Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 08, 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 | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 8,581,964 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 6,306 | $ 5,532 |
Accounts receivable, net | 172,967 | 196,989 |
Inventories, net | 91,370 | 80,767 |
Prepaid and other current assets | 37,886 | 40,688 |
Assets of discontinued operations - current | 59,768 | 59,269 |
Total current assets | 368,297 | 383,245 |
Property, plant and equipment, net | 191,169 | 198,912 |
Goodwill | 173,605 | 173,409 |
Other intangible assets, net | 108,298 | 119,763 |
Other assets, net | 21,798 | 21,886 |
Assets of discontinued operations - long-term | 6,850 | 15,744 |
Total assets | 870,017 | 912,959 |
Current liabilities: | ||
Current maturities of long-term debt | 8,597 | 31,727 |
Accounts payable | 153,177 | 166,030 |
Accrued compensation and related liabilities | 18,889 | 23,909 |
Other current liabilities | 50,536 | 66,900 |
Liabilities of discontinued operations - current | 24,249 | 26,640 |
Total current liabilities | 255,448 | 315,206 |
Long-term debt | 1,050,441 | 986,939 |
Other liabilities | 182,898 | 199,847 |
Liabilities of discontinued operations - long-term | 151 | 124 |
Commitments and contingencies | ||
Shareholders’ deficit: | ||
Preferred stock | 0 | 0 |
Common stock | 86 | 86 |
Paid-in capital | 382,836 | 382,271 |
Retained deficit | (908,221) | (869,628) |
Accumulated other comprehensive loss | (93,622) | (101,886) |
Total shareholders’ deficit | (618,921) | (589,157) |
Total liabilities and shareholders’ deficit | $ 870,017 | $ 912,959 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Apr. 01, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Income Statement [Abstract] | |||||
Net sales | $ 329,511 | $ 353,817 | $ 382,675 | $ 1,010,850 | $ 1,162,903 |
Cost of sales | 277,588 | $ 292,389 | 314,783 | 840,996 | 965,553 |
Selling, general and administrative expenses | 41,183 | 44,082 | 123,397 | 133,042 | |
Amortization of intangible assets | 1,209 | 1,325 | 3,830 | 4,201 | |
Restructuring and other charges | 10,025 | 2,326 | 20,040 | 8,196 | |
Operating (loss) income | (494) | 20,159 | 22,587 | 51,911 | |
Interest expense, net | 19,472 | 20,318 | 58,144 | 65,925 | |
Loss (gain) on early extinguishment of debt, net | 38 | (7,442) | 146 | (80,328) | |
Other expense (income), net | 293 | (1,763) | (77) | (2,893) | |
(Loss) income from continuing operations before income tax (benefit) expense | (20,297) | 9,046 | (35,626) | 69,207 | |
Income tax (benefit) expense | (854) | 987 | (6,704) | 4,060 | |
(Loss) income from continuing operations | (19,443) | 8,059 | (28,922) | 65,147 | |
(Loss) income from discontinued operations, net of taxes | (8,607) | 1,372 | (9,671) | 3,043 | |
Net (loss) income | (28,050) | 9,431 | (38,593) | 68,190 | |
Other comprehensive income (loss): | |||||
Changes in pension and other employee benefit accounts, net of taxes | 4,665 | 2,507 | 7,854 | 7,467 | |
Currency translation adjustment, net | (98) | 557 | 410 | 2,142 | |
Total other comprehensive income | 4,567 | 3,064 | 8,264 | 9,609 | |
Comprehensive (loss) income | $ (23,483) | $ 12,495 | $ (30,329) | $ 77,799 | |
(Loss) income per share – basic: | |||||
Continuing operations per share - basic | $ (2.27) | $ 0.94 | $ (3.38) | $ 7.65 | |
Discontinued operations per share - basic | (1) | 0.16 | (1.13) | 0.36 | |
Net (loss) income per share - basic | (3.27) | 1.10 | (4.51) | 8.01 | |
(Loss) income per share – diluted: | |||||
Continuing operations per share - diluted | (2.27) | 0.92 | (3.38) | 6.84 | |
Discontinued operations per share - diluted | (1) | 0.16 | (1.13) | 0.31 | |
Net (loss) income per share - diluted | $ (3.27) | $ 1.08 | $ (4.51) | $ 7.15 | |
Weighted average shares outstanding: | |||||
Basic shares | 8,578 | 8,552 | 8,564 | 8,518 | |
Diluted shares | 8,578 | 8,967 | 8,564 | 9,745 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Cash flows from operating activities: [Abstract] | ||
Net (loss) income | $ (38,593) | $ 68,190 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Loss on sale of discontinued operations, net of taxes | 0 | 1,948 |
Loss (income) from discontinued operations, net of taxes | 9,671 | (4,991) |
Depreciation and amortization, excluding non-cash interest expense | 34,571 | 34,200 |
Non-cash interest expense, net | 5,906 | 6,963 |
Deferred income taxes | (5,372) | 1,068 |
Gain on sale of assets | (205) | (4,468) |
Non-cash restructuring and other charges, net | 16,336 | 3,450 |
Non-cash loss (gain) on early extinguishment of debt, net | 43 | (78,113) |
Stock-based compensation provision | 619 | 1,230 |
Other non-cash charges | 3,568 | 3,526 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 22,772 | 14,816 |
Inventories | (13,094) | 3,917 |
Accounts payable and accrued compensation and related liabilities | (17,817) | (34,744) |
Other working capital changes | (18,881) | (14,417) |
Other, net | (5,688) | 704 |
Net cash (used in) provided by operating activities of continuing operations | (6,164) | 3,279 |
Net cash (used in) provided by operating activities of discontinued operations | (3,447) | 2,076 |
Net cash (used in) provided by operating activities | (9,611) | 5,355 |
Cash flows from investing activities: | ||
Capital expenditures | (19,922) | (29,118) |
Proceeds from sale of property, plant and equipment | 1,265 | 8,272 |
Premiums for company owned life insurance policies, net | (410) | (245) |
Proceeds from sale of assets | 0 | 2,000 |
Net cash used in investing activities of continuing operations | (19,067) | (19,091) |
Net cash (used in) provided by investing activities of discontinued operations | (201) | 92,309 |
Net cash (used in) provided by investing activities | (19,268) | 73,218 |
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 | (398) | (12,182) |
Proceeds from issuance of other long-term debt | 11,646 | 0 |
Repayments of other long-term debt | (4,756) | (4,115) |
Repayment of 11.5% senior notes due 2017 | (20,465) | (4,725) |
Repayment of 7% senior exchangeable notes due 2017 | (5,493) | (40,207) |
Purchase and retirement of common stock upon vesting of restricted stock units | (55) | (341) |
Borrowings under asset-based revolving credit facility due 2021 | 311,054 | 368,600 |
Repayments under asset-based revolving credit facility due 2021 | (261,966) | (441,700) |
Net cash provided by (used in) financing activities of continuing operations | 29,567 | (84,670) |
Net cash used in financing activities of discontinued operations | 0 | (8) |
Net cash provided by (used in) financing activities | 29,567 | (84,678) |
Effect of exchange rate changes on cash and cash equivalents | 86 | 443 |
Net increase (decrease) in cash and cash equivalents | 774 | (5,662) |
Cash and cash equivalents at beginning of period | 5,532 | 10,556 |
Cash and cash equivalents at end of period | 6,306 | 4,894 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 63,590 | 71,924 |
Cash paid for taxes, net | 868 | 3,931 |
Non-cash origination of capital leases | $ 5,305 | $ 1,187 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 September 30, 2017 , and the results of operations for the three and nine months ended September 30, 2017 , and October 1, 2016 , and cash flows for the nine months ended September 30, 2017 , and October 1, 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 nine months ended September 30, 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 nine months ended September 30, 2017 , and October 1, 2016 , each consisted of 13 and 39 weeks, respectively. Over the course of the second and third quarters of 2017, the Company has been actively marketing for sale its office product envelope product line (the "Office Products Business"). The Office Products Business is available for immediate sale in its present condition subject only to terms that are usual and customary and the price at which the Office Products Business is being marketed is reasonable in relation to its current fair value. As of the end of the third quarter, management has been given the appropriate authority to move forward with one strategic party on a potential sale of the Office Products Business. As a result, the financial results of the Office Products 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. See Note 2 for information regarding the Office Products Business. During the second quarter of 2017, in connection with the closure of an envelope manufacturing facility associated with the Office Products Business, the Company classified the owned facility as held for sale. Accordingly, $2.2 million of property, plant and equipment, net, which had been held in other assets, net during the third quarter of 2017, was reclassified to assets of discontinued operations - long-term, in the Company's condensed consolidated balance sheets. As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, during the first quarter of 2016 the Company completed the sale of its folded carton and shrink sleeve packaging businesses, along with its top-sheet lithographic print operation (collectively, the "Packaging Business"). See Note 2 for information regarding the completion of the sale of the Packaging Business. As a result, the financial results of the Packaging Business have been accounted for as discontinued operations. The Company's historical financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented. On July 8, 2016, the Company announced a reverse split of its common stock, par value $0.01 per share (the "Common Stock"), at a ratio of 1-for-8, effective July 13, 2016 (the "Reverse Stock Split"). The Common Stock began trading on a split-adjusted basis on July 14, 2016. The Reverse Stock Split was approved by the Company’s stockholders at the annual meeting of the stockholders held on May 26, 2016. As a result of the Reverse Stock Split, each eight pre-split shares of Common Stock outstanding were automatically combined into one new share of Common Stock without any action on the part of the respective holders, and the number of outstanding common shares on the date of the split was reduced from approximately 68.5 million shares to approximately 8.5 million shares. The Reverse Stock Split also applied to Common Stock issuable upon the exchange of the Company’s outstanding 7% senior exchangeable notes due 2017 (the "7% Notes") and upon the exercise of the Company’s outstanding warrants and the Company's outstanding stock options, restricted share units ("RSUs"), and performance share units ("PSUs"), (collectively, the "Equity Awards"). In addition, the authorized Common Stock was initially increased from 100 million to 120 million shares and then adjusted in the Reverse Stock Split from 120 million to 15 million shares. The Company's historical financial statements have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. New Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers (Topic 606) ." The new revenue recognition standard provides a five-step analysis to determine when and how revenue is recognized. The standard requires that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2017, and will be applied 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 significantly completed its evaluation of the impact of the pending adoption of ASU 2014-09, and 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 (1) Reclassification adjustment As adjusted Net sales Nine months ended October 1, 2016 $ 1,142,973 $ 19,930 $ 1,162,903 Three months ended October 1, 2016 376,575 6,100 382,675 Three months ended April 1, 2017 346,410 7,407 353,817 Cost of sales Nine months ended October 1, 2016 $ 945,623 $ 19,930 $ 965,553 Three months ended October 1, 2016 308,683 6,100 314,783 Three months ended April 1, 2017 284,982 7,407 292,389 __________________________ (1) Reflects adjustments for reclassifying discontinued operations. 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 classified $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 full 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 plans on adopting ASU 2017-07 during the first quarter of 2018. Adoption of ASU 2017-07 will not have a material impact on the Company's consolidated financial statements. See Note 10 for the potential impact on the Company's consolidated financial statements through the three and nine months ended September 30, 2017 . |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Over the course of the second and third quarters of 2017, the Company has been actively marketing for sale its Office Products Business. The Office Products Business is available for immediate sale in its present condition subject only to terms that are usual and customary and the price at which the Office Products Business is being marketed is reasonable in relation to its current fair value. As of the end of the third quarter, management has been given the appropriate authority to move forward with one strategic party on a potential sale of the Office Products Business. During the third quarter of 2017, the Company recorded a non-cash impairment charge of $7.0 million primarily related to goodwill and other intangible assets related to the Office Products Business. Fair value was determined by the Company to be Level 3 under the fair value hierarchy and was based upon current market expectations for the potential sale of the Office Products Business. On November 8, 2017, the Company completed the sale of the Office Products Business for a sales price of $37.8 million . In accordance with the guidance in Accounting Standards Codification ("ASC") 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment , the Company's historical financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented. On January 19, 2016, the Company completed the sale of the Packaging Business. The Company received total cash proceeds of approximately $89.6 million , net of transaction costs of approximately $6.3 million . This resulted in the recognition of a total loss of $3.6 million . A gain of $1.4 million was recorded for the year ended 2016, of which a gain of $1.2 million and a loss of $0.1 million were recorded during the three and nine months ended October 1, 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 , the Company's historical financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented. The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's condensed consolidated balance sheets as of September 30, 2017 , and December 31, 2016 (in thousands): September 30, December 31, Accounts receivable, net $ 33,893 $ 37,198 Inventories, net 25,206 21,183 Prepaid and other current assets 669 888 Assets of discontinued operations - current 59,768 59,269 Property, plant and equipment, net 6,850 8,767 Goodwill and other long-term assets — 6,977 Assets of discontinued operations - long-term 6,850 15,744 Accounts payable 9,748 9,866 Other current liabilities 14,501 16,774 Liabilities of discontinued operations - current 24,249 26,640 Other liabilities 151 124 Liabilities of discontinued operations - long-term 151 124 Net assets of discontinued operations $ 42,218 $ 48,249 As of September 30, 2017 , and December 31, 2016 , the Company did not have any assets or liabilities outstanding related to its Packaging Business. The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): For the Three Months Ended For the Nine Months Ended September 30, October 1, September 30, October 1, Net sales $ 26,543 $ 29,380 $ 82,099 $ 106,421 Cost of sales 26,255 27,050 78,310 94,124 Selling, general and administrative expenses 1,329 1,478 3,828 6,733 Amortization of intangible assets 55 50 165 160 Restructuring and other charges, net (1) 6,894 88 9,475 89 Other (income) expense, net (55 ) 518 (8 ) 803 (Loss) income from discontinued operations (7,935 ) 196 (9,671 ) 4,512 Gain (loss) on sale of discontinued operations — 1,176 — (97 ) (Loss) income from discontinued operations before income taxes (7,935 ) 1,372 (9,671 ) 4,415 Income tax expense 672 — — 1,372 (Loss) income from discontinued operations, net of taxes $ (8,607 ) $ 1,372 $ (9,671 ) $ 3,043 (Loss) income per share - basic $ (1.00 ) $ 0.16 $ (1.13 ) $ 0.36 (Loss) income per share - diluted $ (1.00 ) $ 0.16 $ (1.13 ) $ 0.31 __________________________ (1) During the third quarter of 2017, the Company recorded a non-cash impairment charge of $7.0 million related to goodwill and other intangible assets related to the Office Products Business. Included in the above table, for three and nine months ended October 1, 2016 , the Packaging Business had net sales of zero and $6.6 million , respectively. For three and nine months ended October 1, 2016 , the Packaging Business had net income of $0.7 million and a net loss of $4.4 million , respectively. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories by major category are as follows (in thousands): September 30, December 31, Raw materials $ 34,798 $ 27,616 Work in process 11,966 11,864 Finished goods 44,606 41,287 $ 91,370 $ 80,767 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are as follows (in thousands): September 30, December 31, Land and land improvements $ 8,103 $ 8,080 Buildings and building improvements 78,191 77,021 Machinery and equipment 521,434 517,782 Furniture and fixtures 8,729 9,124 Construction in progress 15,468 10,634 631,925 622,641 Accumulated depreciation (440,756 ) (423,729 ) $ 191,169 $ 198,912 Sale-Leaseback Transaction On June 30, 2016, the Company sold the real estate used by one envelope manufacturing facility 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 sale-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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 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 September 30, 2017 , by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of December 31, 2016 $ 21,633 $ 42,499 $ 109,277 $ 173,409 Foreign currency translation — 196 — 196 Balance as of September 30, 2017 $ 21,633 $ 42,695 $ 109,277 $ 173,605 Other intangible assets are as follows (in thousands): September 30, 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 $ 114,374 $ (27,234 ) $ (63,464 ) $ 23,676 $ 114,287 $ (27,234 ) $ (60,014 ) $ 27,039 Trademarks and trade names 20 55,765 (46,493 ) (5,646 ) 3,626 55,755 (46,493 ) (5,428 ) 3,834 Leasehold interest 16 4,430 — (912 ) 3,518 4,430 — (743 ) 3,687 Patents 8 1,120 — (842 ) 278 1,120 — (817 ) 303 Subtotal 9 175,689 (73,727 ) (70,864 ) 31,098 175,592 (73,727 ) (67,002 ) 34,863 Intangible assets with indefinite lives: Trade names 84,900 (7,700 ) — 77,200 84,900 — — 84,900 Total $ 260,589 $ (81,427 ) $ (70,864 ) $ 108,298 $ 260,492 $ (73,727 ) $ (67,002 ) $ 119,763 Annual amortization expense of intangible assets for the next five years is estimated to be as follows (in thousands): Annual Estimated Remainder of 2017 $ 1,280 2018 5,003 2019 4,885 2020 4,885 2021 4,731 2022 4,250 Thereafter 6,064 Total $ 31,098 Asset Impairments As of September 30, 2017, the Company determined that the year to date declines in net sales and operating income, along with the decrease in the Company’s stock price relative to its fourth quarter 2016 impairment test represented a triggering event, which may require a goodwill impairment test. As of the latest annual goodwill impairment test, the envelope, print and label reporting units’ calculated fair values each exceeded their carrying value by at least 35% . To the extent the net sales and operating income have declined, there may be a negative impact on the future cash flow assumptions which would impact the reporting units’ fair values. The Company will complete its assessment as part of the annual impairment test in the fourth quarter, as the impact on future projected revenues is completed. There were no goodwill impairments recorded in the three and nine months ended September 30, 2017 , or October 1, 2016 , respectively. Also during the third quarter, based on the decline in sales, the Company determined that its indefinite lived trade name intangible assets were impaired. During the third quarter of 2017, the Company recognized impairments of $6.2 million and $1.5 million associated with indefinite lived intangible assets in its print and label segments, respectively. Fair value was determined by the Company to be Level 3 under the fair value hierarchy, and was based upon evaluation using a relief from royalty and other discounted cash flow methodologies. There were no intangible asset impairments recorded in the three and nine months ended October 1, 2016 . |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt is as follows (in thousands): September 30, December 31, ABL Facility due 2021 (1) $ 130,788 $ 81,700 4.0% secured notes due 2021 ($50 million outstanding principal amount as of September 30, 2017, and December 31, 2016) 49,841 49,813 8.500% junior priority secured notes due 2022 ($241.0 million outstanding principal amount as of September 30, 2017, and December 31, 2016) 235,505 234,742 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of September 30, 2017, and December 31, 2016) 532,936 530,166 6.000% senior unsecured notes due 2024 ($104.5 million outstanding principal amount as of September 30, 2017, and December 31, 2016) 87,208 85,591 11.5% senior notes due 2017 ($0.0 million and $20.5 million outstanding principal amount as of September 30, 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 September 30, 2017, and December 31, 2016, respectively) — 5,468 Other debt, including capital leases 22,760 10,815 1,059,038 1,018,666 Less current maturities (8,597 ) (31,727 ) Long-term debt $ 1,050,441 $ 986,939 __________________________ (1) The weighted average interest rate outstanding for the Company's asset-based revolving credit facility (the "ABL Facility") was 4.0% and 3.4% as of September 30, 2017 , and December 31, 2016 , respectively. The estimated fair value of the Company’s outstanding indebtedness was approximately $806.3 million and $881.7 million as of September 30, 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 September 30, 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 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 third quarter of 2016, the Company recorded a gain on early extinguishment of debt of $7.4 million related to the repurchase of $21.0 million of its 7% 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 | 9 Months Ended |
Sep. 30, 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 nine months ended October 1, 2016. The Company did not have a similar settlement or related expense during the three and nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 basis as of September 30, 2017 . Assets and liabilities measured at fair value on a nonrecurring basis relate primarily to the Company's tangible fixed assets, goodwill and other intangible assets, which are remeasured when the implied fair value is below carrying value on the consolidated balance sheets. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. When the Company determines that an impairment has occurred, the carrying value of the asset is reduced to fair value and the difference is recorded within operating income in the statement of operations. Refer to Note 2 for further information associated with the impairment of certain assets of discontinued operations. Refer to Note 5 for further information associated with the impairment of certain indefinite lived trade name intangible assets. There were no additional assets or liabilities recorded at fair value on a nonrecurring basis as of September 30, 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 September 30, 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. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded an income tax benefit of $0.9 million and $6.7 million during the three and nine months ended September 30, 2017 , respectively, and recorded income tax expense of $1.0 million and $4.1 million during the three and nine months ended October 1, 2016 , respectively. During the first nine months of 2017, the Company reversed the valuation allowance related to its Alternative Minimum Tax ("AMT") credit carryforward in the amount of $6.0 million . This reversal is based upon the Company’s ability to receive, as a refundable tax credit, a portion of its AMT credit carryforward, without regard to any, or the level of, taxable income generated in our tax returns to be filed for the years 2016 through 2019. As a result of this analysis, the Company concluded that $6.0 million of its $6.5 million available AMT credit carryforward is more likely than not to be realized as a result of federal tax elections that are available to the Company now through 2019, $2.7 million of which is expected to be realized with the Company’s 2016 federal income tax return filing completed during the third quarter of 2017. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, October 1, September 30, October 1, Service cost $ 1 $ — $ 1 $ 1 Interest cost 3,305 3,555 9,847 10,645 Expected return on plan assets (4,635 ) (4,775 ) (13,907 ) (14,326 ) Net amortization and deferral 2 1 4 3 Recognized net actuarial loss 2,630 2,507 7,854 7,467 Net periodic expense $ 1,303 $ 1,288 $ 3,799 $ 3,790 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 September 30, 2017 , and October 1, 2016 , and $0.5 million for each of the nine months ended September 30, 2017 , and October 1, 2016 . For the nine months ended September 30, 2017 , the Company made total contributions of $7.0 million to its pension, SERP and OPEB plans. The Company expects to contribute approximately $2.3 million to its pension, SERP and OPEB plans, for the remainder of 2017 . |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 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 for each of the three months ended September 30, 2017 , and October 1, 2016 , and $0.6 million and $1.2 million for the nine months ended September 30, 2017 , and October 1, 2016 , respectively. As of September 30, 2017 , there was approximately $1.0 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 1.5 years. Stock Options A summary of the Company’s outstanding stock options as of and for the nine months ended September 30, 2017 , is as follows: Options Weighted Weighted Aggregate Outstanding at December 31, 2016 129,365 $ 26.31 2.9 $ — Granted — — Exercised — — $ — Forfeited/expired (49,994 ) 38.73 Outstanding at September 30, 2017 79,371 $ 7.08 3.3 $ — Exercisable at September 30, 2017 47,508 $ 7.23 3.0 $ — RSUs A summary of the Company’s non-vested RSUs as of and for the nine months ended September 30, 2017 , is as follows: RSUs Weighted Average Unvested at December 31, 2016 82,964 $ 16.28 Granted 45,608 5.92 Vested (46,962 ) 14.21 Forfeited (2,578 ) 18.30 Unvested at September 30, 2017 79,032 $ 11.47 The total fair value of RSUs which vested during the three and nine months ended September 30, 2017 , was $0.1 million and $0.3 million , respectively. 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 | 9 Months Ended |
Sep. 30, 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 substantially complete 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 nine months of 2017, the Company announced 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 September 30, 2017 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2017 Plan $ 286 $ 231 $ 26 $ 27 $ — $ 25 $ 595 Residual Plans — — — — — 5 5 Total Envelope 286 231 26 27 — 30 600 Print 2017 Plan (6 ) — 13 1 — 187 195 Residual Plans — — — 50 165 3 218 Asset Impairments — 6,200 — — — — 6,200 Total Print (6 ) 6,200 13 51 165 190 6,613 Label 2017 Plan 629 — 15 2 — 23 669 Residual Plans — — — — — (1 ) (1 ) Asset Impairments — 1,500 — — — — 1,500 Total Label 629 1,500 15 2 — 22 2,168 Corporate 2017 Plan 607 — — — — 39 646 2016 Plan (2 ) — — — — — (2 ) Total Corporate 605 — — — — 39 644 Total Restructuring and Other Charges $ 1,514 $ 7,931 $ 54 $ 80 $ 165 $ 281 $ 10,025 Restructuring and other charges for the nine months ended September 30, 2017 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2017 Plan $ 377 $ 231 $ 26 $ 81 $ — $ 33 $ 748 2016 Plan (33 ) (2 ) — — — — (35 ) Residual Plans — — — — — 27 27 Total Envelope 344 229 26 81 — 60 740 Print 2017 Plan 166 1,061 387 38 4,933 1,153 7,738 Residual Plans — — — 25 764 52 841 Asset Impairments — 6,200 — — — — 6,200 Total Print 166 7,261 387 63 5,697 1,205 14,779 Label 2017 Plan 478 93 15 1,130 — 23 1,739 2016 Plan (17 ) — — — — — (17 ) Residual Plans (196 ) — — — — (5 ) (201 ) Asset Impairments — 1,500 — — — — 1,500 Total Label 265 1,593 15 1,130 — 18 3,021 Corporate 2017 Plan 1,422 — — — — 73 1,495 2016 Plan 5 — — — — — 5 Total Corporate 1,427 — — — — 73 1,500 Total Restructuring and Other Charges $ 2,202 $ 9,083 $ 428 $ 1,274 $ 5,697 $ 1,356 $ 20,040 2016 Activity Restructuring and other charges for the three months ended October 1, 2016 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 384 $ — $ — $ — $ — $ — $ 384 Residual Plans — — — — — 24 24 Total Envelope 384 — — — — 24 408 Print 2016 Plan 92 — — — — — 92 Residual Plans — — — — 203 182 385 Total Print 92 — — — 203 182 477 Label 2016 Plan 158 — — — — 4 162 Residual Plans (45 ) — — — — (81 ) (126 ) Total Label 113 — — — — (77 ) 36 Corporate 2016 Plan 1,448 — — — — — 1,448 Residual Plans (54 ) — — — — 11 (43 ) Total Corporate 1,394 — — — — 11 1,405 Total Restructuring and Other Charges $ 1,983 $ — $ — $ — $ 203 $ 140 $ 2,326 Restructuring and other charges for the nine months ended October 1, 2016 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 481 $ — $ — $ — $ — $ — $ 481 Residual Plans 13 146 276 — 54 144 633 Total Envelope 494 146 276 — 54 144 1,114 Print 2016 Plan 107 — — — — — 107 Residual Plans (2 ) — — 158 715 341 1,212 Total Print 105 — — 158 715 341 1,319 Label 2016 Plan 191 — — — — 5 196 Residual Plans 558 — — — — 1,078 1,636 Asset Impairments — 2,300 — — — — 2,300 Total Label 749 2,300 — — — 1,083 4,132 Corporate 2016 Plan 1,655 — — — — 3 1,658 Residual Plans (54 ) — — — — 27 (27 ) Total Corporate 1,601 — — — — 30 1,631 Total Restructuring and Other Charges $ 2,949 $ 2,446 $ 276 $ 158 $ 769 $ 1,598 $ 8,196 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 2,443 1,249 4,933 1,710 10,335 Payments (2,753 ) (400 ) — (1,710 ) (4,863 ) Balance as of September 30, 2017 $ 1,690 $ 849 $ 4,933 $ — $ 7,472 2016 Plan Balance as of December 31, 2016 $ 844 $ — $ — $ — $ 844 Accruals, net (45 ) — — — (45 ) Payments (799 ) — — — (799 ) Balance as of September 30, 2017 $ — $ — $ — $ — $ — Residual Plans Balance as of December 31, 2016 $ 247 $ — $ 17,482 $ 359 $ 18,088 Accruals, net (196 ) 25 764 74 667 Payments (51 ) (25 ) (2,454 ) (433 ) (2,963 ) Balance as of September 30, 2017 $ — $ — $ 15,792 $ — $ 15,792 Total Restructuring Liability $ 1,690 $ 849 $ 20,725 $ — $ 23,264 As of September 30, 2017 , the total restructuring liability was $23.3 million , of which $4.0 million is included in other current liabilities and $19.3 million is included in other liabilities in the Company's condensed consolidated balance sheets. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 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 ) $ (96,631 ) $ (101,886 ) Other comprehensive income before reclassifications 410 — 410 Amounts reclassified from AOCI — 7,854 7,854 Other comprehensive income 410 7,854 8,264 Balance as of September 30, 2017 $ (4,845 ) $ (88,777 ) $ (93,622 ) 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 Nine Months Ended September 30, October 1, September 30, October 1, Changes in Foreign Currency Translation Loss on foreign exchange $ — $ 393 $ — $ 2,338 (Loss) income from discontinued operations, net of taxes Changes in pension and other employee benefit accounts: Net actuarial losses 2,630 2,507 7,854 7,467 Cost of sales 2,630 2,900 7,854 9,805 Total before tax Taxes 2,035 — — — Income tax (benefit) expense Total reclassifications for the period $ 4,665 $ 2,900 $ 7,854 $ 9,805 Net of tax |
Income (Loss) Per Share
Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 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 September 30, 2017 , the effect of approximately 81,000 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 September 30, 2017 , and October 1, 2016 , the effect of approximately 158,000 and 218,000 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 September 30, 2017 , and October 1, 2016 , the effect of approximately 1.7 million shares, related to the issuance of Common Stock upon exercise of warrants were excluded from the calculation of diluted income (loss) per share, as the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted (loss) income per share for the three and nine months ended September 30, 2017 , and October 1, 2016 (in thousands, except per share data): For the Three Months Ended For the Nine Months Ended September 30, October 1, September 30, October 1, Numerator for basic and diluted (loss) income per share: (Loss) income from continuing operations $ (19,443 ) $ 8,059 $ (28,922 ) $ 65,147 (Loss) income from discontinued operations, net of taxes (8,607 ) 1,372 (9,671 ) 3,043 Net (loss) income $ (28,050 ) $ 9,431 $ (38,593 ) $ 68,190 Numerator for diluted (loss) income per share: (Loss) income from continuing operations - as reported $ (19,443 ) $ 8,059 $ (28,922 ) $ 65,147 Interest expense on 7% Notes, net of taxes — 211 — 1,521 (Loss) income from continuing operations - after assumed conversions of dilutive shares (19,443 ) 8,270 (28,922 ) 66,668 (Loss) income from discontinued operations, net of taxes (8,607 ) 1,372 (9,671 ) 3,043 Net (loss) income for diluted loss per share - after assumed conversions of dilutive shares $ (28,050 ) $ 9,642 $ (38,593 ) $ 69,711 Denominator for weighted average common shares outstanding: Basic shares 8,578 8,552 8,564 8,518 Dilutive effect of 7% Notes — 415 — 1,227 Dilutive effect of Equity Awards — — — — Dilutive effect of warrants — — — — Diluted shares 8,578 8,967 8,564 9,745 (Loss) income per share – basic: Continuing operations $ (2.27 ) $ 0.94 $ (3.38 ) $ 7.65 Discontinued operations (1.00 ) 0.16 (1.13 ) 0.36 Net (loss) income $ (3.27 ) $ 1.10 $ (4.51 ) $ 8.01 (Loss) income per share – diluted: Continuing operations $ (2.27 ) $ 0.92 $ (3.38 ) $ 6.84 Discontinued operations (1.00 ) 0.16 (1.13 ) 0.31 Net (loss) income $ (3.27 ) $ 1.08 $ (4.51 ) $ 7.15 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, October 1, September 30, October 1, Net sales: Envelope $ 156,478 $ 183,198 $ 483,941 $ 554,331 Print 109,411 127,839 327,002 380,809 Label 63,622 71,638 199,907 227,763 Total $ 329,511 $ 382,675 $ 1,010,850 $ 1,162,903 Operating income (loss): Envelope $ 7,699 $ 16,118 $ 33,834 $ 44,058 Print (3,327 ) 5,446 (6,388 ) 10,756 Label 4,038 6,764 19,759 23,373 Corporate (8,904 ) (8,169 ) (24,618 ) (26,276 ) Total $ (494 ) $ 20,159 $ 22,587 $ 51,911 Restructuring and other charges: Envelope $ 600 $ 408 $ 740 $ 1,114 Print 6,613 477 14,779 1,319 Label 2,168 36 3,021 4,132 Corporate 644 1,405 1,500 1,631 Total $ 10,025 $ 2,326 $ 20,040 $ 8,196 Depreciation and intangible asset amortization: Envelope $ 4,423 $ 4,271 $ 13,034 $ 12,954 Print 4,568 4,443 13,734 13,505 Label 1,759 1,572 5,211 5,360 Corporate 933 957 2,592 2,381 Total $ 11,683 $ 11,243 $ 34,571 $ 34,200 Intercompany sales: Envelope $ 860 $ 1,840 $ 3,651 $ 5,217 Print 4,520 5,674 14,744 15,939 Label 653 716 1,813 2,306 Total $ 6,033 $ 8,230 $ 20,208 $ 23,462 September 30, December 31, Total assets: Envelope $ 327,176 $ 328,144 Print 227,516 256,888 Label 211,496 216,627 Corporate 37,211 36,287 Assets of discontinued operations 66,618 75,013 Total $ 870,017 $ 912,959 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 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 September 30, 2017 , and December 31, 2016 , and for the three and nine months ended September 30, 2017 , and October 1, 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 September 30, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 5,805 $ — $ 501 $ — $ 6,306 Accounts receivable, net — 79,651 93,316 — — 172,967 Inventories, net — 46,065 45,305 — — 91,370 Intercompany receivable — — 1,805,515 273 (1,805,788 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 34,173 2,404 1,309 — 37,886 Assets of discontinued operations - current — 59,768 — — — 59,768 Total current assets — 262,400 1,949,785 2,083 (1,845,971 ) 368,297 Investment in subsidiaries (618,921 ) 2,131,028 5,631 7,829 (1,525,567 ) — Property, plant and equipment, net — 93,631 96,291 1,247 — 191,169 Goodwill — 38,001 130,550 5,054 — 173,605 Other intangible assets, net — 4,234 104,064 — — 108,298 Other assets, net — 18,898 2,266 1,720 (1,086 ) 21,798 Assets of discontinued operations - long-term — 6,850 — — — 6,850 Total assets $ (618,921 ) $ 2,555,042 $ 2,288,587 $ 17,933 $ (3,372,624 ) $ 870,017 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 6,236 $ 2,361 $ — $ — $ 8,597 Accounts payable — 94,416 58,674 87 — 153,177 Accrued compensation and related liabilities — 14,698 3,821 370 — 18,889 Other current liabilities — 38,118 11,647 771 — 50,536 Liabilities of discontinued operations - current — 24,249 — — — 24,249 Intercompany payable — 1,805,788 — — (1,805,788 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,983,505 113,441 4,473 (1,845,971 ) 255,448 Long-term debt — 1,046,587 3,854 — — 1,050,441 Other liabilities — 143,720 40,264 — (1,086 ) 182,898 Liabilities of discontinued operations - long-term — 151 — — — 151 Shareholders’ (deficit) equity (618,921 ) (618,921 ) 2,131,028 13,460 (1,525,567 ) (618,921 ) Total liabilities and shareholders’ (deficit) equity $ (618,921 ) $ 2,555,042 $ 2,288,587 $ 17,933 $ (3,372,624 ) $ 870,017 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For the three months ended September 30, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 158,476 $ 170,214 $ 821 $ — $ 329,511 Cost of sales — 106,101 171,487 — — 277,588 Selling, general and administrative expenses — 24,589 16,385 209 — 41,183 Amortization of intangible assets — 93 1,116 — — 1,209 Restructuring and other charges — 1,385 8,640 — — 10,025 Operating income (loss) — 26,308 (27,414 ) 612 — (494 ) Interest expense, net — 19,306 166 — — 19,472 Intercompany interest (income) expense — (309 ) 309 — — — Loss on early extinguishment of debt, net — 38 — — — 38 Other expense (income), net — 488 (165 ) (30 ) — 293 Income (loss) from continuing operations before income taxes and equity in (loss) income of subsidiaries — 6,785 (27,724 ) 642 — (20,297 ) Income tax expense (benefit) — 1,703 (2,895 ) 338 — (854 ) Income (loss) from continuing operations before equity in (loss) income of subsidiaries — 5,082 (24,829 ) 304 — (19,443 ) Equity in (loss) income of subsidiaries (28,050 ) (24,525 ) 304 — 52,271 — (Loss) income from continuing operations (28,050 ) (19,443 ) (24,525 ) 304 52,271 (19,443 ) Loss from discontinued operations, net of taxes — (8,607 ) — — — (8,607 ) Net (loss) income (28,050 ) (28,050 ) (24,525 ) 304 52,271 (28,050 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 4,567 (6 ) (165 ) — (4,396 ) — Changes in pension and other employee benefit accounts, net of taxes — 4,573 92 — — 4,665 Currency translation adjustment, net — — 67 (165 ) — (98 ) Total other comprehensive income (loss) 4,567 4,567 (6 ) (165 ) (4,396 ) 4,567 Comprehensive (loss) income $ (23,483 ) $ (23,483 ) $ (24,531 ) $ 139 $ 47,875 $ (23,483 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the nine months ended September 30, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 492,942 $ 515,754 $ 2,154 $ — $ 1,010,850 Cost of sales — 401,358 439,638 — — 840,996 Selling, general and administrative expenses — 75,583 47,177 637 — 123,397 Amortization of intangible assets — 280 3,337 213 — 3,830 Restructuring and other charges — 9,881 10,159 — — 20,040 Operating income (loss) — 5,840 15,443 1,304 — 22,587 Interest expense, net — 57,799 345 — — 58,144 Intercompany interest (income) expense — (886 ) 886 — — — Loss on early extinguishment of debt, net — 146 — — — 146 Other expense (income), net — 464 (604 ) 63 — (77 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (51,683 ) 14,816 1,241 — (35,626 ) Income tax (benefit) expense — (4,546 ) (2,586 ) 428 — (6,704 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (47,137 ) 17,402 813 — (28,922 ) Equity in (loss) income of subsidiaries (38,593 ) 18,215 813 — 19,565 — (Loss) income from continuing operations (38,593 ) (28,922 ) 18,215 813 19,565 (28,922 ) (Loss) income from discontinued operations, net of taxes — (9,671 ) — — — (9,671 ) Net (loss) income (38,593 ) (38,593 ) 18,215 813 19,565 (38,593 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 8,264 682 649 — (9,595 ) — Changes in pension and other employee benefit accounts, net of taxes — 7,582 272 — — 7,854 Currency translation adjustment, net — — (239 ) 649 — 410 Total other comprehensive income (loss) 8,264 8,264 682 649 (9,595 ) 8,264 Comprehensive (loss) income $ (30,329 ) $ (30,329 ) $ 18,897 $ 1,462 $ 9,970 $ (30,329 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30 , 2017 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 619 $ (34,202 ) $ 26,349 $ 1,070 $ — $ (6,164 ) Net cash used in operating activities of discontinued operations — (3,447 ) — — — (3,447 ) Net cash provided by (used in) operating activities 619 (37,649 ) 26,349 1,070 — (9,611 ) Cash flows from investing activities: Capital expenditures — (11,391 ) (7,849 ) (682 ) — (19,922 ) Proceeds from sale of property, plant and equipment — 1,265 — — — 1,265 Premiums for company owned life insurance policies, net — (410 ) — — — (410 ) Net cash used in investing activities of continuing operations — (10,536 ) (7,849 ) (682 ) — (19,067 ) Net cash used in investing activities of discontinued operations — (201 ) — — — (201 ) Net cash used in investing activities — (10,737 ) (7,849 ) (682 ) — (19,268 ) Cash flows from financing activities: Payment of financing-related costs and expenses and debt issuance discounts — (398 ) — — — (398 ) Proceeds from issuance of other long-term debt — 11,646 — — — 11,646 Repayments of other long-term debt — (7,827 ) 3,071 — — (4,756 ) 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 — 311,054 — — — 311,054 Repayments under ABL Facility due 2021 — (261,966 ) — — — (261,966 ) Intercompany advances (564 ) 22,962 (21,657 ) (741 ) — — Net cash (used in) provided by financing activities (619 ) 49,513 (18,586 ) (741 ) — 29,567 Effect of exchange rate changes on cash and cash equivalents — — 86 — — 86 Net increase (decrease) in cash and cash equivalents — 1,127 — (353 ) — 774 Cash and cash equivalents at beginning of period — 4,678 — 854 — 5,532 Cash and cash equivalents at end of period $ — $ 5,805 $ — $ 501 $ — $ 6,306 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 — 94,572 102,417 — — 196,989 Inventories, net — 40,996 39,771 — — 80,767 Intercompany receivable — — 1,783,858 — (1,783,858 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 34,771 4,789 1,128 — 40,688 Assets of discontinued operations - current — 59,269 — — — 59,269 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 — 99,628 98,255 1,029 — 198,912 Goodwill — 47,370 121,181 4,858 — 173,409 Other intangible assets, net — 4,702 114,914 147 — 119,763 Other assets, net — 18,208 3,100 1,694 (1,116 ) 21,886 Assets of discontinued operations - long-term — 15,744 — — — 15,744 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 — 104,667 61,098 265 — 166,030 Accrued compensation and related liabilities — 18,470 4,699 740 — 23,909 Other current liabilities — 54,119 11,962 819 — 66,900 Liabilities of discontinued operations - current — 26,640 — — — 26,640 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 — 155,484 45,479 — (1,116 ) 199,847 Liabilities of discontinued operations - long-term — 124 — — — 124 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 October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 188,245 $ 193,945 $ 485 $ — $ 382,675 Cost of sales — 163,516 151,267 — — 314,783 Selling, general and administrative expenses — 26,377 17,526 179 — 44,082 Amortization of intangible assets — 98 1,116 111 — 1,325 Restructuring and other charges — 2,493 (167 ) — — 2,326 Operating (loss) income — (4,239 ) 24,203 195 — 20,159 Interest expense, net — 20,272 46 — — 20,318 Intercompany interest (income) expense — (249 ) 249 — — — Gain on early extinguishment of debt, net — (7,442 ) — — — (7,442 ) Other (income) expense, net — (1,905 ) 100 42 — (1,763 ) (Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries — (14,915 ) 23,808 153 — 9,046 Income tax expense — 774 160 53 — 987 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (15,689 ) 23,648 100 — 8,059 Equity in income (loss) of subsidiaries 9,431 24,927 163 — (34,521 ) — Income (loss) from continuing operations 9,431 9,238 23,811 100 (34,521 ) 8,059 Income (loss) from discontinued operations, net of taxes — 193 1,116 63 — 1,372 Net income (loss) 9,431 9,431 24,927 163 (34,521 ) 9,431 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 3,064 363 213 — (3,640 ) — Changes in pension and other employee benefit accounts, net of taxes — 2,701 (194 ) — — 2,507 Currency translation adjustment, net — — 344 213 — 557 Total other comprehensive income (loss) 3,064 3,064 363 213 (3,640 ) 3,064 Comprehensive income (loss) $ 12,495 $ 12,495 $ 25,290 $ 376 $ (38,161 ) $ 12,495 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the nine months ended October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 574,496 $ 587,116 $ 1,291 $ — $ 1,162,903 Cost of sales — 508,140 457,413 — — 965,553 Selling, general and administrative expenses — 80,738 51,747 557 — 133,042 Amortization of intangible assets — 292 3,576 333 — 4,201 Restructuring and other charges — 6,270 1,926 — — 8,196 Operating (loss) income — (20,944 ) 72,454 401 — 51,911 Interest expense, net — 65,779 146 — — 65,925 Intercompany interest (income) expense — (740 ) 740 — — — Gain on early extinguishment of debt, net — (80,328 ) — — — (80,328 ) Other income, net — (945 ) (1,848 ) (100 ) — (2,893 ) (Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries — (4,710 ) 73,416 501 — 69,207 Income tax expense — 2,827 402 831 — 4,060 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (7,537 ) 73,014 (330 ) — 65,147 Equity in income (loss) of subsidiaries 68,190 70,889 715 — (139,794 ) — Income (loss) from continuing operations 68,190 63,352 73,729 (330 ) (139,794 ) 65,147 Income (loss) from discontinued operations, net of taxes — 4,838 (2,840 ) 1,045 — 3,043 Net income (loss) 68,190 68,190 70,889 715 (139,794 ) 68,190 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 9,609 2,401 140 — (12,150 ) — Changes in pension and other employee benefit accounts, net of taxes — 7,208 259 — — 7,467 Currency translation adjustment, net — — 2,002 140 — 2,142 Total other comprehensive income (loss) 9,609 9,609 2,401 140 (12,150 ) 9,609 Comprehensive income (loss) $ 77,799 $ 77,799 $ 73,290 $ 855 $ (151,944 ) $ 77,799 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended October 1, 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 $ 1,230 $ (91,850 ) $ 92,403 $ 1,496 $ — $ 3,279 Net cash provided by (used in) operating activities of discontinued operations — 12,586 (10,072 ) (438 ) — 2,076 Net cash provided by (used in) operating activities 1,230 (79,264 ) 82,331 1,058 — 5,355 Cash flows from investing activities: Capital expenditures — (12,262 ) (16,255 ) (601 ) — (29,118 ) Proceeds from sale of property, plant and equipment — 8,131 141 — — 8,272 Premiums for company owned life insurance policies, net — (245 ) — — — (245 ) Proceeds from sale of assets — — 2,000 — — 2,000 Net cash used in investing activities of continuing operations — (4,376 ) (14,114 ) (601 ) — (19,091 ) Net cash (used in) provided by investing activities of discontinued operations — (2,055 ) 87,877 6,487 — 92,309 Net cash (used in) provided by investing activities — (6,431 ) 73,763 5,886 — 73,218 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 — (12,182 ) — — — (12,182 ) Repayments of other long-term debt — (4,136 ) 21 — — (4,115 ) Repayment of 11.5% senior notes due 2017 — (4,725 ) — — — (4,725 ) Repayment of 7% senior exchangeable notes due 2017 — (40,207 ) — — — (40,207 ) Purchase and retirement of common stock upon vesting of RSUs (341 ) — — — — (341 ) Borrowings under ABL Facility due 2021 — 368,600 — — — 368,600 Repayments under ABL Facility due 2021 — (441,700 ) — — — (441,700 ) Intercompany advances (889 ) 169,051 (159,218 ) (8,944 ) — — Net cash (used in) provided by financing activities of continuing operations (1,230 ) 84,701 (159,197 ) (8,944 ) — (84,670 ) Net cash used in financing activities of discontinued operations — — (8 ) — — (8 ) Net cash (used in) provided by financing activities (1,230 ) 84,701 (159,205 ) (8,944 ) — (84,678 ) Effect of exchange rate changes on cash and cash equivalents — — 316 127 — 443 Net decrease in cash and cash equivalents — (994 ) (2,795 ) (1,873 ) — (5,662 ) Cash and cash equivalents at beginning of period — 5,558 3,006 1,992 — 10,556 Cash and cash equivalents at end of period $ — $ 4,564 $ 211 $ 119 $ — $ 4,894 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 , and the results of operations for the three and nine months ended September 30, 2017 , and October 1, 2016 , and cash flows for the nine months ended September 30, 2017 , and October 1, 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 nine months ended September 30, 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 nine months ended September 30, 2017 , and October 1, 2016 , each consisted of 13 and 39 weeks, respectively. Over the course of the second and third quarters of 2017, the Company has been actively marketing for sale its office product envelope product line (the "Office Products Business"). The Office Products Business is available for immediate sale in its present condition subject only to terms that are usual and customary and the price at which the Office Products Business is being marketed is reasonable in relation to its current fair value. As of the end of the third quarter, management has been given the appropriate authority to move forward with one strategic party on a potential sale of the Office Products Business. As a result, the financial results of the Office Products 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. See Note 2 for information regarding the Office Products Business. During the second quarter of 2017, in connection with the closure of an envelope manufacturing facility associated with the Office Products Business, the Company classified the owned facility as held for sale. Accordingly, $2.2 million of property, plant and equipment, net, which had been held in other assets, net during the third quarter of 2017, was reclassified to assets of discontinued operations - long-term, in the Company's condensed consolidated balance sheets. As a result of exploring opportunities to divest certain non-strategic or underperforming businesses within its manufacturing platform, during the first quarter of 2016 the Company completed the sale of its folded carton and shrink sleeve packaging businesses, along with its top-sheet lithographic print operation (collectively, the "Packaging Business"). See Note 2 for information regarding the completion of the sale of the Packaging Business. As a result, the financial results of the Packaging Business have been accounted for as discontinued operations. The Company's historical financial statements have been retroactively adjusted to give recognition to the discontinued operations for all periods presented. On July 8, 2016, the Company announced a reverse split of its common stock, par value $0.01 per share (the "Common Stock"), at a ratio of 1-for-8, effective July 13, 2016 (the "Reverse Stock Split"). The Common Stock began trading on a split-adjusted basis on July 14, 2016. The Reverse Stock Split was approved by the Company’s stockholders at the annual meeting of the stockholders held on May 26, 2016. As a result of the Reverse Stock Split, each eight pre-split shares of Common Stock outstanding were automatically combined into one new share of Common Stock without any action on the part of the respective holders, and the number of outstanding common shares on the date of the split was reduced from approximately 68.5 million shares to approximately 8.5 million shares. The Reverse Stock Split also applied to Common Stock issuable upon the exchange of the Company’s outstanding 7% senior exchangeable notes due 2017 (the "7% Notes") and upon the exercise of the Company’s outstanding warrants and the Company's outstanding stock options, restricted share units ("RSUs"), and performance share units ("PSUs"), (collectively, the "Equity Awards"). In addition, the authorized Common Stock was initially increased from 100 million to 120 million shares and then adjusted in the Reverse Stock Split from 120 million to 15 million shares. The Company's historical financial statements have been retroactively adjusted to give recognition to the Reverse Stock Split for all periods presented. |
