Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 01, 2017 | May 03, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CENVEO, INC | |
Entity Central Index Key | 920,321 | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Apr. 1, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 8,553,167 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 3,861 | $ 5,532 |
Accounts receivable, net | 197,778 | 234,187 |
Inventories, net | 111,110 | 101,950 |
Prepaid and other current assets | 33,805 | 41,576 |
Total current assets | 346,554 | 383,245 |
Property, plant and equipment, net | 205,896 | 207,679 |
Goodwill | 175,439 | 175,209 |
Other intangible assets, net | 123,490 | 124,831 |
Other assets, net | 21,827 | 21,995 |
Total assets | 873,206 | 912,959 |
Current liabilities: | ||
Current maturities of long-term debt | 9,400 | 31,727 |
Accounts payable | 150,427 | 175,896 |
Accrued compensation and related liabilities | 23,878 | 24,684 |
Other current liabilities | 60,557 | 82,899 |
Total current liabilities | 244,262 | 315,206 |
Long-term debt | 1,025,260 | 986,939 |
Other liabilities | 199,247 | 199,971 |
Commitments and contingencies | ||
Shareholders’ deficit: | ||
Preferred stock | 0 | 0 |
Common stock | 86 | 86 |
Paid-in capital | 382,510 | 382,271 |
Retained deficit | (876,977) | (868,285) |
Accumulated other comprehensive loss | (101,182) | (103,229) |
Total shareholders’ deficit | (595,563) | (589,157) |
Total liabilities and shareholders’ deficit | $ 873,206 | $ 912,959 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 374,506 | $ 432,761 |
Cost of sales | 310,372 | 361,911 |
Selling, general and administrative expenses | 44,541 | 47,239 |
Amortization of intangible assets | 1,379 | 1,607 |
Restructuring and other charges | 8,180 | 4,990 |
Operating income | 10,034 | 17,014 |
Interest expense, net | 19,147 | 24,095 |
Loss (gain) on early extinguishment of debt, net | 45 | (21,613) |
Other (income) expense, net | (227) | 554 |
(Loss) income from continuing operations before income taxes | (8,931) | 13,978 |
Income tax (benefit) expense | (239) | 958 |
(Loss) income from continuing operations | (8,692) | 13,020 |
Loss from discontinued operations, net of taxes | 0 | (1,817) |
Net (loss) income | (8,692) | 11,203 |
Other comprehensive income: | ||
Changes in pension and other employee benefit accounts, net of taxes | 1,594 | 2,480 |
Currency translation adjustment, net | 453 | 1,742 |
Total other comprehensive income | 2,047 | 4,222 |
Comprehensive (loss) income | $ (6,645) | $ 15,425 |
(Loss) income per share – basic: | ||
Continuing operations per share - basic | $ (1.02) | $ 1.53 |
Discontinued operations per share - basic | 0 | (0.21) |
Net income (loss) per share - basic | (1.02) | 1.32 |
(Loss) income per share – diluted: | ||
Continuing operations per share - diluted | (1.02) | 1.38 |
Discontinued operations per share - diluted | 0 | (0.18) |
Net income (loss) per share - diluted | $ (1.02) | $ 1.20 |
Weighted average shares outstanding: | ||
Basic shares | 8,553 | 8,484 |
Diluted shares | 8,553 | 10,366 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Cash flows from operating activities: [Abstract] | ||
Net (loss) income | $ (8,692) | $ 11,203 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Gain on sale of discontinued operations, net of taxes | 0 | (659) |
Loss from discontinued operations, net of taxes | 0 | 2,476 |
Depreciation and amortization, excluding non-cash interest expense | 11,795 | 12,030 |
Non-cash interest expense, net | 1,985 | 2,523 |
Deferred income taxes | (681) | 933 |
(Gain) loss on sale of assets | (257) | 56 |
Non-cash restructuring and other charges, net | 6,191 | 4,517 |
Loss (gain) on early extinguishment of debt, net | 45 | (21,613) |
Stock-based compensation | 238 | 591 |
Other non-cash charges | (58) | 631 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 36,814 | 17,845 |
Inventories | (9,403) | 5,585 |
Accounts payable and accrued compensation and related liabilities | (26,075) | (35,093) |
Other working capital changes | (18,251) | (12,497) |
Other, net | (32) | 38 |
Net cash used in operating activities of continuing operations | (6,381) | (11,434) |
Net cash used in operating activities of discontinued operations | 0 | (8,573) |
Net cash used in operating activities | (6,381) | (20,007) |
Cash flows from investing activities: | ||
Capital expenditures | (8,223) | (7,157) |
Proceeds from sale of property, plant and equipment | 744 | 5 |
Net cash used in investing activities of continuing operations | (7,479) | (7,152) |
Net cash provided by investing activities of discontinued operations | 0 | 94,560 |
Net cash (used in) provided by investing activities | (7,479) | 87,408 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | (165) | 0 |
Repayments of other long-term debt | (1,390) | (1,714) |
Repayment of 11.5% senior notes due 2017 | (20,465) | (4,725) |
Repayment of 7% senior exchangeable notes due 2017 | 0 | (17,680) |
Borrowings under asset-based revolving credit facility due 2021 | 125,200 | 141,000 |
Repayments under asset-based revolving credit facility due 2021 | (91,200) | (186,200) |
Net cash provided by (used in) financing activities of continuing operations | 11,980 | (69,319) |
Net cash used in financing activities of discontinued operations | 0 | (8) |
Net cash provided by (used in) financing activities | 11,980 | (69,327) |
Effect of exchange rate changes on cash and cash equivalents | 209 | 323 |
Net decrease in cash and cash equivalents | (1,671) | (1,603) |
Cash and cash equivalents at beginning of period | 5,532 | 10,556 |
Cash and cash equivalents at end of period | 3,861 | 8,953 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 28,780 | 28,833 |
Cash paid for taxes, net | 315 | 593 |
Non-cash origination of capital leases | $ 2,024 | $ 331 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 01, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements ("financial statements") of Cenveo, Inc. and its subsidiaries (collectively, "Cenveo" or the "Company") have been prepared in accordance with Regulation S-X promulgated by the Securities and Exchange Commission ("SEC") and, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of financial position as of April 1, 2017 , and the results of operations for the three months ended April 1, 2017 , and April 2, 2016 , and cash flows for the three months ended April 1, 2017 , and April 2, 2016 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to SEC rules. The results of operations for the three months ended April 1, 2017 , are generally not indicative of the results to be expected for any interim period or for the full year, primarily due to restructuring, acquisition and debt-related activities or transactions. The December 31, 2016 , condensed consolidated balance sheet is derived from the audited consolidated financial statements at that date. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 , filed with the SEC. Certain prior year amounts have been reclassified to conform to the current year presentation. The reporting periods for the three months ended April 1, 2017 , and April 2, 2016 , each consisted of 13 weeks. 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 top-sheet lithographic print operation (collectively, the "Packaging Business"). See Note 2 for information regarding the completion of the sale of the Packaging Business. As a result, the financial results of the Packaging Business have been accounted for as discontinued operations. The Company's historical financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented. On July 8, 2016, the Company announced a reverse split of its common stock, par value $0.01 per share (the "Common Stock"), at a ratio of 1-for-8, effective July 13, 2016 (the "Reverse Stock Split"). The Common Stock began trading on a split-adjusted basis on July 14, 2016. The Reverse Stock Split was approved by the Company’s stockholders at the annual meeting of the stockholders held on May 26, 2016. As a result of the Reverse Stock Split, each eight pre-split shares of Common Stock outstanding were automatically combined into one new share of Common Stock without any action on the part of the respective holders, and the number of outstanding common shares on the date of the split was reduced from approximately 68.5 million shares to approximately 8.5 million shares. The Reverse Stock Split also applied to Common Stock issuable upon the exchange of the Company’s outstanding 7% senior exchangeable notes due 2017 (the "7% Notes") and upon the exercise of the Company’s outstanding warrants and the Company's outstanding stock options, restricted share units ("RSUs"), and performance share units ("PSUs"), (collectively, the "Equity Awards"). In addition, the authorized Common Stock was initially increased from 100 million to 120 million shares and then adjusted in the Reverse Stock Split from 120 million to 15 million shares. The Company's historical financial statements have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. New Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers (Topic 606) ." The new revenue recognition standard provides a five-step analysis to determine when and how revenue is recognized. The standard requires that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2017 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09; however, the Company does not expect that the future adoption of ASU 2014-09 will have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, " Inventory (Topic 340): Simplifying the Measurement of Inventory ." Under ASU 2015-11, companies utilizing the first-in, first-out or average cost method should measure inventory at the lower of cost or net realizable value, where 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 adopted ASU 2015-11 during the first quarter of 2017. Adoption of ASU 2015-11 did not have a material impact on the Company's 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. As a result of prospectively adopting ASU 2015-17 as of April 1, 2017 , the Company reclassified $3.4 million of current deferred tax assets from prepaid and other current assets to other liabilities in the Company's condensed consolidated balance sheet. Prior period amounts were not adjusted. 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 currently evaluating the impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, " Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ." The new standard simplifies various aspects related to how share-based payments are accounted for and presented in the consolidated financial statements. The amendments include income tax consequences, the accounting for forfeitures, the 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. Adoption of ASU 2016-09 did not have a material impact on the Company's 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, with early adoption permitted. The Company adopted ASU 2016-15 during the first quarter of 2017. Adoption of ASU 2016-15 did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01 " Business Combinations (Topic 805): Clarifying the Definition of a Business " which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The revised definition of a business under ASU 2017-01 will reduce the number of transactions that are accounted for as business combinations. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is allowed for certain transactions. The Company is currently evaluating the impact that the future adoption of ASU 2017-01 will have 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 adopted ASU 2017-04 during the first quarter of 2017. Adoption of ASU 2017-04 did not have a material impact on the Company's consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, " Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost. " ASU 2017-07 requires employers to report the service cost component in the same line item as other compensation costs. The other components of net benefit costs will be presented in the income statement separately from the service cost and outside of a subtotal of income from operations. ASU 2017-07 is effective for interim and annual periods beginning after December 15, 2017. The Company is still currently evaluating the impact that the future adoption of ASU 2017-07 will have on its consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Apr. 01, 2017 | |
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 . A gain of $1.4 million was recorded for the year ended 2016, of which a $2.0 million gain was recorded during the first quarter of 2016. For the year ended 2015, the Company recorded a non-cash loss on the 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. As of April 1, 2017 , and December 31, 2016 , the Company did not have any assets or liabilities outstanding related to its discontinued operations. The following table summarizes certain statement of operations information for discontinued operations for the three months ended April 2, 2016 (in thousands, except per share data): For the Three Months Ended April 2, Net sales $ 6,637 Cost of sales 6,625 Selling, general and administrative expenses 2,242 Restructuring and other charges 1 Interest expense, net 7 Other expense, net 238 Loss from discontinued operations (2,476 ) Gain on sale of discontinued operations 2,031 Loss from discontinued operations before income taxes (445 ) Income tax expense 1,372 Loss from discontinued operations, net of taxes $ (1,817 ) Loss per share - basic $ (0.21 ) Loss per share - diluted $ (0.18 ) |
Inventories
Inventories | 3 Months Ended |
Apr. 01, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories by major category are as follows (in thousands): April 1, December 31, Raw materials $ 33,415 $ 32,696 Work in process 12,159 12,186 Finished goods 65,536 57,068 $ 111,110 $ 101,950 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Apr. 01, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are as follows (in thousands): April 1, December 31, Land and land improvements $ 8,537 $ 8,537 Buildings and building improvements 82,998 82,440 Machinery and equipment 547,660 546,425 Furniture and fixtures 9,591 9,553 Construction in progress 14,607 10,885 663,393 657,840 Accumulated depreciation (457,497 ) (450,161 ) $ 205,896 $ 207,679 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Apr. 01, 2017 | |
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 April 1, 2017 , by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of December 31, 2016 $ 23,433 $ 42,499 $ 109,277 $ 175,209 Foreign currency translation — 230 — 230 Balance as of April 1, 2017 $ 23,433 $ 42,729 $ 109,277 $ 175,439 Other intangible assets are as follows (in thousands): April 1, 2017 December 31, 2016 Weighted Average Remaining Amortization Period (Years) Gross Accumulated Impairment Charges Accumulated Net Gross Accumulated Impairment Charges Accumulated Net Intangible assets with definite lives: Customer relationships 6 $ 114,389 $ (27,234 ) $ (61,268 ) $ 25,887 $ 114,287 $ (27,234 ) $ (60,014 ) $ 27,039 Trademarks and trade names 22 64,545 (46,493 ) (9,274 ) 8,778 64,533 (46,493 ) (9,138 ) 8,902 Leasehold interest 16 4,430 — (799 ) 3,631 4,430 — (743 ) 3,687 Patents 9 3,528 — (3,234 ) 294 3,528 — (3,225 ) 303 Subtotal 11 186,892 (73,727 ) (74,575 ) 38,590 186,778 (73,727 ) (73,120 ) 39,931 Intangible assets with indefinite lives: Trade names 84,900 — — 84,900 84,900 — — 84,900 Total $ 271,792 $ (73,727 ) $ (74,575 ) $ 123,490 $ 271,678 $ (73,727 ) $ (73,120 ) $ 124,831 Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): Annual Estimated Remainder of 2017 $ 3,915 2018 5,003 2019 4,885 2020 4,885 2021 4,731 2022 4,250 Thereafter 10,921 Total $ 38,590 Asset Impairments There were no goodwill or intangible asset impairments recorded in the three months ended April 1, 2017 , or April 2, 2016 , respectively. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Apr. 01, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt is as follows (in thousands): April 1, December 31, ABL Facility due 2021 (1) $ 115,700 $ 81,700 4.0% secured notes due 2021 ($50 million outstanding principal amount as of April 1, 2017, and December 31, 2016) 49,822 49,813 8.500% junior priority secured notes due 2022 ($241.0 million outstanding principal amount as of April 1, 2017, and December 31, 2016) 234,995 234,742 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of April 1, 2017, and December 31, 2016) 531,085 530,166 6.000% senior unsecured notes due 2024 ($104.5 million outstanding principal amount as of April 1, 2017, and December 31, 2016) 86,123 85,591 11.5% senior notes due 2017 ($0.0 million and $20.5 million outstanding principal amount as of April 1, 2017, and December 31, 2016, respectively) — 20,371 7% senior exchangeable notes due 2017 ($5.5 million outstanding principal amount as of April 1, 2017, and December 31, 2016) 5,483 5,468 Other debt including capital leases 11,452 10,815 1,034,660 1,018,666 Less current maturities (9,400 ) (31,727 ) Long-term debt $ 1,025,260 $ 986,939 __________________________ (1) The weighted average interest rate outstanding for the Company's asset-based revolving credit facility (the "ABL Facility") was 3.5% and 3.4% as of April 1, 2017 , and December 31, 2016 , respectively. The estimated fair value of the Company’s outstanding indebtedness was approximately $839.6 million and $881.7 million as of April 1, 2017 , and December 31, 2016 , respectively. The fair value was determined by the Company to be Level 2 under the fair value hierarchy, and was based upon a review of observable pricing in secondary markets for each debt instrument. In the first quarter of 2017 , the Company refinanced its outstanding equipment loan with an outstanding principal balance of $6.3 million . Interest on the equipment loan now accrues at 7.76% per year and is payable monthly in arrears beginning on May 1, 2017, through October 1, 2020. As of April 1, 2017 , the Company was in compliance with all covenants under its long-term debt. Extinguishments In the first quarter of 2017 , the Company recorded a loss on early extinguishment of debt of less than $0.1 million related to the repurchase in full of the remaining $20.5 million of its 11.5% senior notes due 2017 (the "11.5% Notes"). In the first quarter of 2016 , the Company recorded a gain on early extinguishment of debt of $16.5 million related to the repurchase of $34.5 million of its 7% Notes. Additionally, the Company recorded a gain on early extinguishment of debt of $5.1 million related to the repurchase of $10.0 million of its 11.5% Notes. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 01, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is party to various legal actions that are ordinary and incidental to its business. While the outcome of pending legal actions cannot be predicted with certainty, the Company believes the outcome of these various proceedings will not have a material effect on the Company’s financial statements. The Company is involved in certain environmental matters and has been designated as a potentially responsible party for certain hazardous waste sites. There have been no material changes related to these environmental matters and, based on information currently available, the Company believes that remediation of these environmental matters will not have a material effect on the Company’s financial statements. The Company’s income, sales and use, and other tax returns are routinely subject to audit by various authorities. The Company 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 may not have a material effect on the Company’s consolidated financial position or its results of operations. The Company participates in a number of multi-employer pension plans for union employees and is exposed to significant risks and uncertainties arising from its participation in these multi-employer pension plans. These risks and uncertainties, including changes in future contributions due to partial or full withdrawal of the Company and other participating employers from these multi-employer pension plans, could significantly increase the Company’s future contributions or the underfunded status of these multi-employer pension plans. Two of the multi-employer pension plans are in mass withdrawal status. While it is not possible to quantify the potential impact of future actions of the Company or other participating employers in these multi-employer pension plans, continued participation in or withdrawal from these multi-employer pension plans could have a material effect on the Company’s financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 01, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or nonrecurring basis. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. There were no assets or liabilities recorded at fair value on a recurring or nonrecurring basis as of April 1, 2017 . On an annual basis, the Company records its pension plan assets at fair value. No additional assets or liabilities were recorded at fair value on a recurring or nonrecurring basis as of December 31, 2016 . Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable, net, long-term debt and accounts payable. The carrying values of cash and cash equivalents, accounts receivable, net, and accounts payable are reasonable estimates of their fair values as of April 1, 2017 , and December 31, 2016 , due to the short-term nature of these instruments. See Note 6 for fair value of the Company’s long-term debt. Additionally, the Company records the assets acquired and liabilities assumed in its acquisitions at fair value. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Apr. 01, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans The components of the net periodic expense for the Company’s pension plans, supplemental executive retirement plans ("SERP") and other postretirement benefit plans ("OPEB") are as follows (in thousands): For the Three Months Ended April 1, April 2, Service cost $ — $ — Interest cost 3,271 3,545 Expected return on plan assets (4,636 ) (4,775 ) Net amortization and deferral 1 1 Recognized net actuarial loss 2,612 2,480 Net periodic expense $ 1,248 $ 1,251 Interest cost on the projected benefit obligation includes $0.2 million related to the Company’s SERP and OPEB plans in each of the three months ended April 1, 2017 and April 2, 2016 . For the three months ended April 1, 2017 , the Company made total contributions of $0.3 million to its pension, SERP and OPEB plans. The Company expects to contribute approximately $9.0 million to its pension, SERP and OPEB plans, for the remainder of 2017 . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 01, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation On April 27, 2017, the Company's shareholders approved the 2017 Long-Term Equity Incentive Plan, which authorizes the issuance of up to 400,000 shares of the Company’s common stock. Any unused shares previously authorized under prior plans that have not been issued were not carried forward into the 2017 Long-Term Equity Incentive Plan. Total stock-based compensation expense recognized in selling, general and administrative expenses in the Company’s statements of operations was $0.2 million and $0.6 million for the three months ended April 1, 2017 , and April 2, 2016 , respectively. As of April 1, 2017 , there was approximately $1.1 million of total unrecognized compensation cost related to unvested stock-based compensation grants, which is expected to be amortized over a weighted average period of 2.0 years. Stock Options A summary of the Company’s outstanding stock options as of and for the three months ended April 1, 2017 , is as follows: Options Weighted Weighted Aggregate Outstanding at December 31, 2016 129,365 $ 26.31 2.9 $ — Granted — — Exercised — — $ — Forfeited/expired (40,620 ) 43.27 Outstanding at April 1, 2017 88,745 $ 18.55 3.8 $ — Exercisable at April 1, 2017 30,313 $ 17.96 3.4 $ — RSUs A summary of the Company’s non-vested RSUs as of and for the three months ended April 1, 2017 , is as follows: RSUs Weighted Average Unvested at December 31, 2016 82,964 $ 16.28 Granted — — Vested — — Forfeited (1,875 ) 18.03 Unvested at April 1, 2017 81,089 $ 16.24 |
Restructuring and Other Charges
Restructuring and Other Charges | 3 Months Ended |
Apr. 01, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges The Company currently has two active cost savings, restructuring and integration plans, 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," and the "2016 Plan"). Each plan is primarily associated with a specific fiscal year of the planned cost actions. During 2016, the Company began implementing the 2017 Plan and continued activity under the 2016 Plan. The Company is still contemplating additional cost actions that would be associated with the 2017 Plan. The Company expects to be substantially complete with the 2016 Plan and the 2017 Plan in the 2017 fiscal year and the 2018 fiscal year, respectively. The Company currently has certain residual actions associated with finalizing prior restructuring and acquisition 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 (benefits) recognized as a result of these plans. 2017 Activity Restructuring and other charges for the three months ended April 1, 2017 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2017 Plan $ 575 $ 450 $ 29 $ 27 $ — $ 25 $ 1,106 2016 Plan (33 ) (2 ) 47 18 — 70 100 Residual Plans — — — — — 3 3 Total Envelope 542 448 76 45 — 98 1,209 Print 2017 Plan 226 668 113 9 4,933 389 6,338 Residual Plans — — — — 262 45 307 Total Print 226 668 113 9 5,195 434 6,645 Label 2017 Plan (169 ) — — — — — (169 ) 2016 Plan (17 ) — — — — — (17 ) Residual Plans (196 ) — — — — (15 ) (211 ) Total Label (382 ) — — — — (15 ) (397 ) Corporate 2017 Plan 710 — — — — 13 723 Total Corporate 710 — — — — 13 723 Total Restructuring and Other Charges $ 1,096 $ 1,116 $ 189 $ 54 $ 5,195 $ 530 $ 8,180 2016 Activity Restructuring and other charges for the three months ended April 2, 2016 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 65 $ — $ — $ — $ — $ — $ 65 Residual Plans 7 — 276 — 47 120 450 Total Envelope 72 — 276 — 47 120 515 Print 2016 Plan 4 — — — — — 4 Residual Plans (1 ) — — 40 222 43 304 Total Print 3 — — 40 222 43 308 Label 2016 Plan 28 — — — — — 28 Residual Plans 563 — — — — 1,264 1,827 Asset Impairments — 2,300 — — — — 2,300 Total Label 591 2,300 — — — 1,264 4,155 Corporate 2016 Plan — — — — — 3 3 Residual Plans — — — — — 9 9 Total Corporate — — — — — 12 12 Total Restructuring and Other Charges $ 666 $ 2,300 $ 276 $ 40 $ 269 $ 1,439 $ 4,990 A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands): Employee Separation Costs Lease Termination Expenses Multi-Employer Pension Building Clean-up, Total 2017 Plan Balance as of December 31, 2016 $ 2,000 $ — $ — $ — $ 2,000 Accruals, net 1,342 36 4,933 569 6,880 Payments (996 ) (36 ) — (569 ) (1,601 ) Balance as of April 1, 2017 $ 2,346 $ — $ 4,933 $ — $ 7,279 2016 Plan Balance as of December 31, 2016 $ 844 $ — $ — $ — $ 844 Accruals, net (50 ) 18 — 117 85 Payments (563 ) (18 ) — (117 ) (698 ) Balance as of April 1, 2017 $ 231 $ — $ — $ — $ 231 Residual Plans Balance as of December 31, 2016 $ 247 $ — $ 17,482 $ 359 $ 18,088 Accruals, net (196 ) — 262 33 99 Payments (37 ) — (1,211 ) (332 ) (1,580 ) Balance as of April 1, 2017 $ 14 $ — $ 16,533 $ 60 $ 16,607 Total Restructuring Liability $ 2,591 $ — $ 21,466 $ 60 $ 24,117 As of April 1, 2017 , the total restructuring liability was $24.1 million , of which $4.5 million is included in other current liabilities and $19.6 million is included in other liabilities in the Company's condensed consolidated balance sheet. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Apr. 01, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) ("AOCI"), net of tax (in thousands): Foreign Currency Translation Pension and Other Postretirement Benefits Total Balance as of December 31, 2016 $ (5,255 ) $ (97,974 ) $ (103,229 ) Other comprehensive loss before reclassifications 453 — 453 Amounts reclassified from AOCI — 1,594 1,594 Other comprehensive income 453 1,594 2,047 Balance as of April 1, 2017 $ (4,802 ) $ (96,380 ) $ (101,182 ) Reclassifications from AOCI AOCI Components (in thousands) Amounts Reclassified from AOCI Income Statement Line Item For the Three Months Ended April 1, April 2, Changes in Foreign Currency Translation Loss on foreign exchange $ — $ 1,945 Loss from discontinued operations, net of taxes Changes in pension and other employee benefit accounts: Net actuarial losses 2,612 2,480 Cost of sales 2,612 4,425 Total before tax Taxes (1,018 ) — Income tax expense (benefit) Total reclassifications for the period $ 1,594 $ 4,425 Net of tax |
Income (Loss) Per Share
Income (Loss) Per Share | 3 Months Ended |
Apr. 01, 2017 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Share | Income (Loss) per Share Basic income (loss) per share is computed based upon the weighted average number of common shares outstanding for the period. When applicable, diluted income (loss) per share is calculated using two approaches. The first approach, the treasury stock method, reflects the potential dilution that could occur if the Equity Awards to issue Common Stock were exercised. The second approach, the if converted method, reflects the potential dilution of the Equity Awards, the 7% Notes and outstanding warrants being exchanged for Common Stock. Under this method, interest expense associated with the 7% Notes, net of tax, if any, is added back to income from continuing operations and the shares outstanding are increased by the underlying 7% Notes equivalent. As of April 1, 2017 the effect of approximately 170,000 shares related to the exchange of the 7% Notes for Common Stock were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. As of April 1, 2017 , and April 2, 2016 , the effect of approximately 170,000 and 363,000 shares, respectively, related to the issuance of Common Stock upon exercise of Equity Awards were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. As of April 1, 2017 , and April 2, 2016 , the effect of approximately 1.7 million and zero shares, respectively, related to the issuance of Common Stock upon exercise of warrants were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted income (loss) per share for the three months ended April 1, 2017 , and April 2, 2016 (in thousands, except per share data): For the Three Months Ended April 1, April 2, Numerator for basic and diluted (loss) income per share: (Loss) income from continuing operations $ (8,692 ) $ 13,020 Loss from discontinued operations, net of taxes — (1,817 ) Net (loss) income $ (8,692 ) $ 11,203 Numerator for diluted (loss) income per share: (Loss) income from continuing operations - as reported $ (8,692 ) $ 13,020 Interest expense on 7% Notes, net of taxes — 1,210 (Loss) income from continuing operations - after assumed conversions of dilutive shares (8,692 ) 14,230 Loss from discontinued operations, net of taxes — (1,817 ) Net (loss) income for diluted loss per share - after assumed conversions of dilutive shares $ (8,692 ) $ 12,413 Denominator for weighted average common shares outstanding: Basic shares 8,553 8,484 Dilutive effect of 7% Notes — 1,882 Dilutive effect of Equity Awards — — Dilutive effect of warrants — — Diluted shares 8,553 10,366 (Loss) income per share – basic: Continuing operations $ (1.02 ) $ 1.53 Discontinued operations — (0.21 ) Net (loss) income $ (1.02 ) $ 1.32 (Loss) income per share – diluted: Continuing operations $ (1.02 ) $ 1.38 Discontinued operations — (0.18 ) Net (loss) income $ (1.02 ) $ 1.20 |
Segment Information
Segment Information | 3 Months Ended |
Apr. 01, 2017 | |
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. Operating income (loss) of each segment includes all costs and expenses directly related to the segment's operations. Corporate expenses include corporate general and administrative expenses including stock-based compensation. Corporate identifiable assets primarily consist of cash and cash equivalents, miscellaneous receivables, deferred financing fees, deferred tax assets and other assets. The following tables present certain segment information (in thousands): For the Three Months Ended April 1, April 2, Net sales: Envelope $ 201,839 $ 229,260 Print 104,238 124,487 Label 68,429 79,014 Total $ 374,506 $ 432,761 Operating income (loss): Envelope $ 14,451 $ 17,559 Print (4,826 ) 3,377 Label 9,402 4,708 Corporate (8,993 ) (8,630 ) Total $ 10,034 $ 17,014 Restructuring and other charges: Envelope $ 1,209 $ 515 Print 6,645 308 Label (397 ) 4,155 Corporate 723 12 Total $ 8,180 $ 4,990 Depreciation and intangible asset amortization: Envelope $ 4,747 $ 4,764 Print 4,607 4,255 Label 1,654 2,346 Corporate 787 665 Total $ 11,795 $ 12,030 Intercompany sales: Envelope $ 1,500 $ 1,857 Print 5,266 4,815 Label 665 972 Total $ 7,431 $ 7,644 April 1, December 31, Total assets: Envelope $ 391,553 $ 403,157 Print 233,835 256,888 Label 213,964 216,627 Corporate 33,854 36,287 Total $ 873,206 $ 912,959 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 3 Months Ended |
Apr. 01, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Cenveo, Inc. is a holding company (the "Parent Company"), which is the ultimate parent of all Cenveo subsidiaries. The Parent Company’s wholly-owned subsidiary, Cenveo Corporation (the "Subsidiary Issuer"), issued the 6.000% senior priority secured notes due 2019, the 8.500% junior priority secured notes due 2022, the 6.000% senior unsecured notes due 2024, the 7% Notes, the 11.5% Notes and the 4% senior 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 April 1, 2017 , and December 31, 2016 , and for the three months ended April 1, 2017 , and April 2, 2016 . 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 April 1, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 3,489 $ 65 $ 307 $ — $ 3,861 Accounts receivable, net — 106,370 91,408 — — 197,778 Inventories, net — 65,253 45,857 — — 111,110 Intercompany receivable — — 1,797,462 — (1,797,462 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 30,352 2,250 1,203 — 33,805 Total current assets — 242,402 1,940,287 1,510 (1,837,645 ) 346,554 Investment in subsidiaries (595,563 ) 2,135,731 5,052 7,829 (1,553,049 ) — Property, plant and equipment, net — 107,745 97,045 1,106 — 205,896 Goodwill — 39,803 130,548 5,088 — 175,439 Other intangible assets, net — 9,435 113,981 74 — 123,490 Other assets, net — 18,846 2,375 1,685 (1,079 ) 21,827 Total assets $ (595,563 ) $ 2,553,962 $ 2,289,288 $ 17,292 $ (3,391,773 ) $ 873,206 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 7,382 $ 2,018 $ — $ — $ 9,400 Accounts payable — 97,250 53,032 145 — 150,427 Accrued compensation and related liabilities — 19,784 3,731 363 — 23,878 Other current liabilities — 47,302 12,675 580 — 60,557 Intercompany payable — 1,797,384 — 78 (1,797,462 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,969,102 108,394 4,411 (1,837,645 ) 244,262 Long-term debt — 1,023,346 1,914 — — 1,025,260 Other liabilities — 157,077 43,249 — (1,079 ) 199,247 Shareholders’ (deficit) equity (595,563 ) (595,563 ) 2,135,731 12,881 (1,553,049 ) (595,563 ) Total liabilities and shareholders’ (deficit) equity $ (595,563 ) $ 2,553,962 $ 2,289,288 $ 17,292 $ (3,391,773 ) $ 873,206 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For the three months ended April 1, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 198,195 $ 175,658 $ 653 $ — $ 374,506 Cost of sales — 174,392 135,980 — — 310,372 Selling, general and administrative expenses — 29,056 15,262 223 — 44,541 Amortization of intangible assets — 149 1,119 111 — 1,379 Restructuring and other charges — 7,988 192 — — 8,180 Operating (loss) income — (13,390 ) 23,105 319 — 10,034 Interest expense, net — 19,084 63 — — 19,147 Intercompany interest (income) expense — (282 ) 282 — — — Loss on early extinguishment of debt, net — 45 — — — 45 Other (income) expense, net — (189 ) (108 ) 70 — (227 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (32,048 ) 22,868 249 — (8,931 ) Income tax (benefit) expense — (481 ) 152 90 — (239 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (31,567 ) 22,716 159 — (8,692 ) Equity in (loss) income of subsidiaries (8,692 ) 22,875 159 — (14,342 ) — Net (loss) income (8,692 ) (8,692 ) 22,875 159 (14,342 ) (8,692 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 2,047 543 721 — (3,311 ) — Changes in pension and other employee benefit accounts, net of taxes — 1,504 90 — — 1,594 Currency translation adjustment, net — — (268 ) 721 — 453 Total other comprehensive income (loss) 2,047 2,047 543 721 (3,311 ) 2,047 Comprehensive (loss) income $ (6,645 ) $ (6,645 ) $ 23,418 $ 880 $ (17,653 ) $ (6,645 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended April 1, 2017 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 238 $ (21,658 ) $ 14,973 $ 66 $ — $ (6,381 ) Cash flows from investing activities: Capital expenditures — (5,679 ) (2,321 ) (223 ) — (8,223 ) Proceeds from sale of property, plant and equipment — 744 — — — 744 Net cash used in investing activities — (4,935 ) (2,321 ) (223 ) — (7,479 ) Cash flows from financing activities: Payment of financing-related costs and expenses and debt issuance discounts — (165 ) — — — (165 ) Repayments of other long-term debt — (2,198 ) 808 — — (1,390 ) Repayment of 11.5% senior notes due 2017 — (20,465 ) — — — (20,465 ) Borrowings under ABL Facility due 2021 — 125,200 — — — 125,200 Repayments under ABL Facility due 2021 — (91,200 ) — — — (91,200 ) Intercompany advances (238 ) 14,232 (13,604 ) (390 ) — — Net cash (used in) provided by financing activities (238 ) 25,404 (12,796 ) (390 ) — 11,980 Effect of exchange rate changes on cash and cash equivalents — — 209 — — 209 Net (decrease) increase in cash and cash equivalents — (1,189 ) 65 (547 ) — (1,671 ) Cash and cash equivalents at beginning of period — 4,678 — 854 — 5,532 Cash and cash equivalents at end of period $ — $ 3,489 $ 65 $ 307 $ — $ 3,861 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 INCOME (LOSS) For the three months ended April 2, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 231,098 $ 201,478 $ 185 $ — $ 432,761 Cost of sales — 203,331 158,580 — — 361,911 Selling, general and administrative expenses — 29,275 17,782 182 — 47,239 Amortization of intangible assets — 152 1,344 111 — 1,607 Restructuring and other charges — 3,018 1,972 — — 4,990 Operating (loss) income — (4,678 ) 21,800 (108 ) — 17,014 Interest expense, net — 24,048 47 — — 24,095 Intercompany interest (income) expense — (245 ) 245 — — — Gain on early extinguishment of debt, net — (21,613 ) — — — (21,613 ) Other expense (income), net — 600 14 (60 ) — 554 (Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries — (7,468 ) 21,494 (48 ) — 13,978 Income tax expense (benefit) — 850 122 (14 ) — 958 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (8,318 ) 21,372 (34 ) — 13,020 Equity in income (loss) of subsidiaries 11,203 21,798 1,643 — (34,644 ) — Income (loss) from continuing operations 11,203 13,480 23,015 (34 ) (34,644 ) 13,020 (Loss) income from discontinued operations, net of taxes — (2,277 ) (1,217 ) 1,677 — (1,817 ) Net income (loss) 11,203 11,203 21,798 1,643 (34,644 ) 11,203 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 4,222 2,109 177 — (6,508 ) — Changes in pension and other employee benefit accounts, net of taxes — 2,113 367 — — 2,480 Currency translation adjustment, net — — 1,565 177 — 1,742 Total other comprehensive income (loss) 4,222 4,222 2,109 177 (6,508 ) 4,222 Comprehensive income (loss) $ 15,425 $ 15,425 $ 23,907 $ 1,820 $ (41,152 ) $ 15,425 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended April 2, 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 $ 591 $ (38,486 ) $ 24,938 $ 1,523 $ — $ (11,434 ) Net cash used in operating activities of discontinued operations — — (8,135 ) (438 ) — (8,573 ) Net cash provided by (used in) operating activities 591 (38,486 ) 16,803 1,085 — (20,007 ) Cash flows from investing activities: Capital expenditures — (3,923 ) (3,146 ) (88 ) — (7,157 ) Proceeds from sale of property, plant and equipment — 5 — — — 5 Net cash used in investing activities of continuing operations — (3,918 ) (3,146 ) (88 ) — (7,152 ) Net cash provided by investing activities of discontinued operations — — 87,415 7,145 — 94,560 Net cash (used in) provided by investing activities — (3,918 ) 84,269 7,057 — 87,408 Cash flows from financing activities: Repayments of other long-term debt — (1,766 ) 52 — — (1,714 ) Repayment of 11.5% senior notes due 2017 — (4,725 ) — — — (4,725 ) Repayment of 7% senior exchangeable notes due 2017 — (17,680 ) — — — (17,680 ) Borrowings under ABL Facility due 2021 — 141,000 — — — 141,000 Repayments under ABL Facility due 2021 — (186,200 ) — — — (186,200 ) Intercompany advances (591 ) 112,548 (103,970 ) (7,987 ) — — Net cash (used in) provided by financing activities of continuing operations (591 ) 43,177 (103,918 ) (7,987 ) — (69,319 ) Net cash used in financing activities of discontinued operations — — (8 ) — — (8 ) Net cash (used in) provided by financing activities (591 ) 43,177 (103,926 ) (7,987 ) — (69,327 ) Effect of exchange rate changes on cash and cash equivalents — — 316 7 — 323 Net increase (decrease) in cash and cash equivalents — 773 (2,538 ) 162 — (1,603 ) Cash and cash equivalents at beginning of period — 5,558 3,006 1,992 — 10,556 Cash and cash equivalents at end of period $ — $ 6,331 $ 468 $ 2,154 $ — $ 8,953 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Apr. 01, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements ("financial statements") of Cenveo, Inc. and its subsidiaries (collectively, "Cenveo" or the "Company") have been prepared in accordance with Regulation S-X promulgated by the Securities and Exchange Commission ("SEC") and, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of financial position as of April 1, 2017 , and the results of operations for the three months ended April 1, 2017 , and April 2, 2016 , and cash flows for the three months ended April 1, 2017 , and April 2, 2016 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to SEC rules. The results of operations for the three months ended April 1, 2017 , are generally not indicative of the results to be expected for any interim period or for the full year, primarily due to restructuring, acquisition and debt-related activities or transactions. The December 31, 2016 , condensed consolidated balance sheet is derived from the audited consolidated financial statements at that date. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 , filed with the SEC. Certain prior year amounts have been reclassified to conform to the current year presentation. The reporting periods for the three months ended April 1, 2017 , and April 2, 2016 , each consisted of 13 weeks. 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 top-sheet lithographic print operation (collectively, the "Packaging Business"). See Note 2 for information regarding the completion of the sale of the Packaging Business. As a result, the financial results of the Packaging Business have been accounted for as discontinued operations. The Company's historical financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented. On July 8, 2016, the Company announced a reverse split of its common stock, par value $0.01 per share (the "Common Stock"), at a ratio of 1-for-8, effective July 13, 2016 (the "Reverse Stock Split"). The Common Stock began trading on a split-adjusted basis on July 14, 2016. The Reverse Stock Split was approved by the Company’s stockholders at the annual meeting of the stockholders held on May 26, 2016. As a result of the Reverse Stock Split, each eight pre-split shares of Common Stock outstanding were automatically combined into one new share of Common Stock without any action on the part of the respective holders, and the number of outstanding common shares on the date of the split was reduced from approximately 68.5 million shares to approximately 8.5 million shares. The Reverse Stock Split also applied to Common Stock issuable upon the exchange of the Company’s outstanding 7% senior exchangeable notes due 2017 (the "7% Notes") and upon the exercise of the Company’s outstanding warrants and the Company's outstanding stock options, restricted share units ("RSUs"), and performance share units ("PSUs"), (collectively, the "Equity Awards"). In addition, the authorized Common Stock was initially increased from 100 million to 120 million shares and then adjusted in the Reverse Stock Split from 120 million to 15 million shares. The Company's historical financial statements have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. |
