Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 01, 2017 | Aug. 02, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CENVEO, INC | |
Entity Central Index Key | 920,321 | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Jul. 1, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 8,580,896 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 7,098 | $ 5,532 |
Accounts receivable, net | 191,714 | 234,187 |
Inventories, net | 110,609 | 101,950 |
Prepaid and other current assets | 39,434 | 41,576 |
Total current assets | 348,855 | 383,245 |
Property, plant and equipment, net | 198,927 | 207,679 |
Goodwill | 175,460 | 175,209 |
Other intangible assets, net | 122,166 | 124,831 |
Other assets, net | 23,994 | 21,995 |
Total assets | 869,402 | 912,959 |
Current liabilities: | ||
Current maturities of long-term debt | 6,944 | 31,727 |
Accounts payable | 142,328 | 175,896 |
Accrued compensation and related liabilities | 20,894 | 24,684 |
Other current liabilities | 69,289 | 82,899 |
Total current liabilities | 239,455 | 315,206 |
Long-term debt | 1,032,329 | 986,939 |
Other liabilities | 193,242 | 199,971 |
Commitments and contingencies | ||
Shareholders’ deficit: | ||
Preferred stock | 0 | 0 |
Common stock | 86 | 86 |
Paid-in capital | 382,650 | 382,271 |
Retained deficit | (878,828) | (868,285) |
Accumulated other comprehensive loss | (99,532) | (103,229) |
Total shareholders’ deficit | (595,624) | (589,157) |
Total liabilities and shareholders’ deficit | $ 869,402 | $ 912,959 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2017 | Apr. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Income Statement [Abstract] | |||||
Net sales | $ 354,982 | $ 381,913 | $ 410,053 | $ 736,895 | $ 850,632 |
Cost of sales | 297,684 | $ 317,779 | 341,490 | 615,463 | 711,219 |
Selling, general and administrative expenses | 40,172 | 44,734 | 84,713 | 91,973 | |
Amortization of intangible assets | 1,352 | 1,379 | 2,731 | 2,986 | |
Restructuring and other charges | 4,416 | 880 | 12,596 | 5,870 | |
Operating income | 11,358 | 21,570 | 21,392 | 38,584 | |
Interest expense, net | 19,525 | 21,512 | 38,672 | 45,607 | |
Loss (gain) on early extinguishment of debt, net | 63 | (51,273) | 108 | (72,886) | |
Other income, net | (96) | (1,644) | (323) | (1,090) | |
(Loss) income from continuing operations before income taxes | (8,134) | 52,975 | (17,065) | 66,953 | |
Income tax (benefit) expense | (6,283) | 2,115 | (6,522) | 3,073 | |
(Loss) income from continuing operations | (1,851) | 50,860 | (10,543) | 63,880 | |
Loss from discontinued operations, net of taxes | 0 | (3,304) | 0 | (5,121) | |
Net (loss) income | (1,851) | 47,556 | (10,543) | 58,759 | |
Other comprehensive income (loss): | |||||
Changes in pension and other employee benefit accounts, net of taxes | 1,595 | 2,480 | 3,189 | 4,960 | |
Currency translation adjustment, net | 55 | (157) | 508 | 1,585 | |
Total other comprehensive income | 1,650 | 2,323 | 3,697 | 6,545 | |
Comprehensive (loss) income | $ (201) | $ 49,879 | $ (6,846) | $ 65,304 | |
(Loss) income per share – basic: | |||||
Continuing operations per share - basic | $ (0.22) | $ 5.97 | $ (1.23) | $ 7.51 | |
Discontinued operations per share - basic | 0 | (0.39) | 0 | (0.60) | |
Net (loss) income per share - basic | (0.22) | 5.58 | (1.23) | 6.91 | |
(Loss) income per share – diluted: | |||||
Continuing operations per share - diluted | (0.22) | 5.15 | (1.23) | 6.43 | |
Discontinued operations per share - diluted | 0 | (0.33) | 0 | (0.51) | |
Net (loss) income per share - diluted | $ (0.22) | $ 4.82 | $ (1.23) | $ 5.92 | |
Weighted average shares outstanding: | |||||
Basic shares | 8,561 | 8,517 | 8,557 | 8,501 | |
Diluted shares | 8,561 | 9,977 | 8,557 | 10,143 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Cash flows from operating activities: [Abstract] | ||
Net (loss) income | $ (10,543) | $ 58,759 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||
Loss on sale of discontinued operations, net of taxes | 0 | 2,645 |
Loss from discontinued operations, net of taxes | 0 | 2,476 |
Depreciation and amortization, excluding non-cash interest expense | 23,743 | 23,856 |
Non-cash interest expense, net | 3,937 | 4,753 |
Deferred income taxes | (4,828) | 712 |
Gain on sale of assets | (206) | (1,924) |
Non-cash restructuring and other charges, net | 8,305 | 4,663 |
Non-cash loss (gain) on early extinguishment of debt, net | 43 | (70,803) |
Stock-based compensation provision | 433 | 1,008 |
Other non-cash charges | 1,161 | 1,724 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 42,455 | 40,958 |
Inventories | (9,920) | 8,689 |
Accounts payable and accrued compensation and related liabilities | (37,462) | (51,500) |
Other working capital changes | (15,458) | (16,498) |
Other, net | (949) | (1,787) |
Net cash provided by operating activities of continuing operations | 711 | 7,731 |
Net cash used in operating activities of discontinued operations | 0 | (10,296) |
Net cash provided by (used in) operating activities | 711 | (2,565) |
Cash flows from investing activities: | ||
Capital expenditures | (14,478) | (17,561) |
Proceeds from sale of property, plant and equipment | 1,265 | 7,993 |
Proceeds from sale of assets | 0 | 2,000 |
Net cash used in investing activities of continuing operations | (13,213) | (7,568) |
Net cash provided by investing activities of discontinued operations | 0 | 92,906 |
Net cash (used in) provided by investing activities | (13,213) | 85,338 |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% secured notes due 2021 | 0 | 50,000 |
Payment of financing-related costs and expenses and debt issuance discounts | (298) | (10,763) |
Proceeds from issuance of other long-term debt | 7,900 | 0 |
Repayments of other long-term debt | (2,978) | (3,102) |
Repayment of 11.5% senior notes due 2017 | (20,465) | (4,725) |
Repayment of 7% senior exchangeable notes due 2017 | (5,493) | (27,580) |
Purchase and retirement of common stock upon vesting of restricted stock units | (55) | (341) |
Borrowings under asset-based revolving credit facility due 2021 | 221,253 | 247,100 |
Repayments under asset-based revolving credit facility due 2021 | (185,945) | (339,400) |
Net cash provided by (used in) financing activities of continuing operations | 13,919 | (88,811) |
Net cash used in financing activities of discontinued operations | 0 | (8) |
Net cash provided by (used in) financing activities | 13,919 | (88,819) |
Effect of exchange rate changes on cash and cash equivalents | 149 | 453 |
Net increase (decrease) in cash and cash equivalents | 1,566 | (5,593) |
Cash and cash equivalents at beginning of period | 5,532 | 10,556 |
Cash and cash equivalents at end of period | 7,098 | 4,963 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 34,703 | 43,200 |
Cash paid for taxes, net | 693 | 2,750 |
Non-cash origination of capital leases | $ 3,029 | $ 803 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 01, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements ("financial statements") of Cenveo, Inc. and its subsidiaries (collectively, "Cenveo" or the "Company") have been prepared in accordance with Regulation S-X promulgated by the Securities and Exchange Commission ("SEC") and, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of financial position as of July 1, 2017 , and the results of operations for the three and six months ended July 1, 2017 , and July 2, 2016 , and cash flows for the six months ended July 1, 2017 , and July 2, 2016 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to SEC rules. The results of operations for the three and six months ended July 1, 2017 , are generally not indicative of the results to be expected for any interim period or for the full year, primarily due to restructuring, acquisition and debt-related activities or transactions. The December 31, 2016 , condensed consolidated balance sheet is derived from the audited consolidated financial statements at that date. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 , filed with the SEC. Certain prior year amounts have been reclassified to conform to the current year presentation. (See New Accounting Pronouncements for further discussion.) The reporting periods for the three and six months ended July 1, 2017 , and July 2, 2016 , each consisted of 13 and 26 weeks, respectively. As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, during the first quarter of 2016 the Company completed the sale of its folded carton and shrink sleeve packaging businesses, along with its top-sheet lithographic print operation (collectively, the "Packaging Business"). See Note 2 for information regarding the completion of the sale of the Packaging Business. As a result, the financial results of the Packaging Business have been accounted for as discontinued operations. The Company's historical financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented. During the second quarter of 2017, in connection with the closure of an envelope manufacturing facility, the Company classified the owned facility as held for sale. Accordingly, $2.2 million of property, plant and equipment, net, was reclassified to other assets, net, in the Company's condensed consolidated balance sheet. On July 8, 2016, the Company announced a reverse split of its common stock, par value $0.01 per share (the "Common Stock"), at a ratio of 1-for-8, effective July 13, 2016 (the "Reverse Stock Split"). The Common Stock began trading on a split-adjusted basis on July 14, 2016. The Reverse Stock Split was approved by the Company’s stockholders at the annual meeting of the stockholders held on May 26, 2016. As a result of the Reverse Stock Split, each eight pre-split shares of Common Stock outstanding were automatically combined into one new share of Common Stock without any action on the part of the respective holders, and the number of outstanding common shares on the date of the split was reduced from approximately 68.5 million shares to approximately 8.5 million shares. The Reverse Stock Split also applied to Common Stock issuable upon the exchange of the Company’s outstanding 7% senior exchangeable notes due 2017 (the "7% Notes") and upon the exercise of the Company’s outstanding warrants and the Company's outstanding stock options, restricted share units ("RSUs"), and performance share units ("PSUs"), (collectively, the "Equity Awards"). In addition, the authorized Common Stock was initially increased from 100 million to 120 million shares and then adjusted in the Reverse Stock Split from 120 million to 15 million shares. The Company's historical financial statements have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. New Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers (Topic 606) ." The new revenue recognition standard provides a five-step analysis to determine when and how revenue is recognized. The standard requires that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2017, and will be applied either retrospectively to each period presented or using modified retrospective transition approach requiring a cumulative-effect adjustment for the current period as of the date of adoption. The Company anticipates using the modified retrospective transition approach. The Company is continuing its evaluation of the impact of the pending adoption of ASU 2014-09; however, the Company does not expect that the future adoption of ASU 2014-09 will have a material impact on its consolidated financial statements or disclosures. During the second quarter 2017, as part of its assessment process of the impact of adopting ASU 2014-09, the Company concluded it was appropriate to classify postage revenues and costs of goods sold as gross amounts as opposed to offsetting them within cost of goods sold. This assessment only impacts the Company’s print operating segment and the reclassifications had no effect on operating income (loss) or net income (loss) for any period presented. The reclassification impact by major category is as follows (in thousands): Period As reported Reclassification adjustment As adjusted Net sales Six months ended July 2, 2016 $ 836,802 $ 13,830 $ 850,632 Three months ended July 2, 2016 404,041 6,012 410,053 Three months ended April 1, 2017 374,506 7,407 381,913 Cost of sales Six months ended July 2, 2016 $ 697,389 $ 13,830 $ 711,219 Three months ended July 2, 2016 335,478 6,012 341,490 Three months ended April 1, 2017 310,372 7,407 317,779 In July 2015, the FASB issued ASU 2015-11, " Inventory (Topic 340): Simplifying the Measurement of Inventory ." Under ASU 2015-11, companies utilizing the first-in, first-out or average cost method should measure inventory at the lower of cost or net realizable value, where net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for interim and annual reporting periods beginning after December 15, 2016. The Company adopted ASU 2015-11 during the first quarter of 2017. Adoption of ASU 2015-11 did not have a material impact on the Company's consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, " Balance Sheet Classification of Deferred Taxes ." ASU 2015-17 simplifies the presentation of deferred income taxes to require that deferred tax assets and liabilities be classified as non-current in a classified balance sheet. As a result of prospectively adopting ASU 2015-17 during the first quarter of 2017, the Company reclassified $3.4 million of current deferred tax assets from prepaid and other current assets to other liabilities in the Company's condensed consolidated balance sheet. Prior period amounts were not adjusted. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842)." The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. A modified retrospective transition approach is required for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. At a minimum, adoption of ASU 2016-02 will require recording a ROU asset and a lease liability on the Company's consolidated balance sheet; however the Company is currently evaluating the impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, " Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ." The new standard simplifies various aspects related to how share-based payments are accounted for and presented in the consolidated financial statements. The amendments include income tax consequences, the accounting for forfeitures, the classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance was effective in the first quarter of fiscal 2017. Adoption of ASU 2016-09 did not have a material impact on the Company's consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, " Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted ASU 2016-15 during the first quarter of 2017. Adoption of ASU 2016-15 did not have a material impact on the Company's current period consolidated financial statements. The Company's prior year condensed consolidated statement of cash flows has been adjusted to conform to the current year presentation In January 2017, the FASB issued ASU 2017-01 " Business Combinations (Topic 805): Clarifying the Definition of a Business " which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The revised definition of a business under ASU 2017-01 will reduce the number of transactions that are accounted for as business combinations. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is allowed for certain transactions. The Company will prospectively evaluate the impact that adoption of ASU 2017-01 will have on any future transactions. In January 2017, the FASB issued ASU 2017-04 " Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment " which removes the second step from the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted, and applied prospectively. The Company adopted ASU 2017-04 during the first quarter of 2017. Adoption of ASU 2017-04 did not have a material impact on the Company's consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, " Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost. " ASU 2017-07 requires employers to report the service cost component in the same line item as other compensation costs. The other components of net benefit costs will be presented in the income statement separately from the service cost and outside of a subtotal of income from operations. ASU 2017-07 is effective for interim and annual periods beginning after December 15, 2017. The Company is still currently evaluating the impact that the future adoption of ASU 2017-07 will have on its consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jul. 01, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On January 19, 2016, the Company completed the sale of the Packaging Business. The Company received total cash proceeds of approximately $89.6 million , net of transaction costs of approximately $6.3 million . This resulted in the recognition of a total loss of $3.6 million . A gain of $1.4 million was recorded for the year ended 2016, of which losses of $3.3 million and $1.3 million were recorded during the three and six months ended July 2, 2016 , respectively. For the year ended 2015, the Company recorded a non-cash loss on the sale of $5.0 million and a non-cash goodwill impairment charge of $9.9 million related to this transaction. This loss was based on the executed purchase agreement and the net assets of the Packaging Business. In accordance with the guidance in ASC 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment, the financial results of the Packaging Business were accounted for as discontinued operations. As of July 1, 2017 , and December 31, 2016 , the Company did not have any assets or liabilities outstanding related to its discontinued operations. The following table summarizes certain statement of operations information for discontinued operations for the three and six months ended July 2, 2016 (in thousands, except per share data): For the Three Months Ended For the Six Months Ended July 2, July 2, Net sales $ — $ 6,637 Cost of sales — 6,625 Selling, general and administrative expenses — 2,242 Restructuring and other charges — 1 Interest expense, net — 7 Other expense, net — 238 Loss from discontinued operations — (2,476 ) Loss on sale of discontinued operations (3,304 ) (1,273 ) Loss from discontinued operations before income taxes (3,304 ) (3,749 ) Income tax expense — 1,372 Loss from discontinued operations, net of taxes $ (3,304 ) $ (5,121 ) Loss per share - basic $ (0.39 ) $ (0.60 ) Loss per share - diluted $ (0.33 ) $ (0.51 ) |
Inventories
Inventories | 6 Months Ended |
