DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 12 Months Ended |
Dec. 30, 2012 | |
Document Document and Entity Information [Abstract] | ' |
Document Type | '8-K |
Amendment Flag | 'false |
Document Period End Date | 30-Dec-12 |
Trading Symbol | 'SR |
Entity Registrant Name | 'STANDARD REGISTER CO |
Entity Central Index Key | '0000093456 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $1,012 | $1,569 |
Accounts receivable, net | 104,513 | 113,403 |
Inventories, net | 44,281 | 48,822 |
Prepaid expense | 9,248 | 9,058 |
Total current assets | 159,054 | 172,852 |
PLANT AND EQUIPMENT | ' | ' |
Land | 1,900 | 1,919 |
Buildings and improvements | 65,259 | 65,111 |
Machinery and equipment | 182,830 | 186,547 |
Office equipment | 156,596 | 165,017 |
Construction in progress | 2,886 | 1,758 |
Total | 409,471 | 420,352 |
Less accumulated depreciation | 350,548 | 346,402 |
Total plant and equipment, net | 58,923 | 73,950 |
OTHER ASSETS | ' | ' |
Goodwill | 7,456 | 7,456 |
Intangible assets, net | 5,933 | 7,023 |
Deferred tax asset | 22,765 | 23,996 |
Other Assets | 5,773 | 8,584 |
Other | 41,927 | 47,059 |
Total assets | 259,904 | 293,861 |
CURRENT LIABILITIES | ' | ' |
Current portion of long-term debt | 2,361 | 2,470 |
Accounts payable | 29,237 | 32,259 |
Other current liabilities | 43,234 | 48,714 |
Total current liabilities | 74,832 | 83,443 |
LONG-TERM LIABILITIES | ' | ' |
Long-term debt | 49,159 | 60,149 |
Pension benefit liability | 252,665 | 236,206 |
Deferred compensation | 3,498 | 5,777 |
Environmental liabilities | 3,986 | 3,753 |
Other long-term liabilities | 2,624 | 3,586 |
Total long-term liabilities | 311,932 | 309,471 |
COMMITMENTS AND CONTINGENCIES - See Note 19 | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Capital in excess of par value | 91,266 | 88,587 |
Accumulated other comprehensive losses | -39,454 | -37,413 |
Retained earnings | -136,303 | -107,836 |
Treasury stock at cost: 2,021 and 2,014 shares | -50,236 | -50,225 |
Total shareholders' deficit | -126,860 | -99,053 |
Total liabilities and shareholders' deficit | 259,904 | 293,861 |
Common Stock | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Common stock | 6,922 | 6,889 |
Common Class A | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Common stock | $945 | $945 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Treasury stock, shares | 2,021 | 2,014 |
Common Stock | ' | ' |
Common stock, par value | 1 | 1 |
Common stock, Authorized | 101,000 | 101,000 |
Common stock, Issued | 26,528 | 26,389 |
Common Class A | ' | ' |
Common stock, par value | 1 | 1 |
Common stock, Authorized | 9,450 | 9,450 |
Common stock, Issued | 4,725 | 4,725 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
REVENUE | ' | ' | ' |
Products | $528,811 | $560,643 | $573,253 |
Services | 73,177 | 87,466 | 95,124 |
Total revenue | 601,988 | 648,109 | 668,377 |
COST OF SALES | ' | ' | ' |
Products | 378,782 | 396,080 | 398,288 |
Services | 42,804 | 53,860 | 60,281 |
Total cost of sales | 421,586 | 449,940 | 458,569 |
GROSS MARGIN | 180,402 | 198,169 | 209,808 |
OPERATING EXPENSES | ' | ' | ' |
Selling, general and administrative | 201,416 | 245,114 | 191,857 |
Postretirement plan termination | 0 | -20,239 | 0 |
Restructuring and other exit costs | 4,278 | 5,198 | 1,733 |
Total operating expenses | 205,694 | 230,073 | 193,590 |
(LOSS) INCOME FROM OPERATIONS | -25,292 | -31,904 | 16,218 |
OTHER INCOME (EXPENSE) | ' | ' | ' |
Interest expense | -2,689 | -2,466 | -2,189 |
Investment and other income (expense) | 39 | 632 | -333 |
Total other expense | -2,650 | -1,834 | -2,522 |
(LOSS) INCOME BEFORE INCOME TAXES | -27,942 | -33,738 | 13,696 |
INCOME TAX EXPENSE | 534 | 91,695 | 5,898 |
NET (LOSS) INCOME | ($28,476) | ($125,433) | $7,798 |
BASIC AND DILUTED (LOSS) INCOME PER SHARE (DOLLARS PER SHARE) | ($4.88) | ($21.59) | $1.35 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Net (loss) income | ($28,476) | ($125,433) | $7,798 |
Change in net actuarial losses | -2,179 | -18,181 | -2,899 |
Actuarial loss reclassification, net of $1,636 and $193 deferred income tax expense in 2011 and 2010 | 0 | 2,485 | 294 |
Change in net prior service credit | 0 | 3,059 | 1,486 |
Prior service credit reclassification, net of $10,998 and $1,590 deferred income tax benefit for 2011 and 2010 | 0 | -16,697 | -2,415 |
Cumulative translation adjustment | 138 | -204 | -28 |
COMPREHENSIVE (LOSS) INCOME | ($30,517) | ($154,971) | $4,236 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 01, 2012 | Jan. 02, 2011 |
Net actuarial (losses) gains, deferred income tax expense (benefit) | $49 | ($1,908) |
Actuarial loss reclassification, deferred income tax expense | 1,636 | 193 |
Prior service credit, deferred income tax expense | 2,015 | 979 |
Prior service credit reclassification, deferred income tax benefit | $10,998 | $1,590 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net (loss) income | ($28,476) | ($125,433) | $7,798 |
Adjustments to reconcile net (loss) income to cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 22,007 | 21,809 | 23,255 |
Restructuring and other exit costs | 4,278 | 5,198 | 1,733 |
Pension and postretirement benefit cost | 41,471 | 37,520 | 2,131 |
Deferred tax expense | 53 | 91,330 | 4,955 |
Other | 3,361 | 2,053 | 4,483 |
Changes in operating assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Accounts and notes receivable | 9,221 | 8,607 | -14,504 |
Inventories | 4,541 | 5,239 | 8,253 |
Restructuring payments | -8,567 | -1,227 | -5,409 |
Accounts payable and other current liabilities | -1,310 | -6,670 | 5,912 |
Pension and postretirement contributions and payments | -27,280 | -28,734 | -27,801 |
Deferred compensation payments | -2,838 | -606 | -2,415 |
Other assets and liabilities | 2,055 | 4,169 | 3,397 |
Net cash provided by operating activities | 18,516 | 13,255 | 11,788 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Additions to plant and equipment | -5,972 | -14,186 | -8,403 |
Proceeds from sale of equipment | 134 | 1,845 | 359 |
Acquisitions, net of cash received | 0 | -4,905 | -2,464 |
Net cash used in investing activities | -5,838 | -17,246 | -10,508 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net change in borrowings under revolving credit facility | -8,760 | 12,661 | 4,019 |
Principal payments on long-term debt | -2,483 | -1,721 | -1,477 |
Dividends paid | -1,502 | -5,836 | -5,807 |
Other | -613 | 105 | 153 |
Net cash (used in) provided by financing activities | -13,358 | 5,209 | -3,112 |
Effect of exchange rate changes on cash | 123 | -180 | -41 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -557 | 1,038 | -1,873 |
Cash and cash equivalents at beginning of year | 1,569 | 531 | 2,404 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,012 | 1,569 | 531 |
SUPPLEMENTAL CASH FLOW DISCLOSURES | ' | ' | ' |
Interest | 2,704 | 2,461 | 2,132 |
Income taxes | 101 | 184 | -1,010 |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' | ' |
Capital leases | 144 | 7,287 | 4,384 |
Acquisition financing | 0 | 1,276 | 0 |
Loan payable recorded for professional services | $0 | $0 | $1,598 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' (DEFICIT) EQUITY (USD $) | Total | Common Stock | Common Class A | Capital in Excess of Par Value | Accumulated Other Comprehensive Losses | Retained Earnings | Treasury Stock |
In Thousands, unless otherwise specified | |||||||
Beginning balance at Jan. 03, 2010 | ' | $6,819 | ' | $85,979 | ($4,313) | $20,088 | ($50,133) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan | ' | 10 | ' | 177 | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | 1,891 | ' | ' | ' |
Issuance of vested shares | ' | 14 | ' | -14 | ' | ' | ' |
Cumulative translation adjustment | -28 | ' | ' | ' | -28 | ' | ' |
Change in net actuarial losses | -2,899 | ' | ' | ' | -2,605 | ' | ' |
Change in net prior service credit | 1,486 | ' | ' | ' | -929 | ' | ' |
Treasury stock acquired | ' | ' | ' | ' | ' | ' | -34 |
Net (loss) income | 7,798 | ' | ' | ' | ' | 7,798 | ' |
Dividends declared | ' | ' | ' | -1,468 | ' | -4,393 | ' |
Other | ' | ' | ' | ' | ' | 0 | ' |
Ending balance at Jan. 02, 2011 | 59,804 | 6,843 | 945 | 86,565 | -7,875 | 23,493 | -50,167 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan | ' | 11 | ' | 152 | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | 1,905 | ' | ' | ' |
Issuance of vested shares | ' | 35 | ' | -35 | ' | ' | ' |
Cumulative translation adjustment | -204 | ' | ' | ' | -204 | ' | ' |
Change in net actuarial losses | -18,181 | ' | ' | ' | -15,696 | ' | ' |
Change in net prior service credit | 3,059 | ' | ' | ' | -13,638 | ' | ' |
Treasury stock acquired | ' | ' | ' | ' | ' | ' | -58 |
Net (loss) income | -125,433 | ' | ' | ' | ' | -125,433 | ' |
Dividends declared | ' | ' | ' | 0 | ' | -5,896 | ' |
Other | ' | ' | ' | ' | ' | 0 | ' |
Ending balance at Jan. 01, 2012 | -99,053 | 6,889 | 945 | 88,587 | -37,413 | -107,836 | -50,225 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan | ' | 0 | ' | 6 | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | 2,706 | ' | ' | ' |
Issuance of vested shares | ' | 33 | ' | -33 | ' | ' | ' |
Cumulative translation adjustment | 138 | ' | ' | ' | 138 | ' | ' |
Change in net actuarial losses | -2,179 | ' | ' | ' | -2,179 | ' | ' |
Change in net prior service credit | 0 | ' | ' | ' | 0 | ' | ' |
Treasury stock acquired | ' | ' | ' | ' | ' | ' | -11 |
Net (loss) income | -28,476 | ' | ' | ' | ' | -28,476 | ' |
Dividends declared | ' | ' | ' | 0 | ' | 0 | ' |
Other | ' | ' | ' | ' | ' | 9 | ' |
Ending balance at Dec. 30, 2012 | ($126,860) | $6,922 | $945 | $91,266 | ($39,454) | ($136,303) | ($50,236) |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' (DEFICIT) EQUITY (Parenthetical) (USD $) | 12 Months Ended | |
Jan. 01, 2012 | Jan. 02, 2011 | |
Capital in Excess of Par Value | ' | ' |
Dividends per share declared (usd per share) | ' | $0.05 |
Retained Earnings | ' | ' |
Dividends per share declared (usd per share) | $0.20 | $0.15 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||
Dec. 30, 2012 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
The Standard Register Company is a recognized leader in the management and execution of critical communications. Our principle products include print, labels, and software. Service revenue primarily includes warehousing and custom-delivery services (distribution services), professional services and other consulting, and postcontract support. | ||||||||||||
The accounting policies that affect the more significant elements of our financial statements are summarized below. | ||||||||||||
Principles of Consolidation | ||||||||||||
Our consolidated financial statements include the accounts of The Standard Register Company and its wholly-owned domestic and foreign subsidiaries (collectively, the Company) after elimination of intercompany transactions, profits, and balances. | ||||||||||||
Fiscal Year | ||||||||||||
Our fiscal year is the 52- or 53-week period ending the Sunday nearest to December 31. Fiscal years 2012, 2011, and 2010, ended on December 30, 2012, January 1, 2012, and January 2, 2011, and each included 52 weeks. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. The accounting estimates and assumptions that place the most significant demands on our judgment include, but are not limited to: pension benefit plan assumptions; fair value measurements; deferred taxes; share-based compensation; environmental liabilities; and revenue recognition. These estimates and assumptions are based on information presently available and actual results could differ from those estimates. | ||||||||||||
Foreign Currency | ||||||||||||
Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the current exchange rate in effect at the end of the fiscal period. Income statement amounts are translated at the average monthly exchange rates in effect during the period. Adjustments resulting from the translation of financial statements denominated in foreign currencies are charged or credited directly to shareholders’ equity and shown as cumulative translation adjustments in other comprehensive income. Realized gains and losses from transactions denominated in foreign currencies are recorded in other income and are not material. | ||||||||||||
Cash Equivalents | ||||||||||||
All highly-liquid investments with original maturities of three months or less are classified as cash equivalents. | ||||||||||||
Accounts Receivable | ||||||||||||
Receivables are stated net of allowances for doubtful accounts. The provision for bad debts was $(103), $1,248, and $1,351 in 2012, 2011, and 2010. | ||||||||||||
Trade receivables are uncollateralized customer obligations due under normal trade terms requiring payment generally within 30 days from the invoice date. Our estimate of the allowance for doubtful accounts for trade receivables is primarily determined based on the length of time the receivables are past due. In addition, estimates are used to determine probable losses based upon an analysis of prior collection experience, specific account risks, and economic conditions. We have a series of actions that occur based upon the aging of past-due trade receivables, including letters, statements, and direct customer contact. Accounts are deemed uncollectible based on past experience and current financial condition. | ||||||||||||
Inventories | ||||||||||||
Our inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) method. | ||||||||||||
Long-Lived Assets | ||||||||||||
Plant and equipment are stated at cost less accumulated depreciation. Costs of normal maintenance and repairs are charged to expense when incurred. Upon the disposition of assets, their cost and related depreciation are removed from the respective accounts, and the resulting gain or loss is included in current income. | ||||||||||||
Plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of assets may not be recoverable. We first evaluate recoverability of assets to be held and used by comparing the carrying amount of the asset to undiscounted expected future cash flows to be generated by the assets. If such assets are considered to be impaired, the impairment amount is then calculated using a fair-value-based test that compares the fair value of the asset to its carrying value. Assets held for sale, if any, are reported at the lower of the carrying amount or fair value less cost to sell. | ||||||||||||
Depreciation | ||||||||||||
For financial reporting purposes, depreciation is computed by the straight-line method over the estimated useful lives of the depreciable assets. Depreciation expense was $20,917, $21,178, and $23,155 in 2012, 2011, and 2010 and includes amortization of assets recorded under capital lease arrangements. Estimated useful lives range from 15-40 years for buildings and improvements; 5-15 years for machinery and equipment; and 3-15 years for office furniture and equipment. | ||||||||||||
Goodwill and Intangible Assets | ||||||||||||
Goodwill is the excess of the purchase price paid over the value of net assets of businesses acquired and is not amortized. Goodwill is evaluated for impairment on an annual basis, or more frequently if impairment indicators arise. The evaluation is performed through either an optional qualitative assessment, if appropriate based on current conditions, or a fair-value-based test that compares the fair value of the asset to its carrying value. Intangible assets with determinable lives are primarily amortized on a straight-line basis over the estimated useful life. The estimated useful life for acquired software technology and trademarks is seven years and for customer relationships the estimated life is eight years. | ||||||||||||
Software Development Costs | ||||||||||||
Costs incurred during the application development stage and implementation stage in developing, purchasing, or otherwise acquiring software for internal use and website development costs are capitalized and amortized over a period of five years. Costs incurred during the preliminary project stage are expensed as incurred. The carrying value of capitalized internal use software is included in Plant and Equipment in our Consolidated Balance Sheets and totaled $9,462 at December 30, 2012 and $11,644 at January 1, 2012. These amounts are related to production, invoicing, and warehousing systems; customer interface portals and account management tools; and system management, security, and desktop applications. | ||||||||||||
Fair Value Measurements | ||||||||||||
Our pension plan assets are recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis, generally as a result of impairment charges. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based on the inputs to the valuation and gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs: | ||||||||||||
Level 1 – Quoted market prices in active markets for identical assets or liabilities | ||||||||||||
Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data | ||||||||||||
Level 3 – Unobservable inputs that reflect our own assumptions that are not corroborated by market data. | ||||||||||||
Revenue Recognition | ||||||||||||
Revenue is recognized when all of the following criteria are met: | ||||||||||||
• | Persuasive evidence of an arrangement exists | |||||||||||
• | Delivery has occurred or services have been performed | |||||||||||
• | The fee is fixed or determinable, and | |||||||||||
• | Collectability is reasonably assured. | |||||||||||
Product Revenue | ||||||||||||
Revenue is generally recognized when products are shipped to the customer, title and risks of ownership have passed to the customer, and all significant obligations have been satisfied. Because the majority of products are customized, product returns are not significant. | ||||||||||||
Certain customers earn rebates based on the volume of product purchased from the Company. These rebates are recorded as a reduction to revenue. The amount of the rebates earned is estimated based on the expected level of purchases to be made and periodically revised to reflect actual rebates earned. | ||||||||||||
Service Revenue | ||||||||||||
We generally recognize service revenue as the services are performed. | ||||||||||||
Revenue Arrangements with Multiple Deliverables | ||||||||||||
When a customer arrangement involves multiple deliverables, we evaluate all deliverables to determine whether they represent separate units of accounting, allocate the arrangement consideration to the separate units, and recognize revenue in accordance with generally accepted accounting principles for revenue recognition. We have one type of non-software multiple-element arrangement which consists of three deliverables: custom-printed products, warehousing services, and custom-delivery services. Fees for warehousing and custom-delivery services are often bundled into the price of the products and are therefore invoiced when the product is considered delivered. However, if requested by the customer, these fees may also be invoiced separately as the services are performed. | ||||||||||||
For the majority of our contractual arrangements, at the customer’s request we print and store custom-printed products that remain in our inventory until the customer’s specified future delivery. For these arrangements, title and risk of ownership for these products remains with us until the product is shipped to the customer. Therefore, the product is considered to be delivered last, and the customer is invoiced when the product is delivered to the customer. For these arrangements, revenue allocated to the product is recognized when shipped from the warehouse to the customer and revenue allocated to the services is recognized as they are performed. | ||||||||||||
Under certain other contractual arrangements, at the customer’s request we print and store the custom-printed products for the customer’s specified future delivery. Such products are stored in our warehouses and are not used to fill other customers’ orders. For these products, manufacturing is complete, the finished product is not included in our inventory, and title and risk of loss have transferred to the customer. In these transactions, the customer is invoiced under normal billing and credit terms when the product is placed in the warehouse for storage. As such, the product is considered to be delivered first and warehousing and custom-delivery services are delivered last. For these arrangements, revenue allocated to the product is recognized when it is placed in the warehouse for storage and revenue allocated to the services is recognized as they are performed. | ||||||||||||
Determination of selling prices - Consideration received is allocated to each deliverable in the arrangement based on the relative selling prices of each deliverable. Selling prices are determined based on the following hierarchy: vendor-specific objective evidence of fair value (VSOE), third-party evidence of selling price (TPE), or best estimate of selling price (BESP). For each deliverable, we review historical sales data to determine if we have sufficient stand-alone sales that are within an acceptable range to establish VSOE. VSOE is considered established if 80% of stand-alone sales are within +/-15% of the median sales price. Available third-party evidence is evaluated to determine if TPE can be established for items where VSOE does not exist. In absence of VSOE and TPE, BESP is used. Determining BESP requires significant judgment due to the nature of factors that must be considered and the subjectivity involved in determining the impact each of these factors should have on BESP. | ||||||||||||
• | Custom-printed products - Due to the variances in pricing for available stand-alone sales and custom nature of our products, VSOE or TPE cannot be established. To develop BESP, we consider numerous internal and external factors including: internal cost experience for materials, labor, manufacturing and administrative costs; external pricing for similar products; level of market competition and potential for market share gain; stage in the product life cycle; industry served; profit margins; current market conditions; length of typical agreements; and anticipated volume. | |||||||||||
• | Warehousing services - VSOE cannot be established for warehousing services, as we generally do not sell these services separately. Although some third-party evidence is readily available for certain aspects of our warehousing services, an adequate amount of data for services similar to our offering is not available to establish TPE. BESP is developed by utilizing a pricing process which considers the following internal and external factors: cost driver activity such as full versus partial carton shipments, storage space utilized, type of product stored, and shipping frequency; internal cost experience; profit margins; volume-related discounts; current market conditions; and to a lesser degree, pricing from third-party providers when available. | |||||||||||
• | Custom-delivery services - For custom-delivery services, no stand-alone sales are available as we do not sell these services separately; therefore, VSOE cannot be established. TPE is developed by utilizing individual pricing templates for each customer. The pricing templates consider profit margins, volume, and expected shipping addresses for the customer applied to a freight rate table that is developed from negotiated rates with our third-party logistics partners. | |||||||||||
Arrangements entered into prior to 2011 continue to be accounted for in accordance with the revenue recognition standards effective prior to adoption of ASU 2009-13. We determined that objective and reliable evidence of fair value exists for the warehousing and custom-delivery services but not for the products due to the custom nature of our printed products and lack of consistent pricing in stand-alone sales. Accordingly, in customer arrangements where warehousing and delivery services are delivered last, we utilize the residual method to allocate arrangement consideration to the products based on the fair value of the warehousing and delivery services and recognize revenue for the product when placed in the warehouse. Revenue allocated to warehousing and delivery services is recognized as the services are performed. | ||||||||||||
In arrangements where the products are delivered last, we are unable to allocate arrangement consideration to the deliverables due to the lack of objective evidence of fair value for the products. Therefore, the arrangement is recognized as a single unit of accounting, and all revenue is recognized when the products are delivered to the customer. | ||||||||||||
Software Arrangements | ||||||||||||
