ) 199,971 Shareholders’ (deficit) equity (589,157 ) (589,157 ) 2,112,403 12,002 (1,535,248 ) (589,157 ) Total liabilities and shareholders’ (deficit) equity $ (589,157 ) $ 2,569,279 $ 2,275,703 $ 17,539 $ (3,360,405 ) $ 912,959 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 882,195 $ 775,915 $ 1,891 $ — $ 1,660,001 Cost of sales — 779,574 607,172 — — 1,386,746 Selling, general and administrative expenses — 110,870 67,907 748 — 179,525 Amortization of intangible assets — 608 4,692 444 — 5,744 Restructuring and other charges — 10,469 1,485 — — 11,954 Operating (loss) income — (19,326 ) 94,659 699 — 76,032 Interest expense, net — 85,537 216 — — 85,753 Intercompany interest (income) expense — (1,008 ) 1,008 — — — Gain on early extinguishment of debt, net — (82,481 ) — — — (82,481 ) Other income, net — (490 ) (1,737 ) (117 ) — (2,344 ) (Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries — (20,884 ) 95,172 816 — 75,104 Income tax expense — 2,688 619 951 — 4,258 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (23,572 ) 94,553 (135 ) — 70,846 Equity in income (loss) of subsidiaries 67,949 95,485 (146 ) — (163,288 ) — Income (loss) from continuing operations 67,949 71,913 94,407 (135 ) (163,288 ) 70,846 (Loss) income from discontinued operations, net of taxes — (3,964 ) 1,078 (11 ) — (2,897 ) Net income (loss) 67,949 67,949 95,485 (146 ) (163,288 ) 67,949 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 2,701 2,290 (172 ) — (4,819 ) — Changes in pension and other employee benefit accounts, net of taxes — 411 345 — — 756 Currency translation adjustment, net — — 2,117 (172 ) — 1,945 Total other comprehensive income (loss) 2,701 2,701 2,290 (172 ) (4,819 ) 2,701 Comprehensive income (loss) $ 70,650 $ 70,650 $ 97,775 $ (318 ) $ (168,107 ) $ 70,650 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 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 $ 1,468 $ (93,513 ) $ 142,605 $ (1,177 ) $ — $ 49,383 Net cash used in operating activities of discontinued operations — — (10,074 ) (438 ) — (10,512 ) Net cash provided by (used in) operating activities 1,468 (93,513 ) 132,531 (1,615 ) — 38,871 Cash flows from investing activities: Capital expenditures — (19,281 ) (21,120 ) (736 ) — (41,137 ) Proceeds from sale of property, plant and equipment — 8,189 141 — — 8,330 Proceeds from sale of assets — — 2,000 — — 2,000 Net cash used in investing activities of continuing operations — (11,092 ) (18,979 ) (736 ) — (30,807 ) Net cash provided by investing activities of discontinued operations — — 89,379 6,487 — 95,866 Net cash (used in) provided by investing activities — (11,092 ) 70,400 5,751 — 65,059 Cash flows from financing activities: Proceeds from issuance of 4% senior secured notes due 2021 — 50,000 — — — 50,000 Payment of financing related costs and expenses and debt issuance discounts — (11,576 ) — — — (11,576 ) Repayments of other long-term debt — (5,381 ) (197 ) — — (5,578 ) Repayment of 11.5% senior notes due 2017 — (24,725 ) — — — (24,725 ) Repayment of 7% senior exchangeable notes due 2017 — (45,903 ) — — — (45,903 ) Repayment of 8.500% junior secured priority notes due 2022 — (4,550 ) — — — (4,550 ) Purchase and retirement of common stock upon vesting of RSUs (346 ) — — — — (346 ) Borrowings under ABL Facility due 2021 — 474,300 — — — 474,300 Repayments under ABL Facility due 2021 — (540,800 ) — — — (540,800 ) Intercompany advances (1,122 ) 212,360 (203,366 ) (7,872 ) — — Net cash (used in) provided by financing activities of continuing operations (1,468 ) 103,725 (203,563 ) (7,872 ) — (109,178 ) Net cash used in financing activities of discontinued operations — — (8 ) — — (8 ) Net cash (used in) provided by financing activities (1,468 ) 103,725 (203,571 ) (7,872 ) — (109,186 ) Effect of exchange rate changes on cash and cash equivalents — — 316 (84 ) — 232 Net decrease in cash and cash equivalents — (880 ) (324 ) (3,820 ) — (5,024 ) Cash and cash equivalents at beginning of period — 5,558 324 4,674 — 10,556 Cash and cash equivalents at end of period $ — $ 4,678 $ — $ 854 $ — $ 5,532 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 (LOSS) INCOME For The Year Ended 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 898,529 $ 839,500 $ 3,750 $ — $ 1,741,779 Cost of sales — 775,386 674,759 731 — 1,450,876 Selling, general and administrative expenses — 119,149 66,882 718 — 186,749 Amortization of intangible assets — 743 6,574 468 — 7,785 Restructuring and other charges — 10,751 1,825 — — 12,576 Operating (loss) income — (7,500 ) 89,460 1,833 — 83,793 Interest expense, net — 100,592 213 — — 100,805 Intercompany interest (income) expense — (998 ) 998 — — — Loss on early extinguishment of debt, net — 1,252 — — — 1,252 Other income, net — (2,658 ) (258 ) (280 ) — (3,196 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (105,688 ) 88,507 2,113 — (15,068 ) Income tax expense (benefit) — 5,425 (1,893 ) 861 — 4,393 (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (111,113 ) 90,400 1,252 — (19,461 ) Equity in (loss) income of subsidiaries (30,851 ) 74,968 1,644 — (45,761 ) — (Loss) income from continuing operations (30,851 ) (36,145 ) 92,044 1,252 (45,761 ) (19,461 ) Income (loss) from discontinued operations, net of taxes — 5,294 (17,076 ) 392 — (11,390 ) Net (loss) income (30,851 ) (30,851 ) 74,968 1,644 (45,761 ) (30,851 ) Other comprehensive (loss) income: Other comprehensive (loss) income of subsidiaries (7,733 ) (4,240 ) (760 ) — 12,733 — Changes in pension and other employee benefit accounts, net of taxes — (3,493 ) 55 — — (3,438 ) Currency translation adjustment, net — — (3,535 ) (760 ) — (4,295 ) Total other comprehensive (loss) income (7,733 ) (7,733 ) (4,240 ) (760 ) 12,733 (7,733 ) Comprehensive (loss) income $ (38,584 ) $ (38,584 ) $ 70,728 $ 884 $ (33,028 ) $ (38,584 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2015 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 1,636 $ (110,318 ) $ 122,254 $ 2,654 $ — $ 16,226 Net cash provided by operating activities of discontinued operations — — 15,230 738 — 15,968 Net cash provided by (used in) operating activities 1,636 (110,318 ) 137,484 3,392 — 32,194 Cash flows from investing activities: Cost of business acquisitions, net of cash acquired — (1,996 ) — — — (1,996 ) Capital expenditures — (18,448 ) (6,921 ) (559 ) — (25,928 ) Proceeds from sale of property, plant and equipment — 7,673 885 — — 8,558 Proceeds from sale of assets — — 2,180 — — 2,180 Net cash used in investing activities of continuing operations — (12,771 ) (3,856 ) (559 ) — (17,186 ) Net cash used in investing activities of discontinued operations — — (2,282 ) — — (2,282 ) Net cash used in investing activities — (12,771 ) (6,138 ) (559 ) — (19,468 ) Cash flows from financing activities: Payment of financing related costs and expenses and debt issuance discounts — (1,596 ) — — — (1,596 ) Proceeds from issuance of other long-term debt — 12,500 — — — 12,500 Repayments of other long-term debt — (17,721 ) 1,176 — — (16,545 ) Repayment of 11.5% senior notes due 2017 — (22,720 ) — — — (22,720 ) Purchase and retirement of common stock upon vesting of RSUs (216 ) — — — — (216 ) Borrowings under ABL Facility due 2021 — 468,300 — — — 468,300 Repayments under ABL Facility due 2021 — (454,800 ) — — — (454,800 ) Intercompany advances (1,420 ) 133,719 (130,879 ) (1,420 ) — — Net cash (used in) provided by financing activities of continuing operations (1,636 ) 117,682 (129,703 ) (1,420 ) — (15,077 ) Net cash used in financing activities of discontinued operations — — (473 ) — — (473 ) Net cash (used in) provided by financing activities (1,636 ) 117,682 (130,176 ) (1,420 ) — (15,550 ) Effect of exchange rate changes on cash and cash equivalents — — (1,690 ) 477 — (1,213 ) Net (decrease) increase in cash and cash equivalents — (5,407 ) (520 ) 1,890 — (4,037 ) Cash and cash equivalents at beginning of period — 10,965 844 2,784 — 14,593 Cash and cash equivalents at end of period — 5,558 324 4,674 — 10,556 Less cash and cash equivalents of discontinued operations — — (89 ) (2,682 ) — (2,771 ) Cash and cash equivalents of continuing operations at end of period $ — $ 5,558 $ 235 $ 1,992 $ — $ 7,785 |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Selected Quarterly Financial Information (Unaudited) The following table sets forth certain quarterly financial data for the periods indicated (in thousands, except per share amounts): First Second Third Fourth Fiscal Year 2016 Net sales: Envelope $ 229,260 $ 212,277 $ 212,578 $ 211,045 Print 124,487 114,653 121,739 132,585 Label 79,014 77,111 71,638 73,614 Total $ 432,761 $ 404,041 $ 405,955 $ 417,244 Operating income (loss): Envelope $ 17,559 $ 17,213 $ 16,832 $ 9,080 Print 3,377 1,933 5,446 6,857 Label 4,708 11,901 6,764 7,176 Corporate (8,630 ) (9,477 ) (8,169 ) (6,538 ) Total $ 17,014 $ 21,570 $ 20,873 $ 16,575 Income (loss) from continuing operations (2) 13,020 50,860 8,745 (1,779 ) (Loss) income from discontinued operations, net of taxes (3) (1,817 ) (3,304 ) 686 1,538 Net income (loss) $ 11,203 $ 47,556 $ 9,431 $ (241 ) Net income (loss) per share—basic Continuing operations (1) $ 1.53 $ 5.97 $ 1.02 $ (0.21 ) Discontinued operations (1) (0.21 ) (0.39 ) 0.08 0.18 Net income (loss) (1) $ 1.32 $ 5.58 $ 1.10 $ (0.03 ) Net income (loss) per share—diluted Continuing operations (1) $ 1.37 $ 5.15 $ 1.00 $ (0.21 ) Discontinued operations (1) (0.17 ) (0.33 ) 0.08 0.18 Net income (loss) (1) $ 1.20 $ 4.82 $ 1.08 $ (0.03 ) First Second Third Fourth Fiscal Year 2015 Net sales: Envelope $ 227,410 $ 218,139 $ 218,454 $ 244,715 Print 122,100 114,545 123,875 150,454 Label 80,167 80,675 77,454 83,791 Total $ 429,677 $ 413,359 $ 419,783 $ 478,960 Operating income (loss): Envelope $ 14,840 $ 16,711 $ 17,746 $ 17,127 Print 1,679 2,987 1,541 8,915 Label 9,704 11,150 10,146 8,533 Corporate (8,423 ) (9,193 ) (9,917 ) (9,753 ) Total $ 17,800 $ 21,655 $ 19,516 $ 24,822 Loss from continuing operations (8,179 ) (3,355 ) (3,562 ) (4,365 ) Income (loss) from discontinued operations, net of taxes (3) 500 950 319 (13,159 ) Net loss $ (7,679 ) $ (2,405 ) $ (3,243 ) $ (17,524 ) Net (loss) income per share—basic Continuing operations (1) $ (0.97 ) $ (0.39 ) $ (0.42 ) $ (0.51 ) Discontinued operations (1) 0.06 0.11 0.04 (1.56 ) Net loss (1) $ (0.91 ) $ (0.28 ) $ (0.38 ) $ (2.07 ) Net (loss) income per share—diluted Continuing operations (1) $ (0.97 ) $ (0.39 ) $ (0.42 ) $ (0.51 ) Discontinued operations (1) 0.06 0.11 0.04 (1.56 ) Net loss (1) $ (0.91 ) $ (0.28 ) $ (0.38 ) $ (2.07 ) __________________________ (1) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total year. (2) During the year ended 2016, the Company completed several transactions which resulted in a net gain on early extinguishment of debt. See further detail in Note 8. (3) In connection with the sale of the Packaging Business, the Company recorded a gain on sale of $1.4 million for the year ended 2016 and a loss on sale of $5.0 million for the year ended 2015. Additionally, the Company recorded a non-cash goodwill impairment charge of $9.9 million related to this transaction for the year ended 2015. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The consolidated financial statements include the results of Cenveo, Inc. and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany transactions have been eliminated. Certain amounts in the 2015 consolidated balance sheet have been reclassified to conform to current year presentation. Cenveo, Inc. and its wholly-owned subsidiaries (collectively, the "Company" or "Cenveo") are engaged in envelope converting, commercial printing, and the manufacturing of label products. The Company is headquartered in Stamford, Connecticut, is organized under Colorado law, and its common stock is traded on the New York Stock Exchange under the symbol "CVO." The Company operates a network of strategically located manufacturing facilities, serving a diverse base of customers. The Company’s operations are based in North America and India. The Company’s reporting periods for 2016 and 2015 in this report consisted of 52 and 53 week periods, respectively, and ended on December 31, 2016 and January 2, 2016 , respectively. Such periods are referred to herein as: (i) "as of the year ended 2016 ," "the year ended 2016 " or " 2016 ;" and (ii) "as of the year ended 2015 ," "the year ended 2015 " or " 2015 ." All references to years and year-ends herein relate to fiscal years rather than calendar years. As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, during the first quarter of 2016 the Company completed the sale of its folded carton and shrink sleeve packaging businesses, along with its one top-sheet lithographic print operation (collectively, the "Packaging Business"). See Note 3 for information regarding the completion of sale of the Packaging Business. In accordance with the guidance in Accounting Standards Codification ("ASC") 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment , the financial results of the Packaging Business have been accounted for as discontinued operations for all periods presented. 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. Additionally, the Reverse Stock Split applied to 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 consolidated financial statements have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates and assumptions are used for, but not limited to, establishing the allowance for doubtful accounts, valuation of inventory, purchase price allocation, depreciation and amortization lives, asset impairment evaluations, deferred tax assets and liabilities, self-insurance accruals, stock-based compensation and other contingencies. Actual results could differ from estimates. |
Fair Value Measurement | Fair Value Measurements: Certain assets and liabilities of the Company are required to be recorded at fair value. Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to their short-term nature. The Company also has other assets or liabilities that it records at fair value, such as its pension plan assets. The three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include cash on deposit and highly liquid investments with original maturities of three months or less. The Company places its cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are stated at cost, which approximates fair value. |
Accounts Receivable | Accounts Receivable: Trade accounts receivable are stated net of allowances for doubtful accounts. Specific customer provisions are made when a review of significant outstanding amounts, customer creditworthiness and current economic trends indicate that collection is doubtful. In addition, provisions are made at differing amounts, based upon the balance and age of the receivable and the Company’s historical collection experience. Trade accounts are charged off against the allowance for doubtful accounts or expensed when it is probable the accounts will not be recovered. As of the years ended 2016 and 2015 , accounts receivable were reduced by an allowance for doubtful accounts of $2.1 million and $5.9 million , respectively. Transactions affecting the allowance for doubtful accounts are as follows (in thousands): For The Years Ended 2016 2015 Balance at beginning of year $ 5,872 $ 4,632 Charged to expense 1,415 2,567 Write-offs, recoveries and other, net (5,152 ) (1,327 ) Balance at end of year $ 2,135 $ 5,872 |
Inventories | Inventories: Inventories are stated at the lower of cost or market, with cost primarily determined on a first-in, first-out or average cost basis and stated net of reserves for obsolescence. Cost includes materials, labor and overhead related to the purchase and production of inventories. |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided using the straight-line method generally based on the estimated useful lives of 15 to 45 years for buildings and building improvements, 10 to 15 years for machinery and equipment and 3 to 10 years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When an asset is retired or otherwise disposed of, the related gross cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of operations. Expenditures for repairs and maintenance are charged to expense as incurred, and expenditures that increase the capacity, efficiency or useful lives of existing assets are capitalized. |
Computer Software | Computer Software: The Company develops and purchases software for internal use. Software development costs incurred during the application development stage are capitalized. Once the software has been installed, tested and is ready for use, additional costs in connection with the software are expensed as incurred. Capitalized computer software costs are amortized over the estimated useful life of the software, generally between three and seven years. Net computer software costs included in property, plant and equipment were $20.7 million and $16.6 million as of the years ended 2016 and 2015 , respectively. |
Debt Issuance Costs | Debt Issuance Costs: Direct expenses such as legal, accounting and underwriting fees incurred to issue, extend or amend debt are included as a reduction in the carrying amount of the related debt, with the exception of costs incurred in connection with the Company's asset-based revolving credit facility (the "ABL Facility") which are recorded in other assets, net. Debt issuance costs are recorded net of accumulated amortization, and are amortized to interest expense over the term of the related debt. Debt issuance costs of $18.1 million and $16.5 million were recorded as a reduction to long-term debt as of the years ended 2016 and 2015 , respectively, and $3.6 million and $2.4 million were recorded in other assets, net, as of the years ended 2016 and 2015 , respectively. Interest expense includes the amortization of debt issuance costs of $9.0 million and $10.1 million in 2016 and 2015 , respectively. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill represents the excess of purchase price over the fair value of net assets of businesses acquired. Goodwill is not amortized. Goodwill is subject to an annual impairment test and is reviewed annually as of the end of November to determine if there is an impairment, or more frequently if an indication of possible impairment exists. Impairment testing for goodwill is performed at a reporting unit level, with all goodwill assigned to a reporting unit. The Company's reporting units are the same as its three operating segments. An impairment loss generally would be recognized when the carrying amount of the reporting unit's net assets exceeds the estimated fair value of the reporting unit. No impairment charges for goodwill were recorded for years ended 2016 and 2015 , except as disclosed in Note 3, which relates to discontinued operations. Other intangible assets consist primarily of customer relationships and trademarks. Other intangible assets primarily arise from the purchase price allocations of businesses acquired. Intangible assets with determinable lives are amortized on a straight-line basis over the estimated useful life assigned to these assets. Intangible assets that are expected to generate cash flows indefinitely are not amortized, but are evaluated for impairment using the relief-from-royalty method. There were no intangible asset impairments for the years ended 2016 or 2015 . |
Long-Lived Assets | Long-Lived Assets: Long-lived assets, including property, plant and equipment, and intangible assets with definite lives, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be fully recoverable. An impairment is assessed if the undiscounted expected future cash flows generated from an asset are less than its carrying value. Impairment losses are recognized for the amount by which the carrying value of an asset exceeds its fair value (Level 2 and 3). Additionally, the estimated useful lives of all long-lived assets are periodically reviewed and revised, if necessary. |
Self-Insurance | Self-Insurance: The Company is self-insured for the majority of its workers’ compensation costs and health insurance costs, subject to specific retention levels. The Company records its liability for workers’ compensation claims on a fully-developed basis. The Company’s liability for health insurance claims includes an estimate for claims incurred, but not reported. As of the years ended 2016 and 2015 , the (i) undiscounted workers' compensation liability was $12.1 million and $12.3 million , respectively, and the discounted liability was $11.2 million and $11.4 million , respectively, using discount rates of 2% for each of the years ended 2016 and 2015 ; and the (ii) healthcare liability was $3.2 million for each of the years ended 2016 and 2015 , respectively. |
Pension and Other Postretirement Plans | Pension and Other Postretirement Plans: The Company records expense relating to its pension and other postretirement plans based on actuarial calculations. The inputs for these estimates mainly include discount rates, anticipated mortality rates and assumed rates of return. The Company reviews its actuarial assumptions on an annual basis and modifies the assumptions based on current anticipated rates. The effect of modifications on the value of plan obligations and assets is recognized in accumulated other comprehensive income (loss) ("AOCI") and is recognized in the statement of operations over future periods. |