Jul. 01, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories by major category are as follows (in thousands): July 1, December 31, Raw materials $ 34,643 $ 32,696 Work in process 10,533 12,186 Finished goods 65,433 57,068 $ 110,609 $ 101,950 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jul. 01, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are as follows (in thousands): July 1, December 31, Land and land improvements $ 8,080 $ 8,537 Buildings and building improvements 79,293 82,440 Machinery and equipment 535,009 546,425 Furniture and fixtures 9,026 9,553 Construction in progress 15,767 10,885 647,175 657,840 Accumulated depreciation (448,248 ) (450,161 ) $ 198,927 $ 207,679 Sale-Leaseback Transaction On June 30, 2016, the Company sold the real estate used by one manufacturing facility related to its envelope segment for net proceeds of $7.9 million and entered into a five year operating lease for the same facility, with options to renew for up to two additional five year periods. In connection with the sale, the Company maintained continuing involvement in one capital improvement project which, under ASC 840 " Leases, " resulted in the deferral of sale-leaseback accounting. During the third quarter of 2016, the Company no longer maintained any continuing involvement obligations and accordingly the transaction qualified for sales-leaseback accounting. As a result, during the third quarter of 2016, the Company recorded a gain of approximately $2.1 million in other income, net, in the condensed consolidated statement of operations and a deferred gain of approximately $2.8 million which will be recognized ratably over the original five year lease. Assets Held For Sale During the second quarter of 2017, in connection with the closure of an envelope manufacturing facility, the Company classified the owned facility as held for sale. Accordingly, $2.2 million of property, plant and equipment, net, was reclassified to other assets, net, in the Company's condensed consolidated balance sheet. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jul. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill as of July 1, 2017 , by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of December 31, 2016 $ 23,433 $ 42,499 $ 109,277 $ 175,209 Foreign currency translation — 251 — 251 Balance as of July 1, 2017 $ 23,433 $ 42,750 $ 109,277 $ 175,460 Other intangible assets are as follows (in thousands): July 1, 2017 December 31, 2016 Weighted Average Remaining Amortization Period (Years) Gross Accumulated Impairment Charges Accumulated Net Gross Accumulated Impairment Charges Accumulated Net Intangible assets with definite lives: Customer relationships 6 $ 114,399 $ (27,234 ) $ (62,413 ) $ 24,752 $ 114,287 $ (27,234 ) $ (60,014 ) $ 27,039 Trademarks and trade names 21 64,545 (46,493 ) (9,398 ) 8,654 64,533 (46,493 ) (9,138 ) 8,902 Leasehold interest 16 4,430 — (856 ) 3,574 4,430 — (743 ) 3,687 Patents 9 3,528 — (3,242 ) 286 3,528 — (3,225 ) 303 Subtotal 11 186,902 (73,727 ) (75,909 ) 37,266 186,778 (73,727 ) (73,120 ) 39,931 Intangible assets with indefinite lives: Trade names 84,900 — — 84,900 84,900 — — 84,900 Total $ 271,802 $ (73,727 ) $ (75,909 ) $ 122,166 $ 271,678 $ (73,727 ) $ (73,120 ) $ 124,831 Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): Annual Estimated Remainder of 2017 $ 2,561 2018 5,003 2019 4,885 2020 4,885 2021 4,731 2022 4,250 Thereafter 10,951 Total $ 37,266 Asset Impairments There were no goodwill or intangible asset impairments recorded in the three and six months ended July 1, 2017 , or July 2, 2016 , respectively. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jul. 01, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt is as follows (in thousands): July 1, December 31, ABL Facility due 2021 (1) $ 117,008 $ 81,700 4.0% secured notes due 2021 ($50 million outstanding principal amount as of July 1, 2017, and December 31, 2016) 49,832 49,813 8.500% junior priority secured notes due 2022 ($241.0 million outstanding principal amount as of July 1, 2017, and December 31, 2016) 235,249 234,742 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of July 1, 2017, and December 31, 2016) 532,008 530,166 6.000% senior unsecured notes due 2024 ($104.5 million outstanding principal amount as of July 1, 2017, and December 31, 2016) 86,663 85,591 11.5% senior notes due 2017 ($0.0 million and $20.5 million outstanding principal amount as of July 1, 2017, and December 31, 2016, respectively) — 20,371 7% senior exchangeable notes due 2017 ($0.0 million and $5.5 million outstanding principal amount as of July 1, 2017, and December 31, 2016, respectively) — 5,468 Other debt including capital leases 18,513 10,815 1,039,273 1,018,666 Less current maturities (6,944 ) (31,727 ) Long-term debt $ 1,032,329 $ 986,939 __________________________ (1) The weighted average interest rate outstanding for the Company's asset-based revolving credit facility (the "ABL Facility") was 3.8% and 3.4% as of July 1, 2017 , and December 31, 2016 , respectively. The estimated fair value of the Company’s outstanding indebtedness was approximately $844.1 million and $881.7 million as of July 1, 2017 , and December 31, 2016 , respectively. The fair value was determined by the Company to be Level 2 under the fair value hierarchy, and was based upon a review of observable pricing in secondary markets for each debt instrument. In the second quarter of 2017 , the Company received net proceeds of $7.9 million in connection with a 28 month equipment financing arrangement. No gain or loss was recognized related to this transaction. In the first quarter of 2017 , the Company refinanced its outstanding equipment loan with an outstanding principal balance of $6.3 million . During the third quarter of 2017, the Company received $3.7 million of additional funding under this equipment loan. Interest on the equipment loan now accrues at 7.76% per year and is payable monthly in arrears beginning on May 1, 2017, through October 1, 2020. As of July 1, 2017 , the Company was in compliance with all covenants under its long-term debt agreements. Extinguishments In the second quarter of 2017 , the Company repurchased in full of the remaining $5.5 million of its 7% Notes at par. In the first quarter of 2017 , the Company recorded a loss of less than $0.1 million on early extinguishment of debt related to the repurchase in full of the remaining $20.5 million of its 11.5% senior notes due 2017 (the "11.5% Notes"). In the second quarter of 2016, the Company recorded a gain on early extinguishment of debt of $46.1 million , related to the exchange offer where by approximately 80% of the Company's 11.5% Notes were exchanged for newly issued 6.000% senior unsecured notes due 2024 (the "6.000% Unsecured Notes"). Additionally, $1.2 million of gain on early extinguishment of debt related to $4.2 million exchanged by affiliated noteholders was recorded as a component of paid-in capital. In the second quarter of 2016, the Company recorded a gain on early extinguishment of debt of $5.4 million related to the repurchase of $16.5 million of its 7% Notes. Additionally, during the second quarter of 2016, in connection with Amendment No. 4 to the Company's ABL Facility, the Company recorded a loss on early extinguishment of debt of $0.2 million . In the first quarter of 2016 , the Company recorded a gain on early extinguishment of debt of $16.5 million related to the repurchase of $34.5 million of its 7% Notes. Additionally, the Company recorded a gain on early extinguishment of debt of $5.1 million related to the repurchase of $10.0 million of its 11.5% Notes. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 01, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is party to various legal actions that are ordinary and incidental to its business. While the outcome of pending legal actions cannot be predicted with certainty, the Company believes the outcome of these various proceedings will not have a material effect on the Company’s financial statements. In the second quarter of 2016, the Company reached confidential agreements to settle controversies and disputes in connection with certain product warranty litigations. Total expenses related to the litigation and associated accruals, recognized in selling, general and administrative expenses in the condensed consolidated statement of operations was $1.5 million in the three months ended July 2, 2016. The Company did not have a similar settlement or related expense during the three and six months ended July 1, 2017 . The Company is involved in certain environmental matters and has been designated as a potentially responsible party for certain hazardous waste sites. There have been no material changes related to these environmental matters and, based on information currently available, the Company believes that remediation of these environmental matters will not have a material effect on the Company’s financial statements. The Company’s income, sales and use, and other tax returns are routinely subject to audit by various authorities. The Company is currently under audit related to unclaimed property, which is being led by the state of Delaware and includes other states as well. The Company believes that the resolution of any matters raised during such audits may not have a material effect on the Company’s consolidated financial position or its results of operations. The Company participates in a number of multi-employer pension plans for union employees and is exposed to significant risks and uncertainties arising from its participation in these multi-employer pension plans. These risks and uncertainties, including changes in future contributions due to partial or full withdrawal of the Company and other participating employers from these multi-employer pension plans, could significantly increase the Company’s future contributions or the underfunded status of these multi-employer pension plans. Two of the multi-employer pension plans are in mass withdrawal status. While it is not possible to quantify the potential impact of future actions of the Company or other participating employers in these multi-employer pension plans, continued participation in or withdrawal from these multi-employer pension plans could have a material effect on the Company’s financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 01, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or nonrecurring basis. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. There were no assets or liabilities recorded at fair value on a recurring or nonrecurring basis as of July 1, 2017 . On an annual basis, the Company records its pension plan assets at fair value. No additional assets or liabilities were recorded at fair value on a recurring or nonrecurring basis as of December 31, 2016 . Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable, net, long-term debt and accounts payable. The carrying values of cash and cash equivalents, accounts receivable, net, and accounts payable are reasonable estimates of their fair values as of July 1, 2017 , and December 31, 2016 , due to the short-term nature of these instruments. See Note 6 for fair value of the Company’s long-term debt. Additionally, the Company records the assets acquired and liabilities assumed in its acquisitions at fair value. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jul. 01, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans The components of the net periodic expense for the Company’s pension plans, supplemental executive retirement plans ("SERP") and other postretirement benefit plans ("OPEB") are as follows (in thousands): For the Three Months Ended For the Six Months Ended July 1, July 2, July 1, July 2, Service cost $ — $ — $ — $ — Interest cost 3,271 3,545 6,542 7,090 Expected return on plan assets (4,636 ) (4,775 ) (9,272 ) (9,550 ) Net amortization and deferral 1 1 2 2 Recognized net actuarial loss 2,612 2,480 5,224 4,960 Net periodic expense $ 1,248 $ 1,251 $ 2,496 $ 2,502 Interest cost on the projected benefit obligation includes $0.2 million related to the Company’s SERP and OPEB plans in each of the three months ended July 1, 2017 , and July 2, 2016 , and $0.3 million for each of the six months ended July 1, 2017 , and July 2, 2016 . For the six months ended July 1, 2017 , the Company made total contributions of $1.5 million to its pension, SERP and OPEB plans. The Company expects to contribute approximately $7.7 million to its pension, SERP and OPEB plans, for the remainder of 2017 . |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 01, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation On April 27, 2017, the Company's shareholders approved the 2017 Long-Term Equity Incentive Plan, which authorizes the issuance of up to 400,000 shares of the Company’s common stock. Any unused shares previously authorized under prior plans that have not been issued were not carried forward into the 2017 Long-Term Equity Incentive Plan. Total stock-based compensation expense recognized in selling, general and administrative expenses in the Company’s statements of operations was $0.2 million and $0.4 million for the three months ended July 1, 2017 , and July 2, 2016 , respectively, and $0.4 million and $1.0 million for the six months ended July 1, 2017 , and July 2, 2016 , respectively. As of July 1, 2017 , there was approximately $0.9 million of total unrecognized compensation cost related to unvested stock-based compensation grants, which is expected to be amortized over a weighted average period of 1.9 years. Stock Options A summary of the Company’s outstanding stock options as of and for the six months ended July 1, 2017 , is as follows: Options Weighted Weighted Aggregate Outstanding at December 31, 2016 129,365 $ 26.31 2.9 $ — Granted — — Exercised — — $ — Forfeited/expired (49,057 ) 39.10 Outstanding at July 1, 2017 80,308 $ 18.50 3.5 $ — Exercisable at July 1, 2017 47,977 $ 18.13 3.3 $ — RSUs A summary of the Company’s non-vested RSUs as of and for the six months ended July 1, 2017 , is as follows: RSUs Weighted Average Unvested at December 31, 2016 82,964 $ 16.28 Granted — — Vested (26,001 ) 17.88 Forfeited (2,578 ) 18.30 Unvested at July 1, 2017 54,385 $ 15.42 The total fair value of RSUs which vested during the three and six months ended July 1, 2017, was $0.1 million . On July 27, 2017, a total of 45,608 RSUs, which vest one year from the date of issuance, were issued to the independent members of the Company's Board of Directors. The fair value of these awards was determined based on the Company's stock price on the date of issuance. |
Restructuring and Other Charges
Restructuring and Other Charges | 6 Months Ended |
Jul. 01, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges The Company currently has two active cost savings, restructuring and integration plans, which are related to the implementation of cost savings initiatives focused on overhead cost eliminations, including headcount reductions, and the potential closure of certain manufacturing facilities (the "2017 Plan," and the "2016 Plan"). Each plan is primarily associated with a specific fiscal year of the planned cost actions. During 2016, the Company began implementing the 2017 Plan and continued activity under the 2016 Plan. The Company is still contemplating additional cost actions that would be associated with the 2017 Plan. The Company expects to be substantially complete with the 2016 Plan and the 2017 Plan in the 2017 fiscal year and the 2018 fiscal year, respectively. The Company currently has certain residual actions associated with finalizing prior restructuring and acquisition plans (the "Residual Plans"). As a result of these cost savings actions over the last several years, the Company has closed or consolidated a significant amount of manufacturing facilities and has had a significant number of headcount reductions. During the first six months of 2017, the Company announced and completed the closure of one envelope facility and one print facility. The Company does not anticipate any significant future expenses related to the Residual Plans other than modifications to current assumptions for lease terminations, multi-employer pension withdrawal liabilities and ongoing expenses related to maintaining restructured assets. The following tables present the details of the expenses (benefits) recognized as a result of these plans. 2017 Activity Restructuring and other charges for the three months ended July 1, 2017 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2017 Plan $ 67 $ 513 $ 417 $ 27 $ — $ 392 $ 1,416 2016 Plan — — 77 — — — 77 Residual Plans — — — — — 19 19 Total Envelope 67 513 494 27 — 411 1,512 Print 2017 Plan (54 ) 393 261 28 — 577 1,205 Residual Plans — — — — 337 (21 ) 316 Total Print (54 ) 393 261 28 337 556 1,521 Label 2017 Plan 18 93 — 1,128 — — 1,239 Residual Plans — — — — — 11 11 Total Label 18 93 — 1,128 — 11 1,250 Corporate 2017 Plan 105 — — — — 21 126 2016 Plan 7 — — — — — 7 Total Corporate 112 — — — — 21 133 Total Restructuring and Other Charges $ 143 $ 999 $ 755 $ 1,183 $ 337 $ 999 $ 4,416 Restructuring and other charges for the six months ended July 1, 2017 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2017 Plan $ 642 $ 963 $ 446 $ 54 $ — $ 417 $ 2,522 2016 Plan (33 ) (2 ) 124 18 — 70 177 Residual Plans — — — — — 22 22 Total Envelope 609 961 570 72 — 509 2,721 Print 2017 Plan 172 1,061 374 37 4,933 966 7,543 Residual Plans — — — — 599 24 623 Total Print 172 1,061 374 37 5,532 990 8,166 Label 2017 Plan (151 ) 93 — 1,128 — — 1,070 2016 Plan (17 ) — — — — — (17 ) Residual Plans (196 ) — — — — (4 ) (200 ) Total Label (364 ) 93 — 1,128 — (4 ) 853 Corporate 2017 Plan 815 — — — — 34 849 2016 Plan 7 — — — — — 7 Total Corporate 822 — — — — 34 856 Total Restructuring and Other Charges $ 1,239 $ 2,115 $ 944 $ 1,237 $ 5,532 $ 1,529 $ 12,596 2016 Activity Restructuring and other charges for the three months ended July 2, 2016 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 32 $ — $ — $ — $ — $ — $ 32 Residual Plans 6 146 — — 7 — 159 Total Envelope 38 146 — — 7 — 191 Print 2016 Plan 11 — — — — — 11 Residual Plans (1 ) — — 118 290 116 523 Total Print 10 — — 118 290 116 534 Label 2016 Plan 5 — — — — 1 6 Residual Plans 40 — — — — (105 ) (65 ) Total Label 45 — — — — (104 ) (59 ) Corporate 2016 Plan 207 — — — — — 207 Residual Plans — — — — — 7 7 Total Corporate 207 — — — — 7 214 Total Restructuring and Other Charges $ 300 $ 146 $ — $ 118 $ 297 $ 19 $ 880 Restructuring and other charges for the six months ended July 2, 2016 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 97 $ — $ — $ — $ — $ — $ 97 Residual Plans 13 146 276 — 54 120 609 Total Envelope 110 146 276 — 54 120 706 Print 2016 Plan 15 — — — — — 15 Residual Plans (2 ) — — 158 512 159 827 Total Print 13 — — 158 512 159 842 Label 2016 Plan 33 — — — — 1 34 Residual Plans 603 — — — — 1,159 1,762 Asset Impairments — 2,300 — — — — 2,300 Total Label 636 2,300 — — — 1,160 4,096 Corporate 2016 Plan 207 — — — — 3 210 Residual Plans — — — — — 16 16 Total Corporate 207 — — — — 19 226 Total Restructuring and Other Charges $ 966 $ 2,446 $ 276 $ 158 $ 566 $ 1,458 $ 5,870 A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands): Employee Separation Costs Lease Termination Expenses Multi-Employer Pension Building Clean-up, Total 2017 Plan Balance as of December 31, 2016 $ 2,000 $ — $ — $ — $ 2,000 Accruals, net 1,478 1,219 4,933 2,237 9,867 Payments (2,182 ) (236 ) — (2,229 ) (4,647 ) Balance as of July 1, 2017 $ 1,296 $ 983 $ 4,933 $ 8 $ 7,220 2016 Plan Balance as of December 31, 2016 $ 844 $ — $ — $ — $ 844 Accruals, net (43 ) 18 — 194 169 Payments (704 ) (18 ) — (194 ) (916 ) Balance as of July 1, 2017 $ 97 $ — $ — $ — $ 97 Residual Plans Balance as of December 31, 2016 $ 247 $ — $ 17,482 $ 359 $ 18,088 Accruals, net (196 ) — 599 42 445 Payments (51 ) — (1,828 ) (401 ) (2,280 ) Balance as of July 1, 2017 $ — $ — $ 16,253 $ — $ 16,253 Total Restructuring Liability $ 1,393 $ 983 $ 21,186 $ 8 $ 23,570 As of July 1, 2017 , the total restructuring liability was $23.6 million , of which $3.7 million is included in other current liabilities and $19.9 million is included in other liabilities in the Company's condensed consolidated balance sheet. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jul. 01, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) ("AOCI"), net of tax (in thousands): Foreign Currency Translation Pension and Other Postretirement Benefits Total Balance as of December 31, 2016 $ (5,255 ) $ (97,974 ) $ (103,229 ) Other comprehensive income before reclassifications 508 — 508 Amounts reclassified from AOCI — 3,189 3,189 Other comprehensive income 508 3,189 3,697 Balance as of July 1, 2017 $ (4,747 ) $ (94,785 ) $ (99,532 ) Reclassifications from AOCI AOCI Components (in thousands) Amounts Reclassified from AOCI Amounts Reclassified from AOCI Income Statement Line Item For the Three Months Ended For the Six Months Ended July 1, July 2, July 1, July 2, Changes in Foreign Currency Translation Loss on foreign exchange $ — $ — $ — $ 1,945 Loss from discontinued operations, net of taxes Changes in pension and other employee benefit accounts: Net actuarial losses 2,612 2,480 5,224 4,960 Cost of sales 2,612 2,480 5,224 6,905 Total before tax Taxes (1,017 ) — (2,035 ) — Income tax (benefit) expense Total reclassifications for the period $ 1,595 $ 2,480 $ 3,189 $ 6,905 Net of tax |