New Accounting Pronouncements | New Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers (Topic 606) ." The new revenue recognition standard provides a five-step analysis to determine when and how revenue is recognized. The standard requires that a company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2017, and will be applied 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 significantly completed its evaluation of the impact of the pending adoption of ASU 2014-09, and 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 (1) Reclassification adjustment As adjusted Net sales Nine months ended October 1, 2016 $ 1,142,973 $ 19,930 $ 1,162,903 Three months ended October 1, 2016 376,575 6,100 382,675 Three months ended April 1, 2017 346,410 7,407 353,817 Cost of sales Nine months ended October 1, 2016 $ 945,623 $ 19,930 $ 965,553 Three months ended October 1, 2016 308,683 6,100 314,783 Three months ended April 1, 2017 284,982 7,407 292,389 __________________________ (1) Reflects adjustments for reclassifying discontinued operations. 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 classified $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 full 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 plans on adopting ASU 2017-07 during the first quarter of 2018. Adoption of ASU 2017-07 will not have a material impact on the Company's consolidated financial statements. See Note 10 for the potential impact on the Company's consolidated financial statements through the three and nine months ended September 30, 2017 . |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Reclassifications [Table Text Block] | The reclassification impact by major category is as follows (in thousands): Period As reported (1) Reclassification adjustment As adjusted Net sales Nine months ended October 1, 2016 $ 1,142,973 $ 19,930 $ 1,162,903 Three months ended October 1, 2016 376,575 6,100 382,675 Three months ended April 1, 2017 346,410 7,407 353,817 Cost of sales Nine months ended October 1, 2016 $ 945,623 $ 19,930 $ 965,553 Three months ended October 1, 2016 308,683 6,100 314,783 Three months ended April 1, 2017 284,982 7,407 292,389 __________________________ (1) Reflects adjustments for reclassifying discontinued operations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data): For the Three Months Ended For the Nine Months Ended September 30, October 1, September 30, October 1, Net sales $ 26,543 $ 29,380 $ 82,099 $ 106,421 Cost of sales 26,255 27,050 78,310 94,124 Selling, general and administrative expenses 1,329 1,478 3,828 6,733 Amortization of intangible assets 55 50 165 160 Restructuring and other charges, net (1) 6,894 88 9,475 89 Other (income) expense, net (55 ) 518 (8 ) 803 (Loss) income from discontinued operations (7,935 ) 196 (9,671 ) 4,512 Gain (loss) on sale of discontinued operations — 1,176 — (97 ) (Loss) income from discontinued operations before income taxes (7,935 ) 1,372 (9,671 ) 4,415 Income tax expense 672 — — 1,372 (Loss) income from discontinued operations, net of taxes $ (8,607 ) $ 1,372 $ (9,671 ) $ 3,043 (Loss) income per share - basic $ (1.00 ) $ 0.16 $ (1.13 ) $ 0.36 (Loss) income per share - diluted $ (1.00 ) $ 0.16 $ (1.13 ) $ 0.31 The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's condensed consolidated balance sheets as of September 30, 2017 , and December 31, 2016 (in thousands): September 30, December 31, Accounts receivable, net $ 33,893 $ 37,198 Inventories, net 25,206 21,183 Prepaid and other current assets 669 888 Assets of discontinued operations - current 59,768 59,269 Property, plant and equipment, net 6,850 8,767 Goodwill and other long-term assets — 6,977 Assets of discontinued operations - long-term 6,850 15,744 Accounts payable 9,748 9,866 Other current liabilities 14,501 16,774 Liabilities of discontinued operations - current 24,249 26,640 Other liabilities 151 124 Liabilities of discontinued operations - long-term 151 124 Net assets of discontinued operations $ 42,218 $ 48,249 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories by major category are as follows (in thousands): September 30, December 31, Raw materials $ 34,798 $ 27,616 Work in process 11,966 11,864 Finished goods 44,606 41,287 $ 91,370 $ 80,767 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment are as follows (in thousands): September 30, December 31, Land and land improvements $ 8,103 $ 8,080 Buildings and building improvements 78,191 77,021 Machinery and equipment 521,434 517,782 Furniture and fixtures 8,729 9,124 Construction in progress 15,468 10,634 631,925 622,641 Accumulated depreciation (440,756 ) (423,729 ) $ 191,169 $ 198,912 |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in the carrying amount of goodwill as of September 30, 2017 , by reportable segment are as follows (in thousands): Envelope Print Label Total Balance as of December 31, 2016 $ 21,633 $ 42,499 $ 109,277 $ 173,409 Foreign currency translation — 196 — 196 Balance as of September 30, 2017 $ 21,633 $ 42,695 $ 109,277 $ 173,605 |
Schedule of intangible assets | Other intangible assets are as follows (in thousands): September 30, 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 $ 114,374 $ (27,234 ) $ (63,464 ) $ 23,676 $ 114,287 $ (27,234 ) $ (60,014 ) $ 27,039 Trademarks and trade names 20 55,765 (46,493 ) (5,646 ) 3,626 55,755 (46,493 ) (5,428 ) 3,834 Leasehold interest 16 4,430 — (912 ) 3,518 4,430 — (743 ) 3,687 Patents 8 1,120 — (842 ) 278 1,120 — (817 ) 303 Subtotal 9 175,689 (73,727 ) (70,864 ) 31,098 175,592 (73,727 ) (67,002 ) 34,863 Intangible assets with indefinite lives: Trade names 84,900 (7,700 ) — 77,200 84,900 — — 84,900 Total $ 260,589 $ (81,427 ) $ (70,864 ) $ 108,298 $ 260,492 $ (73,727 ) $ (67,002 ) $ 119,763 |
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 $ 1,280 2018 5,003 2019 4,885 2020 4,885 2021 4,731 2022 4,250 Thereafter 6,064 Total $ 31,098 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt is as follows (in thousands): September 30, December 31, ABL Facility due 2021 (1) $ 130,788 $ 81,700 4.0% secured notes due 2021 ($50 million outstanding principal amount as of September 30, 2017, and December 31, 2016) 49,841 49,813 8.500% junior priority secured notes due 2022 ($241.0 million outstanding principal amount as of September 30, 2017, and December 31, 2016) 235,505 234,742 6.000% senior priority secured notes due 2019 ($540.0 million outstanding principal amount as of September 30, 2017, and December 31, 2016) 532,936 530,166 6.000% senior unsecured notes due 2024 ($104.5 million outstanding principal amount as of September 30, 2017, and December 31, 2016) 87,208 85,591 11.5% senior notes due 2017 ($0.0 million and $20.5 million outstanding principal amount as of September 30, 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 September 30, 2017, and December 31, 2016, respectively) — 5,468 Other debt, including capital leases 22,760 10,815 1,059,038 1,018,666 Less current maturities (8,597 ) (31,727 ) Long-term debt $ 1,050,441 $ 986,939 __________________________ (1) The weighted average interest rate outstanding for the Company's asset-based revolving credit facility (the "ABL Facility") was 4.0% and 3.4% as of September 30, 2017 , and December 31, 2016 , respectively. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, October 1, September 30, October 1, Service cost $ 1 $ — $ 1 $ 1 Interest cost 3,305 3,555 9,847 10,645 Expected return on plan assets (4,635 ) (4,775 ) (13,907 ) (14,326 ) Net amortization and deferral 2 1 4 3 Recognized net actuarial loss 2,630 2,507 7,854 7,467 Net periodic expense $ 1,303 $ 1,288 $ 3,799 $ 3,790 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2017 , is as follows: Options Weighted Weighted Aggregate Outstanding at December 31, 2016 129,365 $ 26.31 2.9 $ — Granted — — Exercised — — $ — Forfeited/expired (49,994 ) 38.73 Outstanding at September 30, 2017 79,371 $ 7.08 3.3 $ — Exercisable at September 30, 2017 47,508 $ 7.23 3.0 $ — |
Schedule of nonvested restricted share units | RSUs A summary of the Company’s non-vested RSUs as of and for the nine months ended September 30, 2017 , is as follows: RSUs Weighted Average Unvested at December 31, 2016 82,964 $ 16.28 Granted 45,608 5.92 Vested (46,962 ) 14.21 Forfeited (2,578 ) 18.30 Unvested at September 30, 2017 79,032 $ 11.47 |
Restructuring and Other Charg30
Restructuring and Other Charges (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2017 Plan $ 286 $ 231 $ 26 $ 27 $ — $ 25 $ 595 Residual Plans — — — — — 5 5 Total Envelope 286 231 26 27 — 30 600 Print 2017 Plan (6 ) — 13 1 — 187 195 Residual Plans — — — 50 165 3 218 Asset Impairments — 6,200 — — — — 6,200 Total Print (6 ) 6,200 13 51 165 190 6,613 Label 2017 Plan 629 — 15 2 — 23 669 Residual Plans — — — — — (1 ) (1 ) Asset Impairments — 1,500 — — — — 1,500 Total Label 629 1,500 15 2 — 22 2,168 Corporate 2017 Plan 607 — — — — 39 646 2016 Plan (2 ) — — — — — (2 ) Total Corporate 605 — — — — 39 644 Total Restructuring and Other Charges $ 1,514 $ 7,931 $ 54 $ 80 $ 165 $ 281 $ 10,025 Restructuring and other charges for the nine months ended September 30, 2017 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-employer Pension Building Total Envelope 2017 Plan $ 377 $ 231 $ 26 $ 81 $ — $ 33 $ 748 2016 Plan (33 ) (2 ) — — — — (35 ) Residual Plans — — — — — 27 27 Total Envelope 344 229 26 81 — 60 740 Print 2017 Plan 166 1,061 387 38 4,933 1,153 7,738 Residual Plans — — — 25 764 52 841 Asset Impairments — 6,200 — — — — 6,200 Total Print 166 7,261 387 63 5,697 1,205 14,779 Label 2017 Plan 478 93 15 1,130 — 23 1,739 2016 Plan (17 ) — — — — — (17 ) Residual Plans (196 ) — — — — (5 ) (201 ) Asset Impairments — 1,500 — — — — 1,500 Total Label 265 1,593 15 1,130 — 18 3,021 Corporate 2017 Plan 1,422 — — — — 73 1,495 2016 Plan 5 — — — — — 5 Total Corporate 1,427 — — — — 73 1,500 Total Restructuring and Other Charges $ 2,202 $ 9,083 $ 428 $ 1,274 $ 5,697 $ 1,356 $ 20,040 2016 Activity Restructuring and other charges for the three months ended October 1, 2016 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 384 $ — $ — $ — $ — $ — $ 384 Residual Plans — — — — — 24 24 Total Envelope 384 — — — — 24 408 Print 2016 Plan 92 — — — — — 92 Residual Plans — — — — 203 182 385 Total Print 92 — — — 203 182 477 Label 2016 Plan 158 — — — — 4 162 Residual Plans (45 ) — — — — (81 ) (126 ) Total Label 113 — — — — (77 ) 36 Corporate 2016 Plan 1,448 — — — — — 1,448 Residual Plans (54 ) — — — — 11 (43 ) Total Corporate 1,394 — — — — 11 1,405 Total Restructuring and Other Charges $ 1,983 $ — $ — $ — $ 203 $ 140 $ 2,326 Restructuring and other charges for the nine months ended October 1, 2016 , were as follows (in thousands): Employee Asset Charges Net of Gain on Sale Equipment Lease Multi-Employer Pension Building Total Envelope 2016 Plan $ 481 $ — $ — $ — $ — $ — $ 481 Residual Plans 13 146 276 — 54 144 633 Total Envelope 494 146 276 — 54 144 1,114 Print 2016 Plan 107 — — — — — 107 Residual Plans (2 ) — — 158 715 341 1,212 Total Print 105 — — 158 715 341 1,319 Label 2016 Plan 191 — — — — 5 196 Residual Plans 558 — — — — 1,078 1,636 Asset Impairments — 2,300 — — — — 2,300 Total Label 749 2,300 — — — 1,083 4,132 Corporate 2016 Plan 1,655 — — — — 3 1,658 Residual Plans (54 ) — — — — 27 (27 ) Total Corporate 1,601 — — — — 30 1,631 Total Restructuring and Other Charges $ 2,949 $ 2,446 $ 276 $ 158 $ 769 $ 1,598 $ 8,196 |
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 2,443 1,249 4,933 1,710 10,335 Payments (2,753 ) (400 ) — (1,710 ) (4,863 ) Balance as of September 30, 2017 $ 1,690 $ 849 $ 4,933 $ — $ 7,472 2016 Plan Balance as of December 31, 2016 $ 844 $ — $ — $ — $ 844 Accruals, net (45 ) — — — (45 ) Payments (799 ) — — — (799 ) Balance as of September 30, 2017 $ — $ — $ — $ — $ — Residual Plans Balance as of December 31, 2016 $ 247 $ — $ 17,482 $ 359 $ 18,088 Accruals, net (196 ) 25 764 74 667 Payments (51 ) (25 ) (2,454 ) (433 ) (2,963 ) Balance as of September 30, 2017 $ — $ — $ 15,792 $ — $ 15,792 Total Restructuring Liability $ 1,690 $ 849 $ 20,725 $ — $ 23,264 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 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 ) $ (96,631 ) $ (101,886 ) Other comprehensive income before reclassifications 410 — 410 Amounts reclassified from AOCI — 7,854 7,854 Other comprehensive income 410 7,854 8,264 Balance as of September 30, 2017 $ (4,845 ) $ (88,777 ) $ (93,622 ) |
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 Nine Months Ended September 30, October 1, September 30, October 1, Changes in Foreign Currency Translation Loss on foreign exchange $ — $ 393 $ — $ 2,338 (Loss) income from discontinued operations, net of taxes Changes in pension and other employee benefit accounts: Net actuarial losses 2,630 2,507 7,854 7,467 Cost of sales 2,630 2,900 7,854 9,805 Total before tax Taxes 2,035 — — — Income tax (benefit) expense Total reclassifications for the period $ 4,665 $ 2,900 $ 7,854 $ 9,805 Net of tax |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 (loss) income per share for the three and nine months ended September 30, 2017 , and October 1, 2016 (in thousands, except per share data): For the Three Months Ended For the Nine Months Ended September 30, October 1, September 30, October 1, Numerator for basic and diluted (loss) income per share: (Loss) income from continuing operations $ (19,443 ) $ 8,059 $ (28,922 ) $ 65,147 (Loss) income from discontinued operations, net of taxes (8,607 ) 1,372 (9,671 ) 3,043 Net (loss) income $ (28,050 ) $ 9,431 $ (38,593 ) $ 68,190 Numerator for diluted (loss) income per share: (Loss) income from continuing operations - as reported $ (19,443 ) $ 8,059 $ (28,922 ) $ 65,147 Interest expense on 7% Notes, net of taxes — 211 — 1,521 (Loss) income from continuing operations - after assumed conversions of dilutive shares (19,443 ) 8,270 (28,922 ) 66,668 (Loss) income from discontinued operations, net of taxes (8,607 ) 1,372 (9,671 ) 3,043 Net (loss) income for diluted loss per share - after assumed conversions of dilutive shares $ (28,050 ) $ 9,642 $ (38,593 ) $ 69,711 Denominator for weighted average common shares outstanding: Basic shares 8,578 8,552 8,564 8,518 Dilutive effect of 7% Notes — 415 — 1,227 Dilutive effect of Equity Awards — — — — Dilutive effect of warrants — — — — Diluted shares 8,578 8,967 8,564 9,745 (Loss) income per share – basic: Continuing operations $ (2.27 ) $ 0.94 $ (3.38 ) $ 7.65 Discontinued operations (1.00 ) 0.16 (1.13 ) 0.36 Net (loss) income $ (3.27 ) $ 1.10 $ (4.51 ) $ 8.01 (Loss) income per share – diluted: Continuing operations $ (2.27 ) $ 0.92 $ (3.38 ) $ 6.84 Discontinued operations (1.00 ) 0.16 (1.13 ) 0.31 Net (loss) income $ (3.27 ) $ 1.08 $ (4.51 ) $ 7.15 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment information | The following tables present certain segment information (in thousands): For the Three Months Ended For the Nine Months Ended September 30, October 1, September 30, October 1, Net sales: Envelope $ 156,478 $ 183,198 $ 483,941 $ 554,331 Print 109,411 127,839 327,002 380,809 Label 63,622 71,638 199,907 227,763 Total $ 329,511 $ 382,675 $ 1,010,850 $ 1,162,903 Operating income (loss): Envelope $ 7,699 $ 16,118 $ 33,834 $ 44,058 Print (3,327 ) 5,446 (6,388 ) 10,756 Label 4,038 6,764 19,759 23,373 Corporate (8,904 ) (8,169 ) (24,618 ) (26,276 ) Total $ (494 ) $ 20,159 $ 22,587 $ 51,911 Restructuring and other charges: Envelope $ 600 $ 408 $ 740 $ 1,114 Print 6,613 477 14,779 1,319 Label 2,168 36 3,021 4,132 Corporate 644 1,405 1,500 1,631 Total $ 10,025 $ 2,326 $ 20,040 $ 8,196 Depreciation and intangible asset amortization: Envelope $ 4,423 $ 4,271 $ 13,034 $ 12,954 Print 4,568 4,443 13,734 13,505 Label 1,759 1,572 5,211 5,360 Corporate 933 957 2,592 2,381 Total $ 11,683 $ 11,243 $ 34,571 $ 34,200 Intercompany sales: Envelope $ 860 $ 1,840 $ 3,651 $ 5,217 Print 4,520 5,674 14,744 15,939 Label 653 716 1,813 2,306 Total $ 6,033 $ 8,230 $ 20,208 $ 23,462 September 30, December 31, Total assets: Envelope $ 327,176 $ 328,144 Print 227,516 256,888 Label 211,496 216,627 Corporate 37,211 36,287 Assets of discontinued operations 66,618 75,013 Total $ 870,017 $ 912,959 |
Condensed Consolidating Finan34
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 5,805 $ — $ 501 $ — $ 6,306 Accounts receivable, net — 79,651 93,316 — — 172,967 Inventories, net — 46,065 45,305 — — 91,370 Intercompany receivable — — 1,805,515 273 (1,805,788 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 34,173 2,404 1,309 — 37,886 Assets of discontinued operations - current — 59,768 — — — 59,768 Total current assets — 262,400 1,949,785 2,083 (1,845,971 ) 368,297 Investment in subsidiaries (618,921 ) 2,131,028 5,631 7,829 (1,525,567 ) — Property, plant and equipment, net — 93,631 96,291 1,247 — 191,169 Goodwill — 38,001 130,550 5,054 — 173,605 Other intangible assets, net — 4,234 104,064 — — 108,298 Other assets, net — 18,898 2,266 1,720 (1,086 ) 21,798 Assets of discontinued operations - long-term — 6,850 — — — 6,850 Total assets $ (618,921 ) $ 2,555,042 $ 2,288,587 $ 17,933 $ (3,372,624 ) $ 870,017 Liabilities and Shareholders’ (Deficit) Equity Current liabilities: Current maturities of long-term debt $ — $ 6,236 $ 2,361 $ — $ — $ 8,597 Accounts payable — 94,416 58,674 87 — 153,177 Accrued compensation and related liabilities — 14,698 3,821 370 — 18,889 Other current liabilities — 38,118 11,647 771 — 50,536 Liabilities of discontinued operations - current — 24,249 — — — 24,249 Intercompany payable — 1,805,788 — — (1,805,788 ) — Notes payable to issuer — — 36,938 3,245 (40,183 ) — Total current liabilities — 1,983,505 113,441 4,473 (1,845,971 ) 255,448 Long-term debt — 1,046,587 3,854 — — 1,050,441 Other liabilities — 143,720 40,264 — (1,086 ) 182,898 Liabilities of discontinued operations - long-term — 151 — — — 151 Shareholders’ (deficit) equity (618,921 ) (618,921 ) 2,131,028 13,460 (1,525,567 ) (618,921 ) Total liabilities and shareholders’ (deficit) equity $ (618,921 ) $ 2,555,042 $ 2,288,587 $ 17,933 $ (3,372,624 ) $ 870,017 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 — 94,572 102,417 — — 196,989 Inventories, net — 40,996 39,771 — — 80,767 Intercompany receivable — — 1,783,858 — (1,783,858 ) — Notes receivable from subsidiaries — 36,938 3,245 — (40,183 ) — Prepaid and other current assets — 34,771 4,789 1,128 — 40,688 Assets of discontinued operations - current — 59,269 — — — 59,269 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 — 99,628 98,255 1,029 — 198,912 Goodwill — 47,370 121,181 4,858 — 173,409 Other intangible assets, net — 4,702 114,914 147 — 119,763 Other assets, net — 18,208 3,100 1,694 (1,116 ) 21,886 Assets of discontinued operations - long-term — 15,744 — — — 15,744 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 — 104,667 61,098 265 — 166,030 Accrued compensation and related liabilities — 18,470 4,699 740 — 23,909 Other current liabilities — 54,119 11,962 819 — 66,900 Liabilities of discontinued operations - current — 26,640 — — — 26,640 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 — 155,484 45,479 — (1,116 ) 199,847 Liabilities of discontinued operations - long-term — 124 — — — 124 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 September 30, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 158,476 $ 170,214 $ 821 $ — $ 329,511 Cost of sales — 106,101 171,487 — — 277,588 Selling, general and administrative expenses — 24,589 16,385 209 — 41,183 Amortization of intangible assets — 93 1,116 — — 1,209 Restructuring and other charges — 1,385 8,640 — — 10,025 Operating income (loss) — 26,308 (27,414 ) 612 — (494 ) Interest expense, net — 19,306 166 — — 19,472 Intercompany interest (income) expense — (309 ) 309 — — — Loss on early extinguishment of debt, net — 38 — — — 38 Other expense (income), net — 488 (165 ) (30 ) — 293 Income (loss) from continuing operations before income taxes and equity in (loss) income of subsidiaries — 6,785 (27,724 ) 642 — (20,297 ) Income tax expense (benefit) — 1,703 (2,895 ) 338 — (854 ) Income (loss) from continuing operations before equity in (loss) income of subsidiaries — 5,082 (24,829 ) 304 — (19,443 ) Equity in (loss) income of subsidiaries (28,050 ) (24,525 ) 304 — 52,271 — (Loss) income from continuing operations (28,050 ) (19,443 ) (24,525 ) 304 52,271 (19,443 ) Loss from discontinued operations, net of taxes — (8,607 ) — — — (8,607 ) Net (loss) income (28,050 ) (28,050 ) (24,525 ) 304 52,271 (28,050 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 4,567 (6 ) (165 ) — (4,396 ) — Changes in pension and other employee benefit accounts, net of taxes — 4,573 92 — — 4,665 Currency translation adjustment, net — — 67 (165 ) — (98 ) Total other comprehensive income (loss) 4,567 4,567 (6 ) (165 ) (4,396 ) 4,567 Comprehensive (loss) income $ (23,483 ) $ (23,483 ) $ (24,531 ) $ 139 $ 47,875 $ (23,483 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the nine months ended September 30, 2017 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 492,942 $ 515,754 $ 2,154 $ — $ 1,010,850 Cost of sales — 401,358 439,638 — — 840,996 Selling, general and administrative expenses — 75,583 47,177 637 — 123,397 Amortization of intangible assets — 280 3,337 213 — 3,830 Restructuring and other charges — 9,881 10,159 — — 20,040 Operating income (loss) — 5,840 15,443 1,304 — 22,587 Interest expense, net — 57,799 345 — — 58,144 Intercompany interest (income) expense — (886 ) 886 — — — Loss on early extinguishment of debt, net — 146 — — — 146 Other expense (income), net — 464 (604 ) 63 — (77 ) (Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries — (51,683 ) 14,816 1,241 — (35,626 ) Income tax (benefit) expense — (4,546 ) (2,586 ) 428 — (6,704 ) (Loss) income from continuing operations before equity in (loss) income of subsidiaries — (47,137 ) 17,402 813 — (28,922 ) Equity in (loss) income of subsidiaries (38,593 ) 18,215 813 — 19,565 — (Loss) income from continuing operations (38,593 ) (28,922 ) 18,215 813 19,565 (28,922 ) (Loss) income from discontinued operations, net of taxes — (9,671 ) — — — (9,671 ) Net (loss) income (38,593 ) (38,593 ) 18,215 813 19,565 (38,593 ) Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 8,264 682 649 — (9,595 ) — Changes in pension and other employee benefit accounts, net of taxes — 7,582 272 — — 7,854 Currency translation adjustment, net — — (239 ) 649 — 410 Total other comprehensive income (loss) 8,264 8,264 682 649 (9,595 ) 8,264 Comprehensive (loss) income $ (30,329 ) $ (30,329 ) $ 18,897 $ 1,462 $ 9,970 $ (30,329 ) CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the three months ended October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 188,245 $ 193,945 $ 485 $ — $ 382,675 Cost of sales — 163,516 151,267 — — 314,783 Selling, general and administrative expenses — 26,377 17,526 179 — 44,082 Amortization of intangible assets — 98 1,116 111 — 1,325 Restructuring and other charges — 2,493 (167 ) — — 2,326 Operating (loss) income — (4,239 ) 24,203 195 — 20,159 Interest expense, net — 20,272 46 — — 20,318 Intercompany interest (income) expense — (249 ) 249 — — — Gain on early extinguishment of debt, net — (7,442 ) — — — (7,442 ) Other (income) expense, net — (1,905 ) 100 42 — (1,763 ) (Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries — (14,915 ) 23,808 153 — 9,046 Income tax expense — 774 160 53 — 987 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (15,689 ) 23,648 100 — 8,059 Equity in income (loss) of subsidiaries 9,431 24,927 163 — (34,521 ) — Income (loss) from continuing operations 9,431 9,238 23,811 100 (34,521 ) 8,059 Income (loss) from discontinued operations, net of taxes — 193 1,116 63 — 1,372 Net income (loss) 9,431 9,431 24,927 163 (34,521 ) 9,431 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 3,064 363 213 — (3,640 ) — Changes in pension and other employee benefit accounts, net of taxes — 2,701 (194 ) — — 2,507 Currency translation adjustment, net — — 344 213 — 557 Total other comprehensive income (loss) 3,064 3,064 363 213 (3,640 ) 3,064 Comprehensive income (loss) $ 12,495 $ 12,495 $ 25,290 $ 376 $ (38,161 ) $ 12,495 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the nine months ended October 1, 2016 (in thousands) Parent Subsidiary Guarantor Non-Guarantor Eliminations Consolidated Net sales $ — $ 574,496 $ 587,116 $ 1,291 $ — $ 1,162,903 Cost of sales — 508,140 457,413 — — 965,553 Selling, general and administrative expenses — 80,738 51,747 557 — 133,042 Amortization of intangible assets — 292 3,576 333 — 4,201 Restructuring and other charges — 6,270 1,926 — — 8,196 Operating (loss) income — (20,944 ) 72,454 401 — 51,911 Interest expense, net — 65,779 146 — — 65,925 Intercompany interest (income) expense — (740 ) 740 — — — Gain on early extinguishment of debt, net — (80,328 ) — — — (80,328 ) Other income, net — (945 ) (1,848 ) (100 ) — (2,893 ) (Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries — (4,710 ) 73,416 501 — 69,207 Income tax expense — 2,827 402 831 — 4,060 (Loss) income from continuing operations before equity in income (loss) of subsidiaries — (7,537 ) 73,014 (330 ) — 65,147 Equity in income (loss) of subsidiaries 68,190 70,889 715 — (139,794 ) — Income (loss) from continuing operations 68,190 63,352 73,729 (330 ) (139,794 ) 65,147 Income (loss) from discontinued operations, net of taxes — 4,838 (2,840 ) 1,045 — 3,043 Net income (loss) 68,190 68,190 70,889 715 (139,794 ) 68,190 Other comprehensive income (loss): Other comprehensive income (loss) of subsidiaries 9,609 2,401 140 — (12,150 ) — Changes in pension and other employee benefit accounts, net of taxes — 7,208 259 — — 7,467 Currency translation adjustment, net — — 2,002 140 — 2,142 Total other comprehensive income (loss) 9,609 9,609 2,401 140 (12,150 ) 9,609 Comprehensive income (loss) $ 77,799 $ 77,799 $ 73,290 $ 855 $ (151,944 ) $ 77,799 |
Schedule of Condensed Consolidating Statement of Cash Flows | CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30 , 2017 (in thousands) Parent Subsidiary Guarantor Non- Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities of continuing operations $ 619 $ (34,202 ) $ 26,349 $ 1,070 $ — $ (6,164 ) Net cash used in operating activities of discontinued operations — (3,447 ) — — — (3,447 ) Net cash provided by (used in) operating activities 619 (37,649 ) 26,349 1,070 — (9,611 ) Cash flows from investing activities: Capital expenditures — (11,391 ) (7,849 ) (682 ) — (19,922 ) Proceeds from sale of property, plant and equipment — 1,265 — — — 1,265 Premiums for company owned life insurance policies, net — (410 ) — — — (410 ) Net cash used in investing activities of continuing operations — (10,536 ) (7,849 ) (682 ) — (19,067 ) Net cash used in investing activities of discontinued operations — (201 ) — — — (201 ) Net cash used in investing activities — (10,737 ) (7,849 ) (682 ) — (19,268 ) Cash flows from financing activities: Payment of financing-related costs and expenses and debt issuance discounts — (398 ) — — — (398 ) Proceeds from issuance of other long-term debt — 11,646 — — — 11,646 Repayments of other long-term debt — (7,827 ) 3,071 — — (4,756 ) 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 — 311,054 — — — 311,054 Repayments under ABL Facility due 2021 — (261,966 ) — — — (261,966 ) Intercompany advances (564 ) 22,962 (21,657 ) (741 ) — — Net cash (used in) provided by financing activities (619 ) 49,513 (18,586 ) (741 ) — 29,567 Effect of exchange rate changes on cash and cash equivalents — — 86 — — 86 Net increase (decrease) in cash and cash equivalents — 1,127 — (353 ) — 774 Cash and cash equivalents at beginning of period — 4,678 — 854 — 5,532 Cash and cash equivalents at end of period $ — $ 5,805 $ — $ 501 $ — $ 6,306 CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended October 1, 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 $ 1,230 $ (91,850 ) $ 92,403 $ 1,496 $ — $ 3,279 Net cash provided by (used in) operating activities of discontinued operations — 12,586 (10,072 ) (438 ) — 2,076 Net cash provided by (used in) operating activities 1,230 (79,264 ) 82,331 1,058 — 5,355 Cash flows from investing activities: Capital expenditures — (12,262 ) (16,255 ) (601 ) — (29,118 ) Proceeds from sale of property, plant and equipment — 8,131 141 — — 8,272 Premiums for company owned life insurance policies, net — (245 ) — — — (245 ) Proceeds from sale of assets — — 2,000 — — 2,000 Net cash used in investing activities of continuing operations — (4,376 ) (14,114 ) (601 ) — (19,091 ) Net cash (used in) provided by investing activities of discontinued operations — (2,055 ) 87,877 6,487 — 92,309 Net cash (used in) provided by investing activities — (6,431 ) 73,763 5,886 — 73,218 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 — (12,182 ) — — — (12,182 ) Repayments of other long-term debt — (4,136 ) 21 — — (4,115 ) Repayment of 11.5% senior notes due 2017 — (4,725 ) — — — (4,725 ) Repayment of 7% senior exchangeable notes due 2017 — (40,207 ) — — — (40,207 ) Purchase and retirement of common stock upon vesting of RSUs (341 ) — — — — (341 ) Borrowings under ABL Facility due 2021 — 368,600 — — — 368,600 Repayments under ABL Facility due 2021 — (441,700 ) — — — (441,700 ) Intercompany advances (889 ) 169,051 (159,218 ) (8,944 ) — — Net cash (used in) provided by financing activities of continuing operations (1,230 ) 84,701 (159,197 ) (8,944 ) — (84,670 ) Net cash used in financing activities of discontinued operations — — (8 ) — — (8 ) Net cash (used in) provided by financing activities (1,230 ) 84,701 (159,205 ) (8,944 ) — (84,678 ) Effect of exchange rate changes on cash and cash equivalents — — 316 127 — 443 Net decrease in cash and cash equivalents — (994 ) (2,795 ) (1,873 ) — (5,662 ) Cash and cash equivalents at beginning of period — 5,558 3,006 1,992 — 10,556 Cash and cash equivalents at end of period $ — $ 4,564 $ 211 $ 119 $ — $ 4,894 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | Jul. 13, 2016$ / sharesshares | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Jul. 12, 2016shares |
BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTable [Line Items] | ||||
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 | |||
Envelope [Member] | Land, buildings and improvements [Member] | ||||
BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTable [Line Items] | ||||
Assets held-for-sale | $ | $ 2.2 |
Basis of Presentation (Reclassi
Basis of Presentation (Reclassification) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Apr. 01, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Prior Period Adjustments Restatement [Line Items] | |||||
Net sales | $ 329,511 | $ 353,817 | $ 382,675 | $ 1,010,850 | $ 1,162,903 |
Cost of sales | $ 277,588 | 292,389 | 314,783 | $ 840,996 | 965,553 |
Previously Reported [Member] | |||||
Prior Period Adjustments Restatement [Line Items] | |||||
Net sales | 346,410 | 376,575 | 1,142,973 | ||
Cost of sales | 284,982 | 308,683 | 945,623 | ||
Reclassification Adjustment [Member] | |||||
Prior Period Adjustments Restatement [Line Items] | |||||
Net sales | 7,407 | 6,100 | 19,930 | ||
Cost of sales | $ 7,407 | $ 6,100 | $ 19,930 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | Nov. 08, 2017 | Jan. 19, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Jan. 02, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (loss) on sale of discontinued operations before income taxes | $ 0 | $ 1,176 | $ 0 | $ (97) | |||||
Assets of discontinued operations | 66,618 | 66,618 | $ 75,013 | $ 75,013 | |||||
Net sales of discontinued operations | 26,543 | 29,380 | 82,099 | 106,421 | |||||
Net income (loss) of discontinued operations | (8,607) | 1,372 | (9,671) | 3,043 | |||||
Office Products Business [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Impairment of goodwill and other intangible assets | 7,000 | ||||||||
Packaging Business [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Impairment of goodwill and other intangible assets | $ 9,900 | ||||||||
Proceeds from sale of discontinued operations | $ 89,600 | ||||||||
Sale of discontinued operations, transaction costs | $ 6,300 | ||||||||
Gain (loss) on sale of discontinued operations before income taxes | 1,200 | $ (5,000) | (100) | 1,400 | (3,600) | ||||
Assets of discontinued operations | 0 | 0 | 0 | 0 | |||||
Liabilities of discontinued operations | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Net sales of discontinued operations | 0 | 6,600 | |||||||
Net income (loss) of discontinued operations | $ 700 | $ (4,400) | |||||||
Subsequent Event [Member] | Office Products Business [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from sale of discontinued operations | $ 37,800 |
Discontinued Operations (Compon
Discontinued Operations (Components of Assets and Liabilities) (Details) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accounts receivable, net | $ 33,893 | $ 37,198 |
Inventories, net | 25,206 | 21,183 |
Prepaid and other current assets | 669 | 888 |
Assets of discontinued operations - current | 59,768 | 59,269 |
Property, plant and equipment, net | 6,850 | 8,767 |
Goodwill and other long-term assets | 0 | 6,977 |
Assets of discontinued operations - long-term | 6,850 | 15,744 |
Accounts payable | 9,748 | 9,866 |
Other current liabilities | 14,501 | 16,774 |
Liabilities of discontinued operations - current | 24,249 | 26,640 |
Other liabilities | 151 | 124 |
Liabilities of discontinued operations - long-term | 151 | 124 |
Net assets of discontinued operations | $ 42,218 | $ 48,249 |
Discontinued Operations (Statem
Discontinued Operations (Statement of Operations Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Net sales | $ 26,543 | $ 29,380 | $ 82,099 | $ 106,421 |
Cost of sales | 26,255 | 27,050 | 78,310 | 94,124 |
Selling, general and administrative expenses | 1,329 | 1,478 | 3,828 | 6,733 |
Amortization of intangible assets | 55 | 50 | 165 | 160 |
Restructuring and other charges, net (1) | 6,894 | 88 | 9,475 | 89 |
Other (income) expense, net | (55) | 518 | (8) | 803 |
(Loss) income from discontinued operations | (7,935) | 196 | (9,671) | 4,512 |
Gain (loss) on sale of discontinued operations | 0 | 1,176 | 0 | (97) |
(Loss) income from discontinued operations before income taxes | (7,935) | 1,372 | (9,671) | 4,415 |
Income tax expense | 672 | 0 | 0 | 1,372 |
(Loss) income from discontinued operations, net of taxes | $ (8,607) | $ 1,372 | $ (9,671) | $ 3,043 |
Discontinued operations per share - basic | $ (1) | $ 0.16 | $ (1.13) | $ 0.36 |
Discontinued operations per share - diluted | $ (1) | $ 0.16 | $ (1.13) | $ 0.31 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 34,798 | $ 27,616 |
Work in process | 11,966 | 11,864 |
Finished goods | 44,606 | 41,287 |
Inventories | $ 91,370 | $ 80,767 |
Property, Plant and Equipment41
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 631,925 | $ 622,641 |
Accumulated depreciation | (440,756) | (423,729) |
Property, plant and equipment, net | 191,169 | 198,912 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,103 | 8,080 |
Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 78,191 | 77,021 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 521,434 | 517,782 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,729 | 9,124 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 15,468 | $ 10,634 |
Property, Plant and Equipment42
Property, Plant and Equipment (Narrative) (Details) - Envelope [Member] - Land, buildings and improvements [Member] $ in Millions | Jun. 30, 2016USD ($)facility | Oct. 01, 2016USD ($) |
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 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Goodwill by Reportable Segment) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance as of the year ended | $ 173,409 |
Foreign currency translation | 196 |
Balance as of the period ended | 173,605 |
Envelope [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 21,633 |
Foreign currency translation | 0 |
Balance as of the period ended | 21,633 |
Print [Member] | |
Goodwill [Roll Forward] | |
Balance as of the year ended | 42,499 |
Foreign currency translation | 196 |
Balance as of the period ended | 42,695 |
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 Intangible44
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 9 years | |
Gross Carrying Amount | $ 175,689 | $ 175,592 |
Accumulated Impairment Charges | (73,727) | (73,727) |
Accumulated Amortization | (70,864) | (67,002) |
Total Net Carrying Amount | 31,098 | 34,863 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 260,589 | 260,492 |
Accumulated Impairment Charges | (81,427) | (73,727) |
Accumulated Amortization | (70,864) | (67,002) |
Net Carrying Amount | 108,298 | 119,763 |
Trade names [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 84,900 | 84,900 |
Accumulated Impairment Charges | (7,700) | 0 |
Net Carrying Amount | $ 77,200 | 84,900 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 6 years | |
Gross Carrying Amount | $ 114,374 | 114,287 |
Accumulated Impairment Charges | (27,234) | (27,234) |
Accumulated Amortization | (63,464) | (60,014) |
Total Net Carrying Amount | $ 23,676 | 27,039 |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 20 years | |
Gross Carrying Amount | $ 55,765 | 55,755 |
Accumulated Impairment Charges | (46,493) | (46,493) |
Accumulated Amortization | (5,646) | (5,428) |
Total Net Carrying Amount | $ 3,626 | 3,834 |
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 | (912) | (743) |
Total Net Carrying Amount | $ 3,518 | 3,687 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period (Years) | 8 years | |
Gross Carrying Amount | $ 1,120 | 1,120 |
Accumulated Impairment Charges | 0 | 0 |
Accumulated Amortization | (842) | (817) |
Total Net Carrying Amount | $ 278 | $ 303 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Schedule of Future Annual Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2017 | $ 1,280 | |
2,018 | 5,003 | |
2,019 | 4,885 | |
2,020 | 4,885 | |
2,021 | 4,731 | |
2,022 | 4,250 | |
Thereafter | 6,064 | |
Total Net Carrying Amount | $ 31,098 | $ 34,863 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Percentage of fair value in excess of carrying amount (percent) | 35.00% |
Print [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of intangible assets | $ 6,200 |
Label [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of intangible assets | $ 1,500 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 1,059,038 | $ 1,018,666 |
Current maturities of long-term debt | (8,597) | (31,727) |
Long-term debt | 1,050,441 | 986,939 |
Asset based lending facility [Member] | ABL Facility due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 130,788 | $ 81,700 |
Debt interest rate (percent) | 4.00% | 3.40% |
Secured debt [Member] | 4.0% secured note due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | $ 49,841 | $ 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 | $ 235,505 | 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 | $ 532,936 | 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 | $ 87,208 | 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 | $ 22,760 | $ 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 | $ 806.3 | $ 881.7 | ||
Other debt including capital leases [Member] | Equipment Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt principal amount | $ 3.7 | $ 7.9 | $ 6.3 | |
Debt interest rate (percent) | 7.76% |
Long-Term Debt (Extinguishments
Long-Term Debt (Extinguishments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Jun. 10, 2016 | |
Debt Instrument [Line Items] | |||||||||
Gains (losses) on extinguishment of debt | $ (38) | $ 7,442 | $ (146) | $ 80,328 | |||||
Convertible debt [Member] | 7% senior exchangeable notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt extinguishment amount | $ 5,500 | 21,000 | $ 16,500 | $ 34,500 | |||||
Gains (losses) on extinguishment of debt | $ 7,400 | 5,400 | 16,500 | ||||||
Senior unsecured debt [Member] | 11.5% senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt extinguishment amount | $ 20,500 | 10,000 | |||||||
Gains (losses) on extinguishment of debt | $ (100) | $ 5,100 | |||||||
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 (percent) | 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 | 9 Months Ended |
Oct. 01, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal fees | $ 1.5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Valuation Allowance [Line Items] | ||||
AMT tax credit carryforward | $ 6,500 | $ 6,500 | ||
AMT tax credit carryforward, expected to be realized | 2,700 | 2,700 | ||
Income tax expense (benefit) | $ (854) | $ 987 | (6,704) | $ 4,060 |
AMT tax credit carryforward [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation allowance, reversal | $ 6,000 |
Retirement Plans (Schedule of N
Retirement Plans (Schedule of Net Periodic (Benefit) Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 1 | $ 0 | $ 1 | $ 1 |
Interest cost | 3,305 | 3,555 | 9,847 | 10,645 |
Expected return on plan assets | (4,635) | (4,775) | (13,907) | (14,326) |
Net amortization and deferral | 2 | 1 | 4 | 3 |
Recognized net actuarial loss | 2,630 | 2,507 | 7,854 | 7,467 |
Net periodic expense | $ 1,303 | $ 1,288 | $ 3,799 | $ 3,790 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 3,305 | $ 3,555 | $ 9,847 | $ 10,645 |
Employer contributions | 7,000 | |||
Estimated future employer contributions during fiscal year | 2,300 | |||
SERP and OPEB Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 200 | $ 200 | $ 500 | $ 500 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 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) | (49,994) | |
Options, Ending balance (shares) | 79,371 | 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) | 38.73 | |
Weighted Average Exercise Price, Ending balance (dollars per share) | $ 7.08 | $ 26.31 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual Term (In Years) | 3 years 3 months 18 days | 2 years 10 months 24 days |
Aggregate Intrinsic Value | $ 0 | $ 0 |
Aggregate Intrinsic Value, Exercised | $ 0 | |
Options Exercisable (shares) | 47,508 | |
Weighted Average Exercise Price, Options Exercisable (dollars per share) | $ 7.23 | |
Weighted Average Remaining Contractual Term, Options Exercisable (In Years) | 3 years 7 days | |
Aggregate Intrinsic Value, Options Exercisable | $ 0 |
Stock-Based Compensation (RSU A
Stock-Based Compensation (RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Jul. 28, 2017 | Sep. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested, Beginning balance (shares) | 82,964 | |
Granted (shares) | 45,608 | 45,608 |
Vested (shares) | (46,962) | |
Forfeited (shares) | (2,578) | |
Unvested, Ending balance (shares) | 79,032 | |
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) | $ 16.28 | |
Weighted Average Grant Date Fair Value, Granted (dollars per share) | 5.92 | |
Weighted Average Grant Date Fair Value, Vested (dollars per share) | 14.21 | |
Weighted Average Grant Date Fair Value, Forfeited (dollars per share) | 18.30 | |
Weighted Average Grant Date Fair Value, Ending balance (dollars per share) | $ 11.47 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | Jul. 28, 2017 | Apr. 27, 2017 | Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 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 | $ 200 | $ 619 | $ 1,230 | ||
Unrecognized share based compensation expense | 1,000 | $ 1,000 | ||||
Unrecognized share based compensation costs, amortization period (years) | 1 year 6 months | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
RSUs, vesting | $ 100 | $ 300 | ||||
RSUs granted (shares) | 45,608 | 45,608 |
Restructuring and Other Charg57
Restructuring and Other Charges (Narrative) (Details) $ in Thousands | Sep. 30, 2017USD ($)facilityrestructuring_plan |
Restructuring Cost and Reserve [Line Items] | |
Number of active restructuring plans (restructuring plan) | restructuring_plan | 2 |
Restructuring reserve | $ 23,264 |
Restructuring reserve, current | 4,000 |
Restructuring reserve, noncurrent | $ 19,300 |
Envelope [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of facilities closed (facility) | facility | 1 |
Print [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of facilities closed (facility) | facility | 1 |
Restructuring and Other Charg58
Restructuring and Other Charges (Restructuring Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 10,025 | $ 2,326 | $ 20,040 | $ 8,196 |
Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,514 | 1,983 | 2,202 | 2,949 |
Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 7,931 | 0 | 9,083 | 2,446 |
Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 54 | 0 | 428 | 276 |
Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 80 | 0 | 1,274 | 158 |
Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 165 | 203 | 5,697 | 769 |
Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 281 | 140 | 1,356 | 1,598 |
Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 600 | 408 | 740 | 1,114 |
Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 286 | 384 | 344 | 494 |
Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 231 | 0 | 229 | 146 |
Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 26 | 0 | 26 | 276 |
Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 27 | 0 | 81 | 0 |
Envelope [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | 54 |
Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 30 | 24 | 60 | 144 |
Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 6,613 | 477 | 14,779 | 1,319 |
Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (6) | 92 | 166 | 105 |
Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 6,200 | 0 | 7,261 | 0 |
Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 13 | 0 | 387 | 0 |
Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 51 | 0 | 63 | 158 |
Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 165 | 203 | 5,697 | 715 |
Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 190 | 182 | 1,205 | 341 |
Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2,168 | 36 | 3,021 | 4,132 |
Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 629 | 113 | 265 | 749 |
Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,500 | 0 | 1,593 | 2,300 |
Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 15 | 0 | 15 | 0 |
Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2 | 0 | 1,130 | 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 | 22 | (77) | 18 | 1,083 |
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 644 | 1,405 | 1,500 | 1,631 |
Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 605 | 1,394 | 1,427 | 1,601 |
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 | 39 | 11 | 73 | 30 |
2017 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 10,335 | |||
2017 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2,443 | |||
2017 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1,249 | |||
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 | 1,710 | |||
2017 Plan [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 595 | 748 | ||
2017 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 286 | 377 | ||
2017 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 231 | 231 | ||
2017 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 26 | 26 | ||
2017 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 27 | 81 | ||
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 | 25 | 33 | ||
2017 Plan [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 195 | 7,738 | ||
2017 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (6) | 166 | ||
2017 Plan [Member] | Print [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 1,061 | ||
2017 Plan [Member] | Print [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 13 | 387 | ||
2017 Plan [Member] | Print [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 1 | 38 | ||
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 | 187 | 1,153 | ||
2017 Plan [Member] | Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 669 | 1,739 | ||
2017 Plan [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 629 | 478 | ||
2017 Plan [Member] | Label [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 93 | ||
2017 Plan [Member] | Label [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 15 | 15 | ||
2017 Plan [Member] | Label [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 2 | 1,130 | ||
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 | 23 | 23 | ||
2017 Plan [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 646 | 1,495 | ||
2017 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 607 | 1,422 | ||
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 | 39 | 73 | ||
2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (45) | |||
2016 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (45) | |||
2016 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | |||
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 | 0 | |||
2016 Plan [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 384 | (35) | 481 | |
2016 Plan [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 384 | (33) | 481 | |
2016 Plan [Member] | Envelope [Member] | Asset Charges, Net of Gain on Sale [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | (2) | 0 | |
2016 Plan [Member] | Envelope [Member] | Equipment Moving Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2016 Plan [Member] | Envelope [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 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 | |
2016 Plan [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | |
2016 Plan [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 92 | 107 | ||
2016 Plan [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 92 | 107 | ||
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 | 162 | (17) | 196 | |
2016 Plan [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 158 | (17) | 191 | |
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 | 4 | 0 | 5 | |
2016 Plan [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (2) | 1,448 | 5 | 1,658 |
2016 Plan [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (2) | 1,448 | 5 | 1,655 |
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 | 667 | |||
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 | 25 | |||
Residual Plans [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 764 | |||
Residual Plans [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 74 | |||
Residual Plans [Member] | Envelope [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 5 | 24 | 27 | 633 |
Residual Plans [Member] | Envelope [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 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 | 0 | 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 | 0 | 0 | 54 |
Residual Plans [Member] | Envelope [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 5 | 24 | 27 | 144 |
Residual Plans [Member] | Print [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 218 | 385 | 841 | 1,212 |
Residual Plans [Member] | Print [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 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 | 50 | 0 | 25 | 158 |
Residual Plans [Member] | Print [Member] | Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 165 | 203 | 764 | 715 |
Residual Plans [Member] | Print [Member] | Building Clean-up and Other Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 3 | 182 | 52 | 341 |
Residual Plans [Member] | Label [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (1) | (126) | (201) | 1,636 |
Residual Plans [Member] | Label [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | (45) | (196) | 558 |
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 | $ (1) | (81) | $ (5) | 1,078 |
Residual Plans [Member] | Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (43) | (27) | ||
Residual Plans [Member] | Corporate [Member] | Employee Severance Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | (54) | (54) | ||
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 | $ 11 | 27 | ||
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 Charg59
Restructuring and Other Charges (Changes in Restructuring Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | $ 10,025 | $ 2,326 | $ 20,040 | $ 8,196 |
Restructuring Reserve | 23,264 | 23,264 | ||
Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 1,514 | 1,983 | 2,202 | 2,949 |
Restructuring Reserve | 1,690 | 1,690 | ||
Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 80 | 0 | 1,274 | 158 |
Restructuring Reserve | 849 | 849 | ||
Multi-Employer Pension Withdrawal Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 165 | 203 | 5,697 | 769 |
Restructuring Reserve | 20,725 | 20,725 | ||
Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and other charges | 281 | $ 140 | 1,356 | $ 1,598 |
Restructuring Reserve | 0 | 0 | ||
2017 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 2,000 | |||
Restructuring and other charges | 10,335 | |||
Payments for Restructuring | (4,863) | |||
Restructuring Reserve | 7,472 | 7,472 | ||
2017 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 2,000 | |||
Restructuring and other charges | 2,443 | |||
Payments for Restructuring | (2,753) | |||
Restructuring Reserve | 1,690 | 1,690 | ||
2017 Plan [Member] | Lease Termination Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring and other charges | 1,249 | |||
Payments for Restructuring | (400) | |||
Restructuring Reserve | 849 | 849 | ||
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 | 1,710 | |||
Payments for Restructuring | (1,710) | |||
Restructuring Reserve | 0 | 0 | ||
2016 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 844 | |||
Restructuring and other charges | (45) | |||
Payments for Restructuring | (799) | |||
Restructuring Reserve | 0 | 0 | ||
2016 Plan [Member] | Employee Severance Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 844 | |||
Restructuring and other charges | (45) | |||
Payments for Restructuring | (799) | |||
Restructuring Reserve | 0 | 0 | ||
2016 Plan [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 | ||
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 | 0 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 0 | 0 | ||
Residual Plans [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 18,088 | |||
Restructuring and other charges | 667 | |||
Payments for Restructuring | (2,963) | |||
Restructuring Reserve | 15,792 | 15,792 | ||
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 | 25 | |||
Payments for Restructuring | (25) | |||
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 | 764 | |||
Payments for Restructuring | (2,454) | |||
Restructuring Reserve | 15,792 | 15,792 | ||
Residual Plans [Member] | Building Clean-up, Equipment Moving and Other Expenses [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 359 | |||
Restructuring and other charges | 74 | |||
Payments for Restructuring | (433) | |||
Restructuring Reserve | $ 0 | $ 0 |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated Other Comprehensive Loss, Beginning balance | $ (101,886) | |||
Other comprehensive income before reclassifications | 410 | |||
Amounts reclassified from AOCI | 7,854 | |||
Total other comprehensive income | $ 4,567 | $ 3,064 | 8,264 | $ 9,609 |
Accumulated Other Comprehensive Loss, Ending balance | (93,622) | (93,622) | ||
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 | 410 | |||
Amounts reclassified from AOCI | 0 | |||
Total other comprehensive income | 410 | |||
Accumulated Other Comprehensive Loss, Ending balance | (4,845) | (4,845) | ||
Pension and Other Postretirement Benefits [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Accumulated Other Comprehensive Loss, Beginning balance | (96,631) | |||
Other comprehensive income before reclassifications | 0 | |||
Amounts reclassified from AOCI | 7,854 | |||
Total other comprehensive income | 7,854 | |||
Accumulated Other Comprehensive Loss, Ending balance | $ (88,777) | $ (88,777) |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
(Loss) income from discontinued operations, net of taxes | $ (8,607) | $ 1,372 | $ (9,671) | $ 3,043 |
Loss from continuing operations before income taxes | (20,297) | 9,046 | (35,626) | 69,207 |
Income tax (benefit) expense | 854 | (987) | 6,704 | (4,060) |
(Loss) income from continuing operations | (19,443) | 8,059 | (28,922) | 65,147 |
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 | 2,630 | 2,900 | 7,854 | 9,805 |
Income tax (benefit) expense | 2,035 | 0 | 0 | 0 |
(Loss) income from continuing operations | 4,665 | 2,900 | 7,854 | 9,805 |
Foreign Currency Translation [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
(Loss) income from discontinued operations, net of taxes | 0 | 393 | 0 | 2,338 |
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 | $ 2,630 | $ 2,507 | $ 7,854 | $ 7,467 |
Income (Loss) Per Share (Narrat
Income (Loss) Per Share (Narrative) (Details) - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 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) | 81,000 | |
Equity Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (shares) | 158,000 | 218,000 |
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 | 1,700,000 |
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 | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Earnings Per Share [Abstract] | ||||
(Loss) income from continuing operations | $ (19,443) | $ 8,059 | $ (28,922) | $ 65,147 |
(Loss) income from discontinued operations, net of taxes | (8,607) | 1,372 | (9,671) | 3,043 |
Net (loss) income | (28,050) | 9,431 | (38,593) | 68,190 |
Interest expense on 7% Notes, net of taxes | 0 | 211 | 0 | 1,521 |
(Loss) income from continuing operations - after assumed conversions of dilutive shares | (19,443) | 8,270 | (28,922) | 66,668 |
Net (loss) income for diluted loss per share - after assumed conversions of dilutive shares | $ (28,050) | $ 9,642 | $ (38,593) | $ 69,711 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Basic shares | 8,578 | 8,552 | 8,564 | 8,518 |
Dilutive effect of 7% Notes (shares) | 0 | 415 | 0 | 1,227 |
Dilutive effect of Equity Awards (shares) | 0 | 0 | 0 | 0 |
Dilutive effect of warrants (shares) | 0 | 0 | 0 | 0 |
Diluted shares | 8,578 | 8,967 | 8,564 | 9,745 |
(Loss) income per share – basic: | ||||
Continuing operations per share - basic | $ (2.27) | $ 0.94 | $ (3.38) | $ 7.65 |
Discontinued operations per share - basic | (1) | 0.16 | (1.13) | 0.36 |
Net (loss) income per share - basic | (3.27) | 1.10 | (4.51) | 8.01 |
(Loss) income per share – diluted: | ||||
Continuing operations per share - diluted | (2.27) | 0.92 | (3.38) | 6.84 |
Discontinued operations per share - diluted | (1) | 0.16 | (1.13) | 0.31 |
Net (loss) income per share - diluted | $ (3.27) | $ 1.08 | $ (4.51) | $ 7.15 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||||
Sep. 30, 2017 | Apr. 01, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | Dec. 31, 2016 | |
Segment Information [Line Items] | ||||||
Net sales | $ 329,511 | $ 353,817 | $ 382,675 | $ 1,010,850 | $ 1,162,903 | |
Operating income (loss) | (494) | 20,159 | 22,587 | 51,911 | ||
Restructuring and other charges | 10,025 | 2,326 | 20,040 | 8,196 | ||
Depreciation and intangible asset amortization | 11,683 | 11,243 | 34,571 | 34,200 | ||
Intercompany sales | 6,033 | 8,230 | 20,208 | 23,462 | ||
Assets of discontinued operations | 66,618 | 66,618 | $ 75,013 | |||
Total assets | 870,017 | 870,017 | 912,959 | |||
Envelope [Member] | ||||||
Segment Information [Line Items] | ||||||
Net sales | 156,478 | 183,198 | 483,941 | 554,331 | ||
Operating income (loss) | 7,699 | 16,118 | 33,834 | 44,058 | ||
Restructuring and other charges | 600 | 408 | 740 | 1,114 | ||
Depreciation and intangible asset amortization | 4,423 | 4,271 | 13,034 | 12,954 | ||
Intercompany sales | 860 | 1,840 | 3,651 | 5,217 | ||
Total assets | 327,176 | 327,176 | 328,144 | |||
Print [Member] | ||||||
Segment Information [Line Items] | ||||||
Net sales | 109,411 | 127,839 | 327,002 | 380,809 | ||
Operating income (loss) | (3,327) | 5,446 | (6,388) | 10,756 | ||
Restructuring and other charges | 6,613 | 477 | 14,779 | 1,319 | ||
Depreciation and intangible asset amortization | 4,568 | 4,443 | 13,734 | 13,505 | ||
Intercompany sales | 4,520 | 5,674 | 14,744 | 15,939 | ||
Total assets | 227,516 | 227,516 | 256,888 | |||
Label [Member] | ||||||
Segment Information [Line Items] | ||||||
Net sales | 63,622 | 71,638 | 199,907 | 227,763 | ||
Operating income (loss) | 4,038 | 6,764 | 19,759 | 23,373 | ||
Restructuring and other charges | 2,168 | 36 | 3,021 | 4,132 | ||
Depreciation and intangible asset amortization | 1,759 | 1,572 | 5,211 | 5,360 | ||
Intercompany sales | 653 | 716 | 1,813 | 2,306 | ||
Total assets | 211,496 | 211,496 | 216,627 | |||
Corporate [Member] | ||||||
Segment Information [Line Items] | ||||||
Operating income (loss) | (8,904) | (8,169) | (24,618) | (26,276) | ||
Restructuring and other charges | 644 | 1,405 | 1,500 | 1,631 | ||
Depreciation and intangible asset amortization | 933 | $ 957 | 2,592 | $ 2,381 | ||
Total assets | $ 37,211 | $ 37,211 | $ 36,287 |
Condensed Consolidating Finan66
Condensed Consolidating Financial Information (Narrative) (Details) | Sep. 30, 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 Finan67
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 6,306 | $ 5,532 |
Accounts receivable, net | 172,967 | 196,989 |
Inventories, net | 91,370 | 80,767 |
Intercompany receivable | 0 | 0 |
Notes receivable from subsidiaries | 0 | 0 |
Prepaid and other current assets | 37,886 | 40,688 |
Assets of discontinued operations - current | 59,768 | 59,269 |
Total current assets | 368,297 | 383,245 |
Investment in subsidiaries | 0 | 0 |
Property, plant and equipment, net | 191,169 | 198,912 |
Goodwill | 173,605 | 173,409 |
Other intangible assets, net | 108,298 | 119,763 |
Other assets, net | 21,798 | 21,886 |
Assets of discontinued operations - long-term | 6,850 | 15,744 |
Total assets | 870,017 | 912,959 |
Current liabilities: | ||
Current maturities of long-term debt | 8,597 | 31,727 |
Accounts payable | 153,177 | 166,030 |
Accrued compensation and related liabilities | 18,889 | 23,909 |
Other current liabilities | 50,536 | 66,900 |
Liabilities of discontinued operations - current | 24,249 | 26,640 |
Intercompany payable | 0 | 0 |
Notes payable to issuer | 0 | 0 |
Total current liabilities | 255,448 | 315,206 |
Long-term debt | 1,050,441 | 986,939 |
Other liabilities | 182,898 | 199,847 |
Liabilities of discontinued operations - long-term | 151 | 124 |
Shareholders’ (deficit) equity | (618,921) | (589,157) |
Total liabilities and shareholders’ deficit | 870,017 | 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 |
Assets of discontinued operations - current | 0 | 0 |
Total current assets | 0 | 0 |
Investment in subsidiaries | (618,921) | (589,157) |
Property, plant and equipment, net | 0 | 0 |
Goodwill | 0 | 0 |
Other intangible assets, net | 0 | 0 |
Other assets, net | 0 | 0 |
Assets of discontinued operations - long-term | 0 | 0 |
Total assets | (618,921) | (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 |
Liabilities of discontinued operations - current | 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 |
Liabilities of discontinued operations - long-term | 0 | 0 |
Shareholders’ (deficit) equity | (618,921) | (589,157) |
Total liabilities and shareholders’ deficit | (618,921) | (589,157) |
Subsidiary Issuer [Member] | ||
Current assets: | ||
Cash and cash equivalents | 5,805 | 4,678 |
Accounts receivable, net | 79,651 | 94,572 |
Inventories, net | 46,065 | 40,996 |
Intercompany receivable | 0 | 0 |
Notes receivable from subsidiaries | 36,938 | 36,938 |
Prepaid and other current assets | 34,173 | 34,771 |
Assets of discontinued operations - current | 59,768 | 59,269 |
Total current assets | 262,400 | 271,224 |
Investment in subsidiaries | 2,131,028 | 2,112,403 |
Property, plant and equipment, net | 93,631 | 99,628 |
Goodwill | 38,001 | 47,370 |
Other intangible assets, net | 4,234 | 4,702 |
Other assets, net | 18,898 | 18,208 |
Assets of discontinued operations - long-term | 6,850 | 15,744 |
Total assets | 2,555,042 | 2,569,279 |
Current liabilities: | ||
Current maturities of long-term debt | 6,236 | 30,709 |
Accounts payable | 94,416 | 104,667 |
Accrued compensation and related liabilities | 14,698 | 18,470 |
Other current liabilities | 38,118 | 54,119 |
Liabilities of discontinued operations - current | 24,249 | 26,640 |
Intercompany payable | 1,805,788 | 1,783,390 |
Notes payable to issuer | 0 | 0 |
Total current liabilities | 1,983,505 | 2,017,995 |
Long-term debt | 1,046,587 | 984,833 |
Other liabilities | 143,720 | 155,484 |
Liabilities of discontinued operations - long-term | 151 | 124 |
Shareholders’ (deficit) equity | (618,921) | (589,157) |
Total liabilities and shareholders’ deficit | 2,555,042 | 2,569,279 |
Guarantor Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | 0 | 0 |
Accounts receivable, net | 93,316 | 102,417 |
Inventories, net | 45,305 | 39,771 |
Intercompany receivable | 1,805,515 | 1,783,858 |
Notes receivable from subsidiaries | 3,245 | 3,245 |
Prepaid and other current assets | 2,404 | 4,789 |
Assets of discontinued operations - current | 0 | 0 |
Total current assets | 1,949,785 | 1,934,080 |
Investment in subsidiaries | 5,631 | 4,173 |
Property, plant and equipment, net | 96,291 | 98,255 |
Goodwill | 130,550 | 121,181 |
Other intangible assets, net | 104,064 | 114,914 |
Other assets, net | 2,266 | 3,100 |
Assets of discontinued operations - long-term | 0 | 0 |
Total assets | 2,288,587 | 2,275,703 |
Current liabilities: | ||
Current maturities of long-term debt | 2,361 | 1,018 |
Accounts payable | 58,674 | 61,098 |
Accrued compensation and related liabilities | 3,821 | 4,699 |
Other current liabilities | 11,647 | 11,962 |
Liabilities of discontinued operations - current | 0 | 0 |
Intercompany payable | 0 | 0 |
Notes payable to issuer | 36,938 | 36,938 |
Total current liabilities | 113,441 | 115,715 |
Long-term debt | 3,854 | 2,106 |
Other liabilities | 40,264 | 45,479 |
Liabilities of discontinued operations - long-term | 0 | 0 |
Shareholders’ (deficit) equity | 2,131,028 | 2,112,403 |
Total liabilities and shareholders’ deficit | 2,288,587 | 2,275,703 |
Non-Guarantor Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | 501 | 854 |
Accounts receivable, net | 0 | 0 |
Inventories, net | 0 | 0 |
Intercompany receivable | 273 | 0 |
Notes receivable from subsidiaries | 0 | 0 |
Prepaid and other current assets | 1,309 | 1,128 |
Assets of discontinued operations - current | 0 | 0 |
Total current assets | 2,083 | 1,982 |
Investment in subsidiaries | 7,829 | 7,829 |
Property, plant and equipment, net | 1,247 | 1,029 |
Goodwill | 5,054 | 4,858 |
Other intangible assets, net | 0 | 147 |
Other assets, net | 1,720 | 1,694 |
Assets of discontinued operations - long-term | 0 | 0 |
Total assets | 17,933 | 17,539 |
Current liabilities: | ||
Current maturities of long-term debt | 0 | 0 |
Accounts payable | 87 | 265 |
Accrued compensation and related liabilities | 370 | 740 |
Other current liabilities | 771 | 819 |
Liabilities of discontinued operations - current | 0 | 0 |
Intercompany payable | 0 | 468 |
Notes payable to issuer | 3,245 | 3,245 |
Total current liabilities | 4,473 | 5,537 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Liabilities of discontinued operations - long-term | 0 | 0 |
Shareholders’ (deficit) equity | 13,460 | 12,002 |
Total liabilities and shareholders’ deficit | 17,933 | 17,539 |
Eliminations [Member] | ||
Current assets: | ||
Cash and cash equivalents | 0 | 0 |
Accounts receivable, net | 0 | 0 |