Revenue Recognition | Revenue Recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred, pricing is fixed or determinable, and collection is reasonably assured, net of rebates earned by customers. Since a significant portion of the Company’s products are customer specific, it is common for customers to inspect the quality of the product at the Company’s facility prior to its shipment. Products shipped are not subject to contractual right of return provisions. Sales Tax: The Company records sales net of applicable sales tax. |
Freight Costs | Freight Costs: The costs of delivering finished goods to customers are recorded as freight costs and included in cost of sales. Freight costs that are either billed separately to the customer or included in the price of the product are included in net sales. |
Advertising Costs | Advertising Costs: All advertising costs are expensed as incurred. Advertising costs were $3.7 million and $3.2 million for 2016 and 2015 , respectively. |
Stock-Based Compensation | Stock-Based Compensation: The Company uses the fair value method of accounting for stock-based compensation. The Company uses the Black-Scholes-Merton option-pricing model ("Black-Scholes") to measure fair value of stock option awards. The Black-Scholes model requires the Company to make significant judgments regarding the assumptions used within the model, the most significant of which are the stock price volatility assumption, the expected life of the option award, the risk-free rate of return and dividends during the expected term. The Company recognizes stock-based compensation expense for share-based awards expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. |
Foreign Currency Translation | Foreign Currency Translation: Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than the United States dollar are translated at year-end exchange rates. The effects of translation are included in shareholders’ deficit. Income and expense items and gains and losses are translated at the average monthly rate. Foreign currency transaction gains and losses are recorded in other income, net when the underlying transaction takes place. |
Income Taxes | Income Taxes: Deferred income taxes reflect the future tax effect of temporary differences between the carrying amount of assets and liabilities for financial and income tax reporting and are measured by applying statutory tax rates in effect for the year during which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent it is more likely than not that the net deferred tax assets will not be realized. The Company has a full valuation allowance related to its net U.S. deferred tax assets as of the year ended 2016 . The Company recognizes a tax position in its consolidated financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. This recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Although the Company believes that its estimates are reasonable, the final outcome of uncertain tax positions may be materially different from that which is recognized in its consolidated financial statements. The Company adjusts such reserves upon changes in circumstances that would cause a change to the estimate of the ultimate liability, upon effective settlement or upon the expiration of the statute of limitations, in the period in which such event occurs. |
New Accounting Pronouncements | New Accounting Pronouncements: In 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 a company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2017 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09; however, we do not expect that the future adoption of ASU 2014-09 will have a material impact on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, " Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) ". This ASU removes the requirement to categorize all investments for which fair value is measured at the net asset value per share practical expedient within the fair value hierarchy. The Company adopted ASU 2015-07 during 2016 and applied the provisions retrospectively to all periods presented. Adoption of ASU 2015-07 did not have a material impact on the Company's consolidated financial statements, other than enhancing the disclosures in Note 13. 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 year ended 2016 , the Company had $3.4 million of current deferred tax assets that would be reclassified from prepaid and other current assets to other liabilities. 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. At a minimum, adoption of ASU 2016-02 will require recording a ROU asset and a lease liability on the Company's consolidated balance sheet; however, the Company is still currently evaluating the impact on its consolidated financial statements. See Note 14 for the current anticipated future operating lease payments. 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. In January 2017, the FASB issued ASU 2017-04 " Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment " which removes the second step from the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted, and applied prospectively. The Company expects that the future adoption of ASU 2017-04 will not have a material impact on its consolidated financial statements. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of allowance for doubtful accounts | Transactions affecting the allowance for doubtful accounts are as follows (in thousands): For The Years Ended 2016 2015 Balance at beginning of year $ 5,872 $ 4,632 Charged to expense 1,415 2,567 Write-offs, recoveries and other, net (5,152 ) (1,327 ) Balance at end of year $ 2,135 $ 5,872 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Purchase price allocation | The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed in the Asendia acquisition (in thousands): Accounts receivable, net $ 145 Inventories 46 Prepaid and other current assets 10 Property, plant and equipment 1,662 Other intangible assets 133 Total assets acquired $ 1,996 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Components of discontinued operations | The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of December 31, 2016 , and January 2, 2016 (in thousands): 2016 2015 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 — 4,351 Liabilities of discontinued operations - current — 22,268 Long-term debt and other liabilities — 1,153 Liabilities of discontinued operations - long-term — 1,153 Net assets of discontinued operations $ — $ 87,996 The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): For The Years Ended 2016 2015 Net sales $ 6,637 $ 178,850 Cost of sales 6,625 154,570 Selling, general and administrative expenses 2,242 20,630 Amortization of intangible assets — 2,062 Restructuring and other charges — 390 Impairment of goodwill — 9,857 Interest expense, net 7 117 Other expense (income), net 729 (954 ) Loss from discontinued operations (2,966 ) (7,822 ) Gain (loss) on sale of discontinued operations 1,405 (4,987 ) Loss from discontinued operations before income taxes (1,561 ) (12,809 ) Income tax expense (benefit) on discontinued operations 1,336 (1,419 ) Loss from discontinued operations, net of taxes $ (2,897 ) $ (11,390 ) Loss per share - basic $ (0.34 ) $ (1.34 ) Loss per share - diluted $ (0.31 ) $ (1.34 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories by major category are as follows (in thousands): 2016 2015 Raw materials $ 32,696 $ 40,938 Work in process 12,186 14,696 Finished goods 57,068 65,981 $ 101,950 $ 121,615 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment are as follows (in thousands): 2016 2015 Land and land improvements $ 8,537 $ 9,194 Buildings and building improvements 82,440 82,206 Machinery and equipment 546,425 525,914 Furniture and fixtures 9,553 8,696 Construction in progress 10,885 10,181 657,840 636,191 Accumulated depreciation (450,161 ) (425,613 ) $ 207,679 $ 210,578 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill as of the years ended 2016 and 2015 by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of the year ended 2014 $ 23,433 $ 42,832 $ 109,277 $ 175,542 Foreign currency translation — (204 ) — (204 ) Balance as of the year ended 2015 23,433 42,628 109,277 175,338 Foreign currency translation — (129 ) — (129 ) Balance as of the year ended 2016 $ 23,433 $ 42,499 $ 109,277 $ 175,209 |
Schedule of intangible assets | Other intangible assets are as follows (in thousands): 2016 2015 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 $ 114,287 $ (27,234 ) $ (60,014 ) $ 27,039 $ 114,345 $ (27,234 ) $ (55,209 ) $ 31,902 Trademarks and trade names 22 64,533 (46,493 ) (9,138 ) 8,902 64,540 (46,493 ) (8,649 ) 9,398 Leasehold interest 16 4,430 — (743 ) 3,687 4,430 — (516 ) 3,914 Patents 9 3,528 — (3,225 ) 303 3,528 — (3,192 ) 336 Subtotal 11 186,778 (73,727 ) (73,120 ) 39,931 186,843 (73,727 ) (67,566 ) 45,550 Intangible assets with indefinite lives: Trade names 84,900 — — 84,900 84,900 — — 84,900 Total $ 271,678 $ (73,727 ) $ (73,120 ) $ 124,831 $ 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 and all future periods is estimated to be as follows (in thousands): Annual Estimated 2017 $ 5,269 2018 5,003 2019 4,885 2020 4,885 2021 4,731 Thereafter 15,158 Total $ 39,931 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities, Current [Abstract] | |
Other current liabilities | Other current liabilities are as follows (in thousands): 2016 2015 Accrued interest expense $ 21,074 $ 23,644 Accrued customer rebates 21,126 20,591 Restructuring liabilities 5,477 3,198 Other accrued liabilities 35,222 41,381 $ 82,899 $ 88,814 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt is as follows (in thousands): 2016 2015 ABL Facility due 2021 (1) $ 81,700 $ 148,200 4.0% senior secured notes due 2021 ($50.0 million outstanding principal amount as of the year ended 2016) 49,813 — 8.500% junior priority secured notes due 2022 ($241.0 million and $248.0 million outstanding principal amount as of the years ended 2016 and 2015, respectively) 234,742 240,533 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of the years ended 2016 and 2015) 530,166 526,533 6.000% senior unsecured notes due 2024 ($104.5 million outstanding principal amount as of the year ended 2016) 85,591 — 11.5% senior notes due 2017 ($20.5 million and $199.7 million outstanding principal amount as of the years ended 2016 and 2015, respectively) 20,371 195,846 7% senior exchangeable notes due 2017 ($5.5 million and $83.3 million outstanding principal amount as of the years ended 2016 and 2015, respectively) 5,468 82,430 Other debt including capital leases 10,815 15,081 1,018,666 1,208,623 Less current maturities (31,727 ) (5,373 ) Long-term debt $ 986,939 $ 1,203,250 __________________________ (1) The weighted average interest rate outstanding for the ABL Facility was 3.4% and 2.8% as of the years ended 2016 and 2015 , respectively. |
Schedule of long-term debt maturities | The aggregate annual maturities for long-term debt, including the original issuance discount, are as follows (in thousands): 2017 $ 31,847 2018 3,881 2019 540,736 2020 205 2021 131,796 Thereafter 345,516 $ 1,053,981 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of income (loss) from continuing operations before income taxes | Income (loss) from continuing operations before income taxes was as follows for the years ended (in thousands): 2016 2015 Domestic $ 74,288 $ (17,196 ) Foreign 816 2,128 $ 75,104 $ (15,068 ) |
Schedule of components of income tax expense (benefit) on income (loss) from continuing operations | Income tax expense on income (loss) from continuing operations consisted of the following for the years ended (in thousands): 2016 2015 Current tax expense: Federal $ — $ — Foreign 1,230 592 State 1,748 1,058 2,978 1,650 Deferred tax expense: Federal 1,165 1,109 Foreign (279 ) 270 State 394 1,364 1,280 2,743 Income tax expense $ 4,258 $ 4,393 |
Schedule of effective income tax rate reconciliation | A reconciliation of the expected tax benefit based on the federal statutory tax rate to the Company’s actual income tax expense is summarized as follows for the years ended (in thousands): 2016 2015 Expected tax expense (benefit) at federal statutory income tax rate $ 26,286 $ (5,274 ) State and local income tax expense (benefit) 5,917 (3,295 ) State net operating loss adjustments 1,273 2,259 Change in valuation allowance (35,659 ) 5,914 Change in contingency reserves (132 ) (118 ) Non-U.S. tax rate differences 665 116 Non-deductible expenses 4,325 3,094 Change in state tax rates 99 802 Other 1,484 895 Income tax expense $ 4,258 $ 4,393 |
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities of the Company, were as follows (in thousands): 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 81,949 $ 128,232 Compensation and benefit related accruals 50,261 50,255 Alternative minimum tax credit carryforwards 7,307 7,450 Accounts receivable 1,004 2,679 Inventory 2,083 2,816 Restructuring accruals 8,158 8,810 Accrued tax and interest 2,015 1,882 Other 6,292 4,022 Valuation allowance (129,159 ) (163,225 ) Total deferred tax assets 29,910 42,921 Deferred tax liabilities: Property, plant and equipment (19,771 ) (27,850 ) Goodwill and other intangible assets (48,744 ) (52,438 ) Other (630 ) (553 ) Total deferred tax liabilities (69,145 ) (80,841 ) Net deferred tax liability $ (39,235 ) $ (37,920 ) The net deferred tax liability included the following (in thousands): 2016 2015 Current deferred tax asset (included in prepaid and other current assets) $ 3,382 $ 4,116 Long-term deferred tax liability (included in other liabilities) (42,617 ) (42,036 ) Total $ (39,235 ) $ (37,920 ) |
Schedule of changes of the unrecognized tax benefits | The Company’s unrecognized tax benefit activity for the years ended 2016 , 2015 and 2014 was as follows (in thousands): Unrecognized tax benefit – As of year end 2014 $ 2,226 Gross decreases – tax positions in prior period — Gross decreases – expiration of applicable statute of limitations — Unrecognized tax benefit – As of year end 2015 2,226 Gross decreases – tax positions in prior period — Gross decreases – expiration of applicable statute of limitations — Unrecognized tax benefit – As of year end 2016 $ 2,226 |
Restructuring and Other Charg38
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 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 year ended 2016 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2017 Plan $ 465 $ — $ — $ — $ — $ — $ 465 2016 Plan 442 802 82 35 — 145 1,506 2015 Plan 13 — — — — — 13 Residual Plans — — — — 54 9 63 Acquisition Integration Plans — 146 276 — — 149 571 Total Envelope 920 948 358 35 54 303 2,618 Print 2017 Plan 660 — — — — — 660 2016 Plan 98 — — — — — 98 2015 Plan (3 ) — — — — 294 291 Residual Plans 1 — — 113 759 61 934 Acquisition Integration Plans — — — 45 — — 45 Total Print 756 — — 158 759 355 2,028 Label 2017 Plan 220 — — — — — 220 2016 Plan 124 — — — — 7 131 2015 Plan 639 — — 162 — 1,319 2,120 Asset Impairments — 2,300 — — — — 2,300 Total Label 983 2,300 — 162 — 1,326 4,771 Corporate 2017 Plan 655 — — — — — 655 2016 Plan 1,889 — — — — 3 1,892 2015 Plan (54 ) — — — — — (54 ) Residual Plans — — — — — 44 44 Total Corporate 2,490 — — — — 47 2,537 Total Restructuring and Other Charges $ 5,149 $ 3,248 $ 358 $ 355 $ 813 $ 2,031 $ 11,954 2015 Activity Restructuring and other charges for the year ended 2015 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2015 Plan $ 150 $ — $ — $ — $ — $ — $ 150 Residual Plans 252 — — (22 ) 174 65 469 Acquisition Integration Plans 45 1,895 33 338 — 570 2,881 Total Envelope 447 1,895 33 316 174 635 3,500 Print 2015 Plan 397 — — — — — 397 Residual Plans 65 181 52 163 4,807 1,188 6,456 Total Print 462 181 52 163 4,807 1,188 6,853 Label 2015 Plan 20 — 139 — — 200 359 Residual Plans 127 — — — — — 127 Total Label 147 — 139 — — 200 486 Corporate 2015 Plan 1,552 — — — — 171 1,723 Residual Plans — — — — — 14 14 Total Corporate 1,552 — — — — 185 1,737 Total Restructuring and Other Charges $ 2,608 $ 2,076 $ 224 $ 479 $ 4,981 $ 2,208 $ 12,576 |
Schedule of activity related to the restructuring liability | A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands): Employee Separation Costs Lease Termination Expenses Pension Building Clean-up, Total 2017 Plan Balance as of the year ended 2015 $ — $ — $ — $ — $ — Accruals, net 2,000 — — — 2,000 Payments — — — — — Balance as of the year ended 2016 $ 2,000 $ — $ — $ — $ 2,000 2016 Plan Balance as of the year ended 2015 $ — $ — $ — $ — $ — Accruals, net 2,553 35 — 237 2,825 Payments (1,709 ) (35 ) — (237 ) (1,981 ) Balance as of the year ended 2016 $ 844 $ — $ — $ — $ 844 2015 Plan Balance as of the year ended 2014 $ — $ — $ — $ — $ — Accruals, net 2,119 — — 510 2,629 Payments (1,843 ) — — (510 ) (2,353 ) Balance as of the year ended 2015 276 — — — 276 Accruals, net 595 162 — 1,613 2,370 Payments (624 ) (162 ) — (1,254 ) (2,040 ) Balance as of the year ended 2016 $ 247 $ — $ — $ 359 $ 606 Residual Plans Balance as of the year ended 2014 $ 1,560 $ 677 $ 18,700 $ — $ 20,937 Accruals, net 444 141 4,981 1,319 6,885 Payments (2,001 ) (407 ) (3,839 ) (1,319 ) (7,566 ) Balance as of the year ended 2015 3 411 19,842 — 20,256 Accruals, net 1 113 813 114 1,041 Payments (4 ) (524 ) (3,173 ) (114 ) (3,815 ) Balance as of the year ended 2016 $ — $ — $ 17,482 $ — $ 17,482 Acquisition Integration Plans Balance as of the year ended 2014 $ 77 $ 1,136 $ — $ — $ 1,213 Accruals, net 45 338 — 603 986 Payments (122 ) (1,082 ) — (603 ) (1,807 ) Balance as of the year ended 2015 — 392 — — 392 Accruals, net — 45 — 425 470 Payments — (437 ) — (425 ) (862 ) Balance as of the year ended 2016 $ — $ — $ — $ — $ — Total Restructuring Liability $ 3,091 $ — $ 17,482 $ 359 $ 20,932 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock options outstanding | Stock Options A summary of the Company’s outstanding stock options as of and for the years ended 2016 and 2015 is as follows: Options Weighted Weighted Aggregate (1) (in thousands) Outstanding as of the year ended 2014 208,813 $ 41.44 1.4 $ 29 Granted 85,687 19.04 Exercised — — $ — Forfeited/expired (104,250 ) 35.12 Outstanding as of the year ended 2015 190,250 $ 34.56 3.0 $ — Granted — — Exercised — — $ — Forfeited/expired (60,885 ) 52.09 Outstanding as of the year ended 2016 129,365 $ 26.31 2.9 $ — Exercisable as of the year ended 2016 69,684 $ 32.71 1.7 $ — __________________________ (1) Intrinsic value for purposes of this table represents the amount by which the fair value of the underlying stock, based on the respective market prices as of the years ended 2016 , 2015 and 2014 , or, if exercised, the exercise dates, exceeds the exercise prices of the respective options. |
Schedule of stock option fair value assumptions | The weighted average grant date fair value of stock options granted during the year ended 2015 , were at exercise prices equal to the market price of the stock on the grant dates, as calculated under the Black-Scholes model with the weighted average assumptions as follows: 2015 Weighted average fair value of option grants during the year $ 6.88 Assumptions: Expected option life in years 4.25 Risk-free interest rate 1.24 % Expected volatility 43.0 % Expected dividend yield 0.0 % |
Schedule of nonvested restricted share unit activity | RSUs A summary of the Company’s non-vested RSUs as of and for the years ended 2016 and 2015 is as follows: RSUs Weighted Average Unvested as of the year ended 2014 64,108 $ 25.76 Granted 86,994 19.04 Vested (40,858 ) 31.36 Forfeited (5,157 ) 18.00 Unvested as of the year ended 2015 105,087 $ 18.43 Granted 20,961 9.66 Vested (43,084 ) 18.29 Forfeited — — Unvested as of the year ended 2016 82,964 $ 16.28 |
Schedule of nonvested performance share unit activity | PSUs A summary of the Company's non-vested PSUs as of and for the years ended 2016 and 2015 is as follows: PSUs Weighted Average Unvested as of the year ended 2014 — $ — Granted 73,750 19.04 Vested — — Forfeited (3,125 ) 19.04 Unvested as of the year ended 2015 70,625 $ 19.04 Granted — — Vested (70,625 ) 19.04 Forfeited — — Unvested as of the year ended 2016 — $ — |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of changes in projected benefit obligations | The following tables provide a reconciliation of the changes in the Company’s pension, SERP and OPEB plans' benefit obligations and fair value of assets for 2016 and 2015 , a statement of the funded status as of the years ended 2016 and 2015 , respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2016 and 2015 (in thousands). Pensions SERPs OPEBs 2016 2015 2016 2015 2016 2015 Benefit obligation at beginning of year $ 345,901 $ 365,326 $ 16,998 $ 18,508 $ 1,504 $ 1,789 Plan changes — — 1,822 — — — Service cost — — — — 2 2 Interest cost 13,495 13,341 640 656 58 63 Actuarial loss (gain) 304 (14,715 ) (531 ) (94 ) 60 (274 ) Benefits paid (19,152 ) (18,051 ) (1,908 ) (2,072 ) (68 ) (76 ) Benefit obligation at end of year $ 340,548 $ 345,901 $ 17,021 $ 16,998 $ 1,556 $ 1,504 |