Income (Loss) Per Share
Income (Loss) Per Share | 6 Months Ended |
Jul. 01, 2017 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Share | Income (Loss) per Share On July 8, 2016, the Company announced a Reverse Stock Split of its Common Stock at a ratio of 1-for-8, effective July 13, 2016. The Common Stock began trading on a split-adjusted basis on July 14, 2016. As a result of the Reverse Stock Split, each eight pre-split shares of Common Stock outstanding were automatically combined into one new share of Common Stock without any action on the part of the respective holders. The Reverse Stock Split also applied to Common Stock issuable upon the exchange of the Company’s outstanding 7% Notes and upon the exercise of the Company’s outstanding warrants and Equity Awards. The share and per share amounts below have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. Basic income (loss) per share is computed based upon the weighted average number of common shares outstanding for the period. When applicable, diluted income (loss) per share is calculated using two approaches. The first approach, the treasury stock method, reflects the potential dilution that could occur if the Equity Awards to issue Common Stock were exercised. The second approach, the if converted method, reflects the potential dilution of the Equity Awards, the 7% Notes and outstanding warrants being exchanged for Common Stock. Under this method, interest expense, net of tax, if any, associated with the 7% Notes, up through redemption, is added back to income from continuing operations and the shares outstanding are increased by the underlying 7% Notes equivalent. As of July 1, 2017 , the effect of approximately 122,000 shares related to the exchange of the 7% Notes for Common Stock were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. As of July 1, 2017 , and July 2, 2016 , the effect of approximately 135,000 and 205,000 shares, respectively, related to the issuance of Common Stock upon exercise of Equity Awards were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. As of July 1, 2017 , and July 2, 2016 , the effect of approximately 1.7 million and 1.5 million shares, respectively, related to the issuance of Common Stock upon exercise of warrants were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted income (loss) per share for the three and six months ended July 1, 2017 , and July 2, 2016 (in thousands, except per share data): For the Three Months Ended For the Six Months Ended July 1, July 2, July 1, July 2, Numerator for basic and diluted (loss) income per share: (Loss) income from continuing operations $ (1,851 ) $ 50,860 $ (10,543 ) $ 63,880 Loss from discontinued operations, net of taxes — (3,304 ) — (5,121 ) Net (loss) income $ (1,851 ) $ 47,556 $ (10,543 ) $ 58,759 Numerator for diluted (loss) income per share: (Loss) income from continuing operations - as reported $ (1,851 ) $ 50,860 $ (10,543 ) $ 63,880 Interest expense on 7% Notes, net of taxes — 572 — 1,311 (Loss) income from continuing operations - after assumed conversions of dilutive shares (1,851 ) 51,432 (10,543 ) 65,191 Loss from discontinued operations, net of taxes — (3,304 ) — (5,121 ) Net (loss) income for diluted loss per share - after assumed conversions of dilutive shares $ (1,851 ) $ 48,128 $ (10,543 ) $ 60,070 Denominator for weighted average common shares outstanding: Basic shares 8,561 8,517 8,557 8,501 Dilutive effect of 7% Notes — 1,460 — 1,642 Dilutive effect of Equity Awards — — — — Dilutive effect of warrants — — — — Diluted shares 8,561 9,977 8,557 10,143 (Loss) income per share – basic: Continuing operations $ (0.22 ) $ 5.97 $ (1.23 ) $ 7.51 Discontinued operations — (0.39 ) — (0.60 ) Net (loss) income $ (0.22 ) $ 5.58 $ (1.23 ) $ 6.91 (Loss) income per share – diluted: Continuing operations $ (0.22 ) $ 5.15 $ (1.23 ) $ 6.43 Discontinued operations — (0.33 ) — (0.51 ) Net (loss) income $ (0.22 ) $ 4.82 $ (1.23 ) $ 5.92 |
Segment Information
Segment Information | 6 Months Ended |
Jul. 01, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information T he Company operates three operating and reportable segments: envelope, print and label. The envelope segment provides direct mail offerings and transactional and stock envelopes. The print segment provides a wide array of print offerings such as high-end printed materials including car brochures, advertising literature, corporate identity and brand marketing material, digital printing and content management. The label segment specializes in the design, manufacturing and printing of labels such as custom labels, overnight packaging labels and pressure-sensitive prescription labels. Operating income (loss) of each segment includes all costs and expenses directly related to the segment's operations. Corporate expenses include corporate general and administrative expenses including stock-based compensation. Corporate identifiable assets primarily consist of cash and cash equivalents, miscellaneous receivables, deferred financing fees, deferred tax assets and other assets. The following tables present certain segment information (in thousands): For the Three Months Ended For the Six Months Ended July 1, July 2, July 1, July 2, Net sales: Envelope $ 181,180 $ 212,277 $ 383,019 $ 441,537 Print 105,946 120,665 217,591 252,970 Label 67,856 77,111 136,285 156,125 Total $ 354,982 $ 410,053 $ 736,895 $ 850,632 Operating income (loss): Envelope $ 9,995 $ 17,213 $ 24,446 $ 34,772 Print 1,765 1,933 (3,061 ) 5,310 Label 6,319 11,901 15,721 16,609 Corporate (6,721 ) (9,477 ) (15,714 ) (18,107 ) Total $ 11,358 $ 21,570 $ 21,392 $ 38,584 Restructuring and other charges (benefits): Envelope $ 1,512 $ 191 $ 2,721 $ 706 Print 1,521 534 8,166 842 Label 1,250 (59 ) 853 4,096 Corporate 133 214 856 226 Total $ 4,416 $ 880 $ 12,596 $ 5,870 Depreciation and intangible asset amortization: Envelope $ 4,719 $ 4,818 $ 9,466 $ 9,582 Print 4,559 4,807 9,166 9,062 Label 1,798 1,442 3,452 3,788 Corporate 872 759 1,659 1,424 Total $ 11,948 $ 11,826 $ 23,743 $ 23,856 Intercompany sales: Envelope $ 1,296 $ 1,559 $ 2,796 $ 3,416 Print 4,958 5,450 10,224 10,265 Label 495 618 1,160 1,590 Total $ 6,749 $ 7,627 $ 14,180 $ 15,271 July 1, December 31, Total assets: Envelope $ 389,376 $ 403,157 Print 228,301 256,888 Label 211,837 216,627 Corporate 39,888 36,287 Total $ 869,402 $ 912,959 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jul. 01, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Cenveo, Inc. is a holding company (the "Parent Company"), which is the ultimate parent of all Cenveo subsidiaries. The Parent Company’s wholly-owned subsidiary, Cenveo Corporation (the "Subsidiary Issuer"), issued the 6.000% senior priority secured notes due 2019, the 8.500% junior priority secured notes due 2022, the 6.000% Unsecured Notes, the 7% Notes, the 11.5% Notes and the 4% senior secured notes (collectively, the "Subsidiary Issuer Notes"), which are fully and unconditionally guaranteed, on a joint and several basis, by the Parent Company and substantially all of its wholly-owned domestic subsidiaries, other than the Subsidiary Issuer (the "Guarantor Subsidiaries"). Presented below is condensed consolidating financial information for the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Parent Company's subsidiaries other than the Subsidiary Issuer and the Guarantor Subsidiaries (the "Non-Guarantor Subsidiaries") as of July 1, 2017 , and December 31, 2016 , and for the three and six months ended July 1, 2017 , and July 2, 2016 . The condensed consolidating financial information has been presented to show the financial position, results of operations and cash flows of the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, assuming the guarantee structure of the Subsidiary Issuer Notes was in effect at the beginning of the periods presented. The supplemental condensed consolidating financial information reflects the investments of the Parent Company in the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries using the equity method of accounting. The Parent Company’s primary transactions with its subsidiaries, other than the investment account and related equity in net income (loss) of subsidiaries, are the intercompany payables and receivables between its subsidiaries. CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET July 1, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 6,539 $ 173 $ 386 $ — $ 7,098 Accounts receivable, net — 101,826 89,888 — — 191,714 Inventories, net — 65,706 44,903 — — 110,609 Intercompany receivable — — 1,820,714 156 (1,820,870 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 35,795 2,262 1,377 — 39,434 Total current assets — 246,804 1,961,185 1,919 (1,861,053 ) 348,855 Investment in subsidiaries (595,624 ) 2,158,193 5,494 7,829 (1,575,892 ) — Property, plant and equipment, net — 101,864 95,751 1,312 — 198,927 Goodwill — 39,801 130,549 5,110 — 175,460 Other intangible assets, net — 9,287 112,879 — — 122,166 Other assets, net — 21,083 2,269 1,717 (1,075 ) 23,994 Total assets $ (595,624 ) $ 2,577,032 $ 2,308,127 $ 17,887 $ (3,438,020 ) $ 869,402 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 5,028 $ 1,916 $ — $ — $ 6,944 Accounts payable — 92,277 49,706 345 — 142,328 Accrued compensation and related liabilities — 15,947 4,567 380 — 20,894 Other current liabilities — 57,843 10,852 594 — 69,289 Intercompany payable — 1,820,870 — — (1,820,870 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,991,965 103,979 4,564 (1,861,053 ) 239,455 Long-term debt — 1,029,937 2,392 — — 1,032,329 Other liabilities — 150,754 43,563 — (1,075 ) 193,242 Shareholders’ (deficit) equity (595,624 ) (595,624 ) 2,158,193 13,323 (1,575,892 ) (595,624 ) Total liabilities and shareholders’ (deficit) equity $ (595,624 ) $ 2,577,032 $ 2,308,127 $ 17,887 $ (3,438,020 ) $ 869,402 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For the three months ended July 1, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 184,420 $ 169,882 $ 680 $ — $ 354,982 Cost of sales — 165,513 132,171 — — 297,684 Selling, general and administrative expenses — 24,437 15,530 205 — 40,172 Amortization of intangible assets — 148 1,102 102 — 1,352 Restructuring and other charges — 3,089 1,327 — — 4,416 Operating (loss) income — (8,767 ) 19,752 373 — 11,358 Interest expense, net — 19,409 116 — — 19,525 Intercompany interest (income) expense — (295 ) 295 — — — Loss on early extinguishment of debt, net — 63 — — — 63 Other expense (income), net — 212 (331 ) 23 — (96 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (28,156 ) 19,672 350 — (8,134 ) Income tax (benefit) expense — (6,440 ) 157 — — (6,283 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (21,716 ) 19,515 350 — (1,851 ) Equity in (loss) income of subsidiaries (1,851 ) 19,865 350 — (18,364 ) — Net (loss) income (1,851 ) (1,851 ) 19,865 350 (18,364 ) (1,851 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 1,650 145 93 — (1,888 ) — Changes in pension and other employee benefit accounts, net of taxes — 1,505 90 — — 1,595 Currency translation adjustment, net — — (38 ) 93 — 55 Total other comprehensive income (loss) 1,650 1,650 145 93 (1,888 ) 1,650 Comprehensive (loss) income $ (201 ) $ (201 ) $ 20,010 $ 443 $ (20,252 ) $ (201 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the six months ended July 1, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 390,022 $ 345,540 $ 1,333 $ — $ 736,895 Cost of sales — 347,312 268,151 — — 615,463 Selling, general and administrative expenses — 53,493 30,792 428 — 84,713 Amortization of intangible assets — 297 2,221 213 — 2,731 Restructuring and other charges — 11,077 1,519 — — 12,596 Operating (loss) income — (22,157 ) 42,857 692 — 21,392 Interest expense, net — 38,493 179 — — 38,672 Intercompany interest (income) expense — (577 ) 577 — — — Loss on early extinguishment of debt, net — 108 — — — 108 Other expense (income), net — 23 (439 ) 93 — (323 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (60,204 ) 42,540 599 — (17,065 ) Income tax (benefit) expense — (6,921 ) 309 90 — (6,522 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (53,283 ) 42,231 509 — (10,543 ) Equity in (loss) income of subsidiaries (10,543 ) 42,740 509 — (32,706 ) — Net (loss) income (10,543 ) (10,543 ) 42,740 509 (32,706 ) (10,543 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 3,697 688 814 — (5,199 ) — Changes in pension and other employee benefit accounts, net of taxes — 3,009 180 — — 3,189 Currency translation adjustment, net — — (306 ) 814 — 508 Total other comprehensive income (loss) 3,697 3,697 688 814 (5,199 ) 3,697 Comprehensive (loss) income $ (6,846 ) $ (6,846 ) $ 43,428 $ 1,323 $ (37,905 ) $ (6,846 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended July 1, 2017 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 435 $ (38,254 ) $ 37,842 $ 688 $ — $ 711 Cash flows from investing activities: Capital expenditures — (9,258 ) (4,688 ) (532 ) — (14,478 ) Proceeds from sale of property, plant and equipment — 1,265 — — — 1,265 Net cash used in investing activities — (7,993 ) (4,688 ) (532 ) — (13,213 ) Cash flows from financing activities: Payment of financing-related costs and expenses and debt issuance discounts — (298 ) — — — (298 ) Proceeds from issuance of other long-term debt — 7,900 — — — 7,900 Repayments of other long-term debt — (4,162 ) 1,184 — — (2,978 ) Repayment of 11.5% senior notes due 2017 — (20,465 ) — — — (20,465 ) Repayment of 7% senior exchangeable notes due 2017 — (5,493 ) — — — (5,493 ) Purchase and retirement of common stock upon vesting of RSUs (55 ) — — — — (55 ) Borrowings under ABL Facility due 2021 — 221,253 — — — 221,253 Repayments under ABL Facility due 2021 — (185,945 ) — — — (185,945 ) Intercompany advances (380 ) 37,860 (36,856 ) (624 ) — — Net cash (used in) provided by financing activities (435 ) 50,650 (35,672 ) (624 ) — 13,919 Effect of exchange rate changes on cash and cash equivalents — — 149 — — 149 Net increase (decrease) in cash and cash equivalents — 4,403 (2,369 ) (468 ) — 1,566 Cash and cash equivalents at beginning of period — 4,678 — 854 — 5,532 Cash and cash equivalents at end of period $ — $ 9,081 $ (2,369 ) $ 386 $ — $ 7,098 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 4,678 $ — $ 854 $ — $ 5,532 Accounts receivable, net — 131,770 102,417 — — 234,187 Inventories, net — 62,179 39,771 — — 101,950 Intercompany receivable — — 1,783,858 — (1,783,858 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 35,659 4,789 1,128 — 41,576 Total current assets — 271,224 1,934,080 1,982 (1,824,041 ) 383,245 Investment in subsidiaries (589,157 ) 2,112,403 4,173 7,829 (1,535,248 ) — Property, plant and equipment, net — 108,395 98,255 1,029 — 207,679 Goodwill — 49,170 121,181 4,858 — 175,209 Other intangible assets, net — 9,770 114,914 147 — 124,831 Other assets, net — 18,317 3,100 1,694 (1,116 ) 21,995 Total assets $ (589,157 ) $ 2,569,279 $ 2,275,703 $ 17,539 $ (3,360,405 ) $ 912,959 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 30,709 $ 1,018 $ — $ — $ 31,727 Accounts payable — 114,533 61,098 265 — 175,896 Accrued compensation and related liabilities — 19,245 4,699 740 — 24,684 Other current liabilities — 70,118 11,962 819 — 82,899 Intercompany payable — 1,783,390 — 468 (1,783,858 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 2,017,995 115,715 5,537 (1,824,041 ) 315,206 Long-term debt — 984,833 2,106 — — 986,939 Other liabilities — 155,608 45,479 — (1,116 ) 199,971 Shareholders’ (deficit) equity (589,157 ) (589,157 ) 2,112,403 12,002 (1,535,248 ) (589,157 ) Total liabilities and shareholders’ (deficit) equity $ (589,157 ) $ 2,569,279 $ 2,275,703 $ 17,539 $ (3,360,405 ) $ 912,959 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the three months ended July 2, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 217,739 $ 191,693 $ 621 $ — $ 410,053 Cost of sales — 193,924 147,566 — — 341,490 Selling, general and administrative expenses — 28,099 16,439 196 — 44,734 Amortization of intangible assets — 152 1,116 111 — 1,379 Restructuring and other charges — 759 121 — — 880 Operating (loss) income — (5,195 ) 26,451 314 — 21,570 Interest expense, net — 21,459 53 — — 21,512 Intercompany interest (income) expense — (246 ) 246 — — — Gain on early extinguishment of debt, net — (51,273 ) — — — (51,273 ) Other expense (income), net — 400 (1,962 ) (82 ) — (1,644 ) Income from continuing operations before income taxes and equity in income (loss) of subsidiaries — 24,465 28,114 396 — 52,975 Income tax expense — 1,203 120 792 — 2,115 Income (loss) from continuing operations before equity in income (loss) of subsidiaries — 23,262 27,994 (396 ) — 50,860 Equity in income (loss) of subsidiaries 47,556 24,164 (1,091 ) — (70,629 ) — Income (loss) from continuing operations 47,556 47,426 26,903 (396 ) (70,629 ) 50,860 Income (loss) from discontinued operations, net of taxes — 130 (2,739 ) (695 ) — (3,304 ) Net income (loss) 47,556 47,556 24,164 (1,091 ) (70,629 ) 47,556 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 2,323 (71 ) (250 ) — (2,002 ) — Changes in pension and other employee benefit accounts, net of taxes — 2,394 86 — — 2,480 Currency translation adjustment, net — — 93 (250 ) — (157 ) Total other comprehensive income (loss) 2,323 2,323 (71 ) (250 ) (2,002 ) 2,323 Comprehensive income (loss) $ 49,879 $ 49,879 $ 24,093 $ (1,341 ) $ (72,631 ) $ 49,879 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the six months ended July 2, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 456,655 $ 393,171 $ 806 $ — $ 850,632 Cost of sales — 405,073 306,146 — — 711,219 Selling, general and administrative expenses — 57,374 34,221 378 — 91,973 Amortization of intangible assets — 304 2,460 222 — 2,986 Restructuring and other charges — 3,777 2,093 — — 5,870 Operating (loss) income — (9,873 ) 48,251 206 — 38,584 Interest expense, net — 45,507 100 — — 45,607 Intercompany interest (income) expense — (491 ) 491 — — — Gain on early extinguishment of debt, net — (72,886 ) — — — (72,886 ) Other expense (income), net — 1,000 (1,948 ) (142 ) — (1,090 ) Income from continuing operations before income taxes and equity in (loss) income of subsidiaries — 16,997 49,608 348 — 66,953 Income tax expense — 2,053 242 778 — 3,073 Income (loss) from continuing operations before equity in income (loss) of subsidiaries — 14,944 49,366 (430 ) — 63,880 Equity in income (loss) of subsidiaries 58,759 45,962 552 — (105,273 ) — Income (loss) from continuing operations 58,759 60,906 49,918 (430 ) (105,273 ) 63,880 (Loss) income from discontinued operations, net of taxes — (2,147 ) (3,956 ) 982 — (5,121 ) Net income (loss) 58,759 58,759 45,962 552 (105,273 ) 58,759 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 6,545 2,038 (73 ) — (8,510 ) — Changes in pension and other employee benefit accounts, net of taxes — 4,507 453 — — 4,960 Currency translation adjustment, net — — 1,658 (73 ) — 1,585 Total other comprehensive income (loss) 6,545 6,545 2,038 (73 ) (8,510 ) 6,545 Comprehensive income (loss) $ 65,304 $ 65,304 $ 48,000 $ 479 $ (113,783 ) $ 65,304 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended July 2, 2016 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 1,008 $ (56,001 ) $ 61,624 $ 1,100 $ — $ 7,731 Net cash used in operating activities of discontinued operations — — (9,858 ) (438 ) — (10,296 ) Net cash provided by (used in) operating activities 1,008 (56,001 ) 51,766 662 — (2,565 ) Cash flows from investing activities: Capital expenditures — (8,559 ) (8,565 ) (437 ) — (17,561 ) Proceeds from sale of property, plant and equipment — 7,973 20 — — 7,993 Proceeds from sale of assets — — 2,000 — — 2,000 Net cash used in investing activities of continuing operations — (586 ) (6,545 ) (437 ) — (7,568 ) Net cash provided by investing activities of discontinued operations — — 86,419 6,487 — 92,906 Net cash (used in) provided by investing activities — (586 ) 79,874 6,050 — 85,338 Cash flows from financing activities: Proceeds from issuance of 4% secured notes due 2021 — 50,000 — — — 50,000 Payment of financing-related costs and expenses and debt issuance discounts — (10,763 ) — — — (10,763 ) Repayments of other long-term debt — (3,352 ) 250 — — (3,102 ) Repayment of 11.5% senior notes due 2017 — (4,725 ) — — — (4,725 ) Repayment of 7% senior exchangeable notes due 2017 — (27,580 ) — — — (27,580 ) Purchase and retirement of common stock upon vesting of RSUs (341 ) — — — — (341 ) Borrowings under ABL Facility due 2021 — 247,100 — — — 247,100 Repayments under ABL Facility due 2021 — (339,400 ) — — — (339,400 ) Intercompany advances (667 ) 143,669 (135,130 ) (7,872 ) — — Net cash (used in) provided by financing activities of continuing operations (1,008 ) 54,949 (134,880 ) (7,872 ) — (88,811 ) Net cash used in financing activities of discontinued operations — — (8 ) — — (8 ) Net cash (used in) provided by financing activities (1,008 ) 54,949 (134,888 ) (7,872 ) — (88,819 ) Effect of exchange rate changes on cash and cash equivalents — — 316 137 — 453 Net decrease in cash and cash equivalents — (1,638 ) (2,932 ) (1,023 ) — (5,593 ) Cash and cash equivalents at beginning of period — 5,558 3,006 1,992 — 10,556 Cash and cash equivalents at end of period $ — $ 3,920 $ 74 $ 969 $ — $ 4,963 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jul. 01, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements ("financial statements") of Cenveo, Inc. and its subsidiaries (collectively, "Cenveo" or the "Company") have been prepared in accordance with Regulation S-X promulgated by the Securities and Exchange Commission ("SEC") and, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of financial position as of July 1, 2017 , and the results of operations for the three and six months ended July 1, 2017 , and July 2, 2016 , and cash flows for the six months ended July 1, 2017 , and July 2, 2016 . Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to SEC rules. The results of operations for the three and six months ended July 1, 2017 , are generally not indicative of the results to be expected for any interim period or for the full year, primarily due to restructuring, acquisition and debt-related activities or transactions. The December 31, 2016 , condensed consolidated balance sheet is derived from the audited consolidated financial statements at that date. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 , filed with the SEC. Certain prior year amounts have been reclassified to conform to the current year presentation. (See New Accounting Pronouncements for further discussion.) The reporting periods for the three and six months ended July 1, 2017 , and July 2, 2016 , each consisted of 13 and 26 weeks, respectively. As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, during the first quarter of 2016 the Company completed the sale of its folded carton and shrink sleeve packaging businesses, along with its top-sheet lithographic print operation (collectively, the "Packaging Business"). See Note 2 for information regarding the completion of the sale of the Packaging Business. As a result, the financial results of the Packaging Business have been accounted for as discontinued operations. The Company's historical financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented. During the second quarter of 2017, in connection with the closure of an envelope manufacturing facility, the Company classified the owned facility as held for sale. Accordingly, $2.2 million of property, plant and equipment, net, was reclassified to other assets, net, in the Company's condensed consolidated balance sheet. On July 8, 2016, the Company announced a reverse split of its common stock, par value $0.01 per share (the "Common Stock"), at a ratio of 1-for-8, effective July 13, 2016 (the "Reverse Stock Split"). The Common Stock began trading on a split-adjusted basis on July 14, 2016. The Reverse Stock Split was approved by the Company’s stockholders at the annual meeting of the stockholders held on May 26, 2016. As a result of the Reverse Stock Split, each eight pre-split shares of Common Stock outstanding were automatically combined into one new share of Common Stock without any action on the part of the respective holders, and the number of outstanding common shares on the date of the split was reduced from approximately 68.5 million shares to approximately 8.5 million shares. The Reverse Stock Split also applied to Common Stock issuable upon the exchange of the Company’s outstanding 7% senior exchangeable notes due 2017 (the "7% Notes") and upon the exercise of the Company’s outstanding warrants and the Company's outstanding stock options, restricted share units ("RSUs"), and performance share units ("PSUs"), (collectively, the "Equity Awards"). In addition, the authorized Common Stock was initially increased from 100 million to 120 million shares and then adjusted in the Reverse Stock Split from 120 million to 15 million shares. The Company's historical financial statements have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. |
New Accounting Pronouncements | New Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers (Topic 606) ." The new revenue recognition standard provides a five-step analysis to determine when and how revenue is recognized. The standard requires that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2017, and will be applied either retrospectively to each period presented or using modified retrospective transition approach requiring a cumulative-effect adjustment for the current period as of the date of adoption. The Company anticipates using the modified retrospective transition approach. The Company is continuing its evaluation of the impact of the pending adoption of ASU 2014-09; however, the Company does not expect that the future adoption of ASU 2014-09 will have a material impact on its consolidated financial statements or disclosures. During the second quarter 2017, as part of its assessment process of the impact of adopting ASU 2014-09, the Company concluded it was appropriate to classify postage revenues and costs of goods sold as gross amounts as opposed to offsetting them within cost of goods sold. This assessment only impacts the Company’s print operating segment and the reclassifications had no effect on operating income (loss) or net income (loss) for any period presented. The reclassification impact by major category is as follows (in thousands): Period As reported Reclassification adjustment As adjusted Net sales Six months ended July 2, 2016 $ 836,802 $ 13,830 $ 850,632 Three months ended July 2, 2016 404,041 6,012 410,053 Three months ended April 1, 2017 374,506 7,407 381,913 Cost of sales Six months ended July 2, 2016 $ 697,389 $ 13,830 $ 711,219 Three months ended July 2, 2016 335,478 6,012 341,490 Three months ended April 1, 2017 310,372 7,407 317,779 In July 2015, the FASB issued ASU 2015-11, " Inventory (Topic 340): Simplifying the Measurement of Inventory ." Under ASU 2015-11, companies utilizing the first-in, first-out or average cost method should measure inventory at the lower of cost or net realizable value, where net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for interim and annual reporting periods beginning after December 15, 2016. The Company adopted ASU 2015-11 during the first quarter of 2017. Adoption of ASU 2015-11 did not have a material impact on the Company's consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, " Balance Sheet Classification of Deferred Taxes ." ASU 2015-17 simplifies the presentation of deferred income taxes to require that deferred tax assets and liabilities be classified as non-current in a classified balance sheet. As a result of prospectively adopting ASU 2015-17 during the first quarter of 2017, the Company reclassified $3.4 million of current deferred tax assets from prepaid and other current assets to other liabilities in the Company's condensed consolidated balance sheet. Prior period amounts were not adjusted. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842)." The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and early adoption is permitted. A modified retrospective transition approach is required for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. At a minimum, adoption of ASU 2016-02 will require recording a ROU asset and a lease liability on the Company's consolidated balance sheet; however the Company is currently evaluating the impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, " Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ." The new standard simplifies various aspects related to how share-based payments are accounted for and presented in the consolidated financial statements. The amendments include income tax consequences, the accounting for forfeitures, the classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance was effective in the first quarter of fiscal 2017. Adoption of ASU 2016-09 did not have a material impact on the Company's consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, " Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted ASU 2016-15 during the first quarter of 2017. Adoption of ASU 2016-15 did not have a material impact on the Company's current period consolidated financial statements. The Company's prior year condensed consolidated statement of cash flows has been adjusted to conform to the current year presentation In January 2017, the FASB issued ASU 2017-01 " Business Combinations (Topic 805): Clarifying the Definition of a Business " which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The revised definition of a business under ASU 2017-01 will reduce the number of transactions that are accounted for as business combinations. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is allowed for certain transactions. The Company will prospectively evaluate the impact that adoption of ASU 2017-01 will have on any future transactions. In January 2017, the FASB issued ASU 2017-04 " Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment " which removes the second step from the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted, and applied prospectively. The Company adopted ASU 2017-04 during the first quarter of 2017. Adoption of ASU 2017-04 did not have a material impact on the Company's consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, " Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-Retirement Benefit Cost. " ASU 2017-07 requires employers to report the service cost component in the same line item as other compensation costs. The other components of net benefit costs will be presented in the income statement separately from the service cost and outside of a subtotal of income from operations. ASU 2017-07 is effective for interim and annual periods beginning after December 15, 2017. The Company is still currently evaluating the impact that the future adoption of ASU 2017-07 will have on its consolidated financial statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Reclassifications [Table Text Block] | Period As reported Reclassification adjustment As adjusted Net sales Six months ended July 2, 2016 $ 836,802 $ 13,830 $ 850,632 Three months ended July 2, 2016 404,041 6,012 410,053 Three months ended April 1, 2017 374,506 7,407 381,913 Cost of sales Six months ended July 2, 2016 $ 697,389 $ 13,830 $ 711,219 Three months ended July 2, 2016 335,478 6,012 341,490 Three months ended April 1, 2017 310,372 7,407 317,779 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | The following table summarizes certain statement of operations information for discontinued operations for the three and six months ended July 2, 2016 (in thousands, except per share data): For the Three Months Ended For the Six Months Ended July 2, July 2, Net sales $ — $ 6,637 Cost of sales — 6,625 Selling, general and administrative expenses — 2,242 Restructuring and other charges — 1 Interest expense, net — 7 Other expense, net — 238 Loss from discontinued operations — (2,476 ) Loss on sale of discontinued operations (3,304 ) (1,273 ) Loss from discontinued operations before income taxes (3,304 ) (3,749 ) Income tax expense — 1,372 Loss from discontinued operations, net of taxes $ (3,304 ) $ (5,121 ) Loss per share - basic $ (0.39 ) $ (0.60 ) Loss per share - diluted $ (0.33 ) $ (0.51 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories by major category are as follows (in thousands): July 1, December 31, Raw materials $ 34,643 $ 32,696 Work in process 10,533 12,186 Finished goods 65,433 57,068 $ 110,609 $ 101,950 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment are as follows (in thousands): July 1, December 31, Land and land improvements $ 8,080 $ 8,537 Buildings and building improvements 79,293 82,440 Machinery and equipment 535,009 546,425 Furniture and fixtures 9,026 9,553 Construction in progress 15,767 10,885 647,175 657,840 Accumulated depreciation (448,248 ) (450,161 ) $ 198,927 $ 207,679 |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill as of July 1, 2017 , by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of December 31, 2016 $ 23,433 $ 42,499 $ 109,277 $ 175,209 Foreign currency translation — 251 — 251 Balance as of July 1, 2017 $ 23,433 $ 42,750 $ 109,277 $ 175,460 |
Schedule of intangible assets | Other intangible assets are as follows (in thousands): July 1, 2017 December 31, 2016 Weighted Average Remaining Amortization Period (Years) Gross Accumulated Impairment Charges Accumulated Net Gross Accumulated Impairment Charges Accumulated Net Intangible assets with definite lives: Customer relationships 6 $ 114,399 $ (27,234 ) $ (62,413 ) $ 24,752 $ 114,287 $ (27,234 ) $ (60,014 ) $ 27,039 Trademarks and trade names 21 64,545 (46,493 ) (9,398 ) 8,654 64,533 (46,493 ) (9,138 ) 8,902 Leasehold interest 16 4,430 — (856 ) 3,574 4,430 — (743 ) 3,687 Patents 9 3,528 — (3,242 ) 286 3,528 — (3,225 ) 303 Subtotal 11 186,902 (73,727 ) (75,909 ) 37,266 186,778 (73,727 ) (73,120 ) 39,931 Intangible assets with indefinite lives: Trade names 84,900 — — 84,900 84,900 — — 84,900 Total $ 271,802 $ (73,727 ) $ (75,909 ) $ 122,166 $ 271,678 $ (73,727 ) $ (73,120 ) $ 124,831 |
Schedule of future amortization expense of intangible assets | Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): Annual Estimated Remainder of 2017 $ 2,561 2018 5,003 2019 4,885 2020 4,885 2021 4,731 2022 4,250 Thereafter 10,951 Total $ 37,266 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt is as follows (in thousands): July 1, December 31, ABL Facility due 2021 (1) $ 117,008 $ 81,700 4.0% secured notes due 2021 ($50 million outstanding principal amount as of July 1, 2017, and December 31, 2016) 49,832 49,813 8.500% junior priority secured notes due 2022 ($241.0 million outstanding principal amount as of July 1, 2017, and December 31, 2016) 235,249 234,742 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of July 1, 2017, and December 31, 2016) 532,008 530,166 6.000% senior unsecured notes due 2024 ($104.5 million outstanding principal amount as of July 1, 2017, and December 31, 2016) 86,663 85,591 11.5% senior notes due 2017 ($0.0 million and $20.5 million outstanding principal amount as of July 1, 2017, and December 31, 2016, respectively) — 20,371 7% senior exchangeable notes due 2017 ($0.0 million and $5.5 million outstanding principal amount as of July 1, 2017, and December 31, 2016, respectively) — 5,468 Other debt including capital leases 18,513 10,815 1,039,273 1,018,666 Less current maturities (6,944 ) (31,727 ) Long-term debt $ 1,032,329 $ 986,939 __________________________ (1) The weighted average interest rate outstanding for the Company's asset-based revolving credit facility (the "ABL Facility") was 3.8% and 3.4% as of July 1, 2017 , and December 31, 2016 , respectively. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of net periodic expense | The components of the net periodic expense for the Company’s pension plans, supplemental executive retirement plans ("SERP") and other postretirement benefit plans ("OPEB") are as follows (in thousands): For the Three Months Ended For the Six Months Ended July 1, July 2, July 1, July 2, Service cost $ — $ — $ — $ — Interest cost 3,271 3,545 6,542 7,090 Expected return on plan assets (4,636 ) (4,775 ) (9,272 ) (9,550 ) Net amortization and deferral 1 1 2 2 Recognized net actuarial loss 2,612 2,480 5,224 4,960 Net periodic expense $ 1,248 $ 1,251 $ 2,496 $ 2,502 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock options outstanding | Stock Options A summary of the Company’s outstanding stock options as of and for the six months ended July 1, 2017 , is as follows: Options Weighted Weighted Aggregate Outstanding at December 31, 2016 129,365 $ 26.31 2.9 $ — Granted — — Exercised — — $ — Forfeited/expired (49,057 ) 39.10 Outstanding at July 1, 2017 80,308 $ 18.50 3.5 $ — Exercisable at July 1, 2017 47,977 $ 18.13 3.3 $ — |
Schedule of nonvested restricted share units | RSUs A summary of the Company’s non-vested RSUs as of and for the six months ended July 1, 2017 , is as follows: RSUs Weighted Average Unvested at December 31, 2016 82,964 $ 16.28 Granted — — Vested (26,001 ) 17.88 Forfeited (2,578 ) 18.30 Unvested at July 1, 2017 54,385 $ 15.42 |
Restructuring and Other Charg29
Restructuring and Other Charges (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring expenses | The following tables present the details of the expenses (benefits) recognized as a result of these plans. 2017 Activity Restructuring and other charges for the three months ended July 1, 2017 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2017 Plan $ 67 $ 513 $ 417 $ 27 $ — $ 392 $ 1,416 2016 Plan — — 77 — — — 77 Residual Plans — — — — — 19 19 Total Envelope 67 513 494 27 — 411 1,512 Print 2017 Plan (54 ) 393 261 28 — 577 1,205 Residual Plans — — — — 337 (21 ) 316 Total Print (54 ) 393 261 28 337 556 1,521 Label 2017 Plan 18 93 — 1,128 — — 1,239 Residual Plans — — — — — 11 11 Total Label 18 93 — 1,128 — 11 1,250 Corporate 2017 Plan 105 — — — — 21 126 2016 Plan 7 — — — — — 7 Total Corporate 112 — — — — 21 133 Total Restructuring and Other Charges $ 143 $ 999 $ 755 $ 1,183 $ 337 $ 999 $ 4,416 Restructuring and other charges for the six months ended July 1, 2017 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2017 Plan $ 642 $ 963 $ 446 $ 54 $ — $ 417 $ 2,522 2016 Plan (33 ) (2 ) 124 18 — 70 177 Residual Plans — — — — — 22 22 Total Envelope 609 961 570 72 — 509 2,721 Print 2017 Plan 172 1,061 374 37 4,933 966 7,543 Residual Plans — — — — 599 24 623 Total Print 172 1,061 374 37 5,532 990 8,166 Label 2017 Plan (151 ) 93 — 1,128 — — 1,070 2016 Plan (17 ) — — — — — (17 ) Residual Plans (196 ) — — — — (4 ) (200 ) Total Label (364 ) 93 — 1,128 — (4 ) 853 Corporate 2017 Plan 815 — — — — 34 849 2016 Plan 7 — — — — — 7 Total Corporate 822 — — — — 34 856 Total Restructuring and Other Charges $ 1,239 $ 2,115 $ 944 $ 1,237 $ 5,532 $ 1,529 $ 12,596 2016 Activity Restructuring and other charges for the three months ended July 2, 2016 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 32 $ — $ — $ — $ — $ — $ 32 Residual Plans 6 146 — — 7 — 159 Total Envelope 38 146 — — 7 — 191 Print 2016 Plan 11 — — — — — 11 Residual Plans (1 ) — — 118 290 116 523 Total Print 10 — — 118 290 116 534 Label 2016 Plan 5 — — — — 1 6 Residual Plans 40 — — — — (105 ) (65 ) Total Label 45 — — — — (104 ) (59 ) Corporate 2016 Plan 207 — — — — — 207 Residual Plans — — — — — 7 7 Total Corporate 207 — — — — 7 214 Total Restructuring and Other Charges $ 300 $ 146 $ — $ 118 $ 297 $ 19 $ 880 Restructuring and other charges for the six months ended July 2, 2016 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 97 $ — $ — $ — $ — $ — $ 97 Residual Plans 13 146 276 — 54 120 609 Total Envelope 110 146 276 — 54 120 706 Print 2016 Plan 15 — — — — — 15 Residual Plans (2 ) — — 158 512 159 827 Total Print 13 — — 158 512 159 842 Label 2016 Plan 33 — — — — 1 34 Residual Plans 603 — — — — 1,159 1,762 Asset Impairments — 2,300 — — — — 2,300 Total Label 636 2,300 — — — 1,160 4,096 Corporate 2016 Plan 207 — — — — 3 210 Residual Plans — — — — — 16 16 Total Corporate 207 — — — — 19 226 Total Restructuring and Other Charges $ 966 $ 2,446 $ 276 $ 158 $ 566 $ 1,458 $ 5,870 |
