DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION (USD $) | 12 Months Ended | |||
Dec. 29, 2013 | Jun. 30, 2013 | Feb. 02, 2014 | Feb. 02, 2014 | |
Common Stock | Common Class A | |||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 29-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Trading Symbol | 'SR | ' | ' | ' |
Entity Registrant Name | 'STANDARD REGISTER CO | ' | ' | ' |
Entity Central Index Key | '0000093456 | ' | ' | ' |
Current Fiscal Year End Date | '--12-29 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' | ' |
Entity Public Float | ' | $7,577,761 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 10,250,492 | 944,996 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $2,342 | $1,012 |
Accounts receivable, net | 157,567 | 104,513 |
Inventories, net | 61,939 | 44,281 |
Prepaid expense | 14,508 | 9,248 |
Total current assets | 236,356 | 159,054 |
PLANT AND EQUIPMENT | ' | ' |
Land | 3,980 | 1,900 |
Buildings and improvements | 76,791 | 65,259 |
Machinery and equipment | 195,645 | 182,830 |
Office equipment | 172,379 | 156,596 |
Construction in progress | 6,060 | 2,886 |
Total | 454,855 | 409,471 |
Less accumulated depreciation | 361,852 | 350,548 |
Total plant and equipment, net | 93,003 | 58,923 |
OTHER ASSETS | ' | ' |
Goodwill | 78,634 | 7,456 |
Deferred tax asset | 9,306 | 22,765 |
Other | 8,768 | 5,773 |
Total other assets | 151,518 | 41,927 |
Total assets | 480,877 | 259,904 |
CURRENT LIABILITIES | ' | ' |
Current portion of long-term debt | 5,589 | 2,361 |
Accounts payable | 51,748 | 29,237 |
Other current liabilities | 68,020 | 43,234 |
Total current liabilities | 125,357 | 74,832 |
LONG-TERM LIABILITIES | ' | ' |
Long-term debt | 263,880 | 49,159 |
Pension benefit liability | 192,779 | 252,665 |
Deferred compensation | 3,169 | 3,498 |
Environmental liabilities | 3,786 | 3,986 |
Other long-term liabilities | 3,203 | 2,624 |
Total long-term liabilities | 466,817 | 311,932 |
COMMITMENTS AND CONTINGENCIES - See Note 18 | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Capital in excess of par value | 97,290 | 91,266 |
Accumulated other comprehensive losses | -25,233 | -39,454 |
Accumulated deficit | -143,716 | -136,303 |
Treasury stock at cost: 2,021 shares | -50,236 | -50,236 |
Total shareholders' deficit | -111,297 | -126,860 |
Total liabilities and shareholders' deficit | 480,877 | 259,904 |
Common Stock | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Common stock | 9,653 | 6,922 |
Common Class A | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Common stock | 945 | 945 |
Customer relationships | ' | ' |
OTHER ASSETS | ' | ' |
Finite-Lived Intangible Assets, Net | 43,355 | 1,827 |
Other Intangible Assets [Member] | ' | ' |
OTHER ASSETS | ' | ' |
Finite-Lived Intangible Assets, Net | $11,455 | $4,106 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Treasury stock, shares | 2,021 | 2,021 |
Common Stock | ' | ' |
Common stock, par value | 1 | 1 |
Common stock, Authorized | 101,000 | 101,000 |
Common stock, Issued | 9,653 | 6,922 |
Common Class A | ' | ' |
Common stock, par value | 1 | 1 |
Common stock, Authorized | 9,450 | 9,450 |
Common stock, Issued | 945 | 945 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
REVENUE | ' | ' | ' |
Products | $619,170 | $528,811 | $560,643 |
Services | 100,613 | 73,177 | 87,466 |
Total revenue | 719,783 | 601,988 | 648,109 |
COST OF SALES | ' | ' | ' |
Products | 452,717 | 378,782 | 396,080 |
Services | 60,598 | 42,804 | 53,860 |
Total cost of sales | 513,315 | 421,586 | 449,940 |
GROSS MARGIN | 206,468 | 180,402 | 198,169 |
OPERATING EXPENSES | ' | ' | ' |
Selling, general and administrative | 182,936 | 200,434 | 245,114 |
Acquisition and integration costs | 10,776 | 982 | 0 |
Asset impairments | 1,262 | 0 | 0 |
Postretirement plan termination | 0 | 0 | -20,239 |
Restructuring and other exit costs | 14,460 | 4,278 | 5,198 |
Total operating expenses | 209,434 | 205,694 | 230,073 |
LOSS FROM OPERATIONS | -2,966 | -25,292 | -31,904 |
OTHER INCOME (EXPENSE) | ' | ' | ' |
Interest expense | -9,861 | -2,689 | -2,466 |
Other income | 65 | 39 | 632 |
Total other expense | -9,796 | -2,650 | -1,834 |
LOSS BEFORE INCOME TAXES | -12,762 | -27,942 | -33,738 |
INCOME TAX (BENEFIT) EXPENSE | -5,349 | 534 | 91,695 |
NET LOSS | ($7,413) | ($28,476) | ($125,433) |
LOSS PER SHARE | ($1.16) | ($4.88) | ($21.59) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Net loss | ($7,413) | ($28,476) | ($125,433) |
Actuarial gain (loss), net of ($18,771) and $49 deferred income tax (benefit) expense in 2013 and 2011 | 14,390 | -2,179 | -18,181 |
Actuarial loss reclassification, net of $1,635 deferred income tax expense in 2011 | 0 | 0 | 2,485 |
Prior service credit, net of $2,015 deferred income tax expense in 2011 | 0 | 0 | 3,059 |
Prior service credit reclassification, net of $10,998 deferred income tax benefit for 2011 | 0 | 0 | -16,697 |
Cumulative translation adjustment | -169 | 138 | -204 |
Other Comprehensive Income (Loss), Net of Tax | 14,221 | -2,041 | -29,538 |
COMPREHENSIVE INCOME (LOSS) | $6,808 | ($30,517) | ($154,971) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Net actuarial gains (losses), deferred income tax (benefit) expense | ($18,771) | $0 | $49 |
Actuarial loss reclassification, deferred income tax expense | 0 | 0 | 1,635 |
Prior service credit, deferred income tax expense | 0 | 0 | 2,015 |
Prior service credit reclassification, deferred income tax benefit | $0 | $0 | ($10,998) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss | ($7,413) | ($28,476) | ($125,433) |
Adjustments to reconcile net (loss) income to cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 27,064 | 22,007 | 21,809 |
Asset impairments | 1,262 | 0 | 0 |
Restructuring and other exit costs | 14,460 | 4,278 | 5,198 |
Pension and postretirement cost | 64 | 41,471 | 37,520 |
Deferred taxes | -6,199 | 53 | 91,330 |
Other | 6,045 | 3,361 | 2,053 |
Changes in operating assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Accounts and notes receivable | 899 | 9,221 | 8,607 |
Inventories | 5,047 | 4,541 | 5,239 |
Restructuring payments | -8,136 | -8,567 | -1,227 |
Accounts payable and other current liabilities | -320 | -1,310 | -6,670 |
Pension and postretirement contributions | -26,887 | -27,280 | -28,734 |
Other assets and liabilities | 593 | -783 | 3,563 |
Net cash provided by operating activities | 6,479 | 18,516 | 13,255 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Additions to plant and equipment | -12,209 | -5,972 | -14,186 |
Proceeds from sale of equipment | 336 | 134 | 1,845 |
Acquisitions, net of cash received | 4,694 | 0 | -4,905 |
Net cash used in investing activities | -7,179 | -5,838 | -17,246 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net change in borrowings under revolving credit facility | 7,730 | -8,760 | 12,661 |
Debt issuance costs | -2,357 | 0 | 0 |
Principal payments on long-term debt | -2,611 | -2,483 | -1,721 |
Dividends paid | 0 | -1,502 | -5,836 |
Other | -564 | -613 | 105 |
Net cash provided by (used in) financing activities | 2,198 | -13,358 | 5,209 |
Effect of exchange rate changes on cash | -168 | 123 | -180 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,330 | -557 | 1,038 |
Cash and cash equivalents at beginning of year | 1,012 | 1,569 | 531 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 2,342 | 1,012 | 1,569 |
SUPPLEMENTAL CASH FLOW DISCLOSURES | ' | ' | ' |
Interest | 5,226 | 2,704 | 2,461 |
Income taxes | 656 | 101 | 184 |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' | ' |
Capital leases | 2,292 | 144 | 7,287 |
Acquisition financing | 0 | 0 | 1,276 |
Additions to short term notes payable | 500 | 0 | 0 |
Fair Value of Warrants Issued as Consideration | $6,509 | $0 | $0 |
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 | Accumulated Deficit | Treasury Stock |
In Thousands, unless otherwise specified | |||||||
Beginning balance at Jan. 02, 2011 | ' | $6,843 | ' | $86,565 | ($7,875) | $23,493 | ($50,167) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan | ' | 11 | ' | ' | ' | ' | ' |
Exercise of warrants | ' | 0 | ' | 0 | ' | ' | ' |
Exercise of stock options | ' | 0 | ' | 0 | ' | ' | ' |
Issuance of vested shares | ' | 35 | ' | -35 | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | 1,905 | ' | ' | ' |
Issuance of warrants | ' | ' | ' | 0 | ' | ' | ' |
Other | ' | ' | ' | 152 | ' | ' | ' |
Cumulative translation adjustment | -204 | ' | ' | ' | -204 | ' | ' |
Change in net actuarial losses | -18,181 | ' | ' | ' | -15,696 | ' | ' |
Change in net prior service credit | -3,059 | ' | ' | ' | -13,638 | ' | ' |
Net loss | -125,433 | ' | ' | ' | ' | -125,433 | ' |
Dividends declared, $1.00 per share | ' | ' | ' | ' | ' | -5,896 | ' |
Other | ' | ' | ' | ' | ' | 0 | ' |
Treasury stock acquired | ' | ' | ' | ' | ' | ' | -58 |
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 | ' | ' | ' | ' | ' |
Exercise of warrants | ' | 0 | ' | 0 | ' | ' | ' |
Exercise of stock options | ' | 0 | ' | 0 | ' | ' | ' |
Issuance of vested shares | ' | 33 | ' | -33 | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | 2,706 | ' | ' | ' |
Issuance of warrants | ' | ' | ' | 0 | ' | ' | ' |
Other | ' | ' | ' | 6 | ' | ' | ' |
Cumulative translation adjustment | 138 | ' | ' | ' | 138 | ' | ' |
Change in net actuarial losses | -2,179 | ' | ' | ' | -2,179 | ' | ' |
Change in net prior service credit | 0 | ' | ' | ' | 0 | ' | ' |
Net loss | -28,476 | ' | ' | ' | ' | -28,476 | ' |
Dividends declared, $1.00 per share | ' | ' | ' | ' | ' | 0 | ' |
Other | ' | ' | ' | ' | ' | 9 | ' |
Treasury stock acquired | ' | ' | ' | ' | ' | ' | -11 |
Ending balance at Dec. 30, 2012 | -126,860 | 6,922 | 945 | 91,266 | -39,454 | -136,303 | -50,236 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan | ' | 0 | ' | ' | ' | ' | ' |
Exercise of warrants | ' | 2,646 | ' | -2,646 | ' | ' | ' |
Exercise of stock options | ' | 1 | ' | 3 | ' | ' | ' |
Issuance of vested shares | ' | 84 | ' | -84 | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | 2,310 | ' | ' | ' |
Issuance of warrants | ' | ' | ' | 6,509 | ' | ' | ' |
Other | ' | ' | ' | -68 | ' | ' | ' |
Cumulative translation adjustment | -169 | ' | ' | ' | -169 | ' | ' |
Change in net actuarial losses | 14,390 | ' | ' | ' | 14,390 | ' | ' |
Change in net prior service credit | 0 | ' | ' | ' | 0 | ' | ' |
Net loss | -7,413 | ' | ' | ' | ' | -7,413 | ' |
Dividends declared, $1.00 per share | ' | ' | ' | ' | ' | 0 | ' |
Other | ' | ' | ' | ' | ' | 0 | ' |
Treasury stock acquired | ' | ' | ' | ' | ' | ' | 0 |
Ending balance at Dec. 29, 2013 | ($111,297) | $9,653 | $945 | $97,290 | ($25,233) | ($143,716) | ($50,236) |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' (DEFICIT) EQUITY (Parenthetical) (Accumulated Deficit, USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Accumulated Deficit | ' | ' | ' |
Dividends per share declared (usd per share) | $0 | $0 | $1 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
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, promotional products, and software. Service revenue primarily includes warehousing and custom-delivery services (distribution services), professional services and other consulting, and software postcontract support. | ||||||||||||
The accounting policies that affect the more significant elements of our financial statements are summarized below. | ||||||||||||
Principles of Consolidation | ||||||||||||
The accompanying consolidated financial statements include the accounts of The Standard Register Company and its wholly-owned subsidiaries (referenced in this report as the "Company," "we," "our," or “Standard Register,”) after elimination of intercompany transactions, profits, and balances. The accounts of businesses acquired during 2013 and 2011 are included in the consolidated financial statements from the dates of acquisition. There were no acquisitions during 2012. | ||||||||||||
Fiscal Year | ||||||||||||
Our fiscal year is the 52- or 53-week period ending the Sunday nearest to December 31. Fiscal years 2013, 2012, and 2011, ended on December 29, 2013, December 30, 2012, and January 1, 2012, and each included 52 weeks. As described in Note 3, the accompanying consolidated financial statements include the results of operations and cash flows for WorkflowOne, LLC (WorkflowOne) from August 1, 2013, the acquisition date, through December 31, 2013, the end of their calendar year. We do not believe the difference in fiscal year-end dates has a material impact on our consolidated financial statements. | ||||||||||||
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; restructuring 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’ deficit 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 $1,165, $(103), and $1,248 in 2013, 2012, and 2011. | ||||||||||||
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 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 $22,201, $20,917, and $21,178 in 2013, 2012, and 2011 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 fair value of net assets of businesses acquired and is not amortized. Goodwill is evaluated for impairment on an annual basis in the second quarter, or more frequently if impairment indicators arise. The annual goodwill test for 2013 was performed prior to the acquisition of WorkflowOne. The evaluation can be performed through either a qualitative assessment, if appropriate based on current conditions, or a quantitative fair-value-based test that compares the fair value of the asset to its carrying value. Factors used in the quantitative evaluation of goodwill include, but are not limited to, management's plans for future operations, recent operating results, projected future cash flows, and a weighted-average cost of capital. | ||||||||||||
Intangible assets with determinable lives are primarily amortized on a straight-line basis over their estimated useful life. | ||||||||||||
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 their estimated useful life using the straight-line method, up to a maximum 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 $18,217 at December 29, 2013 and $9,462 at December 30, 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. | ||||||||||||
Pension Benefits | ||||||||||||
We sponsor both funded and unfunded defined benefit pension plans covering certain U.S. employees and retirees. We recognize net actuarial gains or losses in excess of 10 percent of the greater of the plan's projected benefit obligation or the plan's assets (the corridor) annually in the fourth quarter each year (MTM adjustment), and, if applicable, in any interim quarter in which a remeasurement occurs. The remaining components of pension expense, interest cost and the expected return on plan assets, are recorded as ongoing pension expense. | ||||||||||||
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 revenues earned by the Company require judgment to determine if revenue should be recorded at the gross amount, or net of related costs. Generally, revenues are recognized on a gross basis if we have control over selecting vendors and pricing, are the primary obligor in the arrangement, bear credit risk, and bear the risk of loss for inventory. Revenue from arrangements that do not meet these criteria generally is recognized on a net basis. | ||||||||||||
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 deferred and recognized as the services are performed. | ||||||||||||
To determine 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 generally 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 considering 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. | |||||||||||
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 $4,138, $3,356, and $4,530 in 2013, 2012, and 2011. | ||||||||||||
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 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’ deficit. Changes in accumulated other comprehensive loss, net of deferred taxes, consist of the following: | ||||||||||||
Foreign Currency Translation | Defined Benefit Pension Plans | Total | ||||||||||
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 | ) | ||||||
Net current-period other comprehensive income | (169 | ) | 14,390 | 14,221 | ||||||||
Balance at December 29, 2013 | $ | (361 | ) | $ | (24,872 | ) | $ | (25,233 | ) | |||
Intraperiod tax allocation rules require us to consider the income recorded in other comprehensive income when determining the amount of tax benefit to be recorded on the loss in continuing operations. Accordingly tax expense of $5,540 is allocated to other comprehensive income because of the tax benefit recorded in continuing operations. Since the amount of income tax expense allocated to other comprehensive income under this intraperiod allocation requirement is equal to the amount of income tax benefit recorded in continuing operations, our overall tax position at December 29, 2013, including the amount of our deferred tax asset and valuation allowance, is not impacted by this tax allocation. | ||||||||||||