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 the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2017 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of the pending adoption of ASU 2014-09; however, the Company does not expect that the future adoption of ASU 2014-09 will have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, " Inventory (Topic 340): Simplifying the Measurement of Inventory ." Under ASU 2015-11, companies utilizing the first-in, first-out or average cost method should measure inventory at the lower of cost or net realizable value, where 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 adopted ASU 2015-11 during the first quarter of 2017. Adoption of ASU 2015-11 did not have a material impact on the Company's 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. As a result of prospectively adopting ASU 2015-17 as of April 1, 2017 , the Company reclassified $3.4 million of current deferred tax assets from prepaid and other current assets to other liabilities in the Company's condensed consolidated balance sheet. Prior period amounts were not adjusted. 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 currently evaluating the impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, " Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ." The new standard simplifies various aspects related to how share-based payments are accounted for and presented in the consolidated financial statements. The amendments include income tax consequences, the accounting for forfeitures, the 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. Adoption of ASU 2016-09 did not have a material impact on the Company's 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, with early adoption permitted. The Company adopted ASU 2016-15 during the first quarter of 2017. Adoption of ASU 2016-15 did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01 " Business Combinations (Topic 805): Clarifying the Definition of a Business " which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The revised definition of a business under ASU 2017-01 will reduce the number of transactions that are accounted for as business combinations. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is allowed for certain transactions. The Company is currently evaluating the impact that the future adoption of ASU 2017-01 will have 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 adopted ASU 2017-04 during the first quarter of 2017. Adoption of ASU 2017-04 did not have a material impact on the Company's consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, " Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost. " ASU 2017-07 requires employers to report the service cost component in the same line item as other compensation costs. The other components of net benefit costs will be presented in the income statement separately from the service cost and outside of a subtotal of income from operations. ASU 2017-07 is effective for interim and annual periods beginning after December 15, 2017. The Company is still currently evaluating the impact that the future adoption of ASU 2017-07 will have on its consolidated financial statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | The following table summarizes certain statement of operations information for discontinued operations for the three months ended April 2, 2016 (in thousands, except per share data): For the Three Months Ended April 2, Net sales $ 6,637 Cost of sales 6,625 Selling, general and administrative expenses 2,242 Restructuring and other charges 1 Interest expense, net 7 Other expense, net 238 Loss from discontinued operations (2,476 ) Gain on sale of discontinued operations 2,031 Loss from discontinued operations before income taxes (445 ) Income tax expense 1,372 Loss from discontinued operations, net of taxes $ (1,817 ) Loss per share - basic $ (0.21 ) Loss per share - diluted $ (0.18 ) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories by major category are as follows (in thousands): April 1, December 31, Raw materials $ 33,415 $ 32,696 Work in process 12,159 12,186 Finished goods 65,536 57,068 $ 111,110 $ 101,950 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment are as follows (in thousands): April 1, December 31, Land and land improvements $ 8,537 $ 8,537 Buildings and building improvements 82,998 82,440 Machinery and equipment 547,660 546,425 Furniture and fixtures 9,591 9,553 Construction in progress 14,607 10,885 663,393 657,840 Accumulated depreciation (457,497 ) (450,161 ) $ 205,896 $ 207,679 |
Goodwill and Other Intangible24
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill as of April 1, 2017 , by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of December 31, 2016 $ 23,433 $ 42,499 $ 109,277 $ 175,209 Foreign currency translation — 230 — 230 Balance as of April 1, 2017 $ 23,433 $ 42,729 $ 109,277 $ 175,439 |
Schedule of intangible assets | Other intangible assets are as follows (in thousands): April 1, 2017 December 31, 2016 Weighted Average Remaining Amortization Period (Years) Gross Accumulated Impairment Charges Accumulated Net Gross Accumulated Impairment Charges Accumulated Net Intangible assets with definite lives: Customer relationships 6 $ 114,389 $ (27,234 ) $ (61,268 ) $ 25,887 $ 114,287 $ (27,234 ) $ (60,014 ) $ 27,039 Trademarks and trade names 22 64,545 (46,493 ) (9,274 ) 8,778 64,533 (46,493 ) (9,138 ) 8,902 Leasehold interest 16 4,430 — (799 ) 3,631 4,430 — (743 ) 3,687 Patents 9 3,528 — (3,234 ) 294 3,528 — (3,225 ) 303 Subtotal 11 186,892 (73,727 ) (74,575 ) 38,590 186,778 (73,727 ) (73,120 ) 39,931 Intangible assets with indefinite lives: Trade names 84,900 — — 84,900 84,900 — — 84,900 Total $ 271,792 $ (73,727 ) $ (74,575 ) $ 123,490 $ 271,678 $ (73,727 ) $ (73,120 ) $ 124,831 |
Schedule of future amortization expense of intangible assets | Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): Annual Estimated Remainder of 2017 $ 3,915 2018 5,003 2019 4,885 2020 4,885 2021 4,731 2022 4,250 Thereafter 10,921 Total $ 38,590 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt is as follows (in thousands): April 1, December 31, ABL Facility due 2021 (1) $ 115,700 $ 81,700 4.0% secured notes due 2021 ($50 million outstanding principal amount as of April 1, 2017, and December 31, 2016) 49,822 49,813 8.500% junior priority secured notes due 2022 ($241.0 million outstanding principal amount as of April 1, 2017, and December 31, 2016) 234,995 234,742 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of April 1, 2017, and December 31, 2016) 531,085 530,166 6.000% senior unsecured notes due 2024 ($104.5 million outstanding principal amount as of April 1, 2017, and December 31, 2016) 86,123 85,591 11.5% senior notes due 2017 ($0.0 million and $20.5 million outstanding principal amount as of April 1, 2017, and December 31, 2016, respectively) — 20,371 7% senior exchangeable notes due 2017 ($5.5 million outstanding principal amount as of April 1, 2017, and December 31, 2016) 5,483 5,468 Other debt including capital leases 11,452 10,815 1,034,660 1,018,666 Less current maturities (9,400 ) (31,727 ) Long-term debt $ 1,025,260 $ 986,939 __________________________ (1) The weighted average interest rate outstanding for the Company's asset-based revolving credit facility (the "ABL Facility") was 3.5% and 3.4% as of April 1, 2017 , and December 31, 2016 , respectively. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of net periodic expense | The components of the net periodic expense for the Company’s pension plans, supplemental executive retirement plans ("SERP") and other postretirement benefit plans ("OPEB") are as follows (in thousands): For the Three Months Ended April 1, April 2, Service cost $ — $ — Interest cost 3,271 3,545 Expected return on plan assets (4,636 ) (4,775 ) Net amortization and deferral 1 1 Recognized net actuarial loss 2,612 2,480 Net periodic expense $ 1,248 $ 1,251 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock options outstanding | Stock Options A summary of the Company’s outstanding stock options as of and for the three months ended April 1, 2017 , is as follows: Options Weighted Weighted Aggregate Outstanding at December 31, 2016 129,365 $ 26.31 2.9 $ — Granted — — Exercised — — $ — Forfeited/expired (40,620 ) 43.27 Outstanding at April 1, 2017 88,745 $ 18.55 3.8 $ — Exercisable at April 1, 2017 30,313 $ 17.96 3.4 $ — |
Schedule of nonvested restricted share units | RSUs A summary of the Company’s non-vested RSUs as of and for the three months ended April 1, 2017 , is as follows: RSUs Weighted Average Unvested at December 31, 2016 82,964 $ 16.28 Granted — — Vested — — Forfeited (1,875 ) 18.03 Unvested at April 1, 2017 81,089 $ 16.24 |
Restructuring and Other Charg28
Restructuring and Other Charges (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring expenses | The following tables present the details of the expenses (benefits) recognized as a result of these plans. 2017 Activity Restructuring and other charges for the three months ended April 1, 2017 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2017 Plan $ 575 $ 450 $ 29 $ 27 $ — $ 25 $ 1,106 2016 Plan (33 ) (2 ) 47 18 — 70 100 Residual Plans — — — — — 3 3 Total Envelope 542 448 76 45 — 98 1,209 Print 2017 Plan 226 668 113 9 4,933 389 6,338 Residual Plans — — — — 262 45 307 Total Print 226 668 113 9 5,195 434 6,645 Label 2017 Plan (169 ) — — — — — (169 ) 2016 Plan (17 ) — — — — — (17 ) Residual Plans (196 ) — — — — (15 ) (211 ) Total Label (382 ) — — — — (15 ) (397 ) Corporate 2017 Plan 710 — — — — 13 723 Total Corporate 710 — — — — 13 723 Total Restructuring and Other Charges $ 1,096 $ 1,116 $ 189 $ 54 $ 5,195 $ 530 $ 8,180 2016 Activity Restructuring and other charges for the three months ended April 2, 2016 were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 65 $ — $ — $ — $ — $ — $ 65 Residual Plans 7 — 276 — 47 120 450 Total Envelope 72 — 276 — 47 120 515 Print 2016 Plan 4 — — — — — 4 Residual Plans (1 ) — — 40 222 43 304 Total Print 3 — — 40 222 43 308 Label 2016 Plan 28 — — — — — 28 Residual Plans 563 — — — — 1,264 1,827 Asset Impairments — 2,300 — — — — 2,300 Total Label 591 2,300 — — — 1,264 4,155 Corporate 2016 Plan — — — — — 3 3 Residual Plans — — — — — 9 9 Total Corporate — — — — — 12 12 Total Restructuring and Other Charges $ 666 $ 2,300 $ 276 $ 40 $ 269 $ 1,439 $ 4,990 |
Schedule of activity related to the restructuring liability | A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands): Employee Separation Costs Lease Termination Expenses Multi-Employer Pension Building Clean-up, Total 2017 Plan Balance as of December 31, 2016 $ 2,000 $ — $ — $ — $ 2,000 Accruals, net 1,342 36 4,933 569 6,880 Payments (996 ) (36 ) — (569 ) (1,601 ) Balance as of April 1, 2017 $ 2,346 $ — $ 4,933 $ — $ 7,279 2016 Plan Balance as of December 31, 2016 $ 844 $ — $ — $ — $ 844 Accruals, net (50 ) 18 — 117 85 Payments (563 ) (18 ) — (117 ) (698 ) Balance as of April 1, 2017 $ 231 $ — $ — $ — $ 231 Residual Plans Balance as of December 31, 2016 $ 247 $ — $ 17,482 $ 359 $ 18,088 Accruals, net (196 ) — 262 33 99 Payments (37 ) — (1,211 ) (332 ) (1,580 ) Balance as of April 1, 2017 $ 14 $ — $ 16,533 $ 60 $ 16,607 Total Restructuring Liability $ 2,591 $ — $ 21,466 $ 60 $ 24,117 |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Equity [Abstract] | |
Schedule of changes in AOCI components | The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) ("AOCI"), net of tax (in thousands): Foreign Currency Translation Pension and Other Postretirement Benefits Total Balance as of December 31, 2016 $ (5,255 ) $ (97,974 ) $ (103,229 ) Other comprehensive loss before reclassifications 453 — 453 Amounts reclassified from AOCI — 1,594 1,594 Other comprehensive income 453 1,594 2,047 Balance as of April 1, 2017 $ (4,802 ) $ (96,380 ) $ (101,182 ) |
Schedule of reclassifications from AOCI | Reclassifications from AOCI AOCI Components (in thousands) Amounts Reclassified from AOCI Income Statement Line Item For the Three Months Ended April 1, April 2, Changes in Foreign Currency Translation Loss on foreign exchange $ — $ 1,945 Loss from discontinued operations, net of taxes Changes in pension and other employee benefit accounts: Net actuarial losses 2,612 2,480 Cost of sales 2,612 4,425 Total before tax Taxes (1,018 ) — Income tax expense (benefit) Total reclassifications for the period $ 1,594 $ 4,425 Net of tax |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted income (loss) per share | The following table sets forth the computation of basic and diluted income (loss) per share for the three months ended April 1, 2017 , and April 2, 2016 (in thousands, except per share data): For the Three Months Ended April 1, April 2, Numerator for basic and diluted (loss) income per share: (Loss) income from continuing operations $ (8,692 ) $ 13,020 Loss from discontinued operations, net of taxes — (1,817 ) Net (loss) income $ (8,692 ) $ 11,203 Numerator for diluted (loss) income per share: (Loss) income from continuing operations - as reported $ (8,692 ) $ 13,020 Interest expense on 7% Notes, net of taxes — 1,210 (Loss) income from continuing operations - after assumed conversions of dilutive shares (8,692 ) 14,230 Loss from discontinued operations, net of taxes — (1,817 ) Net (loss) income for diluted loss per share - after assumed conversions of dilutive shares $ (8,692 ) $ 12,413 Denominator for weighted average common shares outstanding: Basic shares 8,553 8,484 Dilutive effect of 7% Notes — 1,882 Dilutive effect of Equity Awards — — Dilutive effect of warrants — — Diluted shares 8,553 10,366 (Loss) income per share – basic: Continuing operations $ (1.02 ) $ 1.53 Discontinued operations — (0.21 ) Net (loss) income $ (1.02 ) $ 1.32 (Loss) income per share – diluted: Continuing operations $ (1.02 ) $ 1.38 Discontinued operations — (0.18 ) Net (loss) income $ (1.02 ) $ 1.20 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Segment Reporting [Abstract] | |
Segment information | The following tables present certain segment information (in thousands): For the Three Months Ended April 1, April 2, Net sales: Envelope $ 201,839 $ 229,260 Print 104,238 124,487 Label 68,429 79,014 Total $ 374,506 $ 432,761 Operating income (loss): Envelope $ 14,451 $ 17,559 Print (4,826 ) 3,377 Label 9,402 4,708 Corporate (8,993 ) (8,630 ) Total $ 10,034 $ 17,014 Restructuring and other charges: Envelope $ 1,209 $ 515 Print 6,645 308 Label (397 ) 4,155 Corporate 723 12 Total $ 8,180 $ 4,990 Depreciation and intangible asset amortization: Envelope $ 4,747 $ 4,764 Print 4,607 4,255 Label 1,654 2,346 Corporate 787 665 Total $ 11,795 $ 12,030 Intercompany sales: Envelope $ 1,500 $ 1,857 Print 5,266 4,815 Label 665 972 Total $ 7,431 $ 7,644 April 1, December 31, Total assets: Envelope $ 391,553 $ 403,157 Print 233,835 256,888 Label 213,964 216,627 Corporate 33,854 36,287 Total $ 873,206 $ 912,959 |
Condensed Consolidating Finan32
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET April 1, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 3,489 $ 65 $ 307 $ — $ 3,861 Accounts receivable, net — 106,370 91,408 — — 197,778 Inventories, net — 65,253 45,857 — — 111,110 Intercompany receivable — — 1,797,462 — (1,797,462 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 30,352 2,250 1,203 — 33,805 Total current assets — 242,402 1,940,287 1,510 (1,837,645 ) 346,554 Investment in subsidiaries (595,563 ) 2,135,731 5,052 7,829 (1,553,049 ) — Property, plant and equipment, net — 107,745 97,045 1,106 — 205,896 Goodwill — 39,803 130,548 5,088 — 175,439 Other intangible assets, net — 9,435 113,981 74 — 123,490 Other assets, net — 18,846 2,375 1,685 (1,079 ) 21,827 Total assets $ (595,563 ) $ 2,553,962 $ 2,289,288 $ 17,292 $ (3,391,773 ) $ 873,206 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 7,382 $ 2,018 $ — $ — $ 9,400 Accounts payable — 97,250 53,032 145 — 150,427 Accrued compensation and related liabilities — 19,784 3,731 363 — 23,878 Other current liabilities — 47,302 12,675 580 — 60,557 Intercompany payable — 1,797,384 — 78 (1,797,462 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,969,102 108,394 4,411 (1,837,645 ) 244,262 Long-term debt — 1,023,346 1,914 — — 1,025,260 Other liabilities — 157,077 43,249 — (1,079 ) 199,247 Shareholders’ (deficit) equity (595,563 ) (595,563 ) 2,135,731 12,881 (1,553,049 ) (595,563 ) Total liabilities and shareholders’ (deficit) equity $ (595,563 ) $ 2,553,962 $ 2,289,288 $ 17,292 $ (3,391,773 ) $ 873,206 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 |
Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss) | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For the three months ended April 1, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 198,195 $ 175,658 $ 653 $ — $ 374,506 Cost of sales — 174,392 135,980 — — 310,372 Selling, general and administrative expenses — 29,056 15,262 223 — 44,541 Amortization of intangible assets — 149 1,119 111 — 1,379 Restructuring and other charges — 7,988 192 — — 8,180 Operating (loss) income — (13,390 ) 23,105 319 — 10,034 Interest expense, net — 19,084 63 — — 19,147 Intercompany interest (income) expense — (282 ) 282 — — — Loss on early extinguishment of debt, net — 45 — — — 45 Other (income) expense, net — (189 ) (108 ) 70 — (227 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (32,048 ) 22,868 249 — (8,931 ) Income tax (benefit) expense — (481 ) 152 90 — (239 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (31,567 ) 22,716 159 — (8,692 ) Equity in (loss) income of subsidiaries (8,692 ) 22,875 159 — (14,342 ) — Net (loss) income (8,692 ) (8,692 ) 22,875 159 (14,342 ) (8,692 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 2,047 543 721 — (3,311 ) — Changes in pension and other employee benefit accounts, net of taxes — 1,504 90 — — 1,594 Currency translation adjustment, net — — (268 ) 721 — 453 Total other comprehensive income (loss) 2,047 2,047 543 721 (3,311 ) 2,047 Comprehensive (loss) income $ (6,645 ) $ (6,645 ) $ 23,418 $ 880 $ (17,653 ) $ (6,645 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the three months ended April 2, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 231,098 $ 201,478 $ 185 $ — $ 432,761 Cost of sales — 203,331 158,580 — — 361,911 Selling, general and administrative expenses — 29,275 17,782 182 — 47,239 Amortization of intangible assets — 152 1,344 111 — 1,607 Restructuring and other charges — 3,018 1,972 — — 4,990 Operating (loss) income — (4,678 ) 21,800 (108 ) — 17,014 Interest expense, net — 24,048 47 — — 24,095 Intercompany interest (income) expense — (245 ) 245 — — — Gain on early extinguishment of debt, net — (21,613 ) — — — (21,613 ) Other expense (income), net — 600 14 (60 ) — 554 (Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries — (7,468 ) 21,494 (48 ) — 13,978 Income tax expense (benefit) — 850 122 (14 ) — 958 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (8,318 ) 21,372 (34 ) — 13,020 Equity in income (loss) of subsidiaries 11,203 21,798 1,643 — (34,644 ) — Income (loss) from continuing operations 11,203 13,480 23,015 (34 ) (34,644 ) 13,020 (Loss) income from discontinued operations, net of taxes — (2,277 ) (1,217 ) 1,677 — (1,817 ) Net income (loss) 11,203 11,203 21,798 1,643 (34,644 ) 11,203 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 4,222 2,109 177 — (6,508 ) — Changes in pension and other employee benefit accounts, net of taxes — 2,113 367 — — 2,480 Currency translation adjustment, net — — 1,565 177 — 1,742 Total other comprehensive income (loss) 4,222 4,222 2,109 177 (6,508 ) 4,222 Comprehensive income (loss) $ 15,425 $ 15,425 $ 23,907 $ 1,820 $ (41,152 ) $ 15,425 |
Schedule of Condensed Consolidating Statement of Cash Flows | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended April 1, 2017 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 238 $ (21,658 ) $ 14,973 $ 66 $ — $ (6,381 ) Cash flows from investing activities: Capital expenditures — (5,679 ) (2,321 ) (223 ) — (8,223 ) Proceeds from sale of property, plant and equipment — 744 — — — 744 Net cash used in investing activities — (4,935 ) (2,321 ) (223 ) — (7,479 ) Cash flows from financing activities: Payment of financing-related costs and expenses and debt issuance discounts — (165 ) — — — (165 ) Repayments of other long-term debt — (2,198 ) 808 — — (1,390 ) Repayment of 11.5% senior notes due 2017 — (20,465 ) — — — (20,465 ) Borrowings under ABL Facility due 2021 — 125,200 — — — 125,200 Repayments under ABL Facility due 2021 — (91,200 ) — — — (91,200 ) Intercompany advances (238 ) 14,232 (13,604 ) (390 ) — — Net cash (used in) provided by financing activities (238 ) 25,404 (12,796 ) (390 ) — 11,980 Effect of exchange rate changes on cash and cash equivalents — — 209 — — 209 Net (decrease) increase in cash and cash equivalents — (1,189 ) 65 (547 ) — (1,671 ) Cash and cash equivalents at beginning of period — 4,678 — 854 — 5,532 Cash and cash equivalents at end of period $ — $ 3,489 $ 65 $ 307 $ — $ 3,861 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended April 2, 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 $ 591 $ (38,486 ) $ 24,938 $ 1,523 $ — $ (11,434 ) Net cash used in operating activities of discontinued operations — — (8,135 ) (438 ) — (8,573 ) Net cash provided by (used in) operating activities 591 (38,486 ) 16,803 1,085 — (20,007 ) Cash flows from investing activities: Capital expenditures — (3,923 ) (3,146 ) (88 ) — (7,157 ) Proceeds from sale of property, plant and equipment — 5 — — — 5 Net cash used in investing activities of continuing operations — (3,918 ) (3,146 ) (88 ) — (7,152 ) Net cash provided by investing activities of discontinued operations — — 87,415 7,145 — 94,560 Net cash (used in) provided by investing activities — (3,918 ) 84,269 7,057 — 87,408 Cash flows from financing activities: Repayments of other long-term debt — (1,766 ) 52 — — (1,714 ) Repayment of 11.5% senior notes due 2017 — (4,725 ) — — — (4,725 ) Repayment of 7% senior exchangeable notes due 2017 — (17,680 ) — — — (17,680 ) Borrowings under ABL Facility due 2021 — 141,000 — — — 141,000 Repayments under ABL Facility due 2021 — (186,200 ) — — — (186,200 ) Intercompany advances (591 ) 112,548 (103,970 ) (7,987 ) — — Net cash (used in) provided by financing activities of continuing operations (591 ) 43,177 (103,918 ) (7,987 ) — (69,319 ) Net cash used in financing activities of discontinued operations — — (8 ) — — (8 ) Net cash (used in) provided by financing activities (591 ) 43,177 (103,926 ) (7,987 ) — (69,327 ) Effect of exchange rate changes on cash and cash equivalents — — 316 7 — 323 Net increase (decrease) in cash and cash equivalents — 773 (2,538 ) 162 — (1,603 ) Cash and cash equivalents at beginning of period — 5,558 3,006 1,992 — 10,556 Cash and cash equivalents at end of period $ — $ 6,331 $ 468 $ 2,154 $ — $ 8,953 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | Jul. 13, 2016shares | Apr. 01, 2017USD ($)$ / shares | Jul. 12, 2016shares |
Accounting Policies [Abstract] | |||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | ||
Shares outstanding pre-split (shares) | 68.5 | ||
Shares outstanding (shares) | 8.5 | ||
Shares authorized pre-split (shares) | 120 | 100 | |
Shares authorized (shares) | 15 | ||
Reverse stock split ratio | 0.125 | ||
Current deferred tax asset | $ | $ 3.4 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | Jan. 19, 2016 | Apr. 01, 2017 | Apr. 02, 2016 | Jan. 02, 2016 | Dec. 31, 2016 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
(Loss) gain on sale of discontinued operations before income taxes | $ 2,031 | |||||
Packaging Business [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including 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 | $ 2,000 | $ (5,000) | $ 1,400 | $ (3,600) | ||
Sale of discontinued operations, impairment | $ 9,900 |
Discontinued Operations (Statem
Discontinued Operations (Statement of Operations Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net sales | $ 6,637 | |
Cost of sales | 6,625 | |
Selling, general and administrative expenses | 2,242 | |
Restructuring and other charges | 1 | |
Interest expense, net | 7 | |
Other expense, net | 238 | |
Loss from discontinued operations | (2,476) | |
Gain on sale of discontinued operations | 2,031 | |
Loss from discontinued operations before income taxes | (445) | |
Income tax expense | 1,372 | |
Loss from discontinued operations, net of taxes | $ 0 | $ (1,817) |
Discontinued operations per share - basic | $ 0 | $ (0.21) |
Discontinued operations per share - diluted | $ 0 | $ (0.18) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 33,415 | $ 32,696 |
Work in process | 12,159 | 12,186 |
Finished goods | 65,536 | 57,068 |
Inventories | $ 111,110 | $ 101,950 |
Property, Plant and Equipment37
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 663,393 | $ 657,840 |
Accumulated depreciation | (457,497) | (450,161) |
Property, plant and equipment, net | 205,896 | 207,679 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,537 | 8,537 |
Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 82,998 | 82,440 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 547,660 | 546,425 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,591 | 9,553 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 14,607 | $ 10,885 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Goodwill by Reportable Segment) (Details) $ in Thousands | 3 Months Ended |
Apr. 01, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance as of the year ended | $ 175,209 |
Foreign currency translation | 230 |
Balance as of the period ended | 175,439 |
Envelope [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 23,433 |
Foreign currency translation | 0 |
Balance as of the period ended | 23,433 |
Print [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 42,499 |
Foreign currency translation | 230 |
Balance as of the period ended | 42,729 |
Label [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 109,277 |
Foreign currency translation | 0 |
Balance as of the period ended | $ 109,277 |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 11 years | |
Gross Carrying Amount | $ 186,892 | $ 186,778 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (74,575) | (73,120) |
Total Net Carrying Amount | 38,590 | 39,931 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 271,792 | 271,678 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (74,575) | (73,120) |
Net Carrying Amount | 123,490 | 124,831 |
Trade names [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 84,900 | 84,900 |
Accumulated Impairment Charges | 0 | 0 |
Net Carrying Amount | $ 84,900 | 84,900 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 6 years | |
Gross Carrying Amount | $ 114,389 | 114,287 |
Accumulated Impairment Charges | (27,234) | (27,234) |
Accumulated Amortization | (61,268) | (60,014) |
Total Net Carrying Amount | $ 25,887 | 27,039 |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 22 years | |
Gross Carrying Amount | $ 64,545 | 64,533 |
Accumulated Impairment Charges | (46,493) | (46,493) |
Accumulated Amortization | (9,274) | (9,138) |
Total Net Carrying Amount | $ 8,778 | 8,902 |
Leasehold 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 | (799) | (743) |
Total Net Carrying Amount | $ 3,631 | 3,687 |
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 | (3,234) | (3,225) |
Total Net Carrying Amount | $ 294 | $ 303 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets (Schedule of Future Annual Amortization Expense) (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2017 | $ 3,915 | |
2,018 | 5,003 | |
2,019 | 4,885 | |
2,020 | 4,885 | |
2,021 | 4,731 | |
2,022 | 4,250 | |
Thereafter | 10,921 | |
Total Net Carrying Amount | $ 38,590 | $ 39,931 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 1,034,660 | $ 1,018,666 |
Current maturities of long-term debt | (9,400) | (31,727) |
Long-term debt | 1,025,260 | 986,939 |
Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 115,700 | $ 81,700 |
Debt interest rate (percent) | 3.50% | 3.40% |
Secured debt [Member] | 4.0% secured note due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 49,822 | $ 49,813 |
Long-term debt, outstanding principal amount | $ 50,000 | 50,000 |
Debt interest rate (percent) | 4.00% | |
Junior notes [Member] | 8.500% junior secured priority notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 234,995 | 234,742 |
Long-term debt, outstanding principal amount | $ 241,000 | 241,000 |
Debt interest rate (percent) | 8.50% | |
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 531,085 | 530,166 |
Long-term debt, outstanding principal amount | $ 540,000 | 540,000 |
Debt interest rate (percent) | 6.00% | |
Senior unsecured debt [Member] | 6.000% senior unsecured notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 86,123 | 85,591 |
Long-term debt, outstanding principal amount | $ 104,500 | 104,500 |
Debt interest rate (percent) | 6.00% | |
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 0 | 20,371 |
Long-term debt, outstanding principal amount | $ 0 | 20,500 |
Debt interest rate (percent) | 11.50% | |
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 5,483 | 5,468 |
Long-term debt, outstanding principal amount | $ 5,500 | 5,500 |
Debt interest rate (percent) | 7.00% | |
Other debt including capital leases [Member] | Other debt including capital leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 11,452 | $ 10,815 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Fair value of long-term debt | $ 839.6 | $ 881.7 |
Other debt including capital leases [Member] | Equipment Note [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 6.3 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.76% |
Long-Term Debt (Extinguishments
Long-Term Debt (Extinguishments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Debt Instrument [Line Items] | ||
Gains (losses) on extinguishment of debt | $ (45) | $ 21,613 |
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Gains (losses) on extinguishment of debt | (100) | 5,100 |
Debt extinguishment amount | $ 20,500 | 10,000 |
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Gains (losses) on extinguishment of debt | 16,500 | |
Debt extinguishment amount | $ 34,500 |
Retirement Plans (Schedule of N
Retirement Plans (Schedule of Net Periodic (Benefit) Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Net Periodic Benefit Cost [Abstract] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 3,271 | 3,545 |
Expected return on plan assets | (4,636) | (4,775) |
Net amortization and deferral | 1 | 1 |
Recognized net actuarial loss | 2,612 | 2,480 |
Net periodic expense | $ 1,248 | $ 1,251 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Interest cost | $ 3,271 | $ 3,545 |
Employer contributions | 300 | |
Estimated future employer contributions during fiscal year | 9,000 | |
SERP and OPEB Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Interest cost | $ 200 | $ 200 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 01, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Beginning balance (shares) | 129,365 | |
Options, Granted (shares) | 0 | |
Options, Exercised (shares) | 0 | |
Options, Forfeited/expired (shares) | (40,620) | |
Options, Ending balance (shares) | 88,745 | 129,365 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Exercise Price, Beginning balance (dollars per share) | $ 26.31 | |
Weighted Average Exercise Price, Granted (dollars per share) | 0 | |
Weighted Average Exercise Price, Exercised (dollars per share) | 0 | |
Weighted Average Exercise Price, Forfeited/expired (dollars per share) | 43.27 | |
Weighted Average Exercise Price, Ending balance (dollars per share) | $ 18.55 | $ 26.31 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual Term (In Years) | 3 years 9 months 18 days | 2 years 10 months 24 days |
Aggregate Intrinsic Value | $ 0 | $ 0 |
Aggregate Intrinsic Value, Exercised | $ 0 | |
Options Exercisable (shares) | 30,313 | |
Weighted Average Exercise Price, Options Exercisable (dollars per share) | $ 17.96 | |
Weighted Average Remaining Contractual Term, Options Exercisable (In Years) | 3 years 4 months 24 days | |
Aggregate Intrinsic Value, Options Exercisable | $ 0 |
Stock-Based Compensation (RSU A
Stock-Based Compensation (RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Apr. 01, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, Beginning balance (shares) | shares | 82,964 |
Granted (shares) | shares | 0 |
Vested (shares) | shares | 0 |
Forfeited (shares) | shares | (1,875) |
Unvested, Ending balance (shares) | shares | 81,089 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $ / shares | $ 16.28 |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | $ / shares | 18.03 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ / shares | $ 16.24 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | Apr. 27, 2017 | Apr. 01, 2017 | Apr. 02, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 238 | $ 591 | |
Unrecognized share based compensation expense | $ 1,100 | ||
Unrecognized share based compensation costs, amortization period (years) | 2 years | ||
Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Long Term Equity Incentive Plan, shares authorized (shares) | 400,000 |
Restructuring and Other Charg49
Restructuring and Other Charges (Narrative) (Details) $ in Thousands | Apr. 01, 2017USD ($)restructuring_plan |
Restructuring and Related Activities [Abstract] | |
Number of active restructuring plans (restructuring plan) | restructuring_plan | 2 |
Restructuring reserve | $ 24,117 |
Restructuring reserve, current | 4,500 |
Restructuring reserve, noncurrent | $ 19,600 |
Restructuring and Other Charg50
Restructuring and Other Charges (Restructuring Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | $ 8,180 | $ 4,990 |
Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,096 | 666 |
Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,116 | 2,300 |
Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 189 | 276 |
Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 54 | 40 |
Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 5,195 | 269 |
Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 530 | 1,439 |
Envelope [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,209 | 515 |
Envelope [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 542 | 72 |
Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 448 | 0 |
Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 76 | 276 |
Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 45 | 0 |
Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 47 |
Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 98 | 120 |
Print [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 6,645 | 308 |
Print [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 226 | 3 |
Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 668 | 0 |
Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 113 | 0 |
Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 9 | 40 |
Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 5,195 | 222 |
Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 434 | 43 |
Label [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (397) | 4,155 |
Label [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (382) | 591 |
Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 2,300 |
Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (15) | 1,264 |
Corporate [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 723 | 12 |
Corporate [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 710 | 0 |
Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 13 | 12 |
2017 Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 6,880 | |
2017 Plan [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,342 | |
2017 Plan [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 36 | |
2017 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 4,933 | |
2017 Plan [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 569 | |
2017 Plan [Member] | Envelope [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 1,106 | |
2017 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 575 | |
2017 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 450 | |
2017 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 29 | |
2017 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 27 | |
2017 Plan [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 25 | |
2017 Plan [Member] | Print [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 6,338 | |
2017 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 226 | |
2017 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 668 | |
2017 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 113 | |
2017 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 9 | |
2017 Plan [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 4,933 | |
2017 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 389 | |
2017 Plan [Member] | Label [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (169) | |
2017 Plan [Member] | Label [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (169) | |
2017 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Corporate [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 723 | |
2017 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 710 | |
2017 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2017 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 13 | |
2016 Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 85 | |
2016 Plan [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (50) | |
2016 Plan [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 18 | |
2016 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 117 | |
2016 Plan [Member] | Envelope [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 100 | 65 |
2016 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (33) | 65 |
2016 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (2) | 0 |
2016 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 47 | 0 |
2016 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 18 | 0 |
2016 Plan [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
2016 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 70 | 0 |
2016 Plan [Member] | Print [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 4 | |
2016 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 4 | |
2016 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Label [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (17) | 28 |
2016 Plan [Member] | Label [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (17) | 28 |
2016 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
2016 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
2016 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
2016 Plan [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
2016 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
2016 Plan [Member] | Corporate [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 3 | |
2016 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
2016 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 3 | |
Residual Plans [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 99 | |
Residual Plans [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (196) | |
Residual Plans [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 262 | |
Residual Plans [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 33 | |
Residual Plans [Member] | Envelope [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 3 | 450 |
Residual Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 7 |
Residual Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 276 |
Residual Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 47 |
Residual Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 3 | 120 |
Residual Plans [Member] | Print [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 307 | 304 |
Residual Plans [Member] | Print [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | (1) |
Residual Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 40 |
Residual Plans [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 262 | 222 |
Residual Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 45 | 43 |
Residual Plans [Member] | Label [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (211) | 1,827 |
Residual Plans [Member] | Label [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | (196) | 563 |
Residual Plans [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | 0 |
Residual Plans [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | $ (15) | 1,264 |
Residual Plans [Member] | Corporate [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 9 | |
Residual Plans [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Residual Plans [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 9 | |
Asset Impairments [Member] | Label [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 2,300 | |
Asset Impairments [Member] | Label [Member] | Employee Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Asset Impairments [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 2,300 | |
Asset Impairments [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Asset Impairments [Member] | Label [Member] | Lease Termination Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Asset Impairments [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | |
Asset Impairments [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | $ 0 |
Restructuring and Other Charg51
Restructuring and Other Charges (Changes in Restructuring Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring and other charges | $ 8,180 | $ 4,990 |
Restructuring Reserve | 24,117 | |
Employee Severance Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring and other charges | 1,096 | 666 |
Restructuring Reserve | 2,591 | |
Lease Termination Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring and other charges | 54 | 40 |
Restructuring Reserve | 0 | |
Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring and other charges | 5,195 | 269 |
Restructuring Reserve | 21,466 | |
Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring and other charges | 530 | $ 1,439 |
Restructuring Reserve | 60 | |
2017 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 2,000 | |
Restructuring and other charges | 6,880 | |
Payments for Restructuring | (1,601) | |
Restructuring Reserve | 7,279 | |
2017 Plan [Member] | Employee Severance Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 2,000 | |
Restructuring and other charges | 1,342 | |
Payments for Restructuring | (996) | |
Restructuring Reserve | 2,346 | |
2017 Plan [Member] | Lease Termination Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 0 | |
Restructuring and other charges | 36 | |
Payments for Restructuring | (36) | |
Restructuring Reserve | 0 | |
2017 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 0 | |
Restructuring and other charges | 4,933 | |
Payments for Restructuring | 0 | |
Restructuring Reserve | 4,933 | |
2017 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 0 | |
Restructuring and other charges | 569 | |
Payments for Restructuring | (569) | |
Restructuring Reserve | 0 | |
2016 Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 844 | |
Restructuring and other charges | 85 | |
Payments for Restructuring | (698) | |
Restructuring Reserve | 231 | |
2016 Plan [Member] | Employee Severance Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 844 | |
Restructuring and other charges | (50) | |
Payments for Restructuring | (563) | |
Restructuring Reserve | 231 | |
2016 Plan [Member] | Lease Termination Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 0 | |
Restructuring and other charges | 18 | |
Payments for Restructuring | (18) | |
Restructuring Reserve | 0 | |
2016 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 0 | |
Restructuring and other charges | 0 | |
Payments for Restructuring | 0 | |
Restructuring Reserve | 0 | |
2016 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 0 | |
Restructuring and other charges | 117 | |
Payments for Restructuring | (117) | |
Restructuring Reserve | 0 | |
Residual Plans [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 18,088 | |
Restructuring and other charges | 99 | |
Payments for Restructuring | (1,580) | |
Restructuring Reserve | 16,607 | |
Residual Plans [Member] | Employee Severance Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 247 | |
Restructuring and other charges | (196) | |
Payments for Restructuring | (37) | |
Restructuring Reserve | 14 | |
Residual Plans [Member] | Lease Termination Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 0 | |
Restructuring and other charges | 0 | |
Payments for Restructuring | 0 | |
Restructuring Reserve | 0 | |
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 17,482 | |
Restructuring and other charges | 262 | |
Payments for Restructuring | (1,211) | |
Restructuring Reserve | 16,533 | |
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve | 359 | |
Restructuring and other charges | 33 | |
Payments for Restructuring | (332) | |
Restructuring Reserve | $ 60 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Loss, Beginning balance | $ (103,229) | |
Other comprehensive loss before reclassifications | 453 | |
Amounts reclassified from AOCI | 1,594 | |
Total other comprehensive income | 2,047 | $ 4,222 |
Accumulated Other Comprehensive Loss, Ending balance | (101,182) | |
Foreign Currency Translation [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Loss, Beginning balance | (5,255) | |
Other comprehensive loss before reclassifications | 453 | |
Amounts reclassified from AOCI | 0 | |
Total other comprehensive income | 453 | |
Accumulated Other Comprehensive Loss, Ending balance | (4,802) | |
Pension and Other Postretirement Benefits [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated Other Comprehensive Loss, Beginning balance | (97,974) | |
Other comprehensive loss before reclassifications | 0 | |
Amounts reclassified from AOCI | 1,594 | |
Total other comprehensive income | 1,594 | |
Accumulated Other Comprehensive Loss, Ending balance | $ (96,380) |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Loss from discontinued operations, net of taxes | $ 0 | $ (1,817) |
Loss from continuing operations before income taxes | (8,931) | 13,978 |
Income tax expense (benefit) | 239 | (958) |
(Loss) income from continuing operations | (8,692) | 13,020 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Loss from continuing operations before income taxes | 2,612 | 4,425 |
Income tax expense (benefit) | (1,018) | 0 |
(Loss) income from continuing operations | 1,594 | 4,425 |
Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Loss from discontinued operations, net of taxes | 0 | 1,945 |
Pension and Other Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net actuarial losses | $ 2,612 | $ 2,480 |
Income (Loss) Per Share (Narrat
Income (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Apr. 01, 2017 | Apr. 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) | 170,000 | |
Equity Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 170,000 | 363,000 |
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 | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Earnings Per Share [Abstract] | ||
(Loss) income from continuing operations | $ (8,692) | $ 13,020 |
Loss from discontinued operations, net of taxes | 0 | (1,817) |
Net (loss) income | (8,692) | 11,203 |
Interest expense on 7% Notes, net of taxes | 0 | 1,210 |
(Loss) income from continuing operations - after assumed conversions of dilutive shares | (8,692) | 14,230 |
Net (loss) income for diluted loss per share - after assumed conversions of dilutive shares | $ (8,692) | $ 12,413 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Basic shares | 8,553 | 8,484 |
Dilutive effect of 7% Notes (shares) | 0 | 1,882 |
Dilutive effect of Equity Awards (shares) | 0 | 0 |
Dilutive effect of warrants (shares) | 0 | 0 |
Diluted shares | 8,553 | 10,366 |
(Loss) income per share – basic: | ||
Continuing operations per share - basic | $ (1.02) | $ 1.53 |
Discontinued operations per share - basic | 0 | (0.21) |
Net income (loss) per share - basic | (1.02) | 1.32 |
(Loss) income per share – diluted: | ||
Continuing operations per share - diluted | (1.02) | 1.38 |
Discontinued operations per share - diluted | 0 | (0.18) |
Net income (loss) per share - diluted | $ (1.02) | $ 1.20 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Apr. 01, 2017operating_segmentreportable_segment | |
Segment Reporting [Abstract] | |
Number of operating segments (operating segment) | operating_segment | 3 |
Number of reportable segments (reportable segment) | reportable_segment | 3 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Dec. 31, 2016 | |
Segment Information [Line Items] | |||
Net sales | $ 374,506 | $ 432,761 | |
Operating income (loss) | 10,034 | 17,014 | |
Restructuring and other charges | 8,180 | 4,990 | |
Depreciation and intangible asset amortization | 11,795 | 12,030 | |
Intercompany sales | 7,431 | 7,644 | |
Total assets | 873,206 | $ 912,959 | |
Envelope [Member] | |||
Segment Information [Line Items] | |||
Net sales | 201,839 | 229,260 | |
Operating income (loss) | 14,451 | 17,559 | |
Restructuring and other charges | 1,209 | 515 | |
Depreciation and intangible asset amortization | 4,747 | 4,764 | |
Intercompany sales | 1,500 | 1,857 | |
Total assets | 391,553 | 403,157 | |
Print [Member] | |||
Segment Information [Line Items] | |||
Net sales | 104,238 | 124,487 | |
Operating income (loss) | (4,826) | 3,377 | |
Restructuring and other charges | 6,645 | 308 | |
Depreciation and intangible asset amortization | 4,607 | 4,255 | |
Intercompany sales | 5,266 | 4,815 | |
Total assets | 233,835 | 256,888 | |
Label [Member] | |||
Segment Information [Line Items] | |||
Net sales | 68,429 | 79,014 | |
Operating income (loss) | 9,402 | 4,708 | |
Restructuring and other charges | (397) | 4,155 | |
Depreciation and intangible asset amortization | 1,654 | 2,346 | |
Intercompany sales | 665 | 972 | |
Total assets | 213,964 | 216,627 | |
Corporate [Member] | |||
Segment Information [Line Items] | |||
Operating income (loss) | (8,993) | (8,630) | |
Restructuring and other charges | 723 | 12 | |
Depreciation and intangible asset amortization | 787 | $ 665 | |
Total assets | $ 33,854 | $ 36,287 |
Condensed Consolidating Finan58
Condensed Consolidating Financial Information (Narrative) (Details) | Apr. 01, 2017 |
6.000% senior secured priority notes due 2019 [Member] | Senior notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 6.00% |
8.500% junior secured priority notes due 2022 [Member] | Junior notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 8.50% |
6.000% senior unsecured notes due 2024 [Member] | Senior unsecured debt [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 6.00% |
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 note due 2021 [Member] | Secured debt [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 4.00% |
Condensed Consolidating Finan59
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 3,861 | $ 5,532 |
Accounts receivable, net | 197,778 | 234,187 |
Inventories, net | 111,110 | 101,950 |
Intercompany receivable | 0 | 0 |
Notes receivable from subsidiaries | 0 | 0 |
Prepaid and other current assets | 33,805 | 41,576 |
Total current assets | 346,554 | 383,245 |
Investment in subsidiaries | 0 | 0 |
Property, plant and equipment, net | 205,896 | 207,679 |
Goodwill | 175,439 | 175,209 |
Other intangible assets, net | 123,490 | 124,831 |
Other assets, net | 21,827 | 21,995 |
Total assets | 873,206 | 912,959 |
Current liabilities: | ||
Current maturities of long-term debt | 9,400 | 31,727 |
Accounts payable | 150,427 | 175,896 |
Accrued compensation and related liabilities | 23,878 | 24,684 |
Other current liabilities | 60,557 | 82,899 |
Intercompany payable | 0 | 0 |
Notes payable to issuer | 0 | 0 |
Total current liabilities | 244,262 | 315,206 |
Long-term debt | 1,025,260 | 986,939 |
Other liabilities | 199,247 | 199,971 |
Shareholders’ (deficit) equity | (595,563) | (589,157) |
Total liabilities and shareholders’ deficit | 873,206 | 912,959 |
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 |
Total current assets | 0 | 0 |
Investment in subsidiaries | (595,563) | (589,157) |
Property, plant and equipment, net | 0 | 0 |
Goodwill | 0 | 0 |
Other intangible assets, net | 0 | 0 |
Other assets, net | 0 | 0 |
Total assets | (595,563) | (589,157) |
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 |
Intercompany payable | 0 | 0 |
Notes payable to issuer | 0 | 0 |
Total current liabilities | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Shareholders’ (deficit) equity | (595,563) | (589,157) |
Total liabilities and shareholders’ deficit | (595,563) | (589,157) |
Subsidiary Issuer [Member] | ||
Current assets: | ||
Cash and cash equivalents | 3,489 | 4,678 |
Accounts receivable, net | 106,370 | 131,770 |
Inventories, net | 65,253 | 62,179 |
Intercompany receivable | 0 | 0 |
Notes receivable from subsidiaries | 36,938 | 36,938 |
Prepaid and other current assets | 30,352 | 35,659 |
Total current assets | 242,402 | 271,224 |
Investment in subsidiaries | 2,135,731 | 2,112,403 |
Property, plant and equipment, net | 107,745 | 108,395 |
Goodwill | 39,803 | 49,170 |
Other intangible assets, net | 9,435 | 9,770 |
Other assets, net | 18,846 | 18,317 |
Total assets | 2,553,962 | 2,569,279 |
Current liabilities: | ||
Current maturities of long-term debt | 7,382 | 30,709 |
Accounts payable | 97,250 | 114,533 |
Accrued compensation and related liabilities | 19,784 | 19,245 |
Other current liabilities | 47,302 | 70,118 |
Intercompany payable | 1,797,384 | 1,783,390 |
Notes payable to issuer | 0 | 0 |
Total current liabilities | 1,969,102 | 2,017,995 |
Long-term debt | 1,023,346 | 984,833 |
Other liabilities | 157,077 | 155,608 |
Shareholders’ (deficit) equity | (595,563) | (589,157) |
Total liabilities and shareholders’ deficit | 2,553,962 | 2,569,279 |
Guarantor Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | 65 | 0 |
Accounts receivable, net | 91,408 | 102,417 |
Inventories, net | 45,857 | 39,771 |
Intercompany receivable | 1,797,462 | 1,783,858 |
Notes receivable from subsidiaries | 3,245 | 3,245 |
Prepaid and other current assets | 2,250 | 4,789 |
Total current assets | 1,940,287 | 1,934,080 |
Investment in subsidiaries | 5,052 | 4,173 |
Property, plant and equipment, net | 97,045 | 98,255 |
Goodwill | 130,548 | 121,181 |
Other intangible assets, net | 113,981 | 114,914 |
Other assets, net | 2,375 | 3,100 |
Total assets | 2,289,288 | 2,275,703 |
Current liabilities: | ||
Current maturities of long-term debt | 2,018 | 1,018 |
Accounts payable | 53,032 | 61,098 |
Accrued compensation and related liabilities | 3,731 | 4,699 |
Other current liabilities | 12,675 | 11,962 |
Intercompany payable | 0 | 0 |
Notes payable to issuer | 36,938 | 36,938 |
Total current liabilities | 108,394 | 115,715 |
Long-term debt | 1,914 | 2,106 |
Other liabilities | 43,249 | 45,479 |
Shareholders’ (deficit) equity | 2,135,731 | 2,112,403 |
Total liabilities and shareholders’ deficit | 2,289,288 | 2,275,703 |
Non-Guarantor Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | 307 | 854 |
Accounts receivable, net | 0 | 0 |
Inventories, net | 0 | 0 |
Intercompany receivable | 0 | 0 |
Notes receivable from subsidiaries | 0 | 0 |
Prepaid and other current assets | 1,203 | 1,128 |
Total current assets | 1,510 | 1,982 |
Investment in subsidiaries | 7,829 | 7,829 |
Property, plant and equipment, net | 1,106 | 1,029 |
Goodwill | 5,088 | 4,858 |
Other intangible assets, net | 74 | 147 |
Other assets, net | 1,685 | 1,694 |
Total assets | 17,292 | 17,539 |
Current liabilities: | ||
Current maturities of long-term debt | 0 | 0 |
Accounts payable | 145 | 265 |
Accrued compensation and related liabilities | 363 | 740 |
Other current liabilities | 580 | 819 |
Intercompany payable | 78 | 468 |
Notes payable to issuer | 3,245 | 3,245 |
Total current liabilities | 4,411 | 5,537 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Shareholders’ (deficit) equity | 12,881 | 12,002 |
Total liabilities and shareholders’ deficit | 17,292 | 17,539 |
Eliminations [Member] | ||
Current assets: | ||
Cash and cash equivalents | 0 | 0 |
Accounts receivable, net | 0 | 0 |
Inventories, net | 0 | 0 |
Intercompany receivable | (1,797,462) | (1,783,858) |
Notes receivable from subsidiaries | (40,183) | (40,183) |
Prepaid and other current assets | 0 | 0 |
Total current assets | (1,837,645) | (1,824,041) |
Investment in subsidiaries | (1,553,049) | (1,535,248) |
Property, plant and equipment, net | 0 | 0 |
Goodwill | 0 | 0 |
Other intangible assets, net | 0 | 0 |
Other assets, net | (1,079) | (1,116) |
Total assets | (3,391,773) | (3,360,405) |
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 |
Intercompany payable | (1,797,462) | (1,783,858) |
Notes payable to issuer | (40,183) | (40,183) |
Total current liabilities | (1,837,645) | (1,824,041) |
Long-term debt | 0 | 0 |
Other liabilities | (1,079) | (1,116) |
Shareholders’ (deficit) equity | (1,553,049) | (1,535,248) |
Total liabilities and shareholders’ deficit | $ (3,391,773) | $ (3,360,405) |
Condensed Consolidating Finan60
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $ 374,506 | $ 432,761 |
Cost of sales | 310,372 | 361,911 |
Selling, general and administrative expenses | 44,541 | 47,239 |
Amortization of intangible assets | 1,379 | 1,607 |
Restructuring and other charges | 8,180 | 4,990 |
Operating income | 10,034 | 17,014 |
Interest expense, net | 19,147 | 24,095 |
Intercompany interest (income) expense | 0 | 0 |
Loss (gain) on early extinguishment of debt, net | 45 | (21,613) |
Other (income) expense, net | (227) | 554 |
(Loss) income from continuing operations before income taxes | (8,931) | 13,978 |
Income tax (benefit) expense | (239) | 958 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | (8,692) | 13,020 |
Equity in (loss) income of subsidiaries | 0 | 0 |
(Loss) income from continuing operations | (8,692) | 13,020 |
Loss from discontinued operations, net of taxes | 0 | (1,817) |
Net (loss) income | (8,692) | 11,203 |
Other comprehensive income: | ||
Other comprehensive income (loss) of subsidiaries | 0 | 0 |
Changes in pension and other employee benefit accounts, net of taxes | 1,594 | 2,480 |
Currency translation adjustment, net | 453 | 1,742 |
Total other comprehensive income | 2,047 | 4,222 |
Comprehensive (loss) income | (6,645) | 15,425 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Restructuring and other charges | 0 | 0 |
Operating income | 0 | 0 |
Interest expense, net | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 |
Loss (gain) on early extinguishment of debt, net | 0 | 0 |
Other (income) expense, net | 0 | 0 |
(Loss) income from continuing operations before income taxes | 0 | 0 |
Income tax (benefit) expense | 0 | 0 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 |
Equity in (loss) income of subsidiaries | (8,692) | 11,203 |
(Loss) income from continuing operations | 11,203 | |
Loss from discontinued operations, net of taxes | 0 | |
Net (loss) income | (8,692) | 11,203 |
Other comprehensive income: | ||
Other comprehensive income (loss) of subsidiaries | 2,047 | 4,222 |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 |
Currency translation adjustment, net | 0 | 0 |
Total other comprehensive income | 2,047 | 4,222 |
Comprehensive (loss) income | (6,645) | 15,425 |
Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 198,195 | 231,098 |
Cost of sales | 174,392 | 203,331 |
Selling, general and administrative expenses | 29,056 | 29,275 |
Amortization of intangible assets | 149 | 152 |
Restructuring and other charges | 7,988 | 3,018 |
Operating income | (13,390) | (4,678) |
Interest expense, net | 19,084 | 24,048 |
Intercompany interest (income) expense | (282) | (245) |
Loss (gain) on early extinguishment of debt, net | 45 | (21,613) |
Other (income) expense, net | (189) | 600 |
(Loss) income from continuing operations before income taxes | (32,048) | (7,468) |
Income tax (benefit) expense | (481) | 850 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | (31,567) | (8,318) |
Equity in (loss) income of subsidiaries | 22,875 | 21,798 |
(Loss) income from continuing operations | 13,480 | |
Loss from discontinued operations, net of taxes | (2,277) | |
Net (loss) income | (8,692) | 11,203 |
Other comprehensive income: | ||
Other comprehensive income (loss) of subsidiaries | 543 | 2,109 |
Changes in pension and other employee benefit accounts, net of taxes | 1,504 | 2,113 |
Currency translation adjustment, net | 0 | 0 |
Total other comprehensive income | 2,047 | 4,222 |
Comprehensive (loss) income | (6,645) | 15,425 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 175,658 | 201,478 |
Cost of sales | 135,980 | 158,580 |
Selling, general and administrative expenses | 15,262 | 17,782 |
Amortization of intangible assets | 1,119 | 1,344 |
Restructuring and other charges | 192 | 1,972 |
Operating income | 23,105 | 21,800 |
Interest expense, net | 63 | 47 |
Intercompany interest (income) expense | 282 | 245 |
Loss (gain) on early extinguishment of debt, net | 0 | 0 |
Other (income) expense, net | (108) | 14 |
(Loss) income from continuing operations before income taxes | 22,868 | 21,494 |
Income tax (benefit) expense | 152 | 122 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 22,716 | 21,372 |
Equity in (loss) income of subsidiaries | 159 | 1,643 |
(Loss) income from continuing operations | 23,015 | |
Loss from discontinued operations, net of taxes | (1,217) | |
Net (loss) income | 22,875 | 21,798 |
Other comprehensive income: | ||
Other comprehensive income (loss) of subsidiaries | 721 | 177 |
Changes in pension and other employee benefit accounts, net of taxes | 90 | 367 |
Currency translation adjustment, net | (268) | 1,565 |
Total other comprehensive income | 543 | 2,109 |
Comprehensive (loss) income | 23,418 | 23,907 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 653 | 185 |
Cost of sales | 0 | 0 |
Selling, general and administrative expenses | 223 | 182 |
Amortization of intangible assets | 111 | 111 |
Restructuring and other charges | 0 | 0 |
Operating income | 319 | (108) |
Interest expense, net | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 |
Loss (gain) on early extinguishment of debt, net | 0 | 0 |
Other (income) expense, net | 70 | (60) |
(Loss) income from continuing operations before income taxes | 249 | (48) |
Income tax (benefit) expense | 90 | (14) |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 159 | (34) |
Equity in (loss) income of subsidiaries | 0 | 0 |
(Loss) income from continuing operations | (34) | |
Loss from discontinued operations, net of taxes | 1,677 | |
Net (loss) income | 159 | 1,643 |
Other comprehensive income: | ||
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 | 721 | 177 |
Total other comprehensive income | 721 | 177 |
Comprehensive (loss) income | 880 | 1,820 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of intangible assets | 0 | 0 |
Restructuring and other charges | 0 | 0 |
Operating income | 0 | 0 |
Interest expense, net | 0 | 0 |
Intercompany interest (income) expense | 0 | 0 |
Loss (gain) on early extinguishment of debt, net | 0 | 0 |
Other (income) expense, net | 0 | 0 |
(Loss) income from continuing operations before income taxes | 0 | 0 |
Income tax (benefit) expense | 0 | 0 |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 |
Equity in (loss) income of subsidiaries | (14,342) | (34,644) |
(Loss) income from continuing operations | (34,644) | |
Loss from discontinued operations, net of taxes | 0 | |
Net (loss) income | (14,342) | (34,644) |
Other comprehensive income: | ||
Other comprehensive income (loss) of subsidiaries | (3,311) | (6,508) |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 |
Currency translation adjustment, net | 0 | 0 |
Total other comprehensive income | (3,311) | (6,508) |
Comprehensive (loss) income | $ (17,653) | $ (41,152) |
Condensed Consolidating Finan61
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | $ (6,381) | $ (11,434) |
Net cash used in operating activities of discontinued operations | 0 | (8,573) |
Net cash used in operating activities | (6,381) | (20,007) |
Cash flows from investing activities: | ||
Capital expenditures | (8,223) | (7,157) |
Proceeds from sale of property, plant and equipment | 744 | 5 |
Net cash used in investing activities of continuing operations | (7,479) | (7,152) |
Net cash provided by investing activities of discontinued operations | 0 | 94,560 |
Net cash (used in) provided by investing activities | (7,479) | 87,408 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | (165) | 0 |
Repayments of other long-term debt | (1,390) | (1,714) |
Repayment of 11.5% senior notes due 2017 | (20,465) | (4,725) |
Repayment of 7% senior exchangeable notes due 2017 | 0 | (17,680) |
Borrowings under asset-based revolving credit facility due 2021 | 125,200 | 141,000 |
Repayments under asset-based revolving credit facility due 2021 | (91,200) | (186,200) |
Intercompany advances | 0 | 0 |
Net cash provided by (used in) financing activities of continuing operations | 11,980 | (69,319) |
Net cash used in financing activities of discontinued operations | 0 | (8) |
Net cash provided by (used in) financing activities | 11,980 | (69,327) |
Effect of exchange rate changes on cash and cash equivalents | 209 | 323 |
Net decrease in cash and cash equivalents | (1,671) | (1,603) |
Cash and cash equivalents at beginning of period | 5,532 | 10,556 |
Cash and cash equivalents at end of period | 3,861 | 8,953 |
Parent Company [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 591 | |
Net cash used in operating activities of discontinued operations | 0 | |
Net cash used in operating activities | 238 | 591 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Net cash used in investing activities of continuing operations | 0 | |
Net cash provided by investing activities of discontinued operations | 0 | |
Net cash (used in) provided by investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | 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 | |
Borrowings under asset-based revolving credit facility due 2021 | 0 | 0 |
Repayments under asset-based revolving credit facility due 2021 | 0 | 0 |
Intercompany advances | (238) | (591) |
Net cash provided by (used in) financing activities of continuing operations | (591) | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (used in) financing activities | (238) | (591) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Subsidiary Issuer [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | (38,486) | |
Net cash used in operating activities of discontinued operations | 0 | |
Net cash used in operating activities | (21,658) | (38,486) |
Cash flows from investing activities: | ||
Capital expenditures | (5,679) | (3,923) |
Proceeds from sale of property, plant and equipment | 744 | 5 |
Net cash used in investing activities of continuing operations | (3,918) | |
Net cash provided by investing activities of discontinued operations | 0 | |
Net cash (used in) provided by investing activities | (4,935) | (3,918) |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | (165) | |
Repayments of other long-term debt | (2,198) | (1,766) |
Repayment of 11.5% senior notes due 2017 | (20,465) | (4,725) |
Repayment of 7% senior exchangeable notes due 2017 | (17,680) | |
Borrowings under asset-based revolving credit facility due 2021 | 125,200 | 141,000 |
Repayments under asset-based revolving credit facility due 2021 | (91,200) | (186,200) |
Intercompany advances | 14,232 | 112,548 |
Net cash provided by (used in) financing activities of continuing operations | 43,177 | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (used in) financing activities | 25,404 | 43,177 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | (1,189) | 773 |
Cash and cash equivalents at beginning of period | 4,678 | 5,558 |
Cash and cash equivalents at end of period | 3,489 | 6,331 |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 24,938 | |
Net cash used in operating activities of discontinued operations | (8,135) | |
Net cash used in operating activities | 14,973 | 16,803 |
Cash flows from investing activities: | ||
Capital expenditures | (2,321) | (3,146) |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Net cash used in investing activities of continuing operations | (3,146) | |
Net cash provided by investing activities of discontinued operations | 87,415 | |
Net cash (used in) provided by investing activities | (2,321) | 84,269 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | 0 | |
Repayments of other long-term debt | 808 | 52 |
Repayment of 11.5% senior notes due 2017 | 0 | 0 |
Repayment of 7% senior exchangeable notes due 2017 | 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 | (13,604) | (103,970) |
Net cash provided by (used in) financing activities of continuing operations | (103,918) | |
Net cash used in financing activities of discontinued operations | (8) | |
Net cash provided by (used in) financing activities | (12,796) | (103,926) |
Effect of exchange rate changes on cash and cash equivalents | 209 | 316 |
Net decrease in cash and cash equivalents | 65 | (2,538) |
Cash and cash equivalents at beginning of period | 0 | 3,006 |
Cash and cash equivalents at end of period | 65 | 468 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 1,523 | |
Net cash used in operating activities of discontinued operations | (438) | |
Net cash used in operating activities | 66 | 1,085 |
Cash flows from investing activities: | ||
Capital expenditures | (223) | (88) |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Net cash used in investing activities of continuing operations | (88) | |
Net cash provided by investing activities of discontinued operations | 7,145 | |
Net cash (used in) provided by investing activities | (223) | 7,057 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | 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 | |
Borrowings under asset-based revolving credit facility due 2021 | 0 | 0 |
Repayments under asset-based revolving credit facility due 2021 | 0 | 0 |
Intercompany advances | (390) | (7,987) |
Net cash provided by (used in) financing activities of continuing operations | (7,987) | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (used in) financing activities | (390) | (7,987) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 7 |
Net decrease in cash and cash equivalents | (547) | 162 |
Cash and cash equivalents at beginning of period | 854 | 1,992 |
Cash and cash equivalents at end of period | 307 | 2,154 |
Eliminations [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 0 | |
Net cash used in operating activities of discontinued operations | 0 | |
Net cash used in operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Net cash used in investing activities of continuing operations | 0 | |
Net cash provided by investing activities of discontinued operations | 0 | |
Net cash (used in) provided by investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Payment of financing-related costs and expenses and debt issuance discounts | 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 | |
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 provided by (used in) financing activities of continuing operations | 0 | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (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 |