Schedule of activity related to the restructuring liability | A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands): Employee Separation Costs Lease Termination Expenses Multi-Employer Pension Building Clean-up, Total 2017 Plan Balance as of December 31, 2016 $ 2,000 $ — $ — $ — $ 2,000 Accruals, net 1,478 1,219 4,933 2,237 9,867 Payments (2,182 ) (236 ) — (2,229 ) (4,647 ) Balance as of July 1, 2017 $ 1,296 $ 983 $ 4,933 $ 8 $ 7,220 2016 Plan Balance as of December 31, 2016 $ 844 $ — $ — $ — $ 844 Accruals, net (43 ) 18 — 194 169 Payments (704 ) (18 ) — (194 ) (916 ) Balance as of July 1, 2017 $ 97 $ — $ — $ — $ 97 Residual Plans Balance as of December 31, 2016 $ 247 $ — $ 17,482 $ 359 $ 18,088 Accruals, net (196 ) — 599 42 445 Payments (51 ) — (1,828 ) (401 ) (2,280 ) Balance as of July 1, 2017 $ — $ — $ 16,253 $ — $ 16,253 Total Restructuring Liability $ 1,393 $ 983 $ 21,186 $ 8 $ 23,570 |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Equity [Abstract] | |
Schedule of changes in AOCI components | The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) ("AOCI"), net of tax (in thousands): Foreign Currency Translation Pension and Other Postretirement Benefits Total Balance as of December 31, 2016 $ (5,255 ) $ (97,974 ) $ (103,229 ) Other comprehensive income before reclassifications 508 — 508 Amounts reclassified from AOCI — 3,189 3,189 Other comprehensive income 508 3,189 3,697 Balance as of July 1, 2017 $ (4,747 ) $ (94,785 ) $ (99,532 ) |
Schedule of reclassifications from AOCI | Reclassifications from AOCI AOCI Components (in thousands) Amounts Reclassified from AOCI Amounts Reclassified from AOCI Income Statement Line Item For the Three Months Ended For the Six Months Ended July 1, July 2, July 1, July 2, Changes in Foreign Currency Translation Loss on foreign exchange $ — $ — $ — $ 1,945 Loss from discontinued operations, net of taxes Changes in pension and other employee benefit accounts: Net actuarial losses 2,612 2,480 5,224 4,960 Cost of sales 2,612 2,480 5,224 6,905 Total before tax Taxes (1,017 ) — (2,035 ) — Income tax (benefit) expense Total reclassifications for the period $ 1,595 $ 2,480 $ 3,189 $ 6,905 Net of tax |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted income (loss) per share | The following table sets forth the computation of basic and diluted income (loss) per share for the three and six months ended July 1, 2017 , and July 2, 2016 (in thousands, except per share data): For the Three Months Ended For the Six Months Ended July 1, July 2, July 1, July 2, Numerator for basic and diluted (loss) income per share: (Loss) income from continuing operations $ (1,851 ) $ 50,860 $ (10,543 ) $ 63,880 Loss from discontinued operations, net of taxes — (3,304 ) — (5,121 ) Net (loss) income $ (1,851 ) $ 47,556 $ (10,543 ) $ 58,759 Numerator for diluted (loss) income per share: (Loss) income from continuing operations - as reported $ (1,851 ) $ 50,860 $ (10,543 ) $ 63,880 Interest expense on 7% Notes, net of taxes — 572 — 1,311 (Loss) income from continuing operations - after assumed conversions of dilutive shares (1,851 ) 51,432 (10,543 ) 65,191 Loss from discontinued operations, net of taxes — (3,304 ) — (5,121 ) Net (loss) income for diluted loss per share - after assumed conversions of dilutive shares $ (1,851 ) $ 48,128 $ (10,543 ) $ 60,070 Denominator for weighted average common shares outstanding: Basic shares 8,561 8,517 8,557 8,501 Dilutive effect of 7% Notes — 1,460 — 1,642 Dilutive effect of Equity Awards — — — — Dilutive effect of warrants — — — — Diluted shares 8,561 9,977 8,557 10,143 (Loss) income per share – basic: Continuing operations $ (0.22 ) $ 5.97 $ (1.23 ) $ 7.51 Discontinued operations — (0.39 ) — (0.60 ) Net (loss) income $ (0.22 ) $ 5.58 $ (1.23 ) $ 6.91 (Loss) income per share – diluted: Continuing operations $ (0.22 ) $ 5.15 $ (1.23 ) $ 6.43 Discontinued operations — (0.33 ) — (0.51 ) Net (loss) income $ (0.22 ) $ 4.82 $ (1.23 ) $ 5.92 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Segment Reporting [Abstract] | |
Segment information | The following tables present certain segment information (in thousands): For the Three Months Ended For the Six Months Ended July 1, July 2, July 1, July 2, Net sales: Envelope $ 181,180 $ 212,277 $ 383,019 $ 441,537 Print 105,946 120,665 217,591 252,970 Label 67,856 77,111 136,285 156,125 Total $ 354,982 $ 410,053 $ 736,895 $ 850,632 Operating income (loss): Envelope $ 9,995 $ 17,213 $ 24,446 $ 34,772 Print 1,765 1,933 (3,061 ) 5,310 Label 6,319 11,901 15,721 16,609 Corporate (6,721 ) (9,477 ) (15,714 ) (18,107 ) Total $ 11,358 $ 21,570 $ 21,392 $ 38,584 Restructuring and other charges (benefits): Envelope $ 1,512 $ 191 $ 2,721 $ 706 Print 1,521 534 8,166 842 Label 1,250 (59 ) 853 4,096 Corporate 133 214 856 226 Total $ 4,416 $ 880 $ 12,596 $ 5,870 Depreciation and intangible asset amortization: Envelope $ 4,719 $ 4,818 $ 9,466 $ 9,582 Print 4,559 4,807 9,166 9,062 Label 1,798 1,442 3,452 3,788 Corporate 872 759 1,659 1,424 Total $ 11,948 $ 11,826 $ 23,743 $ 23,856 Intercompany sales: Envelope $ 1,296 $ 1,559 $ 2,796 $ 3,416 Print 4,958 5,450 10,224 10,265 Label 495 618 1,160 1,590 Total $ 6,749 $ 7,627 $ 14,180 $ 15,271 July 1, December 31, Total assets: Envelope $ 389,376 $ 403,157 Print 228,301 256,888 Label 211,837 216,627 Corporate 39,888 36,287 Total $ 869,402 $ 912,959 |
Condensed Consolidating Finan33
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jul. 01, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET July 1, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 6,539 $ 173 $ 386 $ — $ 7,098 Accounts receivable, net — 101,826 89,888 — — 191,714 Inventories, net — 65,706 44,903 — — 110,609 Intercompany receivable — — 1,820,714 156 (1,820,870 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 35,795 2,262 1,377 — 39,434 Total current assets — 246,804 1,961,185 1,919 (1,861,053 ) 348,855 Investment in subsidiaries (595,624 ) 2,158,193 5,494 7,829 (1,575,892 ) — Property, plant and equipment, net — 101,864 95,751 1,312 — 198,927 Goodwill — 39,801 130,549 5,110 — 175,460 Other intangible assets, net — 9,287 112,879 — — 122,166 Other assets, net — 21,083 2,269 1,717 (1,075 ) 23,994 Total assets $ (595,624 ) $ 2,577,032 $ 2,308,127 $ 17,887 $ (3,438,020 ) $ 869,402 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 5,028 $ 1,916 $ — $ — $ 6,944 Accounts payable — 92,277 49,706 345 — 142,328 Accrued compensation and related liabilities — 15,947 4,567 380 — 20,894 Other current liabilities — 57,843 10,852 594 — 69,289 Intercompany payable — 1,820,870 — — (1,820,870 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,991,965 103,979 4,564 (1,861,053 ) 239,455 Long-term debt — 1,029,937 2,392 — — 1,032,329 Other liabilities — 150,754 43,563 — (1,075 ) 193,242 Shareholders’ (deficit) equity (595,624 ) (595,624 ) 2,158,193 13,323 (1,575,892 ) (595,624 ) Total liabilities and shareholders’ (deficit) equity $ (595,624 ) $ 2,577,032 $ 2,308,127 $ 17,887 $ (3,438,020 ) $ 869,402 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 4,678 $ — $ 854 $ — $ 5,532 Accounts receivable, net — 131,770 102,417 — — 234,187 Inventories, net — 62,179 39,771 — — 101,950 Intercompany receivable — — 1,783,858 — (1,783,858 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 35,659 4,789 1,128 — 41,576 Total current assets — 271,224 1,934,080 1,982 (1,824,041 ) 383,245 Investment in subsidiaries (589,157 ) 2,112,403 4,173 7,829 (1,535,248 ) — Property, plant and equipment, net — 108,395 98,255 1,029 — 207,679 Goodwill — 49,170 121,181 4,858 — 175,209 Other intangible assets, net — 9,770 114,914 147 — 124,831 Other assets, net — 18,317 3,100 1,694 (1,116 ) 21,995 Total assets $ (589,157 ) $ 2,569,279 $ 2,275,703 $ 17,539 $ (3,360,405 ) $ 912,959 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 30,709 $ 1,018 $ — $ — $ 31,727 Accounts payable — 114,533 61,098 265 — 175,896 Accrued compensation and related liabilities — 19,245 4,699 740 — 24,684 Other current liabilities — 70,118 11,962 819 — 82,899 Intercompany payable — 1,783,390 — 468 (1,783,858 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 2,017,995 115,715 5,537 (1,824,041 ) 315,206 Long-term debt — 984,833 2,106 — — 986,939 Other liabilities — 155,608 45,479 — (1,116 ) 199,971 Shareholders’ (deficit) equity (589,157 ) (589,157 ) 2,112,403 12,002 (1,535,248 ) (589,157 ) Total liabilities and shareholders’ (deficit) equity $ (589,157 ) $ 2,569,279 $ 2,275,703 $ 17,539 $ (3,360,405 ) $ 912,959 |
Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss) | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For the three months ended July 1, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 184,420 $ 169,882 $ 680 $ — $ 354,982 Cost of sales — 165,513 132,171 — — 297,684 Selling, general and administrative expenses — 24,437 15,530 205 — 40,172 Amortization of intangible assets — 148 1,102 102 — 1,352 Restructuring and other charges — 3,089 1,327 — — 4,416 Operating (loss) income — (8,767 ) 19,752 373 — 11,358 Interest expense, net — 19,409 116 — — 19,525 Intercompany interest (income) expense — (295 ) 295 — — — Loss on early extinguishment of debt, net — 63 — — — 63 Other expense (income), net — 212 (331 ) 23 — (96 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (28,156 ) 19,672 350 — (8,134 ) Income tax (benefit) expense — (6,440 ) 157 — — (6,283 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (21,716 ) 19,515 350 — (1,851 ) Equity in (loss) income of subsidiaries (1,851 ) 19,865 350 — (18,364 ) — Net (loss) income (1,851 ) (1,851 ) 19,865 350 (18,364 ) (1,851 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 1,650 145 93 — (1,888 ) — Changes in pension and other employee benefit accounts, net of taxes — 1,505 90 — — 1,595 Currency translation adjustment, net — — (38 ) 93 — 55 Total other comprehensive income (loss) 1,650 1,650 145 93 (1,888 ) 1,650 Comprehensive (loss) income $ (201 ) $ (201 ) $ 20,010 $ 443 $ (20,252 ) $ (201 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the six months ended July 1, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 390,022 $ 345,540 $ 1,333 $ — $ 736,895 Cost of sales — 347,312 268,151 — — 615,463 Selling, general and administrative expenses — 53,493 30,792 428 — 84,713 Amortization of intangible assets — 297 2,221 213 — 2,731 Restructuring and other charges — 11,077 1,519 — — 12,596 Operating (loss) income — (22,157 ) 42,857 692 — 21,392 Interest expense, net — 38,493 179 — — 38,672 Intercompany interest (income) expense — (577 ) 577 — — — Loss on early extinguishment of debt, net — 108 — — — 108 Other expense (income), net — 23 (439 ) 93 — (323 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (60,204 ) 42,540 599 — (17,065 ) Income tax (benefit) expense — (6,921 ) 309 90 — (6,522 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (53,283 ) 42,231 509 — (10,543 ) Equity in (loss) income of subsidiaries (10,543 ) 42,740 509 — (32,706 ) — Net (loss) income (10,543 ) (10,543 ) 42,740 509 (32,706 ) (10,543 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 3,697 688 814 — (5,199 ) — Changes in pension and other employee benefit accounts, net of taxes — 3,009 180 — — 3,189 Currency translation adjustment, net — — (306 ) 814 — 508 Total other comprehensive income (loss) 3,697 3,697 688 814 (5,199 ) 3,697 Comprehensive (loss) income $ (6,846 ) $ (6,846 ) $ 43,428 $ 1,323 $ (37,905 ) $ (6,846 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the three months ended July 2, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 217,739 $ 191,693 $ 621 $ — $ 410,053 Cost of sales — 193,924 147,566 — — 341,490 Selling, general and administrative expenses — 28,099 16,439 196 — 44,734 Amortization of intangible assets — 152 1,116 111 — 1,379 Restructuring and other charges — 759 121 — — 880 Operating (loss) income — (5,195 ) 26,451 314 — 21,570 Interest expense, net — 21,459 53 — — 21,512 Intercompany interest (income) expense — (246 ) 246 — — — Gain on early extinguishment of debt, net — (51,273 ) — — — (51,273 ) Other expense (income), net — 400 (1,962 ) (82 ) — (1,644 ) Income from continuing operations before income taxes and equity in income (loss) of subsidiaries — 24,465 28,114 396 — 52,975 Income tax expense — 1,203 120 792 — 2,115 Income (loss) from continuing operations before equity in income (loss) of subsidiaries — 23,262 27,994 (396 ) — 50,860 Equity in income (loss) of subsidiaries 47,556 24,164 (1,091 ) — (70,629 ) — Income (loss) from continuing operations 47,556 47,426 26,903 (396 ) (70,629 ) 50,860 Income (loss) from discontinued operations, net of taxes — 130 (2,739 ) (695 ) — (3,304 ) Net income (loss) 47,556 47,556 24,164 (1,091 ) (70,629 ) 47,556 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 2,323 (71 ) (250 ) — (2,002 ) — Changes in pension and other employee benefit accounts, net of taxes — 2,394 86 — — 2,480 Currency translation adjustment, net — — 93 (250 ) — (157 ) Total other comprehensive income (loss) 2,323 2,323 (71 ) (250 ) (2,002 ) 2,323 Comprehensive income (loss) $ 49,879 $ 49,879 $ 24,093 $ (1,341 ) $ (72,631 ) $ 49,879 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the six months ended July 2, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 456,655 $ 393,171 $ 806 $ — $ 850,632 Cost of sales — 405,073 306,146 — — 711,219 Selling, general and administrative expenses — 57,374 34,221 378 — 91,973 Amortization of intangible assets — 304 2,460 222 — 2,986 Restructuring and other charges — 3,777 2,093 — — 5,870 Operating (loss) income — (9,873 ) 48,251 206 — 38,584 Interest expense, net — 45,507 100 — — 45,607 Intercompany interest (income) expense — (491 ) 491 — — — Gain on early extinguishment of debt, net — (72,886 ) — — — (72,886 ) Other expense (income), net — 1,000 (1,948 ) (142 ) — (1,090 ) Income from continuing operations before income taxes and equity in (loss) income of subsidiaries — 16,997 49,608 348 — 66,953 Income tax expense — 2,053 242 778 — 3,073 Income (loss) from continuing operations before equity in income (loss) of subsidiaries — 14,944 49,366 (430 ) — 63,880 Equity in income (loss) of subsidiaries 58,759 45,962 552 — (105,273 ) — Income (loss) from continuing operations 58,759 60,906 49,918 (430 ) (105,273 ) 63,880 (Loss) income from discontinued operations, net of taxes — (2,147 ) (3,956 ) 982 — (5,121 ) Net income (loss) 58,759 58,759 45,962 552 (105,273 ) 58,759 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 6,545 2,038 (73 ) — (8,510 ) — Changes in pension and other employee benefit accounts, net of taxes — 4,507 453 — — 4,960 Currency translation adjustment, net — — 1,658 (73 ) — 1,585 Total other comprehensive income (loss) 6,545 6,545 2,038 (73 ) (8,510 ) 6,545 Comprehensive income (loss) $ 65,304 $ 65,304 $ 48,000 $ 479 $ (113,783 ) $ 65,304 |
Schedule of Condensed Consolidating Statement of Cash Flows | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended July 1, 2017 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 435 $ (38,254 ) $ 37,842 $ 688 $ — $ 711 Cash flows from investing activities: Capital expenditures — (9,258 ) (4,688 ) (532 ) — (14,478 ) Proceeds from sale of property, plant and equipment — 1,265 — — — 1,265 Net cash used in investing activities — (7,993 ) (4,688 ) (532 ) — (13,213 ) Cash flows from financing activities: Payment of financing-related costs and expenses and debt issuance discounts — (298 ) — — — (298 ) Proceeds from issuance of other long-term debt — 7,900 — — — 7,900 Repayments of other long-term debt — (4,162 ) 1,184 — — (2,978 ) Repayment of 11.5% senior notes due 2017 — (20,465 ) — — — (20,465 ) Repayment of 7% senior exchangeable notes due 2017 — (5,493 ) — — — (5,493 ) Purchase and retirement of common stock upon vesting of RSUs (55 ) — — — — (55 ) Borrowings under ABL Facility due 2021 — 221,253 — — — 221,253 Repayments under ABL Facility due 2021 — (185,945 ) — — — (185,945 ) Intercompany advances (380 ) 37,860 (36,856 ) (624 ) — — Net cash (used in) provided by financing activities (435 ) 50,650 (35,672 ) (624 ) — 13,919 Effect of exchange rate changes on cash and cash equivalents — — 149 — — 149 Net increase (decrease) in cash and cash equivalents — 4,403 (2,369 ) (468 ) — 1,566 Cash and cash equivalents at beginning of period — 4,678 — 854 — 5,532 Cash and cash equivalents at end of period $ — $ 9,081 $ (2,369 ) $ 386 $ — $ 7,098 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended July 2, 2016 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 1,008 $ (56,001 ) $ 61,624 $ 1,100 $ — $ 7,731 Net cash used in operating activities of discontinued operations — — (9,858 ) (438 ) — (10,296 ) Net cash provided by (used in) operating activities 1,008 (56,001 ) 51,766 662 — (2,565 ) Cash flows from investing activities: Capital expenditures — (8,559 ) (8,565 ) (437 ) — (17,561 ) Proceeds from sale of property, plant and equipment — 7,973 20 — — 7,993 Proceeds from sale of assets — — 2,000 — — 2,000 Net cash used in investing activities of continuing operations — (586 ) (6,545 ) (437 ) — (7,568 ) Net cash provided by investing activities of discontinued operations — — 86,419 6,487 — 92,906 Net cash (used in) provided by investing activities — (586 ) 79,874 6,050 — 85,338 Cash flows from financing activities: Proceeds from issuance of 4% secured notes due 2021 — 50,000 — — — 50,000 Payment of financing-related costs and expenses and debt issuance discounts — (10,763 ) — — — (10,763 ) Repayments of other long-term debt — (3,352 ) 250 — — (3,102 ) Repayment of 11.5% senior notes due 2017 — (4,725 ) — — — (4,725 ) Repayment of 7% senior exchangeable notes due 2017 — (27,580 ) — — — (27,580 ) Purchase and retirement of common stock upon vesting of RSUs (341 ) — — — — (341 ) Borrowings under ABL Facility due 2021 — 247,100 — — — 247,100 Repayments under ABL Facility due 2021 — (339,400 ) — — — (339,400 ) Intercompany advances (667 ) 143,669 (135,130 ) (7,872 ) — — Net cash (used in) provided by financing activities of continuing operations (1,008 ) 54,949 (134,880 ) (7,872 ) — (88,811 ) Net cash used in financing activities of discontinued operations — — (8 ) — — (8 ) Net cash (used in) provided by financing activities (1,008 ) 54,949 (134,888 ) (7,872 ) — (88,819 ) Effect of exchange rate changes on cash and cash equivalents — — 316 137 — 453 Net decrease in cash and cash equivalents — (1,638 ) (2,932 ) (1,023 ) — (5,593 ) Cash and cash equivalents at beginning of period — 5,558 3,006 1,992 — 10,556 Cash and cash equivalents at end of period $ — $ 3,920 $ 74 $ 969 $ — $ 4,963 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | Jul. 13, 2016$ / sharesshares | Apr. 01, 2017USD ($) | Jul. 12, 2016shares |
Accounting Policies [Abstract] | |||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | ||
Shares outstanding pre-split (shares) | 68.5 | ||
Shares outstanding (shares) | 8.5 | ||
Shares authorized pre-split (shares) | 120 | 100 | |
Shares authorized (shares) | 15 | ||
Reverse stock split ratio | 0.125 | ||
Current deferred tax asset | $ | $ 3.4 |
Basis of Presentation (Reclassi
Basis of Presentation (Reclassification) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2017 | Apr. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Prior Period Adjustments Restatement [Line Items] | |||||
Net sales | $ 354,982 | $ 381,913 | $ 410,053 | $ 736,895 | $ 850,632 |
Cost of sales | $ 297,684 | 317,779 | 341,490 | $ 615,463 | 711,219 |
Previously Reported [Member] | |||||