Schedule of changes in fair value of plan assets | The following table provides a reconciliation of the Company’s fair value of plan assets: Pensions SERPs OPEBs 2016 2015 2016 2015 2016 2015 Fair value of plan assets at beginning of year $ 247,519 $ 267,635 $ — $ — $ — $ — Actual return on plan assets 9,965 (6,610 ) — — — — Employer contributions 11 4,545 1,908 2,072 68 76 Benefits paid (19,152 ) (18,051 ) (1,908 ) (2,072 ) (68 ) (76 ) Fair value of plan assets at end of year $ 238,343 $ 247,519 $ — $ — $ — $ — |
Schedule of net funded status | The following table shows the funded status at the end of the year: Pensions SERPs OPEBs 2016 2015 2016 2015 2016 2015 Funded status at end of year $ (102,205 ) $ (98,382 ) $ (17,021 ) $ (16,998 ) $ (1,556 ) $ (1,504 ) |
Schedule of net periodic benefit cost recognized in accumulated other comprehensive loss | The following table shows amounts recognized in AOCI: Pensions SERPs OPEBs 2016 2015 2016 2015 2016 2015 Net actuarial loss (gain) $ 119,450 $ 119,712 $ 4,567 $ 5,438 $ (899 ) $ (1,045 ) Prior service cost — — — — 40 44 Total $ 119,450 $ 119,712 $ 4,567 $ 5,438 $ (859 ) $ (1,001 ) |
Schedule of amounts recognized in the balance sheet | The following table shows amounts recognized in the consolidated balance sheets: Pensions SERPs OPEBs 2016 2015 2016 2015 2016 2015 Other current liabilities $ — $ — $ 2,038 $ 1,967 $ 148 $ 130 Other liabilities 102,205 98,382 14,983 15,031 1,408 1,374 Total liabilities $ 102,205 $ 98,382 $ 17,021 $ 16,998 $ 1,556 $ 1,504 |
Schedule of net benefit costs | The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2016 and 2015 (in thousands): For The Years Ended 2016 2015 Service cost $ 2 $ 2 Interest cost 14,196 14,061 Expected return on plan assets (19,101 ) (20,976 ) Net amortization and deferral — — Recognized net actuarial loss 9,956 8,877 Net periodic expense $ 5,053 $ 1,964 |
Schedule of assumptions used in computing net periodic cost and funded status | The assumptions used were as follows: 2016 2015 Discount rate used to calculate net periodic benefit expense 4.00 % 3.75 % Discount rate used to calculate projected benefit obligation 3.75 % 4.00 % Expected long-term rate of return on plan assets 8.00 % 8.00 % Rate of compensation increase n/a n/a |
Schedule of benefit obligations in excess of fair value of plan assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands): 2016 2015 Projected benefit obligation $ 357,569 $ 362,899 Accumulated benefit obligation 357,569 362,899 Fair value of plan assets 238,343 247,519 |
Schedule of expected benefit payments | The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2017 through 2021 , and in the aggregate for the years 2022 through 2026, are as follows (in thousands): Pension SERP OPEB 2017 $ 18,453 $ 2,076 $ 150 2018 18,743 1,897 145 2019 19,078 1,817 139 2020 19,365 1,733 133 2021 19,650 1,646 127 2022 through 2026 101,161 6,721 540 |
Schedule of allocation of plan assets | The fair values of the Company’s pension plan assets as of the years ended 2016 and 2015 , by asset category are as follows (in thousands): 2016 2015 Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ 7,624 $ — $ 7,624 $ 12,306 $ — $ 12,306 Equity 123,352 — 123,352 120,953 — 120,953 Fixed income 15,908 46,280 62,188 12,497 49,993 62,490 Other — 1,369 1,369 — 1,489 1,489 Total of Level 1 and Level 2 assets $ 146,884 $ 47,649 $ 194,533 $ 145,756 $ 51,482 $ 197,238 Investments at Net Asset Value (1) Alternative investments 43,810 50,281 Total net assets $ 238,343 $ 247,519 The range of asset allocations and the target allocations for the pension plan assets were as follows: 2016 2015 Target Equity securities 52 % 61 % 49 % 62 % 60 % 75 % Fixed income securities 26 % 34 % 29 % 33 % 25 % 35 % Alternative investments and other 5 % 22 % 5 % 22 % 10 % 30 % |
Schedule of multiemployer plans | The Company's participation in these plans for the years ended 2016 and 2015 is outlined in the table below: Pension Fund EIN Pension Plan Number Pension Protection Act Reported Status (1) FIP/RP Status (2) Contributions Surcharge imposed Expiration Date of Collective Bargaining Agreement 2016 2015 2016 2015 (in thousands) GCC/IBT National Pension Fund 526118568 001 Red Red Implemented $ 183 $ 219 No 6/30/2019 GCC/IBT National Pension Fund 526118568 001 Red Red Implemented 177 177 No 2/26/2017 CWA/ITU Negotiated Pension Plan 136212879 001 Red Red Implemented 228 158 No 3/1/2018 Total contributions $ 588 $ 554 __________________________ (1) The most recent Pension Protection Act ("PPA") zone status available in 2016 and 2015 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. (2) The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments | As of the year ended 2016 , future minimum annual lease payments by year and, in the aggregate, under non-cancelable operating lease agreements with original terms of one year or more consisted of the following (in thousands): 2017 $ 21,929 2018 19,391 2019 14,937 2020 11,870 2021 7,306 Thereafter 15,392 Total $ 90,825 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of changes in AOCI components | The following table presents the changes in the balances of each component of AOCI, net of tax (in thousands): Foreign Currency Translation Pension and Other Postretirement Benefits Total Balance as of the year ended 2014 $ (2,905 ) $ (95,292 ) $ (98,197 ) Other comprehensive loss before reclassifications (4,295 ) (12,315 ) (16,610 ) Amounts reclassified from AOCI — 8,877 8,877 Other comprehensive loss (4,295 ) (3,438 ) (7,733 ) Balance as of the year ended 2015 (7,200 ) (98,730 ) (105,930 ) Other comprehensive loss before reclassifications (393 ) (9,200 ) (9,593 ) Amounts reclassified from AOCI 2,338 9,956 12,294 Other comprehensive loss 1,945 756 2,701 Balance as of the year ended 2016 $ (5,255 ) $ (97,974 ) $ (103,229 ) |
Schedule of reclassifications from accumulated other comprehensive income | Reclassifications from AOCI AOCI Components Amounts Reclassified from AOCI (in thousands) Income Statement Line Item 2016 2015 Changes in Foreign Currency Translations Loss on foreign exchange $ 2,338 $ — Loss from discontinued operations, net of taxes Changes in pension and other employee benefit accounts Net actuarial losses (1) 9,956 8,877 Cost of sales 12,294 8,877 Total before tax Taxes — — Income tax expense Total reclassifications for the period $ 12,294 $ 8,877 Net of tax __________________________ (1) Components are included in the computation of net periodic benefit cost as presented in Note 13. |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted income (loss) per share | The following table sets forth the computation of basic and diluted (loss) income per share for the periods ended (in thousands, except per share data): For The Years Ended 2016 2015 Numerator for basic and diluted loss per share: Income (loss) from continuing operations $ 70,846 $ (19,461 ) Loss from discontinued operations, net of taxes (2,897 ) (11,390 ) Net income (loss) $ 67,949 $ (30,851 ) Numerator for diluted income (loss) per share: Income (loss) from continuing operations - as reported $ 70,846 $ (19,461 ) Interest expense on 7% Notes, net of taxes 1,572 — Income (loss) from continuing operations - after assumed conversions of dilutive shares 72,418 (19,461 ) Loss from discontinued operations, net of taxes (2,897 ) (11,390 ) Net income (loss) for diluted loss per share - after assumed conversions of dilutive shares $ 69,521 $ (30,851 ) Denominator for weighted average common shares outstanding: Basic shares 8,527 8,479 Dilutive effect of 7% Notes 965 — Dilutive effect of Equity Awards — — Dilutive effect of Warrants — — Diluted shares 9,492 8,479 Income (loss) per share – basic: Continuing operations $ 8.31 $ (2.30 ) Discontinued operations (0.34 ) (1.34 ) Net income (loss) $ 7.97 $ (3.64 ) Income (loss) per share – diluted: Continuing operations $ 7.63 $ (2.30 ) Discontinued operations (0.31 ) (1.34 ) Net income (loss) $ 7.32 $ (3.64 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment information | The following tables present certain segment information (in thousands): For The Years Ended 2016 2015 Net sales: Envelope $ 865,160 $ 908,718 Print 493,464 510,974 Label 301,377 322,087 Total $ 1,660,001 $ 1,741,779 Operating income (loss): Envelope $ 60,684 $ 66,424 Print 17,613 15,122 Label 30,549 39,533 Corporate (32,814 ) (37,286 ) Total $ 76,032 $ 83,793 Restructuring and other charges: Envelope $ 2,618 $ 3,500 Print 2,028 6,853 Label 4,771 486 Corporate 2,537 1,737 Total $ 11,954 $ 12,576 Depreciation and intangible asset amortization: Envelope $ 18,982 $ 20,318 Print 18,010 17,424 Label 6,988 8,584 Corporate 3,220 3,363 Total $ 47,200 $ 49,689 Capital expenditures: Envelope $ 13,130 $ 7,480 Print 10,984 9,240 Label 11,172 3,678 Corporate 5,851 5,530 Total $ 41,137 $ 25,928 Intercompany sales: Envelope $ 6,589 $ 6,357 Print 19,983 17,627 Label 2,833 4,297 Total $ 29,405 $ 28,281 2016 2015 Total assets: Envelope $ 403,157 $ 445,443 Print 256,888 266,074 Label 216,627 223,534 Corporate 36,287 35,558 Assets of discontinued operations — 111,417 Total $ 912,959 $ 1,082,026 Geographic information is as follows as of and for the years ended (in thousands): 2016 2015 Net sales: U.S. $ 1,654,996 $ 1,735,921 Foreign 5,005 5,858 Total $ 1,660,001 $ 1,741,779 2016 2015 Long-lived assets (property, plant and equipment, goodwill and intangible assets): U.S. $ 501,685 $ 510,205 Foreign 6,034 6,161 Total $ 507,719 $ 516,366 |
Condensed Consolidating Finan45
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of condensed consolidating balance sheet | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 4,678 $ — $ 854 $ — $ 5,532 Accounts receivable, net — 131,770 102,417 — — 234,187 Inventories, net — 62,179 39,771 — — 101,950 Intercompany receivable — — 1,783,858 — (1,783,858 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 35,659 4,789 1,128 — 41,576 Total current assets — 271,224 1,934,080 1,982 (1,824,041 ) 383,245 Investment in subsidiaries (589,157 ) 2,112,403 4,173 7,829 (1,535,248 ) — Property, plant and equipment, net — 108,395 98,255 1,029 — 207,679 Goodwill — 49,170 121,181 4,858 — 175,209 Other intangible assets, net — 9,770 114,914 147 — 124,831 Other assets, net — 18,317 3,100 1,694 (1,116 ) 21,995 Total assets $ (589,157 ) $ 2,569,279 $ 2,275,703 $ 17,539 $ (3,360,405 ) $ 912,959 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 30,709 $ 1,018 $ — $ — $ 31,727 Accounts payable — 114,533 61,098 265 — 175,896 Accrued compensation and related liabilities — 19,245 4,699 740 — 24,684 Other current liabilities — 70,118 11,962 819 — 82,899 Intercompany payable — 1,783,390 — 468 (1,783,858 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 2,017,995 115,715 5,537 (1,824,041 ) 315,206 Long-term debt — 984,833 2,106 — — 986,939 Other liabilities — 155,608 45,479 — (1,116 ) 199,971 Shareholders’ (deficit) equity (589,157 ) (589,157 ) 2,112,403 12,002 (1,535,248 ) (589,157 ) Total liabilities and shareholders’ (deficit) equity $ (589,157 ) $ 2,569,279 $ 2,275,703 $ 17,539 $ (3,360,405 ) $ 912,959 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 operations and comprehensive income | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 882,195 $ 775,915 $ 1,891 $ — $ 1,660,001 Cost of sales — 779,574 607,172 — — 1,386,746 Selling, general and administrative expenses — 110,870 67,907 748 — 179,525 Amortization of intangible assets — 608 4,692 444 — 5,744 Restructuring and other charges — 10,469 1,485 — — 11,954 Operating (loss) income — (19,326 ) 94,659 699 — 76,032 Interest expense, net — 85,537 216 — — 85,753 Intercompany interest (income) expense — (1,008 ) 1,008 — — — Gain on early extinguishment of debt, net — (82,481 ) — — — (82,481 ) Other income, net — (490 ) (1,737 ) (117 ) — (2,344 ) (Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries — (20,884 ) 95,172 816 — 75,104 Income tax expense — 2,688 619 951 — 4,258 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (23,572 ) 94,553 (135 ) — 70,846 Equity in income (loss) of subsidiaries 67,949 95,485 (146 ) — (163,288 ) — Income (loss) from continuing operations 67,949 71,913 94,407 (135 ) (163,288 ) 70,846 (Loss) income from discontinued operations, net of taxes — (3,964 ) 1,078 (11 ) — (2,897 ) Net income (loss) 67,949 67,949 95,485 (146 ) (163,288 ) 67,949 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 2,701 2,290 (172 ) — (4,819 ) — Changes in pension and other employee benefit accounts, net of taxes — 411 345 — — 756 Currency translation adjustment, net — — 2,117 (172 ) — 1,945 Total other comprehensive income (loss) 2,701 2,701 2,290 (172 ) (4,819 ) 2,701 Comprehensive income (loss) $ 70,650 $ 70,650 $ 97,775 $ (318 ) $ (168,107 ) $ 70,650 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2015 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 898,529 $ 839,500 $ 3,750 $ — $ 1,741,779 Cost of sales — 775,386 674,759 731 — 1,450,876 Selling, general and administrative expenses — 119,149 66,882 718 — 186,749 Amortization of intangible assets — 743 6,574 468 — 7,785 Restructuring and other charges — 10,751 1,825 — — 12,576 Operating (loss) income — (7,500 ) 89,460 1,833 — 83,793 Interest expense, net — 100,592 213 — — 100,805 Intercompany interest (income) expense — (998 ) 998 — — — Loss on early extinguishment of debt, net — 1,252 — — — 1,252 Other income, net — (2,658 ) (258 ) (280 ) — (3,196 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (105,688 ) 88,507 2,113 — (15,068 ) Income tax expense (benefit) — 5,425 (1,893 ) 861 — 4,393 (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (111,113 ) 90,400 1,252 — (19,461 ) Equity in (loss) income of subsidiaries (30,851 ) 74,968 1,644 — (45,761 ) — (Loss) income from continuing operations (30,851 ) (36,145 ) 92,044 1,252 (45,761 ) (19,461 ) Income (loss) from discontinued operations, net of taxes — 5,294 (17,076 ) 392 — (11,390 ) Net (loss) income (30,851 ) (30,851 ) 74,968 1,644 (45,761 ) (30,851 ) Other comprehensive (loss) income: Other comprehensive (loss) income of subsidiaries (7,733 ) (4,240 ) (760 ) — 12,733 — Changes in pension and other employee benefit accounts, net of taxes — (3,493 ) 55 — — (3,438 ) Currency translation adjustment, net — — (3,535 ) (760 ) — (4,295 ) Total other comprehensive (loss) income (7,733 ) (7,733 ) (4,240 ) (760 ) 12,733 (7,733 ) Comprehensive (loss) income $ (38,584 ) $ (38,584 ) $ 70,728 $ 884 $ (33,028 ) $ (38,584 ) |
Schedule of condensed consolidating statement of cash flows | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 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 $ 1,468 $ (93,513 ) $ 142,605 $ (1,177 ) $ — $ 49,383 Net cash used in operating activities of discontinued operations — — (10,074 ) (438 ) — (10,512 ) Net cash provided by (used in) operating activities 1,468 (93,513 ) 132,531 (1,615 ) — 38,871 Cash flows from investing activities: Capital expenditures — (19,281 ) (21,120 ) (736 ) — (41,137 ) Proceeds from sale of property, plant and equipment — 8,189 141 — — 8,330 Proceeds from sale of assets — — 2,000 — — 2,000 Net cash used in investing activities of continuing operations — (11,092 ) (18,979 ) (736 ) — (30,807 ) Net cash provided by investing activities of discontinued operations — — 89,379 6,487 — 95,866 Net cash (used in) provided by investing activities — (11,092 ) 70,400 5,751 — 65,059 Cash flows from financing activities: Proceeds from issuance of 4% senior secured notes due 2021 — 50,000 — — — 50,000 Payment of financing related costs and expenses and debt issuance discounts — (11,576 ) — — — (11,576 ) Repayments of other long-term debt — (5,381 ) (197 ) — — (5,578 ) Repayment of 11.5% senior notes due 2017 — (24,725 ) — — — (24,725 ) Repayment of 7% senior exchangeable notes due 2017 — (45,903 ) — — — (45,903 ) Repayment of 8.500% junior secured priority notes due 2022 — (4,550 ) — — — (4,550 ) Purchase and retirement of common stock upon vesting of RSUs (346 ) — — — — (346 ) Borrowings under ABL Facility due 2021 — 474,300 — — — 474,300 Repayments under ABL Facility due 2021 — (540,800 ) — — — (540,800 ) Intercompany advances (1,122 ) 212,360 (203,366 ) (7,872 ) — — Net cash (used in) provided by financing activities of continuing operations (1,468 ) 103,725 (203,563 ) (7,872 ) — (109,178 ) Net cash used in financing activities of discontinued operations — — (8 ) — — (8 ) Net cash (used in) provided by financing activities (1,468 ) 103,725 (203,571 ) (7,872 ) — (109,186 ) Effect of exchange rate changes on cash and cash equivalents — — 316 (84 ) — 232 Net decrease in cash and cash equivalents — (880 ) (324 ) (3,820 ) — (5,024 ) Cash and cash equivalents at beginning of period — 5,558 324 4,674 — 10,556 Cash and cash equivalents at end of period $ — $ 4,678 $ — $ 854 $ — $ 5,532 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2015 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 1,636 $ (110,318 ) $ 122,254 $ 2,654 $ — $ 16,226 Net cash provided by operating activities of discontinued operations — — 15,230 738 — 15,968 Net cash provided by (used in) operating activities 1,636 (110,318 ) 137,484 3,392 — 32,194 Cash flows from investing activities: Cost of business acquisitions, net of cash acquired — (1,996 ) — — — (1,996 ) Capital expenditures — (18,448 ) (6,921 ) (559 ) — (25,928 ) Proceeds from sale of property, plant and equipment — 7,673 885 — — 8,558 Proceeds from sale of assets — — 2,180 — — 2,180 Net cash used in investing activities of continuing operations — (12,771 ) (3,856 ) (559 ) — (17,186 ) Net cash used in investing activities of discontinued operations — — (2,282 ) — — (2,282 ) Net cash used in investing activities — (12,771 ) (6,138 ) (559 ) — (19,468 ) Cash flows from financing activities: Payment of financing related costs and expenses and debt issuance discounts — (1,596 ) — — — (1,596 ) Proceeds from issuance of other long-term debt — 12,500 — — — 12,500 Repayments of other long-term debt — (17,721 ) 1,176 — — (16,545 ) Repayment of 11.5% senior notes due 2017 — (22,720 ) — — — (22,720 ) Purchase and retirement of common stock upon vesting of RSUs (216 ) — — — — (216 ) Borrowings under ABL Facility due 2021 — 468,300 — — — 468,300 Repayments under ABL Facility due 2021 — (454,800 ) — — — (454,800 ) Intercompany advances (1,420 ) 133,719 (130,879 ) (1,420 ) — — Net cash (used in) provided by financing activities of continuing operations (1,636 ) 117,682 (129,703 ) (1,420 ) — (15,077 ) Net cash used in financing activities of discontinued operations — — (473 ) — — (473 ) Net cash (used in) provided by financing activities (1,636 ) 117,682 (130,176 ) (1,420 ) — (15,550 ) Effect of exchange rate changes on cash and cash equivalents — — (1,690 ) 477 — (1,213 ) Net (decrease) increase in cash and cash equivalents — (5,407 ) (520 ) 1,890 — (4,037 ) Cash and cash equivalents at beginning of period — 10,965 844 2,784 — 14,593 Cash and cash equivalents at end of period — 5,558 324 4,674 — 10,556 Less cash and cash equivalents of discontinued operations — — (89 ) (2,682 ) — (2,771 ) Cash and cash equivalents of continuing operations at end of period $ — $ 5,558 $ 235 $ 1,992 $ — $ 7,785 |
Selected Quarterly Financial 46
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | The following table sets forth certain quarterly financial data for the periods indicated (in thousands, except per share amounts): First Second Third Fourth Fiscal Year 2016 Net sales: Envelope $ 229,260 $ 212,277 $ 212,578 $ 211,045 Print 124,487 114,653 121,739 132,585 Label 79,014 77,111 71,638 73,614 Total $ 432,761 $ 404,041 $ 405,955 $ 417,244 Operating income (loss): Envelope $ 17,559 $ 17,213 $ 16,832 $ 9,080 Print 3,377 1,933 5,446 6,857 Label 4,708 11,901 6,764 7,176 Corporate (8,630 ) (9,477 ) (8,169 ) (6,538 ) Total $ 17,014 $ 21,570 $ 20,873 $ 16,575 Income (loss) from continuing operations (2) 13,020 50,860 8,745 (1,779 ) (Loss) income from discontinued operations, net of taxes (3) (1,817 ) (3,304 ) 686 1,538 Net income (loss) $ 11,203 $ 47,556 $ 9,431 $ (241 ) Net income (loss) per share—basic Continuing operations (1) $ 1.53 $ 5.97 $ 1.02 $ (0.21 ) Discontinued operations (1) (0.21 ) (0.39 ) 0.08 0.18 Net income (loss) (1) $ 1.32 $ 5.58 $ 1.10 $ (0.03 ) Net income (loss) per share—diluted Continuing operations (1) $ 1.37 $ 5.15 $ 1.00 $ (0.21 ) Discontinued operations (1) (0.17 ) (0.33 ) 0.08 0.18 Net income (loss) (1) $ 1.20 $ 4.82 $ 1.08 $ (0.03 ) First Second Third Fourth Fiscal Year 2015 Net sales: Envelope $ 227,410 $ 218,139 $ 218,454 $ 244,715 Print 122,100 114,545 123,875 150,454 Label 80,167 80,675 77,454 83,791 Total $ 429,677 $ 413,359 $ 419,783 $ 478,960 Operating income (loss): Envelope $ 14,840 $ 16,711 $ 17,746 $ 17,127 Print 1,679 2,987 1,541 8,915 Label 9,704 11,150 10,146 8,533 Corporate (8,423 ) (9,193 ) (9,917 ) (9,753 ) Total $ 17,800 $ 21,655 $ 19,516 $ 24,822 Loss from continuing operations (8,179 ) (3,355 ) (3,562 ) (4,365 ) Income (loss) from discontinued operations, net of taxes (3) 500 950 319 (13,159 ) Net loss $ (7,679 ) $ (2,405 ) $ (3,243 ) $ (17,524 ) Net (loss) income per share—basic Continuing operations (1) $ (0.97 ) $ (0.39 ) $ (0.42 ) $ (0.51 ) Discontinued operations (1) 0.06 0.11 0.04 (1.56 ) Net loss (1) $ (0.91 ) $ (0.28 ) $ (0.38 ) $ (2.07 ) Net (loss) income per share—diluted Continuing operations (1) $ (0.97 ) $ (0.39 ) $ (0.42 ) $ (0.51 ) Discontinued operations (1) 0.06 0.11 0.04 (1.56 ) Net loss (1) $ (0.91 ) $ (0.28 ) $ (0.38 ) $ (2.07 ) __________________________ (1) The quarterly earnings per share information is computed separately for each period. Therefore, the sum of such quarterly per share amounts may differ from the total year. (2) During the year ended 2016, the Company completed several transactions which resulted in a net gain on early extinguishment of debt. See further detail in Note 8. (3) In connection with the sale of the Packaging Business, the Company recorded a gain on sale of $1.4 million for the year ended 2016 and a loss on sale of $5.0 million for the year ended 2015. Additionally, the Company recorded a non-cash goodwill impairment charge of $9.9 million related to this transaction for the year ended 2015. |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | Jul. 13, 2016shares | Dec. 31, 2016USD ($)shares | Jan. 02, 2016USD ($)shares | Jul. 12, 2016shares | Jan. 30, 2015USD ($) | Dec. 11, 2013USD ($) |