In 2013, we chose to early adopt ASU 2013-11, which requires an unrecognized tax benefit to be classified as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The adoption of the ASU impacted our financial statement presentation and disclosures of our unrecognized tax benefits, but otherwise did not impact our consolidated results of operations or cash flows. |
ACCOUNTING_CHANGES_Notes
ACCOUNTING CHANGES (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' | |||||||||||||||||||||||
In 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 (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, 2011, of $135,025 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 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||
Selling, general and administrative | $ | 207,193 | $ | 182,936 | $ | 181,030 | $ | 200,434 | $ | 207,379 | $ | 245,114 | ||||||||||||
(Loss) income from operations | (27,223 | ) | (2,966 | ) | (5,888 | ) | (25,292 | ) | 5,831 | (31,904 | ) | |||||||||||||
Income tax (benefit) expense | (14,877 | ) | (5,349 | ) | 534 | 534 | 91,695 | 91,695 | ||||||||||||||||
Net loss | (22,142 | ) | (7,413 | ) | (9,072 | ) | (28,476 | ) | (87,698 | ) | (125,433 | ) | ||||||||||||
Loss per share | (3.47 | ) | (1.16 | ) | (1.55 | ) | (4.88 | ) | (15.10 | ) | (21.59 | ) | ||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||
Net loss | $ | (22,142 | ) | $ | (7,413 | ) | $ | (9,072 | ) | $ | (28,476 | ) | $ | (87,698 | ) | $ | (125,433 | ) | ||||||
Actuarial gain (loss), net of tax | 12,567 | 14,390 | (45,512 | ) | (2,179 | ) | (80,426 | ) | (18,181 | ) | ||||||||||||||
Actuarial loss reclassification, net of tax | 16,552 | — | 23,929 | — | 26,995 | 2,485 | ||||||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||||
Retained earnings (accumulated deficit) | $ | 33,719 | $ | (143,716 | ) | $ | 55,861 | $ | (136,303 | ) | ||||||||||||||
Accumulated other comprehensive losses | (202,668 | ) | (25,233 | ) | (231,618 | ) | (39,454 | ) | ||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||
Net loss | $ | (22,142 | ) | $ | (7,413 | ) | $ | (9,072 | ) | $ | (28,476 | ) | $ | (87,698 | ) | $ | (125,433 | ) | ||||||
Deferred taxes | (15,727 | ) | (6,199 | ) | 53 | 53 | 91,330 | 91,330 | ||||||||||||||||
Pension and postretirement cost (benefit) | 24,321 | 64 | 22,067 | 41,471 | (215 | ) | 37,520 | |||||||||||||||||
ACQUISITION
ACQUISITION | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
ACQUISITIONS | ' | |||||||
ACQUISITION | ||||||||
On August 1, 2013, the Company acquired all of the outstanding membership interests of WorkflowOne for a total purchase price of one dollar (the "Acquisition"). In connection with the Acquisition, the Company also assumed $210,000 of WorkflowOne's existing debt under two secured credit facilities (the "First Lien Term Loan" and "Second Lien Term Loan") and issued warrants with an estimated fair value of $6,509 that were subsequently converted into 2,645,945 shares of the Company's Common Stock in October 2013. The exercise price of each warrant was $0.00001 per common share. The estimated fair value of the warrants issued was calculated based on the closing market price of the Company's stock on July 31, 2013, with an estimated discount for lack of marketability due to certain restrictions. | ||||||||
In addition, the Company issued $10,000 of non-interest bearing “Tranche B Second Lien Term Loans" that were subsequently cancelled for no consideration as part of the final working capital settlement. The working capital adjustment also resulted in (i) the conversion of $3,678 of the Tranche B Second Lien Term Loans into the Second Lien Term Debt, (ii) the reduction of $3,678 in the First Lien Term Debt, and (iii) the receipt of an additional $1,322 in cash from the Acquisition in October 2013. The transaction did not contain any other contingent consideration arrangements. | ||||||||
WorkflowOne provides printing, document management, distribution, and marketing services to a large customer base. We believe the Acquisition will advance the Company's revenue position, enhance its product and solutions portfolio, broaden its customer base, improve its cost structure, and provide greater financial flexibility and stability. | ||||||||
Results of operations for WorkflowOne are included in the Company's consolidated financial statements from the date of acquisition. The Acquisition was integrated into our Healthcare and Business Solutions segments. Total revenue of $183,984 and net income of $4,492 attributable to WorkflowOne are included in the Company’s Consolidated Statement of Income for the year ended December 29, 2013. | ||||||||
Recording of assets acquired and liabilities assumed | ||||||||
The transaction has been accounted for using the acquisition method of accounting which requires, among other things, the assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. No material assets or liabilities arose from contingencies recognized at the acquisition date. The acquisition accounting is complete and all fair values assigned are considered final. Amounts previously reported were preliminary, and therefore some values have changed. Significant adjustments made in the fourth quarter primarily include a $3,029 increase in the cash received from the acquisition, a $1,503 increase in the fair value assigned to accounts receivable, and a related reduction in the amount of goodwill recognized. The following summarizes the assets acquired and the liabilities assumed by the Company in the Acquisition: | ||||||||
August 1, | ||||||||
2013 | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 4,694 | ||||||
Accounts receivable | 55,154 | |||||||
Inventories | 24,518 | |||||||
Plant and equipment | 42,915 | |||||||
Goodwill | 71,178 | |||||||
Identified intangibles | 53,740 | |||||||
Other assets | 7,140 | |||||||
Liabilities | ||||||||
Long-term debt and capital leases, including current portion | (210,538 | ) | ||||||
Other liabilities assumed | (42,292 | ) | ||||||
Net assets acquired | $ | 6,509 | ||||||
Intangible Assets | ||||||||
Identifiable intangible assets created as a result of the WorkFlowOne acquisition are being amortized on a straight-line basis. The fair value and weight-average useful lives assigned to to intangible assets acquired are as follows: | ||||||||
Fair Value | Weighted-Average Useful life | |||||||
Customer relationships | $ | 45,100 | 6 years | |||||
Trademarks | 8,500 | 8 years | ||||||
Favorable lease agreements | 140 | 2.5 years | ||||||
Total | $ | 53,740 | 6.3 years | |||||
Goodwill | ||||||||
Goodwill in the amount of $71,178 has been recorded for the acquisition of WorkFlowOne. Goodwill is calculated as the excess of the consideration transferred over the fair value of net assets recognized and represents the estimated future benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill will not be amortized, but will be tested for impairment at least annually or more frequently if events or circumstances indicate impairment may exist. We expect that all of the goodwill will be deductible for tax purposes. The goodwill recorded includes the synergies and other benefits that we expect to result from combining the operations of WorkFlowOne with the Company and any intangible assets that do not qualify for separate recognition, such as the WorkFlowOne trained and assembled workforce. Of the total amount, $51,391 was allocated to our Business Solutions segment and $19,787 was allocated to our Healthcare segment. | ||||||||
Expenses related to the acquisition | ||||||||
The Company expects to incur substantial transaction and integration expenses in connection with the Acquisition, including the necessary costs associated with integrating the operations of the two companies. Acquisition-related transaction costs are not included as a component of consideration transferred, but are accounted for as an expense in the period in which the costs are incurred. All such costs are classified as acquisition and integration costs in the accompanying Consolidated Statements of Income. We incurred $10,776 and $982 of acquisition and integration costs in 2013 and 2012, of which $9,042 in 2013 and substantially all of 2012 represent transaction costs that primarily include advisory, legal, accounting, valuation, and other professional fees. In addition, $2,357 of debt-issuance costs were incurred and recorded as a long-term asset being amortized to interest expense over the term of the respective debt agreements. | ||||||||
We expect to incur approximately $14,000 to $19,000 over the next two years for technology and facility integration costs that do not qualify as restructuring and other exit costs under U.S. GAAP. While we have assumed a certain level of expenses will be incurred, there are many factors that could affect the total amount or the timing of these expenses, and many of the expenses are, by their nature, difficult to estimate. | ||||||||
Pro forma impact of the acquisition | ||||||||
The following table summarizes pro forma financial information for the years ended December 29, 2013 and December 30, 2012 as if the Acquisition had occurred at the beginning of fiscal 2012. The pro forma financial information includes adjustments to interest expense for the long-term debt assumed and amendment to our Revolving Credit Facility, adjustments to amortization associated with the acquired intangible assets, and adjustments to depreciation expense for fair value adjustments to inventory and plant and equipment. Adjustments were also made to exclude the non-recurring transaction costs discussed above and $1,813 of non-recurring expense related to the fair value adjustment to acquisition-date inventory. | ||||||||
The pro forma financial information does not reflect any cost savings that may be realized as a result of the Acquisition and is not necessarily indicative of what our consolidated results would have been had the Acquisition been completed on January 2, 2012. | ||||||||
(Unaudited) | 2013 | 2012 | ||||||
Revenue | $ | 975,256 | $ | 1,061,342 | ||||
Operating income (loss) | 15,321 | (13,912 | ) | |||||
Net loss | (2,695 | ) | (34,572 | ) | ||||
Loss per share | (0.42 | ) | (5.92 | ) | ||||
REVERSE_STOCK_SPLIT_Notes
REVERSE STOCK SPLIT (Notes) | 12 Months Ended |
Dec. 29, 2013 | |
Equity [Abstract] | ' |
Reverse Stock Split [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. |
ITEMS_DISCLOSED_AT_FAIR_VALUE
ITEMS DISCLOSED AT FAIR VALUE | 12 Months Ended |
Dec. 29, 2013 | |
Fair Value Disclosures [Abstract] | ' |
ITEMS DISCLOSED AT FAIR VALUE | ' |
FAIR VALUE MEASUREMENTS | |
The Company's only assets and liabilities adjusted to fair value on a recurring basis are pension benefit plan assets. See Note 16 for the fair value of our pension plan assets as of December 29, 2013 and December 30, 2012. The Company is also required to record certain assets and liabilities at fair value on a nonrecurring basis, primarily as a result of acquisitions. See Note 3 for further discussion of the fair value of assets and liabilities associated with the WorkFlowOne acquisition. | |
We also 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, accounts receivable, and accounts payable approximates fair value due to the short-term nature of these instruments. The carrying value of outstanding amounts under our Revolving Credit Facility, First and Second Lien Term Loans, and capital lease obligations 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_ASSET_IMPAIR
RESTRUCTURING AND ASSET IMPAIRMENT | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||
RESTRUCTURING AND OTHER EXIT COSTS | ' | |||||||||||||||||||||||||||
RESTRUCTURING AND ASSET IMPAIRMENT | ||||||||||||||||||||||||||||
All costs related to restructuring actions are included in restructuring and other exit costs in the accompanying Consolidated Statements of Income. Certain costs that are required to be expensed as incurred are not included in the restructuring liability. | ||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
On September 26, 2013, the Company’s Board of Directors approved a strategic restructuring program in connection with the recent acquisition of WorkflowOne and the integration of the two companies. The restructuring program is expected to continue through the end of 2015, and includes costs associated with workforce reductions, contract termination costs primarily from exiting leased facilities, and other associated costs, including fees to a third party to assist with the implementation of our plan, costs to consolidate facilities and relocate equipment and inventory, costs to consolidate our headquarters, and costs associated with the write-off of inventory (which will be recorded to cost of sales). | ||||||||||||||||||||||||||||
As a result of the plan, restructuring actions not yet initiated from previous restructuring plans are now integrated into our current plan. Components of the restructuring plan consist of the following: | ||||||||||||||||||||||||||||
Total | Total | Cumulative | ||||||||||||||||||||||||||
Expected | 2013 Expense | To-Date | ||||||||||||||||||||||||||
Costs | Expense | |||||||||||||||||||||||||||
Employee separation costs | $ | 9,200 | $ | 9,184 | $ | 9,184 | ||||||||||||||||||||||
Contract exit and termination costs | 7,000 | 150 | 150 | |||||||||||||||||||||||||
Other associated exit costs | 13,600 | 5,117 | 5,117 | |||||||||||||||||||||||||
Total | $ | 29,800 | $ | 14,451 | $ | 14,451 | ||||||||||||||||||||||
A summary of activity in the restructuring liability is as follows: | ||||||||||||||||||||||||||||
Accrued | Incurred | Reversed | Balance | |||||||||||||||||||||||||
in 2013 | in 2013 | in 2013 | 2013 | |||||||||||||||||||||||||
Employee separation costs | $ | 9,503 | $ | (1,191 | ) | $ | (607 | ) | $ | 7,705 | ||||||||||||||||||
Contract exit and termination costs | 43 | (16 | ) | — | 27 | |||||||||||||||||||||||
Total | $ | 9,546 | $ | (1,207 | ) | $ | (607 | ) | $ | 7,732 | ||||||||||||||||||
Completed Restructuring Plans | ||||||||||||||||||||||||||||
Restructuring and other costs also included costs from completed restructuring plans, primarily from the following restructuring plan. | ||||||||||||||||||||||||||||
In late 2011, we developed a restructuring program that was announced in January 2012. Costs of the two-year program included 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 included fees to third parties to assist with the program implementation and certain costs related to implementation of a future ERP system that would have replaced select software applications. In 2013, we reversed a portion of previously accrued severance due to slightly lower than expected costs. The restructuring plan is complete and we do not expect any additional costs for this plan. | ||||||||||||||||||||||||||||
Components of the restructuring plan consist of the following: | ||||||||||||||||||||||||||||
Total | Total | Cumulative | ||||||||||||||||||||||||||
Expected | 2013 Expense | To-Date | ||||||||||||||||||||||||||
Costs | Expense | |||||||||||||||||||||||||||
Employee separation costs | $ | 5,911 | $ | (266 | ) | $ | 5,911 | |||||||||||||||||||||
Contract exit and termination costs | 300 | 53 | 300 | |||||||||||||||||||||||||
Other associated exit costs | 3,455 | 155 | 3,455 | |||||||||||||||||||||||||
Total | $ | 9,666 | $ | (58 | ) | $ | 9,666 | |||||||||||||||||||||
A summary of activity in the restructuring liability is as follows: | ||||||||||||||||||||||||||||
Balance 2011 | Accrued 2012 | Incurred 2012 | Balance | Incurred | Reversed in 2013 | Balance | ||||||||||||||||||||||
2012 | in 2013 | 2013 | ||||||||||||||||||||||||||
Employee separation costs | $ | 5,480 | $ | 697 | $ | (4,827 | ) | $ | 1,350 | $ | (1,084 | ) | $ | (266 | ) | $ | — | |||||||||||
Contract exit and termination costs | — | 174 | (153 | ) | 21 | (18 | ) | — | 3 | |||||||||||||||||||
Other associated exit costs | — | 1,980 | (1,980 | ) | — | — | — | — | ||||||||||||||||||||
Total | $ | 5,480 | $ | 2,851 | $ | (6,960 | ) | $ | 1,371 | $ | (1,102 | ) | $ | (266 | ) | $ | 3 | |||||||||||
We also have a restructuring liability related to employee severance and the consolidation of facilities which was assumed in the acquisition of WorkflowOne. | ||||||||||||||||||||||||||||
A summary of activity in the restructuring liability is as follows: | ||||||||||||||||||||||||||||
Balance | Incurred | Balance | ||||||||||||||||||||||||||
Acquired at Acquisition | in 2013 | 2013 | ||||||||||||||||||||||||||
Employee separation costs | $ | 98 | $ | (98 | ) | $ | — | |||||||||||||||||||||
Contract exit and termination costs | 218 | (40 | ) | 178 | ||||||||||||||||||||||||
Total | $ | 316 | $ | (138 | ) | $ | 178 | |||||||||||||||||||||
Asset Impairments | ||||||||||||||||||||||||||||
In 2013, we recorded a $1,262 asset impairment charge related to technology assets. The impairment is due to changes made to our future technology plans as a result of alternatives available to us from the acquisition. |
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