Prior Period Adjustments Restatement [Line Items] | |||||
Net sales | 374,506 | 404,041 | 836,802 | ||
Cost of sales | 310,372 | 335,478 | 697,389 | ||
Reclassification Adjustment [Member] | |||||
Prior Period Adjustments Restatement [Line Items] | |||||
Net sales | 7,407 | 6,012 | 13,830 | ||
Cost of sales | $ 7,407 | $ 6,012 | $ 13,830 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | Jan. 19, 2016 | Jul. 02, 2016 | Jan. 02, 2016 | Jul. 02, 2016 | Dec. 31, 2016 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on sale of discontinued operations before income taxes | $ 3,304 | $ 1,273 | ||||
Packaging Business [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of discontinued operations | $ 89,600 | |||||
Sale of discontinued operations, transaction costs | $ 6,300 | |||||
Loss on sale of discontinued operations before income taxes | $ (3,300) | $ 5,000 | $ (1,300) | $ (1,400) | $ 3,600 | |
Sale of discontinued operations, impairment | $ 9,900 |
Discontinued Operations (Statem
Discontinued Operations (Statement of Operations Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Net sales | $ 0 | $ 6,637 | ||
Cost of sales | 0 | 6,625 | ||
Selling, general and administrative expenses | 0 | 2,242 | ||
Restructuring and other charges | 0 | 1 | ||
Interest expense, net | 0 | 7 | ||
Other expense, net | 0 | 238 | ||
Loss from discontinued operations | 0 | (2,476) | ||
Loss on sale of discontinued operations | (3,304) | (1,273) | ||
Loss from discontinued operations before income taxes | (3,304) | (3,749) | ||
Income tax expense | 0 | 1,372 | ||
Loss from discontinued operations, net of taxes | $ 0 | $ (3,304) | $ 0 | $ (5,121) |
Discontinued operations per share - basic | $ 0 | $ (0.39) | $ 0 | $ (0.60) |
Discontinued operations per share - diluted | $ 0 | $ (0.33) | $ 0 | $ (0.51) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 34,643 | $ 32,696 |
Work in process | 10,533 | 12,186 |
Finished goods | 65,433 | 57,068 |
Inventories | $ 110,609 | $ 101,950 |
Property, Plant and Equipment39
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 647,175 | $ 657,840 |
Accumulated depreciation | (448,248) | (450,161) |
Property, plant and equipment, net | 198,927 | 207,679 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,080 | 8,537 |
Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 79,293 | 82,440 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 535,009 | 546,425 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 9,026 | 9,553 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 15,767 | $ 10,885 |
Property, Plant and Equipment40
Property, Plant and Equipment (Narrative) (Details) - Envelope [Member] - Land, buildings and improvements [Member] $ in Millions | Jun. 30, 2016USD ($)facility | Oct. 01, 2016USD ($) | Jul. 01, 2017USD ($) |
Property, Plant and Equipment [Line Items] | |||
Number of manufacturing facilities sold (facility) | facility | 1 | ||
Sale leaseback transaction, net proceeds | $ 7.9 | ||
Sale leaseback, lease period (years) | 5 years | ||
Sale leaseback transaction, gain recognized | $ 2.1 | ||
Sale leaseback, deferred gain | $ 2.8 | ||
Assets held-for-sale | $ 2.2 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Goodwill by Reportable Segment) (Details) $ in Thousands | 6 Months Ended |
Jul. 01, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance as of the year ended | $ 175,209 |
Foreign currency translation | 251 |
Balance as of the period ended | 175,460 |
Envelope [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 23,433 |
Foreign currency translation | 0 |
Balance as of the period ended | 23,433 |
Print [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 42,499 |
Foreign currency translation | 251 |
Balance as of the period ended | 42,750 |
Label [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 109,277 |
Foreign currency translation | 0 |
Balance as of the period ended | $ 109,277 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 11 years | |
Gross Carrying Amount | $ 186,902 | $ 186,778 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (75,909) | (73,120) |
Total Net Carrying Amount | 37,266 | 39,931 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 271,802 | 271,678 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (75,909) | (73,120) |
Net Carrying Amount | 122,166 | 124,831 |
Trade names [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 84,900 | 84,900 |
Accumulated Impairment Charges | 0 | 0 |
Net Carrying Amount | $ 84,900 | 84,900 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 6 years | |
Gross Carrying Amount | $ 114,399 | 114,287 |
Accumulated Impairment Charges | (27,234) | (27,234) |
Accumulated Amortization | (62,413) | (60,014) |
Total Net Carrying Amount | $ 24,752 | 27,039 |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 21 years | |
Gross Carrying Amount | $ 64,545 | 64,533 |
Accumulated Impairment Charges | (46,493) | (46,493) |
Accumulated Amortization | (9,398) | (9,138) |
Total Net Carrying Amount | $ 8,654 | 8,902 |
Leasehold interests [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 16 years | |
Gross Carrying Amount | $ 4,430 | 4,430 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | (856) | (743) |
Total Net Carrying Amount | $ 3,574 | 3,687 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 9 years | |
Gross Carrying Amount | $ 3,528 | 3,528 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | (3,242) | (3,225) |
Total Net Carrying Amount | $ 286 | $ 303 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Schedule of Future Annual Amortization Expense) (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2017 | $ 2,561 | |
2,018 | 5,003 | |
2,019 | 4,885 | |
2,020 | 4,885 | |
2,021 | 4,731 | |
2,022 | 4,250 | |
Thereafter | 10,951 | |
Total Net Carrying Amount | $ 37,266 | $ 39,931 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 1,039,273 | $ 1,018,666 |
Current maturities of long-term debt | (6,944) | (31,727) |
Long-term debt | 1,032,329 | 986,939 |
Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 117,008 | $ 81,700 |
Debt interest rate (percent) | 3.80% | 3.40% |
Secured debt [Member] | 4.0% secured note due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 49,832 | $ 49,813 |
Long-term debt, outstanding principal amount | $ 50,000 | 50,000 |
Debt interest rate (percent) | 4.00% | |
Junior notes [Member] | 8.500% junior secured priority notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 235,249 | 234,742 |
Long-term debt, outstanding principal amount | $ 241,000 | 241,000 |
Debt interest rate (percent) | 8.50% | |
Senior notes [Member] | 6.000% senior secured priority notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 532,008 | 530,166 |
Long-term debt, outstanding principal amount | $ 540,000 | 540,000 |
Debt interest rate (percent) | 6.00% | |
Senior unsecured debt [Member] | 6.000% senior unsecured notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 86,663 | 85,591 |
Long-term debt, outstanding principal amount | $ 104,500 | 104,500 |
Debt interest rate (percent) | 6.00% | |
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 0 | 20,371 |
Long-term debt, outstanding principal amount | $ 0 | 20,500 |
Debt interest rate (percent) | 11.50% | |
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 0 | 5,468 |
Long-term debt, outstanding principal amount | $ 0 | 5,500 |
Debt interest rate (percent) | 7.00% | |
Other debt including capital leases [Member] | Other debt including capital leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 18,513 | $ 10,815 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Fair value of long-term debt | $ 844.1 | $ 881.7 | ||
Other debt including capital leases [Member] | Equipment Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt principal amount | $ 7.9 | $ 6.3 | ||
Debt interest rate (percent) | 7.76% | |||
Subsequent Event [Member] | Other debt including capital leases [Member] | Equipment Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt principal amount | $ 3.7 |
Long-Term Debt (Extinguishments
Long-Term Debt (Extinguishments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jul. 01, 2017 | Apr. 01, 2017 | Jul. 02, 2016 | Apr. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | Jun. 10, 2016 | |
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | $ (63) | $ 51,273 | $ (108) | $ 72,886 | |||
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | 5,400 | $ 16,500 | |||||
Debt extinguishment amount | $ 5,500 | 16,500 | 34,500 | ||||
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | $ 100 | 5,100 | |||||
Debt extinguishment amount | $ 20,500 | $ 10,000 | |||||
Asset based lending facility [Member] | ABL Facility due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | (200) | ||||||
Exchange Offer [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | 46,100 | ||||||
Debt Exchange, Percentage Exchanged | 80.00% | ||||||
Affiliate Noteholders [Member] | Exchange Offer [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (losses) on extinguishment of debt | 1,200 | ||||||
Affiliate Noteholders [Member] | Affiliate Exchange Agreement [Member] | Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt extinguishment amount | $ 4,200 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended |
Jul. 02, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal fees | $ 1.5 |
Retirement Plans (Schedule of N
Retirement Plans (Schedule of Net Periodic (Benefit) Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 3,271 | 3,545 | 6,542 | 7,090 |
Expected return on plan assets | (4,636) | (4,775) | (9,272) | (9,550) |
Net amortization and deferral | 1 | 1 | 2 | 2 |
Recognized net actuarial loss | 2,612 | 2,480 | 5,224 | 4,960 |
Net periodic expense | $ 1,248 | $ 1,251 | $ 2,496 | $ 2,502 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 3,271 | $ 3,545 | $ 6,542 | $ 7,090 |
Employer contributions | 1,500 | |||
Estimated future employer contributions during fiscal year | 7,700 | |||
SERP and OPEB Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 200 | $ 300 | $ 300 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 01, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Beginning balance (shares) | 129,365 | |
Options, Granted (shares) | 0 | |
Options, Exercised (shares) | 0 | |
Options, Forfeited/expired (shares) | (49,057) | |
Options, Ending balance (shares) | 80,308 | 129,365 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Exercise Price, Beginning balance (dollars per share) | $ 26.31 | |
Weighted Average Exercise Price, Granted (dollars per share) | 0 | |
Weighted Average Exercise Price, Exercised (dollars per share) | 0 | |
Weighted Average Exercise Price, Forfeited/expired (dollars per share) | 39.10 | |
Weighted Average Exercise Price, Ending balance (dollars per share) | $ 18.50 | $ 26.31 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual Term (In Years) | 3 years 6 months | 2 years 10 months 24 days |
Aggregate Intrinsic Value | $ 0 | $ 0 |
Aggregate Intrinsic Value, Exercised | $ 0 | |
Options Exercisable (shares) | 47,977 | |
Weighted Average Exercise Price, Options Exercisable (dollars per share) | $ 18.13 | |
Weighted Average Remaining Contractual Term, Options Exercisable (In Years) | 3 years 3 months 18 days | |
Aggregate Intrinsic Value, Options Exercisable | $ 0 |
Stock-Based Compensation (RSU A
Stock-Based Compensation (RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jul. 01, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested, Beginning balance (shares) | shares | 82,964 |
Granted (shares) | shares | 0 |
Vested (shares) | shares | (26,001) |
Forfeited (shares) | shares | (2,578) |
Unvested, Ending balance (shares) | shares | 54,385 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Beginning balance (dollars per share) | $ / shares | $ 16.28 |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | $ / shares | 17.88 |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | $ / shares | 18.30 |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ / shares | $ 15.42 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | Jul. 28, 2017 | Apr. 27, 2017 | Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Long Term Equity Incentive Plan, shares authorized (shares) | 400,000 | |||||
Stock-based compensation provision | $ 200 | $ 400 | $ 433 | $ 1,008 | ||
Unrecognized share based compensation expense | 900 | $ 900 | ||||
Unrecognized share based compensation costs, amortization period (years) | 1 year 10 months 24 days | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
RSUs, vesting | $ 0 | $ 100 | ||||
RSUs granted (shares) | 0 | |||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
RSUs granted (shares) | 45,608 |
Restructuring and Other Charg53
Restructuring and Other Charges (Narrative) (Details) $ in Thousands | Jul. 01, 2017USD ($)restructuring_plan |
Restructuring and Related Activities [Abstract] | |
Number of active restructuring plans (restructuring plan) | restructuring_plan | 2 |
Restructuring reserve | $ 23,570 |
Restructuring reserve, current | 3,700 |
Restructuring reserve, noncurrent | $ 19,900 |
Restructuring and Other Charg54
Restructuring and Other Charges (Restructuring Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 4,416 | $ 880 | $ 12,596 | $ 5,870 |
Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 143 | 300 | 1,239 | 966 |
Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 999 | 146 | 2,115 | 2,446 |
Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 755 | 0 | 944 | 276 |
Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,183 | 118 | 1,237 | 158 |
Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 337 | 297 | 5,532 | 566 |
Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 999 | 19 | 1,529 | 1,458 |
Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,512 | 191 | 2,721 | 706 |
Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 67 | 38 | 609 | 110 |
Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 513 | 146 | 961 | 146 |
Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 494 | 0 | 570 | 276 |
Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 27 | 0 | 72 | 0 |
Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 7 | 0 | 54 |
Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 411 | 0 | 509 | 120 |
Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,521 | 534 | 8,166 | 842 |
Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (54) | 10 | 172 | 13 |
Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 393 | 0 | 1,061 | 0 |
Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 261 | 0 | 374 | 0 |
Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 28 | 118 | 37 | 158 |
Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 337 | 290 | 5,532 | 512 |
Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 556 | 116 | 990 | 159 |
Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,250 | (59) | 853 | 4,096 |
Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 18 | 45 | (364) | 636 |
Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 93 | 0 | 93 | 2,300 |
Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,128 | 0 | 1,128 | 0 |
Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Label [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 11 | (104) | (4) | 1,160 |
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 133 | 214 | 856 | 226 |
Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 112 | 207 | 822 | 207 |
Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 21 | 7 | 34 | 19 |
2017 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 9,867 | |||
2017 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,478 | |||
2017 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,219 | |||
2017 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 4,933 | |||
2017 Plan [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2,237 | |||
2017 Plan [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,416 | 2,522 | ||
2017 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 67 | 642 | ||
2017 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 513 | 963 | ||
2017 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 417 | 446 | ||
2017 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 27 | 54 | ||
2017 Plan [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2017 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 392 | 417 | ||
2017 Plan [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,205 | 7,543 | ||
2017 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (54) | 172 | ||
2017 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 393 | 1,061 | ||
2017 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 261 | 374 | ||
2017 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 28 | 37 | ||
2017 Plan [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 4,933 | ||
2017 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 577 | 966 | ||
2017 Plan [Member] | Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,239 | 1,070 | ||
2017 Plan [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 18 | (151) | ||
2017 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 93 | 93 | ||
2017 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2017 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,128 | 1,128 | ||
2017 Plan [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2017 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2017 Plan [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 126 | 849 | ||
2017 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 105 | 815 | ||
2017 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2017 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2017 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2017 Plan [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2017 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 21 | 34 | ||
2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 169 | |||
2016 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (43) | |||
2016 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 18 | |||
2016 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
2016 Plan [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 194 | |||
2016 Plan [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 77 | 32 | 177 | 97 |
2016 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 32 | (33) | 97 |
2016 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | (2) | 0 |
2016 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 77 | 0 | 124 | 0 |
2016 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 18 | 0 |
2016 Plan [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2016 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 70 | 0 |
2016 Plan [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 11 | 15 | ||
2016 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 11 | 15 | ||
2016 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
2016 Plan [Member] | Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 6 | (17) | 34 | |
2016 Plan [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 5 | (17) | 33 | |
2016 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2016 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2016 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2016 Plan [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2016 Plan [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1 | 0 | 1 | |
2016 Plan [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 7 | 207 | 7 | 210 |
2016 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 7 | 207 | 7 | 207 |
2016 Plan [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2016 Plan [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2016 Plan [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2016 Plan [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
2016 Plan [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 3 |
Residual Plans [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 445 | |||