Reverse Stock Split [Abstract] | ||||||
Shares outstanding pre-split (shares) | shares | 68,500,000 | |||||
Shares outstanding (shares) | shares | 8,500,000 | 8,553,000 | 8,484,000 | |||
Shares authorized pre-split (shares) | shares | 120,000,000 | 100,000,000 | ||||
Shares authorized (shares) | shares | 15,000,000 | 15,000,000 | 12,500,000 | |||
Reverse stock split ratio | 0.125 | |||||
Interest and Debt Expense [Abstract] | ||||||
Unamortized debt issuance costs | $ 18.1 | $ 16.5 | ||||
Amortization of debt issuance costs | 9 | 10.1 | ||||
Workers' Compensation Discount [Abstract] | ||||||
Workers' compensation liability, undiscounted | 12.1 | 12.3 | ||||
Workers' compensation liability | $ 11.2 | $ 11.4 | ||||
Workers' compensation discount rate (percent) | 2.00% | 2.00% | ||||
Insurance Loss Reserves [Abstract] | ||||||
Self insurance reserve | $ 3.2 | $ 3.2 | ||||
Advertising Costs [Abstract] | ||||||
Advertising costs | 3.7 | 3.2 | ||||
Deferred Tax Assets [Abstract] | ||||||
Current deferred tax asset | $ 3.4 | |||||
Building and building improvements [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 15 years | |||||
Building and building improvements [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 45 years | |||||
Machinery and equipment [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 10 years | |||||
Machinery and equipment [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 15 years | |||||
Furniture and fixtures [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 3 years | |||||
Furniture and fixtures [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 10 years | |||||
Software and software development costs [Member] | ||||||
Computer Software [Abstract] | ||||||
Net capitalized computer software | $ 20.7 | 16.6 | ||||
Software and software development costs [Member] | Minimum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 3 years | |||||
Software and software development costs [Member] | Maximum [Member] | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property, plant and equipment, useful life (years) | 7 years | |||||
ABL Facility due 2021 [Member] | Asset based lending facility [Member] | ||||||
Interest and Debt Expense [Abstract] | ||||||
Unamortized debt issuance costs | $ 3.6 | $ 2.4 | $ 1.3 | $ 0.3 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Accounts Receivable) (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at beginning of year | $ 5,872 | $ 4,632 |
Charged to expense | 1,415 | 2,567 |
Write-offs, recoveries and other, net | (5,152) | (1,327) |
Balance at end of year | $ 2,135 | $ 5,872 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Aug. 07, 2015USD ($)employee | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||
Acquisition related costs | $ 0 | |
Asendia [Member] | ||
Business Acquisition [Line Items] | ||
Number of employees (employee) | employee | 40 | |
Acquisition purchase price | $ 2,000 | |
Other intangible assets acquired | $ 133 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation of Asendia) (Details) - Asendia [Member] $ in Thousands | Aug. 07, 2015USD ($) |
Business Acquisition [Line Items] | |
Accounts receivable, net | $ 145 |
Inventories | 46 |
Prepaid and other current assets | 10 |
Property, plant and equipment | 1,662 |
Other intangible assets | 133 |
Total assets acquired | $ 1,996 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | Jan. 19, 2016 | Jan. 02, 2016 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 31, 2016 |
Discontinued Operations [Line Items] | |||||
(Loss) gain on sale of discontinued operations before income taxes | $ 1,405 | $ (4,987) | |||
Impairment of goodwill | 0 | $ 9,857 | |||
Packaging Business [Member] | |||||
Discontinued Operations [Line Items] | |||||
Proceeds from sale of discontinued operations | $ 89,600 | ||||
Sale of discontinued operations, transaction costs | $ 6,300 | ||||
(Loss) gain on sale of discontinued operations before income taxes | $ (4,987) | $ 1,400 | $ (3,600) | ||
Impairment of goodwill | $ 9,900 |
Discontinued Operations (Compon
Discontinued Operations (Components of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | 0 | 4,351 |
Liabilities of discontinued operations - current | 0 | 22,268 |
Long-term debt and other liabilities | 0 | 1,153 |
Liabilities of discontinued operations - long-term | 0 | 1,153 |
Net assets of discontinued operations | $ 0 | $ 87,996 |
Discontinued Operations (Statem
Discontinued Operations (Statement of Operations Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Net sales | $ 6,637 | $ 178,850 | ||||||||
Cost of sales | 6,625 | 154,570 | ||||||||
Selling, general and administrative expenses | 2,242 | 20,630 | ||||||||
Amortization of intangible assets | 0 | 2,062 | ||||||||
Restructuring and other charges | 0 | 390 | ||||||||
Impairment of goodwill | 0 | 9,857 | ||||||||
Interest expense, net | 7 | 117 | ||||||||
Other expense (income), net | 729 | (954) | ||||||||
Loss from discontinued operations | (2,966) | (7,822) | ||||||||
Gain (loss) on sale of discontinued operations | 1,405 | (4,987) | ||||||||
Loss from discontinued operations | (1,561) | (12,809) | ||||||||
Income tax expense (benefit) on discontinued operations | 1,336 | (1,419) | ||||||||
Loss from discontinued operations, net of taxes | $ 1,538 | $ 686 | $ (3,304) | $ (1,817) | $ (13,159) | $ 319 | $ 950 | $ 500 | $ (2,897) | $ (11,390) |
Discontinued operations per share - basic | $ 0.18 | $ 0.08 | $ (0.39) | $ (0.21) | $ (1.56) | $ 0.04 | $ 0.11 | $ 0.06 | $ (0.34) | $ (1.34) |
Discontinued operations per share - diluted | $ 0.18 | $ 0.08 | $ (0.33) | $ (0.17) | $ (1.56) | $ 0.04 | $ 0.11 | $ 0.06 | $ (0.31) | $ (1.34) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 32,696 | $ 40,938 |
Work in process | 12,186 | 14,696 |
Finished goods | 57,068 | 65,981 |
Inventories, net | $ 101,950 | $ 121,615 |
Property, Plant and Equipment55
Property, Plant and Equipment (Schedule of Property, Plant, and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 657,840 | $ 636,191 |
Accumulated depreciation | (450,161) | (425,613) |
Property, plant and equipment, net | 207,679 | 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 | 82,440 | 82,206 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 546,425 | 525,914 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,553 | 8,696 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,885 | $ 10,181 |
Property, Plant and Equipment56
Property, Plant and Equipment (Narrative) (Details) $ in Millions | 3 Months Ended | |
Jul. 02, 2016USD ($)facility | Jan. 02, 2016USD ($)facility | |
Envelope [Member] | Land, buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of manufacturing facilities sold (facility) | facility | 1 | |
Sale leaseback transaction, net proceeds | $ 7.9 | |
Sale leaseback, lease period (years) | 5 years | |
Sale leaseback transaction, gain recognized | $ 2.1 | |
Sale leaseback, deferred gain | $ 2.8 | |
Print [Member] | Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of manufacturing facilities sold (facility) | facility | 1 | |
Sale leaseback transaction, net proceeds | $ 7.1 | |
Sale leaseback transaction, gain recognized | 3.1 | |
Sale leaseback, deferred gain | $ 0.5 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets (Goodwill by Reportable Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Goodwill [Roll Forward] | ||
Balance as of the year ended | $ 175,338 | $ 175,542 |
Foreign currency translation | (129) | (204) |
Balance as of the year ended | 175,209 | 175,338 |
Envelope [Member] | ||
Goodwill [Roll Forward] | ||
Balance as of the year ended | 23,433 | 23,433 |
Foreign currency translation | 0 | 0 |
Balance as of the year ended | 23,433 | 23,433 |
Print [Member] | ||
Goodwill [Roll Forward] | ||
Balance as of the year ended | 42,628 | 42,832 |
Foreign currency translation | (129) | (204) |
Balance as of the year ended | 42,499 | 42,628 |
Label [Member] | ||
Goodwill [Roll Forward] | ||
Balance as of the year ended | 109,277 | 109,277 |
Foreign currency translation | 0 | 0 |
Balance as of the year ended | $ 109,277 | $ 109,277 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 11 years | |
Gross Carrying Amount | $ 186,778 | $ 186,843 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (73,120) | (67,566) |
Total Net Carrying Amount | 39,931 | 45,550 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 271,678 | 271,743 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (73,120) | (67,566) |
Net Carrying Amount | 124,831 | 130,450 |
Trade names | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 84,900 | 84,900 |
Accumulated Impairment Charges | 0 | 0 |
Net Carrying Amount | $ 84,900 | 84,900 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 7 years | |
Gross Carrying Amount | $ 114,287 | 114,345 |
Accumulated Impairment Charges | (27,234) | (27,234) |
Accumulated Amortization | (60,014) | (55,209) |
Total Net Carrying Amount | $ 27,039 | 31,902 |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 22 years | |
Gross Carrying Amount | $ 64,533 | 64,540 |
Accumulated Impairment Charges | (46,493) | (46,493) |
Accumulated Amortization | (9,138) | (8,649) |
Total Net Carrying Amount | $ 8,902 | 9,398 |
Leashold interests [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 16 years | |
Gross Carrying Amount | $ 4,430 | 4,430 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | (743) | (516) |
Total Net Carrying Amount | $ 3,687 | 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 | (3,225) | (3,192) |
Total Net Carrying Amount | $ 303 | $ 336 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets (Annual Amortization expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 5,269 | |
2,018 | 5,003 | |
2,019 | 4,885 | |
2,020 | 4,885 | |
2,021 | 4,731 | |
Thereafter | 15,158 | |
Total Net Carrying Amount | $ 39,931 | $ 45,550 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Trade names | Level 3 [Member] | Nonrecurring fair value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of intangible assets | $ 0 | $ 0 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Other Liabilities, Current [Abstract] | ||
Accrued interest expense | $ 21,074 | $ 23,644 |
Accrued customer rebates | 21,126 | 20,591 |
Restructuring liabilities | 5,477 | 3,198 |
Other accrued liabilities | 35,222 | 41,381 |
Other current liabilities | $ 82,899 | $ 88,814 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2016 | Jan. 02, 2016 | Jun. 26, 2014 |
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 1,018,666,000 | $ 1,208,623,000 | |
Less current maturities | (31,727,000) | (5,373,000) | |
Long-term debt | 986,939,000 | 1,203,250,000 | |
Asset based lending facility [Member] | ABL Facility due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 81,700,000 | $ 148,200,000 | |
Debt variable interest rate (percent) | 3.40% | 2.80% | |
Secured debt [Member] | 4.0% secured notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 49,813,000 | $ 0 | |
Debt interest rate (percent) | 4.00% | ||
Long-term debt, outstanding principal amount | $ 50,000,000 | 0 | |
Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 234,742,000 | 240,533,000 | |
Debt interest rate (percent) | 8.50% | 8.50% | |
Long-term debt, outstanding principal amount | $ 241,000,000 | 248,000,000 | |
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 530,166,000 | 526,533,000 | |
Debt interest rate (percent) | 6.00% | 6.00% | |
Long-term debt, outstanding principal amount | $ 540,000,000 | 540,000,000 | |
Senior unsecured debt [Member] | 6.000% senior unsecured notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 85,591,000 | 0 | |
Debt interest rate (percent) | 6.00% | ||
Long-term debt, outstanding principal amount | $ 104,500,000 | 0 | |
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 20,371,000 | 195,846,000 | |
Debt interest rate (percent) | 11.50% | ||
Long-term debt, outstanding principal amount | $ 20,500,000 | 199,700,000 | |
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 5,468,000 | 82,430,000 | |
Debt interest rate (percent) | 7.00% | ||
Long-term debt, outstanding principal amount | $ 5,500,000 | 83,300,000 | |
Other debt including capital leases [Member] | Other debt including capital leases [Member] | |||
Debt Instrument [Line Items] | |||
Total debt outstanding | $ 10,815,000 | $ 15,081,000 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Jan. 19, 2016 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 30, 2015 | Jun. 26, 2014 | Dec. 11, 2013 | Apr. 16, 2013 |
Debt Instrument [Line Items] | |||||||
Long-term debt, fair value | $ 881,700,000 | $ 895,700,000 | |||||
Debt, average outstanding amount | $ 1,100,000,000 | $ 1,200,000,000 | |||||
Debt, weighted average interest rate (percent) | 6.80% | 7.20% | |||||
Unamortized debt issuance costs | $ 18,100,000 | $ 16,500,000 | |||||
Long-term debt [Member] | Term loan facility due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 360,000,000 | ||||||
Long-term debt, outstanding principal amount | $ 327,300,000 | ||||||
Senior subordinated notes [Member] | 8.875% senior second lien notes due 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, outstanding principal amount | 400,000,000 | ||||||
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 540,000,000 | ||||||
Long-term debt, outstanding principal amount | 540,000,000 | 540,000,000 | |||||
Unamortized debt issuance costs | 6,500,000 | 14,700,000 | |||||
Debt, unamortized discount | 3,300,000 | 5,900,000 | |||||
Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 250,000,000 | ||||||
Long-term debt, outstanding principal amount | 241,000,000 | 248,000,000 | |||||
Unamortized debt issuance costs | 4,200,000 | 7,100,000 | |||||
Debt, unamortized discount | 2,000,000 | $ 2,800,000 | |||||
Asset based lending facility [Member] | ABL Facility due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance costs | 3,600,000 | $ 2,400,000 | $ 1,300,000 | $ 300,000 | |||
Debt, disposition limitation with exceptions | $ 35,000,000 | ||||||
Packaging Business [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from sale of discontinued operations | $ 89,600,000 |
Long-Term Debt (Exchange Offer)
Long-Term Debt (Exchange Offer) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2016 | Jun. 10, 2016 | Jan. 02, 2016 |
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ 18.1 | $ 16.5 | |
Long-term debt, fair value | 881.7 | 895.7 | |
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, outstanding principal amount | 20.5 | 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 | $ 7.1 | $ 7.4 | |
Long-term debt, fair value | 92 | ||
Debt, unamortized discount | $ 12.5 | ||
Warrants, amount issued (shares) | 11,046,028 | ||
Warrant, number of shares (shares) | 0.125 | ||
Warrant, exercise price (dollar per share) | $ 12 | ||
Warrants, fair value | $ 6.3 | ||
Affiliate noteholders [Member] | Affiliate exchange agreement [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) - USD ($) | Dec. 31, 2016 | Jun. 10, 2016 | Jan. 02, 2016 | Jan. 30, 2015 | Dec. 11, 2013 | Apr. 16, 2013 |
Debt Instrument [Line Items] | ||||||
Unamortized debt issuance costs | $ 18,100,000 | $ 16,500,000 | ||||
Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, borrowing capacity | $ 240,000,000 | $ 200,000,000 | ||||
Unamortized debt issuance costs | $ 3,600,000 | $ 2,400,000 | $ 1,300,000 | $ 300,000 | ||
ABL amendment [Member] | Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||||||
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) - USD ($) | Dec. 31, 2016 | Jun. 10, 2016 | Jan. 02, 2016 |
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ 18,100,000 | $ 16,500,000 | |
Secured debt [Member] | 4.0% secured notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, outstanding principal amount | $ 50,000,000 | $ 0 | |
Secured note purchase agreement [Member] | Secured debt [Member] | 4.0% secured notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, outstanding principal amount | $ 50,000,000 | ||
Unamortized debt issuance costs | $ 100,000 |
Long-Term Debt (7% Note Purchas
Long-Term Debt (7% Note Purchase Agreement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 02, 2016 | Dec. 31, 2016 | Jan. 02, 2016 | May 10, 2016 | |
Debt Instrument [Line Items] | ||||
Repayment of 7% senior exchangeable notes | $ 45,903 | $ 0 | ||
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, outstanding principal amount | 5,500 | $ 83,300 | ||
Debt extinguishment amount | $ 34,500 | 5,700 | ||
Allianz 7% notes purchase agreement [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt extinguishment amount | 37,500 | |||
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 | 37,500 | |||
Repayment of 7% senior exchangeable notes | $ 22,500 | |||
Warrants, amount issued (shares) | 2,239,827 |
Long-Term Debt (6.0% Senior Pri
Long-Term Debt (6.0% Senior Priority Secured Notes) (Details) - Senior notes [Member] - 6.000% senior secured priority notes due 2019 [Member] - USD ($) $ in Millions | Jun. 26, 2014 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 540 | |
Debt interest rate (percent) | 6.00% | 6.00% |
Debt redemption price, change of control (percentage) | 101.00% | |
Period one [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 106.00% | |
Debt redemption price, maximum percentage of principal amount redeemable (percent) | 35.00% | |
Period two [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 100.00% | |
Debt redemption price, minimum make-whole premium (percentage) | 1.00% | |
Period three [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 100.00% |
Long-Term Debt (8.5% Junior Pri
Long-Term Debt (8.5% Junior Priority Secured Notes) (Details) - Junior subordinated debt [Member] - 8.500% junior secured priority notes due 2022 [Member] - USD ($) $ in Millions | Jun. 26, 2014 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 250 | |
Debt interest rate (percent) | 8.50% | 8.50% |
Debt redemption price, maximum percentage of principal amount redeemable (percent) | 35.00% | |
Debt redemption price, change of control (percentage) | 101.00% | |
Period one [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 108.50% | |
Period two [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 106.375% | |
Period three [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 104.25% | |
Period four [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 102.125% | |
Period five [Member] | ||
Debt Instrument [Line Items] | ||
Debt redemption price (percentage) | 100.00% |
Long-Term Debt (ABL Facility) (
Long-Term Debt (ABL Facility) (Details) - USD ($) | Dec. 11, 2013 | Apr. 16, 2013 | Dec. 31, 2016 | Jun. 10, 2016 | Jan. 02, 2016 | Jan. 30, 2015 |
Debt Instrument [Line Items] | ||||||
Unamortized debt issuance costs | $ 18,100,000 | $ 16,500,000 | ||||
Asset based lending facility [Member] | Revolving credit facility due 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, borrowing capacity | $ 170,000,000 | |||||
Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, borrowing capacity | 200,000,000 | $ 240,000,000 | ||||
Unamortized debt issuance costs | $ 300,000 | $ 3,600,000 | $ 2,400,000 | 1,300,000 | ||
Additional borrowing capacity | 30,000,000 | $ 10,000,000 | ||||
Long-term debt [Member] | 2013 Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt issuance costs | $ 7,200,000 | |||||
Long-term debt [Member] | Term loan facility due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | $ 28,200,000 | |||||
Minimum [Member] | Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage (percent) | 0.375% | |||||
Maximum [Member] | Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage (percent) | 0.50% | |||||
LIBOR [Member] | Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt, interest rate, minimum (percent) | 2.00% | |||||
Debt, interest rate, maximum (percent) | 2.50% | |||||
Prime Rate [Member] | Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt, interest rate, minimum (percent) | 1.00% | |||||
Debt, interest rate, maximum (percent) | 1.50% | |||||
ABL amendment [Member] | Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, borrowing capacity | $ 190,000,000 | |||||
Unamortized debt issuance costs | 2,300,000 | |||||
Credit facility, decrease in borrowing capacity | 50,000,000 | |||||
Amount of outstanding senior secured debt triggering a springing maturity | $ 10,000,000 |
Long-Term Debt (Other Debt) (De
Long-Term Debt (Other Debt) (Details) - Other debt including capital leases [Member] - Equipment note [Member] $ in Millions | Sep. 30, 2015USD ($) |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 12.5 |
Debt interest rate (percent) | 8.25% |
Period one [Member] | |
Debt Instrument [Line Items] | |
Debt prepayment fee (percentage) | 3.00% |
Period two [Member] | |
Debt Instrument [Line Items] | |
Debt prepayment fee (percentage) | 2.00% |
Period three [Member] | |
Debt Instrument [Line Items] | |
Debt prepayment fee (percentage) | 1.00% |
Long-Term Debt (11.5% Senior No
Long-Term Debt (11.5% Senior Notes) (Details) - Secured debt [Member] - 11.5% senior notes due 2017 [Member] - USD ($) | Mar. 28, 2012 | Apr. 01, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 225,000,000 | ||
Debt, unamortized discount | $ 8,300,000 | $ 100,000 | |
Debt redemption price, change of control (percentage) | 101.00% | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt redemption price (percentage) | 100.00% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt redemption price (percentage) | 105.75% | ||
Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Principal Amount Called | $ 20,500,000 |
Long-Term Debt (7% Senior Excha
Long-Term Debt (7% Senior Exchangeable Notes) (Details) | Mar. 28, 2012USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Jan. 02, 2016USD ($) |
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ 18,100,000 | $ 16,500,000 | |
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of 7% senior exchangeable notes due 2017 | $ 86,300,000 | ||
Redemption price percentage if a fundamental change occurs (percent) | 100.00% | ||
Debt conversion ratio | 30.1896 | ||
Debt instrument, face amount | $ 1,000 | ||
Debt conversion price (dollars per share) | $ / shares | $ 33.12 | ||
Premium debt converted into shares of company's common stock (percent) | 373.80% | ||
Common stock price per share (dollars per share) | $ / shares | $ 6.99 | ||
Unamortized debt issuance costs | $ 3,000,000 | $ 100,000 | |
Senior notes [Member] | 11.5% senior notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ 6,000,000 | $ 100,000 |
Long-Term Debt (Debt Extinguish
Long-Term Debt (Debt Extinguishment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2016 | Jan. 02, 2016 | |
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | $ 82,481 | $ (1,252) | ||
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | $ 16,500 | (100) | ||
Debt extinguishment amount | 34,500 | 5,700 | ||
Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | 2,300 | |||
Debt extinguishment amount | 7,000 | |||
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | 5,100 | (100) | (600) | |
Debt extinguishment amount | 10,000 | 20,000 | 22,600 | |
Other debt including capital leases [Member] | Equipment note [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | (700) | |||
Debt extinguishment amount | 12,300 | |||
Discount [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | 16,800 | |||
Discount [Member] | Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | 2,500 | |||
Discount [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | 5,300 | |||
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 | (300) | |||
Unamortized Debt Issuance Costs [Member] | Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | (100) | |||
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 | (100) | (200) | ||
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) | |||
Unamortized Debt Issuance Costs [Member] | Other debt including capital leases [Member] | Equipment note [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | (500) | |||
Original Issuance Discount [Member] | Junior subordinated debt [Member] | 8.500% junior secured priority notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | (100) | |||
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 | $ (100) | (200) | ||
Fees Paid to Third Parties [Member] | Other debt including capital leases [Member] | Equipment note [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | (200) | |||
Premiums [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | $ (200) | |||
Allianz 7% notes purchase agreement [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | 12,800 | |||
Debt extinguishment amount | 37,500 | |||
Allianz 7% notes purchase agreement [Member] | Discount [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | 15,000 | |||
Allianz 7% notes purchase agreement [Member] | Warrant [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | (1,300) | |||
Allianz 7% notes purchase agreement [Member] | Transaction Fees [Member] | Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | (600) | |||
Allianz 7% notes purchase agreement [Member] | 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 | $ (300) | |||
Exchange Offer [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) on extinguishment of debt | 46,100 | |||
Exchange Offer [Member] | 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 | |||
Exchange Offer [Member] | 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) | |||
Exchange Offer [Member] | 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) | |||
Exchange Offer [Member] | 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) | |||
Exchange Offer [Member] | 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 | 1,400 | |||
Affiliate exchange agreement [Member] | Affiliate noteholders [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt extinguishment amount | $ 4,200 |
Long-Term Debt (Debt Maturity S
Long-Term Debt (Debt Maturity Schedule) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 31,847 |
2,018 | 3,881 |
2,019 | 540,736 |
2,020 | 205 |
2,021 | 131,796 |
Thereafter | 345,516 |
Long-term Debt | $ 1,053,981 |
Income Taxes (Components of Inc
Income Taxes (Components of Income (Loss) From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Income (Loss) from Continuing Operations before Income Taxes [Abstract] | ||
Domestic | $ 74,288 | $ (17,196) |
Foreign | 816 | 2,128 |
Income (loss) from continuing operations before income taxes | $ 75,104 | $ (15,068) |
Income Taxes (Components of I77
Income Taxes (Components of Income Tax Expense (Benefit) on Income (Loss) from Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Current tax expense: | ||
Federal | $ 0 | $ 0 |
Foreign | 1,230 | 592 |
State | 1,748 | 1,058 |
Current tax expense | 2,978 | 1,650 |
Deferred tax expense: | ||
Federal | 1,165 | 1,109 |
Foreign | (279) | 270 |
State | 394 | 1,364 |
Deferred tax expense | 1,280 | 2,743 |
Income tax expense | $ 4,258 | $ 4,393 |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ||
Expected tax expense (benefit) at federal statutory income tax rate | $ 26,286 | $ (5,274) |
State and local income tax expense (benefit) | 5,917 | (3,295) |
State net operating loss adjustments | 1,273 | 2,259 |
Change in valuation allowance | (35,659) | 5,914 |
Change in contingency reserves | (132) | (118) |
Non-U.S. tax rate differences | 665 | 116 |
Non-deductible expenses | 4,325 | 3,094 |
Change in state tax rates | 99 | 802 |
Other | 1,484 | 895 |
Income tax expense | $ 4,258 | $ 4,393 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 81,949 | $ 128,232 |
Compensation and benefit related accruals | 50,261 | 50,255 |
Alternative minimum tax credit carryforwards | 7,307 | 7,450 |
Accounts receivable | 1,004 | 2,679 |
Inventory | 2,083 | 2,816 |
Restructuring accruals | 8,158 | 8,810 |
Accrued tax and interest | 2,015 | 1,882 |
Other | 6,292 | 4,022 |
Valuation allowance | (129,159) | (163,225) |
Total deferred tax assets | 29,910 | 42,921 |
Deferred tax liabilities: | ||
Property, plant and equipment | (19,771) | (27,850) |
Goodwill and other intangible assets | (48,744) | (52,438) |
Other | (630) | (553) |
Total deferred tax liabilities | (69,145) | (80,841) |
Net deferred tax liability | (39,235) | (37,920) |
Deferred Tax Assets, Net, Classification [Abstract] | ||
Current deferred tax asset | 3,400 | |
Prepaid and Other Current Assets [Member] | ||
Deferred Tax Assets, Net, Classification [Abstract] | ||
Current deferred tax asset | 3,382 | 4,116 |
Other Liabilities [Member] | ||
Deferred Tax Assets, Net, Classification [Abstract] | ||
Long-term deferred tax liability | $ (42,617) | $ (42,036) |
Income Taxes (Changes in Unreco
Income Taxes (Changes in Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Unrecognized tax benefits, beginning balance | $ 2,226 | $ 2,226 |
Gross decreases – tax positions in prior period | 0 | 0 |
Gross decreases – expiration of applicable statute of limitations | 0 | 0 |
Unrecognized tax benefits, ending balance | $ 2,226 | $ 2,226 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 81,949 | $ 128,232 |
Alternative minimum tax credit carryforwards | 7,307 | 7,450 |
Valuation allowance | 129,159 | 163,225 |
Federal taxable income | 112,500 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | ||
Unrecognized tax benefits that would impact effective tax rate | 2,200 | |
Unrecognized tax benefits, interest on income taxes expense | 400 | |
Unrecognized tax benefits, interest on income taxes accrued | 3,200 | |
Income Taxes Paid, Net [Abstract] | ||
Income taxes receivable | 2,000 | $ 300 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 220,000 | |
Federal and State Net Operating Loss Carry Forwards [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | 117,800 | |
State Net Operating Loss [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 11,400 |
Restructuring and Other Charg82
Restructuring and Other Charges (Narrative) (Details) $ in Thousands | Dec. 31, 2016USD ($)facilityrestructuring_plan | Jan. 02, 2016USD ($) | Dec. 27, 2014USD ($) |
Restructuring Cost and Reserve [Line Items] | |||
Number of active restructuring plans (restructuring plan) | restructuring_plan | 3 | ||
Restructuring reserve | $ 20,932 | ||
Restructuring reserve, current | 5,477 | $ 3,198 | |
Restructuring reserve, noncurrent | 15,400 | ||
Acquisition Integration Plans [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | $ 0 | $ 392 | $ 1,213 |
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 Charg83
Restructuring and Other Charges (Restructuring Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Restructuring Charges [Abstract] | ||
Restructuring and other charges | $ 11,954 | $ 12,576 |
Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 5,149 | 2,608 |
Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 3,248 | 2,076 |
Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 358 | 224 |
Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 355 | 479 |
Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 813 | 4,981 |
Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,031 | 2,208 |
Envelope [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,618 | 3,500 |
Envelope [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 920 | 447 |
Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 948 | 1,895 |
Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 358 | 33 |
Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 35 | 316 |
Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 54 | 174 |
Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 303 | 635 |
Print [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,028 | 6,853 |
Print [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 756 | 462 |
Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 181 |
Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 52 |
Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 158 | 163 |
Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 759 | 4,807 |
Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 355 | 1,188 |
Label [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 4,771 | 486 |
Label [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 983 | 147 |
Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,300 | 0 |
Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 139 |
Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 162 | 0 |
Label [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 1,326 | 200 |
Corporate [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,537 | 1,737 |
Corporate [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,490 | 1,552 |
Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 47 | 185 |
2017 Plan [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,000 | |
2017 Plan [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,000 | |
2017 Plan [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Envelope [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 465 | |
2017 Plan [Member] | Envelope [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 465 | |
2017 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Print [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 660 | |
2017 Plan [Member] | Print [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 660 | |
2017 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Label [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 220 | |
2017 Plan [Member] | Label [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 220 | |
2017 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Label [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Corporate [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 655 | |
2017 Plan [Member] | Corporate [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 655 | |
2017 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,825 | |
2016 Plan [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,553 | |
2016 Plan [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 35 | |
2016 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 237 | |
2016 Plan [Member] | Envelope [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 1,506 | |
2016 Plan [Member] | Envelope [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 442 | |
2016 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 802 | |
2016 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 82 | |
2016 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 35 | |
2016 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 145 | |
2016 Plan [Member] | Print [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 98 | |
2016 Plan [Member] | Print [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 98 | |
2016 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Label [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 131 | |
2016 Plan [Member] | Label [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 124 | |
2016 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Label [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 7 | |
2016 Plan [Member] | Corporate [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 1,892 | |
2016 Plan [Member] | Corporate [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 1,889 | |
2016 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 3 | |
2015 Plan [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,370 | 2,629 |
2015 Plan [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 595 | 2,119 |
2015 Plan [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 162 | 0 |
2015 Plan [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 1,613 | 510 |
2015 Plan [Member] | Envelope [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 13 | 150 |
2015 Plan [Member] | Envelope [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 13 | 150 |
2015 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Print [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 291 | 397 |
2015 Plan [Member] | Print [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | (3) | 397 |
2015 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 294 | 0 |
2015 Plan [Member] | Label [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,120 | 359 |
2015 Plan [Member] | Label [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 639 | 20 |
2015 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 139 |
2015 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 162 | 0 |
2015 Plan [Member] | Label [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 1,319 | 200 |
2015 Plan [Member] | Corporate [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | (54) | 1,723 |
2015 Plan [Member] | Corporate [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | (54) | 1,552 |
2015 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
2015 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 171 |
Residual Plans [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 1,041 | 6,885 |
Residual Plans [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 1 | 444 |
Residual Plans [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 113 | 141 |
Residual Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 813 | 4,981 |
Residual Plans [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 114 | 1,319 |
Residual Plans [Member] | Envelope [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 63 | 469 |
Residual Plans [Member] | Envelope [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 252 |
Residual Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | (22) |
Residual Plans [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 54 | 174 |
Residual Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 9 | 65 |
Residual Plans [Member] | Print [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 934 | 6,456 |
Residual Plans [Member] | Print [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 1 | 65 |
Residual Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 181 |
Residual Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 52 |
Residual Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 113 | 163 |
Residual Plans [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 759 | 4,807 |
Residual Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 61 | 1,188 |
Residual Plans [Member] | Label [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 127 | |
Residual Plans [Member] | Label [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 127 | |
Residual Plans [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Label [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Corporate [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 44 | 14 |
Residual Plans [Member] | Corporate [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 44 | 14 |
Acquisition Integration Plans [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 470 | 986 |
Acquisition Integration Plans [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 45 |
Acquisition Integration Plans [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 45 | 338 |
Acquisition Integration Plans [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Acquisition Integration Plans [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 425 | 603 |
Acquisition Integration Plans [Member] | Envelope [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 571 | 2,881 |
Acquisition Integration Plans [Member] | Envelope [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 45 |
Acquisition Integration Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 146 | 1,895 |
Acquisition Integration Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 276 | 33 |
Acquisition Integration Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 338 |
Acquisition Integration Plans [Member] | Envelope [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | 0 |
Acquisition Integration Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 149 | $ 570 |
Acquisition Integration Plans [Member] | Print [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 45 | |
Acquisition Integration Plans [Member] | Print [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Acquisition Integration Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Acquisition Integration Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Acquisition Integration Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 45 | |
Acquisition Integration Plans [Member] | Print [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Acquisition Integration Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Asset Impairments [Member] | Label [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,300 | |
Asset Impairments [Member] | Label [Member] | Employee Separation Costs [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Asset Impairments [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 2,300 | |
Asset Impairments [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Asset Impairments [Member] | Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Asset Impairments [Member] | Label [Member] | Multi-employer Pension Withdrawal Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | 0 | |
Asset Impairments [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring and other charges | $ 0 |
Restructuring and Other Charg84
Restructuring and Other Charges (Changes in Restructuring Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Restructuring Reserve [Roll Forward] | ||
Accruals, net | $ 11,954 | $ 12,576 |
Restructuring reserve, ending balance | 20,932 | |
Employee Separation Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Accruals, net | 5,149 | 2,608 |
Restructuring reserve, ending balance | 3,091 | |
Lease Termination [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Accruals, net | 355 | 479 |
Restructuring reserve, ending balance | 0 | |
Pension Withdrawal Liabilities [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Accruals, net | 813 | 4,981 |
Restructuring reserve, ending balance | 17,482 | |
Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Accruals, net | 2,031 | 2,208 |
Restructuring reserve, ending balance | 359 | |
2017 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | |
Accruals, net | 2,000 | |
Payments | 0 | |
Restructuring reserve, ending balance | 2,000 | 0 |
2017 Plan [Member] | Employee Separation Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | |
Accruals, net | 2,000 | |
Payments | 0 | |
Restructuring reserve, ending balance | 2,000 | 0 |
2017 Plan [Member] | Lease Termination [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | |
Accruals, net | 0 | |
Payments | 0 | |
Restructuring reserve, ending balance | 0 | 0 |
2017 Plan [Member] | Pension Withdrawal Liabilities [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | |
Accruals, net | 0 | |
Payments | 0 | |
Restructuring reserve, ending balance | 0 | 0 |
2017 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | |
Accruals, net | 0 | |
Payments | 0 | |
Restructuring reserve, ending balance | 0 | 0 |
2016 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | |
Accruals, net | 2,825 | |
Payments | (1,981) | |
Restructuring reserve, ending balance | 844 | 0 |
2016 Plan [Member] | Employee Separation Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | |
Accruals, net | 2,553 | |
Payments | (1,709) | |
Restructuring reserve, ending balance | 844 | 0 |
2016 Plan [Member] | Lease Termination [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | |
Accruals, net | 35 | |
Payments | (35) | |
Restructuring reserve, ending balance | 0 | 0 |
2016 Plan [Member] | Pension Withdrawal Liabilities [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | |
Accruals, net | 0 | |
Payments | 0 | |
Restructuring reserve, ending balance | 0 | 0 |
2016 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | |
Accruals, net | 237 | |
Payments | (237) | |
Restructuring reserve, ending balance | 0 | 0 |
2015 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 276 | 0 |
Accruals, net | 2,370 | 2,629 |
Payments | (2,040) | (2,353) |
Restructuring reserve, ending balance | 606 | 276 |
2015 Plan [Member] | Employee Separation Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 276 | 0 |
Accruals, net | 595 | 2,119 |
Payments | (624) | (1,843) |
Restructuring reserve, ending balance | 247 | 276 |
2015 Plan [Member] | Lease Termination [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | 0 |
Accruals, net | 162 | 0 |
Payments | (162) | 0 |
Restructuring reserve, ending balance | 0 | 0 |
2015 Plan [Member] | Pension Withdrawal Liabilities [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | 0 |
Accruals, net | 0 | 0 |
Payments | 0 | 0 |
Restructuring reserve, ending balance | 0 | 0 |
2015 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | 0 |
Accruals, net | 1,613 | 510 |
Payments | (1,254) | (510) |
Restructuring reserve, ending balance | 359 | 0 |
Residual Plans [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 20,256 | 20,937 |
Accruals, net | 1,041 | 6,885 |
Payments | (3,815) | (7,566) |
Restructuring reserve, ending balance | 17,482 | 20,256 |
Residual Plans [Member] | Employee Separation Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 3 | 1,560 |
Accruals, net | 1 | 444 |
Payments | (4) | (2,001) |
Restructuring reserve, ending balance | 0 | 3 |
Residual Plans [Member] | Lease Termination [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 411 | 677 |
Accruals, net | 113 | 141 |
Payments | (524) | (407) |
Restructuring reserve, ending balance | 0 | 411 |
Residual Plans [Member] | Pension Withdrawal Liabilities [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 19,842 | 18,700 |
Accruals, net | 813 | 4,981 |
Payments | (3,173) | (3,839) |
Restructuring reserve, ending balance | 17,482 | 19,842 |
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | 0 |
Accruals, net | 114 | 1,319 |
Payments | (114) | (1,319) |
Restructuring reserve, ending balance | 0 | 0 |
Acquisition Integration Plans [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 392 | 1,213 |
Accruals, net | 470 | 986 |
Payments | (862) | (1,807) |
Restructuring reserve, ending balance | 0 | 392 |
Acquisition Integration Plans [Member] | Employee Separation Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | 77 |
Accruals, net | 0 | 45 |
Payments | 0 | (122) |
Restructuring reserve, ending balance | 0 | 0 |
Acquisition Integration Plans [Member] | Lease Termination [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 392 | 1,136 |
Accruals, net | 45 | 338 |
Payments | (437) | (1,082) |
Restructuring reserve, ending balance | 0 | 392 |
Acquisition Integration Plans [Member] | Pension Withdrawal Liabilities [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | 0 |
Accruals, net | 0 | 0 |
Payments | 0 | 0 |
Restructuring reserve, ending balance | 0 | 0 |
Acquisition Integration Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0 | 0 |
Accruals, net | 425 | 603 |
Payments | (425) | (603) |
Restructuring reserve, ending balance | $ 0 | $ 0 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | |
Options, Outstanding [Roll Forward] | |||
Options, Beginning balance (options) | 190,250 | 208,813 | |
Options, Granted (shares) | 0 | 85,687 | |
Options, Exercised (shares) | 0 | 0 | |
Options, Forfeited/expired (shares) | (60,885) | (104,250) | |
Options, Ending balance (options) | 129,365 | 190,250 | 208,813 |
Options Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price, Beginning balance (dollars per share) | $ 34.56 | $ 41.44 | |
Weighted Average Exercise Price, Granted (dollars per share) | 0 | 19.04 | |
Weighted Average Exercise Price, Exercised (dollars per share) | 0 | 0 | |
Weighted Average Exercise Price, Forfeited/expired (dollars per share) | 52.09 | 35.12 | |
Weighted Average Exercise Price, Ending balance (dollars per share) | $ 26.31 | $ 34.56 | $ 41.44 |
Wt Avg Exercise Price, Contractual Term, Intrinsic Value, Options, Additional Disclosures [Abstract] | |||
Weighted Average Remaining Contractual Term (In Years) | 2 years 11 months 6 days | 3 years | 1 year 5 months |
Aggregate Intrinsic Value | $ 0 | $ 0 | $ 29 |
Aggregate Intrinsic Value, Exercised | $ 0 | $ 0 | |
Options, Exercisable (shares) | 69,684 | ||
Weighted Average Exercise Price, Options Excercisable (dollars per share) | $ 32.71 | ||
Weighted Average Remaining Contractual Term, Options Excersiable (In Years) | 1 year 8 months 4 days | ||
Aggregate Intrinsic Value, Options Exercisable (dollars per share) | $ 0 |
Stock-Based Compensation (Sto86
Stock-Based Compensation (Stock Option Fair Value Assumptions) (Details) - Stock Options [Member] | 12 Months Ended |
Jan. 02, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value of option grants during the year (dollars per share) | $ 6.88 |
Expected option life in years (years) | 4 years 3 months |
Risk-free interest rate (percent) | 1.24% |
Expected volatility (percent) | 43.00% |
Expected dividend yield (percent) | 0.00% |
Stock-Based Compensation (RSU A
Stock-Based Compensation (RSU Activity) (Details) - RSUs [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Nonvested, Restricted Shares and RSUs, Number of Shares [Roll Forward] | ||
Unvested, Beginning balance (shares) | 105,086.75 | 64,107.625 |
Granted (shares) | 20,961 | 86,994 |
Vested (shares) | (43,084) | (40,858) |
Forfeited (shares) | 0 | (5,157) |
Unvested, Ending balance (shares) | 82,964 | 105,086.75 |
Nonvested, Restricted Shares and RSUs, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $ 18.43 | $ 25.76 |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | 9.66 | 19.04 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | 18.29 | 31.36 |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | 0 | 18 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ 16.28 | $ 18.43 |
Stock-Based Compensation (PSUs)
Stock-Based Compensation (PSUs) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Nonvested, Restricted Shares and RSUs, Number of Shares [Roll Forward] | ||
Unvested, Beginning balance (shares) | 70,625 | 0 |
Granted (shares) | 0 | 73,750 |
Vested (shares) | (70,625) | 0 |
Forfeited (shares) | 0 | (3,125) |
Unvested, Ending balance (shares) | 0 | 70,625 |
Nonvested, Restricted Shares and RSUs, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $ 19.04 | $ 0 |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | 0 | 19.04 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | 19.04 | 0 |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | 0 | 19.04 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ 0 | $ 19.04 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | Jul. 28, 2016 | May 20, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 28, 2013 | May 31, 2008 |
Narrative Disclosures [Abstract] | ||||||
Stock-based compensation provision | $ 1,468 | $ 1,636 | ||||
Stock compensation, tax benefit | 100 | $ 400 | ||||
Unrecognized share based compensation expense | $ 1,400 | |||||
Unrecognized share based compensation costs, amortization period (years) | 2 years 1 month 6 days | |||||
Stock Options [Member] | ||||||
Narrative Disclosures [Abstract] | ||||||
Maximum remaining contractual term (years) | 6 years | |||||
Vesting period (years) | 4 years | |||||
RSUs [Member] | ||||||
Narrative Disclosures [Abstract] | ||||||
Vesting period (years) | 4 years | |||||
Shares granted (shares) | 20,961 | 86,994 | ||||
RSU fair value | $ 300 | $ 600 | ||||
Performance Shares [Member] | ||||||
Narrative Disclosures [Abstract] | ||||||
Shares granted (shares) | 0 | 73,750 | ||||
2007 Long-term Equity Incentive Plan [Member] | ||||||
Narrative Disclosures [Abstract] | ||||||
Number of shares authorized for issuance (shares) | 562,500 | |||||
2007 Long-term Equity Incentive Plan [Member] | Stock Options [Member] | ||||||
Narrative Disclosures [Abstract] | ||||||
Number of additional shares authorized for issuance (shares) | 130,000 | |||||
Director [Member] | RSUs [Member] | ||||||
Narrative Disclosures [Abstract] | ||||||
Vesting period (years) | 1 year | |||||
Shares granted (shares) | 20,961 | 14,181 | ||||
Executives [Member] | RSUs [Member] | ||||||
Narrative Disclosures [Abstract] | ||||||
Vesting period (years) | 4 years | |||||
Shares granted (shares) | 72,813 | |||||
Executives [Member] | Performance Shares [Member] | ||||||
Narrative Disclosures [Abstract] | ||||||
Shares granted (shares) | 73,750 | 0 |
Retirement Plans (Funded Status
Retirement Plans (Funded Status and Net Periodic Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Reconciliation of Benefit Obligation [Roll Forward] | ||
Benefit obligation at beginning of year | $ 362,899 | |
Service cost | 2 | $ 2 |
Interest cost | 14,196 | 14,061 |
Actuarial loss (gain) | 9,956 | 8,877 |
Benefit obligation at end of year | 357,569 | 362,899 |
Pensions [Member] | ||
Reconciliation of Benefit Obligation [Roll Forward] | ||
Benefit obligation at beginning of year | 345,901 | 365,326 |
Plan changes | 0 | 0 |
Service cost | 0 | 0 |
Interest cost | 13,495 | 13,341 |
Actuarial loss (gain) | 304 | (14,715) |
Benefits paid | (19,152) | (18,051) |
Benefit obligation at end of year | 340,548 | 345,901 |
Supplemental Employee Retirement Plans [Member] | ||
Reconciliation of Benefit Obligation [Roll Forward] | ||
Benefit obligation at beginning of year | 16,998 | 18,508 |
Plan changes | 1,822 | 0 |
Service cost | 0 | 0 |
Interest cost | 640 | 656 |
Actuarial loss (gain) | (531) | (94) |
Benefits paid | (1,908) | (2,072) |
Benefit obligation at end of year | 17,021 | 16,998 |
Other Postretirement Benefit Plans [Member] | ||
Reconciliation of Benefit Obligation [Roll Forward] | ||
Benefit obligation at beginning of year | 1,504 | 1,789 |
Plan changes | 0 | 0 |
Service cost | 2 | 2 |
Interest cost | 58 | 63 |
Actuarial loss (gain) | 60 | (274) |
Benefits paid | (68) | (76) |
Benefit obligation at end of year | $ 1,556 | $ 1,504 |
Retirement Plans (Reconciliatio
Retirement Plans (Reconciliation of Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 247,519 | |
Fair value of plan assets at end of year | 238,343 | $ 247,519 |
Pensions [Member] | ||
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 247,519 | 267,635 |
Actual return on plan assets | 9,965 | (6,610) |
Employer contributions | 11 | 4,545 |
Benefits paid | (19,152) | (18,051) |
Fair value of plan assets at end of year | 238,343 | 247,519 |
Supplemental Employee Retirement Plans [Member] | ||
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 1,908 | 2,072 |
Benefits paid | (1,908) | (2,072) |
Fair value of plan assets at end of year | 0 | 0 |
Other Postretirement Benefit Plans [Member] | ||
Reconciliation of Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 68 | 76 |
Benefits paid | (68) | (76) |
Fair value of plan assets at end of year | $ 0 | $ 0 |
Retirement Plans (Plan Funded S
Retirement Plans (Plan Funded Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Pensions [Member] | ||
Funded Status of Plan [Abstract] | ||
Funded status at end of year | $ (102,205) | $ (98,382) |
Supplemental Employee Retirement Plans [Member] | ||
Funded Status of Plan [Abstract] | ||
Funded status at end of year | (17,021) | (16,998) |
Other Postretirement Benefit Plans [Member] | ||
Funded Status of Plan [Abstract] | ||
Funded status at end of year | $ (1,556) | $ (1,504) |
Retirement Plans (Amounts Recog
Retirement Plans (Amounts Recognized in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Pensions [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ||
Net actuarial loss (gain) | $ 119,450 | $ 119,712 |
Prior service cost | 0 | 0 |
Total | 119,450 | 119,712 |
Supplemental Employee Retirement Plans [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ||
Net actuarial loss (gain) | 4,567 | 5,438 |
Prior service cost | 0 | 0 |
Total | 4,567 | 5,438 |
Other Postretirement Benefit Plans [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ||
Net actuarial loss (gain) | (899) | (1,045) |
Prior service cost | 40 | 44 |
Total | $ (859) | $ (1,001) |
Retirement Plans (Amount Recong
Retirement Plans (Amount Recongized in the Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Pensions [Member] | ||
Liabilities [Abstract] | ||
Other current liabilities | $ 0 | $ 0 |
Other liabilities | 102,205 | 98,382 |
Total liabilities | 102,205 | 98,382 |
Supplemental Employee Retirement Plans [Member] | ||
Liabilities [Abstract] | ||
Other current liabilities | 2,038 | 1,967 |
Other liabilities | 14,983 | 15,031 |
Total liabilities | 17,021 | 16,998 |
Other Postretirement Benefit Plans [Member] | ||
Liabilities [Abstract] | ||
Other current liabilities | 148 | 130 |
Other liabilities | 1,408 | 1,374 |
Total liabilities | $ 1,556 | $ 1,504 |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Net Periodic Benefit Cost [Abstract] | ||
Service cost | $ 2 | $ 2 |
Interest cost | 14,196 | 14,061 |
Expected return on plan assets | (19,101) | (20,976) |
Net amortization and deferral | 0 | 0 |
Recognized net actuarial loss | 9,956 | 8,877 |
Net periodic expense | $ 5,053 | $ 1,964 |
Retirement Plans (Weighted Aver
Retirement Plans (Weighted Average Assumptions for Net Periodic Benefit Cost) (Details) - Pensions [Member] | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate used to calculate net periodic benefit expense (percent) | 4.00% | 3.75% |
Discount rate used to calculate projected benefit obligation (percent) | 3.75% | 4.00% |
Expected long-term rate of return on plan assets (percent) | 8.00% | 8.00% |
Retirement Plans (Schedule of B
Retirement Plans (Schedule of Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Compensation and Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $ 357,569 | $ 362,899 |
Accumulated benefit obligation | 357,569 | 362,899 |
Fair value of plan assets | $ 238,343 | $ 247,519 |
Retirement Plans (Schedule of E
Retirement Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Pensions [Member] | |
Expected Future Benefit Payments [Abstract] | |
2,017 | $ 18,453 |
2,018 | 18,743 |
2,019 | 19,078 |
2,020 | 19,365 |
2,021 | 19,650 |
2022 through 2026 | 101,161 |
Supplemental Employee Retirement Plans [Member] | |
Expected Future Benefit Payments [Abstract] | |
2,017 | 2,076 |
2,018 | 1,897 |
2,019 | 1,817 |
2,020 | 1,733 |
2,021 | 1,646 |
2022 through 2026 | 6,721 |
Other Postretirement Benefit Plans [Member] | |
Expected Future Benefit Payments [Abstract] | |
2,017 | 150 |
2,018 | 145 |
2,019 | 139 |
2,020 | 133 |
2,021 | 127 |
2022 through 2026 | $ 540 |
Retirement Plans (Fair Value of
Retirement Plans (Fair Value of Pension Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 |
Retirement Plans [Line Items] | |||
Fair value of plan assets | $ 238,343 | $ 247,519 | |
Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 238,343 | 247,519 | $ 267,635 |
Fair Value, Measurements, Recurring [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 194,533 | 197,238 | |
Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 7,624 | 12,306 | |
Fair Value, Measurements, Recurring [Member] | Equity [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 123,352 | 120,953 | |
Fair Value, Measurements, Recurring [Member] | Fixed income [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 62,188 | 62,490 | |
Fair Value, Measurements, Recurring [Member] | Other [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 1,369 | 1,489 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 146,884 | 145,756 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Cash and cash equivalents [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 7,624 | 12,306 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 123,352 | 120,953 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Fixed income [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 15,908 | 12,497 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 47,649 | 51,482 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Cash and cash equivalents [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Fixed income [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 46,280 | 49,993 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | 1,369 | 1,489 | |
Nonrecurring fair value [Member] | Alternative investments [Member] | Pensions [Member] | |||
Retirement Plans [Line Items] | |||
Fair value of plan assets | $ 43,810 | $ 50,281 |
Retirement Plans (Schedule of A
Retirement Plans (Schedule of Actual and Target Allocations of Plan Assets) (Details) - Pensions [Member] | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Equity [Member] | ||
Target Allocations [Abstract] | ||
Target plan asset allocations range, minimum (percent) | 60.00% | |
Target plan asset allocations range, maximum (percent) | 75.00% | |
Fixed income [Member] | ||
Target Allocations [Abstract] | ||
Target plan asset allocations range, minimum (percent) | 25.00% | |
Target plan asset allocations range, maximum (percent) | 35.00% | |
Alternative and other investments [Member] | ||
Target Allocations [Abstract] | ||
Target plan asset allocations range, minimum (percent) | 10.00% | |
Target plan asset allocations range, maximum (percent) | 30.00% | |
Minimum [Member] | Equity [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 52.00% | 49.00% |
Minimum [Member] | Fixed income [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 26.00% | 29.00% |
Minimum [Member] | Alternative and other investments [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 5.00% | 5.00% |
Maximum [Member] | Equity [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 61.00% | 62.00% |
Maximum [Member] | Fixed income [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 34.00% | 33.00% |
Maximum [Member] | Alternative and other investments [Member] | ||
Target Allocations [Abstract] | ||
Actual plan asset allocations (percent) | 22.00% | 22.00% |
Retirement Plans (Schedule of M
Retirement Plans (Schedule of Multi-employer Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Multiemployer Plans [Line Items] | ||
Contributions | $ 588 | $ 554 |
Multiemployer Plans, Pension [Member] | GCC/IBT National Pension Fund [Member] | Oregon Location [Member] | ||
Multiemployer Plans [Line Items] | ||
EIN | 526,118,568 | |
Pension Plan Number | 1 | |
Pension Protection Act Reported Status | Red | Red |
FIP/RP Status | Implemented | |
Contributions | $ 183 | $ 219 |
Surcharge imposed | No | |
Expiration Date of Collective Bargaining Agreement | Jun. 30, 2019 | |
Multiemployer Plans, Pension [Member] | GCC/IBT National Pension Fund [Member] | Missouri Location [Member] | ||
Multiemployer Plans [Line Items] | ||
EIN | 526,118,568 | |
Pension Plan Number | 1 | |
Pension Protection Act Reported Status | Red | Red |
FIP/RP Status | Implemented | |
Contributions | $ 177 | $ 177 |
Surcharge imposed | No | |
Expiration Date of Collective Bargaining Agreement | Feb. 26, 2017 | |
Multiemployer Plans, Pension [Member] | CWA/ITU Negotiated Pension Plan [Member] | Virginia Location [Member] | ||
Multiemployer Plans [Line Items] | ||
EIN | 136,212,879 | |
Pension Plan Number | 1 | |
Pension Protection Act Reported Status | Red | Red |
FIP/RP Status | Implemented | |
Contributions | $ 228 | $ 158 |
Surcharge imposed | No | |
Expiration Date of Collective Bargaining Agreement | Mar. 1, 2018 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Retirement Plans [Line Items] | ||
Savings Plan, company matching contributions | $ 500,000 | $ 500,000 |
Savings Plan, shares of Cenveo's common stock (shares) | 342,329 | |
Interest cost | $ 14,196,000 | 14,061,000 |
Contributions to multi-employer plans | 600,000 | 600,000 |
Multi-employer plans, expense | 800,000 | 5,000,000 |
Supplemental Employee Retirement and Other Postretirement Benefit Plans [Member] | ||
Retirement Plans [Line Items] | ||
Interest cost | 700,000 | 700,000 |
Actuarial losses expected to be recognized in net periodic benefit costs | 200,000 | |
Pensions [Member] | ||
Retirement Plans [Line Items] | ||
Interest cost | 13,495,000 | $ 13,341,000 |
Actuarial losses expected to be recognized in net periodic benefit costs | 10,200,000 | |
Prior service cost expected to be recognized in net periodic benefit costs | $ 0 | |
Expected long-term rate of return on plan assets (percent) | 8.00% | 8.00% |
Estimated future employer contributions in the next fiscal year | $ 7,100,000 | |
Other Postretirement Benefit Plans [Member] | ||
Retirement Plans [Line Items] | ||
Interest cost | $ 58,000 | $ 63,000 |
Commitments and Contingencie103
Commitments and Contingencies (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 21,929 |
2,018 | 19,391 |
2,019 | 14,937 |
2,020 | 11,870 |
2,021 | 7,306 |
Thereafter | 15,392 |
Total | $ 90,825 |
Commitments and Contingencie104
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Loss Contingencies [Line Items] | ||
Operating lease rent expense | $ 24.5 | $ 25.3 |
Legal expenses | 1.5 | |
Letters of credit | 17.7 | |
Environmental Remediation [Member] | ||
Loss Contingencies [Line Items] | ||
Environmental remediation reserve | 0.7 | $ 1.6 |
Energy Contracts [Member] | ||
Loss Contingencies [Line Items] | ||
Energy commitments, 2017 | 4.9 | |
Energy commitments, 2018 | $ 0.9 |
Accumulated Other Comprehens105
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Loss, Beginning balance | $ (105,930) | $ (98,197) |
Other comprehensive income (loss) before reclassifications | (9,593) | (16,610) |
Amounts reclassified from AOCI | 12,294 | 8,877 |
Total other comprehensive income (loss) | 2,701 | (7,733) |
Accumulated Other Comprehensive Loss, Ending balance | (103,229) | (105,930) |
Foreign Currency Translation [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Loss, Beginning balance | (7,200) | (2,905) |
Other comprehensive income (loss) before reclassifications | (393) | (4,295) |
Amounts reclassified from AOCI | 2,338 | 0 |
Total other comprehensive income (loss) | 1,945 | (4,295) |
Accumulated Other Comprehensive Loss, Ending balance | (5,255) | (7,200) |
Pension and Other Postretirement Benefits [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Loss, Beginning balance | (98,730) | (95,292) |
Other comprehensive income (loss) before reclassifications | (9,200) | (12,315) |
Amounts reclassified from AOCI | 9,956 | 8,877 |
Total other comprehensive income (loss) | 756 | (3,438) |
Accumulated Other Comprehensive Loss, Ending balance | $ (97,974) | $ (98,730) |
Accumulated Other Comprehens106
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Loss from discontinued operations, net of taxes | $ 1,538 | $ 686 | $ (3,304) | $ (1,817) | $ (13,159) | $ 319 | $ 950 | $ 500 | $ (2,897) | $ (11,390) |
Total before tax | 75,104 | (15,068) | ||||||||
Income tax expense | (4,258) | (4,393) | ||||||||
Income (loss) from continuing operations | $ (1,779) | $ 8,745 | $ 50,860 | $ 13,020 | $ (4,365) | $ (3,562) | $ (3,355) | $ (8,179) | 70,846 | (19,461) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Total before tax | 12,294 | 8,877 | ||||||||
Income tax expense | 0 | 0 | ||||||||
Income (loss) from continuing operations | 12,294 | 8,877 | ||||||||
Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Loss from discontinued operations, net of taxes | 2,338 | 0 | ||||||||
Pension and Other Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Net actuarial losses | $ 9,956 | $ 8,877 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 28, 2013 | Dec. 31, 2016 | Jan. 02, 2016 | |
Related Party Transaction [Line Items] | |||
Operating lease rent expense | $ 24,500 | $ 25,300 | |
Future lease payments | 90,825 | ||
Lease agreement [Member] | Executives [Member] | |||
Related Party Transaction [Line Items] | |||
Lease term (years) | 10 years | ||
Operating lease rent expense | 500 | ||
Future lease payments | 3,800 | ||
Raw Materials [Member] | Executives [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases of raw materials | 1,400 | 1,000 | |
Accounts payable to related parties | 300 | 300 | |
Raw Materials [Member] | Director [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases of raw materials | 1,900 | ||
Accounts payable to related parties | 200 | ||
Net sales [Member] | Executives [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from related parties | 0 | 100 | |
Accounts receivable from related parties | $ 0 | $ 0 |
Income (Loss) Per Share (Narrat
Income (Loss) Per Share (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
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) | 212,000 | 366,000 |
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 | 12 Months Ended | ||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | |
Earnings Per Share [Abstract] | ||||||||||
Income (loss) from continuing operations | $ (1,779) | $ 8,745 | $ 50,860 | $ 13,020 | $ (4,365) | $ (3,562) | $ (3,355) | $ (8,179) | $ 70,846 | $ (19,461) |
Loss from discontinued operations, net of taxes | 1,538 | 686 | (3,304) | (1,817) | (13,159) | 319 | 950 | 500 | (2,897) | (11,390) |
Net income (loss) | $ (241) | $ 9,431 | $ 47,556 | $ 11,203 | $ (17,524) | $ (3,243) | $ (2,405) | $ (7,679) | 67,949 | (30,851) |
Interest expense on 7% Notes, net of taxes | 1,572 | 0 | ||||||||
Income (loss) from continuing operations - after assumed conversions of dilutive shares | 72,418 | (19,461) | ||||||||
Net income (loss) for diluted loss per share - after assumed conversions of dilutive shares | $ 69,521 | $ (30,851) | ||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||||||||
Basic shares | 8,527 | 8,479 | ||||||||
Dilutive effect of 7% Notes (shares) | 965 | 0 | ||||||||
Dilutive effect of Equity Awards (shares) | 0 | 0 | ||||||||
Dilutive effect of Warrants (shares) | 0 | 0 | ||||||||
Diluted shares | 9,492 | 8,479 | ||||||||
Income (loss) per share – basic: | ||||||||||
Continuing operations per share - basic | $ (0.21) | $ 1.02 | $ 5.97 | $ 1.53 | $ (0.51) | $ (0.42) | $ (0.39) | $ (0.97) | $ 8.31 | $ (2.30) |
Discontinued operations per share - basic | 0.18 | 0.08 | (0.39) | (0.21) | (1.56) | 0.04 | 0.11 | 0.06 | (0.34) | (1.34) |
Net income (loss) per share - basic | (0.03) | 1.10 | 5.58 | 1.32 | (2.07) | (0.38) | (0.28) | (0.91) | 7.97 | (3.64) |
Income (loss) per share – diluted: | ||||||||||
Continuing operations per share - diluted | (0.21) | 1 | 5.15 | 1.37 | (0.51) | (0.42) | (0.39) | (0.97) | 7.63 | (2.30) |
Discontinued operations per share - diluted | 0.18 | 0.08 | (0.33) | (0.17) | (1.56) | 0.04 | 0.11 | 0.06 | (0.31) | (1.34) |
Net income (loss) per share - diluted | $ (0.03) | $ 1.08 | $ 4.82 | $ 1.20 | $ (2.07) | $ (0.38) | $ (0.28) | $ (0.91) | $ 7.32 | $ (3.64) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2016operating_segmentreportable_segment | Jan. 02, 2016operating_segmentreportable_segment | |
Segment Reporting [Abstract] | ||
Number of operating segments (operating segment) | operating_segment | 3 | 4 |
Number of reportable segments (reportable segment) | reportable_segment | 3 | 3 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | |
Segment Information [Line Items] | ||||||||||
Net sales | $ 417,244 | $ 405,955 | $ 404,041 | $ 432,761 | $ 478,960 | $ 419,783 | $ 413,359 | $ 429,677 | $ 1,660,001 | $ 1,741,779 |
Operating income (loss) | 16,575 | 20,873 | 21,570 | 17,014 | 24,822 | 19,516 | 21,655 | 17,800 | 76,032 | 83,793 |
Restructuring and other charges | 11,954 | 12,576 | ||||||||
Depreciation and intangible asset amortization | 47,200 | 49,689 | ||||||||
Capital expenditures | 41,137 | 25,928 | ||||||||
Intercompany sales | 29,405 | 28,281 | ||||||||
Total assets | 912,959 | 1,082,026 | 912,959 | 1,082,026 | ||||||
Assets of discontinued operations | 0 | 111,417 | 0 | 111,417 | ||||||
Long-lived assets | 507,719 | 516,366 | 507,719 | 516,366 | ||||||
U.S. [Member] | ||||||||||
Segment Information [Line Items] | ||||||||||
Net sales | 1,654,996 | 1,735,921 | ||||||||
Long-lived assets | 501,685 | 510,205 | 501,685 | 510,205 | ||||||
Foreign [Member] | ||||||||||
Segment Information [Line Items] | ||||||||||
Net sales | 5,005 | 5,858 | ||||||||
Long-lived assets | 6,034 | 6,161 | 6,034 | 6,161 | ||||||
Envelope [Member] | ||||||||||
Segment Information [Line Items] | ||||||||||
Net sales | 211,045 | 212,578 | 212,277 | 229,260 | 244,715 | 218,454 | 218,139 | 227,410 | 865,160 | 908,718 |
Operating income (loss) | 9,080 | 16,832 | 17,213 | 17,559 | 17,127 | 17,746 | 16,711 | 14,840 | 60,684 | 66,424 |
Restructuring and other charges | 2,618 | 3,500 | ||||||||
Depreciation and intangible asset amortization | 18,982 | 20,318 | ||||||||
Capital expenditures | 13,130 | 7,480 | ||||||||
Intercompany sales | 6,589 | 6,357 | ||||||||
Total assets | 403,157 | 445,443 | 403,157 | 445,443 | ||||||
Print [Member] | ||||||||||
Segment Information [Line Items] | ||||||||||
Net sales | 132,585 | 121,739 | 114,653 | 124,487 | 150,454 | 123,875 | 114,545 | 122,100 | 493,464 | 510,974 |
Operating income (loss) | 6,857 | 5,446 | 1,933 | 3,377 | 8,915 | 1,541 | 2,987 | 1,679 | 17,613 | 15,122 |
Restructuring and other charges | 2,028 | 6,853 | ||||||||
Depreciation and intangible asset amortization | 18,010 | 17,424 | ||||||||
Capital expenditures | 10,984 | 9,240 | ||||||||
Intercompany sales | 19,983 | 17,627 | ||||||||
Total assets | 256,888 | 266,074 | 256,888 | 266,074 | ||||||
Label [Member] | ||||||||||
Segment Information [Line Items] | ||||||||||
Net sales | 73,614 | 71,638 | 77,111 | 79,014 | 83,791 | 77,454 | 80,675 | 80,167 | 301,377 | 322,087 |
Operating income (loss) | 7,176 | 6,764 | 11,901 | 4,708 | 8,533 | 10,146 | 11,150 | 9,704 | 30,549 | 39,533 |
Restructuring and other charges | 4,771 | 486 | ||||||||
Depreciation and intangible asset amortization | 6,988 | 8,584 | ||||||||
Capital expenditures | 11,172 | 3,678 | ||||||||
Intercompany sales | 2,833 | 4,297 | ||||||||
Total assets | 216,627 | 223,534 | 216,627 | 223,534 | ||||||
Corporate [Member] | ||||||||||
Segment Information [Line Items] | ||||||||||
Operating income (loss) | (6,538) | $ (8,169) | $ (9,477) | $ (8,630) | (9,753) | $ (9,917) | $ (9,193) | $ (8,423) | (32,814) | (37,286) |
Restructuring and other charges | 2,537 | 1,737 | ||||||||
Depreciation and intangible asset amortization | 3,220 | 3,363 | ||||||||
Capital expenditures | 5,851 | 5,530 | ||||||||
Total assets | $ 36,287 | $ 35,558 | $ 36,287 | $ 35,558 |
Condensed Consolidating Fina112
Condensed Consolidating Financial Information (Narrative) (Details) | Dec. 31, 2016 | Jun. 26, 2014 |
6.000% senior secured priority notes due 2019 [Member] | Senior notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt interest rate (percent) | 6.00% | 6.00% |
8.500% junior secured priority notes due 2022 [Member] | Junior subordinated debt [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt interest rate (percent) | 8.50% | 8.50% |
6.000% senior unsecured notes due 2024 [Member] | Senior unsecured debt [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt interest rate (percent) | 6.00% | |
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% | |
4.0% secured notes due 2021 [Member] | Secured debt [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt interest rate (percent) | 4.00% |
Condensed Consolidating Fina113
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 |
Current assets: | |||
Cash and cash equivalents | $ 5,532 | $ 7,785 | |
Accounts receivable, net | 234,187 | 254,042 | |
Inventories, net | 101,950 | 121,615 | |
Intercompany receivable | 0 | 0 | |
Notes receivable from subsidiaries | 0 | 0 | |
Prepaid and other current assets | 41,576 | 46,731 | |
Assets of discontinued operations - current | 0 | 48,566 | |
Total current assets | 383,245 | 478,739 | |
Investment in subsidiaries | 0 | 0 | |
Property, plant and equipment, net | 207,679 | 210,578 | |
Goodwill | 175,209 | 175,338 | $ 175,542 |
Other intangible assets, net | 124,831 | 130,450 | |
Other assets, net | 21,995 | 24,070 | |
Assets of discontinued operations - long-term | 0 | 62,851 | |
Total assets | 912,959 | 1,082,026 | |
Current liabilities: | |||
Current maturities of long-term debt | 31,727 | 5,373 | |
Accounts payable | 175,896 | 200,120 | |
Accrued compensation and related liabilities | 24,684 | 31,961 | |
Other current liabilities | 82,899 | 88,814 | |
Liabilities of discontinued operations - current | 0 | 22,268 | |
Intercompany payable | 0 | 0 | |
Notes payable to issuer | 0 | 0 | |
Total current liabilities | 315,206 | 348,536 | |
Long-term debt | 986,939 | 1,203,250 | |
Other liabilities | 199,971 | 198,926 | |
Liabilities of discontinued operations - long-term | 0 | 1,153 | |
Shareholders’ (deficit) equity | (589,157) | (669,839) | $ (632,675) |
Total liabilities and shareholders’ deficit | 912,959 | 1,082,026 | |
Parent Company [Member] | |||
Current assets: | |||
Cash and cash equivalents | 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 | (589,157) | (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 | (589,157) | (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 | ||
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 | (589,157) | (669,839) | |
Total liabilities and shareholders’ deficit | (589,157) | (669,839) | |
Subsidiary Issuer [Member] | |||
Current assets: | |||
Cash and cash equivalents | 4,678 | 5,558 | |
Accounts receivable, net | 131,770 | 133,232 | |
Inventories, net | 62,179 | 74,116 | |
Intercompany receivable | 0 | 0 | |
Notes receivable from subsidiaries | 36,938 | 36,938 | |
Prepaid and other current assets | 35,659 | 43,349 | |
Assets of discontinued operations - current | 0 | ||
Total current assets | 271,224 | 293,193 | |
Investment in subsidiaries | 2,112,403 | 2,014,972 | |
Property, plant and equipment, net | 108,395 | 113,608 | |
Goodwill | 49,170 | 22,940 | |
Other intangible assets, net | 9,770 | 9,533 | |
Other assets, net | 18,317 | 20,327 | |
Assets of discontinued operations - long-term | 1,226 | ||
Total assets | 2,569,279 | 2,475,799 | |
Current liabilities: | |||
Current maturities of long-term debt | 30,709 | 4,454 | |
Accounts payable | 114,533 | 126,384 | |
Accrued compensation and related liabilities | 19,245 | 26,812 | |
Other current liabilities | 70,118 | 71,365 | |
Liabilities of discontinued operations - current | 0 | ||
Intercompany payable | 1,783,390 | 1,572,152 | |
Notes payable to issuer | 0 | 0 | |
Total current liabilities | 2,017,995 | 1,801,167 | |
Long-term debt | 984,833 | 1,200,848 | |
Other liabilities | 155,608 | 143,623 | |
Liabilities of discontinued operations - long-term | 0 | ||
Shareholders’ (deficit) equity | (589,157) | (669,839) | |
Total liabilities and shareholders’ deficit | 2,569,279 | 2,475,799 | |
Guarantor Subsidiaries [Member] | |||
Current assets: | |||
Cash and cash equivalents | 0 | 235 | |
Accounts receivable, net | 102,417 | 120,810 | |
Inventories, net | 39,771 | 47,499 | |
Intercompany receivable | 1,783,858 | 1,580,492 | |
Notes receivable from subsidiaries | 3,245 | 3,245 | |
Prepaid and other current assets | 4,789 | 1,807 | |
Assets of discontinued operations - current | 41,821 | ||
Total current assets | 1,934,080 | 1,795,909 | |
Investment in subsidiaries | 4,173 | 4,492 | |
Property, plant and equipment, net | 98,255 | 96,262 | |
Goodwill | 121,181 | 147,409 | |
Other intangible assets, net | 114,914 | 120,451 | |
Other assets, net | 3,100 | 3,154 | |
Assets of discontinued operations - long-term | 62,184 | ||
Total assets | 2,275,703 | 2,229,861 | |
Current liabilities: | |||
Current maturities of long-term debt | 1,018 | 919 | |
Accounts payable | 61,098 | 73,601 | |
Accrued compensation and related liabilities | 4,699 | 4,846 | |
Other current liabilities | 11,962 | 16,737 | |
Liabilities of discontinued operations - current | 21,543 | ||
Intercompany payable | 0 | 0 | |
Notes payable to issuer | 36,938 | 36,938 | |
Total current liabilities | 115,715 | 154,584 | |
Long-term debt | 2,106 | 2,402 | |
Other liabilities | 45,479 | 56,191 | |
Liabilities of discontinued operations - long-term | 1,712 | ||
Shareholders’ (deficit) equity | 2,112,403 | 2,014,972 | |
Total liabilities and shareholders’ deficit | 2,275,703 | 2,229,861 | |
Non-Guarantor Subsidiaries [Member] | |||
Current assets: | |||
Cash and cash equivalents | 854 | 1,992 | |
Accounts receivable, net | 0 | 0 | |
Inventories, net | 0 | 0 | |
Intercompany receivable | 0 | 0 | |
Notes receivable from subsidiaries | 0 | 0 | |
Prepaid and other current assets | 1,128 | 1,575 | |
Assets of discontinued operations - current | 6,745 | ||
Total current assets | 1,982 | 10,312 | |
Investment in subsidiaries | 7,829 | 7,829 | |
Property, plant and equipment, net | 1,029 | 708 | |
Goodwill | 4,858 | 4,989 | |
Other intangible assets, net | 147 | 466 | |
Other assets, net | 1,694 | 1,477 | |
Assets of discontinued operations - long-term | 0 | ||
Total assets | 17,539 | 25,781 | |
Current liabilities: | |||
Current maturities of long-term debt | 0 | 0 | |
Accounts payable | 265 | 135 | |
Accrued compensation and related liabilities | 740 | 303 | |
Other current liabilities | 819 | 712 | |
Liabilities of discontinued operations - current | 725 | ||
Intercompany payable | 468 | 8,340 | |
Notes payable to issuer | 3,245 | 3,245 | |
Total current liabilities | 5,537 | 13,460 | |
Long-term debt | 0 | 0 | |
Other liabilities | 0 | 0 | |
Liabilities of discontinued operations - long-term | 0 | ||
Shareholders’ (deficit) equity | 12,002 | 12,321 | |
Total liabilities and shareholders’ deficit | 17,539 | 25,781 | |
Eliminations [Member] | |||
Current assets: | |||
Cash and cash equivalents | 0 | 0 | |
Accounts receivable, net | 0 | 0 | |
Inventories, net | 0 | 0 | |
Intercompany receivable | (1,783,858) | (1,580,492) | |
Notes receivable from subsidiaries | (40,183) | (40,183) | |
Prepaid and other current assets | 0 | 0 | |
Assets of discontinued operations - current | 0 | ||
Total current assets | (1,824,041) | (1,620,675) | |
Investment in subsidiaries | (1,535,248) | (1,357,454) | |
Property, plant and equipment, net | 0 | 0 | |
Goodwill | 0 | 0 | |
Other intangible assets, net | 0 | 0 | |
Other assets, net | (1,116) | (888) | |
Assets of discontinued operations - long-term | (559) | ||
Total assets | (3,360,405) | (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 | ||
Intercompany payable | (1,783,858) | (1,580,492) | |
Notes payable to issuer | (40,183) | (40,183) | |
Total current liabilities | (1,824,041) | (1,620,675) | |
Long-term debt | 0 | 0 | |
Other liabilities | (1,116) | (888) | |
Liabilities of discontinued operations - long-term | (559) | ||
Shareholders’ (deficit) equity | (1,535,248) | (1,357,454) | |
Total liabilities and shareholders’ deficit | $ (3,360,405) | $ (2,979,576) |
Condensed Consolidating Fina114
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Net sales | $ 417,244 | $ 405,955 | $ 404,041 | $ 432,761 | $ 478,960 | $ 419,783 | $ 413,359 | $ 429,677 | $ 1,660,001 | $ 1,741,779 |
Cost of sales | 1,386,746 | 1,450,876 | ||||||||
Selling, general and administrative expenses | 179,525 | 186,749 | ||||||||
Amortization of intangible assets | 5,744 | 7,785 | ||||||||
Restructuring and other charges | 11,954 | 12,576 | ||||||||
Operating income | 16,575 | 20,873 | 21,570 | 17,014 | 24,822 | 19,516 | 21,655 | 17,800 | 76,032 | 83,793 |
Interest expense, net | 85,753 | 100,805 | ||||||||
Intercompany interest (income) expense | 0 | 0 | ||||||||
(Gain) loss on early extinguishment of debt, net | (82,481) | 1,252 | ||||||||
Other income, net | (2,344) | (3,196) | ||||||||
Income (loss) from continuing operations before income taxes | 75,104 | (15,068) | ||||||||
Income tax expense | 4,258 | 4,393 | ||||||||
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | 70,846 | (19,461) | ||||||||
Equity in income (loss) of subsidiaries | 0 | 0 | ||||||||
Income (loss) from continuing operations | (1,779) | 8,745 | 50,860 | 13,020 | (4,365) | (3,562) | (3,355) | (8,179) | 70,846 | (19,461) |
Loss from discontinued operations, net of taxes | 1,538 | 686 | (3,304) | (1,817) | (13,159) | 319 | 950 | 500 | (2,897) | (11,390) |
Net income (loss) | $ (241) | $ 9,431 | $ 47,556 | $ 11,203 | $ (17,524) | $ (3,243) | $ (2,405) | $ (7,679) | 67,949 | (30,851) |
Other comprehensive income (loss): | ||||||||||
Other comprehensive income (loss) of subsidiaries | 0 | 0 | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | 756 | (3,438) | ||||||||
Currency translation adjustment, net | 1,945 | (4,295) | ||||||||
Total other comprehensive income (loss) | 2,701 | (7,733) | ||||||||
Comprehensive income (loss) | 70,650 | (38,584) | ||||||||
Parent Company [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Net sales | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | ||||||||
Amortization of intangible assets | 0 | 0 | ||||||||
Restructuring and other charges | 0 | 0 | ||||||||
Operating income | 0 | 0 | ||||||||
Interest expense, net | 0 | 0 | ||||||||
Intercompany interest (income) expense | 0 | 0 | ||||||||
(Gain) loss on early extinguishment of debt, net | 0 | 0 | ||||||||
Other income, net | 0 | 0 | ||||||||
Income (loss) from continuing operations before income taxes | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | ||||||||
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | 0 | 0 | ||||||||
Equity in income (loss) of subsidiaries | 67,949 | (30,851) | ||||||||
Income (loss) from continuing operations | 67,949 | (30,851) | ||||||||
Loss from discontinued operations, net of taxes | 0 | 0 | ||||||||
Net income (loss) | 67,949 | (30,851) | ||||||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive income (loss) of subsidiaries | 2,701 | (7,733) | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | ||||||||
Currency translation adjustment, net | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 2,701 | (7,733) | ||||||||
Comprehensive income (loss) | 70,650 | (38,584) | ||||||||
Subsidiary Issuer [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Net sales | 882,195 | 898,529 | ||||||||
Cost of sales | 779,574 | 775,386 | ||||||||
Selling, general and administrative expenses | 110,870 | 119,149 | ||||||||
Amortization of intangible assets | 608 | 743 | ||||||||
Restructuring and other charges | 10,469 | 10,751 | ||||||||
Operating income | (19,326) | (7,500) | ||||||||
Interest expense, net | 85,537 | 100,592 | ||||||||
Intercompany interest (income) expense | (1,008) | (998) | ||||||||
(Gain) loss on early extinguishment of debt, net | (82,481) | 1,252 | ||||||||
Other income, net | (490) | (2,658) | ||||||||
Income (loss) from continuing operations before income taxes | (20,884) | (105,688) | ||||||||
Income tax expense | 2,688 | 5,425 | ||||||||
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | (23,572) | (111,113) | ||||||||
Equity in income (loss) of subsidiaries | 95,485 | 74,968 | ||||||||
Income (loss) from continuing operations | 71,913 | (36,145) | ||||||||
Loss from discontinued operations, net of taxes | (3,964) | 5,294 | ||||||||
Net income (loss) | 67,949 | (30,851) | ||||||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive income (loss) of subsidiaries | 2,290 | (4,240) | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | 411 | (3,493) | ||||||||
Currency translation adjustment, net | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 2,701 | (7,733) | ||||||||
Comprehensive income (loss) | 70,650 | (38,584) | ||||||||
Guarantor Subsidiaries [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Net sales | 775,915 | 839,500 | ||||||||
Cost of sales | 607,172 | 674,759 | ||||||||
Selling, general and administrative expenses | 67,907 | 66,882 | ||||||||
Amortization of intangible assets | 4,692 | 6,574 | ||||||||
Restructuring and other charges | 1,485 | 1,825 | ||||||||
Operating income | 94,659 | 89,460 | ||||||||
Interest expense, net | 216 | 213 | ||||||||
Intercompany interest (income) expense | 1,008 | 998 | ||||||||
(Gain) loss on early extinguishment of debt, net | 0 | 0 | ||||||||
Other income, net | (1,737) | (258) | ||||||||
Income (loss) from continuing operations before income taxes | 95,172 | 88,507 | ||||||||
Income tax expense | 619 | (1,893) | ||||||||
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | 94,553 | 90,400 | ||||||||
Equity in income (loss) of subsidiaries | (146) | 1,644 | ||||||||
Income (loss) from continuing operations | 94,407 | 92,044 | ||||||||
Loss from discontinued operations, net of taxes | 1,078 | (17,076) | ||||||||
Net income (loss) | 95,485 | 74,968 | ||||||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive income (loss) of subsidiaries | (172) | (760) | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | 345 | 55 | ||||||||
Currency translation adjustment, net | 2,117 | (3,535) | ||||||||
Total other comprehensive income (loss) | 2,290 | (4,240) | ||||||||
Comprehensive income (loss) | 97,775 | 70,728 | ||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Net sales | 1,891 | 3,750 | ||||||||
Cost of sales | 0 | 731 | ||||||||
Selling, general and administrative expenses | 748 | 718 | ||||||||
Amortization of intangible assets | 444 | 468 | ||||||||
Restructuring and other charges | 0 | 0 | ||||||||
Operating income | 699 | 1,833 | ||||||||
Interest expense, net | 0 | 0 | ||||||||
Intercompany interest (income) expense | 0 | 0 | ||||||||
(Gain) loss on early extinguishment of debt, net | 0 | 0 | ||||||||
Other income, net | (117) | (280) | ||||||||
Income (loss) from continuing operations before income taxes | 816 | 2,113 | ||||||||
Income tax expense | 951 | 861 | ||||||||
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | (135) | 1,252 | ||||||||
Equity in income (loss) of subsidiaries | 0 | 0 | ||||||||
Income (loss) from continuing operations | (135) | 1,252 | ||||||||
Loss from discontinued operations, net of taxes | (11) | 392 | ||||||||
Net income (loss) | (146) | 1,644 | ||||||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive income (loss) of subsidiaries | 0 | 0 | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | ||||||||
Currency translation adjustment, net | (172) | (760) | ||||||||
Total other comprehensive income (loss) | (172) | (760) | ||||||||
Comprehensive income (loss) | (318) | 884 | ||||||||
Eliminations [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Net sales | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | ||||||||
Amortization of intangible assets | 0 | 0 | ||||||||
Restructuring and other charges | 0 | 0 | ||||||||
Operating income | 0 | 0 | ||||||||
Interest expense, net | 0 | 0 | ||||||||
Intercompany interest (income) expense | 0 | 0 | ||||||||
(Gain) loss on early extinguishment of debt, net | 0 | 0 | ||||||||
Other income, net | 0 | 0 | ||||||||
Income (loss) from continuing operations before income taxes | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | ||||||||
(Loss) income from continuing operations before equity in income (loss) of subsidiaries | 0 | 0 | ||||||||
Equity in income (loss) of subsidiaries | (163,288) | (45,761) | ||||||||
Income (loss) from continuing operations | (163,288) | (45,761) | ||||||||
Loss from discontinued operations, net of taxes | 0 | 0 | ||||||||
Net income (loss) | (163,288) | (45,761) | ||||||||
Other comprehensive income (loss): | ||||||||||
Other comprehensive income (loss) of subsidiaries | (4,819) | 12,733 | ||||||||
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | ||||||||
Currency translation adjustment, net | 0 | 0 | ||||||||
Total other comprehensive income (loss) | (4,819) | 12,733 | ||||||||
Comprehensive income (loss) | $ (168,107) | $ (33,028) |
Condensed Consolidating Fina115
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities of continuing operations | $ 49,383 | $ 16,226 |
Net cash (used in) provided by operating activities of discontinued operations | (10,512) | 15,968 |
Net cash provided by operating activities | 38,871 | 32,194 |
Cash flows from investing activities: | ||
Cost of business acquisitions, net of cash acquired | 0 | (1,996) |
Capital expenditures | (41,137) | (25,928) |
Proceeds from sale of property, plant and equipment | 8,330 | 8,558 |
Proceeds from sale of assets | 2,000 | 2,180 |
Net cash used in investing activities of continuing operations | (30,807) | (17,186) |
Net cash provided by (used in) investing activities of discontinued operations | 95,866 | (2,282) |
Net cash provided by (used in) investing activities | 65,059 | (19,468) |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% senior secured notes due 2021 | 50,000 | 0 |
Payment of financing related costs and expenses and debt issuance discounts | (11,576) | (1,596) |
Proceeds from issuance of other long-term debt | 0 | 12,500 |
Repayments of other long-term debt | (5,578) | (16,545) |
Repayment of 11.5% senior notes due 2017 | (24,725) | (22,720) |
Repayment of 7% senior exchangeable notes due 2017 | (45,903) | 0 |
Repayment of 8.500% junior secured priority notes due 2022 | (4,550) | 0 |
Purchase and retirement of common stock upon vesting of restricted stock units | (346) | (216) |
Borrowings under asset-based revolving credit facility due 2021 | 474,300 | 468,300 |
Repayments under asset-based revolving credit facility due 2021 | (540,800) | (454,800) |
Intercompany advances | 0 | 0 |
Net cash (used in) provided by financing activities of continuing operations | (109,178) | (15,077) |
Net cash used in financing activities of discontinued operations | (8) | (473) |
Net cash used in financing activities | (109,186) | (15,550) |
Effect of exchange rate changes on cash and cash equivalents | 232 | (1,213) |
Net decrease in cash and cash equivalents | (5,024) | (4,037) |
Cash and cash equivalents at beginning of period | 10,556 | 14,593 |
Cash and cash equivalents at end of period | 5,532 | 10,556 |
Less cash and cash equivalents of discontinued operations | 0 | (2,771) |
Cash and cash equivalents of continuing operations at end of period | 5,532 | 7,785 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities of continuing operations | 1,468 | 1,636 |
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 |
Net cash provided by operating activities | 1,468 | 1,636 |
Cash flows from investing activities: | ||
Cost of business acquisitions, net of cash acquired | 0 | |
Capital expenditures | 0 | 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% senior secured notes due 2021 | 0 | |
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 |
Proceeds from issuance of other long-term debt | 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 due 2017 | 0 | |
Repayment of 8.500% junior secured priority notes due 2022 | 0 | |
Purchase and retirement of common stock upon vesting of restricted stock units | (346) | (216) |
Borrowings under asset-based revolving credit facility due 2021 | 0 | 0 |
Repayments under asset-based revolving credit facility due 2021 | 0 | 0 |
Intercompany advances | (1,122) | (1,420) |
Net cash (used in) provided by financing activities of continuing operations | (1,468) | (1,636) |
Net cash used in financing activities of discontinued operations | 0 | 0 |
Net cash used in financing activities | (1,468) | (1,636) |
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 |
Subsidiary Issuer [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities of continuing operations | (93,513) | (110,318) |
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 |
Net cash provided by operating activities | (93,513) | (110,318) |
Cash flows from investing activities: | ||
Cost of business acquisitions, net of cash acquired | (1,996) | |
Capital expenditures | (19,281) | (18,448) |
Proceeds from sale of property, plant and equipment | 8,189 | 7,673 |
Proceeds from sale of assets | 0 | 0 |
Net cash used in investing activities of continuing operations | (11,092) | (12,771) |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 0 |
Net cash provided by (used in) investing activities | (11,092) | (12,771) |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% senior secured notes due 2021 | 50,000 | |
Payment of financing related costs and expenses and debt issuance discounts | (11,576) | (1,596) |
Proceeds from issuance of other long-term debt | 12,500 | |
Repayments of other long-term debt | (5,381) | (17,721) |
Repayment of 11.5% senior notes due 2017 | (24,725) | (22,720) |
Repayment of 7% senior exchangeable notes due 2017 | (45,903) | |
Repayment of 8.500% junior secured priority notes due 2022 | (4,550) | |
Purchase and retirement of common stock upon vesting of restricted stock units | 0 | 0 |
Borrowings under asset-based revolving credit facility due 2021 | 474,300 | 468,300 |
Repayments under asset-based revolving credit facility due 2021 | (540,800) | (454,800) |
Intercompany advances | 212,360 | 133,719 |
Net cash (used in) provided by financing activities of continuing operations | 103,725 | 117,682 |
Net cash used in financing activities of discontinued operations | 0 | 0 |
Net cash used in financing activities | 103,725 | 117,682 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | (880) | (5,407) |
Cash and cash equivalents at beginning of period | 5,558 | 10,965 |
Cash and cash equivalents at end of period | 4,678 | 5,558 |
Less cash and cash equivalents of discontinued operations | 0 | |
Cash and cash equivalents of continuing operations at end of period | 4,678 | 5,558 |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities of continuing operations | 142,605 | 122,254 |
Net cash (used in) provided by operating activities of discontinued operations | (10,074) | 15,230 |
Net cash provided by operating activities | 132,531 | 137,484 |
Cash flows from investing activities: | ||
Cost of business acquisitions, net of cash acquired | 0 | |
Capital expenditures | (21,120) | (6,921) |
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 | (18,979) | (3,856) |
Net cash provided by (used in) investing activities of discontinued operations | 89,379 | (2,282) |
Net cash provided by (used in) investing activities | 70,400 | (6,138) |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% senior secured notes due 2021 | 0 | |
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 |
Proceeds from issuance of other long-term debt | 0 | |
Repayments of other long-term debt | (197) | 1,176 |
Repayment of 11.5% senior notes due 2017 | 0 | 0 |
Repayment of 7% senior exchangeable notes due 2017 | 0 | |
Repayment of 8.500% junior secured priority notes due 2022 | 0 | |
Purchase and retirement of common stock upon vesting of restricted stock units | 0 | 0 |
Borrowings under asset-based revolving credit facility due 2021 | 0 | 0 |
Repayments under asset-based revolving credit facility due 2021 | 0 | 0 |
Intercompany advances | (203,366) | (130,879) |
Net cash (used in) provided by financing activities of continuing operations | (203,563) | (129,703) |
Net cash used in financing activities of discontinued operations | (8) | (473) |
Net cash used in financing activities | (203,571) | (130,176) |
Effect of exchange rate changes on cash and cash equivalents | 316 | (1,690) |
Net decrease in cash and cash equivalents | (324) | (520) |
Cash and cash equivalents at beginning of period | 324 | 844 |
Cash and cash equivalents at end of period | 0 | 324 |
Less cash and cash equivalents of discontinued operations | (89) | |
Cash and cash equivalents of continuing operations at end of period | 0 | 235 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities of continuing operations | (1,177) | 2,654 |
Net cash (used in) provided by operating activities of discontinued operations | (438) | 738 |
Net cash provided by operating activities | (1,615) | 3,392 |
Cash flows from investing activities: | ||
Cost of business acquisitions, net of cash acquired | 0 | |
Capital expenditures | (736) | (559) |
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 | (736) | (559) |
Net cash provided by (used in) investing activities of discontinued operations | 6,487 | 0 |
Net cash provided by (used in) investing activities | 5,751 | (559) |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% senior secured notes due 2021 | 0 | |
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 |
Proceeds from issuance of other long-term debt | 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 due 2017 | 0 | |
Repayment of 8.500% junior secured priority notes due 2022 | 0 | |
Purchase and retirement of common stock upon vesting of restricted stock units | 0 | 0 |
Borrowings under asset-based revolving credit facility due 2021 | 0 | 0 |
Repayments under asset-based revolving credit facility due 2021 | 0 | 0 |
Intercompany advances | (7,872) | (1,420) |
Net cash (used in) provided by financing activities of continuing operations | (7,872) | (1,420) |
Net cash used in financing activities of discontinued operations | 0 | 0 |
Net cash used in financing activities | (7,872) | (1,420) |
Effect of exchange rate changes on cash and cash equivalents | (84) | 477 |
Net decrease in cash and cash equivalents | (3,820) | 1,890 |
Cash and cash equivalents at beginning of period | 4,674 | 2,784 |
Cash and cash equivalents at end of period | 854 | 4,674 |
Less cash and cash equivalents of discontinued operations | (2,682) | |
Cash and cash equivalents of continuing operations at end of period | 854 | 1,992 |
Eliminations [Member] | ||
Cash flows from operating activities: | ||
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: | ||
Cost of business acquisitions, net of cash acquired | 0 | |
Capital expenditures | 0 | 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% senior secured notes due 2021 | 0 | |
Payment of financing related costs and expenses and debt issuance discounts | 0 | 0 |
Proceeds from issuance of other long-term debt | 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 due 2017 | 0 | |
Repayment of 8.500% junior secured priority notes due 2022 | 0 | |
Purchase and retirement of common stock upon vesting of restricted stock units | 0 | 0 |
Borrowings under asset-based revolving credit facility due 2021 | 0 | 0 |
Repayments under asset-based revolving credit 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 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 |
Selected Quarterly Financial116
Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | 15 Months Ended | ||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 31, 2016 | |
Quarterly Financial Data [Line Items] | |||||||||||
Net sales | $ 417,244 | $ 405,955 | $ 404,041 | $ 432,761 | $ 478,960 | $ 419,783 | $ 413,359 | $ 429,677 | $ 1,660,001 | $ 1,741,779 | |
Operating income (loss) | 16,575 | 20,873 | 21,570 | 17,014 | 24,822 | 19,516 | 21,655 | 17,800 | 76,032 | 83,793 | |
Income (loss) from continuing operations | (1,779) | 8,745 | 50,860 | 13,020 | (4,365) | (3,562) | (3,355) | (8,179) | 70,846 | (19,461) | |
Loss from discontinued operations, net of taxes | 1,538 | 686 | (3,304) | (1,817) | (13,159) | 319 | 950 | 500 | (2,897) | (11,390) | |
Net income (loss) | $ (241) | $ 9,431 | $ 47,556 | $ 11,203 | $ (17,524) | $ (3,243) | $ (2,405) | $ (7,679) | $ 67,949 | $ (30,851) | |
Continuing operations per share - basic | $ (0.21) | $ 1.02 | $ 5.97 | $ 1.53 | $ (0.51) | $ (0.42) | $ (0.39) | $ (0.97) | $ 8.31 | $ (2.30) | |
Discontinued operations per share - basic | 0.18 | 0.08 | (0.39) | (0.21) | (1.56) | 0.04 | 0.11 | 0.06 | (0.34) | (1.34) | |
Net income (loss) per share - basic | (0.03) | 1.10 | 5.58 | 1.32 | (2.07) | (0.38) | (0.28) | (0.91) | 7.97 | (3.64) | |
Continuing operations per share - diluted | (0.21) | 1 | 5.15 | 1.37 | (0.51) | (0.42) | (0.39) | (0.97) | 7.63 | (2.30) | |
Discontinued operations per share - diluted | 0.18 | 0.08 | (0.33) | (0.17) | (1.56) | 0.04 | 0.11 | 0.06 | (0.31) | (1.34) | |
Net income (loss) per share - diluted | $ (0.03) | $ 1.08 | $ 4.82 | $ 1.20 | $ (2.07) | $ (0.38) | $ (0.28) | $ (0.91) | $ 7.32 | $ (3.64) | |
(Loss) gain on sale of discontinued operations before income taxes | $ 1,405 | $ (4,987) | |||||||||
Impairment of goodwill | 0 | 9,857 | |||||||||
Envelope [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Net sales | $ 211,045 | $ 212,578 | $ 212,277 | $ 229,260 | $ 244,715 | $ 218,454 | $ 218,139 | $ 227,410 | 865,160 | 908,718 | |
Operating income (loss) | 9,080 | 16,832 | 17,213 | 17,559 | 17,127 | 17,746 | 16,711 | 14,840 | 60,684 | 66,424 | |
Print [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Net sales | 132,585 | 121,739 | 114,653 | 124,487 | 150,454 | 123,875 | 114,545 | 122,100 | 493,464 | 510,974 | |
Operating income (loss) | 6,857 | 5,446 | 1,933 | 3,377 | 8,915 | 1,541 | 2,987 | 1,679 | 17,613 | 15,122 | |
Label [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Net sales | 73,614 | 71,638 | 77,111 | 79,014 | 83,791 | 77,454 | 80,675 | 80,167 | 301,377 | 322,087 | |
Operating income (loss) | 7,176 | 6,764 | 11,901 | 4,708 | 8,533 | 10,146 | 11,150 | 9,704 | 30,549 | 39,533 | |
Corporate [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Operating income (loss) | $ (6,538) | $ (8,169) | $ (9,477) | $ (8,630) | (9,753) | $ (9,917) | $ (9,193) | $ (8,423) | (32,814) | $ (37,286) | |
Packaging Business [Member] | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
(Loss) gain on sale of discontinued operations before income taxes | (4,987) | $ 1,400 | $ (3,600) | ||||||||
Impairment of goodwill | $ 9,900 |