Inventories, net | 0 | 0 |
Intercompany receivable | (1,805,788) | (1,783,858) |
Notes receivable from subsidiaries | (40,183) | (40,183) |
Prepaid and other current assets | 0 | 0 |
Assets of discontinued operations - current | 0 | 0 |
Total current assets | (1,845,971) | (1,824,041) |
Investment in subsidiaries | (1,525,567) | (1,535,248) |
Property, plant and equipment, net | 0 | 0 |
Goodwill | 0 | 0 |
Other intangible assets, net | 0 | 0 |
Other assets, net | (1,086) | (1,116) |
Assets of discontinued operations - long-term | 0 | 0 |
Total assets | (3,372,624) | (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 |
Liabilities of discontinued operations - current | 0 | 0 |
Intercompany payable | (1,805,788) | (1,783,858) |
Notes payable to issuer | (40,183) | (40,183) |
Total current liabilities | (1,845,971) | (1,824,041) |
Long-term debt | 0 | 0 |
Other liabilities | (1,086) | (1,116) |
Liabilities of discontinued operations - long-term | 0 | 0 |
Shareholders’ (deficit) equity | (1,525,567) | (1,535,248) |
Total liabilities and shareholders’ deficit | $ (3,372,624) | $ (3,360,405) |
Condensed Consolidating Finan68
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Apr. 01, 2017 | Oct. 01, 2016 | Sep. 30, 2017 | Oct. 01, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | $ 329,511 | $ 353,817 | $ 382,675 | $ 1,010,850 | $ 1,162,903 |
Cost of sales | 277,588 | $ 292,389 | 314,783 | 840,996 | 965,553 |
Selling, general and administrative expenses | 41,183 | 44,082 | 123,397 | 133,042 | |
Amortization of intangible assets | 1,209 | 1,325 | 3,830 | 4,201 | |
Restructuring and other charges | 10,025 | 2,326 | 20,040 | 8,196 | |
Operating (loss) income | (494) | 20,159 | 22,587 | 51,911 | |
Interest expense, net | 19,472 | 20,318 | 58,144 | 65,925 | |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 | |
Loss (gain) on early extinguishment of debt, net | 38 | (7,442) | 146 | (80,328) | |
Other expense (income), net | 293 | (1,763) | (77) | (2,893) | |
(Loss) income from continuing operations before income tax (benefit) expense | (20,297) | 9,046 | (35,626) | 69,207 | |
Income tax expense (benefit) | (854) | 987 | (6,704) | 4,060 | |
Income (loss) from continuing operations before equity in (loss) income of subsidiaries | (19,443) | 8,059 | (28,922) | 65,147 | |
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 | |
(Loss) income from continuing operations | (19,443) | 8,059 | (28,922) | 65,147 | |
(Loss) income from discontinued operations, net of taxes | (8,607) | 1,372 | (9,671) | 3,043 | |
Net (loss) income | (28,050) | 9,431 | (38,593) | 68,190 | |
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 | 4,665 | 2,507 | 7,854 | 7,467 | |
Currency translation adjustment, net | (98) | 557 | 410 | 2,142 | |
Total other comprehensive income | 4,567 | 3,064 | 8,264 | 9,609 | |
Comprehensive (loss) income | (23,483) | 12,495 | (30,329) | 77,799 | |
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 (loss) 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 tax (benefit) expense | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 | |
Equity in (loss) income of subsidiaries | (28,050) | 9,431 | (38,593) | 68,190 | |
(Loss) income from continuing operations | (28,050) | 9,431 | (38,593) | 68,190 | |
(Loss) income from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net (loss) income | (28,050) | 9,431 | (38,593) | 68,190 | |
Other comprehensive income (loss): | |||||
Other comprehensive income (loss) of subsidiaries | 4,567 | 3,064 | 8,264 | 9,609 | |
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 | 4,567 | 3,064 | 8,264 | 9,609 | |
Comprehensive (loss) income | (23,483) | 12,495 | (30,329) | 77,799 | |
Subsidiary Issuer [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 158,476 | 188,245 | 492,942 | 574,496 | |
Cost of sales | 106,101 | 163,516 | 401,358 | 508,140 | |
Selling, general and administrative expenses | 24,589 | 26,377 | 75,583 | 80,738 | |
Amortization of intangible assets | 93 | 98 | 280 | 292 | |
Restructuring and other charges | 1,385 | 2,493 | 9,881 | 6,270 | |
Operating (loss) income | 26,308 | (4,239) | 5,840 | (20,944) | |
Interest expense, net | 19,306 | 20,272 | 57,799 | 65,779 | |
Intercompany interest (income) expense | (309) | (249) | (886) | (740) | |
Loss (gain) on early extinguishment of debt, net | 38 | (7,442) | 146 | (80,328) | |
Other expense (income), net | 488 | (1,905) | 464 | (945) | |
(Loss) income from continuing operations before income tax (benefit) expense | 6,785 | (14,915) | (51,683) | (4,710) | |
Income tax expense (benefit) | 1,703 | 774 | (4,546) | 2,827 | |
Income (loss) from continuing operations before equity in (loss) income of subsidiaries | 5,082 | (15,689) | (47,137) | (7,537) | |
Equity in (loss) income of subsidiaries | (24,525) | 24,927 | 18,215 | 70,889 | |
(Loss) income from continuing operations | (19,443) | 9,238 | (28,922) | 63,352 | |
(Loss) income from discontinued operations, net of taxes | (8,607) | 193 | (9,671) | 4,838 | |
Net (loss) income | (28,050) | 9,431 | (38,593) | 68,190 | |
Other comprehensive income (loss): | |||||
Other comprehensive income (loss) of subsidiaries | (6) | 363 | 682 | 2,401 | |
Changes in pension and other employee benefit accounts, net of taxes | 4,573 | 2,701 | 7,582 | 7,208 | |
Currency translation adjustment, net | 0 | 0 | 0 | 0 | |
Total other comprehensive income | 4,567 | 3,064 | 8,264 | 9,609 | |
Comprehensive (loss) income | (23,483) | 12,495 | (30,329) | 77,799 | |
Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 170,214 | 193,945 | 515,754 | 587,116 | |
Cost of sales | 171,487 | 151,267 | 439,638 | 457,413 | |
Selling, general and administrative expenses | 16,385 | 17,526 | 47,177 | 51,747 | |
Amortization of intangible assets | 1,116 | 1,116 | 3,337 | 3,576 | |
Restructuring and other charges | 8,640 | (167) | 10,159 | 1,926 | |
Operating (loss) income | (27,414) | 24,203 | 15,443 | 72,454 | |
Interest expense, net | 166 | 46 | 345 | 146 | |
Intercompany interest (income) expense | 309 | 249 | 886 | 740 | |
Loss (gain) on early extinguishment of debt, net | 0 | 0 | 0 | 0 | |
Other expense (income), net | (165) | 100 | (604) | (1,848) | |
(Loss) income from continuing operations before income tax (benefit) expense | (27,724) | 23,808 | 14,816 | 73,416 | |
Income tax expense (benefit) | (2,895) | 160 | (2,586) | 402 | |
Income (loss) from continuing operations before equity in (loss) income of subsidiaries | (24,829) | 23,648 | 17,402 | 73,014 | |
Equity in (loss) income of subsidiaries | 304 | 163 | 813 | 715 | |
(Loss) income from continuing operations | (24,525) | 23,811 | 18,215 | 73,729 | |
(Loss) income from discontinued operations, net of taxes | 0 | 1,116 | 0 | (2,840) | |
Net (loss) income | (24,525) | 24,927 | 18,215 | 70,889 | |
Other comprehensive income (loss): | |||||
Other comprehensive income (loss) of subsidiaries | (165) | 213 | 649 | 140 | |
Changes in pension and other employee benefit accounts, net of taxes | 92 | (194) | 272 | 259 | |
Currency translation adjustment, net | 67 | 344 | (239) | 2,002 | |
Total other comprehensive income | (6) | 363 | 682 | 2,401 | |
Comprehensive (loss) income | (24,531) | 25,290 | 18,897 | 73,290 | |
Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 821 | 485 | 2,154 | 1,291 | |
Cost of sales | 0 | 0 | 0 | 0 | |
Selling, general and administrative expenses | 209 | 179 | 637 | 557 | |
Amortization of intangible assets | 0 | 111 | 213 | 333 | |
Restructuring and other charges | 0 | 0 | 0 | 0 | |
Operating (loss) income | 612 | 195 | 1,304 | 401 | |
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 | (30) | 42 | 63 | (100) | |
(Loss) income from continuing operations before income tax (benefit) expense | 642 | 153 | 1,241 | 501 | |
Income tax expense (benefit) | 338 | 53 | 428 | 831 | |
Income (loss) from continuing operations before equity in (loss) income of subsidiaries | 304 | 100 | 813 | (330) | |
Equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 | |
(Loss) income from continuing operations | 304 | 100 | 813 | (330) | |
(Loss) income from discontinued operations, net of taxes | 0 | 63 | 0 | 1,045 | |
Net (loss) income | 304 | 163 | 813 | 715 | |
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 | (165) | 213 | 649 | 140 | |
Total other comprehensive income | (165) | 213 | 649 | 140 | |
Comprehensive (loss) income | 139 | 376 | 1,462 | 855 | |
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 (loss) 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 tax (benefit) expense | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations before equity in (loss) income of subsidiaries | 0 | 0 | 0 | 0 | |
Equity in (loss) income of subsidiaries | 52,271 | (34,521) | 19,565 | (139,794) | |
(Loss) income from continuing operations | 52,271 | (34,521) | 19,565 | (139,794) | |
(Loss) income from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | |
Net (loss) income | 52,271 | (34,521) | 19,565 | (139,794) | |
Other comprehensive income (loss): | |||||
Other comprehensive income (loss) of subsidiaries | (4,396) | (3,640) | (9,595) | (12,150) | |
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 | (4,396) | (3,640) | (9,595) | (12,150) | |
Comprehensive (loss) income | $ 47,875 | $ (38,161) | $ 9,970 | $ (151,944) |
Condensed Consolidating Finan69
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Oct. 01, 2016 | |
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | $ (6,164) | $ 3,279 |
Net cash (used in) provided by operating activities of discontinued operations | (3,447) | 2,076 |
Net cash (used in) provided by operating activities | (9,611) | 5,355 |
Cash flows from investing activities: | ||
Capital expenditures | (19,922) | (29,118) |
Proceeds from sale of property, plant and equipment | 1,265 | 8,272 |
Premiums for company owned life insurance policies, net | (410) | (245) |
Proceeds from sale of assets | 0 | 2,000 |
Net cash used in investing activities of continuing operations | (19,067) | (19,091) |
Net cash (used in) provided by investing activities of discontinued operations | (201) | 92,309 |
Net cash (used in) provided by investing activities | (19,268) | 73,218 |
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 | (398) | (12,182) |
Proceeds from issuance of other long-term debt | 11,646 | 0 |
Repayments of other long-term debt | (4,756) | (4,115) |
Repayment of 11.5% senior notes due 2017 | (20,465) | (4,725) |
Repayment of 7% senior exchangeable notes due 2017 | (5,493) | (40,207) |
Purchase and retirement of common stock upon vesting of restricted stock units | (55) | (341) |
Borrowings under asset-based revolving credit facility due 2021 | 311,054 | 368,600 |
Repayments under asset-based revolving credit facility due 2021 | (261,966) | (441,700) |
Intercompany advances | 0 | 0 |
Net cash provided by (used in) financing activities of continuing operations | 29,567 | (84,670) |
Net cash used in financing activities of discontinued operations | 0 | (8) |
Net cash provided by (used in) financing activities | 29,567 | (84,678) |
Effect of exchange rate changes on cash and cash equivalents | 86 | 443 |
Net increase (decrease) in cash and cash equivalents | 774 | (5,662) |
Cash and cash equivalents at beginning of period | 5,532 | 10,556 |
Cash and cash equivalents at end of period | 6,306 | 4,894 |
Parent Company [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 619 | 1,230 |
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 |
Net cash (used in) provided by operating activities | 619 | 1,230 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Premiums for company owned life insurance policies, net | 0 | 0 |
Proceeds from sale of assets | 0 | |
Net cash used in investing activities of continuing operations | 0 | 0 |
Net cash (used in) provided by investing activities of discontinued operations | 0 | 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 | (564) | (889) |
Net cash provided by (used in) financing activities of continuing operations | (1,230) | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (used in) financing activities | (619) | (1,230) |
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 | (34,202) | (91,850) |
Net cash (used in) provided by operating activities of discontinued operations | (3,447) | 12,586 |
Net cash (used in) provided by operating activities | (37,649) | (79,264) |
Cash flows from investing activities: | ||
Capital expenditures | (11,391) | (12,262) |
Proceeds from sale of property, plant and equipment | 1,265 | 8,131 |
Premiums for company owned life insurance policies, net | (410) | (245) |
Proceeds from sale of assets | 0 | |
Net cash used in investing activities of continuing operations | (10,536) | (4,376) |
Net cash (used in) provided by investing activities of discontinued operations | (201) | (2,055) |
Net cash (used in) provided by investing activities | (10,737) | (6,431) |
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 | (398) | (12,182) |
Proceeds from issuance of other long-term debt | 11,646 | |
Repayments of other long-term debt | (7,827) | (4,136) |
Repayment of 11.5% senior notes due 2017 | (20,465) | (4,725) |
Repayment of 7% senior exchangeable notes due 2017 | (5,493) | (40,207) |
Purchase and retirement of common stock upon vesting of restricted stock units | 0 | 0 |
Borrowings under asset-based revolving credit facility due 2021 | 311,054 | 368,600 |
Repayments under asset-based revolving credit facility due 2021 | (261,966) | (441,700) |
Intercompany advances | 22,962 | 169,051 |
Net cash provided by (used in) financing activities of continuing operations | 84,701 | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (used in) financing activities | 49,513 | 84,701 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 1,127 | (994) |
Cash and cash equivalents at beginning of period | 4,678 | 5,558 |
Cash and cash equivalents at end of period | 5,805 | 4,564 |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 26,349 | 92,403 |
Net cash (used in) provided by operating activities of discontinued operations | 0 | (10,072) |
Net cash (used in) provided by operating activities | 26,349 | 82,331 |
Cash flows from investing activities: | ||
Capital expenditures | (7,849) | (16,255) |
Proceeds from sale of property, plant and equipment | 0 | 141 |
Premiums for company owned life insurance policies, net | 0 | 0 |
Proceeds from sale of assets | 2,000 | |
Net cash used in investing activities of continuing operations | (7,849) | (14,114) |
Net cash (used in) provided by investing activities of discontinued operations | 0 | 87,877 |
Net cash (used in) provided by investing activities | (7,849) | 73,763 |
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 | 3,071 | 21 |
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 | (21,657) | (159,218) |
Net cash provided by (used in) financing activities of continuing operations | (159,197) | |
Net cash used in financing activities of discontinued operations | (8) | |
Net cash provided by (used in) financing activities | (18,586) | (159,205) |
Effect of exchange rate changes on cash and cash equivalents | 86 | 316 |
Net increase (decrease) in cash and cash equivalents | 0 | (2,795) |
Cash and cash equivalents at beginning of period | 0 | 3,006 |
Cash and cash equivalents at end of period | 0 | 211 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 1,070 | 1,496 |
Net cash (used in) provided by operating activities of discontinued operations | 0 | (438) |
Net cash (used in) provided by operating activities | 1,070 | 1,058 |
Cash flows from investing activities: | ||
Capital expenditures | (682) | (601) |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Premiums for company owned life insurance policies, net | 0 | 0 |
Proceeds from sale of assets | 0 | |
Net cash used in investing activities of continuing operations | (682) | (601) |
Net cash (used in) provided by investing activities of discontinued operations | 0 | 6,487 |
Net cash (used in) provided by investing activities | (682) | 5,886 |
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 | (741) | (8,944) |
Net cash provided by (used in) financing activities of continuing operations | (8,944) | |
Net cash used in financing activities of discontinued operations | 0 | |
Net cash provided by (used in) financing activities | (741) | (8,944) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 127 |
Net increase (decrease) in cash and cash equivalents | (353) | (1,873) |
Cash and cash equivalents at beginning of period | 854 | 1,992 |
Cash and cash equivalents at end of period | 501 | 119 |
Eliminations [Member] | ||
Cash flows from operating activities: [Abstract] | ||
Net cash provided by (used in) operating activities of continuing operations | 0 | 0 |
Net cash (used in) provided by operating activities of discontinued operations | 0 | 0 |
Net cash (used in) provided by operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Premiums for company owned life insurance policies, net | 0 | 0 |
Proceeds from sale of assets | 0 | |
Net cash used in investing activities of continuing operations | 0 | 0 |
Net cash (used in) provided by investing activities of discontinued operations | 0 | 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 |