Residual Plans [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (196) | |||
Residual Plans [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 599 | |||
Residual Plans [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 42 | |||
Residual Plans [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 19 | 159 | 22 | 609 |
Residual Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 6 | 0 | 13 |
Residual Plans [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 146 | 0 | 146 |
Residual Plans [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 276 |
Residual Plans [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Residual Plans [Member] | Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 7 | 0 | 54 |
Residual Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 19 | 0 | 22 | 120 |
Residual Plans [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 316 | 523 | 623 | 827 |
Residual Plans [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | (1) | 0 | (2) |
Residual Plans [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Residual Plans [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Residual Plans [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 118 | 0 | 158 |
Residual Plans [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 337 | 290 | 599 | 512 |
Residual Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (21) | 116 | 24 | 159 |
Residual Plans [Member] | Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 11 | (65) | (200) | 1,762 |
Residual Plans [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 40 | (196) | 603 |
Residual Plans [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Residual Plans [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Residual Plans [Member] | Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Residual Plans [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 0 |
Residual Plans [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 11 | (105) | $ (4) | 1,159 |
Residual Plans [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 7 | 16 | ||
Residual Plans [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Corporate [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Corporate [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Corporate [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Corporate [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | ||
Residual Plans [Member] | Corporate [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 7 | 16 | ||
Asset Impairments [Member] | Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2,300 | |||
Asset Impairments [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Asset Impairments [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2,300 | |||
Asset Impairments [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Asset Impairments [Member] | Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Asset Impairments [Member] | Label [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
Asset Impairments [Member] | Label [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 0 |
Restructuring and Other Charg55
Restructuring and Other Charges (Changes in Restructuring Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | $ 4,416 | $ 880 | $ 12,596 | $ 5,870 |
Restructuring Reserve | 23,570 | 23,570 | ||
Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 143 | 300 | 1,239 | 966 |
Restructuring Reserve | 1,393 | 1,393 | ||
Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 1,183 | 118 | 1,237 | 158 |
Restructuring Reserve | 983 | 983 | ||
Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 337 | 297 | 5,532 | 566 |
Restructuring Reserve | 21,186 | 21,186 | ||
Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 999 | $ 19 | 1,529 | $ 1,458 |
Restructuring Reserve | 8 | 8 | ||
2017 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 2,000 | |||
Restructuring and other charges | 9,867 | |||
Payments for Restructuring | (4,647) | |||
Restructuring Reserve | 7,220 | 7,220 | ||
2017 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 2,000 | |||
Restructuring and other charges | 1,478 | |||
Payments for Restructuring | (2,182) | |||
Restructuring Reserve | 1,296 | 1,296 | ||
2017 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 1,219 | |||
Payments for Restructuring | (236) | |||
Restructuring Reserve | 983 | 983 | ||
2017 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 4,933 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 4,933 | 4,933 | ||
2017 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 2,237 | |||
Payments for Restructuring | (2,229) | |||
Restructuring Reserve | 8 | 8 | ||
2016 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 844 | |||
Restructuring and other charges | 169 | |||
Payments for Restructuring | (916) | |||
Restructuring Reserve | 97 | 97 | ||
2016 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 844 | |||
Restructuring and other charges | (43) | |||
Payments for Restructuring | (704) | |||
Restructuring Reserve | 97 | 97 | ||
2016 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 18 | |||
Payments for Restructuring | (18) | |||
Restructuring Reserve | 0 | 0 | ||
2016 Plan [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 0 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 0 | 0 | ||
2016 Plan [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 194 | |||
Payments for Restructuring | (194) | |||
Restructuring Reserve | 0 | 0 | ||
Residual Plans [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 18,088 | |||
Restructuring and other charges | 445 | |||
Payments for Restructuring | (2,280) | |||
Restructuring Reserve | 16,253 | 16,253 | ||
Residual Plans [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 247 | |||
Restructuring and other charges | (196) | |||
Payments for Restructuring | (51) | |||
Restructuring Reserve | 0 | 0 | ||
Residual Plans [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 0 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 0 | 0 | ||
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 17,482 | |||
Restructuring and other charges | 599 | |||
Payments for Restructuring | (1,828) | |||
Restructuring Reserve | 16,253 | 16,253 | ||
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 359 | |||
Restructuring and other charges | 42 | |||
Payments for Restructuring | (401) | |||
Restructuring Reserve | $ 0 | $ 0 |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated Other Comprehensive Loss, Beginning balance | $ (103,229) | |||
Other comprehensive income before reclassifications | 508 | |||
Amounts reclassified from AOCI | 3,189 | |||
Total other comprehensive income | $ 1,650 | $ 2,323 | 3,697 | $ 6,545 |
Accumulated Other Comprehensive Loss, Ending balance | (99,532) | (99,532) | ||
Foreign Currency Translation [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated Other Comprehensive Loss, Beginning balance | (5,255) | |||
Other comprehensive income before reclassifications | 508 | |||
Amounts reclassified from AOCI | 0 | |||
Total other comprehensive income | 508 | |||
Accumulated Other Comprehensive Loss, Ending balance | (4,747) | (4,747) | ||
Pension and Other Postretirement Benefits [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated Other Comprehensive Loss, Beginning balance | (97,974) | |||
Other comprehensive income before reclassifications | 0 | |||
Amounts reclassified from AOCI | 3,189 | |||
Total other comprehensive income | 3,189 | |||
Accumulated Other Comprehensive Loss, Ending balance | $ (94,785) | $ (94,785) |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Loss from discontinued operations, net of taxes | $ 0 | $ (3,304) | $ 0 | $ (5,121) |
Loss from continuing operations before income taxes | (8,134) | 52,975 | (17,065) | 66,953 |
Income tax (benefit) expense | 6,283 | (2,115) | 6,522 | (3,073) |
(Loss) income from continuing operations | (1,851) | 50,860 | (10,543) | 63,880 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Loss from continuing operations before income taxes | 2,612 | 2,480 | 5,224 | 6,905 |
Income tax (benefit) expense | (1,017) | 0 | (2,035) | 0 |
(Loss) income from continuing operations | 1,595 | 2,480 | 3,189 | 6,905 |
Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Loss from discontinued operations, net of taxes | 0 | 0 | 0 | 1,945 |
Pension and Other Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net actuarial losses | $ 2,612 | $ 2,480 | $ 5,224 | $ 4,960 |
Income (Loss) Per Share (Narrat
Income (Loss) Per Share (Narrative) (Details) - shares | 6 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
7% Notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 122,000 | |
Equity Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 135,000 | 205,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 1,700,000 | 1,500,000 |
Income (Loss) Per Share (Comput
Income (Loss) Per Share (Computation of Basic and Diluted Income (Loss) per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Earnings Per Share [Abstract] | ||||
(Loss) income from continuing operations | $ (1,851) | $ 50,860 | $ (10,543) | $ 63,880 |
Loss from discontinued operations, net of taxes | 0 | (3,304) | 0 | (5,121) |
Net (loss) income | (1,851) | 47,556 | (10,543) | 58,759 |
Interest expense on 7% Notes, net of taxes | 0 | 572 | 0 | 1,311 |
(Loss) income from continuing operations - after assumed conversions of dilutive shares | (1,851) | 51,432 | (10,543) | 65,191 |
Net (loss) income for diluted loss per share - after assumed conversions of dilutive shares | $ (1,851) | $ 48,128 | $ (10,543) | $ 60,070 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Basic shares | 8,561 | 8,517 | 8,557 | 8,501 |
Dilutive effect of 7% Notes (shares) | 0 | 1,460 | 0 | 1,642 |
Dilutive effect of Equity Awards (shares) | 0 | 0 | 0 | 0 |
Dilutive effect of warrants (shares) | 0 | 0 | 0 | 0 |
Diluted shares | 8,561 | 9,977 | 8,557 | 10,143 |
(Loss) income per share – basic: | ||||
Continuing operations per share - basic | $ (0.22) | $ 5.97 | $ (1.23) | $ 7.51 |
Discontinued operations per share - basic | 0 | (0.39) | 0 | (0.60) |
Net (loss) income per share - basic | (0.22) | 5.58 | (1.23) | 6.91 |
(Loss) income per share – diluted: | ||||
Continuing operations per share - diluted | (0.22) | 5.15 | (1.23) | 6.43 |
Discontinued operations per share - diluted | 0 | (0.33) | 0 | (0.51) |
Net (loss) income per share - diluted | $ (0.22) | $ 4.82 | $ (1.23) | $ 5.92 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jul. 01, 2017operating_segmentreportable_segment | |
Segment Reporting [Abstract] | |
Number of operating segments (operating segment) | operating_segment | 3 |
Number of reportable segments (reportable segment) | reportable_segment | 3 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2017 | Apr. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | Dec. 31, 2016 | |
Segment Information [Line Items] | ||||||
Net sales | $ 354,982 | $ 381,913 | $ 410,053 | $ 736,895 | $ 850,632 | |
Operating income (loss) | 11,358 | 21,570 | 21,392 | 38,584 | ||
Restructuring and other charges | 4,416 | 880 | 12,596 | 5,870 | ||
Depreciation and intangible asset amortization | 11,948 | 11,826 | 23,743 | 23,856 | ||
Intercompany sales | 6,749 | 7,627 | 14,180 | 15,271 | ||
Total assets | 869,402 | 869,402 | $ 912,959 | |||
Envelope [Member] | ||||||
Segment Information [Line Items] | ||||||
Net sales | 181,180 | 212,277 | 383,019 | 441,537 | ||
Operating income (loss) | 9,995 | 17,213 | 24,446 | 34,772 | ||
Restructuring and other charges | 1,512 | 191 | 2,721 | 706 | ||
Depreciation and intangible asset amortization | 4,719 | 4,818 | 9,466 | 9,582 | ||
Intercompany sales | 1,296 | 1,559 | 2,796 | 3,416 | ||
Total assets | 389,376 | 389,376 | 403,157 | |||
Print [Member] | ||||||
Segment Information [Line Items] | ||||||
Net sales | 105,946 | 120,665 | 217,591 | 252,970 | ||
Operating income (loss) | 1,765 | 1,933 | (3,061) | 5,310 | ||
Restructuring and other charges | 1,521 | 534 | 8,166 | 842 | ||
Depreciation and intangible asset amortization | 4,559 | 4,807 | 9,166 | 9,062 | ||
Intercompany sales | 4,958 | 5,450 | 10,224 | 10,265 | ||
Total assets | 228,301 | 228,301 | 256,888 | |||
Label [Member] | ||||||
Segment Information [Line Items] | ||||||
Net sales | 67,856 | 77,111 | 136,285 | 156,125 | ||
Operating income (loss) | 6,319 | 11,901 | 15,721 | 16,609 | ||
Restructuring and other charges | 1,250 | (59) | 853 | 4,096 | ||
Depreciation and intangible asset amortization | 1,798 | 1,442 | 3,452 | 3,788 | ||
Intercompany sales | 495 | 618 | 1,160 | 1,590 | ||
Total assets | 211,837 | 211,837 | 216,627 | |||
Corporate [Member] | ||||||
Segment Information [Line Items] | ||||||
Operating income (loss) | (6,721) | (9,477) | (15,714) | (18,107) | ||
Restructuring and other charges | 133 | 214 | 856 | 226 | ||
Depreciation and intangible asset amortization | 872 | $ 759 | 1,659 | $ 1,424 | ||
Total assets | $ 39,888 | $ 39,888 | $ 36,287 |
Condensed Consolidating Finan62
Condensed Consolidating Financial Information (Narrative) (Details) | Jul. 01, 2017 |
6.000% senior secured priority notes due 2019 [Member] | Senior notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 6.00% |
8.500% junior secured priority notes due 2022 [Member] | Junior notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 8.50% |
6.000% senior unsecured notes due 2024 [Member] | Senior unsecured debt [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 6.00% |
7% senior exchangeable notes due 2017 [Member] | Convertible debt [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 7.00% |
11.5% senior notes due 2017 [Member] | Senior unsecured debt [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 11.50% |
4.0% secured note due 2021 [Member] | Secured debt [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt interest rate (percent) | 4.00% |
Condensed Consolidating Finan63
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 7,098 | $ 5,532 |
Accounts receivable, net | 191,714 | 234,187 |
Inventories, net | 110,609 | 101,950 |
Intercompany receivable | 0 | 0 |
Notes receivable from subsidiaries | 0 | 0 |
Prepaid and other current assets | 39,434 | 41,576 |
Total current assets | 348,855 | 383,245 |
Investment in subsidiaries | 0 | 0 |
Property, plant and equipment, net | 198,927 | 207,679 |
Goodwill | 175,460 | 175,209 |
Other intangible assets, net | 122,166 | 124,831 |
Other assets, net | 23,994 | 21,995 |
Total assets | 869,402 | 912,959 |
Current liabilities: | ||
Current maturities of long-term debt | 6,944 | 31,727 |
Accounts payable | 142,328 | 175,896 |
Accrued compensation and related liabilities | 20,894 | 24,684 |
Other current liabilities | 69,289 | 82,899 |
Intercompany payable | 0 | 0 |
Notes payable to issuer | 0 | 0 |
Total current liabilities | 239,455 | 315,206 |
Long-term debt | 1,032,329 | 986,939 |
Other liabilities | 193,242 | 199,971 |
Shareholders’ (deficit) equity | (595,624) | (589,157) |
Total liabilities and shareholders’ deficit | 869,402 | 912,959 |
Parent Company [Member] | ||
Current assets: | ||
Cash and cash equivalents | 0 | 0 |
Accounts receivable, net | 0 | 0 |
Inventories, net | 0 | 0 |
Intercompany receivable | 0 | 0 |
Notes receivable from subsidiaries | 0 | 0 |
Prepaid and other current assets | 0 | 0 |
Total current assets | 0 | 0 |
Investment in subsidiaries | (595,624) | (589,157) |
Property, plant and equipment, net | 0 | 0 |
Goodwill | 0 | 0 |
Other intangible assets, net | 0 | 0 |
Other assets, net | 0 | 0 |
Total assets | (595,624) | (589,157) |
Current liabilities: | ||
Current maturities of long-term debt | 0 | 0 |
Accounts payable | 0 | 0 |
Accrued compensation and related liabilities | 0 | 0 |
Other current liabilities | 0 | 0 |
Intercompany payable | 0 | 0 |
Notes payable to issuer | 0 | 0 |
Total current liabilities | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Shareholders’ (deficit) equity | (595,624) | (589,157) |
Total liabilities and shareholders’ deficit | (595,624) | (589,157) |
Subsidiary Issuer [Member] | ||
Current assets: | ||
Cash and cash equivalents | 6,539 | 4,678 |
Accounts receivable, net | 101,826 | 131,770 |
Inventories, net | 65,706 | 62,179 |
Intercompany receivable | 0 | 0 |
Notes receivable from subsidiaries | 36,938 | 36,938 |
Prepaid and other current assets | 35,795 | 35,659 |
Total current assets | 246,804 | 271,224 |
Investment in subsidiaries | 2,158,193 | 2,112,403 |
Property, plant and equipment, net | 101,864 | 108,395 |
Goodwill | 39,801 | 49,170 |
Other intangible assets, net | 9,287 | 9,770 |
Other assets, net | 21,083 | 18,317 |
Total assets | 2,577,032 | 2,569,279 |
Current liabilities: | ||
Current maturities of long-term debt | 5,028 | 30,709 |
Accounts payable | 92,277 | 114,533 |
Accrued compensation and related liabilities | 15,947 | 19,245 |
Other current liabilities | 57,843 | 70,118 |
Intercompany payable | 1,820,870 | 1,783,390 |
Notes payable to issuer | 0 | 0 |
Total current liabilities | 1,991,965 | 2,017,995 |
Long-term debt | 1,029,937 | 984,833 |
Other liabilities | 150,754 | 155,608 |
Shareholders’ (deficit) equity | (595,624) | (589,157) |
Total liabilities and shareholders’ deficit | 2,577,032 | 2,569,279 |
Guarantor Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | 173 | 0 |
Accounts receivable, net | 89,888 | 102,417 |
Inventories, net | 44,903 | 39,771 |
Intercompany receivable | 1,820,714 | 1,783,858 |
Notes receivable from subsidiaries | 3,245 | 3,245 |
Prepaid and other current assets | 2,262 | 4,789 |
Total current assets | 1,961,185 | 1,934,080 |
Investment in subsidiaries | 5,494 | 4,173 |
Property, plant and equipment, net | 95,751 | 98,255 |
Goodwill | 130,549 | 121,181 |
Other intangible assets, net | 112,879 | 114,914 |
Other assets, net | 2,269 | 3,100 |
Total assets | 2,308,127 | 2,275,703 |
Current liabilities: | ||
Current maturities of long-term debt | 1,916 | 1,018 |
Accounts payable | 49,706 | 61,098 |
Accrued compensation and related liabilities | 4,567 | 4,699 |
Other current liabilities | 10,852 | 11,962 |
Intercompany payable | 0 | 0 |
Notes payable to issuer | 36,938 | 36,938 |
Total current liabilities | 103,979 | 115,715 |
Long-term debt | 2,392 | 2,106 |
Other liabilities | 43,563 | 45,479 |
Shareholders’ (deficit) equity | 2,158,193 | 2,112,403 |
Total liabilities and shareholders’ deficit | 2,308,127 | 2,275,703 |
Non-Guarantor Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | 386 | 854 |
Accounts receivable, net | 0 | 0 |
Inventories, net | 0 | 0 |
Intercompany receivable | 156 | 0 |
Notes receivable from subsidiaries | 0 | 0 |
Prepaid and other current assets | 1,377 | 1,128 |
Total current assets | 1,919 | 1,982 |
Investment in subsidiaries | 7,829 | 7,829 |
Property, plant and equipment, net | 1,312 | 1,029 |
Goodwill | 5,110 | 4,858 |
Other intangible assets, net | 0 | 147 |
Other assets, net | 1,717 | 1,694 |
Total assets | 17,887 | 17,539 |
Current liabilities: | ||
Current maturities of long-term debt | 0 | 0 |
Accounts payable | 345 | 265 |
Accrued compensation and related liabilities | 380 | 740 |
Other current liabilities | 594 | 819 |
Intercompany payable | 0 | 468 |
Notes payable to issuer | 3,245 | 3,245 |
Total current liabilities | 4,564 | 5,537 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Shareholders’ (deficit) equity | 13,323 | 12,002 |
Total liabilities and shareholders’ deficit | 17,887 | 17,539 |
Eliminations [Member] | ||
Current assets: | ||
Cash and cash equivalents | 0 | 0 |
Accounts receivable, net | 0 | 0 |
Inventories, net | 0 | 0 |
Intercompany receivable | (1,820,870) | (1,783,858) |
Notes receivable from subsidiaries | (40,183) | (40,183) |
Prepaid and other current assets | 0 | 0 |
Total current assets | (1,861,053) | (1,824,041) |
Investment in subsidiaries | (1,575,892) | (1,535,248) |
Property, plant and equipment, net | 0 | 0 |
Goodwill | 0 | 0 |
Other intangible assets, net | 0 | 0 |