ACCOUNTS RECEIVABLE | ' | |||||||
ACCOUNTS RECEIVABLE | ||||||||
Accounts receivable consist of the following: | ||||||||
December 29, | December 30, | |||||||
2013 | 2012 | |||||||
Current: | ||||||||
Trade receivables | $ | 152,155 | $ | 100,420 | ||||
Less allowance for doubtful accounts | (2,625 | ) | (2,312 | ) | ||||
Net trade receivables | 149,530 | 98,108 | ||||||
Other receivables | 8,037 | 6,405 | ||||||
Total current receivables | $ | 157,567 | $ | 104,513 | ||||
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES | ' | |||||||
INVENTORIES | ||||||||
Inventories consist of the following: | ||||||||
December 29, | December 30, | |||||||
2013 | 2012 | |||||||
Materials and supplies | $ | 6,489 | $ | 5,554 | ||||
Jobs in process | 2,860 | 1,812 | ||||||
Finished products | 52,590 | 36,915 | ||||||
Total | $ | 61,939 | $ | 44,281 | ||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ' | ||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||||
Our two reportable segments, Healthcare and Business Solutions, are also our reporting units for purposes of goodwill impairment testing. We performed the annual impairment test of goodwill for all our reporting units in the second quarter of 2013 following a quantitative approach. No goodwill impairment was noted. The following table summarizes the allocation of goodwill following our reorganization in 2012 and our 2013 acquisition of WorkflowOne. | |||||||||||||||||||||||||
Healthcare | Business Solutions | Financial Services | Commercial | Industrial | Total | ||||||||||||||||||||
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 | |||||||||||||||||||
Acquisition | 19,787 | 51,391 | — | — | — | 71,178 | |||||||||||||||||||
Goodwill at December 29, 2013 | $ | 23,071 | $ | 55,563 | $ | — | $ | — | $ | — | $ | 78,634 | |||||||||||||
Identifiable intangible assets consist of the following: | |||||||||||||||||||||||||
December 29, 2013 | December 30, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Intangible Assets with Determinable Lives | |||||||||||||||||||||||||
Customer relationships | $ | 47,710 | $ | (4,355 | ) | $ | 2,610 | $ | (783 | ) | |||||||||||||||
Trademarks | 8,629 | (745 | ) | 129 | (28 | ) | |||||||||||||||||||
Patents | 2,916 | (1,193 | ) | 2,916 | (1,042 | ) | |||||||||||||||||||
Software technology | 2,650 | (946 | ) | 2,650 | (568 | ) | |||||||||||||||||||
Favorable lease agreements | 140 | (24 | ) | — | — | ||||||||||||||||||||
Non-compete agreement | 100 | (72 | ) | 100 | (51 | ) | |||||||||||||||||||
Total | $ | 62,145 | $ | (7,335 | ) | $ | 8,405 | $ | (2,472 | ) | |||||||||||||||
Amortization expense for intangible assets was $4,863, $1,090, and $631 for 2013, 2012, and 2011. Estimated amortization expense for the next five years is as follows: $10,110 in 2014, $9,637 in 2015, $8,966 in 2016, $8,966 in 2017, and $8,767 in 2018. |
OTHER_CURRENT_LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
OTHER CURRENT LIABILITIES | ' | |||||||
OTHER CURRENT LIABILITIES | ||||||||
Other current liabilities consist of the following: | ||||||||
December 29, | December 30, | |||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 13,876 | $ | 13,996 | ||||
Accrued restructuring and other exit costs | 7,913 | 1,371 | ||||||
Deferred revenue | 7,143 | 6,020 | ||||||
Accrued non-income taxes | 6,185 | 3,885 | ||||||
Current portion of pension | 1,959 | 2,058 | ||||||
Accrued customer rebates | 8,936 | 4,814 | ||||||
Other current liabilities | 22,008 | 11,090 | ||||||
Total | $ | 68,020 | $ | 43,234 | ||||
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
LONG-TERM DEBT | ' | |||||||
LONG-TERM DEBT | ||||||||
Long-term debt consists of the following: | ||||||||
December 29, | December 30, | |||||||
2013 | 2012 | |||||||
Revolving credit facility | $ | 51,358 | $ | 43,629 | ||||
First lien term loan | 120,075 | — | ||||||
Second lien term loan | 89,925 | — | ||||||
Capital lease obligations | 8,111 | 7,891 | ||||||
Total | 269,469 | 51,520 | ||||||
Less current portion | 5,589 | 2,361 | ||||||
Long-term portion | $ | 263,880 | $ | 49,159 | ||||
On August 1, 2013, the Company entered into an amended and restated loan and security agreement (Revolving Credit Facility) which amended the terms of the Company’s existing $100,000 senior secured revolving credit facility that would have matured in March 2014. The Revolving Credit Facility provides for borrowings up to $125,000 through August 1, 2018. At the time of amendment of the Company’s existing revolving credit facility, $47,118 was outstanding. This amount was immediately transferred to the Revolving Credit Facility. | ||||||||
The Revolving Credit Facility is secured by accounts receivable, inventories, fixed assets, and certain other assets. The Revolving 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 12.5% of aggregate commitments or $12,500, whichever is greater. | ||||||||
The Revolving 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 1.75% to 2.25% based on our level of liquidity. Payment of interest on base rate loans is based on the prime rate plus .75% to 1.25% based upon our level of liquidity. The weighted average interest rate, including the spread, was 2.38% at December 29, 2013 and 3.53% at December 30, 2012. We are also required to pay a fee on the unused portion of the Revolving Credit Facility payable at an annual rate of 0.25% if the unused portion is less than 50% of the aggregate commitment or 0.375% if the unused portion is greater than or equal to 50% of the aggregate commitment. As of December 29, 2013, such fee is payable at an annual rate of 0.375%. | ||||||||
Debt assumed from the WorkflowOne acquisition under the First Lien Term Loan was $120,075 and is secured by accounts receivable, inventories, fixed assets, and certain other assets of the Company. Quarterly payments of $2,500 are due on the last day of each calendar quarter beginning in September 2014, with additional mandatory payments due based on a percentage of excess cash flow and certain other events. The full unpaid principal amount is due on August 1, 2018. The debt will bear interest at an adjusted LIBOR plus 7.00%. At December 29, 2013, the interest rate, including the spread, was 7.5%. Required principal payments over the next five calendar years, excluding any potential payments based on excess cash flow, are as follows: 2014-$5,000; 2015-$10,000; 2016-$10,000; 2017-$10,000; and 2018-$85,075. | ||||||||
Debt assumed from the WorkflowOne acquisition under the Second Lien Term Loan was $89,925 and is secured by accounts receivable, inventories, fixed assets, and certain other assets of the Company. Upon the termination of the First Lien Term Loan, mandatory payments are due based on a percentage of excess cash flow and certain other events. The full unpaid principal amount is due on February 1, 2020. The debt will bear interest at an adjusted LIBOR plus 8.65%. At December 29, 2013, the interest rate, including the spread, was 9.15%. | ||||||||
The First and Second Lien Term Loans require the Company to be in compliance with specified quarterly financial covenants, the levels of which will change periodically. The covenants include a required minimum earnings level, a total leverage ratio, and, beginning in September 2014, a fixed charge coverage ratio. The Company was in compliance as of December 29, 2013. | ||||||||
In conjunction with the amendment of the Revolving Credit Facility and the assumption of the First and Second Lien Term Loans, the Company incurred $2,357 of debt issuance costs which were deferred and are being amortized over the lives of the respective facilities. | ||||||||
We have several capital leases for printing equipment. The capital leases have remaining aggregate payments, including interest, of approximately $8,900. Payments under the leases, including interest, are as follows: 2014-$3,417; 2015-$2,453; 2016-$2,102; 2017-$548; and 2018-$380. 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. 29, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
INCOME TAXES | |||||||||||||
Income tax expense consists of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | (59 | ) | $ | — | $ | — | ||||||
Foreign | 717 | 413 | 629 | ||||||||||
State and local | 192 | 68 | (264 | ) | |||||||||
$ | 850 | $ | 481 | $ | 365 | ||||||||
Deferred: | |||||||||||||
Federal | $ | (4,936 | ) | $ | — | $ | 75,068 | ||||||
Foreign | 27 | 53 | (104 | ) | |||||||||
State and local | (1,290 | ) | — | 16,366 | |||||||||
$ | (6,199 | ) | $ | 53 | $ | 91,330 | |||||||
Total | $ | (5,349 | ) | $ | 534 | $ | 91,695 | ||||||
Consolidated pretax (loss) income is comprised of the following sources: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. pretax loss | $ | (14,104 | ) | $ | (29,326 | ) | $ | (35,538 | ) | ||||
Non-U.S. pretax income | 1,342 | 1,384 | 1,800 | ||||||||||
Total | $ | (12,762 | ) | $ | (27,942 | ) | $ | (33,738 | ) | ||||
The amount of tax benefit on the loss from continuing operations considers all items including the net actuarial gain included in other comprehensive income for 2013. Intraperiod tax allocation rules require us to consider the income recorded in other comprehensive income when determining the amount of tax benefit to be recorded on the loss in continuing operations. Accordingly, a tax benefit is recorded in continuing operations and tax expense is allocated to other comprehensive income. Because the amount of income tax expense allocated to other comprehensive income under this intraperiod allocation requirement is equal to the amount of income tax benefit recorded in continuing operations, our overall tax position at December 29, 2013, including the amount of our deferred tax asset and valuation allowance, is not impacted by this tax allocation. | |||||||||||||
The components of the net current deferred tax liability and net long-term deferred tax asset consist of the following: | |||||||||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Current deferred tax: | |||||||||||||
Allowance for doubtful accounts | $ | 1,026 | $ | 886 | |||||||||
Inventories | (694 | ) | (4,031 | ) | |||||||||
Compensation and benefits | 2,102 | 4,375 | |||||||||||
Other | 6,049 | 3,404 | |||||||||||
Total current tax asset | 8,483 | 4,634 | |||||||||||
Less: valuation allowance | (10,061 | ) | (6,343 | ) | |||||||||
Net current deferred tax liability | $ | (1,578 | ) | $ | (1,709 | ) | |||||||
Long-term deferred tax: | |||||||||||||
Depreciation | $ | 187 | $ | (1,524 | ) | ||||||||
Goodwill and intangible assets | 4,383 | 550 | |||||||||||
Pension | 73,517 | 97,755 | |||||||||||
Capital loss carryforwards | 19,289 | 20,575 | |||||||||||
Net operating loss carryforward | 38,745 | 33,859 | |||||||||||
Federal tax credit | 1,541 | 1,600 | |||||||||||
Other | 7,473 | 6,238 | |||||||||||
Total long-term tax asset | 145,135 | 159,053 | |||||||||||
Less: valuation allowance | (135,829 | ) | (136,288 | ) | |||||||||
Net long-term deferred tax asset | $ | 9,306 | $ | 22,765 | |||||||||
Net deferred tax asset | $ | 7,728 | $ | 21,056 | |||||||||
At December 29, 2013, the Company has unused U.S. federal and state net operating loss carryforwards of $102,048 and $70,964, generally expiring from 2014 through 2033. 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 $7,700 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 from operations. Because of the cumulative losses in recent years, the Company is not relying on forecasts of future taxable income from operations to realize any U.S. deferred tax assets. | |||||||||||||
We also have a Canadian capital loss carryforward of $118,302 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: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes | 3.6 | (0.6 | ) | 4.8 | |||||||||
Meals and entertainment | (1.2 | ) | (0.4 | ) | (0.6 | ) | |||||||
Deficiencies on equity awards | (2.4 | ) | (2.4 | ) | (0.4 | ) | |||||||
Valuation allowance | 8.9 | (34.7 | ) | (309.3 | ) | ||||||||
Permanent and other items | (2.0 | ) | 1.2 | (1.3 | ) | ||||||||
Effective tax rate | 41.9 | % | (1.9 | )% | (271.8 | )% | |||||||
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 2010 or state, local, or non-U.S. income tax examinations by tax authorities for years before 2009. However, federal and state net operating and capital loss carryforwards generated from 2001 through 2012 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: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 1,629 | $ | 1,375 | $ | 1,912 | |||||||
Adjustments for tax positions of current year | — | 490 | — | ||||||||||
Reductions from lapse of applicable statute of limitations | (37 | ) | (236 | ) | (486 | ) | |||||||
Settlements | — | — | (51 | ) | |||||||||
Balance at end of year | $ | 1,592 | $ | 1,629 | $ | 1,375 | |||||||
These unrecognized tax benefits, if recognized, would not affect the effective income tax rate of a future period or periods because 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. | |||||||||||||
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. 29, 2013 | |
Equity [Abstract] | ' |
CAPITAL STRUCTURE | ' |
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. 29, 2013 | |||||||||
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) | 2013 | 2012 | 2011 | ||||||
Weighted-average shares outstanding - basic | 6,386 | 5,839 | 5,810 | ||||||
Effect of potentially dilutive securities | — | — | — | ||||||
Weighted-average shares outstanding - diluted | 6,386 | 5,839 | 5,810 | ||||||
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 2013, 2012, and 2011, no outstanding options or nonvested shares were included in the diluted EPS computation because they would automatically result in anti-dilution. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
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 1,936,000 shares, and the 2002 Equity Incentive Plan (2002 Plan), which provides for the granting of a maximum of 700,000 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 $2,310, $2,706, and $1,905 in 2013, 2012, and 2011. | ||||||||||||
Stock Options | ||||||||||||
The weighted-average fair value of stock options granted in 2012 and 2011, was estimated at $4.53 and $8.14 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 2012 and 2011 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 | |||||||||||
Risk-free interest rate | 0.7 | % | 1.4 | % | ||||||||
Dividend yield | — | 4.5 | % | |||||||||
Expected term | 4 years | 4 years | ||||||||||
Expected volatility | 79.3 | % | 79.9 | % | ||||||||
A summary of our stock option activity and related information for 2013 is as follows: | ||||||||||||
Number | Weighted- | Weighted- | Aggregate | |||||||||
of | Average | Average | Intrinsic | |||||||||
Shares | Exercise | Remaining | Value | |||||||||
Price | Contractual | |||||||||||
Life | ||||||||||||
Outstanding at December 30, 2012 | 708,666 | $ | 32.29 | |||||||||
Granted | — | — | ||||||||||
Exercised | (500 | ) | 7.85 | |||||||||
Expired | (50,530 | ) | 56.44 | |||||||||
Forfeited | (32,906 | ) | 36.68 | |||||||||
Outstanding at December 29, 2013 | 624,730 | $ | 30.13 | 6 years | — | |||||||
Fully vested or expected to vest at December 29, 2013 | 614,480 | $ | 30.26 | 6 years | — | |||||||
Exercisable at December 29, 2013 | 458,395 | $ | 34.49 | 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 29, 2013, there was a total of $640 of share-based compensation related to stock options that will be amortized to expense over a weighted-average remaining service period of 1.2 years. The total intrinsic value of options exercised during 2013 was $11. | ||||||||||||
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 2013, 2012, and 2011 was $12.59, $7.85, and $16.95 per share. The total fair value of stock that vested during 2013, 2012, and 2011 was $52, $84, and $229. As of December 29, 2013, there was a total of $1,866 of share-based compensation related to service-based nonvested stock that will be amortized to expense over a weighted-average remaining service period of 2.6 years years. | ||||||||||||
A summary of our service-based stock award activity and related information for 2013 is as follows: | ||||||||||||
Number | Weighted- | |||||||||||
of | Average | |||||||||||
Shares | Grant Date | |||||||||||
Fair Value | ||||||||||||
Nonvested at December 30, 2012 | 115,679 | $ | 11.01 | |||||||||
Granted | 155,083 | 12.59 | ||||||||||
Vested | (14,372 | ) | 20.45 | |||||||||
Forfeited | (8,410 | ) | 11.16 | |||||||||
Nonvested at December 29, 2013 | 247,980 | $ | 11.45 | |||||||||
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 2013, 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 each quarter based on achievement of quarterly financial goals, but will not vest until October of 2016. If a minimum target is not achieved in any quarter, all unvested shares will be forfeited. Achievement of a superior target four quarters in a row allows all earned shares to vest immediately. No shares issued in 2013 have yet vested. | ||||||||||||
In 2012, the Company awarded shares of performance-based restricted stock that were earned based on the financial performance of the Company over a two-year period. Shares were earned upon achievement of a one-year performance goal and a two-year cumulative performance goal; a portion of which are then subject to additional holding periods. Additional shares were issued in 2013 for exceeding the one-year performance goal and additional shares will be issued in 2014 for exceeding the two-year cumulative performance goal. | ||||||||||||
The weighted-average grant date fair value of service-based nonvested stock issued in 2013, 2012, and 2011 was $13.59, $7.85, and $16.95 per share. As of December 29, 2013, there was a total of $2,599 of share-based compensation related to performance-based nonvested stock that will be amortized to expense over a weighted-average remaining service period of 2.6 years. The total fair value of performance-based stock that vested during 2013 was $193. | ||||||||||||
A summary of our performance-based stock award activity and related information for 2013 is as follows: | ||||||||||||
Number | Weighted- | |||||||||||
of | Average | |||||||||||
Shares | Grant Date | |||||||||||
Fair Value | ||||||||||||
Nonvested at December 30, 2012 | 198,920 | $ | 9.26 | |||||||||
Granted | 238,917 | 13.59 | ||||||||||
Vested | (69,607 | ) | 11.89 | |||||||||
Forfeited | (17,689 | ) | 7.85 | |||||||||
Nonvested at December 29, 2013 | 350,541 | $ | 11.76 | |||||||||
PENSION_PLANS
PENSION PLANS | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
PENSION PLANS | ' | |||||||||||||||||||||||||||||||
PENSION AND POSTRETIREMENT HEALTHCARE 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 is frozen 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 is also frozen 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 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 516,534 | $ | 494,943 | ||||||||||||||||||||||||||||
Interest cost | 18,329 | 20,127 | ||||||||||||||||||||||||||||||
Settlements | — | (2,126 | ) | |||||||||||||||||||||||||||||
Actuarial (gains) losses | (33,125 | ) | 43,155 | |||||||||||||||||||||||||||||
Benefits paid | (31,471 | ) | (39,565 | ) | ||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 470,267 | $ | 516,534 | ||||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 261,811 | $ | 256,589 | ||||||||||||||||||||||||||||
Actual return on plan assets | 18,302 | 20,146 | ||||||||||||||||||||||||||||||
Employer contributions | 26,887 | 27,280 | ||||||||||||||||||||||||||||||
Settlements | — | (2,639 | ) | |||||||||||||||||||||||||||||
Benefits paid | (31,471 | ) | (39,565 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 275,529 | $ | 261,811 | ||||||||||||||||||||||||||||
Funded status at end of year | $ | (194,738 | ) | $ | (254,723 | ) | ||||||||||||||||||||||||||
Amounts Recognized in Balance Sheet | ||||||||||||||||||||||||||||||||
Accrued pension liability - current | $ | (1,959 | ) | $ | (2,058 | ) | ||||||||||||||||||||||||||
Accrued pension liability - long-term | (192,779 | ) | (252,665 | ) | ||||||||||||||||||||||||||||
Total | $ | (194,738 | ) | $ | (254,723 | ) | ||||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Losses Before Tax | ||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 18,468 | $ | 51,630 | ||||||||||||||||||||||||||||
The projected benefit obligation equaled the accumulated benefit obligation of all our pension plans at the end of 2013 and 2012. 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 (Income) Loss | ||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Interest cost | $ | 18,329 | $ | 20,127 | $ | 21,829 | ||||||||||||||||||||||||||
Expected return on plan assets | (20,668 | ) | (19,873 | ) | (20,745 | ) | ||||||||||||||||||||||||||
Settlement loss | — | 393 | 158 | |||||||||||||||||||||||||||||
Actuarial loss | 2,403 | 40,824 | 59,692 | |||||||||||||||||||||||||||||
Total net periodic cost | $ | 64 | $ | 41,471 | $ | 60,934 | ||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Recognized in Other Comprehensive (Income) Loss Before Tax | ||||||||||||||||||||||||||||||||
Net actuarial (gain) loss | $ | (33,161 | ) | $ | 2,179 | $ | 18,254 | |||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (33,097 | ) | $ | 43,650 | $ | 79,188 | |||||||||||||||||||||||||
Weighted-average Assumptions | ||||||||||||||||||||||||||||||||
Projected benefit obligation | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Discount rate | 4.45 | % | 3.65 | % | 4.25 | % | ||||||||||||||||||||||||||
Net periodic benefit cost | ||||||||||||||||||||||||||||||||
Discount rate | 3.65 | % | 4.25 | % | 5 | % | ||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 8 | % | 8 | % | 8 | % | ||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
2014 | $ | 30,389 | ||||||||||||||||||||||||||||||
2015 | 32,520 | |||||||||||||||||||||||||||||||
2016 | 32,110 | |||||||||||||||||||||||||||||||
2017 | 33,797 | |||||||||||||||||||||||||||||||
2018 | 33,381 | |||||||||||||||||||||||||||||||
2019-2023 | 182,092 | |||||||||||||||||||||||||||||||
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 $39,100 for the qualified defined benefit plan in 2014. | ||||||||||||||||||||||||||||||||
The fair values of our qualified defined benefit pension plan assets by asset category at December 29, 2013, and December 30, 2012, are shown in the table below. | ||||||||||||||||||||||||||||||||
December 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 249 | $ | 249 | $ | — | $ | — | $ | 12,738 | $ | 12,738 | $ | — | $ | — | ||||||||||||||||
Equity securities | 55,382 | 55,382 | — | — | 47,485 | 47,485 | — | — | ||||||||||||||||||||||||
Commingled equity funds | 115,625 | 74,455 | 11,906 | 29,264 | 111,126 | 70,271 | 15,312 | 25,543 | ||||||||||||||||||||||||
Fixed income securities | 622 | — | 622 | — | 693 | — | 693 | — | ||||||||||||||||||||||||
Commingled fixed income funds | 29,132 | 17,166 | 82 | 11,884 | 28,606 | 17,554 | — | 11,052 | ||||||||||||||||||||||||
Private equity funds | 14,941 | — | — | 14,941 | 3,876 | — | — | 3,876 | ||||||||||||||||||||||||
Hedge funds | 59,578 | — | — | 59,578 | 57,287 | — | — | 57,287 | ||||||||||||||||||||||||
Total | $ | 275,529 | $ | 147,252 | $ | 12,610 | $ | 115,667 | $ | 261,811 | $ | 148,048 | $ | 16,005 | $ | 97,758 | ||||||||||||||||
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 and Hedge Funds | ||||||||||||||||||||||||||||||||
Our private equity and hedge 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 as well as real estate first mortgage loan originations. Key inputs of the debt instruments for domestic energy companies include a risk free rate and a credit spread, which can be for the company, comparable companies, or estimated using a model-based approach. Mortgage loans are valued using a discounted cash flow methodology that includes reconciliation to the fair value of the underlying collateral. | ||||||||||||||||||||||||||||||||
Our hedge funds typically hold investments in municipal securities, business entities, foreign currency derivatives, U.S. Treasury securities, corporate bonds, and options in currency and equities. Key inputs of the foreign currency derivatives include interest rates, currency rates, time value, default rates, and potentially unobservable inputs unless holdings are actively traded, in which case the market price is used. 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, equities, and corporate bonds are valued through quoted market prices. | ||||||||||||||||||||||||||||||||
The following table summarizes the changes in plan assets measured at fair value using Level 3 inputs. | ||||||||||||||||||||||||||||||||
Commingled | Private | Hedge | Total | |||||||||||||||||||||||||||||
Equity and | Equity | Funds | ||||||||||||||||||||||||||||||
Fixed Income | Funds | |||||||||||||||||||||||||||||||
Beginning balance at December 30, 2012 | $ | 36,595 | $ | 3,876 | $ | 57,287 | $ | 97,758 | ||||||||||||||||||||||||
Actual return on plan assets | ||||||||||||||||||||||||||||||||
Assets still held at December 29, 2013 | 7,303 | (1,200 | ) | (3,565 | ) | 2,538 | ||||||||||||||||||||||||||
Assets sold during the period | 574 | 382 | (588 | ) | 368 | |||||||||||||||||||||||||||
Purchases, sales, and settlements | (3,324 | ) | 11,883 | 6,444 | 15,003 | |||||||||||||||||||||||||||
Transfers in and/or out of level 3 | — | — | — | — | ||||||||||||||||||||||||||||
Ending balance at December 29, 2013 | $ | 41,148 | $ | 14,941 | $ | 59,578 | $ | 115,667 | ||||||||||||||||||||||||
There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended December 29, 2013. | ||||||||||||||||||||||||||||||||
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 in 2011. There was no Company match in 2012 or 2013. | ||||||||||||||||||||||||||||||||
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 approved for 2012; however, expense was reversed due to the departure of one nonvested participant. Expense recorded for this plan totaled $387, $(245), and $423 in 2013, 2012, and 2011. | ||||||||||||||||||||||||||||||||
Postretirement Healthcare Plan | ||||||||||||||||||||||||||||||||
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. The plan termination 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. | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive (Income)Loss | ||||||||||||||||||||||||||||||||
Net Postretirement Benefit Cost | 2011 | |||||||||||||||||||||||||||||||
Interest cost | $ | 161 | ||||||||||||||||||||||||||||||
Amortization of prior service credits | (27,695 | ) | ||||||||||||||||||||||||||||||
Amortization of net actuarial losses | 4,120 | |||||||||||||||||||||||||||||||
Total net periodic benefit cost | $ | (23,414 | ) | |||||||||||||||||||||||||||||
Other Changes in Benefit Obligation Recognized in Other Comprehensive (Income) Loss Before Tax | ||||||||||||||||||||||||||||||||
Net actuarial gain | $ | (122 | ) | |||||||||||||||||||||||||||||
Prior service credit | (5,074 | ) | ||||||||||||||||||||||||||||||
Prior service credit recognized | 27,695 | |||||||||||||||||||||||||||||||
Net actuarial loss recognized | (4,120 | ) | ||||||||||||||||||||||||||||||
Total recognized in other comprehensive (income) loss | $ | 18,379 | ||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (5,035 | ) | |||||||||||||||||||||||||||||
The weighted-average discount rate used for net periodic benefit cost in 2011 was 4.00%. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||||||
Dec. 29, 2013 | |||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||
SEGMENT REPORTING | |||||||||||||||
We determine our reportable segments based upon our 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 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 management, patient identification & safety, and document management solutions. | |||||||||||||||
Business Solutions - The Business Solutions segment primarily serves customers in the financial services, manufacturing, retail, business services, and transportation markets. The solutions portfolio includes customer communications, marketing communications, product marking & labeling, and document management solutions. | |||||||||||||||
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 a combination of activity-based method and percentage of revenue 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. | |||||||||||||||
Information about our operations by reportable segment is as follows: | |||||||||||||||
Healthcare | Business Solutions | Total | |||||||||||||
Revenue from external customers | 2013 | $ | 230,120 | $ | 489,663 | $ | 719,783 | ||||||||
2012 | 215,883 | 386,105 | 601,988 | ||||||||||||
2011 | 236,772 | 411,337 | 648,109 | ||||||||||||
Operating income | 2013 | $ | 13,026 | $ | 10,400 | $ | 23,426 | ||||||||
2012 | 12,704 | 8,077 | 20,781 | ||||||||||||
2011 | 14,475 | 3,483 | 17,958 | ||||||||||||
Depreciation and amortization | 2013 | $ | 9,921 | $ | 17,143 | $ | 27,064 | ||||||||
2012 | 8,285 | 13,722 | 22,007 | ||||||||||||
2011 | 8,011 | 13,798 | 21,809 | ||||||||||||
Reconciling information between reportable segments and our consolidated financial statements is as follows: | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Segment operating income | $ | 23,426 | $ | 20,781 | $ | 17,958 | |||||||||
Restructuring and other exit costs | (14,460 | ) | (4,278 | ) | (5,198 | ) | |||||||||
Net pension periodic benefit cost | (64 | ) | (41,471 | ) | (60,934 | ) | |||||||||
Acquisition and integration costs | (10,776 | ) | — | — | |||||||||||
Asset impairment | (1,262 | ) | — | — | |||||||||||
Unallocated portion of postretirement credit | — | — | 15,164 | ||||||||||||
Other unallocated | 170 | (324 | ) | 1,106 | |||||||||||
Total other expense | (9,796 | ) | (2,650 | ) | (1,834 | ) | |||||||||
Loss before income taxes | $ | (12,762 | ) | $ | (27,942 | ) | $ | (33,738 | ) | ||||||
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: | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
$ | 417,151 | $ | 366,127 | $ | 391,486 | ||||||||||
Labels | 119,664 | 105,680 | 108,547 | ||||||||||||
Software | 10,480 | 8,924 | 9,487 | ||||||||||||
Services | 100,613 | 73,177 | 87,466 | ||||||||||||
Promotional products | 23,033 | 2,007 | 1,965 | ||||||||||||
Other | 48,842 | 46,073 | 49,158 | ||||||||||||
Total consolidated revenue | $ | 719,783 | $ | 601,988 | $ | 648,109 | |||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||
Dec. 29, 2013 | ||||
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 29, 2013. | ||||
The majority of our purchase commitments relate to annual software license fees and outsourced information technology and telecommunication services. At December 29, 2013, we have multiple years remaining on purchase commitments of $4,196. Certain supply contracts contain penalty provisions for early termination. At December 29, 2013, the early termination penalties total approximately $3,402. | ||||
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 $16,885 in 2013, $11,301 in 2012, and $12,579 in 2011. Future minimum payments under existing noncancelable leases at December 29, 2013 are as follows: | ||||
2014 | $ | 19,344 | ||
2015 | 9,909 | |||
2016 | 5,098 | |||
2017 | 3,678 | |||
2018 | 2,917 | |||
Later years | 3,564 | |||
Total | $ | 44,510 | ||
Contingencies | ||||
We have outstanding letters of credit as of December 29, 2013 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 $43, $393, and $203 in 2013, 2012, and 2011. 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 $1,243 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 $2,382 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. 29, 2013 | |
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. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Principles of Consolidation | ' | |||||||||||
Principles of Consolidation | ||||||||||||
The accompanying consolidated financial statements include the accounts of The Standard Register Company and its wholly-owned subsidiaries (referenced in this report as the "Company," "we," "our," or “Standard Register,”) after elimination of intercompany transactions, profits, and balances. The accounts of businesses acquired during 2013 and 2011 are included in the consolidated financial statements from the dates of acquisition. There were no acquisitions during 2012. | ||||||||||||
Fiscal Year | ' | |||||||||||
Fiscal Year | ||||||||||||
Our fiscal year is the 52- or 53-week period ending the Sunday nearest to December 31. Fiscal years 2013, 2012, and 2011, ended on December 29, 2013, December 30, 2012, and January 1, 2012, and each included 52 weeks. As described in Note 3, the accompanying consolidated financial statements include the results of operations and cash flows for WorkflowOne, LLC (WorkflowOne) from August 1, 2013, the acquisition date, through December 31, 2013, the end of their calendar year. We do not believe the difference in fiscal year-end dates has a material impact on our consolidated financial statements. | ||||||||||||
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; restructuring 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’ deficit 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 $1,165, $(103), and $1,248 in 2013, 2012, and 2011. | ||||||||||||
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 | ||||||||||||
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 $22,201, $20,917, and $21,178 in 2013, 2012, and 2011 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 fair value of net assets of businesses acquired and is not amortized. Goodwill is evaluated for impairment on an annual basis in the second quarter, or more frequently if impairment indicators arise. The annual goodwill test for 2013 was performed prior to the acquisition of WorkflowOne. The evaluation can be performed through either a qualitative assessment, if appropriate based on current conditions, or a quantitative fair-value-based test that compares the fair value of the asset to its carrying value. Factors used in the quantitative evaluation of goodwill include, but are not limited to, management's plans for future operations, recent operating results, projected future cash flows, and a weighted-average cost of capital. | ||||||||||||
Intangible assets with determinable lives are primarily amortized on a straight-line basis over their estimated useful life. | ||||||||||||
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 their estimated useful life using the straight-line method, up to a maximum 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 $18,217 at December 29, 2013 and $9,462 at December 30, 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 revenues earned by the Company require judgment to determine if revenue should be recorded at the gross amount, or net of related costs. Generally, revenues are recognized on a gross basis if we have control over selecting vendors and pricing, are the primary obligor in the arrangement, bear credit risk, and bear the risk of loss for inventory. Revenue from arrangements that do not meet these criteria generally is recognized on a net basis. | ||||||||||||
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 deferred and recognized as the services are performed. | ||||||||||||
To determine 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 generally 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 considering 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. | |||||||||||
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 $4,138, $3,356, and $4,530 in 2013, 2012, and 2011. | ||||||||||||
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. | ||||||||||||
Recent Accounting Pronouncements | ' | |||||||||||
Recently Adopted Accounting Pronouncements | ||||||||||||
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’ deficit. Changes in accumulated other comprehensive loss, net of deferred taxes, consist of the following: | ||||||||||||
Foreign Currency Translation | Defined Benefit Pension Plans | Total | ||||||||||
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 | ) | ||||||
Net current-period other comprehensive income | (169 | ) | 14,390 | 14,221 | ||||||||
Balance at December 29, 2013 | $ | (361 | ) | $ | (24,872 | ) | $ | (25,233 | ) | |||
Intraperiod tax allocation rules require us to consider the income recorded in other comprehensive income when determining the amount of tax benefit to be recorded on the loss in continuing operations. Accordingly tax expense of $5,540 is allocated to other comprehensive income because of the tax benefit recorded in continuing operations. Since the amount of income tax expense allocated to other comprehensive income under this intraperiod allocation requirement is equal to the amount of income tax benefit recorded in continuing operations, our overall tax position at December 29, 2013, including the amount of our deferred tax asset and valuation allowance, is not impacted by this tax allocation. | ||||||||||||
In 2013, we chose to early adopt ASU 2013-11, which requires an unrecognized tax benefit to be classified as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The adoption of the ASU impacted our financial statement presentation and disclosures of our unrecognized tax benefits, but otherwise did not impact our consolidated results of operations or cash flows. |
ACCOUNTING_CHANGES_Policies
ACCOUNTING CHANGES (Policies) | 12 Months Ended |
Dec. 29, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Pension and Other Postretirement Plans, Pensions, 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. | |
Compensated Absences Policy [Policy Text Block] | ' |
Employees now earn vacation in the same year in which it is used. Except where otherwise required by law, employees do not receive payment for any unused vacation and unused vacation cannot be carried forward to the subsequent year. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
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 Plans | Total | ||||||||||
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 | ) | ||||||
Net current-period other comprehensive income | (169 | ) | 14,390 | 14,221 | ||||||||
Balance at December 29, 2013 | $ | (361 | ) | $ | (24,872 | ) | $ | (25,233 | ) |
ACCOUNTING_CHANGES_Tables
ACCOUNTING CHANGES (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||
Selling, general and administrative | $ | 207,193 | $ | 182,936 | $ | 181,030 | $ | 200,434 | $ | 207,379 | $ | 245,114 | ||||||||||||
(Loss) income from operations | (27,223 | ) | (2,966 | ) | (5,888 | ) | (25,292 | ) | 5,831 | (31,904 | ) | |||||||||||||
Income tax (benefit) expense | (14,877 | ) | (5,349 | ) | 534 | 534 | 91,695 | 91,695 | ||||||||||||||||
Net loss | (22,142 | ) | (7,413 | ) | (9,072 | ) | (28,476 | ) | (87,698 | ) | (125,433 | ) | ||||||||||||
Loss per share | (3.47 | ) | (1.16 | ) | (1.55 | ) | (4.88 | ) | (15.10 | ) | (21.59 | ) | ||||||||||||
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 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||
Net loss | $ | (22,142 | ) | $ | (7,413 | ) | $ | (9,072 | ) | $ | (28,476 | ) | $ | (87,698 | ) | $ | (125,433 | ) | ||||||
Actuarial gain (loss), net of tax | 12,567 | 14,390 | (45,512 | ) | (2,179 | ) | (80,426 | ) | (18,181 | ) | ||||||||||||||
Actuarial loss reclassification, net of tax | 16,552 | — | 23,929 | — | 26,995 | 2,485 | ||||||||||||||||||
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 | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||||
Retained earnings (accumulated deficit) | $ | 33,719 | $ | (143,716 | ) | $ | 55,861 | $ | (136,303 | ) | ||||||||||||||
Accumulated other comprehensive losses | (202,668 | ) | (25,233 | ) | (231,618 | ) | (39,454 | ) | ||||||||||||||||
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 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | Previous Accounting Method | As Adjusted | |||||||||||||||||||
Net loss | $ | (22,142 | ) | $ | (7,413 | ) | $ | (9,072 | ) | $ | (28,476 | ) | $ | (87,698 | ) | $ | (125,433 | ) | ||||||
Deferred taxes | (15,727 | ) | (6,199 | ) | 53 | 53 | 91,330 | 91,330 | ||||||||||||||||
Pension and postretirement cost (benefit) | 24,321 | 64 | 22,067 | 41,471 | (215 | ) | 37,520 | |||||||||||||||||
RESTRUCTURING_AND_ASSET_IMPAIR1
RESTRUCTURING AND ASSET IMPAIRMENT (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||
WorkflowOne Restructuring Plan Assumed | ' | |||||||||||||||||||||||||||
Schedule of summary of accrual activity | ' | |||||||||||||||||||||||||||
A summary of activity in the restructuring liability is as follows: | ||||||||||||||||||||||||||||
Balance | Incurred | Balance | ||||||||||||||||||||||||||
Acquired at Acquisition | in 2013 | 2013 | ||||||||||||||||||||||||||
Employee separation costs | $ | 98 | $ | (98 | ) | $ | — | |||||||||||||||||||||
Contract exit and termination costs | 218 | (40 | ) | 178 | ||||||||||||||||||||||||
Total | $ | 316 | $ | (138 | ) | $ | 178 | |||||||||||||||||||||
Restructuring Fiscal Twenty Thirteen Plan | ' | |||||||||||||||||||||||||||
Schedule of components of restructuring and other exit costs | ' | |||||||||||||||||||||||||||
Components of the restructuring plan consist of the following: | ||||||||||||||||||||||||||||
Total | Total | Cumulative | ||||||||||||||||||||||||||
Expected | 2013 Expense | To-Date | ||||||||||||||||||||||||||
Costs | Expense | |||||||||||||||||||||||||||
Employee separation costs | $ | 9,200 | $ | 9,184 | $ | 9,184 | ||||||||||||||||||||||
Contract exit and termination costs | 7,000 | 150 | 150 | |||||||||||||||||||||||||
Other associated exit costs | 13,600 | 5,117 | 5,117 | |||||||||||||||||||||||||
Total | $ | 29,800 | $ | 14,451 | $ | 14,451 | ||||||||||||||||||||||
Schedule of summary of accrual activity | ' | |||||||||||||||||||||||||||
A summary of activity in the restructuring liability is as follows: | ||||||||||||||||||||||||||||
Accrued | Incurred | Reversed | Balance | |||||||||||||||||||||||||
in 2013 | in 2013 | in 2013 | 2013 | |||||||||||||||||||||||||
Employee separation costs | $ | 9,503 | $ | (1,191 | ) | $ | (607 | ) | $ | 7,705 | ||||||||||||||||||
Contract exit and termination costs | 43 | (16 | ) | — | 27 | |||||||||||||||||||||||
Total | $ | 9,546 | $ | (1,207 | ) | $ | (607 | ) | $ | 7,732 | ||||||||||||||||||
Restructuring Fiscal Twenty Eleven Plan | ' | |||||||||||||||||||||||||||
Schedule of components of restructuring and other exit costs | ' | |||||||||||||||||||||||||||
Components of the restructuring plan consist of the following: | ||||||||||||||||||||||||||||
Total | Total | Cumulative | ||||||||||||||||||||||||||
Expected | 2013 Expense | To-Date | ||||||||||||||||||||||||||
Costs | Expense | |||||||||||||||||||||||||||
Employee separation costs | $ | 5,911 | $ | (266 | ) | $ | 5,911 | |||||||||||||||||||||
Contract exit and termination costs | 300 | 53 | 300 | |||||||||||||||||||||||||
Other associated exit costs | 3,455 | 155 | 3,455 | |||||||||||||||||||||||||
Total | $ | 9,666 | $ | (58 | ) | $ | 9,666 | |||||||||||||||||||||
Schedule of summary of accrual activity | ' | |||||||||||||||||||||||||||
A summary of activity in the restructuring liability is as follows: | ||||||||||||||||||||||||||||
Balance 2011 | Accrued 2012 | Incurred 2012 | Balance | Incurred | Reversed in 2013 | Balance | ||||||||||||||||||||||
2012 | in 2013 | 2013 | ||||||||||||||||||||||||||
Employee separation costs | $ | 5,480 | $ | 697 | $ | (4,827 | ) | $ | 1,350 | $ | (1,084 | ) | $ | (266 | ) | $ | — | |||||||||||
Contract exit and termination costs | — | 174 | (153 | ) | 21 | (18 | ) | — | 3 | |||||||||||||||||||
Other associated exit costs | — | 1,980 | (1,980 | ) | — | — | — | — | ||||||||||||||||||||
Total | $ | 5,480 | $ | 2,851 | $ | (6,960 | ) | $ | 1,371 | $ | (1,102 | ) | $ | (266 | ) | $ | 3 | |||||||||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Summary of accounts receivable | ' | |||||||
Accounts receivable consist of the following: | ||||||||
December 29, | December 30, | |||||||
2013 | 2012 | |||||||
Current: | ||||||||
Trade receivables | $ | 152,155 | $ | 100,420 | ||||
Less allowance for doubtful accounts | (2,625 | ) | (2,312 | ) | ||||
Net trade receivables | 149,530 | 98,108 | ||||||
Other receivables | 8,037 | 6,405 | ||||||
Total current receivables | $ | 157,567 | $ | 104,513 | ||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of inventory | ' | |||||||
Inventories consist of the following: | ||||||||
December 29, | December 30, | |||||||
2013 | 2012 | |||||||
Materials and supplies | $ | 6,489 | $ | 5,554 | ||||
Jobs in process | 2,860 | 1,812 | ||||||
Finished products | 52,590 | 36,915 | ||||||
Total | $ | 61,939 | $ | 44,281 | ||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of revised allocation of goodwill | ' | ||||||||||||||||||||||||
The following table summarizes the allocation of goodwill following our reorganization in 2012 and our 2013 acquisition of WorkflowOne. | |||||||||||||||||||||||||
Healthcare | Business Solutions | Financial Services | Commercial | Industrial | Total | ||||||||||||||||||||
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 | |||||||||||||||||||
Acquisition | 19,787 | 51,391 | — | — | — | 71,178 | |||||||||||||||||||
Goodwill at December 29, 2013 | $ | 23,071 | $ | 55,563 | $ | — | $ | — | $ | — | $ | 78,634 | |||||||||||||
Summary of intangible assets | ' | ||||||||||||||||||||||||
Identifiable intangible assets consist of the following: | |||||||||||||||||||||||||
December 29, 2013 | December 30, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Intangible Assets with Determinable Lives | |||||||||||||||||||||||||
Customer relationships | $ | 47,710 | $ | (4,355 | ) | $ | 2,610 | $ | (783 | ) | |||||||||||||||
Trademarks | 8,629 | (745 | ) | 129 | (28 | ) | |||||||||||||||||||
Patents | 2,916 | (1,193 | ) | 2,916 | (1,042 | ) | |||||||||||||||||||
Software technology | 2,650 | (946 | ) | 2,650 | (568 | ) | |||||||||||||||||||
Favorable lease agreements | 140 | (24 | ) | — | — | ||||||||||||||||||||
Non-compete agreement | 100 | (72 | ) | 100 | (51 | ) | |||||||||||||||||||
Total | $ | 62,145 | $ | (7,335 | ) | $ | 8,405 | $ | (2,472 | ) | |||||||||||||||
OTHER_CURRENT_LIABILITIES_Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Summary of other current liabilities | ' | |||||||
Other current liabilities consist of the following: | ||||||||
December 29, | December 30, | |||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 13,876 | $ | 13,996 | ||||
Accrued restructuring and other exit costs | 7,913 | 1,371 | ||||||
Deferred revenue | 7,143 | 6,020 | ||||||
Accrued non-income taxes | 6,185 | 3,885 | ||||||
Current portion of pension | 1,959 | 2,058 | ||||||
Accrued customer rebates | 8,936 | 4,814 | ||||||
Other current liabilities | 22,008 | 11,090 | ||||||
Total | $ | 68,020 | $ | 43,234 | ||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Summary of long-term debt | ' | |||||||
Long-term debt consists of the following: | ||||||||
December 29, | December 30, | |||||||
2013 | 2012 | |||||||
Revolving credit facility | $ | 51,358 | $ | 43,629 | ||||
First lien term loan | 120,075 | — | ||||||
Second lien term loan | 89,925 | — | ||||||
Capital lease obligations | 8,111 | 7,891 | ||||||
Total | 269,469 | 51,520 | ||||||
Less current portion | 5,589 | 2,361 | ||||||
Long-term portion | $ | 263,880 | $ | 49,159 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of components of income tax expense | ' | ||||||||||||
Income tax expense consists of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | (59 | ) | $ | — | $ | — | ||||||
Foreign | 717 | 413 | 629 | ||||||||||
State and local | 192 | 68 | (264 | ) | |||||||||
$ | 850 | $ | 481 | $ | 365 | ||||||||
Deferred: | |||||||||||||
Federal | $ | (4,936 | ) | $ | — | $ | 75,068 | ||||||
Foreign | 27 | 53 | (104 | ) | |||||||||
State and local | (1,290 | ) | — | 16,366 | |||||||||
$ | (6,199 | ) | $ | 53 | $ | 91,330 | |||||||
Total | $ | (5,349 | ) | $ | 534 | $ | 91,695 | ||||||
Summary of consolidated pretax (loss) income | ' | ||||||||||||
Consolidated pretax (loss) income is comprised of the following sources: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. pretax loss | $ | (14,104 | ) | $ | (29,326 | ) | $ | (35,538 | ) | ||||
Non-U.S. pretax income | 1,342 | 1,384 | 1,800 | ||||||||||
Total | $ | (12,762 | ) | $ | (27,942 | ) | $ | (33,738 | ) | ||||
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 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Current deferred tax: | |||||||||||||
Allowance for doubtful accounts | $ | 1,026 | $ | 886 | |||||||||
Inventories | (694 | ) | (4,031 | ) | |||||||||
Compensation and benefits | 2,102 | 4,375 | |||||||||||
Other | 6,049 | 3,404 | |||||||||||
Total current tax asset | 8,483 | 4,634 | |||||||||||
Less: valuation allowance | (10,061 | ) | (6,343 | ) | |||||||||
Net current deferred tax liability | $ | (1,578 | ) | $ | (1,709 | ) | |||||||
Long-term deferred tax: | |||||||||||||
Depreciation | $ | 187 | $ | (1,524 | ) | ||||||||
Goodwill and intangible assets | 4,383 | 550 | |||||||||||
Pension | 73,517 | 97,755 | |||||||||||
Capital loss carryforwards | 19,289 | 20,575 | |||||||||||
Net operating loss carryforward | 38,745 | 33,859 | |||||||||||
Federal tax credit | 1,541 | 1,600 | |||||||||||
Other | 7,473 | 6,238 | |||||||||||
Total long-term tax asset | 145,135 | 159,053 | |||||||||||
Less: valuation allowance | (135,829 | ) | (136,288 | ) | |||||||||
Net long-term deferred tax asset | $ | 9,306 | $ | 22,765 | |||||||||
Net deferred tax asset | $ | 7,728 | $ | 21,056 | |||||||||
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: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes | 3.6 | (0.6 | ) | 4.8 | |||||||||
Meals and entertainment | (1.2 | ) | (0.4 | ) | (0.6 | ) | |||||||
Deficiencies on equity awards | (2.4 | ) | (2.4 | ) | (0.4 | ) | |||||||
Valuation allowance | 8.9 | (34.7 | ) | (309.3 | ) | ||||||||
Permanent and other items | (2.0 | ) | 1.2 | (1.3 | ) | ||||||||
Effective tax rate | 41.9 | % | (1.9 | )% | (271.8 | )% | |||||||
Summary of unrecognized tax benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 1,629 | $ | 1,375 | $ | 1,912 | |||||||
Adjustments for tax positions of current year | — | 490 | — | ||||||||||
Reductions from lapse of applicable statute of limitations | (37 | ) | (236 | ) | (486 | ) | |||||||
Settlements | — | — | (51 | ) | |||||||||
Balance at end of year | $ | 1,592 | $ | 1,629 | $ | 1,375 | |||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
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) | 2013 | 2012 | 2011 | ||||||
Weighted-average shares outstanding - basic | 6,386 | 5,839 | 5,810 | ||||||
Effect of potentially dilutive securities | — | — | — | ||||||
Weighted-average shares outstanding - diluted | 6,386 | 5,839 | 5,810 | ||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
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 | |||||||||||
Risk-free interest rate | 0.7 | % | 1.4 | % | ||||||||
Dividend yield | — | 4.5 | % | |||||||||
Expected term | 4 years | 4 years | ||||||||||
Expected volatility | 79.3 | % | 79.9 | % | ||||||||
Schedule of summary of stock option activity and related information | ' | |||||||||||
A summary of our stock option activity and related information for 2013 is as follows: | ||||||||||||
Number | Weighted- | Weighted- | Aggregate | |||||||||
of | Average | Average | Intrinsic | |||||||||
Shares | Exercise | Remaining | Value | |||||||||
Price | Contractual | |||||||||||
Life | ||||||||||||
Outstanding at December 30, 2012 | 708,666 | $ | 32.29 | |||||||||
Granted | — | — | ||||||||||
Exercised | (500 | ) | 7.85 | |||||||||
Expired | (50,530 | ) | 56.44 | |||||||||
Forfeited | (32,906 | ) | 36.68 | |||||||||
Outstanding at December 29, 2013 | 624,730 | $ | 30.13 | 6 years | — | |||||||
Fully vested or expected to vest at December 29, 2013 | 614,480 | $ | 30.26 | 6 years | — | |||||||
Exercisable at December 29, 2013 | 458,395 | $ | 34.49 | 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 2013 is as follows: | ||||||||||||
Number | Weighted- | |||||||||||
of | Average | |||||||||||
Shares | Grant Date | |||||||||||
Fair Value | ||||||||||||
Nonvested at December 30, 2012 | 198,920 | $ | 9.26 | |||||||||
Granted | 238,917 | 13.59 | ||||||||||
Vested | (69,607 | ) | 11.89 | |||||||||
Forfeited | (17,689 | ) | 7.85 | |||||||||
Nonvested at December 29, 2013 | 350,541 | $ | 11.76 | |||||||||
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 2013 is as follows: | ||||||||||||
Number | Weighted- | |||||||||||
of | Average | |||||||||||
Shares | Grant Date | |||||||||||
Fair Value | ||||||||||||
Nonvested at December 30, 2012 | 115,679 | $ | 11.01 | |||||||||
Granted | 155,083 | 12.59 | ||||||||||
Vested | (14,372 | ) | 20.45 | |||||||||
Forfeited | (8,410 | ) | 11.16 | |||||||||
Nonvested at December 29, 2013 | 247,980 | $ | 11.45 | |||||||||
PENSION_PLANS_Tables
PENSION PLANS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 29, 2013 | ||||||||||||||||
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 | 2013 | 2012 | ||||||||||||||
Benefit obligation at beginning of year | $ | 516,534 | $ | 494,943 | ||||||||||||
Interest cost | 18,329 | 20,127 | ||||||||||||||
Settlements | — | (2,126 | ) | |||||||||||||
Actuarial (gains) losses | (33,125 | ) | 43,155 | |||||||||||||
Benefits paid | (31,471 | ) | (39,565 | ) | ||||||||||||
Benefit obligation at end of year | $ | 470,267 | $ | 516,534 | ||||||||||||
Change in Plan Assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 261,811 | $ | 256,589 | ||||||||||||
Actual return on plan assets | 18,302 | 20,146 | ||||||||||||||
Employer contributions | 26,887 | 27,280 | ||||||||||||||
Settlements | — | (2,639 | ) | |||||||||||||
Benefits paid | (31,471 | ) | (39,565 | ) | ||||||||||||
Fair value of plan assets at end of year | $ | 275,529 | $ | 261,811 | ||||||||||||
Funded status at end of year | $ | (194,738 | ) | $ | (254,723 | ) | ||||||||||
Summary of recognized in balance sheet and accumulated other comprehensive losses before tax | ' | |||||||||||||||
Amounts Recognized in Balance Sheet | ||||||||||||||||
Accrued pension liability - current | $ | (1,959 | ) | $ | (2,058 | ) | ||||||||||
Accrued pension liability - long-term | (192,779 | ) | (252,665 | ) | ||||||||||||
Total | $ | (194,738 | ) | $ | (254,723 | ) | ||||||||||
Amounts Recognized in Accumulated Other Comprehensive Losses Before Tax | ||||||||||||||||
Net actuarial loss | $ | 18,468 | $ | 51,630 | ||||||||||||
Summary of components of net periodic benefit cost | ' | |||||||||||||||
Components of Net Periodic Benefit Cost and Other | ||||||||||||||||
Amounts Recognized in Other Comprehensive (Income) Loss | ||||||||||||||||
Net Periodic Benefit Cost | 2013 | 2012 | 2011 | |||||||||||||
Interest cost | $ | 18,329 | $ | 20,127 | $ | 21,829 | ||||||||||
Expected return on plan assets | (20,668 | ) | (19,873 | ) | (20,745 | ) | ||||||||||
Settlement loss | — | 393 | 158 | |||||||||||||
Actuarial loss | 2,403 | 40,824 | 59,692 | |||||||||||||
Total net periodic cost | $ | 64 | $ | 41,471 | $ | 60,934 | ||||||||||
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 | 2013 | 2012 | 2011 | |||||||||||||
Recognized in Other Comprehensive (Income) Loss Before Tax | ||||||||||||||||
Net actuarial (gain) loss | $ | (33,161 | ) | $ | 2,179 | $ | 18,254 | |||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (33,097 | ) | $ | 43,650 | $ | 79,188 | |||||||||
Summary of weighted-average assumptions | ' | |||||||||||||||
Weighted-average Assumptions | ||||||||||||||||
Projected benefit obligation | 2013 | 2012 | 2011 | |||||||||||||
Discount rate | 4.45 | % | 3.65 | % | 4.25 | % | ||||||||||
Net periodic benefit cost | ||||||||||||||||
Discount rate | 3.65 | % | 4.25 | % | 5 | % | ||||||||||
Expected long-term rate of return on plan assets | 8 | % | 8 | % | 8 | % | ||||||||||
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: | ||||||||||||||||
2014 | $ | 30,389 | ||||||||||||||
2015 | 32,520 | |||||||||||||||
2016 | 32,110 | |||||||||||||||
2017 | 33,797 | |||||||||||||||
2018 | 33,381 | |||||||||||||||
2019-2023 | 182,092 | |||||||||||||||
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 29, 2013, and December 30, 2012, are shown in the table below. | ||||||||||||||||
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. | ||||||||||||||||
Commingled | Private | Hedge | Total | |||||||||||||
Equity and | Equity | Funds | ||||||||||||||
Fixed Income | Funds | |||||||||||||||
Beginning balance at December 30, 2012 | $ | 36,595 | $ | 3,876 | $ | 57,287 | $ | 97,758 | ||||||||
Actual return on plan assets | ||||||||||||||||
Assets still held at December 29, 2013 | 7,303 | (1,200 | ) | (3,565 | ) | 2,538 | ||||||||||
Assets sold during the period | 574 | 382 | (588 | ) | 368 | |||||||||||
Purchases, sales, and settlements | (3,324 | ) | 11,883 | 6,444 | 15,003 | |||||||||||
Transfers in and/or out of level 3 | — | — | — | — | ||||||||||||
Ending balance at December 29, 2013 | $ | 41,148 | $ | 14,941 | $ | 59,578 | $ | 115,667 | ||||||||
Defined Benefit Postretirement Health Coverage [Member] | ' | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||
Summary of components of net periodic benefit cost | ' | |||||||||||||||
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive (Income)Loss | ||||||||||||||||
Net Postretirement Benefit Cost | 2011 | |||||||||||||||
Interest cost | $ | 161 | ||||||||||||||
Amortization of prior service credits | (27,695 | ) | ||||||||||||||
Amortization of net actuarial losses | 4,120 | |||||||||||||||
Total net periodic benefit cost | $ | (23,414 | ) | |||||||||||||
Summary of other changes in plan assets and benefit obligations recognized in other comprehensive losses before tax | ' | |||||||||||||||
Other Changes in Benefit Obligation Recognized in Other Comprehensive (Income) Loss Before Tax | ||||||||||||||||
Net actuarial gain | $ | (122 | ) | |||||||||||||
Prior service credit | (5,074 | ) | ||||||||||||||
Prior service credit recognized | 27,695 | |||||||||||||||
Net actuarial loss recognized | (4,120 | ) | ||||||||||||||
Total recognized in other comprehensive (income) loss | $ | 18,379 | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (5,035 | ) |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||||
Dec. 29, 2013 | |||||||||||||||
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 | 2013 | $ | 230,120 | $ | 489,663 | $ | 719,783 | ||||||||
2012 | 215,883 | 386,105 | 601,988 | ||||||||||||
2011 | 236,772 | 411,337 | 648,109 | ||||||||||||
Operating income | 2013 | $ | 13,026 | $ | 10,400 | $ | 23,426 | ||||||||
2012 | 12,704 | 8,077 | 20,781 | ||||||||||||
2011 | 14,475 | 3,483 | 17,958 | ||||||||||||
Depreciation and amortization | 2013 | $ | 9,921 | $ | 17,143 | $ | 27,064 | ||||||||
2012 | 8,285 | 13,722 | 22,007 | ||||||||||||
2011 | 8,011 | 13,798 | 21,809 | ||||||||||||
Schedule of reconciling information between reportable segments and consolidated financial statements | ' | ||||||||||||||
Reconciling information between reportable segments and our consolidated financial statements is as follows: | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Segment operating income | $ | 23,426 | $ | 20,781 | $ | 17,958 | |||||||||
Restructuring and other exit costs | (14,460 | ) | (4,278 | ) | (5,198 | ) | |||||||||
Net pension periodic benefit cost | (64 | ) | (41,471 | ) | (60,934 | ) | |||||||||
Acquisition and integration costs | (10,776 | ) | — | — | |||||||||||
Asset impairment | (1,262 | ) | — | — | |||||||||||
Unallocated portion of postretirement credit | — | — | 15,164 | ||||||||||||
Other unallocated | 170 | (324 | ) | 1,106 | |||||||||||
Total other expense | (9,796 | ) | (2,650 | ) | (1,834 | ) | |||||||||
Loss before income taxes | $ | (12,762 | ) | $ | (27,942 | ) | $ | (33,738 | ) | ||||||
Revenue from external customers by products and services | ' | ||||||||||||||
Revenue by the products and services we provide is as follows: | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
$ | 417,151 | $ | 366,127 | $ | 391,486 | ||||||||||
Labels | 119,664 | 105,680 | 108,547 | ||||||||||||
Software | 10,480 | 8,924 | 9,487 | ||||||||||||
Services | 100,613 | 73,177 | 87,466 | ||||||||||||
Promotional products | 23,033 | 2,007 | 1,965 | ||||||||||||
Other | 48,842 | 46,073 | 49,158 | ||||||||||||
Total consolidated revenue | $ | 719,783 | $ | 601,988 | $ | 648,109 | |||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||
Dec. 29, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of future minimum payments under existing noncancellable operating leases | ' | |||
Future minimum payments under existing noncancelable leases at December 29, 2013 are as follows: | ||||
2014 | $ | 19,344 | ||
2015 | 9,909 | |||
2016 | 5,098 | |||
2017 | 3,678 | |||
2018 | 2,917 | |||
Later years | 3,564 | |||
Total | $ | 44,510 | ||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Accounting Policy Disclosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Accounting Policies [Line Items] | ' | ' | ' |
Fiscal Year Period | 'P52W | 'P52W | 'P52W |
Provision for bad debts | $1,165 | ($103) | $1,248 |
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 | $4,138 | $3,356 | $4,530 |
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. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $22,201 | $20,917 | $21,178 |
Building and building improvements | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment (in years) | 'P15Y | ' | ' |
Building and building improvements | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment (in years) | 'P40Y | ' | ' |
Machinery and equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment (in years) | 'P5Y | ' | ' |
Machinery and equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment (in years) | 'P15Y | ' | ' |
Office furniture and equipment | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment (in years) | 'P3Y | ' | ' |
Office furniture and equipment | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful life of property, plant and equipment (in years) | 'P15Y | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | Software and software development costs | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life of finite-lived intangible assets( in years) | ' | ' | '5 years |
Capitalized computer software | $18,217 | $9,462 | ' |
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. 29, 2013 | Dec. 30, 2012 |
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income Balance, Beginning | ($39,454) | ($37,413) |
Net current-period other comprehensive loss | 14,221 | -2,041 |
Accumulated Other Comprehensive Income Balance, Ending | -25,233 | -39,454 |
Other Comprehensive Income (Loss), Tax | 5,540 | ' |
Accumulated Translation Adjustment [Member] | ' | ' |
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income Balance, Beginning | -192 | -330 |
Net current-period other comprehensive loss | -169 | 138 |
Accumulated Other Comprehensive Income Balance, Ending | -361 | -192 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Accumulated Other Comprehensive Income Balance, Beginning | -39,262 | -37,083 |
Net current-period other comprehensive loss | 14,390 | -2,179 |
Accumulated Other Comprehensive Income Balance, Ending | ($24,872) | ($39,262) |
ACCOUNTING_CHANGES_Pension_Cha
ACCOUNTING CHANGES Pension Change Impact to Consolidated Financials (Details) (USD $) | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Jan. 02, 2011 |
Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Actual [Member] | Scenario, Actual [Member] | Scenario, Actual [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Effect on Retained Earnings, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $135,025 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | 182,936 | 200,434 | 245,114 | 207,193 | 181,030 | 207,379 | 182,936 | 200,434 | 245,114 | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | ' | ' | ' | -27,223 | -5,888 | 5,831 | -2,966 | -25,292 | -31,904 | 5,561 | ' |
INCOME TAX (BENEFIT) EXPENSE | -5,349 | 534 | 91,695 | -14,877 | 534 | 91,695 | -5,349 | 534 | 91,695 | ' | ' |
Net loss | -7,413 | -28,476 | -125,433 | -22,142 | -9,072 | -87,698 | -7,413 | -28,476 | -125,433 | 3,376 | ' |
Earnings Per Share, Basic | ' | ' | ' | ($3.47) | ($1.55) | ($15.10) | ($1.16) | ($4.88) | ($21.59) | $0.53 | ' |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -7,413 | -28,476 | -125,433 | -22,142 | -9,072 | -87,698 | -7,413 | -28,476 | -125,433 | 3,376 | ' |
Change in net actuarial losses | 14,390 | -2,179 | -18,181 | 12,567 | -45,512 | -80,426 | 14,390 | -2,179 | -18,181 | ' | ' |
Actuarial loss reclassification, net of $1,636 and $7,645 deferred income tax expense in 2011 and 2010 | 0 | 0 | 2,485 | 16,552 | 23,929 | 26,995 | 0 | 0 | 2,485 | ' | ' |
Balance Sheet [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated deficit | -143,716 | -136,303 | ' | 33,719 | 55,861 | ' | -143,716 | -136,303 | ' | ' | ' |
Accumulated other comprehensive losses | -25,233 | -39,454 | -37,413 | -202,668 | -231,618 | ' | -25,233 | -39,454 | ' | ' | ' |
Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -7,413 | -28,476 | -125,433 | -22,142 | -9,072 | -87,698 | -7,413 | -28,476 | -125,433 | 3,376 | ' |
Deferred taxes | -6,199 | 53 | 91,330 | -15,727 | 53 | 91,330 | -6,199 | 53 | 91,330 | ' | ' |
Pension and postretirement cost | $64 | $41,471 | $37,520 | $24,321 | $22,067 | ($215) | $64 | $41,471 | $37,520 | ' | ' |
ACCOUNTING_CHANGES_Vacation_Ch
ACCOUNTING CHANGES Vacation Change Impact to Consolidated Financials (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net loss | ($7,413) | ($28,476) | ($125,433) |
Restatement Adjustment [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Compensated Absences Liability | 5,561 | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent | 5,561 | ' | ' |
Net loss | $3,376 | ' | ' |
Earnings Per Share, Basic | $0.53 | ' | ' |
ACQUISITION_Narrative_Details
ACQUISITION - Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Aug. 01, 2013 | Dec. 29, 2013 | Aug. 01, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Aug. 01, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Aug. 01, 2013 | Dec. 29, 2013 | |
WorkflowOne [Member] | WorkflowOne [Member] | First Lien Credit Facility [Member] | First and Second Lien Credit Facilities [Member] | Tranche B Secon Lien Term Loans [Member] | Second Lien Credit Facility [Member] | Minimum | Maximum | Business Solutions | Business Solutions | Business Solutions | Business Solutions | Healthcare | Healthcare | Healthcare | Healthcare | Fair Value Adjustment to Inventory [Member] | ||||
WorkflowOne [Member] | WorkflowOne [Member] | WorkflowOne [Member] | WorkflowOne [Member] | WorkflowOne [Member] | WorkflowOne [Member] | |||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Debt Assumed | ' | ' | ' | ' | 210,538,000 | ' | 210,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Warrants Issued as Consideration | 6,509,000 | 0 | 0 | ' | 6,509,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | 2,645,945 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | 0.00001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition financing | 0 | 0 | 1,276,000 | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 3,678,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | ' | ' | ' | ' | ' | 3,678,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | ' | ' | ' | -1,322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | 183,984,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | ' | 4,492,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Cash | 3,029,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Accounts Receivable | 1,503,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 78,634,000 | 7,456,000 | 7,456,000 | ' | 71,178,000 | ' | ' | ' | ' | ' | ' | 55,563,000 | 4,172,000 | 0 | 51,391,000 | 23,071,000 | 3,284,000 | 3,284,000 | 19,787,000 | ' |
Acquisition and integration costs | 10,776,000 | 982,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Transaction Costs | 9,042,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | 2,357,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Business Combination Integration Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,813,000 |
ACQUISITION_Purchase_Price_All
ACQUISITION Purchase Price Allocation (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Aug. 01, 2013 |
In Thousands, unless otherwise specified | WorkflowOne [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $4,694 |
Accounts receivable | ' | ' | ' | 55,154 |
Inventories | ' | ' | ' | 24,518 |
Plant and equipment | ' | ' | ' | 42,915 |
Goodwill | 78,634 | 7,456 | 7,456 | 71,178 |
Identified intangibles | ' | ' | ' | 53,740 |
Other assets | ' | ' | ' | 7,140 |
Long-term debt and capital leases, including current portion | ' | ' | ' | -210,538 |
Other liabilities assumed | ' | ' | ' | -42,292 |
Net assets acquired | ' | ' | ' | $6,509 |
ACQUISITION_Intangible_Assets_
ACQUISITION Intangible Assets Acquired (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | $53,740 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '6 years 4 months |
Favorable lease agreements | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | 140 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '2 years 6 months |
Customer relationships | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | 45,100 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '6 years |
Trademark | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite-lived Intangible Assets Acquired | $8,500 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '8 years |
ACQUISITION_Pro_Forma_Impact_D
ACQUISITION Pro Forma Impact (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Business Combinations [Abstract] | ' | ' |
Business Acquisition, Pro Forma Revenue | $975,256 | $1,061,342 |
Business Acquisitions Pro Forma Operating Income | 15,321 | -13,912 |
Business Acquisition, Pro Forma Net Income (Loss) | ($2,695) | ($34,572) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ($0.42) | ($5.92) |
REVERSE_STOCK_SPLIT_Details
REVERSE STOCK SPLIT (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Note, 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) | ' | ' |
RESTRUCTURING_AND_ASSET_IMPAIR2
RESTRUCTURING AND ASSET IMPAIRMENT - Components of Restructuring and Other Exit Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total 2013 Expense | $14,460 | $4,278 | $5,198 |
Restructuring Fiscal Twenty Thirteen Plan | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 29,800 | ' | ' |
Total 2013 Expense | 14,451 | ' | ' |
Cumulative To-Date Expense | 14,451 | ' | ' |
Restructuring Fiscal Twenty Thirteen Plan | Employee separation costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 9,200 | ' | ' |
Total 2013 Expense | 9,184 | ' | ' |
Cumulative To-Date Expense | 9,184 | ' | ' |
Restructuring Fiscal Twenty Thirteen Plan | Contract exit and termination costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 7,000 | ' | ' |
Total 2013 Expense | 150 | ' | ' |
Cumulative To-Date Expense | 150 | ' | ' |
Restructuring Fiscal Twenty Thirteen Plan | Other associated exit costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 13,600 | ' | ' |
Total 2013 Expense | 5,117 | ' | ' |
Cumulative To-Date Expense | 5,117 | ' | ' |
Restructuring Fiscal Twenty Eleven Plan | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 9,666 | ' | ' |
Total 2013 Expense | -58 | ' | ' |
Cumulative To-Date Expense | 9,666 | ' | ' |
Restructuring Fiscal Twenty Eleven Plan | Employee separation costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 5,911 | ' | ' |
Total 2013 Expense | -266 | ' | ' |
Cumulative To-Date Expense | 5,911 | ' | ' |
Restructuring Fiscal Twenty Eleven Plan | Contract exit and termination costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 300 | ' | ' |
Total 2013 Expense | 53 | ' | ' |
Cumulative To-Date Expense | 300 | ' | ' |
Restructuring Fiscal Twenty Eleven Plan | Other associated exit costs | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Total Expected Costs | 3,455 | ' | ' |
Total 2013 Expense | 155 | ' | ' |
Cumulative To-Date Expense | $3,455 | ' | ' |
RESTRUCTURING_AND_ASSET_IMPAIR3
RESTRUCTURING AND ASSET IMPAIRMENT - Summary of Accrual Activity (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Aug. 01, 2013 | Dec. 29, 2013 | Aug. 01, 2013 | Dec. 29, 2013 | Aug. 01, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
WorkflowOne Restructuring Plan Assumed | WorkflowOne Restructuring Plan Assumed | WorkflowOne Restructuring Plan Assumed | WorkflowOne Restructuring Plan Assumed | WorkflowOne Restructuring Plan Assumed | WorkflowOne Restructuring Plan Assumed | Restructuring Fiscal Twenty Thirteen Plan | Restructuring Fiscal Twenty Thirteen Plan | Restructuring Fiscal Twenty Thirteen Plan | Restructuring Fiscal Twenty Eleven Plan | Restructuring Fiscal Twenty Eleven Plan | Restructuring Fiscal Twenty Eleven Plan | Restructuring Fiscal Twenty Eleven Plan | Restructuring Fiscal Twenty Eleven Plan | Restructuring Fiscal Twenty Eleven Plan | Restructuring Fiscal Twenty Eleven Plan | Restructuring Fiscal Twenty Eleven Plan | ||||
Employee separation costs | Employee separation costs | Contract exit and termination costs | Contract exit and termination costs | Employee separation costs | Contract exit and termination costs | Employee separation costs | Employee separation costs | Contract exit and termination costs | Contract exit and termination costs | Other associated exit costs | Other associated exit costs | |||||||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restructuring Liabilities | ' | ' | ' | ' | $316 | ' | $98 | ' | $218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued restructuring and other exit costs, beginning balance | 1,371 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,371 | 5,480 | 1,350 | 5,480 | 21 | 0 | 0 | 0 |
Increase (Decrease) in Restructuring Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,546 | 9,503 | 43 | ' | 2,851 | ' | 697 | ' | 174 | ' | 1,980 |
Accrued restructuring and other exit costs, incurred | -8,136 | -8,567 | -1,227 | -138 | ' | -98 | ' | -40 | ' | -1,207 | -1,191 | -16 | -1,102 | -6,960 | -1,084 | -4,827 | -18 | -153 | 0 | -1,980 |
Accrued restructuring and other exit costs, reversed | ' | ' | ' | ' | ' | ' | ' | ' | ' | -607 | -607 | 0 | -266 | ' | -266 | ' | 0 | ' | 0 | ' |
Accrued restructuring and other exit costs, ending balance | $7,913 | $1,371 | ' | $178 | ' | $0 | ' | $178 | ' | $7,732 | $7,705 | $27 | $3 | $1,371 | $0 | $1,350 | $3 | $21 | $0 | $0 |
RESTRUCTURING_AND_ASSET_IMPAIR4
RESTRUCTURING AND ASSET IMPAIRMENT - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Restructuring and Related Activities [Abstract] | ' | ' | ' |
Asset impairments | $1,262 | $0 | $0 |
ACCOUNTS_RECEIVABLE_Summary_of
ACCOUNTS RECEIVABLE - Summary of Accounts Receivable (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current: | ' | ' |
Trade receivables | $152,155 | $100,420 |
Less allowance for doubtful accounts | -2,625 | -2,312 |
Net trade receivables | 149,530 | 98,108 |
Other receivables | 8,037 | 6,405 |
Total current receivables | $157,567 | $104,513 |
INVENTORIES_Summary_of_Invento
INVENTORIES - Summary of Inventory (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Materials and supplies | $6,489 | $5,554 |
Jobs in process | 2,860 | 1,812 |
Finished products | 52,590 | 36,915 |
Total | $61,939 | $44,281 |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS - Revised Allocation of Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Goodwill [Roll Forward] | ' | ' |
Goodwill | $7,456 | $7,456 |
Reallocation of goodwill | ' | 0 |
Acquisition | 71,178 | ' |
Goodwill | 78,634 | 7,456 |
Healthcare | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 3,284 | 3,284 |
Reallocation of goodwill | ' | 0 |
Acquisition | 19,787 | ' |
Goodwill | 23,071 | 3,284 |
Business Solutions | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 4,172 | 0 |
Reallocation of goodwill | ' | 4,172 |
Acquisition | 51,391 | ' |
Goodwill | 55,563 | 4,172 |
Financial Services | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 0 | 1,743 |
Reallocation of goodwill | ' | -1,743 |
Acquisition | 0 | ' |
Goodwill | 0 | 0 |
Commercial Markets | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 0 | 1,296 |
Reallocation of goodwill | ' | -1,296 |
Acquisition | 0 | ' |
Goodwill | 0 | 0 |
Industrial | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 0 | 1,133 |
Reallocation of goodwill | ' | -1,133 |
Acquisition | 0 | ' |
Goodwill | $0 | $0 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Assets (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $62,145 | $8,405 |
Accumulated amortization | -7,335 | -2,472 |
Patents | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 2,916 | 2,916 |
Accumulated amortization | -1,193 | -1,042 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 47,710 | 2,610 |
Accumulated amortization | -4,355 | -783 |
Software technology | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 2,650 | 2,650 |
Accumulated amortization | -946 | -568 |
Favorable lease agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 140 | 0 |
Accumulated amortization | -24 | 0 |
Trademark | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 8,629 | 129 |
Accumulated amortization | -745 | -28 |
Non-compete agreement | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 100 | 100 |
Accumulated amortization | ($72) | ($51) |
GOODWILL_AND_INTANGIBLE_ASSETS4
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Segment | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
Amortization expense for intangible assets | $4,863 | $1,090 | $631 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 10,110 | ' | ' |
2015 | 9,637 | ' | ' |
2016 | 8,966 | ' | ' |
2017 | 8,966 | ' | ' |
2018 | $8,767 | ' | ' |
OTHER_CURRENT_LIABILITIES_Summ
OTHER CURRENT LIABILITIES - Summary of Other Current Liabilities (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Accrued compensation | $13,876 | $13,996 |
Accrued restructuring and other exit costs | 7,913 | 1,371 |
Deferred revenue | 7,143 | 6,020 |
Accrued non-income taxes | 6,185 | 3,885 |
Current portion of pension | 1,959 | 2,058 |
Accrued customer rebates | 8,936 | 4,814 |
Other current liabilities | 22,008 | 11,090 |
Total | $68,020 | $43,234 |
LONGTERM_DEBT_Components_of_Lo
LONG-TERM DEBT - Components of Long-term Debt (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instruments [Abstract] | ' | ' |
Long-term debt and capital lease obligations | $269,469 | $51,520 |
Less current portion | -5,589 | -2,361 |
Long-term portion | 263,880 | 49,159 |
Revolving credit facility | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Long-term debt and capital lease obligations | 51,358 | 43,629 |
First Lien Credit Facility [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Long-term debt and capital lease obligations | 120,075 | 0 |
Second Lien Credit Facility [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Long-term debt and capital lease obligations | 89,925 | 0 |
Capital lease obligations | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Long-term debt and capital lease obligations | $8,111 | $7,891 |
LONGTERM_DEBT_Narrative_Detail
LONG-TERM DEBT - Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Aug. 01, 2013 | Dec. 29, 2013 | Aug. 01, 2013 | Dec. 29, 2013 | Aug. 01, 2013 | Dec. 29, 2013 | Aug. 01, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 |
First Lien Credit Facility [Member] | First Lien Credit Facility [Member] | Second Lien Credit Facility [Member] | Second Lien Credit Facility [Member] | Secured Debt | Twenty Ten Credit Facility [Member] | Revolving credit facility | Revolving credit facility | Base Rate Contract [Member] | Base Rate Contract [Member] | London Interbank Offer Rate Contracts [Member] | London Interbank Offer Rate Contracts [Member] | |||
Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | |||||||||||
Minimum | Maximum | Minimum | Maximum | |||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | $100,000 | $125,000 | ' | ' | ' | ' | ' |
Line Of Credit Facility Amount Transferred | ' | 47,118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum remaining borrowing capacity plus cash balance as a percent of aggregate commitments to avoid charges under covenant terms | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | ' | ' | ' | ' |
Minimum remaining borrowing capacity plus cash balance to avoid charges under covenant terms | ' | ' | ' | ' | ' | ' | ' | ' | 12,500 | ' | ' | ' | ' | ' |
Spread on variable rate | ' | ' | 7.00% | ' | 8.65% | ' | ' | ' | ' | ' | 0.75% | 1.25% | 1.75% | 2.25% |
Debt Instrument, Interest Rate at Period End | ' | ' | 7.50% | ' | 9.15% | ' | ' | ' | 2.38% | 3.53% | ' | ' | ' | ' |
Credit facility commitment fee description | ' | ' | ' | ' | ' | ' | ' | ' | 'We are also required to pay a fee on the unused portion of the Revolving Credit Facility payable at an annual rate of 0.25% if the unused portion is less than 50% of the aggregate commitment or 0.375% if the unused portion is greater than or equal to 50% of the aggregate commitment. | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Debt Assumed | ' | ' | ' | 120,075 | ' | 89,925 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | 2,357 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | 85,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total remaining aggregate payments for capital leases including interest | ' | ' | ' | ' | ' | ' | 8,900 | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | 3,417 | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | 2,453 | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | 2,102 | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | 548 | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | ' | ' | ' | ' | $380 | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_Components_of_Inc
INCOME TAXES - Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Current: | ' | ' | ' |
Federal | ($59) | $0 | $0 |
Foreign | 717 | 413 | 629 |
State and local | 192 | 68 | -264 |
Current income taxes | 850 | 481 | 365 |
Deferred: | ' | ' | ' |
Federal | -4,936 | 0 | 75,068 |
Foreign | 27 | 53 | -104 |
State and local | -1,290 | 0 | 16,366 |
Deferred income taxes | -6,199 | 53 | 91,330 |
Total | ($5,349) | $534 | $91,695 |
INCOME_TAXES_Consolidated_Pret
INCOME TAXES - Consolidated Pretax (Loss) Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Consolidated Pre-tax (Loss) Income [Abstract] | ' | ' | ' |
U.S. pretax loss | ($14,104) | ($29,326) | ($35,538) |
Non-U.S. pretax income | 1,342 | 1,384 | 1,800 |
LOSS BEFORE INCOME TAXES | ($12,762) | ($27,942) | ($33,738) |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES - Deferred Tax Assets & Liabilities (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current deferred tax: | ' | ' |
Allowance for doubtful accounts | $1,026 | $886 |
Inventories | -694 | -4,031 |
Compensation and benefits | 2,102 | 4,375 |
Other | 6,049 | 3,404 |
Total current tax asset | 8,483 | 4,634 |
Less: valuation allowance | -10,061 | -6,343 |
Net current deferred tax liability | -1,578 | -1,709 |
Long-term deferred tax: | ' | ' |
Depreciation | -187 | 1,524 |
Goodwill and intangible assets | 4,383 | 550 |
Pension | 73,517 | 97,755 |
Capital loss carryforwards | 19,289 | 20,575 |
Net operating loss carryforward | 38,745 | 33,859 |
Federal tax credit | 1,541 | 1,600 |
Other | 7,473 | 6,238 |
Total long-term tax asset | 145,135 | 159,053 |
Less: valuation allowance | -135,829 | -136,288 |
Net long-term deferred tax asset | 9,306 | 22,765 |
Net deferred tax asset | $7,728 | $21,056 |
INCOME_TAXES_Reconciliation_of
INCOME TAXES - Reconciliation of Federal Tax Rate (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
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 | 3.60% | -0.60% | 4.80% |
Meals and entertainment | -1.20% | -0.40% | -0.60% |
Deficiencies on equity awards | -2.40% | -2.40% | -0.40% |
Valuation allowance | 8.90% | -34.70% | -309.30% |
Permanent and other items | -2.00% | 1.20% | -1.30% |
Effective tax rate | 41.90% | -1.90% | -271.80% |
INCOME_TAXES_Unrecognized_Tax_
INCOME TAXES - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $1,629 | $1,375 | $1,912 |
Adjustments for tax positions of current year | 0 | 490 | 0 |
Reductions from lapse of applicable statute of limitations | -37 | -236 | -486 |
Settlements | 0 | 0 | -51 |
Balance at end of year | $1,592 | $1,629 | $1,375 |
INCOME_TAXES_Narrative_Details
INCOME TAXES - Narrative (Details) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Internal Revenue Service (IRS) | ' |
Income Taxes [Line Items] | ' |
Net operating loss carryforwards | $102,048 |
Valuation Allowance [Abstract] | ' |
Amount excluded from valuation allowance | 7,700 |
State Jurisdiction | ' |
Income Taxes [Line Items] | ' |
Net operating loss carryforwards | 70,964 |
Capital Loss Carryforward | Internal Revenue Service (IRS) | ' |
Income Taxes [Line Items] | ' |
Capital loss carryforwards | 2,425 |
Capital Loss Carryforward | Canada Revenue Agency (CRA) [Member] | ' |
Income Taxes [Line Items] | ' |
Capital loss carryforwards | $118,302 |
CAPITAL_STRUCTURE_Narrative_De
CAPITAL STRUCTURE - Narrative (Details) | Dec. 29, 2013 |
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. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' |
Weighted-average shares outstanding - basic | 6,386 | 5,839 | 5,810 |
Effect of potentially dilutive securities | 0 | 0 | 0 |
Weighted-average shares outstanding - diluted | 6,386 | 5,839 | 5,810 |
EARNINGS_PER_SHARE_Narrative_D
EARNINGS PER SHARE - Narrative (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Anti-dilutive shares excluded from computation of diluted earnings per share (EPS) | 0 | 0 | 0 |
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 | |
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% |
Dividend yield | 0.00% | 4.50% |
Expected term | '4 years | '4 years |
Expected volatility | 79.30% | 79.90% |
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. 29, 2013 |
Stock options | ' |
Number of Shares | ' |
Number of shares outstanding at beginning of period | 708,666 |
Granted (shares) | 0 |
Exercised (shares) | -500 |
Expired (shares) | -50,530 |
Forfeited/Canceled (shares) | -32,906 |
Number of shares outstanding at end of period | 624,730 |
Fully vested or expected to vest at December 29, 2013 (shares) | 614,480 |
Exercisable at December 29, 2013 (shares) | 458,395 |
Weighted- Average Exercise Price | ' |
Weighted-average exercise price outstanding at beginning of period (in dollars per share) | $32.29 |
Granted (in dollars per share) | $0 |
Exercised (in dollars per share) | $7.85 |
Expired (in dollars per share) | $56.44 |
Forfeited (in dollars per share) | $36.68 |
Weighted-average exercise price outstanding at end of period (in dollars per share) | $30.13 |
Weighted average exercise Price fully vested or expected to vest at end of period (in dollars per share) | $30.26 |
Weighted average exercise price, exercisable at end of period (in dollars per share) | $34.49 |
Weighted Average Remaining Contractual Life [Abstract] | ' |
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 [Abstract] | ' |
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. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Stock awards, performance-based | ' | ' | ' |
Number of Shares | ' | ' | ' |
Number of shares nonvested at beginning of period | 198,920 | ' | ' |
Granted (shares) | 238,917 | ' | ' |
Vested (shares) | -69,607 | ' | ' |
Forfeited (shares) | -17,689 | ' | ' |
Number of shares nonvested at end of period | 350,541 | 198,920 | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Weighted-Average Grant Date Fair Value nonvested at beginning of period (in dollars per share) | $9.26 | ' | ' |
Granted (in dollars per share) | $13.59 | $7.85 | $16.95 |
Vested (in dollars per share) | $11.89 | ' | ' |
Forfeited (in dollars per share) | $7.85 | ' | ' |
Weighted-Average Grant Date Fair Value nonvested at end of period (in dollars per share) | $11.76 | $9.26 | ' |
Stock awards, service-based | ' | ' | ' |
Number of Shares | ' | ' | ' |
Number of shares nonvested at beginning of period | 115,679 | ' | ' |
Granted (shares) | 155,083 | ' | ' |
Vested (shares) | -14,372 | ' | ' |
Forfeited (shares) | -8,410 | ' | ' |
Number of shares nonvested at end of period | 247,980 | 115,679 | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' |
Weighted-Average Grant Date Fair Value nonvested at beginning of period (in dollars per share) | $11.01 | ' | ' |
Granted (in dollars per share) | $12.59 | $7.85 | $16.95 |
Vested (in dollars per share) | $20.45 | ' | ' |
Forfeited (in dollars per share) | $11.16 | ' | ' |
Weighted-Average Grant Date Fair Value nonvested at end of period (in dollars per share) | $11.45 | $11.01 | ' |
SHAREBASED_COMPENSATION_Narrat
SHARE-BASED COMPENSATION - Narrative (Detail) (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of plans | 2 | ' | ' |
Total compensation expense | $2,310,000 | $2,706,000 | $1,905,000 |
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 | ' | $4.53 | $8.14 |
Total compensation cost not yet recognized, stock options | 640,000 | ' | ' |
Total compensation cost not yet recognized, period for recognition | '1 year 2 months 12 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 11 | ' | ' |
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 | ' | ' | 0.5 |
Stock awards, performance-based | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total compensation cost not yet recognized, period for recognition | '2 years 7 months | ' | ' |
Weighted average grant date fair value (in dollars per share) | $13.59 | $7.85 | $16.95 |
Equity instruments other than options, vested in period, total fair value | 193,000 | ' | ' |
Total compensation cost not yet recognized, share-based awards other than options | 2,599,000 | ' | ' |
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 | '2 years 7 months | ' | ' |
Weighted average grant date fair value (in dollars per share) | $12.59 | $7.85 | $16.95 |
Equity instruments other than options, vested in period, total fair value | 52,000 | 84,000 | 229,000 |
Total compensation cost not yet recognized, share-based awards other than options | $1,866,000 | ' | ' |
Equity Incentive Plan, 2011 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized | 1,936,000 | ' | ' |
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 | 700,000 | ' | ' |
PENSION_PLANS_Reconciliation_o
PENSION PLANS Reconciliation of benefit obligation, plan assets and funded status (Details) (Pension plans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Pension plans | ' | ' | ' |
Change in Benefit Obligation | ' | ' | ' |
Benefit obligation at beginning of year | $516,534 | $494,943 | ' |
Interest cost | 18,329 | 20,127 | 21,829 |
Settlements | 0 | -2,126 | ' |
Actuarial gain | -33,125 | 43,155 | ' |
Net benefits paid | -31,471 | -39,565 | ' |
Benefit obligation at end of year | 470,267 | 516,534 | 494,943 |
Change in Plan Assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 261,811 | 256,589 | ' |
Actual return on plan assets | 18,302 | 20,146 | ' |
Employer contributions | 26,887 | 27,280 | ' |
Settlements | 0 | -2,639 | ' |
Benefits paid | -31,471 | -39,565 | ' |
Fair value of plan assets at end of year | 275,529 | 261,811 | 256,589 |
Funded status at end of year | ($194,738) | ($254,723) | ' |
PENSION_PLANS_Amounts_Recogniz
PENSION PLANS - Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Losses Before Tax (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Amounts Recognized in Balance Sheet | ' | ' |
Accrued pension liability - long-term | ($192,779) | ($252,665) |
Pension plans | ' | ' |
Amounts Recognized in Balance Sheet | ' | ' |
Accrued pension liability - current | -1,959 | -2,058 |
Accrued pension liability - long-term | -192,779 | -252,665 |
Total | -194,738 | -254,723 |
Amounts Recognized in Accumulated Other Comprehensive Losses Before Tax | ' | ' |
Net actuarial loss | ($18,468) | ($51,630) |
PENSION_PLANS_Components_of_Ne
PENSION PLANS - Components of Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Total net periodic benefit cost | $64 | $41,471 | $60,934 |
Defined Benefit Postretirement Health Coverage [Member] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Interest cost | ' | ' | 161 |
Amortization of prior service credits | ' | ' | -27,695 |
Amortization of net actuarial losses | ' | ' | 4,120 |
Total net periodic benefit cost | ' | ' | -23,414 |
Pension plans | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Interest cost | 18,329 | 20,127 | 21,829 |
Expected return on plan assets | -20,668 | -19,873 | -20,745 |
Settlement loss | 0 | 393 | 158 |
Amortization of net actuarial losses | 2,403 | 40,824 | 59,692 |
Total net periodic benefit cost | $64 | $41,471 | $60,934 |
PENSION_PLANS_Other_Changes_in
PENSION PLANS - Other Changes in Plan Assets & Benefit Obligations Recognized in Other Comprehensive Loss Before Tax (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Pension plans | ' | ' | ' |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss Before Tax | ' | ' | ' |
Net actuarial loss | ($33,161) | $2,179 | $18,254 |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | -33,097 | 43,650 | 79,188 |
Defined Benefit Postretirement Health Coverage [Member] | ' | ' | ' |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss Before Tax | ' | ' | ' |
Net actuarial loss | ' | ' | -122 |
Prior service credit | ' | ' | -5,074 |
Prior service credit recognized | ' | ' | 27,695 |
Net actuarial loss recognized | ' | ' | -4,120 |
Total recognized in other comprehensive (income) loss | ' | ' | 18,379 |
Amount Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss), before Tax | ' | ' | ($5,035) |
PENSION_PLANS_Weighted_Average
PENSION PLANS - Weighted Average Assumptions (Details) (Pension plans) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | |
Pension plans | ' | ' | ' |
Projected benefit obligation | ' | ' | ' |
Discount rate | 4.45% | 3.65% | 4.25% |
Net periodic benefit cost | ' | ' | ' |
Discount rate | 3.65% | 4.25% | 5.00% |
Expected long-term rate of return on plan assets | 8.00% | 8.00% | 8.00% |
PENSION_PLANS_Expected_Future_
PENSION PLANS - Expected Future Benefit Payments (Details) (Pension plans, USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Pension plans | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2014 | $30,389 |
2015 | 32,520 |
2016 | 32,110 |
2017 | 33,797 |
2018 | 33,381 |
2019-2023 | $182,092 |
PENSION_PLANS_Benefit_Pension_
PENSION PLANS - Benefit Pension Plan Assets by Asset Category (Details) (Pension plans, USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $275,529 | $261,811 | $256,589 |
Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 147,252 | 148,048 | ' |
Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 12,610 | 16,005 | ' |
Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 115,667 | 97,758 | ' |
Cash and cash equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 249 | 12,738 | ' |
Cash and cash equivalents | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 249 | 12,738 | ' |
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 | ' |
Equity securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 55,382 | 47,485 | ' |
Equity securities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 55,382 | 47,485 | ' |
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 | ' |
Commingled equity funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 115,625 | 111,126 | ' |
Commingled equity funds | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 74,455 | 70,271 | ' |
Commingled equity funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 11,906 | 15,312 | ' |
Commingled equity funds | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 29,264 | 25,543 | ' |
Fixed income securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 622 | 693 | ' |
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 | 622 | 693 | ' |
Fixed income securities | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Commingled fixed income funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 29,132 | 28,606 | ' |
Commingled fixed income funds | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 17,166 | 17,554 | ' |
Commingled fixed income funds | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 82 | 0 | ' |
Commingled fixed income funds | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 11,884 | 11,052 | ' |
Private equity funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 14,941 | 3,876 | ' |
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 | 14,941 | 3,876 | ' |
Hedge funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 59,578 | 57,287 | ' |
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 | $59,578 | $57,287 | ' |
PENSION_PLANS_Plan_Assets_Meas
PENSION PLANS - Plan Assets Measured at Fair Value Using Level 3 Inputs (Details) (Pension plans, USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Jan. 01, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 |
Level 3 | Commingled Equity and Fixed Income | Private Equity Funds | Private Equity Funds | Private Equity Funds | Hedge Funds | Hedge Funds | Hedge Funds | |||
Level 3 | Level 3 | Level 3 | ||||||||
Change in Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | $261,811 | $256,589 | $97,758 | $36,595 | $14,941 | $3,876 | $3,876 | $59,578 | $57,287 | $57,287 |
Actual return on plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets still held at December 29, 2013 | ' | ' | 2,538 | 7,303 | ' | ' | -1,200 | ' | ' | -3,565 |
Assets sold during the period | ' | ' | 368 | 574 | ' | ' | 382 | ' | ' | -588 |
Purchases, sales, and settlements | ' | ' | 15,003 | -3,324 | ' | ' | 11,883 | ' | ' | 6,444 |
Transfers in and/or out of level 3 | 0 | ' | 0 | 0 | ' | ' | 0 | ' | ' | 0 |
Fair value of plan assets at end of year | $275,529 | $256,589 | $115,667 | $41,148 | $14,941 | $3,876 | $14,941 | $59,578 | $57,287 | $59,578 |
PENSION_PLANS_Narrative_Detail
PENSION PLANS - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Defined contribution plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer matching contribution expense | $0 | ' | $3,615 |
Supplemental employee retirement plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer matching contribution expense | 387 | -245 | 423 |
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 | 39,100 | ' | ' |
Transfers in and/or out of level 3 | $0 | ' | ' |
Discount rate | 3.65% | 4.25% | 5.00% |
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 | ' | ' |
Defined Benefit Postretirement Health Coverage [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | ' | ' | 4.00% |
SEGMENT_REPORTING_Information_
SEGMENT REPORTING - Information about Operations by Reportable Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from external customers | $719,783 | $601,988 | $648,109 |
Operating income | 23,426 | 20,781 | 17,958 |
Depreciation and amortization | 27,064 | 22,007 | 21,809 |
Healthcare | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from external customers | 230,120 | 215,883 | 236,772 |
Operating income | 13,026 | 12,704 | 14,475 |
Depreciation and amortization | 9,921 | 8,285 | 8,011 |
Business Solutions | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from external customers | 489,663 | 386,105 | 411,337 |
Operating income | 10,400 | 8,077 | 3,483 |
Depreciation and amortization | $17,143 | $13,722 | $13,798 |
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. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | ' | ' | ' |
Segment operating income | $23,426 | $20,781 | $17,958 |
Restructuring and other exit costs | -14,460 | -4,278 | -5,198 |
Net pension periodic benefit costs, unallocated | -64 | -41,471 | -60,934 |
Acquisition and integration costs | -10,776 | 0 | 0 |
Asset impairment | -1,262 | 0 | 0 |
Unallocated portion of postretirement credit | 0 | 0 | 15,164 |
Other Unallocated Income (Expense) | 170 | -324 | 1,106 |
Total other expense | -9,796 | -2,650 | -1,834 |
LOSS BEFORE INCOME TAXES | ($12,762) | ($27,942) | ($33,738) |
SEGMENT_REPORTING_Revenue_by_P
SEGMENT REPORTING - Revenue by Products and Services (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | $719,783 | $601,988 | $648,109 |
' | ' | ' | |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | 417,151 | 366,127 | 391,486 |
Labels | ' | ' | ' |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | 119,664 | 105,680 | 108,547 |
Software technology | ' | ' | ' |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | 10,480 | 8,924 | 9,487 |
Services | ' | ' | ' |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | 100,613 | 73,177 | 87,466 |
Promotional products | ' | ' | ' |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | 23,033 | 2,007 | 1,965 |
Other | ' | ' | ' |
Revenue from External Customers [Line Items] | ' | ' | ' |
Total consolidated revenue | $48,842 | $46,073 | $49,158 |
SEGMENT_REPORTING_Narrative_De
SEGMENT REPORTING - Narrative (Detail) | 12 Months Ended |
Dec. 29, 2013 | |
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. |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Future Minimum Operating Lease Payments (Details) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $19,344 |
2015 | 9,909 |
2016 | 5,098 |
2017 | 3,678 |
2018 | 2,917 |
Later years | 3,564 |
Total | $44,510 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Purchase commitments | $4,196 | ' | ' |
Early termination penalties related to purchase commitments | 3,402 | ' | ' |
Operating lease expense | 16,885 | 11,301 | 12,579 |
Outstanding letters of credit | 3,996 | ' | ' |
Environmental costs included in SG&A | 43 | 393 | 203 |
Valleycrest Landfill Site | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Environmental liabilities | 2,382 | ' | ' |
Period of time over which remediation costs are expected to be incurred | 'P30Y | ' | ' |
Pasco Sanitary Landfill Superfund Site | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Environmental liabilities | $1,243 | ' | ' |
Period of time over which remediation costs are expected to be incurred | 'P60Y | ' | ' |