We generate revenue from licensing the rights to software products to end users. These licenses are generally sold as perpetual licenses and in combination with professional services and post-contract customer support (PCS) which includes telephone assistance and software problem corrections. Fair value for ongoing PCS is based upon established renewal rates. Our software is generally not sold on a stand-alone basis and therefore we cannot establish VSOE. Since we are unable to establish VSOE for the professional services, we use the combined services approach. The entire arrangement is accounted for as one unit of accounting, and revenue is deferred and recognized on a straight-line basis over the longer of the PCS period or the period the professional services are expected to be performed. When the professional services are complete, the software has been delivered, and the only remaining undelivered element is the PCS, the deferred revenue is adjusted to reflect only the remaining post-contract support amount. | ||||||||||||
We also enter into certain multiple deliverable arrangements to license software where VSOE cannot be established for any of the undelivered service elements. These arrangements are accounted for as one unit of accounting, and revenue is deferred and recognized on a straight-line basis as the services are performed, which typically ranges from one to five years. | ||||||||||||
We also sell our software products on a subscription basis and revenue is recognized over the subscription period. | ||||||||||||
The determination of whether deliverables within a multiple element arrangement can be treated separately for revenue recognition purposes involves significant estimates and judgment, such as whether fair value can be established on undelivered obligations and whether delivered items have standalone value to the customer. Changes to our assessment of the accounting units in a multiple deliverable arrangement or the ability to establish fair values could change the timing of revenue recognition. | ||||||||||||
Shipping and Handling Fees | ||||||||||||
Shipping and handling fees billed to customers are recorded as revenue, and shipping and handling costs paid to vendors are recorded as cost of sales. | ||||||||||||
Sales Taxes | ||||||||||||
Taxes collected from customers and remitted to governmental authorities are recorded on a net basis (excluded from revenues) in our Consolidated Statements of Income. | ||||||||||||
Research and Development | ||||||||||||
Research and development costs relate to the development of new products and to the improvement of existing products and services and are charged to expense as incurred. These efforts are entirely company sponsored. Total research and development costs were $3,356, $4,530, and $4,867 in 2012, 2011, and 2010. | ||||||||||||
Income Taxes | ||||||||||||
We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement and tax bases of liabilities and assets, using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax asset will not be realized. | ||||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of shares outstanding and common equivalent shares from stock options and nonvested shares using the treasury method, except when anti-dilutive. | ||||||||||||
Reclassifications | ||||||||||||
Certain prior-year amounts have been reclassified to conform to the current-year presentation. | ||||||||||||
Recently Adopted Accounting Pronouncements | ||||||||||||
In 2012, we adopted Accounting Standards Update (ASU) 2011-05 which requires the presentation of the components of net income and other comprehensive income either in a single continuous statement or in two separate but consecutive statements, with the exception of the presentation of reclassifications on the face of the financial statements, which was deferred by ASU 2011-12. This update eliminates the option to present the components of other comprehensive income as part of the statement of shareholders equity. We elected to present a separate Statement of Comprehensive Income. | ||||||||||||
In 2013, we adopted Accounting Standards Update (ASU) 2013-2, which requires additional disclosure of information related to changes in accumulated other comprehensive loss by component and any significant items reclassified out of accumulated other comprehensive loss. Other comprehensive losses include any revenues, expenses, gains and losses that are excluded from net income and recognized directly as a component of shareholders’ equity. Changes in accumulated other comprehensive loss, net of deferred taxes, consist of the following: | ||||||||||||
Foreign Currency Translation | Defined Benefit Pension and Postretirement Plans | Total | ||||||||||
Balance at January 2, 2011 | $ | (126 | ) | $ | (7,749 | ) | $ | (7,875 | ) | |||
Other comprehensive loss before reclassifications | (204 | ) | (15,122 | ) | (15,326 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | — | (14,212 | ) | (14,212 | ) | |||||||
Net current-period other comprehensive loss | (204 | ) | (29,334 | ) | (29,538 | ) | ||||||
Balance at January 1, 2012 | (330 | ) | (37,083 | ) | (37,413 | ) | ||||||
Net current-period other comprehensive loss | 138 | (2,179 | ) | (2,041 | ) | |||||||
Balance at December 30, 2012 | $ | (192 | ) | $ | (39,262 | ) | $ | (39,454 | ) | |||
All amounts are net of tax. Because of the valuation allowance against our deferred tax assets, there is no federal or state income-based tax expense or benefit related to amounts recorded to other comprehensive loss in 2012. Amounts reclassified from accumulated other comprehensive loss in 2011 include ($16,697) for amortization of prior service credits and $2,485 for amortization of prior actuarial losses related to our postretirement healthcare plan. These amounts are included in net periodic benefit cost, a component of selling, general, and administrative expense, (see Note 17 for additional details). | ||||||||||||
In 2012, we adopted ASU 2011-08 which amended the guidance for goodwill impairment to provide an option for companies to first use a qualitative approach to test goodwill for impairment if certain conditions are met. The implementation of the amended guidance was effective for our annual goodwill impairment test performed in the second quarter of 2012 and did not have a material impact on our consolidated financial statements. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 30, 2012 | |
Business Combinations [Abstract] | ' |
ACQUISITIONS | ' |
ACQUISITIONS | |
On July 6, 2011, we acquired 100% of the ownership interest in iMedConsent, LLC (dba Dialog Medical). The total purchase price was $6,217, which included $626 of contingent consideration that was based upon achievement of certain revenue targets by Dialog Medical through July 6, 2013. During 2012, we adjusted our estimate of the contingent consideration to $454, of which $299 was paid in 2012. | |
Pro forma financial information and other disclosures are not presented because the acquisition is not considered material to our consolidated financial position or results of operations. |
ITEMS_DISCLOSED_AT_FAIR_VALUE
ITEMS DISCLOSED AT FAIR VALUE | 12 Months Ended |
Dec. 30, 2012 | |
Fair Value Disclosures [Abstract] | ' |
ITEMS DISCLOSED AT FAIR VALUE | ' |
ITEMS DISCLOSED AT FAIR VALUE | |
We have financial assets and liabilities that are not recorded at fair value but which require disclosure of their fair value. The carrying value of cash equivalents approximates fair value due to the short-term maturity of these instruments and is not material. The carrying value of outstanding amounts under our secured revolving credit facility and capital lease obligation approximate fair value based on currently available market rates. | |
Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents and trade receivables. Cash and cash equivalents are placed with high-credit quality financial institutions. Our credit risk, with respect to trade receivables, is limited in management's opinion due to industry and geographic diversification. We maintain an allowance for doubtful accounts to cover estimated credit losses. |
RESTRUCTURING_AND_OTHER_EXIT_C
RESTRUCTURING AND OTHER EXIT COSTS | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 30, 2012 | |||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||||||||||||||
RESTRUCTURING AND OTHER EXIT COSTS | ' | ||||||||||||||||||||||||||||||||
RESTRUCTURING AND OTHER EXIT COSTS | |||||||||||||||||||||||||||||||||
All costs related to restructuring actions are included in restructuring and other exit costs in the accompanying Consolidated Statements of Income. Under our current operating model, the majority of our manufacturing, warehousing, and distribution activities are managed under a shared-services model and are therefore not specific to a particular reportable segment. Additionally, we maintain certain other corporate functions that also are not attributable to a specific reportable segment. As a result, none of our restructuring or exit activities are reported under any segment, and are all attributable to corporate and other shared services. | |||||||||||||||||||||||||||||||||
2011 Plan | |||||||||||||||||||||||||||||||||
At the end of 2011, more than half of our revenues came from legacy products, which are generally transactional documents and forms, labels, and other printed materials that are in a state of transition to digital technologies or are being rapidly commoditized given the excess capacity in the printing industry. Our future growth will come from our core solutions, which are a suite of product and service solutions designed to assist our customers in meeting their strategic business needs. | |||||||||||||||||||||||||||||||||
In late 2011, we developed a strategic restructuring program that was announced in January 2012. The restructuring is a two-year program that includes workforce reductions, infrastructure changes, and technology initiatives which are designed to better align our resources with our growing core solutions business and to reduce costs to offset the impact of declining revenue from our legacy products. | |||||||||||||||||||||||||||||||||
Costs of the restructuring program include employee separation costs for severance related to the workforce reductions, contract exit and termination costs related to lease terminations, and other associated exit costs that include fees to third parties to assist with the program implementation and certain costs related to implementation of an ERP system that will replace select software applications. | |||||||||||||||||||||||||||||||||
Components of restructuring and other exit costs consist of the following: | |||||||||||||||||||||||||||||||||
Total | Total | Cumulative | |||||||||||||||||||||||||||||||
Expected | 2012 | To-Date | |||||||||||||||||||||||||||||||
Costs | Expense | Expense | |||||||||||||||||||||||||||||||
Employee separation costs | $ | 6,177 | $ | 697 | $ | 6,177 | |||||||||||||||||||||||||||
Contract exit and termination costs | 557 | 247 | 247 | ||||||||||||||||||||||||||||||
Other associated exit costs | 3,300 | 3,300 | 3,300 | ||||||||||||||||||||||||||||||
Total | $ | 10,034 | $ | 4,244 | $ | 9,724 | |||||||||||||||||||||||||||
A summary of the accrual activity for the 2011 plan is as follows: | |||||||||||||||||||||||||||||||||
Accrued | Balance | Accrued | Incurred | Balance | |||||||||||||||||||||||||||||
in 2011 | 2011 | in 2012 | in 2012 | 2012 | |||||||||||||||||||||||||||||
Employee separation costs | $ | 5,480 | $ | 5,480 | $ | 697 | $ | (4,827 | ) | $ | 1,350 | ||||||||||||||||||||||
Contract exit and termination costs | — | — | 174 | (153 | ) | 21 | |||||||||||||||||||||||||||
Other associated exit costs | — | — | 1,980 | (1,980 | ) | — | |||||||||||||||||||||||||||
Total | $ | 5,480 | $ | 5,480 | $ | 2,851 | $ | (6,960 | ) | $ | 1,371 | ||||||||||||||||||||||
Completed Restructuring Plans | |||||||||||||||||||||||||||||||||
Restructuring and other exit costs in 2012 and 2011 also included costs from completed restructuring plans that were required to be expensed as incurred and, in 2011, a reversal of previously recorded severance. These amounts were not material. | |||||||||||||||||||||||||||||||||
Restructuring and other exit costs for 2010 primarily relate to contract termination and other exit costs from the strategic closure of production and distribution facilities and the subsequent relocation of equipment and inventory plus fees to the third-party that assisted with the development and implementation of the plan. | |||||||||||||||||||||||||||||||||
We do not expect any additional costs related to these plans. | |||||||||||||||||||||||||||||||||
A summary of the accrual activity for completed restructuring plans is as follows: | |||||||||||||||||||||||||||||||||
Balance | Accrued | Incurred | Reversed | Balance | Accrued | Incurred | Balance | ||||||||||||||||||||||||||
2010 | in 2011 | in 2011 | in 2011 | 2011 | in 2012 | in 2012 | 2012 | ||||||||||||||||||||||||||
Employee separation costs | $ | 878 | $ | — | $ | (358 | ) | $ | (520 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Contract termination costs | 811 | 124 | (708 | ) | (47 | ) | 180 | 6 | (186 | ) | — | ||||||||||||||||||||||
Total | $ | 1,689 | $ | 124 | $ | (1,066 | ) | $ | (567 | ) | $ | 180 | $ | 6 | $ | (186 | ) | $ | — | ||||||||||||||
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Receivables [Abstract] | ' | ||||||||
ACCOUNTS RECEIVABLE | ' | ||||||||
ACCOUNTS RECEIVABLE | |||||||||
Accounts receivable consist of the following: | |||||||||
December 30, | January 1, | ||||||||
2012 | 2012 | ||||||||
Current: | |||||||||
Trade receivables | $ | 100,420 | $ | 111,398 | |||||
Less allowance for doubtful accounts | (2,312 | ) | (3,230 | ) | |||||
Net trade receivables | 98,108 | 108,168 | |||||||
Other receivables | 6,405 | 5,235 | |||||||
Total current receivables | $ | 104,513 | $ | 113,403 | |||||
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
INVENTORIES | |||||||||
Inventories consist of the following: | |||||||||
December 30, | January 1, | ||||||||
2012 | 2012 | ||||||||
Materials and supplies | $ | 5,554 | $ | 6,468 | |||||
Jobs in process | 1,812 | 1,787 | |||||||
Finished products | 36,915 | 40,567 | |||||||
Total | $ | 44,281 | $ | 48,822 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 30, 2012 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||||
Since the January 2012 restructuring announcement, we spent significant time analyzing our operations, organizational structure, and portfolio of products and services. As a result, in 2012, we combined the Commercial, Financial Services, and Industrial business units into one consolidated business unit, Business Solutions. | |||||||||||||||||||||||||
We determined that our two reportable segments after reorganization, Healthcare and Business Solutions, are also our two reporting units for purposes of goodwill impairment testing. The following table summarizes the revised allocation of goodwill. | |||||||||||||||||||||||||
Healthcare | Business Solutions | Financial Services | Commercial | Industrial | Total | ||||||||||||||||||||
Goodwill at January 2, 2011 | $ | 2,385 | $ | — | $ | 1,743 | $ | 1,296 | $ | 1,133 | $ | 6,557 | |||||||||||||
Acquisitions | 899 | — | — | — | — | 899 | |||||||||||||||||||
Goodwill at January 1, 2012 | 3,284 | — | 1,743 | 1,296 | 1,133 | 7,456 | |||||||||||||||||||
Reallocation of goodwill | — | 4,172 | (1,743 | ) | (1,296 | ) | (1,133 | ) | — | ||||||||||||||||
Goodwill at December 30, 2012 | $ | 3,284 | $ | 4,172 | $ | — | $ | — | $ | — | $ | 7,456 | |||||||||||||
We performed the annual impairment test of goodwill for all our reporting units in the second quarter of 2012 and 2011, following a quantitative approach. In performing our 2012 impairment test, we first considered the option of the qualitative approach and determined that it was not appropriate for the current year due to continuing changes in our business, current restructuring activities, and recent changes to our reporting units. The goodwill tests did not result in any impairment. | |||||||||||||||||||||||||
Identifiable intangible assets consist of the following: | |||||||||||||||||||||||||
December 30, 2012 | January 1, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Intangible Assets with Determinable Lives | |||||||||||||||||||||||||
Patents | $ | 2,916 | $ | (1,042 | ) | $ | 2,916 | $ | (891 | ) | |||||||||||||||
Customer relationships | 2,610 | (783 | ) | 2,610 | (261 | ) | |||||||||||||||||||
Software technology | 2,650 | (568 | ) | 2,650 | (189 | ) | |||||||||||||||||||
Trademark | 129 | (28 | ) | 129 | (9 | ) | |||||||||||||||||||
Non-compete agreement | 100 | (51 | ) | 100 | (32 | ) | |||||||||||||||||||
Total | $ | 8,405 | $ | (2,472 | ) | $ | 8,405 | $ | (1,382 | ) | |||||||||||||||
Amortization expense for intangible assets was $1,090, $631, and $101 for 2012, 2011, and 2010. Estimated amortization expense for the next five years is as follows: $960 in 2013, $829 in 2014, $817 in 2015, $809 in 2016, and $809 in 2017. |
OTHER_CURRENT_LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
OTHER CURRENT LIABILITIES | ' | ||||||||
OTHER CURRENT LIABILITIES | |||||||||
Other current liabilities consist of the following: | |||||||||
December 30, | January 1, | ||||||||
2012 | 2012 | ||||||||
Accrued compensation | $ | 13,996 | $ | 13,019 | |||||
Accrued restructuring and other exit costs | 1,371 | 5,660 | |||||||
Deferred revenue | 6,020 | 5,345 | |||||||
Accrued non-income taxes | 3,885 | 4,512 | |||||||
Current portion of pension | 2,058 | 2,148 | |||||||
Accrued customer rebates | 4,814 | 2,541 | |||||||
Other current liabilities | 11,090 | 15,489 | |||||||
Total | $ | 43,234 | $ | 48,714 | |||||
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
LONG-TERM DEBT | ' | ||||||||
LONG-TERM DEBT | |||||||||
Long-term debt consists of the following: | |||||||||
December 30, | January 1, | ||||||||
2012 | 2012 | ||||||||
Revolving credit facility | $ | 43,629 | $ | 52,389 | |||||
Capital lease obligations | 7,891 | 9,945 | |||||||
Loan payable | — | 285 | |||||||
Total | 51,520 | 62,619 | |||||||
Less current portion | 2,361 | 2,470 | |||||||
Long-term portion | $ | 49,159 | $ | 60,149 | |||||
We have a $100,000 four-year senior secured revolving credit facility (Credit Facility) with five banks that matures in 2014. The Credit Facility is secured by accounts receivable, inventories, fixed assets, and certain other assets. The Credit Facility contains a fixed charge coverage covenant test that becomes applicable if the sum of available unborrowed credit plus certain cash balances falls below 15% of aggregate commitments or $11,250 whichever is greater. | |||||||||
The Credit Facility provides for the payment of interest on amounts borrowed under both London Interbank Offered Rate (LIBOR) contracts and base rate loans. Payment of interest on LIBOR contracts is at an annual rate equal to the LIBOR rate plus 3.00% to 3.50% based on our level of liquidity. Payment of interest on base rate loans is based on the prime rate plus 2.00% to 2.50% based upon our level of liquidity. The weighted average interest rate, including the spread, was 3.53% at December 30, 2012 and 3.73% at January 1, 2012. We are also required to pay a fee on the unused portion of the Credit Facility payable at an annual rate of 50.0 basis points if the unused portion is equal to or less than 50% of the aggregate commitment or 75.0 basis points if the unused portion is greater than 50% of the aggregate commitment. As of December 30, 2012, such fee is payable at an annual rate of 50.0 basis points. | |||||||||
We have several capital leases for printing equipment. The capital leases have remaining aggregate payments, including interest, of approximately $8,824. Payments under the leases, including interest, are as follows: 2013-$2,739; 2014-$2,744; 2015-$1,840; and 2016-$1,501. Amortization expense for all capital leases is included with depreciation expense in the Company’s Consolidated Statements of Income. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 30, 2012 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
INCOME TAXES | |||||||||||||
Income tax expense consists of the following: | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | 192 | |||||||
Foreign | 413 | 629 | 111 | ||||||||||
State and local | 68 | (264 | ) | 640 | |||||||||
$ | 481 | $ | 365 | $ | 943 | ||||||||
Deferred: | |||||||||||||
Federal | $ | — | $ | 75,068 | $ | 4,367 | |||||||
Foreign | 53 | (104 | ) | — | |||||||||
State and local | — | 16,366 | 588 | ||||||||||
$ | 53 | $ | 91,330 | $ | 4,955 | ||||||||
Total | $ | 534 | $ | 91,695 | $ | 5,898 | |||||||
Consolidated pretax (loss) income is comprised of the following sources: | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
U.S. pretax (loss) income | $ | (29,326 | ) | $ | (35,538 | ) | $ | 12,586 | |||||
Non-U.S. pretax income | 1,384 | 1,800 | 1,110 | ||||||||||
Total | $ | (27,942 | ) | $ | (33,738 | ) | $ | 13,696 | |||||
The Worker, Homeownership, and Business Assistance Act of 2009 allowed the carry back of certain federal net operating losses for up to five years. Under this Act, in 2010 we recovered $625 of alternative minimum tax paid in 2007 and 2008. There are no other recoverable taxes within the five year carryback period. | |||||||||||||
The components of the net current deferred tax liability and net long-term deferred tax asset consist of the following: | |||||||||||||
December 30, | January 1, | ||||||||||||
2012 | 2012 | ||||||||||||
Current deferred tax: | |||||||||||||
Allowance for doubtful accounts | $ | 886 | $ | 1,162 | |||||||||
Inventories | (4,031 | ) | (6,620 | ) | |||||||||
Compensation and benefits | 4,375 | 5,824 | |||||||||||
Other | 3,404 | 4,909 | |||||||||||
Total current tax asset | 4,634 | 5,275 | |||||||||||
Less: valuation allowance | (6,343 | ) | (8,162 | ) | |||||||||
Net current deferred tax liability | $ | (1,709 | ) | $ | (2,887 | ) | |||||||
Long-term deferred tax: | |||||||||||||
Depreciation | $ | (1,524 | ) | $ | (4,268 | ) | |||||||
Goodwill and intangible assets | 550 | 2,475 | |||||||||||
Pension | 97,755 | 91,177 | |||||||||||
Capital loss carryforwards | 20,575 | 14,536 | |||||||||||
Net operating loss carryforward | 33,859 | 29,875 | |||||||||||
Federal tax credit | 1,600 | 1,600 | |||||||||||
Other | 6,238 | 6,184 | |||||||||||
Total long-term tax asset | 159,053 | 141,579 | |||||||||||
Less: valuation allowance | (136,288 | ) | (117,583 | ) | |||||||||
Net long-term deferred tax asset | $ | 22,765 | $ | 23,996 | |||||||||
Net deferred tax asset | $ | 21,056 | $ | 21,109 | |||||||||
At December 30, 2012, the Company has unused U.S. federal and state net operating loss carryforwards of $87,819 and $70,890, generally expiring from 2013 through 2030. In addition, we have a U.S. capital loss carryforward of $2,425 that expires in 2014. | |||||||||||||
We review the potential realization of future tax benefits of all deferred tax assets. The Company concluded after evaluating all positive and negative evidence regarding the potential realization of the Company's deferred tax assets, a valuation allowance is necessary primarily based on cumulative losses in recent years, (defined as the current and two preceding years) and recent actuarial pension losses. A valuation allowance is recorded against the entire U.S. net deferred tax asset except for $21,000 related to the pension liability. We are forecasting that the pension liability will be reduced by future actuarial gains prior to funding the related liability; therefore, the deferred tax asset will be realized without the need for future taxable income. Because of the cumulative losses in recent years, the Company is not relying on forecasts of future taxable income to realize any U.S. deferred tax assets. | |||||||||||||
We also have a Canadian capital loss carryforward of $126,579 that has an indefinite carryforward period. A full valuation allowance has been provided for the tax benefit associated with this capital loss as it is more likely than not that this capital loss will not be utilized. | |||||||||||||
The reconciliation of the statutory federal income tax rate and the effective tax rate follows: | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes | (0.6 | ) | 4.8 | 5.8 | |||||||||
Change in cash surrender value | 0.4 | (0.6 | ) | (1.2 | ) | ||||||||
Meals and entertainment | (0.4 | ) | (0.6 | ) | 1.2 | ||||||||
Change in unrecognized tax benefits | 0.6 | 1.2 | 1.4 | ||||||||||
Adjustment to prior year tax accruals | 0.1 | (0.2 | ) | 2.1 | |||||||||
Foreign statutory rate differential | 0.2 | 0.3 | — | ||||||||||
Rate adjustment to deferred taxes | — | (2.1 | ) | — | |||||||||
Deficiencies on equity awards | (2.4 | ) | (0.4 | ) | 0.7 | ||||||||
Valuation allowance | (34.7 | ) | (309.3 | ) | (2.0 | ) | |||||||
Permanent and other items | (0.1 | ) | 0.1 | 0.1 | |||||||||
Effective tax rate | (1.9 | )% | (271.8 | )% | 43.1 | % | |||||||
State tax expense reflects state tax liabilities derived primarily from a tax base other than net income. | |||||||||||||
The Company and its subsidiaries file income tax returns in the U.S. federal, various state, and Mexican jurisdictions. With few exceptions, based on expiration of statutes of limitation, the Company is no longer subject to federal income tax examinations by tax authorities for years before 2009 or state, local, or non-U.S. income tax examinations by tax authorities for years before 2008. However, federal and state net operating and capital loss carryforwards generated from 2001 through 2011 are subject to review by taxing authorities in the year utilized. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Balance at beginning of year | $ | 1,375 | $ | 1,912 | $ | 1,755 | |||||||
Adjustments for tax positions of current year | 490 | — | — | ||||||||||
Adjustments for tax positions of prior years | — | — | 157 | ||||||||||
Reductions from lapse of applicable statute of limitations | (236 | ) | (486 | ) | — | ||||||||
Settlements | — | (51 | ) | — | |||||||||
Balance at end of year | $ | 1,629 | $ | 1,375 | $ | 1,912 | |||||||
These unrecognized tax benefits, if recognized, would favorably affect the effective income tax rate of a future period or periods unless the benefits are in deferred taxes and reserved with a valuation allowance. We do not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next 12 months. | |||||||||||||
Our continuing policy is to recognize interest and penalties related to income tax matters in tax expense. The amount of interest and penalty expense recorded in 2012, 2011, and 2010 was not material. | |||||||||||||
Income taxes have not been provided on undistributed earnings of certain foreign subsidiaries as the Company considers such earnings to be permanently reinvested outside of the United States. The additional U.S. taxable income and tax that would arise on repatriation of the remaining undistributed earnings could be wholly or partially offset by net operating loss carryforwards and foreign tax credits on repatriation. However, it is impractical to estimate the amount of net income and withholding tax that might be payable. |
CAPITAL_STRUCTURE
CAPITAL STRUCTURE | 12 Months Ended |
Dec. 30, 2012 | |
Equity [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
CAPITAL STRUCTURE | |
The Company has two classes of capital stock issued and outstanding, Common and Class A. These are equal in all respects except voting rights and restrictions on ownership of Class A stock. Each share of Common outstanding has one vote, while each outstanding share of Class A is entitled to five votes. Class A stock is convertible into Common stock on a share-for-share basis at which time ownership restrictions are eliminated. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
EARNINGS PER SHARE | ' | ||||||||
EARNINGS PER SHARE | |||||||||
The number of shares outstanding for calculation of earnings per share (EPS) is as follows: | |||||||||
(Shares in thousands) | 2012 | 2011 | 2010 | ||||||
Weighted-average shares outstanding - basic | 5,838 | 5,810 | 5,783 | ||||||
Effect of potentially dilutive securities | — | — | 5 | ||||||
Weighted-average shares outstanding - diluted | 5,838 | 5,810 | 5,788 | ||||||
The effects of stock options and nonvested shares on diluted EPS are reflected through the application of the treasury stock method. Due to the net loss incurred in 2012 and 2011, no outstanding options or nonvested shares were included in the diluted EPS computation because they would automatically result in anti-dilution. Outstanding options to purchase 566,129 shares were not included in the computation of diluted EPS for 2010 because the exercise price of the options was greater than the average market price of the shares at the end of the period; therefore, the effect would be anti-dilutive. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended | ||||||||||||
Dec. 30, 2012 | |||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||
We have two plans under which share-based awards currently can be granted: the 2011 Equity Incentive Plan (2011 Plan), which provides for the granting of a maximum of 5,780,000 shares, and the 2002 Equity Incentive Plan (2002 Plan), which provides for the granting of a maximum of 3,500,000 shares. A committee of the Board of Directors (Committee) administers the plans and has the authority to determine to whom awards will be made, the amount of the awards, and the other terms and conditions of the awards. Key employees, including any executive officer, employee-director, and non-employee director, are eligible to receive awards under the plans. | |||||||||||||
Both plans permit the granting of incentive or nonqualified stock options, restricted stock awards, performance share awards, and stock appreciation rights. Under the 2011 Plan, awards in any form other than options or stock appreciation rights are counted as two shares for every one share actually issued. The contractual term and exercise price for stock options granted under the plans are determined by the Committee. However, the contractual term may not exceed ten years, and the exercise price may not be lower than the fair market value of a share on the date of grant. Options vest over periods determined when granted, generally four years, and are exercisable until the contractual term expires. | |||||||||||||
Under both plans, shares subject to restricted stock award may be issued when the award is granted or at a later date. The stock awards are subject to terms determined by the Committee, have voting rights, and may include specified performance objectives. The sale or transfer of these shares is restricted during the vesting period. Recipients of restricted stock awards earn any dividends declared during the vesting period that are paid only if the shares vest. | |||||||||||||
Total share-based compensation expense was $2,706, $1,905, and $1,891 in 2012, 2011, and 2010. | |||||||||||||
Stock Options | |||||||||||||
The weighted-average fair value of stock options granted in 2012, 2011, and 2010, was estimated at $4.55, $8.15, and $13.75 per share using the Black-Scholes option-pricing model based on the following assumptions: | |||||||||||||
Risk-Free Interest Rate: We base the risk-free interest rate on the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equivalent to the expected term of the options being valued. | |||||||||||||
Dividend Yield: We calculate the expected dividend yield based on our projection of future stock prices and dividends expected to be paid. The range of expected dividends used in 2011 and 2010 was $0.25 to $0.50 per share. | |||||||||||||
Expected Term: The expected term represents the period of time that our stock options are expected to be outstanding and is based on our historic exercise behavior. | |||||||||||||
Expected Volatility: We calculate the expected volatility factor based on the Company's historical stock prices for a period of time equal to the expected term of the award. | |||||||||||||
The weighted-average of significant assumptions used to estimate the fair value of options granted is as follows: | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Risk-free interest rate | 0.7 | % | 1.4 | % | 1.9 | % | |||||||
Dividend yield | — | 4.5 | % | 3.7 | % | ||||||||
Expected term | 4 years | 4 years | 4 years | ||||||||||
Expected volatility | 79.3 | % | 79.9 | % | 75.7 | % | |||||||
A summary of our stock option activity and related information for 2012 is as follows: | |||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||
of | Average | Average | Intrinsic | ||||||||||
Shares | Exercise | Remaining | Value | ||||||||||
Price | Contractual | ||||||||||||
Life | |||||||||||||
Outstanding at January 1, 2012 | 798,228 | $ | 35.6 | ||||||||||
Granted | 48,800 | 7.85 | |||||||||||
Exercised | — | — | |||||||||||
Expired | (78,170 | ) | 61.05 | ||||||||||
Forfeited | (60,180 | ) | 18.85 | ||||||||||
Outstanding at December 30, 2012 | 708,678 | $ | 32.3 | 6 years | — | ||||||||
Fully vested or expected to vest at December 30, 2012 | 695,938 | $ | 32.6 | 6 years | — | ||||||||
Exercisable at December 30, 2012 | 397,110 | $ | 42.8 | 5 years | — | ||||||||
Expense is amortized on a straight-line basis over the vesting period, generally four years, and is based on the number of options ultimately expected to vest and therefore has been reduced for estimated forfeitures. As of December 30, 2012, there was a total of $1,901 of share-based compensation related to stock options that will be amortized to expense over a weighted-average remaining service period of 1.1 years. | |||||||||||||
Service-Based Stock Awards | |||||||||||||
We have awarded nonvested stock to employees and directors that vests based on service requirements. The fair value of the service-based stock awards is based on the closing market price of our common stock on the date of award. Expense is amortized on a straight-line basis over the vesting period, generally four years or less, and is based on the number of awards ultimately expected to vest and therefore has been reduced for estimated forfeitures. The weighted-average grant date fair value of service-based nonvested stock issued in 2012, 2011, and 2010 was $7.85, $16.95, and $21.70 per share. The total fair value of stock that vested during 2012, 2011, and 2010 was $84, $229, and $253. As of December 30, 2012, there was a total of $929 of share-based compensation related to service-based nonvested stock that will be amortized to expense over a weighted-average remaining service period of 1.9 years. | |||||||||||||
A summary of our service-based stock award activity and related information for 2012 is as follows: | |||||||||||||
Number | Weighted- | ||||||||||||
of | Average | ||||||||||||
Shares | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Nonvested at January 1, 2012 | 57,003 | $ | 21.1 | ||||||||||
Granted | 94,884 | 7.85 | |||||||||||
Vested | (19,670 | ) | 24.6 | ||||||||||
Forfeited | (16,539 | ) | 11.5 | ||||||||||
Nonvested at December 30, 2012 | 115,678 | $ | 11.01 | ||||||||||
Performance-Based Stock Awards | |||||||||||||
The fair value of performance-based stock awards is based on the closing market price of our common stock on the date of award. Performance-based stock awards vest only upon the achievement of specific measurable performance criteria and are subject to additional holding periods. | |||||||||||||
We recognize compensation expense for stock awards subject to performance criteria when it is probable that the performance goal will be achieved. Compensation expense is recognized for the total amount of performance-based shares expected to vest and is subject to adjustment based on the actual level of achievement of the performance goal. Expense for performance-based awards with graded vesting is recognized under the accelerated recognition method, whereby each vesting is treated as a separate award with expense for each vesting recognized ratably over the requisite service period. If the minimum level of the performance goals is not attained, the applicable portion of the stock award will be forfeited and canceled, and all expense recognized to that date is reversed. | |||||||||||||
In 2012, the Company awarded shares of performance-based restricted stock that will be earned based on the financial performance of the Company. Shares will be earned upon achievement of either a one-year performance goal or a two-year cumulative performance goal; a portion of which are then subject to additional holding periods. The performance goals allow partial vesting if a minimum level of performance is attained. In certain circumstances, additional shares will be issued upon performance above the target level. | |||||||||||||
Shares issued in 2011were forfeited in 2012 since performance goals were not achieved. The total fair value of performance-based stock issued and earned in 2010 that vested during 2012 and 2011 was $62 and $134. | |||||||||||||
As of December 30, 2012, there was a total of $809 of share-based compensation related to performance-based nonvested stock that will be amortized to expense over a weighted-average remaining service period of 1.2 years. | |||||||||||||
A summary of our performance-based stock award activity and related information for 2012 is as follows: | |||||||||||||
Number | Weighted- | ||||||||||||
of | Average | ||||||||||||
Shares | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Nonvested at January 1, 2012 | 111,397 | $ | 19.45 | ||||||||||
Granted | 212,526 | 7.85 | |||||||||||
Vested | (7,595 | ) | 29.1 | ||||||||||
Forfeited | (117,393 | ) | 15.05 | ||||||||||
Nonvested at December 30, 2012 | 198,935 | $ | 9.26 | ||||||||||
PENSION_PLANS
PENSION PLANS | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 30, 2012 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
PENSION PLANS | ' | ||||||||||||||||||||||||||||||||
PENSION PLANS | |||||||||||||||||||||||||||||||||
We have a qualified defined benefit plan covering certain U.S. employees that is no longer available to new participants. The benefit amount for a portion of the participants was frozen in 2004 and those participants no longer earn any additional benefit credits. However, their lump sum earns 4% interest annually until termination of employment with the Company. The benefit amount for all remaining active participants was subsequently frozen in 2008 and those participants also ceased accruing additional pension credits. Their final pension benefit amounts will be based on pay and service through June 2008. We consider the funded status of the plan, required plan contributions, income tax deductibility, and cash flow in our funding decisions for this plan. | |||||||||||||||||||||||||||||||||
We also have a non-qualified benefit plan that provides supplemental pension payments in excess of qualified plan payments including payments in excess of limits imposed by federal tax law. We have an additional supplemental non-qualified retirement plan for executive officers which provides retirement benefits based on years of credited service as an executive officer in excess of five years. The plans are no longer available to new participants and benefits have been frozen. We also have separate supplemental retirement agreements that provide retirement benefits to two former officers. Our funding policy is to contribute amounts to these plans equal to the benefit payments required for each year. | |||||||||||||||||||||||||||||||||
The following tables set forth the reconciliation of the benefit obligation, plan assets, and the funded status for all of our defined benefit pension plans: | |||||||||||||||||||||||||||||||||
Change in Benefit Obligation | 2012 | 2011 | |||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 494,943 | $ | 452,205 | |||||||||||||||||||||||||||||
Interest cost | 20,127 | 21,829 | |||||||||||||||||||||||||||||||
Settlements | (2,126 | ) | (967 | ) | |||||||||||||||||||||||||||||
Actuarial losses | 43,155 | 52,891 | |||||||||||||||||||||||||||||||
Benefits paid | (39,565 | ) | (31,015 | ) | |||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 516,534 | $ | 494,943 | |||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 256,589 | $ | 264,887 | |||||||||||||||||||||||||||||
Actual return on plan assets | 20,146 | (4,178 | ) | ||||||||||||||||||||||||||||||
Employer contributions | 27,280 | 28,152 | |||||||||||||||||||||||||||||||
Settlements | (2,639 | ) | (1,257 | ) | |||||||||||||||||||||||||||||
Benefits paid | (39,565 | ) | (31,015 | ) | |||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 261,811 | $ | 256,589 | |||||||||||||||||||||||||||||
Funded status at end of year | $ | (254,723 | ) | $ | (238,354 | ) | |||||||||||||||||||||||||||
Amounts Recognized in Balance Sheet | |||||||||||||||||||||||||||||||||
Accrued pension liability - current | $ | (2,058 | ) | $ | (2,148 | ) | |||||||||||||||||||||||||||
Accrued pension liability - long-term | (252,665 | ) | (236,206 | ) | |||||||||||||||||||||||||||||
Total | $ | (254,723 | ) | $ | (238,354 | ) | |||||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Losses Before Tax | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 51,630 | $ | 49,451 | |||||||||||||||||||||||||||||
The projected benefit obligation equaled the accumulated benefit obligation of all our pension plans at the end of 2012 and 2011. All of our pension plans have benefit obligations in excess of plan assets. | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost and Other | |||||||||||||||||||||||||||||||||
Amounts Recognized in Other Comprehensive Losses | |||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||
Interest cost | $ | 20,127 | $ | 21,829 | $ | 24,398 | |||||||||||||||||||||||||||
Expected return on plan assets | (19,873 | ) | (20,745 | ) | (20,409 | ) | |||||||||||||||||||||||||||
Amortization of prior service cost | — | — | 593 | ||||||||||||||||||||||||||||||
Settlement loss | 393 | 158 | 137 | ||||||||||||||||||||||||||||||
Actuarial loss | 40,824 | 59,692 | 1,138 | ||||||||||||||||||||||||||||||
Total net periodic cost | $ | 41,471 | $ | 60,934 | $ | 5,857 | |||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||
Recognized in Other Comprehensive Losses Before Tax | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 2,179 | $ | 18,254 | $ | 4,712 | |||||||||||||||||||||||||||
Prior service credit recognized | — | — | (593 | ) | |||||||||||||||||||||||||||||
Total recognized in other comprehensive losses | 2,179 | 18,254 | 4,119 | ||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive losses | $ | 43,650 | $ | 79,188 | $ | 9,976 | |||||||||||||||||||||||||||
Weighted-average Assumptions | |||||||||||||||||||||||||||||||||
Projected benefit obligation | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||
Discount rate | 3.65 | % | 4.25 | % | 5 | % | |||||||||||||||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||||||||||||
Discount rate | 4.25 | % | 5 | % | 5.8 | % | |||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8 | % | 8 | % | 8.75 | % | |||||||||||||||||||||||||||
Asset allocation studies form the basis for the development of the overall long-term rate of return assumptions and are based on the long-term historical returns of each asset class in which we invest our pension assets. The expected long-term rate of return assumptions reflect the expected return forecast of each major asset class, the allocation weighting of each asset class included in the target mix, and the correlations among the asset classes and their volatilities. The long-term expected return forecasts reflect the current yield on U.S. government bonds and risk premiums for each asset class. | |||||||||||||||||||||||||||||||||
The benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter are as follows: | |||||||||||||||||||||||||||||||||
2013 | $ | 36,340 | |||||||||||||||||||||||||||||||
2014 | 31,497 | ||||||||||||||||||||||||||||||||
2015 | 32,758 | ||||||||||||||||||||||||||||||||
2016 | 32,181 | ||||||||||||||||||||||||||||||||
2017 | 34,019 | ||||||||||||||||||||||||||||||||
2018-2022 | 180,877 | ||||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||
Our long-term investment policy objectives with respect to the qualified defined benefit plan assets have been to achieve funding of the plan at a level consistent with the Plan’s accumulated benefit obligation. We have two basic long-term investment objectives. First, to achieve an annualized return over a complete business cycle which exceeds that of a customized index weighted to our target allocation. Second, for the annual internal rate of return to meet or exceed our targeted rate of 8%, recognizing that market performance varies and the target rate may not be meaningful during some periods. The target asset allocation percentages for equity investments range from a minimum of 39% to a maximum total equity position of 73% with the target being 56%. Total fixed income percentages range from a minimum of 13% to a maximum of 29% with a target percentage of 18%. Private equity and hedge fund percentages range from a minimum of 18% to a maximum of 34% with a target of 26%. | |||||||||||||||||||||||||||||||||
It is our policy to diversify the investment of the plan’s assets to reduce the risk of large losses. Progress toward achieving performance objectives is reviewed quarterly by management with particular attention directed to reviewing performance relative to the risks. Each investment vehicle is expected to perform in the top 75% of its peer group over the most recent 12-month period and the top 50% of its peer group over five-to ten-year periods and the majority of the rolling three-year periods. Performance of the pension funds, individual investment managers, actuarial assumptions, and other attributes of the pension plan are reviewed at least annually with the Company’s Board of Directors. | |||||||||||||||||||||||||||||||||
The minimum funding requirement is approximately $26,800 for the qualified defined benefit plan in 2013, of which $2,000 was contributed in 2012. | |||||||||||||||||||||||||||||||||
The fair values of our qualified defined benefit pension plan assets by asset category at December 30, 2012, and January 1, 2012, are shown in the table below. | |||||||||||||||||||||||||||||||||
December 30, 2012 | January 1, 2012 | ||||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 12,738 | $ | 12,738 | $ | — | $ | — | $ | 178 | $ | 178 | $ | — | $ | — | |||||||||||||||||
Equity securities | 47,485 | 47,485 | — | — | 53,449 | 53,449 | — | — | |||||||||||||||||||||||||
Commingled equity funds | 111,126 | 70,271 | 15,312 | 25,543 | 107,303 | 76,150 | 4,677 | 26,476 | |||||||||||||||||||||||||
Fixed income securities | 693 | — | 693 | — | 690 | — | 690 | — | |||||||||||||||||||||||||
Commingled fixed income funds | 28,606 | 17,554 | — | 11,052 | 23,473 | 12,403 | — | 11,070 | |||||||||||||||||||||||||
Private equity funds | 3,876 | — | — | 3,876 | 9,323 | — | — | 9,323 | |||||||||||||||||||||||||
Hedge funds | 57,287 | — | — | 57,287 | 45,495 | — | — | 45,495 | |||||||||||||||||||||||||
Real estate | — | — | — | — | 16,678 | — | — | 16,678 | |||||||||||||||||||||||||
Total | $ | 261,811 | $ | 148,048 | $ | 16,005 | $ | 97,758 | $ | 256,589 | $ | 142,180 | $ | 5,367 | $ | 109,042 | |||||||||||||||||
The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. Inputs and valuation methodologies used for material categories of pension plan assets are as follows: | |||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
This investment category primarily consists of common and preferred stock issued by both domestic and international companies. The securities are traded in open markets where quoted prices are determinable and available. The investments are valued by independent pricing vendors using a market approach based on prices obtained from the primary exchange on which they are traded. | |||||||||||||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||||||||
These investments are made up of U.S. Treasury securities, corporate bonds, municipal bonds, and mortgage-backed securities. Securities classified as Level 2 have no quoted prices available. Level 2 fixed income securities are valued using directly observable market inputs including interest rates and yield curves at commonly-quoted intervals, volatilities, prepayment speeds, default rates, and credit spreads. | |||||||||||||||||||||||||||||||||
Commingled equity and fixed income funds | |||||||||||||||||||||||||||||||||
Commingled funds are valued at the fair value of the ownership interests in the funds. The Net Asset Value (NAV) is the primary input into the valuation. The NAV per unit is based on the fair value of the underlying assets owned by the fund, minus its liabilities, divided by the number of shares outstanding. The fair value of equity securities held by the funds is generally based on observable prices or inputs based on quotes in active markets. Fixed income securities held by the funds may be valued based on an “evaluated bid” valuation method. Inputs to the valuation include interest rates on coupons, maturities, ratings, and cash flow projections. Additionally, market quotations or references to comparable investments for which market quotations are available may also be used to determine the fair value of fixed income securities. | |||||||||||||||||||||||||||||||||
Private Equity, Hedge Funds and Real Estate | |||||||||||||||||||||||||||||||||
Our private equity, hedge funds, and real estate funds are valued on a NAV per unit based on the underlying investments of the funds and are not readily tradeable. Our private equity funds currently include bonds and loans of domestic energy companies. Key inputs of these debt instruments include a risk free rate and a credit spread, which can be for the company, comparable companies, or estimated using a model-based approach. In the prior year, our holdings primarily included investments in infrastructure assets. The primary valuation methodology for those underlying assets was a discounted cash flow analysis based on unobservable inputs such as operating income and discount rates. | |||||||||||||||||||||||||||||||||
Our hedge funds typically hold investments in municipal securities, business entities, foreign currency derivatives, U.S. Treasury securities, and corporate bonds. Key inputs of the foreign currency derivatives include interest rates, currency rates, time value, default rates, and potentially unobservable inputs. Municipal securities are valued using recently executed transactions, market price quotations, and pricing models, which factor in interest rates and bond or default risk spreads. U.S. Treasuries and corporate bonds are valued through quoted market prices. | |||||||||||||||||||||||||||||||||
Underlying assets of our real estate funds primarily consisted of investment properties valued by independent appraisals as there are no observable markets for these investments. Key inputs included revenue and expense growth rates, terminal capitalization rates, and discount rates. | |||||||||||||||||||||||||||||||||
The following table summarizes the changes in plan assets measured at fair value using Level 3 inputs. Realized and unrealized gains and losses in plan assets are reported in other comprehensive income. | |||||||||||||||||||||||||||||||||
Commingled | Private | Hedge | Real Estate | Total | |||||||||||||||||||||||||||||
Equity and | Equity | Funds | |||||||||||||||||||||||||||||||
Fixed Income | Funds | ||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2012 | $ | 37,546 | $ | 9,323 | $ | 45,495 | $ | 16,678 | $ | 109,042 | |||||||||||||||||||||||
Actual return on plan assets | |||||||||||||||||||||||||||||||||
Assets still held at December 30, 2012 | 391 | — | 542 | — | 933 | ||||||||||||||||||||||||||||
Assets sold during the period | 46 | 604 | — | 721 | 1,371 | ||||||||||||||||||||||||||||
Purchases, sales, and settlements | (3,104 | ) | (6,051 | ) | 11,250 | (17,399 | ) | (15,304 | ) | ||||||||||||||||||||||||
Transfers in and/or out of level 3 | 1,716 | — | — | — | 1,716 | ||||||||||||||||||||||||||||
Ending balance at December 30, 2012 | $ | 36,595 | $ | 3,876 | $ | 57,287 | $ | — | $ | 97,758 | |||||||||||||||||||||||
There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended December 30, 2012. | |||||||||||||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||||||||||
We sponsor a 401(k) savings plan in which substantially all of the employees are eligible to participate. Expense recorded for employer matching contributions under this plan totaled $3,615, and $3,307 in 2011 and 2010. There was no Company match in 2012. | |||||||||||||||||||||||||||||||||
We also have a supplemental executive retirement plan for officers designed to supplement benefits available under our 401(k) savings plan. Contributions are discretionary and are based on a percentage of participants' annual compensation, which includes base salary and annual cash incentive awards. Accounts are also credited with an investment return. There was no contribution made in 2012; however, expense was reversed due to the departure of one nonvested participant. Expense recorded for this plan totaled $(245), $423, and $281 in 2012, 2011, and 2010. |
POSTRETIREMENT_HEALTHCARE_BENE
POSTRETIREMENT HEALTHCARE BENEFITS | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
POSTRETIREMENT HEALTHCARE BENEFITS | ' | ||||||||
POSTRETIREMENT HEALTHCARE BENEFITS | |||||||||
In addition to providing pension benefits, we previously provided certain healthcare benefits for eligible retired employees. In 2011, we terminated our postretirement healthcare plan and no longer offer medical benefits to currently retired employees. Because the elimination of these benefits reduced benefits previously earned, this action was treated as a negative plan amendment that reduced the accumulated postretirement benefit obligation. | |||||||||
In addition, the plan amendment also resulted in the immediate recognition of previously unrecognized prior service credits and actuarial losses, which was offset by an adjustment to accumulated other comprehensive income and deferred tax liabilities. | |||||||||
Change in Benefit Obligation | 2011 | ||||||||
Benefit obligation at beginning of year | $ | 5,852 | |||||||
Interest cost | 161 | ||||||||
Amendment | (5,074 | ) | |||||||
Actuarial gain | (122 | ) | |||||||
Net benefits paid | (817 | ) | |||||||
Benefit obligation at end of year | $ | — | |||||||
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Losses | |||||||||
Net Postretirement Benefit Cost | 2011 | 2010 | |||||||
Interest cost | $ | 161 | $ | 385 | |||||
Amortization of prior service credits | (27,695 | ) | (4,598 | ) | |||||
Amortization of net actuarial losses | 4,120 | 487 | |||||||
Total net periodic benefit cost | $ | (23,414 | ) | $ | (3,726 | ) | |||
Other Changes in Benefit Obligation Recognized in Other Comprehensive Losses Before Tax | |||||||||
Net actuarial (gain) loss | $ | (122 | ) | $ | 95 | ||||
Prior service credit | (5,074 | ) | (2,465 | ) | |||||
Prior service credit recognized | 27,695 | 4,598 | |||||||
Net actuarial loss recognized | (4,120 | ) | (487 | ) | |||||
Total recognized in other comprehensive losses | $ | 18,379 | $ | 1,741 | |||||
Total recognized in net periodic benefit cost and other comprehensive losses | $ | (5,035 | ) | $ | (1,985 | ) | |||
The weighted-average discount rate used for net periodic benefit cost in 2011 and 2010 was 4.00% and 4.75%. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||||||
Dec. 30, 2012 | |||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||
SEGMENT REPORTING | |||||||||||||||
Since the January 2012 restructuring announcement, we analyzed our operations, organizational structure, and portfolio of products and services and, as a result, we combined the Commercial Markets, Financial Services, and Industrial business units into one consolidated business unit, Business Solutions. | |||||||||||||||
We re-evaluated our reportable segments based upon the new management structure, our internal reporting, and how our chief operating decision maker evaluates performance and allocates resources. As a result, we determined that the Company now manages and reports its businesses in the following two reportable segments: | |||||||||||||||
Healthcare - The Healthcare segment serves hospitals and other providers of healthcare and related services. The solutions portfolio includes marketing communications, patient information, and patient identification & safety solutions. Legacy products are dominated by clinical documents and administrative forms. | |||||||||||||||
Business Solutions - The Business Solutions segment serves customers in the financial services, commercial, and industrial markets. The solutions portfolio includes customer communications, marketing communications, on-demand publishing, and product marking & labeling solutions. Legacy products are dominated by traditional business forms and transactional labels. | |||||||||||||||
We have revised our segment information for prior periods to conform to the current period presentation. | |||||||||||||||
Under our current operating model, the majority of our manufacturing, printing, warehousing, and distribution functions are managed under a shared-services model and are therefore not specific to a particular reportable segment. Each business unit is supported by our shared services group comprised of manufacturing, supply chain, and client satisfaction, as well as finance, technology, and other corporate functions. The profitability measure we use to assess segment performance is segment operating income and excludes items listed in the following reconciliation that are not allocated to segment operating income. | |||||||||||||||
Production costs for our manufacturing and supply chain shared services functions are accumulated on a customer basis and reported in the applicable business unit's cost of sales. Our business units incur a portion of SG&A directly. Each business unit also receives an allocation of SG&A expense as follows: | |||||||||||||||
• | Each business unit has its own sales regions. Selling expense incurred by each sales region is allocated to other business units based on the percentage of revenue generated for the other business unit. We use an activity-based method to allocate expense associated with our client satisfaction function to business units. | ||||||||||||||
• | Finance, technology, and other corporate general and administrative expenses are allocated based on the business unit's budgeted revenue as a percentage of actual consolidated revenue. | ||||||||||||||
• | General and administrative expense of our remaining shared services is allocated based on a percentage of actual revenue. | ||||||||||||||
As a result of our shared-services model, our segments do not have separately identified assets and depreciation expense is part of the allocations. Asset information is not provided as part of the business unit's discrete financial information. The accounting policies of the segments are the same as those described in Note 1. No single customer provided more than 10% of the Company's consolidated revenue in any of the years presented. Currently, one financial customer accounts for approximately 10% of the Business Solution segment's revenue. | |||||||||||||||
Information about our operations by reportable segment is as follows: | |||||||||||||||
Healthcare | Business Solutions | Total | |||||||||||||
Revenue from external customers | 2012 | $ | 215,883 | $ | 386,105 | $ | 601,988 | ||||||||
2011 | 236,772 | 411,337 | 648,109 | ||||||||||||
2010 | 250,963 | 417,414 | 668,377 | ||||||||||||
Operating income | 2012 | $ | 12,704 | $ | 8,077 | $ | 20,781 | ||||||||
2011 | 14,475 | 3,483 | 17,958 | ||||||||||||
2010 | 19,575 | 3,589 | 23,164 | ||||||||||||
Depreciation and amortization | 2012 | $ | 8,285 | $ | 13,722 | $ | 22,007 | ||||||||
2011 | 8,011 | 13,798 | 21,809 | ||||||||||||
2010 | 8,390 | 14,865 | 23,255 | ||||||||||||
Reconciling information between reportable segments and our consolidated financial statements is as follows: | |||||||||||||||
2012 | 2011 | 2010 | |||||||||||||
Segment operating income | $ | 20,781 | $ | 17,958 | $ | 23,164 | |||||||||
Restructuring and other exit costs | (4,278 | ) | (5,198 | ) | (1,733 | ) | |||||||||
Net pension periodic benefit cost | (41,471 | ) | (60,934 | ) | (5,264 | ) | |||||||||
Unallocated portion of postretirement credit | — | 15,164 | — | ||||||||||||
Other unallocated | (324 | ) | 1,106 | 51 | |||||||||||
Total other expense | (2,650 | ) | (1,834 | ) | (2,522 | ) | |||||||||
(Loss) income before income taxes | $ | (27,942 | ) | $ | (33,738 | ) | $ | 13,696 | |||||||
Our operations are conducted primarily in the United States. Revenue and long-lived assets for our operations in Mexico are not material. Revenue by the products and services we provide is as follows: | |||||||||||||||
2012 | 2011 | 2010 | |||||||||||||
$ | 366,127 | $ | 391,486 | $ | 407,473 | ||||||||||
Labels | 105,680 | 108,547 | 104,511 | ||||||||||||
Software | 8,924 | 9,487 | 10,371 | ||||||||||||
Services | 73,177 | 87,466 | 95,124 | ||||||||||||
Other | 48,080 | 51,123 | 50,898 | ||||||||||||
Total consolidated revenue | $ | 601,988 | $ | 648,109 | $ | 668,377 | |||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||
Dec. 30, 2012 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
COMMITMENTS AND CONTINGENCIES | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
We do not have any significant purchase agreements with suppliers extending beyond normal quantity requirements or significant purchase commitments for capital improvements at December 30, 2012. | ||||
The majority of our purchase commitments relate to annual software license fees and outsourced information technology and telecommunication services. At December 30, 2012, we have multiple years remaining on purchase commitments of $6,437. Certain supply contracts contain penalty provisions for early termination. At December 30, 2012, the early termination penalties total approximately $3,555. | ||||
We lease sales offices, warehouses, print facilities, and equipment under operating leases, none of which are considered individually significant. Annual expense under these leases was $11,301 in 2012, $12,579 in 2011, and $13,778 in 2010. Future minimum payments under existing noncancelable leases at December 30, 2012 are as follows: | ||||
2013 | $ | 7,870 | ||
2014 | 4,499 | |||
2015 | 3,553 | |||
2016 | 1,297 | |||
2017 | 609 | |||
Later years | — | |||
Total | $ | 17,828 | ||
Contingencies | ||||
We have outstanding letters of credit as of December 30, 2012 totaling $3,996, primarily as a requirement of our workers’ compensation insurance. All letters of credit are renewable annually. | ||||
In the opinion of management, no litigation or claims are pending against the Company that will have a material effect on its financial condition, results of operations, or cash flows. The Company is subject to laws and regulations relating to the protection of the environment and is party to environmental actions that have arisen in the ordinary course of business. We provide for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. Total environmental costs included in SG&A expense was $393, $203, and ($803) in 2012, 2011, and 2010. The amount of liability recorded is based on an evaluation of currently available facts and is reviewed periodically. Actual expenses incurred in future periods may vary from current estimates, given the inherent uncertainties in estimating the extent of necessary remediation efforts. | ||||
The Company has participated with other Potentially Responsible Parties (“PRPs”) in the investigation, study, and remediation of the Pasco Sanitary Landfill Superfund Site (the “Pasco Site”) in eastern Washington State since 1998. The Company was a member of a PRP Group known as the Industrial Waste Area Generators Group II (the “IWAG Group”). In 2000, the IWAG Group and several other PRP groups entered into agreed orders with the Department of Ecology for implementation of interim remedial actions and expansion of groundwater monitoring. In September 2010, the group entered into a new agreement creating the IWAG Group III. The new agreement changed the allocation of responsibility among the members, which resulted in a significant decrease in our level of participation. Based upon new investigations, it was also deemed probable that the level of participation by certain other PRPs would increase for costs expected to be incurred after 2010. At this time, an agreement has not yet been reached on the final remediation approach. We have accrued our best estimate of our obligation and have an undiscounted long-term liability of $1,213 that we currently believe is adequate to cover our portion of the total future potential costs of remediation. We expect the costs to be incurred over a period of 60 years; however, the current proposed remediation approach could require monitoring for a longer period of time. This estimate is contingent upon the final remedy agreed upon, the participation of other PRPs not currently in the IWAG Group III, the length of monitoring required, and the final agreed upon allocation. Until a final remediation approach is approved and a final agreement is reached among all PRPs, it is reasonably possible that one or more of these factors could change our estimate; however, we are unable to determine the impact at this time. | ||||
The Company participates with other PRPs in the investigation, study, and remediation of the Valleycrest Landfill Site (the “Valleycrest Site”) in western Ohio. The Company is a member of a PRP Group known as the Valleycrest Landfill Site Group (the “VLSG”). A remedial investigation and feasibility study was conducted by the VLSG which indicated a range of viable remedial approaches. At this time, a final remediation approach has not been selected, and we have accrued the estimate of our obligation based on the most likely approach being considered by the U.S. Environmental Protection Agency. We have an undiscounted long-term liability of $2,640 that we currently believe is adequate to cover our portion of the total future potential costs of remediation, which are expected to be incurred over a period of 30 years. This estimate is contingent upon the final remedy agreed upon, the participation of other PRPs not currently in the VLSG, and the final agreed upon allocation. Until a final remediation approach is approved and a final agreement is reached among all PRPs, it is reasonably possible that one or more of these factors could change our estimate; however, we are unable to determine the impact at this time. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 30, 2012 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
The Company has evaluated for disclosure all subsequent events through the date the financial statements were issued and filed with the United States Securities and Exchange Commission. |
CHANGE_IN_PENSION_ACCOUNTING_M
CHANGE IN PENSION ACCOUNTING METHOD (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 30, 2012 | ||||||||||||||||||||||||
CHANGE IN PENSION ACCOUNTING METHOD [Abstract] | ' | |||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' | |||||||||||||||||||||||
CHANGE IN PENSION ACCOUNTING METHOD | ||||||||||||||||||||||||
In the third quarter of 2013, we elected to change our method of accounting for recognizing expense for our defined benefit pension plans. Previously, we recognized pension actuarial gains and losses in Accumulated Other Comprehensive Income (Loss), a component of Shareholders’ Equity. The net actuarial gains and losses in excess of 10% of the greater of a calculated market-related value of plan assets or the plan's projected benefit obligations (the "corridor") were then amortized to expense each quarter in our Statement of Income using the average remaining service period of active plan participants. The market-related value of plan assets smoothed asset gains and losses over a five-year period and was previously used to calculate the expected return on assets component of pension expense. | ||||||||||||||||||||||||
Under the new method of accounting, referred to as mark-to-market (MTM), we recognize gains and losses in excess of the corridor annually, in the fourth quarter of each fiscal year, resulting from changes in actuarial assumptions and the differences between actual and expected returns on plan assets and discount rates. Any interim remeasurements triggered by a curtailment, settlement, or significant plan change are recognized as an MTM adjustment in the period in which it occurs. The remaining components of pension expense, interest cost and the expected return on plan assets, are recorded on a quarterly basis as ongoing pension expense. | ||||||||||||||||||||||||
While our previous method of recognizing pension expense is considered acceptable under Generally Accepted Accounting Principles in the United States (U.S. GAAP), we believe that the new method is preferable as it accelerates the recognition of changes in the fair value of plan assets and actuarial gains and losses outside the corridor. | ||||||||||||||||||||||||
The change in accounting method has been reported through retrospective application of the new method to all periods presented. The cumulative effect of the change in accounting method was an decrease to Retained Earnings as of January 3, 2010, of $142,455 and a corresponding decrease in Accumulated Other Comprehensive Losses. | ||||||||||||||||||||||||
The impact of this change in accounting method on our consolidated financial statements is summarized below: | ||||||||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||
As Originally Reported | As Adjusted | As Originally Reported | As Adjusted | As Originally Reported | As Adjusted | |||||||||||||||||||
Selling, general and administrative * | 182,012 | 201,416 | 207,379 | 245,114 | 204,180 | 191,857 | ||||||||||||||||||
(Loss) income from operations | (5,888 | ) | (25,292 | ) | 5,831 | (31,904 | ) | 3,895 | 16,218 | |||||||||||||||
Income tax expense | 534 | 534 | 91,695 | 91,695 | 1,005 | 5,898 | ||||||||||||||||||
Net (loss) income | $ | (9,072 | ) | $ | (28,476 | ) | $ | (87,698 | ) | $ | (125,433 | ) | $ | 368 | $ | 7,798 | ||||||||
Basic (loss) income per share | $ | (0.31 | ) | $ | (4.88 | ) | $ | (3.02 | ) | $ | (21.59 | ) | $ | 0.01 | $ | 1.35 | ||||||||
Diluted (loss) income per share | $ | (0.31 | ) | $ | (4.88 | ) | $ | (3.02 | ) | $ | (21.59 | ) | $ | 0.01 | $ | 1.35 | ||||||||
*After reclassification of pension settlements | ||||||||||||||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||
As Originally Reported | As Adjusted | As Originally Reported | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||
Net (loss) income | (9,072 | ) | (28,476 | ) | (87,698 | ) | (125,433 | ) | 368 | 7,798 | ||||||||||||||
Actuarial losses, net of tax | (45,512 | ) | (2,179 | ) | (80,426 | ) | (18,181 | ) | (6,781 | ) | (2,899 | ) | ||||||||||||
Actuarial loss reclassification, net of tax | 23,929 | — | 26,995 | 2,485 | 11,606 | 294 | ||||||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||
As Originally Reported | As Adjusted | As Originally Reported | As Adjusted | |||||||||||||||||||||
Retained earnings (accumulated deficit) | 55,861 | (136,303 | ) | 64,924 | (107,836 | ) | ||||||||||||||||||
Accumulated other comprehensive losses | (231,618 | ) | (39,454 | ) | (210,173 | ) | (37,413 | ) | ||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||
As Originally Reported | As Adjusted | As Originally Reported | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||
Net (loss) income | (9,072 | ) | (28,476 | ) | (87,698 | ) | (125,433 | ) | 368 | 7,798 | ||||||||||||||
Deferred tax expense | 53 | 53 | 91,330 | 91,330 | 62 | 4,955 | ||||||||||||||||||
Pension and postretirement cost (benefit) | 22,067 | 41,471 | (215 | ) | 37,520 | 14,454 | 2,131 | |||||||||||||||||
REVERSE_STOCK_SPLIT_Notes
REVERSE STOCK SPLIT (Notes) | 12 Months Ended |
Dec. 30, 2012 | |
Reverse Stock Split [Abstract] | ' |
Reverse Stock Split Note Disclosure [Text Block] | ' |
REVERSE STOCK SPLIT | |
On April 25, 2013, our shareholders approved a 1-for-5 reverse stock split of our outstanding shares of Common and Class A Stock that became effective May 9, 2013. This resulted in a reduction of our Common Stock issued from 26,947,892 shares to 7,006,413 shares, and a reduction in our Class A Stock issued from 4,725,000 shares to 944,996 shares on that date. The reverse stock split affected all shareholders of the Company's stock uniformly, but did not materially affect any shareholder’s percentage of ownership interest. The par value of our Common Stock and Class A Stock remains unchanged at $1.00 per share and the number of authorized shares and treasury shares remains the same after the reverse stock split. | |
As the par value per share of the Company's stock remained unchanged at $1.00 per share, $23,721 was reclassified to capital in excess of par value. In connection with this reverse stock split, the number of shares of Common Stock underlying outstanding share-based awards was also proportionately reduced while the exercise prices of stock options were proportionately increased. All references to shares of common stock and per share data for all periods presented in the accompanying financial statements and notes thereto have been adjusted to reflect the reverse stock split on a retroactive basis. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||
Dec. 30, 2012 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Principles of Consolidation | ' | |||||||||||
Principles of Consolidation | ||||||||||||
Our consolidated financial statements include the accounts of The Standard Register Company and its wholly-owned domestic and foreign subsidiaries (collectively, the Company) after elimination of intercompany transactions, profits, and balances. | ||||||||||||
Fiscal Year | ' | |||||||||||
Fiscal Year | ||||||||||||
Our fiscal year is the 52- or 53-week period ending the Sunday nearest to December 31. Fiscal years 2012, 2011, and 2010, ended on December 30, 2012, January 1, 2012, and January 2, 2011, and each included 52 weeks. | ||||||||||||
Use of Estimates | ' | |||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. The accounting estimates and assumptions that place the most significant demands on our judgment include, but are not limited to: pension benefit plan assumptions; fair value measurements; deferred taxes; share-based compensation; environmental liabilities; and revenue recognition. These estimates and assumptions are based on information presently available and actual results could differ from those estimates. | ||||||||||||
Foreign Currency | ' | |||||||||||
Foreign Currency | ||||||||||||
Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the current exchange rate in effect at the end of the fiscal period. Income statement amounts are translated at the average monthly exchange rates in effect during the period. Adjustments resulting from the translation of financial statements denominated in foreign currencies are charged or credited directly to shareholders’ equity and shown as cumulative translation adjustments in other comprehensive income. Realized gains and losses from transactions denominated in foreign currencies are recorded in other income and are not material. | ||||||||||||
Cash Equivalents | ' | |||||||||||
Cash Equivalents | ||||||||||||
All highly-liquid investments with original maturities of three months or less are classified as cash equivalents. | ||||||||||||
Accounts Receivable | ' | |||||||||||
Accounts Receivable | ||||||||||||
Receivables are stated net of allowances for doubtful accounts. The provision for bad debts was $(103), $1,248, and $1,351 in 2012, 2011, and 2010. | ||||||||||||
Trade receivables are uncollateralized customer obligations due under normal trade terms requiring payment generally within 30 days from the invoice date. Our estimate of the allowance for doubtful accounts for trade receivables is primarily determined based on the length of time the receivables are past due. In addition, estimates are used to determine probable losses based upon an analysis of prior collection experience, specific account risks, and economic conditions. We have a series of actions that occur based upon the aging of past-due trade receivables, including letters, statements, and direct customer contact. Accounts are deemed uncollectible based on past experience and current financial condition. | ||||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
Our inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) method. | ||||||||||||
Long-Lived Assets | ' | |||||||||||
Long-Lived Assets | ||||||||||||
Plant and equipment are stated at cost less accumulated depreciation. Costs of normal maintenance and repairs are charged to expense when incurred. Upon the disposition of assets, their cost and related depreciation are removed from the respective accounts, and the resulting gain or loss is included in current income. | ||||||||||||
Plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of assets may not be recoverable. We first evaluate recoverability of assets to be held and used by comparing the carrying amount of the asset to undiscounted expected future cash flows to be generated by the assets. If such assets are considered to be impaired, the impairment amount is then calculated using a fair-value-based test that compares the fair value of the asset to its carrying value. Assets held for sale, if any, are reported at the lower of the carrying amount or fair value less cost to sell. | ||||||||||||
Depreciation | ' | |||||||||||
Depreciation | ||||||||||||
For financial reporting purposes, depreciation is computed by the straight-line method over the estimated useful lives of the depreciable assets. Depreciation expense was $20,917, $21,178, and $23,155 in 2012, 2011, and 2010 and includes amortization of assets recorded under capital lease arrangements. Estimated useful lives range from 15-40 years for buildings and improvements; 5-15 years for machinery and equipment; and 3-15 years for office furniture and equipment. | ||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||
Goodwill and Intangible Assets | ||||||||||||
Goodwill is the excess of the purchase price paid over the value of net assets of businesses acquired and is not amortized. Goodwill is evaluated for impairment on an annual basis, or more frequently if impairment indicators arise. The evaluation is performed through either an optional qualitative assessment, if appropriate based on current conditions, or a fair-value-based test that compares the fair value of the asset to its carrying value. Intangible assets with determinable lives are primarily amortized on a straight-line basis over the estimated useful life. The estimated useful life for acquired software technology and trademarks is seven years and for customer relationships the estimated life is eight years. | ||||||||||||
Software Development Costs | ' | |||||||||||
Software Development Costs | ||||||||||||
Costs incurred during the application development stage and implementation stage in developing, purchasing, or otherwise acquiring software for internal use and website development costs are capitalized and amortized over a period of five years. Costs incurred during the preliminary project stage are expensed as incurred. The carrying value of capitalized internal use software is included in Plant and Equipment in our Consolidated Balance Sheets and totaled $9,462 at December 30, 2012 and $11,644 at January 1, 2012. These amounts are related to production, invoicing, and warehousing systems; customer interface portals and account management tools; and system management, security, and desktop applications. | ||||||||||||
Fair Value Measurements | ' | |||||||||||
Fair Value Measurements | ||||||||||||
Our pension plan assets are recorded at fair value on a recurring basis, while other assets and liabilities are recorded at fair value on a nonrecurring basis, generally as a result of impairment charges. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based on the inputs to the valuation and gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs: | ||||||||||||
Level 1 – Quoted market prices in active markets for identical assets or liabilities | ||||||||||||
Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data | ||||||||||||
Level 3 – Unobservable inputs that reflect our own assumptions that are not corroborated by market data. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition | ||||||||||||
Revenue is recognized when all of the following criteria are met: | ||||||||||||
• | Persuasive evidence of an arrangement exists | |||||||||||
• | Delivery has occurred or services have been performed | |||||||||||
• | The fee is fixed or determinable, and | |||||||||||
• | Collectability is reasonably assured. | |||||||||||
Product Revenue | ||||||||||||
Revenue is generally recognized when products are shipped to the customer, title and risks of ownership have passed to the customer, and all significant obligations have been satisfied. Because the majority of products are customized, product returns are not significant. | ||||||||||||
Certain customers earn rebates based on the volume of product purchased from the Company. These rebates are recorded as a reduction to revenue. The amount of the rebates earned is estimated based on the expected level of purchases to be made and periodically revised to reflect actual rebates earned. | ||||||||||||
Service Revenue | ||||||||||||
We generally recognize service revenue as the services are performed. | ||||||||||||
Revenue Arrangements with Multiple Deliverables | ||||||||||||
When a customer arrangement involves multiple deliverables, we evaluate all deliverables to determine whether they represent separate units of accounting, allocate the arrangement consideration to the separate units, and recognize revenue in accordance with generally accepted accounting principles for revenue recognition. We have one type of non-software multiple-element arrangement which consists of three deliverables: custom-printed products, warehousing services, and custom-delivery services. Fees for warehousing and custom-delivery services are often bundled into the price of the products and are therefore invoiced when the product is considered delivered. However, if requested by the customer, these fees may also be invoiced separately as the services are performed. | ||||||||||||
For the majority of our contractual arrangements, at the customer’s request we print and store custom-printed products that remain in our inventory until the customer’s specified future delivery. For these arrangements, title and risk of ownership for these products remains with us until the product is shipped to the customer. Therefore, the product is considered to be delivered last, and the customer is invoiced when the product is delivered to the customer. For these arrangements, revenue allocated to the product is recognized when shipped from the warehouse to the customer and revenue allocated to the services is recognized as they are performed. | ||||||||||||
Under certain other contractual arrangements, at the customer’s request we print and store the custom-printed products for the customer’s specified future delivery. Such products are stored in our warehouses and are not used to fill other customers’ orders. For these products, manufacturing is complete, the finished product is not included in our inventory, and title and risk of loss have transferred to the customer. In these transactions, the customer is invoiced under normal billing and credit terms when the product is placed in the warehouse for storage. As such, the product is considered to be delivered first and warehousing and custom-delivery services are delivered last. For these arrangements, revenue allocated to the product is recognized when it is placed in the warehouse for storage and revenue allocated to the services is recognized as they are performed. | ||||||||||||
Determination of selling prices - Consideration received is allocated to each deliverable in the arrangement based on the relative selling prices of each deliverable. Selling prices are determined based on the following hierarchy: vendor-specific objective evidence of fair value (VSOE), third-party evidence of selling price (TPE), or best estimate of selling price (BESP). For each deliverable, we review historical sales data to determine if we have sufficient stand-alone sales that are within an acceptable range to establish VSOE. VSOE is considered established if 80% of stand-alone sales are within +/-15% of the median sales price. Available third-party evidence is evaluated to determine if TPE can be established for items where VSOE does not exist. In absence of VSOE and TPE, BESP is used. Determining BESP requires significant judgment due to the nature of factors that must be considered and the subjectivity involved in determining the impact each of these factors should have on BESP. | ||||||||||||
• | Custom-printed products - Due to the variances in pricing for available stand-alone sales and custom nature of our products, VSOE or TPE cannot be established. To develop BESP, we consider numerous internal and external factors including: internal cost experience for materials, labor, manufacturing and administrative costs; external pricing for similar products; level of market competition and potential for market share gain; stage in the product life cycle; industry served; profit margins; current market conditions; length of typical agreements; and anticipated volume. | |||||||||||
• | Warehousing services - VSOE cannot be established for warehousing services, as we generally do not sell these services separately. Although some third-party evidence is readily available for certain aspects of our warehousing services, an adequate amount of data for services similar to our offering is not available to establish TPE. BESP is developed by utilizing a pricing process which considers the following internal and external factors: cost driver activity such as full versus partial carton shipments, storage space utilized, type of product stored, and shipping frequency; internal cost experience; profit margins; volume-related discounts; current market conditions; and to a lesser degree, pricing from third-party providers when available. | |||||||||||
• | Custom-delivery services - For custom-delivery services, no stand-alone sales are available as we do not sell these services separately; therefore, VSOE cannot be established. TPE is developed by utilizing individual pricing templates for each customer. The pricing templates consider profit margins, volume, and expected shipping addresses for the customer applied to a freight rate table that is developed from negotiated rates with our third-party logistics partners. | |||||||||||
Arrangements entered into prior to 2011 continue to be accounted for in accordance with the revenue recognition standards effective prior to adoption of ASU 2009-13. We determined that objective and reliable evidence of fair value exists for the warehousing and custom-delivery services but not for the products due to the custom nature of our printed products and lack of consistent pricing in stand-alone sales. Accordingly, in customer arrangements where warehousing and delivery services are delivered last, we utilize the residual method to allocate arrangement consideration to the products based on the fair value of the warehousing and delivery services and recognize revenue for the product when placed in the warehouse. Revenue allocated to warehousing and delivery services is recognized as the services are performed. | ||||||||||||
In arrangements where the products are delivered last, we are unable to allocate arrangement consideration to the deliverables due to the lack of objective evidence of fair value for the products. Therefore, the arrangement is recognized as a single unit of accounting, and all revenue is recognized when the products are delivered to the customer. | ||||||||||||
Software Arrangements | ||||||||||||
We generate revenue from licensing the rights to software products to end users. These licenses are generally sold as perpetual licenses and in combination with professional services and post-contract customer support (PCS) which includes telephone assistance and software problem corrections. Fair value for ongoing PCS is based upon established renewal rates. Our software is generally not sold on a stand-alone basis and therefore we cannot establish VSOE. Since we are unable to establish VSOE for the professional services, we use the combined services approach. The entire arrangement is accounted for as one unit of accounting, and revenue is deferred and recognized on a straight-line basis over the longer of the PCS period or the period the professional services are expected to be performed. When the professional services are complete, the software has been delivered, and the only remaining undelivered element is the PCS, the deferred revenue is adjusted to reflect only the remaining post-contract support amount. | ||||||||||||
We also enter into certain multiple deliverable arrangements to license software where VSOE cannot be established for any of the undelivered service elements. These arrangements are accounted for as one unit of accounting, and revenue is deferred and recognized on a straight-line basis as the services are performed, which typically ranges from one to five years. | ||||||||||||
We also sell our software products on a subscription basis and revenue is recognized over the subscription period. | ||||||||||||
The determination of whether deliverables within a multiple element arrangement can be treated separately for revenue recognition purposes involves significant estimates and judgment, such as whether fair value can be established on undelivered obligations and whether delivered items have standalone value to the customer. Changes to our assessment of the accounting units in a multiple deliverable arrangement or the ability to establish fair values could change the timing of revenue recognition. | ||||||||||||
Shipping and Handling Fees | ' | |||||||||||
Shipping and Handling Fees | ||||||||||||
Shipping and handling fees billed to customers are recorded as revenue, and shipping and handling costs paid to vendors are recorded as cost of sales. | ||||||||||||
Sales Taxes | ' | |||||||||||
Sales Taxes | ||||||||||||
Taxes collected from customers and remitted to governmental authorities are recorded on a net basis (excluded from revenues) in our Consolidated Statements of Income. | ||||||||||||
Research and Development | ' | |||||||||||
Research and Development | ||||||||||||
Research and development costs relate to the development of new products and to the improvement of existing products and services and are charged to expense as incurred. These efforts are entirely company sponsored. Total research and development costs were $3,356, $4,530, and $4,867 in 2012, 2011, and 2010. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement and tax bases of liabilities and assets, using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax asset will not be realized. | ||||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of shares outstanding and common equivalent shares from stock options and nonvested shares using the treasury method, except when anti-dilutive. | ||||||||||||
Reclassifications | ' | |||||||||||
Reclassifications | ||||||||||||
Certain prior-year amounts have been reclassified to conform to the current-year presentation. | ||||||||||||
New Accounting Pronouncements | ' | |||||||||||
Recently Adopted Accounting Pronouncements | ||||||||||||
In 2012, we adopted Accounting Standards Update (ASU) 2011-05 which requires the presentation of the components of net income and other comprehensive income either in a single continuous statement or in two separate but consecutive statements, with the exception of the presentation of reclassifications on the face of the financial statements, which was deferred by ASU 2011-12. This update eliminates the option to present the components of other comprehensive income as part of the statement of shareholders equity. We elected to present a separate Statement of Comprehensive Income. | ||||||||||||
In 2013, we adopted Accounting Standards Update (ASU) 2013-2, which requires additional disclosure of information related to changes in accumulated other comprehensive loss by component and any significant items reclassified out of accumulated other comprehensive loss. Other comprehensive losses include any revenues, expenses, gains and losses that are excluded from net income and recognized directly as a component of shareholders’ equity. Changes in accumulated other comprehensive loss, net of deferred taxes, consist of the following: | ||||||||||||
Foreign Currency Translation | Defined Benefit Pension and Postretirement Plans | Total | ||||||||||
Balance at January 2, 2011 | $ | (126 | ) | $ | (7,749 | ) | $ | (7,875 | ) | |||
Other comprehensive loss before reclassifications | (204 | ) | (15,122 | ) | (15,326 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | — | (14,212 | ) | (14,212 | ) | |||||||
Net current-period other comprehensive loss | (204 | ) | (29,334 | ) | (29,538 | ) | ||||||
Balance at January 1, 2012 | (330 | ) | (37,083 | ) | (37,413 | ) | ||||||
Net current-period other comprehensive loss | 138 | (2,179 | ) | (2,041 | ) | |||||||
Balance at December 30, 2012 | $ | (192 | ) | $ | (39,262 | ) | $ | (39,454 | ) | |||
All amounts are net of tax. Because of the valuation allowance against our deferred tax assets, there is no federal or state income-based tax expense or benefit related to amounts recorded to other comprehensive loss in 2012. Amounts reclassified from accumulated other comprehensive loss in 2011 include ($16,697) for amortization of prior service credits and $2,485 for amortization of prior actuarial losses related to our postretirement healthcare plan. These amounts are included in net periodic benefit cost, a component of selling, general, and administrative expense, (see Note 17 for additional details). | ||||||||||||
In 2012, we adopted ASU 2011-08 which amended the guidance for goodwill impairment to provide an option for companies to first use a qualitative approach to test goodwill for impairment if certain conditions are met. The implementation of the amended guidance was effective for our annual goodwill impairment test performed in the second quarter of 2012 and did not have a material impact on our consolidated financial statements. |
CHANGE_IN_PENSION_ACCOUNTING_M1
CHANGE IN PENSION ACCOUNTING METHOD (Policies) | 12 Months Ended |
Dec. 30, 2012 | |
CHANGE IN PENSION ACCOUNTING METHOD [Abstract] | ' |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ' |
Under the new method of accounting, referred to as mark-to-market (MTM), we recognize gains and losses in excess of the corridor annually, in the fourth quarter of each fiscal year, resulting from changes in actuarial assumptions and the differences between actual and expected returns on plan assets and discount rates. Any interim remeasurements triggered by a curtailment, settlement, or significant plan change are recognized as an MTM adjustment in the period in which it occurs. The remaining components of pension expense, interest cost and the expected return on plan assets, are recorded on a quarterly basis as ongoing pension expense. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||
Dec. 30, 2012 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of components of accumulated other comprehensive losses, net of deferred taxes | ' | |||||||||||
Changes in accumulated other comprehensive loss, net of deferred taxes, consist of the following: | ||||||||||||
Foreign Currency Translation | Defined Benefit Pension and Postretirement Plans | Total | ||||||||||
Balance at January 2, 2011 | $ | (126 | ) | $ | (7,749 | ) | $ | (7,875 | ) | |||
Other comprehensive loss before reclassifications | (204 | ) | (15,122 | ) | (15,326 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | — | (14,212 | ) | (14,212 | ) | |||||||
Net current-period other comprehensive loss | (204 | ) | (29,334 | ) | (29,538 | ) | ||||||
Balance at January 1, 2012 | (330 | ) | (37,083 | ) | (37,413 | ) | ||||||
Net current-period other comprehensive loss | 138 | (2,179 | ) | (2,041 | ) | |||||||
Balance at December 30, 2012 | $ | (192 | ) | $ | (39,262 | ) | $ | (39,454 | ) |
RESTRUCTURING_AND_OTHER_EXIT_C1
RESTRUCTURING AND OTHER EXIT COSTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 30, 2012 | |||||||||||||||||||||||||||||||||
Schedule of components of restructuring and other exit costs | ' | ||||||||||||||||||||||||||||||||
Components of restructuring and other exit costs consist of the following: | |||||||||||||||||||||||||||||||||
Total | Total | Cumulative | |||||||||||||||||||||||||||||||
Expected | 2012 | To-Date | |||||||||||||||||||||||||||||||
Costs | Expense | Expense | |||||||||||||||||||||||||||||||
Employee separation costs | $ | 6,177 | $ | 697 | $ | 6,177 | |||||||||||||||||||||||||||
Contract exit and termination costs | 557 | 247 | 247 | ||||||||||||||||||||||||||||||
Other associated exit costs | 3,300 | 3,300 | 3,300 | ||||||||||||||||||||||||||||||
Total | $ | 10,034 | $ | 4,244 | $ | 9,724 | |||||||||||||||||||||||||||
Restructuring fiscal twenty eleven plan | ' | ||||||||||||||||||||||||||||||||
Schedule of summary of accrual activity | ' | ||||||||||||||||||||||||||||||||
A summary of the accrual activity for the 2011 plan is as follows: | |||||||||||||||||||||||||||||||||
Accrued | Balance | Accrued | Incurred | Balance | |||||||||||||||||||||||||||||
in 2011 | 2011 | in 2012 | in 2012 | 2012 | |||||||||||||||||||||||||||||
Employee separation costs | $ | 5,480 | $ | 5,480 | $ | 697 | $ | (4,827 | ) | $ | 1,350 | ||||||||||||||||||||||
Contract exit and termination costs | — | — | 174 | (153 | ) | 21 | |||||||||||||||||||||||||||
Other associated exit costs | — | — | 1,980 | (1,980 | ) | — | |||||||||||||||||||||||||||
Total | $ | 5,480 | $ | 5,480 | $ | 2,851 | $ | (6,960 | ) | $ | 1,371 | ||||||||||||||||||||||
Restructuring fiscal twenty zero nine plan | ' | ||||||||||||||||||||||||||||||||
Schedule of summary of accrual activity | ' | ||||||||||||||||||||||||||||||||
A summary of the accrual activity for completed restructuring plans is as follows: | |||||||||||||||||||||||||||||||||
Balance | Accrued | Incurred | Reversed | Balance | Accrued | Incurred | Balance | ||||||||||||||||||||||||||
2010 | in 2011 | in 2011 | in 2011 | 2011 | in 2012 | in 2012 | 2012 | ||||||||||||||||||||||||||
Employee separation costs | $ | 878 | $ | — | $ | (358 | ) | $ | (520 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Contract termination costs | 811 | 124 | (708 | ) | (47 | ) | 180 | 6 | (186 | ) | — | ||||||||||||||||||||||
Total | $ | 1,689 | $ | 124 | $ | (1,066 | ) | $ | (567 | ) | $ | 180 | $ | 6 | $ | (186 | ) | $ | — | ||||||||||||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Receivables [Abstract] | ' | ||||||||
Summary of accounts receivable | ' | ||||||||
Accounts receivable consist of the following: | |||||||||
December 30, | January 1, | ||||||||
2012 | 2012 | ||||||||
Current: | |||||||||
Trade receivables | $ | 100,420 | $ | 111,398 | |||||
Less allowance for doubtful accounts | (2,312 | ) | (3,230 | ) | |||||
Net trade receivables | 98,108 | 108,168 | |||||||
Other receivables | 6,405 | 5,235 | |||||||
Total current receivables | $ | 104,513 | $ | 113,403 | |||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of inventory | ' | ||||||||
Inventories consist of the following: | |||||||||
December 30, | January 1, | ||||||||
2012 | 2012 | ||||||||
Materials and supplies | $ | 5,554 | $ | 6,468 | |||||
Jobs in process | 1,812 | 1,787 | |||||||
Finished products | 36,915 | 40,567 | |||||||
Total | $ | 44,281 | $ | 48,822 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 30, 2012 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of revised allocation of goodwill | ' | ||||||||||||||||||||||||
The following table summarizes the revised allocation of goodwill. | |||||||||||||||||||||||||
Healthcare | Business Solutions | Financial Services | Commercial | Industrial | Total | ||||||||||||||||||||
Goodwill at January 2, 2011 | $ | 2,385 | $ | — | $ | 1,743 | $ | 1,296 | $ | 1,133 | $ | 6,557 | |||||||||||||
Acquisitions | 899 | — | — | — | — | 899 | |||||||||||||||||||
Goodwill at January 1, 2012 | 3,284 | — | 1,743 | 1,296 | 1,133 | 7,456 | |||||||||||||||||||
Reallocation of goodwill | — | 4,172 | (1,743 | ) | (1,296 | ) | (1,133 | ) | — | ||||||||||||||||
Goodwill at December 30, 2012 | $ | 3,284 | $ | 4,172 | $ | — | $ | — | $ | — | $ | 7,456 | |||||||||||||
Summary of intangible assets | ' | ||||||||||||||||||||||||
Identifiable intangible assets consist of the following: | |||||||||||||||||||||||||
December 30, 2012 | January 1, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Intangible Assets with Determinable Lives | |||||||||||||||||||||||||
Patents | $ | 2,916 | $ | (1,042 | ) | $ | 2,916 | $ | (891 | ) | |||||||||||||||
Customer relationships | 2,610 | (783 | ) | 2,610 | (261 | ) | |||||||||||||||||||
Software technology | 2,650 | (568 | ) | 2,650 | (189 | ) | |||||||||||||||||||
Trademark | 129 | (28 | ) | 129 | (9 | ) | |||||||||||||||||||
Non-compete agreement | 100 | (51 | ) | 100 | (32 | ) | |||||||||||||||||||
Total | $ | 8,405 | $ | (2,472 | ) | $ | 8,405 | $ | (1,382 | ) | |||||||||||||||
OTHER_CURRENT_LIABILITIES_Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Summary of other current liabilities | ' | ||||||||
Other current liabilities consist of the following: | |||||||||
December 30, | January 1, | ||||||||
2012 | 2012 | ||||||||
Accrued compensation | $ | 13,996 | $ | 13,019 | |||||
Accrued restructuring and other exit costs | 1,371 | 5,660 | |||||||
Deferred revenue | 6,020 | 5,345 | |||||||
Accrued non-income taxes | 3,885 | 4,512 | |||||||
Current portion of pension | 2,058 | 2,148 | |||||||
Accrued customer rebates | 4,814 | 2,541 | |||||||
Other current liabilities | 11,090 | 15,489 | |||||||
Total | $ | 43,234 | $ | 48,714 | |||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of long-term debt | ' | ||||||||
Long-term debt consists of the following: | |||||||||
December 30, | January 1, | ||||||||
2012 | 2012 | ||||||||
Revolving credit facility | $ | 43,629 | $ | 52,389 | |||||
Capital lease obligations | 7,891 | 9,945 | |||||||
Loan payable | — | 285 | |||||||
Total | 51,520 | 62,619 | |||||||
Less current portion | 2,361 | 2,470 | |||||||
Long-term portion | $ | 49,159 | $ | 60,149 | |||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 30, 2012 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of components of income tax expense | ' | ||||||||||||
Income tax expense consists of the following: | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | 192 | |||||||
Foreign | 413 | 629 | 111 | ||||||||||
State and local | 68 | (264 | ) | 640 | |||||||||
$ | 481 | $ | 365 | $ | 943 | ||||||||
Deferred: | |||||||||||||
Federal | $ | — | $ | 75,068 | $ | 4,367 | |||||||
Foreign | 53 | (104 | ) | — | |||||||||
State and local | — | 16,366 | 588 | ||||||||||
$ | 53 | $ | 91,330 | $ | 4,955 | ||||||||
Total | $ | 534 | $ | 91,695 | $ | 5,898 | |||||||
Summary of consolidated pretax (loss) income | ' | ||||||||||||
Consolidated pretax (loss) income is comprised of the following sources: | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
U.S. pretax (loss) income | $ | (29,326 | ) | $ | (35,538 | ) | $ | 12,586 | |||||
Non-U.S. pretax income | 1,384 | 1,800 | 1,110 | ||||||||||
Total | $ | (27,942 | ) | $ | (33,738 | ) | $ | 13,696 | |||||
Summary deferred tax assets and liabilities | ' | ||||||||||||
The components of the net current deferred tax liability and net long-term deferred tax asset consist of the following: | |||||||||||||
December 30, | January 1, | ||||||||||||
2012 | 2012 | ||||||||||||
Current deferred tax: | |||||||||||||
Allowance for doubtful accounts | $ | 886 | $ | 1,162 | |||||||||
Inventories | (4,031 | ) | (6,620 | ) | |||||||||
Compensation and benefits | 4,375 | 5,824 | |||||||||||
Other | 3,404 | 4,909 | |||||||||||
Total current tax asset | 4,634 | 5,275 | |||||||||||
Less: valuation allowance | (6,343 | ) | (8,162 | ) | |||||||||
Net current deferred tax liability | $ | (1,709 | ) | $ | (2,887 | ) | |||||||
Long-term deferred tax: | |||||||||||||
Depreciation | $ | (1,524 | ) | $ | (4,268 | ) | |||||||
Goodwill and intangible assets | 550 | 2,475 | |||||||||||
Pension | 97,755 | 91,177 | |||||||||||
Capital loss carryforwards | 20,575 | 14,536 | |||||||||||
Net operating loss carryforward | 33,859 | 29,875 | |||||||||||
Federal tax credit | 1,600 | 1,600 | |||||||||||
Other | 6,238 | 6,184 | |||||||||||
Total long-term tax asset | 159,053 | 141,579 | |||||||||||
Less: valuation allowance | (136,288 | ) | (117,583 | ) | |||||||||
Net long-term deferred tax asset | $ | 22,765 | $ | 23,996 | |||||||||
Net deferred tax asset | $ | 21,056 | $ | 21,109 | |||||||||
Summary of the statutory federal income tax rate and effective tax rate | ' | ||||||||||||
The reconciliation of the statutory federal income tax rate and the effective tax rate follows: | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes | (0.6 | ) | 4.8 | 5.8 | |||||||||
Change in cash surrender value | 0.4 | (0.6 | ) | (1.2 | ) | ||||||||
Meals and entertainment | (0.4 | ) | (0.6 | ) | 1.2 | ||||||||
Change in unrecognized tax benefits | 0.6 | 1.2 | 1.4 | ||||||||||
Adjustment to prior year tax accruals | 0.1 | (0.2 | ) | 2.1 | |||||||||
Foreign statutory rate differential | 0.2 | 0.3 | — | ||||||||||
Rate adjustment to deferred taxes | — | (2.1 | ) | — | |||||||||
Deficiencies on equity awards | (2.4 | ) | (0.4 | ) | 0.7 | ||||||||
Valuation allowance | (34.7 | ) | (309.3 | ) | (2.0 | ) | |||||||
Permanent and other items | (0.1 | ) | 0.1 | 0.1 | |||||||||
Effective tax rate | (1.9 | )% | (271.8 | )% | 43.1 | % | |||||||
Summary of unrecognized tax benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Balance at beginning of year | $ | 1,375 | $ | 1,912 | $ | 1,755 | |||||||
Adjustments for tax positions of current year | 490 | — | — | ||||||||||
Adjustments for tax positions of prior years | — | — | 157 | ||||||||||
Reductions from lapse of applicable statute of limitations | (236 | ) | (486 | ) | — | ||||||||
Settlements | — | (51 | ) | — | |||||||||
Balance at end of year | $ | 1,629 | $ | 1,375 | $ | 1,912 | |||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Number of Shares Outstanding for Calculation of Earnings Per Share (EPS) | ' | ||||||||
The number of shares outstanding for calculation of earnings per share (EPS) is as follows: | |||||||||
(Shares in thousands) | 2012 | 2011 | 2010 | ||||||
Weighted-average shares outstanding - basic | 5,838 | 5,810 | 5,783 | ||||||
Effect of potentially dilutive securities | — | — | 5 | ||||||
Weighted-average shares outstanding - diluted | 5,838 | 5,810 | 5,788 | ||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 30, 2012 | |||||||||||||
Schedule of significant assumptions used to estimate fair value of options granted | ' | ||||||||||||
The weighted-average of significant assumptions used to estimate the fair value of options granted is as follows: | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Risk-free interest rate | 0.7 | % | 1.4 | % | 1.9 | % | |||||||
Dividend yield | — | 4.5 | % | 3.7 | % | ||||||||
Expected term | 4 years | 4 years | 4 years | ||||||||||
Expected volatility | 79.3 | % | 79.9 | % | 75.7 | % | |||||||
Schedule of summary of stock option activity and related information | ' | ||||||||||||
A summary of our stock option activity and related information for 2012 is as follows: | |||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||
of | Average | Average | Intrinsic | ||||||||||
Shares | Exercise | Remaining | Value | ||||||||||
Price | Contractual | ||||||||||||
Life | |||||||||||||
Outstanding at January 1, 2012 | 798,228 | $ | 35.6 | ||||||||||
Granted | 48,800 | 7.85 | |||||||||||
Exercised | — | — | |||||||||||
Expired | (78,170 | ) | 61.05 | ||||||||||
Forfeited | (60,180 | ) | 18.85 | ||||||||||
Outstanding at December 30, 2012 | 708,678 | $ | 32.3 | 6 years | — | ||||||||
Fully vested or expected to vest at December 30, 2012 | 695,938 | $ | 32.6 | 6 years | — | ||||||||
Exercisable at December 30, 2012 | 397,110 | $ | 42.8 | 5 years | — | ||||||||
Stock awards, performance-based | ' | ||||||||||||
Schedule of summary of stock award activity and related information | ' | ||||||||||||
A summary of our performance-based stock award activity and related information for 2012 is as follows: | |||||||||||||
Number | Weighted- | ||||||||||||
of | Average | ||||||||||||
Shares | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Nonvested at January 1, 2012 | 111,397 | $ | 19.45 | ||||||||||
Granted | 212,526 | 7.85 | |||||||||||
Vested | (7,595 | ) | 29.1 | ||||||||||
Forfeited | (117,393 | ) | 15.05 | ||||||||||
Nonvested at December 30, 2012 | 198,935 | $ | 9.26 | ||||||||||
Stock awards, service-based | ' | ||||||||||||
Schedule of summary of stock award activity and related information | ' | ||||||||||||
A summary of our service-based stock award activity and related information for 2012 is as follows: | |||||||||||||
Number | Weighted- | ||||||||||||
of | Average | ||||||||||||
Shares | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Nonvested at January 1, 2012 | 57,003 | $ | 21.1 | ||||||||||
Granted | 94,884 | 7.85 | |||||||||||
Vested | (19,670 | ) | 24.6 | ||||||||||
Forfeited | (16,539 | ) | 11.5 | ||||||||||
Nonvested at December 30, 2012 | 115,678 | $ | 11.01 | ||||||||||
PENSION_PLANS_Tables
PENSION PLANS (Tables) (Pension plans) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 30, 2012 | |||||||||||||||||||||||||||||||||
Pension plans | ' | ||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||||||||||
Summary of reconciliation of benefit obligation and plan assets | ' | ||||||||||||||||||||||||||||||||
The following tables set forth the reconciliation of the benefit obligation, plan assets, and the funded status for all of our defined benefit pension plans: | |||||||||||||||||||||||||||||||||
Change in Benefit Obligation | 2012 | 2011 | |||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 494,943 | $ | 452,205 | |||||||||||||||||||||||||||||
Interest cost | 20,127 | 21,829 | |||||||||||||||||||||||||||||||
Settlements | (2,126 | ) | (967 | ) | |||||||||||||||||||||||||||||
Actuarial losses | 43,155 | 52,891 | |||||||||||||||||||||||||||||||
Benefits paid | (39,565 | ) | (31,015 | ) | |||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 516,534 | $ | 494,943 | |||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 256,589 | $ | 264,887 | |||||||||||||||||||||||||||||
Actual return on plan assets | 20,146 | (4,178 | ) | ||||||||||||||||||||||||||||||
Employer contributions | 27,280 | 28,152 | |||||||||||||||||||||||||||||||
Settlements | (2,639 | ) | (1,257 | ) | |||||||||||||||||||||||||||||
Benefits paid | (39,565 | ) | (31,015 | ) | |||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 261,811 | $ | 256,589 | |||||||||||||||||||||||||||||
Funded status at end of year | $ | (254,723 | ) | $ | (238,354 | ) | |||||||||||||||||||||||||||
Summary of recognized in balance sheet and accumulated other comprehensive losses before tax | ' | ||||||||||||||||||||||||||||||||
Amounts Recognized in Balance Sheet | |||||||||||||||||||||||||||||||||
Accrued pension liability - current | $ | (2,058 | ) | $ | (2,148 | ) | |||||||||||||||||||||||||||
Accrued pension liability - long-term | (252,665 | ) | (236,206 | ) | |||||||||||||||||||||||||||||
Total | $ | (254,723 | ) | $ | (238,354 | ) | |||||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Losses Before Tax | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 51,630 | $ | 49,451 | |||||||||||||||||||||||||||||
Summary of components of net periodic benefit cost | ' | ||||||||||||||||||||||||||||||||
T | |||||||||||||||||||||||||||||||||
Summary of other changes in plan assets and benefit obligations recognized in other comprehensive losses before tax | ' | ||||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||
Recognized in Other Comprehensive Losses Before Tax | |||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 2,179 | $ | 18,254 | $ | 4,712 | |||||||||||||||||||||||||||
Prior service credit recognized | — | — | (593 | ) | |||||||||||||||||||||||||||||
Total recognized in other comprehensive losses | 2,179 | 18,254 | 4,119 | ||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive losses | $ | 43,650 | $ | 79,188 | $ | 9,976 | |||||||||||||||||||||||||||
Summary of weighted-average assumptions | ' | ||||||||||||||||||||||||||||||||
Weighted-average Assumptions | |||||||||||||||||||||||||||||||||
Projected benefit obligation | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||
Discount rate | 3.65 | % | 4.25 | % | 5 | % | |||||||||||||||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||||||||||||
Discount rate | 4.25 | % | 5 | % | 5.8 | % | |||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8 | % | 8 | % | 8.75 | % | |||||||||||||||||||||||||||
Summary of expected future benefit payments | ' | ||||||||||||||||||||||||||||||||
The benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter are as follows: | |||||||||||||||||||||||||||||||||
2013 | $ | 36,340 | |||||||||||||||||||||||||||||||
2014 | 31,497 | ||||||||||||||||||||||||||||||||
2015 | 32,758 | ||||||||||||||||||||||||||||||||
2016 | 32,181 | ||||||||||||||||||||||||||||||||
2017 | 34,019 | ||||||||||||||||||||||||||||||||
2018-2022 | 180,877 | ||||||||||||||||||||||||||||||||
Summary of changes in fair value of plan assets | ' | ||||||||||||||||||||||||||||||||
The fair values of our qualified defined benefit pension plan assets by asset category at December 30, 2012, and January 1, 2012, are shown in the table below. | |||||||||||||||||||||||||||||||||
December 30, 2012 | January 1, 2012 | ||||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 12,738 | $ | 12,738 | $ | — | $ | — | $ | 178 | $ | 178 | $ | — | $ | — | |||||||||||||||||
Equity securities | 47,485 | 47,485 | — | — | 53,449 | 53,449 | — | — | |||||||||||||||||||||||||
Commingled equity funds | 111,126 | 70,271 | 15,312 | 25,543 | 107,303 | 76,150 | 4,677 | 26,476 | |||||||||||||||||||||||||
Fixed income securities | 693 | — | 693 | — | 690 | — | 690 | — | |||||||||||||||||||||||||
Commingled fixed income funds | 28,606 | 17,554 | — | 11,052 | 23,473 | 12,403 | — | 11,070 | |||||||||||||||||||||||||
Private equity funds | 3,876 | — | — | 3,876 | 9,323 | — | — | 9,323 | |||||||||||||||||||||||||
Hedge funds | 57,287 | — | — | 57,287 | 45,495 | — | — | 45,495 | |||||||||||||||||||||||||
Real estate | — | — | — | — | 16,678 | — | — | 16,678 | |||||||||||||||||||||||||
Total | $ | 261,811 | $ | 148,048 | $ | 16,005 | $ | 97,758 | $ | 256,589 | $ | 142,180 | $ | 5,367 | $ | 109,042 | |||||||||||||||||
Summary of changes in plan assets measured at fair value using level 3 inputs | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the changes in plan assets measured at fair value using Level 3 inputs. Realized and unrealized gains and losses in plan assets are reported in other comprehensive income. | |||||||||||||||||||||||||||||||||
Commingled | Private | Hedge | Real Estate | Total | |||||||||||||||||||||||||||||
Equity and | Equity | Funds | |||||||||||||||||||||||||||||||
Fixed Income | Funds | ||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2012 | $ | 37,546 | $ | 9,323 | $ | 45,495 | $ | 16,678 | $ | 109,042 | |||||||||||||||||||||||
Actual return on plan assets | |||||||||||||||||||||||||||||||||
Assets still held at December 30, 2012 | 391 | — | 542 | — | 933 | ||||||||||||||||||||||||||||
Assets sold during the period | 46 | 604 | — | 721 | 1,371 | ||||||||||||||||||||||||||||
Purchases, sales, and settlements | (3,104 | ) | (6,051 | ) | 11,250 | (17,399 | ) | (15,304 | ) | ||||||||||||||||||||||||
Transfers in and/or out of level 3 | 1,716 | — | — | — | 1,716 | ||||||||||||||||||||||||||||
Ending balance at December 30, 2012 | $ | 36,595 | $ | 3,876 | $ | 57,287 | $ | — | $ | 97,758 | |||||||||||||||||||||||
POSTRETIREMENT_HEALTHCARE_BENE1
POSTRETIREMENT HEALTHCARE BENEFITS (Tables) (Postretirement Benefit Plans) | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Postretirement Benefit Plans | ' | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||
Change in benefit obligation | ' | ||||||||
Change in Benefit Obligation | 2011 | ||||||||
Benefit obligation at beginning of year | $ | 5,852 | |||||||
Interest cost | 161 | ||||||||
Amendment | (5,074 | ) | |||||||
Actuarial gain | (122 | ) | |||||||
Net benefits paid | (817 | ) | |||||||
Benefit obligation at end of year | $ | — | |||||||
Components of net periodic benefit cost and other amounts recognized in other comprehensive losses | ' | ||||||||
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Losses | |||||||||
Net Postretirement Benefit Cost | 2011 | 2010 | |||||||
Interest cost | $ | 161 | $ | 385 | |||||
Amortization of prior service credits | (27,695 | ) | (4,598 | ) | |||||
Amortization of net actuarial losses | 4,120 | 487 | |||||||
Total net periodic benefit cost | $ | (23,414 | ) | $ | (3,726 | ) | |||
Other Changes in Benefit Obligation Recognized in Other Comprehensive Losses Before Tax | |||||||||
Net actuarial (gain) loss | $ | (122 | ) | $ | 95 | ||||
Prior service credit | (5,074 | ) | (2,465 | ) | |||||
Prior service credit recognized | 27,695 | 4,598 | |||||||
Net actuarial loss recognized | (4,120 | ) | (487 | ) | |||||
Total recognized in other comprehensive losses | $ | 18,379 | $ | 1,741 | |||||
Total recognized in net periodic benefit cost and other comprehensive losses | $ | (5,035 | ) | $ | (1,985 | ) |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||||
Dec. 30, 2012 | |||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||
Schedule of information about operations by reportable segment | ' | ||||||||||||||
Information about our operations by reportable segment is as follows: | |||||||||||||||
Healthcare | Business Solutions | Total | |||||||||||||
Revenue from external customers | 2012 | $ | 215,883 | $ | 386,105 | $ | 601,988 | ||||||||
2011 | 236,772 | 411,337 | 648,109 | ||||||||||||
2010 | 250,963 | 417,414 | 668,377 | ||||||||||||
Operating income | 2012 | $ | 12,704 | $ | 8,077 | $ | 20,781 | ||||||||
2011 | 14,475 | 3,483 | 17,958 | ||||||||||||
2010 | 19,575 | 3,589 | 23,164 | ||||||||||||
Depreciation and amortization | 2012 | $ | 8,285 | $ | 13,722 | $ | 22,007 | ||||||||
2011 | 8,011 | 13,798 | 21,809 | ||||||||||||
2010 | 8,390 | 14,865 | 23,255 | ||||||||||||
Schedule of reconciling information between reportable segments and consolidated financial statements | ' | ||||||||||||||
Reconciling information between reportable segments and our consolidated financial statements is as follows: | |||||||||||||||
2012 | 2011 | 2010 | |||||||||||||
Segment operating income | $ | 20,781 | $ | 17,958 | $ | 23,164 | |||||||||
Restructuring and other exit costs | (4,278 | ) | (5,198 | ) | (1,733 | ) | |||||||||
Net pension periodic benefit cost | (41,471 | ) | (60,934 | ) | (5,264 | ) | |||||||||
Unallocated portion of postretirement credit | — | 15,164 | — | ||||||||||||
Other unallocated | (324 | ) | 1,106 | 51 | |||||||||||
Total other expense | (2,650 | ) | (1,834 | ) | (2,522 | ) | |||||||||
(Loss) income before income taxes | $ | (27,942 | ) | $ | (33,738 | ) | $ | 13,696 | |||||||
Revenue from external customers by products and services | ' | ||||||||||||||
Revenue by the products and services we provide is as follows: | |||||||||||||||
2012 | 2011 | 2010 | |||||||||||||
$ | 366,127 | $ | 391,486 | $ | 407,473 | ||||||||||
Labels | 105,680 | 108,547 | 104,511 | ||||||||||||
Software | 8,924 | 9,487 | 10,371 | ||||||||||||
Services | 73,177 | 87,466 | 95,124 | ||||||||||||
Other | 48,080 | 51,123 | 50,898 | ||||||||||||
Total consolidated revenue | $ | 601,988 | $ | 648,109 | $ | 668,377 | |||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||
Dec. 30, 2012 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of future minimum payments under existing noncancellable operating leases | ' | |||
Future minimum payments under existing noncancelable leases at December 30, 2012 are as follows: | ||||
2013 | $ | 7,870 | ||
2014 | 4,499 | |||
2015 | 3,553 | |||
2016 | 1,297 | |||
2017 | 609 | |||
Later years | — | |||
Total | $ | 17,828 | ||
CHANGE_IN_PENSION_ACCOUNTING_M2
CHANGE IN PENSION ACCOUNTING METHOD (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 30, 2012 | ||||||||||||||||||||||||
Income Statement [Member] | ' | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | |||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' | |||||||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||
As Originally Reported | As Adjusted | As Originally Reported | As Adjusted | As Originally Reported | As Adjusted | |||||||||||||||||||
Selling, general and administrative * | 182,012 | 201,416 | 207,379 | 245,114 | 204,180 | 191,857 | ||||||||||||||||||
(Loss) income from operations | (5,888 | ) | (25,292 | ) | 5,831 | (31,904 | ) | 3,895 | 16,218 | |||||||||||||||
Income tax expense | 534 | 534 | 91,695 | 91,695 | 1,005 | 5,898 | ||||||||||||||||||
Net (loss) income | $ | (9,072 | ) | $ | (28,476 | ) | $ | (87,698 | ) | $ | (125,433 | ) | $ | 368 | $ | 7,798 | ||||||||
Basic (loss) income per share | $ | (0.31 | ) | $ | (4.88 | ) | $ | (3.02 | ) | $ | (21.59 | ) | $ | 0.01 | $ | 1.35 | ||||||||
Diluted (loss) income per share | $ | (0.31 | ) | $ | (4.88 | ) | $ | (3.02 | ) | $ | (21.59 | ) | $ | 0.01 | $ | 1.35 | ||||||||
Statement of Comprehensive Income [Member] | ' | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | |||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' | |||||||||||||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||
As Originally Reported | As Adjusted | As Originally Reported | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||
Net (loss) income | (9,072 | ) | (28,476 | ) | (87,698 | ) | (125,433 | ) | 368 | 7,798 | ||||||||||||||
Actuarial losses, net of tax | (45,512 | ) | (2,179 | ) | (80,426 | ) | (18,181 | ) | (6,781 | ) | (2,899 | ) | ||||||||||||
Actuarial loss reclassification, net of tax | 23,929 | — | 26,995 | 2,485 | 11,606 | 294 | ||||||||||||||||||
Balance Sheet [Member] | ' | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | |||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' | |||||||||||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||
As Originally Reported | As Adjusted | As Originally Reported | As Adjusted | |||||||||||||||||||||
Retained earnings (accumulated deficit) | 55,861 | (136,303 | ) | 64,924 | (107,836 | ) | ||||||||||||||||||
Accumulated other comprehensive losses | (231,618 | ) | (39,454 | ) | (210,173 | ) | (37,413 | ) | ||||||||||||||||
Statement of Cash Flows [Member] | ' | |||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | |||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' | |||||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||
As Originally Reported | As Adjusted | As Originally Reported | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||
Net (loss) income | (9,072 | ) | (28,476 | ) | (87,698 | ) | (125,433 | ) | 368 | 7,798 | ||||||||||||||
Deferred tax expense | 53 | 53 | 91,330 | 91,330 | 62 | 4,955 | ||||||||||||||||||
Pension and postretirement cost (benefit) | 22,067 | 41,471 | (215 | ) | 37,520 | 14,454 | 2,131 | |||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Accounting Policy Disclosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Accounting Policies [Line Items] | ' | ' | ' |
Fiscal year period | 'P52W | 'P52W | 'P52W |
Provision for bad debts | ($103) | $1,248 | $1,351 |
Normal trade payment terms | '30 days | ' | ' |
Percentage of stand-alone sales in established VSOE acceptable range | 80.00% | ' | ' |
VSOE variance of median sales price | 15.00% | ' | ' |
Research and development expense | $3,356 | $4,530 | $4,867 |
Minimum | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Fiscal year period | 'P52W | ' | ' |
Deferred revenue recognition, straight-line basis, range | '1 year | ' | ' |
Maximum | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' |
Fiscal year period | 'P53W | ' | ' |
Deferred revenue recognition, straight-line basis, range | '5 years | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $20,917 | $21,178 | $23,155 |
Building and building improvements | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment | 'P15Y | ' | ' |
Building and building improvements | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment | 'P40Y | ' | ' |
Machinery and equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment | 'P5Y | ' | ' |
Machinery and equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment | 'P15Y | ' | ' |
Office furniture and equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment | 'P3Y | ' | ' |
Office furniture and equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment | 'P15Y | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) (USD $) | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | Software | Trademark | Customer relationships | Software and software development costs | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life of finite-lived intangible assets | ' | ' | '7 years | '7 years | '8 years | '5 years |
Capitalized computer software | $9,462 | $11,644 | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 |
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Beginning Accumulated Other Comprehensive Loss | ($37,413) | ($7,875) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | -15,326 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | -14,212 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -2,041 | -29,538 |
Ending Accumulated Other Comprehensive Loss | -39,454 | -37,413 |
Accumulated Translation Adjustment [Member] | ' | ' |
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Beginning Accumulated Other Comprehensive Loss | -330 | -126 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | -204 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 138 | -204 |
Ending Accumulated Other Comprehensive Loss | -192 | -330 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Beginning Accumulated Other Comprehensive Loss | -37,083 | -7,749 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | -15,122 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | -14,212 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -2,179 | -29,334 |
Ending Accumulated Other Comprehensive Loss | ($39,262) | ($37,083) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended |
Dec. 30, 2012 | |
Defined Benefit Postretirement Health Coverage [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Defined Benefit Plan, Amortization of Gains (Losses) | $16,697 |
Postretirement Benefit Plans | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Defined Benefit Plan, Amortization of Gains (Losses), Net of Tax | ($2,485) |
ACQUISITIONS_Narrative_Details
ACQUISITIONS - Narrative (Details) (iMedConsent, LLC, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jul. 06, 2011 |
iMedConsent, LLC | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Percentage of ownership interest acquired | ' | 100.00% |
Business acquisition, purchase price | ' | $6,217 |
Business acquisition contingent consideration | 454 | 626 |
Contingent consideration paid | $299 | ' |
RESTRUCTURING_AND_OTHER_EXIT_C2
RESTRUCTURING AND OTHER EXIT COSTS - Components of Restructuring and Other Exit Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total 2012 Expense | $4,278 | $5,198 | $1,733 |
Restructuring fiscal twenty eleven plan | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 10,034 | ' | ' |
Total 2012 Expense | 4,244 | ' | ' |
Cumulative To-Date Expense | 9,724 | ' | ' |
Restructuring fiscal twenty eleven plan | Employee separation costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 6,177 | ' | ' |
Total 2012 Expense | 697 | ' | ' |
Cumulative To-Date Expense | 6,177 | ' | ' |
Restructuring fiscal twenty eleven plan | Contract exit and termination costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 557 | ' | ' |
Total 2012 Expense | 247 | ' | ' |
Cumulative To-Date Expense | 247 | ' | ' |
Restructuring fiscal twenty eleven plan | Other associated exit costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 3,300 | ' | ' |
Total 2012 Expense | 3,300 | ' | ' |
Cumulative To-Date Expense | $3,300 | ' | ' |
RESTRUCTURING_AND_OTHER_EXIT_C3
RESTRUCTURING AND OTHER EXIT COSTS - Summary of Accrual Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 |
Restructuring Reserve [Roll Forward] | ' | ' |
Accrued restructuring and other exit costs, ending balance | $1,371 | $5,660 |
Restructuring fiscal twenty eleven plan | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Accrued restructuring and other exit costs, beginning balance | 5,480 | ' |
Accrued restructuring and other exit costs, accrued | 2,851 | 5,480 |
Accrued restructuring and other exit costs, incurred | -6,960 | ' |
Accrued restructuring and other exit costs, ending balance | 1,371 | 5,480 |
Restructuring fiscal twenty eleven plan | Employee separation costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Accrued restructuring and other exit costs, beginning balance | 5,480 | ' |
Accrued restructuring and other exit costs, accrued | 697 | 5,480 |
Accrued restructuring and other exit costs, incurred | -4,827 | ' |
Accrued restructuring and other exit costs, ending balance | 1,350 | 5,480 |
Restructuring fiscal twenty eleven plan | Contract exit and termination costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Accrued restructuring and other exit costs, beginning balance | 0 | ' |
Accrued restructuring and other exit costs, accrued | 174 | 0 |
Accrued restructuring and other exit costs, incurred | -153 | ' |
Accrued restructuring and other exit costs, ending balance | 21 | 0 |
Restructuring fiscal twenty eleven plan | Other associated exit costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Accrued restructuring and other exit costs, beginning balance | 0 | ' |
Accrued restructuring and other exit costs, accrued | 1,980 | 0 |
Accrued restructuring and other exit costs, incurred | -1,980 | ' |
Accrued restructuring and other exit costs, ending balance | 0 | 0 |
Restructuring fiscal twenty zero nine plan | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Accrued restructuring and other exit costs, beginning balance | 180 | 1,689 |
Accrued restructuring and other exit costs, accrued | 6 | 124 |
Accrued restructuring and other exit costs, incurred | -186 | -1,066 |
Accrued restructuring and other exit costs, reversed | ' | -567 |
Accrued restructuring and other exit costs, ending balance | 0 | 180 |
Restructuring fiscal twenty zero nine plan | Employee separation costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Accrued restructuring and other exit costs, beginning balance | 0 | 878 |
Accrued restructuring and other exit costs, accrued | 0 | 0 |
Accrued restructuring and other exit costs, incurred | 0 | -358 |
Accrued restructuring and other exit costs, reversed | ' | -520 |
Accrued restructuring and other exit costs, ending balance | 0 | 0 |
Restructuring fiscal twenty zero nine plan | Contract exit and termination costs | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Accrued restructuring and other exit costs, beginning balance | 180 | 811 |
Accrued restructuring and other exit costs, accrued | 6 | 124 |
Accrued restructuring and other exit costs, incurred | -186 | -708 |
Accrued restructuring and other exit costs, reversed | ' | -47 |
Accrued restructuring and other exit costs, ending balance | $0 | $180 |
RESTRUCTURING_AND_OTHER_EXIT_C4
RESTRUCTURING AND OTHER EXIT COSTS - Narrative (Detail) | 12 Months Ended |
Dec. 30, 2012 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and related activities description | 'The restructuring is a two-year program that includes workforce reductions, infrastructure changes, and technology initiatives which are designed to better align our resources with our growing core solutions business and to reduce costs to offset the impact of declining revenue from our legacy products. |
ACCOUNTS_RECEIVABLE_Summary_of
ACCOUNTS RECEIVABLE - Summary of Accounts Receivable (Details) (USD $) | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||
Current: | ' | ' |
Trade receivables | $100,420 | $111,398 |
Less allowance for doubtful accounts | -2,312 | -3,230 |
Net trade receivables | 98,108 | 108,168 |
Other receivables | 6,405 | 5,235 |
Total current receivables | $104,513 | $113,403 |
INVENTORIES_Summary_of_Invento
INVENTORIES - Summary of Inventory (Details) (USD $) | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Materials and supplies | $5,554 | $6,468 |
Jobs in process | 1,812 | 1,787 |
Finished products | 36,915 | 40,567 |
Total | $44,281 | $48,822 |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS - Revised Allocation of Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 |
Goodwill [Roll Forward] | ' | ' |
Goodwill | $7,456 | $6,557 |
Acquisitions | ' | 899 |
Reallocation of goodwill | 0 | ' |
Goodwill | 7,456 | 7,456 |
Healthcare | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 3,284 | 2,385 |
Acquisitions | ' | 899 |
Reallocation of goodwill | 0 | ' |
Goodwill | 3,284 | 3,284 |
Business Solutions | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 0 | 0 |
Acquisitions | ' | 0 |
Reallocation of goodwill | 4,172 | ' |
Goodwill | 4,172 | 0 |
Financial Services | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 1,743 | 1,743 |
Acquisitions | ' | 0 |
Reallocation of goodwill | -1,743 | ' |
Goodwill | 0 | 1,743 |
Commercial Markets | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 1,296 | 1,296 |
Acquisitions | ' | 0 |
Reallocation of goodwill | -1,296 | ' |
Goodwill | 0 | 1,296 |
Industrial | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 1,133 | 1,133 |
Acquisitions | ' | 0 |
Reallocation of goodwill | -1,133 | ' |
Goodwill | $0 | $1,133 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Assets (Details) (USD $) | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $8,405 | $8,405 |
Accumulated amortization | -2,472 | -1,382 |
Patents | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 2,916 | 2,916 |
Accumulated amortization | -1,042 | -891 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 2,610 | 2,610 |
Accumulated amortization | -783 | -261 |
Software technology | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 2,650 | 2,650 |
Accumulated amortization | -568 | -189 |
Trademark | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 129 | 129 |
Accumulated amortization | -28 | -9 |
Non-compete agreement | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 100 | 100 |
Accumulated amortization | ($51) | ($32) |
GOODWILL_AND_INTANGIBLE_ASSETS4
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Entity | |||
Segment | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Number of reporting units | 2 | ' | ' |
Amortization expense for intangible assets | $1,090 | $631 | $101 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2013 | 960 | ' | ' |
2014 | 829 | ' | ' |
2015 | 817 | ' | ' |
2016 | 809 | ' | ' |
2017 | $809 | ' | ' |
OTHER_CURRENT_LIABILITIES_Summ
OTHER CURRENT LIABILITIES - Summary of Other Current Liabilities (Details) (USD $) | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Accrued compensation | $13,996 | $13,019 |
Accrued restructuring and other exit costs | 1,371 | 5,660 |
Deferred revenue | 6,020 | 5,345 |
Accrued non-income taxes | 3,885 | 4,512 |
Current portion of pension | 2,058 | 2,148 |
Accrued customer rebates | 4,814 | 2,541 |
Other current liabilities | 11,090 | 15,489 |
Total | $43,234 | $48,714 |
LONGTERM_DEBT_Components_of_Lo
LONG-TERM DEBT - Components of Long-term Debt (Details) (USD $) | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instruments [Abstract] | ' | ' |
Long-term debt and capital lease obligations | $51,520 | $62,619 |
Less current portion | -2,361 | -2,470 |
Long-term portion | 49,159 | 60,149 |
Revolving credit facility | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Long-term debt and capital lease obligations | 43,629 | 52,389 |
Capital lease obligations | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Long-term debt and capital lease obligations | 7,891 | 9,945 |
Loan payable | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Long-term debt and capital lease obligations | $0 | $285 |
LONGTERM_DEBT_Narrative_Detail
LONG-TERM DEBT - Narrative (Details) (Secured Debt, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 |
bank | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' |
Total remaining aggregate payments for capital leases including interest | $8,824 | ' |
2013 | 2,739 | ' |
2014 | 2,744 | ' |
2015 | 1,840 | ' |
2016 | 1,501 | ' |
Revolving credit facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity | 100,000 | ' |
Maturity term | '4 years | ' |
Number of lenders | 5 | ' |
Credit facility description | 'The Credit Facility is secured by accounts receivable, inventories, fixed assets, and certain other assets.B B The Credit Facility contains a fixed charge coverage covenant test that becomes applicable if the sum of available unborrowed credit plus certain cash balances falls below 15% of aggregate commitments or $11,250 whichever is greater. | ' |
Minimum remaining borrowing capacity plus cash balance as a percent of aggregate commitments to avoid charges under covenant terms | 15.00% | ' |
Minimum remaining borrowing capacity plus cash balance to avoid charges under covenant terms | $11,250 | ' |
Line of Credit Facility, Unused Capacity Maximum Commitment Fee Percentage | 0.75% | ' |
Line of Credit Facility, Unused Capacity Minimum Commitment Fee Percentage | 0.50% | ' |
Weighted average interest rate | 3.53% | 3.73% |
Unused capacity commitment fee percentage | 0.50% | ' |
Credit facility commitment fee description | 'We are also required to pay a fee on the unused portion of the Credit Facility payable at an annual rate of 50.0 basis points if the unused portion is equal to or less than 50% of the aggregate commitment or 75.0 basis points if the unused portion is greater than 50% of the aggregate commitment. | ' |
Minimum unused capacity commitment fee threshold, percentage | 50.00% | ' |
Maximum unused capacity commitment fee threshold, percentage | 50.00% | ' |
Revolving credit facility | LIBOR Contract | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility interest rate description | 'Payment of interest on LIBOR contracts is at an annual rate equal to the LIBOR rate plus 3.00% to 3.50% based on our level of liquidity. | ' |
Revolving credit facility | LIBOR Contract | Minimum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Spread on variable rate | 3.00% | ' |
Revolving credit facility | LIBOR Contract | Maximum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Spread on variable rate | 3.50% | ' |
Revolving credit facility | Base Rate Loan | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility interest rate description | 'Payment of interest on base rate loans is based on the prime rate plus 2.00% to 2.50% based upon our level of liquidity. | ' |
Revolving credit facility | Base Rate Loan | Minimum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Spread on variable rate | 2.00% | ' |
Revolving credit facility | Base Rate Loan | Maximum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Spread on variable rate | 2.50% | ' |
INCOME_TAXES_Components_of_Inc
INCOME TAXES - Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Current: | ' | ' | ' |
Federal | $0 | $0 | $192 |
Foreign | 413 | 629 | 111 |
State and local | 68 | -264 | 640 |
Current income taxes | 481 | 365 | 943 |
Deferred: | ' | ' | ' |
Federal | 0 | 75,068 | 4,367 |
Foreign | 53 | -104 | 0 |
State and local | 0 | 16,366 | 588 |
Deferred income taxes | 53 | 91,330 | 4,955 |
Total | $534 | $91,695 | $5,898 |
INCOME_TAXES_Consolidated_Pret
INCOME TAXES - Consolidated Pretax (Loss) Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Consolidated Pre-tax (Loss) Income [Abstract] | ' | ' | ' |
U.S. pretax (loss) income | ($29,326) | ($35,538) | $12,586 |
Non-U.S. pretax income | 1,384 | 1,800 | 1,110 |
(LOSS) INCOME BEFORE INCOME TAXES | ($27,942) | ($33,738) | $13,696 |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES - Deferred Tax Assets & Liabilities (Details) (USD $) | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||
Current deferred tax: | ' | ' |
Allowance for doubtful accounts | $886 | $1,162 |
Inventories | -4,031 | -6,620 |
Compensation and benefits | 4,375 | 5,824 |
Other | 3,404 | 4,909 |
Total current tax asset | 4,634 | 5,275 |
Less: valuation allowance | -6,343 | -8,162 |
Net current deferred tax liability | -1,709 | -2,887 |
Long-term deferred tax: | ' | ' |
Depreciation | -1,524 | -4,268 |
Goodwill and intangible assets | 550 | 2,475 |
Pension | 97,755 | 91,177 |
Capital loss carryforwards | 20,575 | 14,536 |
Net operating loss carryforward | 33,859 | 29,875 |
Federal tax credit | 1,600 | 1,600 |
Other | 6,238 | 6,184 |
Total long-term tax asset | 159,053 | 141,579 |
Less: valuation allowance | -136,288 | -117,583 |
Net long-term deferred tax asset | 22,765 | 23,996 |
Net deferred tax asset | $21,056 | $21,109 |
INCOME_TAXES_Reconciliation_of
INCOME TAXES - Reconciliation of Federal Tax Rate (Details) | 12 Months Ended | ||
Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | -0.60% | 4.80% | 5.80% |
Change in cash surrender value | 0.40% | -0.60% | -1.20% |
Meals and entertainment | -0.40% | -0.60% | 1.20% |
Change in unrecognized tax benefits | 0.60% | 1.20% | 1.40% |
Adjustment to prior year tax accruals | 0.10% | -0.20% | 2.10% |
Foreign statutory rate differential | 0.20% | 0.30% | 0.00% |
Rate adjustment to deferred taxes | 0.00% | -2.10% | 0.00% |
Deficiencies on equity awards | -2.40% | -0.40% | 0.70% |
Valuation allowance | -34.70% | -309.30% | -2.00% |
Permanent and other items | -0.10% | 0.10% | 0.10% |
Effective tax rate | -1.90% | -271.80% | 43.10% |
INCOME_TAXES_Unrecognized_Tax_
INCOME TAXES - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $1,375 | $1,912 | $1,755 |
Adjustments for tax positions of current year | 490 | 0 | 0 |
Adjustments for tax positions of prior years | 0 | 0 | 157 |
Reductions from lapse of applicable statute of limitations | -236 | -486 | 0 |
Settlements | 0 | -51 | 0 |
Balance at end of year | $1,629 | $1,375 | $1,912 |
INCOME_TAXES_Narrative_Details
INCOME TAXES - Narrative (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 02, 2011 |
Income Taxes [Line Items] | ' | ' |
Operating loss carryback period pursuant to The Worker, Homeownership, and Business Assistance Act of 2009 | '5 years | ' |
Alternative minimum tax recovered under The Worker, Homeownership, and Business Assistance Act of 2009 | ' | $625 |
Internal Revenue Service (IRS) | ' | ' |
Income Taxes [Line Items] | ' | ' |
Net operating loss carryforwards | 87,819 | ' |
Valuation Allowance [Abstract] | ' | ' |
Amount excluded from valuation allowance | 21,000 | ' |
State Jurisdiction | ' | ' |
Income Taxes [Line Items] | ' | ' |
Net operating loss carryforwards | 70,890 | ' |
Capital Loss Carryforward | Canada Revenue Agency (CRA) | ' | ' |
Income Taxes [Line Items] | ' | ' |
Capital loss carryforwards | 126,579 | ' |
Capital Loss Carryforward | Internal Revenue Service (IRS) | ' | ' |
Income Taxes [Line Items] | ' | ' |
Capital loss carryforwards | 2,425 | ' |
CAPITAL_STRUCTURE_Narrative_De
CAPITAL STRUCTURE - Narrative (Details) | Dec. 30, 2012 |
class | |
Class of Stock [Line Items] | ' |
Number of classes of capital stock | 2 |
Common | ' |
Class of Stock [Line Items] | ' |
Number of votes per outstanding share | 1 |
Common Class A | ' |
Class of Stock [Line Items] | ' |
Number of votes per outstanding share | 5 |
EARNINGS_PER_SHARE_Summary_of_
EARNINGS PER SHARE - Summary of Number of Shares Outstanding for Calculation of Earnings Per Share (EPS) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Weighted-average shares outstanding - basic | 5,838 | 5,810 | 5,783 |
Effect of potentially dilutive securities | 0 | 0 | 5 |
Weighted-average shares outstanding - diluted | 5,838 | 5,810 | 5,788 |
EARNINGS_PER_SHARE_Narrative_D
EARNINGS PER SHARE - Narrative (Details) | 12 Months Ended | ||
Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Anti-dilutive shares excluded from computation of diluted earnings per share (EPS) | 0 | 0 | 566,129 |
SHAREBASED_COMPENSATION_Signif
SHARE-BASED COMPENSATION - Significant Assumptions Used to Estimate Fair Value of Options (Detail) (Stock options) | 12 Months Ended | ||
Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | |
Stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.70% | 1.40% | 1.90% |
Dividend yield | 0.00% | 4.50% | 3.70% |
Expected term | '4 years | '4 years | '4 years |
Expected volatility | 79.30% | 79.90% | 75.70% |
SHAREBASED_COMPENSATION_Summar
SHARE-BASED COMPENSATION - Summary of Stock Option Activity and Related Information (Detail) (Stock options, USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 30, 2012 |
Stock options | ' |
Number of Shares | ' |
Number of shares outstanding at beginning of period | 798,228 |
Granted (shares) | 48,800 |
Exercised (shares) | 0 |
Expired (shares) | -78,170 |
Forfeited/Canceled (shares) | -60,180 |
Number of shares outstanding at end of period | 708,678 |
Fully vested or expected to vest at December 30, 2012 (shares) | 695,938 |
Exercisable at December 30, 2012 (shares) | 397,110 |
Weighted- Average Exercise Price | ' |
Weighted-average exercise price outstanding at beginning of period (in dollars per share) | $35.60 |
Granted (in dollars per share) | $7.85 |
Exercised (in dollars per share) | $0 |
Expired (in dollars per share) | $61.05 |
Forfeited (in dollars per share) | $18.85 |
Weighted-average exercise price outstanding at end of period (in dollars per share) | $32.30 |
Weighted average exercise Price fully vested or expected to vest at end of period (in dollars per share) | $32.60 |
Weighted average exercise price, exercisable at end of period (in dollars per share) | $42.80 |
Weighted average remaining contractual life outstanding at end of period | '6 years |
Weighted average remaining contractual life fully vested or expected to vest at end of period | '6 years |
Weighted average remaining contractual life exercisable at end of period | '5 years |
Aggregate intrinsic value outstanding at end of period | $0 |
Aggregate intrinsic value fully vested or expected to vest at end of period | 0 |
Aggregate intrinsic value exercisable at end of period | $0 |
SHAREBASED_COMPENSATION_Summar1
SHARE-BASED COMPENSATION - Summary of Service-Based Stock Award Activity and Related Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | |
Stock awards, performance-based | ' | ' | ' |
Number of Shares | ' | ' | ' |
Number of shares nonvested at beginning of period | 111,397 | ' | ' |
Granted (shares) | 212,526.40 | ' | ' |
Vested (shares) | -7,595.40 | ' | ' |
Forfeited (shares) | -117,393 | ' | ' |
Number of shares nonvested at end of period | 198,935 | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Weighted-Average Grant Date Fair Value nonvested at beginning of period (in dollars per share) | $19.45 | ' | ' |
Granted (in dollars per share) | $7.85 | ' | ' |
Vested (in dollars per share) | $29.10 | ' | ' |
Forfeited (in dollars per share) | $15.05 | ' | ' |
Weighted-Average Grant Date Fair Value nonvested at end of period (in dollars per share) | $9.26 | ' | ' |
Stock awards, service-based | ' | ' | ' |
Number of Shares | ' | ' | ' |
Number of shares nonvested at beginning of period | 57,003.20 | ' | ' |
Granted (shares) | 94,884.20 | ' | ' |
Vested (shares) | -19,670 | ' | ' |
Forfeited (shares) | -16,538.60 | ' | ' |
Number of shares nonvested at end of period | 115,678 | 57,003.20 | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Weighted-Average Grant Date Fair Value nonvested at beginning of period (in dollars per share) | $21.10 | ' | ' |
Granted (in dollars per share) | $7.85 | $16.95 | $21.70 |
Vested (in dollars per share) | $24.60 | ' | ' |
Forfeited (in dollars per share) | $11.50 | ' | ' |
Weighted-Average Grant Date Fair Value nonvested at end of period (in dollars per share) | $11.01 | $21.10 | ' |
SHAREBASED_COMPENSATION_Narrat
SHARE-BASED COMPENSATION - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of plans | 2 | ' | ' |
Total compensation expense | $2,706 | $1,905 | $1,891 |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend rate per share | ' | $0.05 | ' |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend rate per share | ' | $0.10 | ' |
Stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award expiration period | '10 years | ' | ' |
Share based compensation, vesting period | '4 years | ' | ' |
Estimated weighted-average fair value of stock options granted | $4.55 | $8.15 | $13.75 |
Total compensation cost not yet recognized, stock options | 1,901 | ' | ' |
Total compensation cost not yet recognized, period for recognition | '1 year 1 month 6 days | ' | ' |
Stock options | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend rate per share | ' | ' | $0.25 |
Stock options | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend rate per share | ' | ' | $0.50 |
Stock awards, performance-based | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total compensation cost not yet recognized, period for recognition | '1 year 2 months 12 days | ' | ' |
Weighted average grant date fair value (in dollars per share) | $7.85 | ' | ' |
Equity instruments other than options, vested in period, total fair value | 62 | 134 | ' |
Total compensation cost not yet recognized, share-based awards other than options | 809 | ' | ' |
Stock awards, performance-based | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Requisite Service Period for Performance Purposes | '1 year | ' | ' |
Stock awards, performance-based | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Requisite Service Period for Performance Purposes | '2 years | ' | ' |
Stock awards, service-based | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based compensation, vesting period | '4 years | ' | ' |
Total compensation cost not yet recognized, period for recognition | '1 year 10 months 24 days | ' | ' |
Weighted average grant date fair value (in dollars per share) | $7.85 | $16.95 | $21.70 |
Equity instruments other than options, vested in period, total fair value | 84 | 229 | 253 |
Total compensation cost not yet recognized, share-based awards other than options | $929 | ' | ' |
Equity Incentive Plan, 2011 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized | 5,780,000 | ' | ' |
Ratio of actually granted to issued | 2 | ' | ' |
Equity Incentive Plan, 2002 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized | 3,500,000 | ' | ' |
PENSION_PLANS_Change_in_Benefi
PENSION PLANS - Change in Benefit Obligation, Change in Plan Assets, Funded Status (Details) (Pension plans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Pension plans | ' | ' | ' |
Change in Benefit Obligation | ' | ' | ' |
Benefit obligation at beginning of year | $494,943 | $452,205 | ' |
Interest cost | 20,127 | 21,829 | 24,398 |
Settlements | -2,126 | -967 | ' |
Actuarial losses | 43,155 | 52,891 | ' |
Net benefits paid | -39,565 | -31,015 | ' |
Benefit obligation at end of year | 516,534 | 494,943 | 452,205 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 256,589 | 264,887 | ' |
Actual return on plan assets | 20,146 | -4,178 | ' |
Employer contributions | 27,280 | 28,152 | ' |
Settlements | -2,639 | -1,257 | ' |
Benefits paid | -39,565 | -31,015 | ' |
Fair value of plan assets at end of year | 261,811 | 256,589 | 264,887 |
Funded status at end of year | ($254,723) | ($238,354) | ' |
PENSION_PLANS_Amounts_Recogniz
PENSION PLANS - Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Losses Before Tax (Details) (USD $) | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | ||
Amounts Recognized in Balance Sheet | ' | ' |
Accrued pension liability - long-term | ($252,665) | ($236,206) |
Pension plans | ' | ' |
Amounts Recognized in Balance Sheet | ' | ' |
Accrued pension liability - current | -2,058 | -2,148 |
Accrued pension liability - long-term | -252,665 | -236,206 |
Total | -254,723 | -238,354 |
Amounts Recognized in Accumulated Other Comprehensive Losses Before Tax | ' | ' |
Net actuarial loss | ($51,630) | ($49,451) |
PENSION_PLANS_Net_Periodic_Ben
PENSION PLANS - Net Periodic Benefit Cost Components, Pension Plans (Detail) (Pension plans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Pension plans | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Interest cost | $20,127 | $21,829 | $24,398 |
Expected return on plan assets | -19,873 | -20,745 | -20,409 |
Amortization of prior service credits | 0 | 0 | 593 |
Settlement loss | 393 | 158 | 137 |
Actuarial loss | 40,824 | 59,692 | 1,138 |
Total net periodic benefit cost | $41,471 | $60,934 | $5,857 |
PENSION_PLANS_Other_Changes_in
PENSION PLANS - Other Changes in Plan Assets & Benefit Obligations Recognized in Other Comprehensive Loss Before Tax (Details) (Pension plans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Pension plans | ' | ' | ' |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Losses Before Tax | ' | ' | ' |
Net actuarial (gain) loss | $2,179 | $18,254 | $4,712 |
Prior service credit recognized | 0 | 0 | -593 |
Total recognized in other comprehensive losses | 2,179 | 18,254 | 4,119 |
Total recognized in net periodic benefit cost and other comprehensive losses | $43,650 | $79,188 | $9,976 |
PENSION_PLANS_Weighted_Average
PENSION PLANS - Weighted Average Assumptions (Details) (Pension plans) | 12 Months Ended | ||
Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | |
Pension plans | ' | ' | ' |
Projected benefit obligation | ' | ' | ' |
Discount rate | 3.65% | 4.25% | 5.00% |
Net periodic benefit cost | ' | ' | ' |
Discount rate | 4.25% | 5.00% | 5.80% |
Expected long-term rate of return on plan assets | 8.00% | 8.00% | 8.75% |
PENSION_PLANS_Expected_Future_
PENSION PLANS - Expected Future Benefit Payments (Details) (Pension plans, USD $) | Dec. 30, 2012 |
In Thousands, unless otherwise specified | |
Pension plans | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2013 | $36,340 |
2014 | 31,497 |
2015 | 32,758 |
2016 | 32,181 |
2017 | 34,019 |
2018-2022 | $180,877 |
PENSION_PLANS_Benefit_Pension_
PENSION PLANS - Benefit Pension Plan Assets by Asset Category (Details) (Pension plans, USD $) | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $261,811 | $256,589 | $264,887 |
Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 148,048 | 142,180 | ' |
Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 16,005 | 5,367 | ' |
Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 97,758 | 109,042 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 261,811 | 256,589 | ' |
Cash and cash equivalents | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 12,738 | 178 | ' |
Cash and cash equivalents | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Cash and cash equivalents | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Cash and cash equivalents | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 12,738 | 178 | ' |
Equity securities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 47,485 | 53,449 | ' |
Equity securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity securities | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Equity securities | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 47,485 | 53,449 | ' |
Commingled equity funds | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 70,271 | 76,150 | ' |
Commingled equity funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 15,312 | 4,677 | ' |
Commingled equity funds | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 25,543 | 26,476 | ' |
Commingled equity funds | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 111,126 | 107,303 | ' |
Fixed income securities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed income securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 693 | 690 | ' |
Fixed income securities | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Fixed income securities | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 693 | 690 | ' |
Commingled fixed income funds | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 17,554 | 12,403 | ' |
Commingled fixed income funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Commingled fixed income funds | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 11,052 | 11,070 | ' |
Commingled fixed income funds | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 28,606 | 23,473 | ' |
Private equity funds | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Private equity funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Private equity funds | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3,876 | 9,323 | ' |
Private equity funds | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3,876 | 9,323 | ' |
Hedge funds | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Hedge funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Hedge funds | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 57,287 | 45,495 | ' |
Hedge funds | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 57,287 | 45,495 | ' |
Real estate | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Real estate | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Real estate | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 16,678 | ' |
Real estate | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $0 | $16,678 | ' |
PENSION_PLANS_Plan_Assets_Meas
PENSION PLANS - Plan Assets Measured at Fair Value Using Level 3 Inputs (Details) (Pension plans, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 02, 2011 |
Change in Plan Assets | ' | ' |
Fair value of plan assets at beginning of year | $256,589 | $264,887 |
Actual return on plan assets | ' | ' |
Transfers in and/or out of level 3 | 0 | ' |
Fair value of plan assets at end of year | 261,811 | 264,887 |
Level 3 | ' | ' |
Change in Plan Assets | ' | ' |
Fair value of plan assets at beginning of year | 109,042 | ' |
Actual return on plan assets | ' | ' |
Assets still held at December 30, 2012 | 933 | ' |
Assets sold during the period | 1,371 | ' |
Purchases, sales, and settlements | -15,304 | ' |
Transfers in and/or out of level 3 | 1,716 | ' |
Fair value of plan assets at end of year | 97,758 | ' |
Commingled Equity and Fixed Income | Level 3 | ' | ' |
Change in Plan Assets | ' | ' |
Fair value of plan assets at beginning of year | 37,546 | ' |
Actual return on plan assets | ' | ' |
Assets still held at December 30, 2012 | 391 | ' |
Assets sold during the period | 46 | ' |
Purchases, sales, and settlements | -3,104 | ' |
Transfers in and/or out of level 3 | 1,716 | ' |
Fair value of plan assets at end of year | 36,595 | ' |
Private Equity Funds | Level 3 | ' | ' |
Change in Plan Assets | ' | ' |
Fair value of plan assets at beginning of year | 9,323 | ' |
Actual return on plan assets | ' | ' |
Assets still held at December 30, 2012 | 0 | ' |
Assets sold during the period | 604 | ' |
Purchases, sales, and settlements | -6,051 | ' |
Transfers in and/or out of level 3 | 0 | ' |
Fair value of plan assets at end of year | 3,876 | ' |
Hedge Funds | Level 3 | ' | ' |
Change in Plan Assets | ' | ' |
Fair value of plan assets at beginning of year | 45,495 | ' |
Actual return on plan assets | ' | ' |
Assets still held at December 30, 2012 | 542 | ' |
Assets sold during the period | 0 | ' |
Purchases, sales, and settlements | 11,250 | ' |
Transfers in and/or out of level 3 | 0 | ' |
Fair value of plan assets at end of year | 57,287 | ' |
Real Estate | Level 3 | ' | ' |
Change in Plan Assets | ' | ' |
Fair value of plan assets at beginning of year | 16,678 | ' |
Actual return on plan assets | ' | ' |
Assets still held at December 30, 2012 | 0 | ' |
Assets sold during the period | 721 | ' |
Purchases, sales, and settlements | -17,399 | ' |
Transfers in and/or out of level 3 | 0 | ' |
Fair value of plan assets at end of year | $0 | ' |
PENSION_PLANS_Narrative_Detail
PENSION PLANS - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Defined contribution plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer matching contribution expense | $0 | $3,615 | $3,307 |
Supplemental employee retirement plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer matching contribution expense | -245 | 423 | 281 |
Pension plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Lump sum interest, percentage | 4.00% | ' | ' |
Number of basic long-term investment objectives | 2 | ' | ' |
Expected long-term rate of return on plan assets | 8.00% | ' | ' |
Plan assets investment objective description | 'It is our policy to diversify the investment of the planbs assets to reduce the risk of large losses.B Progress toward achieving performance objectives is reviewed quarterly by management with particular attention directed to reviewing performance relative to the risks.B Each investment vehicle is expected to perform in the top 75% of its peer group over the most recent 12-month period and the top 50% of its peer group over five-to ten-year periods and the majority of the rolling three-year periods.B Performance of the pension funds, individual investment managers, actuarial assumptions, and other attributes of the pension plan are reviewed at least annually with the Companybs Board of Directors.B | ' | ' |
Expected contribution to the qualified benefit plan in the next fiscal year | 26,800 | ' | ' |
Employer contributions made during the year in excess of minimum funding requirements. | 2,000 | ' | ' |
Transfers in and/or out of level 3 | $0 | ' | ' |
Pension plans | Equity funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Minimum target asset allocation percentage | 39.00% | ' | ' |
Maximum target asset allocation percentage | 73.00% | ' | ' |
Target asset allocation percentage | 56.00% | ' | ' |
Pension plans | Fixed income funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Minimum target asset allocation percentage | 13.00% | ' | ' |
Maximum target asset allocation percentage | 29.00% | ' | ' |
Target asset allocation percentage | 18.00% | ' | ' |
Pension plans | Private equity and hedge funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Minimum target asset allocation percentage | 18.00% | ' | ' |
Maximum target asset allocation percentage | 34.00% | ' | ' |
Target asset allocation percentage | 26.00% | ' | ' |
Supplemental nonqualified retirement plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Supplemental retirement plan service period | '5 years | ' | ' |
Number of former officers with separate supplemental agreements | 2 | ' | ' |
Twelve Month Period | Pension plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected performance in peer group | 75.00% | ' | ' |
Expected performance in peer group, period | '12 months | ' | ' |
Five to Ten Year Period | Pension plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected performance in peer group | 50.00% | ' | ' |
Five to Ten Year Period | Minimum | Pension plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected performance in peer group, period | '5 years | ' | ' |
Five to Ten Year Period | Maximum | Pension plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected performance in peer group, period | '10 years | ' | ' |
Rolling Three Year Period | Pension plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected performance in peer group, period | '3 years | ' | ' |
POSTRETIREMENT_HEALTHCARE_BENE2
POSTRETIREMENT HEALTHCARE BENEFITS - Change in Benefit Obligation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Change in Benefit Obligation | ' | ' | ' |
Amendment | $0 | $20,239 | $0 |
Postretirement Benefit Plans | ' | ' | ' |
Change in Benefit Obligation | ' | ' | ' |
Benefit obligation at beginning of year | ' | 5,852 | ' |
Interest cost | ' | 161 | 385 |
Amendment | ' | -5,074 | ' |
Actuarial gain | ' | -122 | ' |
Net benefits paid | ' | -817 | ' |
Benefit obligation at end of year | ' | $0 | $5,852 |
POSTRETIREMENT_HEALTHCARE_BENE3
POSTRETIREMENT HEALTHCARE BENEFITS - Net Postretirement Benefit Cost (Details) (Postretirement Benefit Plans, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 01, 2012 | Jan. 02, 2011 |
Postretirement Benefit Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | $161 | $385 |
Amortization of prior service credits | -27,695 | -4,598 |
Amortization of net actuarial losses | 4,120 | 487 |
Total net periodic benefit cost | -23,414 | -3,726 |
Net actuarial (gain) loss | -122 | 95 |
Prior service credit | -5,074 | -2,465 |
Prior service credit recognized | 27,695 | 4,598 |
Net actuarial loss recognized | -4,120 | -487 |
Total recognized in other comprehensive losses | 18,379 | 1,741 |
Total recognized in net periodic benefit cost and other comprehensive losses | ($5,035) | ($1,985) |
POSTRETIREMENT_HEALTHCARE_BENE4
POSTRETIREMENT HEALTHCARE BENEFITS - Narrative (Details) (Postretirement Benefit Plans) | 12 Months Ended | |
Jan. 01, 2012 | Jan. 02, 2011 | |
Postretirement Benefit Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.00% | 4.75% |
SEGMENT_REPORTING_Information_
SEGMENT REPORTING - Information about Operations by Reportable Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from external customers | $601,988 | $648,109 | $668,377 |
Operating income | 20,781 | 17,958 | 23,164 |
Depreciation and amortization | 22,007 | 21,809 | 23,255 |
Healthcare | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from external customers | 215,883 | 236,772 | 250,963 |
Operating income | 12,704 | 14,475 | 19,575 |
Depreciation and amortization | 8,285 | 8,011 | 8,390 |
Business Solutions | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from external customers | 386,105 | 411,337 | 417,414 |
Operating income | 8,077 | 3,483 | 3,589 |
Depreciation and amortization | $13,722 | $13,798 | $14,865 |
SEGMENT_REPORTING_Reconciling_
SEGMENT REPORTING - Reconciling Information Between Reportable Segments and Consolidated Financial Statements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' |
Segment operating income | $20,781 | $17,958 | $23,164 |
Restructuring and other exit costs | -4,278 | -5,198 | -1,733 |
Net pension periodic benefit costs, unallocated | -41,471 | -60,934 | -5,264 |
Unallocated portion of postretirement credit | 0 | 15,164 | 0 |
Other unallocated | -324 | 1,106 | 51 |
Total other expense | -2,650 | -1,834 | -2,522 |
(LOSS) INCOME BEFORE INCOME TAXES | ($27,942) | ($33,738) | $13,696 |
SEGMENT_REPORTING_Revenue_by_P
SEGMENT REPORTING - Revenue by Products and Services (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | $601,988 | $648,109 | $668,377 |
' | ' | ' | |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | 366,127 | 391,486 | 407,473 |
Labels | ' | ' | ' |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | 105,680 | 108,547 | 104,511 |
Software | ' | ' | ' |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | 8,924 | 9,487 | 10,371 |
Services | ' | ' | ' |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | 73,177 | 87,466 | 95,124 |
Other | ' | ' | ' |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | $48,080 | $51,123 | $50,898 |
SEGMENT_REPORTING_Narrative_De
SEGMENT REPORTING - Narrative (Detail) | 12 Months Ended |
Dec. 30, 2012 | |
Segment | |
Segment Reporting Information, Additional Information [Abstract] | ' |
Number of reportable segments | 2 |
Concentration Risk Disclosure [Text Block] | 'No single customer provided more than 10% of the Company's consolidated revenue in any of the years presented. Currently, one financial customer accounts for approximately 10% of the Business Solution segment's revenue. |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Payments (Details) (USD $) | Dec. 30, 2012 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2013 | $7,870 |
2014 | 4,499 |
2015 | 3,553 |
2016 | 1,297 |
2017 | 609 |
Later years | 0 |
Total | $17,828 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Purchase commitments | $6,437 | ' | ' |
Early termination penalties related to purchase commitments | 3,555 | ' | ' |
Operating lease expense | 11,301 | 12,579 | 13,778 |
Outstanding letters of credit | 3,996 | ' | ' |
Environmental costs included in SG&A | 393 | 203 | -803 |
Pasco Sanitary Landfill Superfund Site | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Environmental liabilities | 1,213 | ' | ' |
Period of time over which remediation costs are expected to be incurred | '60 years | ' | ' |
Valleycrest Landfill Site | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Environmental liabilities | $2,640 | ' | ' |
Period of time over which remediation costs are expected to be incurred | '30 years | ' | ' |
CHANGE_IN_PENSION_ACCOUNTING_M3
CHANGE IN PENSION ACCOUNTING METHOD (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 02, 2011 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | |||
Defined Benefit Plan Mark to Market Corridor Percentage | 10.00% | ' | ' | |||
Cumulative Effect on Retained Earnings, Net of Tax | $142,455 | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | |||
Selling, general and administrative | 201,416 | 245,114 | 191,857 | |||
INCOME TAX EXPENSE | 534 | 91,695 | 5,898 | |||
Net (loss) income | -28,476 | -125,433 | 7,798 | |||
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | |||
Net (loss) income | -28,476 | -125,433 | 7,798 | |||
Change in net actuarial losses | -2,179 | -18,181 | -2,899 | |||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 0 | 2,485 | 294 | |||
Balance Sheet [Abstract] | ' | ' | ' | |||
Retained earnings | -136,303 | -107,836 | ' | |||
Accumulated other comprehensive losses | -39,454 | -37,413 | -7,875 | |||
Statement of Cash Flows [Abstract] | ' | ' | ' | |||
Net (loss) income | -28,476 | -125,433 | 7,798 | |||
Deferred tax expense | 53 | 91,330 | 4,955 | |||
Pension and postretirement benefit cost | 41,471 | 37,520 | 2,131 | |||
Scenario, Previously Reported [Member] | ' | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | |||
Selling, general and administrative | 182,012 | [1] | 207,379 | [1] | 204,180 | [1] |
Income (Loss) from Continuing Operations Attributable to Parent | -5,888 | 5,831 | 3,895 | |||
INCOME TAX EXPENSE | 534 | 91,695 | 1,005 | |||
Net (loss) income | -9,072 | -87,698 | 368 | |||
Earnings Per Share, Basic | ($0.31) | ($3.02) | $0.01 | |||
Earnings Per Share, Diluted | ($0.31) | ($3.02) | $0.01 | |||
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | |||
Net (loss) income | -9,072 | -87,698 | 368 | |||
Change in net actuarial losses | -45,512 | -80,426 | -6,781 | |||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 23,929 | 26,995 | 11,606 | |||
Balance Sheet [Abstract] | ' | ' | ' | |||
Retained earnings | 55,861 | 64,924 | ' | |||
Accumulated other comprehensive losses | -231,618 | -210,173 | ' | |||
Statement of Cash Flows [Abstract] | ' | ' | ' | |||
Net (loss) income | -9,072 | -87,698 | 368 | |||
Deferred tax expense | 53 | 91,330 | 62 | |||
Pension and postretirement benefit cost | 22,067 | -215 | 14,454 | |||
Scenario, Actual [Member] | ' | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | |||
Selling, general and administrative | 201,416 | [1] | 245,114 | [1] | 191,857 | [1] |
Income (Loss) from Continuing Operations Attributable to Parent | -25,292 | -31,904 | 16,218 | |||
INCOME TAX EXPENSE | 534 | 91,695 | 5,898 | |||
Net (loss) income | -28,476 | -125,433 | 7,798 | |||
Earnings Per Share, Basic | ($4.88) | ($21.59) | $1.35 | |||
Earnings Per Share, Diluted | ($4.88) | ($21.59) | $1.35 | |||
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | |||
Net (loss) income | -28,476 | -125,433 | 7,798 | |||
Change in net actuarial losses | -2,179 | -18,181 | -2,899 | |||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 0 | 2,485 | 294 | |||
Balance Sheet [Abstract] | ' | ' | ' | |||
Retained earnings | -136,303 | -107,836 | ' | |||
Accumulated other comprehensive losses | -39,454 | -37,413 | ' | |||
Statement of Cash Flows [Abstract] | ' | ' | ' | |||
Net (loss) income | -28,476 | -125,433 | 7,798 | |||
Deferred tax expense | 53 | 91,330 | 4,955 | |||
Pension and postretirement benefit cost | $41,471 | $37,520 | $2,131 | |||
[1] | After reclassification of pension settlements |
REVERSE_STOCK_SPLIT_Details
REVERSE STOCK SPLIT (Details) (USD $) | 6 Months Ended | 6 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 30, 2012 | Jan. 01, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
Common Stock | Common Stock | Common Class A | Common Class A | Before Reverse Stock Split [Member] | Before Reverse Stock Split [Member] | After Reverse Stock Split [Member] | After Reverse Stock Split [Member] | After Reverse Stock Split [Member] | ||
Common Stock | Common Class A | Common Stock | Common Class A | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse Stock Split Conversion Ratio | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Reverse Stock Splits | ' | ' | ' | ' | ' | 26,947,892 | 4,725,000 | ' | 7,006,413 | 944,996 |
Common stock, par value | ' | $1 | $1 | $1 | $1 | ' | ' | $1 | ' | ' |
Adjustments to Additional Paid in Capital, Stock Split | ' | ' | ' | ' | ' | ' | ' | $23,721 | ' | ' |