Other assets, net | (1,075) | (1,116) |
Total assets | (3,438,020) | (3,360,405) |
Current liabilities: | ||
Current maturities of long-term debt | 0 | 0 |
Accounts payable | 0 | 0 |
Accrued compensation and related liabilities | 0 | 0 |
Other current liabilities | 0 | 0 |
Intercompany payable | (1,820,870) | (1,783,858) |
Notes payable to issuer | (40,183) | (40,183) |
Total current liabilities | (1,861,053) | (1,824,041) |
Long-term debt | 0 | 0 |
Other liabilities | (1,075) | (1,116) |
Shareholders’ (deficit) equity | (1,575,892) | (1,535,248) |
Total liabilities and shareholders’ deficit | $ (3,438,020) | $ (3,360,405) |
Condensed Consolidating Finan64
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2017 | Apr. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Jul. 02, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | $ 354,982 | $ 381,913 | $ 410,053 | $ 736,895 | $ 850,632 |
Cost of sales | 297,684 | $ 317,779 | 341,490 | 615,463 | 711,219 |
Selling, general and administrative expenses | 40,172 | 44,734 | 84,713 | 91,973 | |
Amortization of intangible assets | 1,352 | 1,379 | 2,731 | 2,986 | |
Restructuring and other charges | 4,416 | 880 | 12,596 | 5,870 | |
Operating income | 11,358 | 21,570 | 21,392 | 38,584 | |
Interest expense, net | 19,525 | 21,512 | 38,672 | 45,607 | |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 | |
Loss (gain) on early extinguishment of debt, net | 63 | (51,273) | 108 | (72,886) | |
Other expense (income), net | (96) | (1,644) | (323) | (1,090) | |
(Loss) income from continuing operations before income taxes | (8,134) | 52,975 | (17,065) | 66,953 | |
Income tax (benefit) expense | (6,283) | 2,115 | (6,522) | 3,073 | |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | (1,851) | 50,860 | (10,543) | 63,880 | |
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 | |
(Loss) income from continuing operations | (1,851) | 50,860 | (10,543) | 63,880 | |
Loss from discontinued operations, net of taxes | 0 | (3,304) | 0 | (5,121) | |
Net (loss) income | (1,851) | 47,556 | (10,543) | 58,759 | |
Other comprehensive income (loss): | |||||
Other comprehensive income (loss) of subsidiaries | 0 | 0 | 0 | 0 | |
Changes in pension and other employee benefit accounts, net of taxes | 1,595 | 2,480 | 3,189 | 4,960 | |
Currency translation adjustment, net | 55 | (157) | 508 | 1,585 | |
Total other comprehensive income | 1,650 | 2,323 | 3,697 | 6,545 | |
Comprehensive (loss) income | (201) | 49,879 | (6,846) | 65,304 | |
Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 0 | 0 | 0 | 0 | |
Cost of sales | 0 | 0 | 0 | 0 | |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | |
Amortization of intangible assets | 0 | 0 | 0 | 0 | |
Restructuring and other charges | 0 | 0 | 0 | 0 | |
Operating income | 0 | 0 | 0 | 0 | |
Interest expense, net | 0 | 0 | 0 | 0 | |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 | |
Loss (gain) on early extinguishment of debt, net | 0 | 0 | 0 | 0 | |
Other expense (income), net | 0 | 0 | 0 | 0 | |
(Loss) income from continuing operations before income taxes | 0 | 0 | 0 | 0 | |
Income tax (benefit) expense | 0 | 0 | 0 | 0 | |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 | |
Equity in (loss) income of subsidiaries | (1,851) | 47,556 | (10,543) | 58,759 | |
(Loss) income from continuing operations | 47,556 | 58,759 | |||
Loss from discontinued operations, net of taxes | 0 | 0 | |||
Net (loss) income | (1,851) | 47,556 | (10,543) | 58,759 | |
Other comprehensive income (loss): | |||||
Other comprehensive income (loss) of subsidiaries | 1,650 | 2,323 | 3,697 | 6,545 | |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | 0 | |
Currency translation adjustment, net | 0 | 0 | 0 | 0 | |
Total other comprehensive income | 1,650 | 2,323 | 3,697 | 6,545 | |
Comprehensive (loss) income | (201) | 49,879 | (6,846) | 65,304 | |
Subsidiary Issuer [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 184,420 | 217,739 | 390,022 | 456,655 | |
Cost of sales | 165,513 | 193,924 | 347,312 | 405,073 | |
Selling, general and administrative expenses | 24,437 | 28,099 | 53,493 | 57,374 | |
Amortization of intangible assets | 148 | 152 | 297 | 304 | |
Restructuring and other charges | 3,089 | 759 | 11,077 | 3,777 | |
Operating income | (8,767) | (5,195) | (22,157) | (9,873) | |
Interest expense, net | 19,409 | 21,459 | 38,493 | 45,507 | |
Intercompany interest (income) expense | (295) | (246) | (577) | (491) | |
Loss (gain) on early extinguishment of debt, net | 63 | (51,273) | 108 | (72,886) | |
Other expense (income), net | 212 | 400 | 23 | 1,000 | |
(Loss) income from continuing operations before income taxes | (28,156) | 24,465 | (60,204) | 16,997 | |
Income tax (benefit) expense | (6,440) | 1,203 | (6,921) | 2,053 | |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | (21,716) | 23,262 | (53,283) | 14,944 | |
Equity in (loss) income of subsidiaries | 19,865 | 24,164 | 42,740 | 45,962 | |
(Loss) income from continuing operations | 47,426 | 60,906 | |||
Loss from discontinued operations, net of taxes | 130 | (2,147) | |||
Net (loss) income | (1,851) | 47,556 | (10,543) | 58,759 | |
Other comprehensive income (loss): | |||||
Other comprehensive income (loss) of subsidiaries | 145 | (71) | 688 | 2,038 | |
Changes in pension and other employee benefit accounts, net of taxes | 1,505 | 2,394 | 3,009 | 4,507 | |
Currency translation adjustment, net | 0 | 0 | 0 | 0 | |
Total other comprehensive income | 1,650 | 2,323 | 3,697 | 6,545 | |
Comprehensive (loss) income | (201) | 49,879 | (6,846) | 65,304 | |
Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 169,882 | 191,693 | 345,540 | 393,171 | |
Cost of sales | 132,171 | 147,566 | 268,151 | 306,146 | |
Selling, general and administrative expenses | 15,530 | 16,439 | 30,792 | 34,221 | |
Amortization of intangible assets | 1,102 | 1,116 | 2,221 | 2,460 | |
Restructuring and other charges | 1,327 | 121 | 1,519 | 2,093 | |
Operating income | 19,752 | 26,451 | 42,857 | 48,251 | |
Interest expense, net | 116 | 53 | 179 | 100 | |
Intercompany interest (income) expense | 295 | 246 | 577 | 491 | |
Loss (gain) on early extinguishment of debt, net | 0 | 0 | 0 | 0 | |
Other expense (income), net | (331) | (1,962) | (439) | (1,948) | |
(Loss) income from continuing operations before income taxes | 19,672 | 28,114 | 42,540 | 49,608 | |
Income tax (benefit) expense | 157 | 120 | 309 | 242 | |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 19,515 | 27,994 | 42,231 | 49,366 | |
Equity in (loss) income of subsidiaries | 350 | (1,091) | 509 | 552 | |
(Loss) income from continuing operations | 26,903 | 49,918 | |||
Loss from discontinued operations, net of taxes | (2,739) | (3,956) | |||
Net (loss) income | 19,865 | 24,164 | 42,740 | 45,962 | |
Other comprehensive income (loss): | |||||
Other comprehensive income (loss) of subsidiaries | 93 | (250) | 814 | (73) | |
Changes in pension and other employee benefit accounts, net of taxes | 90 | 86 | 180 | 453 | |
Currency translation adjustment, net | (38) | 93 | (306) | 1,658 | |
Total other comprehensive income | 145 | (71) | 688 | 2,038 | |
Comprehensive (loss) income | 20,010 | 24,093 | 43,428 | 48,000 | |
Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 680 | 621 | 1,333 | 806 | |
Cost of sales | 0 | 0 | 0 | 0 | |
Selling, general and administrative expenses | 205 | 196 | 428 | 378 | |
Amortization of intangible assets | 102 | 111 | 213 | 222 | |
Restructuring and other charges | 0 | 0 | 0 | 0 | |
Operating income | 373 | 314 | 692 | 206 | |
Interest expense, net | 0 | 0 | 0 | 0 | |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 | |
Loss (gain) on early extinguishment of debt, net | 0 | 0 | 0 | 0 | |
Other expense (income), net | 23 | (82) | 93 | (142) | |
(Loss) income from continuing operations before income taxes | 350 | 396 | 599 | 348 | |
Income tax (benefit) expense | 0 | 792 | 90 | 778 | |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 350 | (396) | 509 | (430) | |
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 | |
(Loss) income from continuing operations | (396) | (430) | |||
Loss from discontinued operations, net of taxes | (695) | 982 | |||
Net (loss) income | 350 | (1,091) | 509 | 552 | |
Other comprehensive income (loss): | |||||
Other comprehensive income (loss) of subsidiaries | 0 | 0 | 0 | 0 | |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | 0 | |
Currency translation adjustment, net | 93 | (250) | 814 | (73) | |
Total other comprehensive income | 93 | (250) | 814 | (73) | |
Comprehensive (loss) income | 443 | (1,341) | 1,323 | 479 | |
Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 0 | 0 | 0 | 0 | |
Cost of sales | 0 | 0 | 0 | 0 | |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | |
Amortization of intangible assets | 0 | 0 | 0 | 0 | |
Restructuring and other charges | 0 | 0 | 0 | 0 | |
Operating income | 0 | 0 | 0 | 0 | |
Interest expense, net | 0 | 0 | 0 | 0 | |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 | |
Loss (gain) on early extinguishment of debt, net | 0 | 0 | 0 | 0 | |
Other expense (income), net | 0 | 0 | 0 | 0 | |
(Loss) income from continuing operations before income taxes | 0 | 0 | 0 | 0 | |
Income tax (benefit) expense | 0 | 0 | 0 | 0 | |
(Loss) income from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 | |
Equity in (loss) income of subsidiaries | (18,364) | (70,629) | (32,706) | (105,273) | |
(Loss) income from continuing operations | (70,629) | (105,273) | |||
Loss from discontinued operations, net of taxes | 0 | 0 | |||
Net (loss) income | (18,364) | (70,629) | (32,706) | (105,273) | |
Other comprehensive income (loss): | |||||
Other comprehensive income (loss) of subsidiaries | (1,888) | (2,002) | (5,199) | (8,510) | |
Changes in pension and other employee benefit accounts, net of taxes | 0 | 0 | 0 | 0 | |
Currency translation adjustment, net | 0 | 0 | 0 | 0 | |
Total other comprehensive income | (1,888) | (2,002) | (5,199) | (8,510) | |
Comprehensive (loss) income | $ (20,252) | $ (72,631) | $ (37,905) | $ (113,783) |
Condensed Consolidating Finan65
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | $ 711 | $ 7,731 |
Net cash used in operating activities of discontinued operations | 0 | (10,296) |
Net cash provided by (used in) operating activities | 711 | (2,565) |
Cash flows from investing activities: | ||
Capital expenditures | (14,478) | (17,561) |
Proceeds from sale of property, plant and equipment | 1,265 | 7,993 |
Proceeds from sale of assets | 0 | 2,000 |
Net cash used in investing activities of continuing operations | (13,213) | (7,568) |
Net cash provided by investing activities of discontinued operations | 0 | 92,906 |
Net cash (used in) provided by investing activities | (13,213) | 85,338 |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% secured notes due 2021 | 0 | 50,000 |
Payment of financing-related costs and expenses and debt issuance discounts | (298) | (10,763) |
Proceeds from issuance of other long-term debt | 7,900 | 0 |
Repayments of other long-term debt | (2,978) | (3,102) |
Repayment of 11.5% senior notes due 2017 | (20,465) | (4,725) |
Repayment of 7% senior exchangeable notes due 2017 | (5,493) | (27,580) |
Purchase and retirement of common stock upon vesting of restricted stock units | (55) | (341) |
Borrowings under asset-based revolving credit facility due 2021 | 221,253 | 247,100 |
Repayments under asset-based revolving credit facility due 2021 | (185,945) | (339,400) |
Intercompany advances | 0 | 0 |
Net cash provided by (used in) financing activities of continuing operations | 13,919 | (88,811) |
Net cash used in financing activities of discontinued operations | 0 | (8) |
Net cash provided by (used in) financing activities | 13,919 | (88,819) |
Effect of exchange rate changes on cash and cash equivalents | 149 | 453 |
Net increase (decrease) in cash and cash equivalents | 1,566 | (5,593) |
Cash and cash equivalents at beginning of period | 5,532 | 10,556 |
Cash and cash equivalents at end of period | 7,098 | 4,963 |
Parent Company [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 1,008 | |
Net cash used in operating activities of discontinued operations | 0 | |
Net cash provided by (used in) operating activities | 435 | 1,008 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Proceeds from sale of assets | 0 | |
Net cash used in investing activities of continuing operations | 0 | |
Net cash provided by investing activities of discontinued operations | 0 | |
Net cash (used in) provided by investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% secured notes due 2021 | 0 | |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Proceeds from issuance of other long-term debt | 0 | |
Repayments of other long-term debt | 0 | 0 |
Repayment of 11.5% senior notes due 2017 | 0 | 0 |
Repayment of 7% senior exchangeable notes due 2017 | 0 | 0 |
Purchase and retirement of common stock upon vesting of restricted stock units | (55) | (341) |
Borrowings under asset-based revolving credit facility due 2021 | 0 | 0 |
Repayments under asset-based revolving credit facility due 2021 | 0 | 0 |
Intercompany advances | (380) | (667) |
Net cash provided by (used in) financing activities of continuing operations | (1,008) | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (used in) financing activities | (435) | (1,008) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Subsidiary Issuer [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | (56,001) | |
Net cash used in operating activities of discontinued operations | 0 | |
Net cash provided by (used in) operating activities | (38,254) | (56,001) |
Cash flows from investing activities: | ||
Capital expenditures | (9,258) | (8,559) |
Proceeds from sale of property, plant and equipment | 1,265 | 7,973 |
Proceeds from sale of assets | 0 | |
Net cash used in investing activities of continuing operations | (586) | |
Net cash provided by investing activities of discontinued operations | 0 | |
Net cash (used in) provided by investing activities | (7,993) | (586) |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% secured notes due 2021 | 50,000 | |
Payment of financing-related costs and expenses and debt issuance discounts | (298) | (10,763) |
Proceeds from issuance of other long-term debt | 7,900 | |
Repayments of other long-term debt | (4,162) | (3,352) |
Repayment of 11.5% senior notes due 2017 | (20,465) | (4,725) |
Repayment of 7% senior exchangeable notes due 2017 | (5,493) | (27,580) |
Purchase and retirement of common stock upon vesting of restricted stock units | 0 | 0 |
Borrowings under asset-based revolving credit facility due 2021 | 221,253 | 247,100 |
Repayments under asset-based revolving credit facility due 2021 | (185,945) | (339,400) |
Intercompany advances | 37,860 | 143,669 |
Net cash provided by (used in) financing activities of continuing operations | 54,949 | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (used in) financing activities | 50,650 | 54,949 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 4,403 | (1,638) |
Cash and cash equivalents at beginning of period | 4,678 | 5,558 |
Cash and cash equivalents at end of period | 9,081 | 3,920 |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 61,624 | |
Net cash used in operating activities of discontinued operations | (9,858) | |
Net cash provided by (used in) operating activities | 37,842 | 51,766 |
Cash flows from investing activities: | ||
Capital expenditures | (4,688) | (8,565) |
Proceeds from sale of property, plant and equipment | 0 | 20 |
Proceeds from sale of assets | 2,000 | |
Net cash used in investing activities of continuing operations | (6,545) | |
Net cash provided by investing activities of discontinued operations | 86,419 | |
Net cash (used in) provided by investing activities | (4,688) | 79,874 |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% secured notes due 2021 | 0 | |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Proceeds from issuance of other long-term debt | 0 | |
Repayments of other long-term debt | 1,184 | 250 |
Repayment of 11.5% senior notes due 2017 | 0 | 0 |
Repayment of 7% senior exchangeable notes due 2017 | 0 | 0 |
Purchase and retirement of common stock upon vesting of restricted stock units | 0 | 0 |
Borrowings under asset-based revolving credit facility due 2021 | 0 | 0 |
Repayments under asset-based revolving credit facility due 2021 | 0 | 0 |
Intercompany advances | (36,856) | (135,130) |
Net cash provided by (used in) financing activities of continuing operations | (134,880) | |
Net cash used in financing activities of discontinued operations | (8) | |
Net cash provided by (used in) financing activities | (35,672) | (134,888) |
Effect of exchange rate changes on cash and cash equivalents | 149 | 316 |
Net increase (decrease) in cash and cash equivalents | (2,369) | (2,932) |
Cash and cash equivalents at beginning of period | 0 | 3,006 |
Cash and cash equivalents at end of period | (2,369) | 74 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 1,100 | |
Net cash used in operating activities of discontinued operations | (438) | |
Net cash provided by (used in) operating activities | 688 | 662 |
Cash flows from investing activities: | ||
Capital expenditures | (532) | (437) |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Proceeds from sale of assets | 0 | |
Net cash used in investing activities of continuing operations | (437) | |
Net cash provided by investing activities of discontinued operations | 6,487 | |
Net cash (used in) provided by investing activities | (532) | 6,050 |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% secured notes due 2021 | 0 | |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Proceeds from issuance of other long-term debt | 0 | |
Repayments of other long-term debt | 0 | 0 |
Repayment of 11.5% senior notes due 2017 | 0 | 0 |
Repayment of 7% senior exchangeable notes due 2017 | 0 | 0 |
Purchase and retirement of common stock upon vesting of restricted stock units | 0 | 0 |
Borrowings under asset-based revolving credit facility due 2021 | 0 | 0 |
Repayments under asset-based revolving credit facility due 2021 | 0 | 0 |
Intercompany advances | (624) | (7,872) |
Net cash provided by (used in) financing activities of continuing operations | (7,872) | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (used in) financing activities | (624) | (7,872) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 137 |
Net increase (decrease) in cash and cash equivalents | (468) | (1,023) |
Cash and cash equivalents at beginning of period | 854 | 1,992 |
Cash and cash equivalents at end of period | 386 | 969 |
Eliminations [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 0 | |
Net cash used in operating activities of discontinued operations | 0 | |
Net cash provided by (used in) operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Proceeds from sale of assets | 0 | |
Net cash used in investing activities of continuing operations | 0 | |
Net cash provided by investing activities of discontinued operations | 0 | |
Net cash (used in) provided by investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from issuance of 4% secured notes due 2021 | 0 | |
Payment of financing-related costs and expenses and debt issuance discounts | 0 | 0 |
Proceeds from issuance of other long-term debt | 0 | |
Repayments of other long-term debt | 0 | 0 |
Repayment of 11.5% senior notes due 2017 | 0 | 0 |
Repayment of 7% senior exchangeable notes due 2017 | 0 | 0 |
Purchase and retirement of common stock upon vesting of restricted stock units | 0 | 0 |
Borrowings under asset-based revolving credit facility due 2021 | 0 | 0 |
Repayments under asset-based revolving credit facility due 2021 | 0 | 0 |
Intercompany advances | 0 | 0 |
Net cash provided by (used in) financing activities of continuing operations | 0 | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (used in) financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |