Financial Statement Revision And Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 25, 2011

Financial Statement Revision And Summary Of Significant Accounting Policies [Abstract]

Effects Of Adjustment On Earnings Per Share

	December 26, 2010		December 27, 2009
Earnings (loss) attributable to Checkpoint Systems, Inc. per share	Basic EPS	Diluted EPS	Basic EPS	Diluted EPS
As Previously Reported	$   0.69	$   0.68	$   0.67	$   0.66
Revision Adjustments:
Canada Adjustments	(0.02)	(0.01)	(0.04)	(0.03)
Income Tax Adjustments	0.02	0.02	(0.02)	(0.02)
As Revised for Revision Adjustments	$   0.69	$   0.69	$   0.61	$   0.61
Discontinued Operations Adjustments	—	—	—	—
As Revised in this Annual Report on Form 10-K	$   0.69	$   0.69	$   0.61	$   0.61

Effects Of Adjustment On Retained Earnings, Net Earnings Attributable To Parent, Earnings From Continuing Operations, And Income Taxes

	Retained Earnings	Net Earnings Attributable to Checkpoint Systems, Inc.		Earnings from Continuing Operations Before Income Taxes		Income Taxes
(amounts in thousands)	Dec. 29, 2008	Dec. 26, 2010	Dec. 27, 2009	Dec. 26, 2010	Dec. 27, 2009	Dec. 26, 2010	Dec. 27, 2009
As Previously Reported	$ 179,809	$ 27,371	$ 26,142	$ 37,022	$ 35,985	$ 9,767	$ 10,290
Revision Adjustments:
Canada Adjustments	(814)	(346)	(1,325)	(446)	(1,793)	(100)	(468)
Income Tax Adjustments	—	705	(705)	—	—	(705)	705
As Revised for Revision Adjustments	$ 178,995	$ 27,730	$ 24,112	$ 36,576	$ 34,192	$ 8,962	$ 10,527
Discontinued Operations Adjustments	—	—	—	1,169	1,467	396	556
As Revised in this Annual Report on Form 10-K	$ 178,995	$ 27,730	$ 24,112	$ 37,745	$ 35,659	$ 9,358	$ 11,083

Effects Of Adjustment On Operating Income

	Operating Income
(amounts in thousands)	Dec. 26, 2010	Dec. 27, 2009
As Previously Reported	$ 42,648	$ 41,580
Revision Adjustments:
Canada Adjustments	(446)	(1,793)
Income Tax Adjustments	—	—
As Revised for Revision Adjustments	$ 42,202	$ 39,787
Discontinued Operations Adjustments	1,169	1,467
As Revised in this Annual Report on Form 10-K	$ 43,371	$ 41,254

Consolidated Balance Sheets

amounts in thousands)	December 26, 2010
	As Previously Reported	As Revised in this Annual Report on Form 10-K
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$    173,802	$    172,473
Restricted cash	140	140
Accounts receivable, net of allowance of $10,472 and $10,927	178,636	178,076
Inventories	106,974	106,694
Other current assets	32,655	32,542
Deferred income taxes	20,622	20,622
Total Current Assets	512,829	510,547
REVENUE EQUIPMENT ON OPERATING LEASE, net	2,340	2,340
PROPERTY, PLANT, AND EQUIPMENT, net	121,258	121,258
GOODWILL	231,325	231,325
OTHER INTANGIBLES, net	90,823	90,823
DEFERRED INCOME TAXES	52,506	53,425
OTHER ASSETS	24,192	24,192
TOTAL ASSETS	$ 1,035,273	$ 1,033,910
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term borrowings and current portion of long-term debt	$      22,225	$      22,225
Accounts payable	63,366	63,585
Accrued compensation and related taxes	29,308	29,308
Other accrued expenses	47,646	47,646
Income taxes	4,395	5,160
Unearned revenues	12,196	12,196
Restructuring reserve	7,522	7,522
Accrued pensions current	4,358	4,358
Other current liabilities	23,019	23,409
Total Current Liabilities	214,035	215,409
LONG-TERM DEBT, LESS CURRENT MATURITIES	119,724	119,724
ACCRUED PENSIONS	75,396	75,396
OTHER LONG-TERM LIABILITIES	30,502	30,502
DEFERRED INCOME TAXES	11,325	11,325
COMMITMENTS AND CONTINGENCIES
CHECKPOINT SYSTEMS, INC. STOCKHOLDERS' EQUITY:
Preferred stock, no par value, 500,000 shares authorized, none issued
Common stock, par value $.10 per share, 100,000,000 shares authorized, issued          43,843,095 and 43,843,095 shares	4,384	4,384
Additional capital	407,383	407,383
Retained earnings	233,322	230,837
Common stock in treasury, at cost, 4,035,912 and 4,035,912 shares	(71,520)	(71,520)
Accumulated other comprehensive income, net of tax	10,722	10,470
TOTAL CHECKPOINT SYSTEMS, INC. STOCKHOLDERS' EQUITY	584,291	581,554
NONCONTROLLING INTERESTS
TOTAL EQUITY	584,291	581,554
TOTAL LIABILITIES AND EQUITY	$ 1,035,273	$ 1,033,910

Consolidated Statements Of Operations

(amounts in thousands, except per share data)	December 26, 2010
Year ended	As Previously Reported	As Revised for Revision Adjustments	As Revised in this Annual Report on Form 10-K
Net revenues	$ 834,498	$ 834,498	$ 821,678
Cost of revenues	487,850	487,850	477,904
Gross profit	346,648	346,648	343,774
Selling, general, and administrative expenses	275,282	274,191	269,625
Research and development	20,507	20,507	20,507
Restructuring expenses	8,211	8,211	8,211
Acquisition costs	—	—	523
Other expense	—	1,537	1,537
Operating income	42,648	42,202	43,371
Interest income	3,118	3,118	3,118
Interest expense	6,507	6,507	6,507
Other gain (loss), net	(2,237)	(2,237)	(2,237)
Earnings from continuing operations before income taxes	37,022	36,576	37,745
Income taxes expense	9,767	8,962	9,358
Net earnings from continuing operations	27,255	27,614	28,387
Loss from discontinued operations, net of tax benefit of $0, $0, and $396	—	—	(773)
Net earnings	27,255	27,614	27,614
Less: loss attributable to non-controlling interests	(116)	(116)	(116)
Net earnings attributable to Checkpoint Systems, Inc.	$   27,371	$   27,730	$   27,730
Basic earnings attributable to Checkpoint Systems, Inc. per share:
Earnings from continuing operations	$       0.69	$       0.69	$       0.71
Loss from discontinued operations, net of tax	$          —	$          —	$    (0.02)
Basic earnings attributable to Checkpoint Systems, Inc. per share	$       0.69	$       0.69	$       0.69
Diluted earnings attributable to Checkpoint Systems, Inc. per share:
Earnings from continuing operations	$       0.68	$       0.69	$       0.71
Loss from discontinued operations, net of tax	$          —	$          —	$    (0.02)
Diluted earnings attributable to Checkpoint Systems, Inc. per share	$       0.68	$       0.69	$       0.69

(amounts in thousands, except per share data)	December 27, 2009
Year ended	As Previously Reported	As Revised for Revision Adjustments	As Revised in this Annual Report on Form 10-K
Net revenues	$ 772,718	$ 772,718	$ 762,251
Cost of revenues	441,434	441,434	433,478
Gross profit	331,284	331,284	328,773
Selling, general, and administrative expenses	262,649	263,157	258,609
Research and development	20,354	20,354	20,354
Restructuring expenses	5,401	5,401	5,401
Litigation settlement	1,300	1,300	1,300
Acquisition costs	—	—	570
Other expense	—	1,285	1,285
Operating income	41,580	39,787	41,254
Interest income	1,971	1,971	1,971
Interest expense	7,386	7,386	7,386
Other gain (loss), net	(180)	(180)	(180)
Earnings from continuing operations before income taxes	35,985	34,192	35,659
Income taxes expense	10,290	10,527	11,083
Net earnings from continuing operations	25,695	23,665	24,576
Loss from discontinued operations, net of tax benefit of $0, $0, and $556	—	—	(911)
Net earnings	25,695	23,665	23,665
Less: loss attributable to non-controlling interests	(447)	(447)	(447)
Net earnings attributable to Checkpoint Systems, Inc.	$   26,142	$   24,112	$   24,112
Basic earnings attributable to Checkpoint Systems, Inc. per share:
Earnings from continuing operations	$       0.67	$       0.61	$       0.63
Loss from discontinued operations, net of tax	$          —	$          —	$    (0.02)
Basic earnings attributable to Checkpoint Systems, Inc. per share	$       0.67	$       0.61	$       0.61
Diluted earnings attributable to Checkpoint Systems, Inc. per share:
Earnings from continuing operations	$       0.66	$       0.61	$       0.63
Loss from discontinued operations, net of tax	$          —	$          —	$    (0.02)
Diluted earnings attributable to Checkpoint Systems, Inc. per share	$       0.66	$       0.61	$       0.61

Consolidated Statements Of Equity

(amounts in thousands)	Retained Earnings		Accumulated Other Comprehensive Income		Total Equity
	As Previously Reported	As Revised in this Annual Report on Form 10-K	As Previously Reported	As Revised in this Annual Report on Form 10-K	As Previously Reported	As Revised in this Annual Report on Form 10-K
Balance, December 28, 2008	$ 179,809	$ 178,995	$    16,150	$    16,236	$ 511,135	$ 510,407
Net earnings (loss)	26,142	24,112			25,695	23,665
Exercise of stock-based compensation and awards released					845	845
Tax shortfall on stock-based compensation					(481)	(481)
Stock-based compensation expense					7,135	7,135
Deferred compensation plan					1,415	1,415
Amortization of pension plan actuarial losses, net of tax			84	84	84	84
Change in realized and unrealized gains on derivative hedges, net of tax			(1,182)	(1,182)	(1,182)	(1,182)
Recognized gain on pension, net of tax			1,934	1,934	1,934	1,934
Foreign currency translation adjustment			11,617	11,379	11,974	11,736
Balance, December 27, 2009	$ 205,951	$ 203,107	$    28,603	$    28,451	$ 558,554	$ 555,558
Net earnings (loss)	27,371	27,730			27,255	27,614
Exercise of stock-based compensation and awards released					6,022	6,022
Tax benefit on stock-based compensation					133	133
Stock-based compensation expense					8,751	8,751
Deferred compensation plan					2,112	2,112
Repurchase of non-controlling interests					(692)	(692)
Amortization of pension plan actuarial losses, net of tax			103	103	103	103
Change in realized and unrealized gains on derivative hedges, net of tax			679	679	679	679
Recognized loss on pension, net of tax			(3,405)	(3,405)	(3,405)	(3,405)
Foreign currency translation adjustment			(15,258)	(15,358)	(15,221)	(15,321)
Balance, December 26, 2010	$ 233,322	$ 230,837	$    10,722	$    10,470	$ 584,291	$ 581,554

Consolidated Statements Of Comprehensive Income

(amounts in thousands)	December 26, 2010		December 27, 2009
Year ended	As Previously Reported	As Revised in this Annual Report on Form 10-K	As Previously Reported	As Revised in this Annual Report on Form 10-K
Net earnings	$   27,255	$   27,614	$ 25,695	$ 23,665
Amortization of pension plan actuarial losses, net of tax	103	103	84	84
Change in realized and unrealized gains (losses) on derivative hedges, net of tax	679	679	(1,182)	(1,182)
Recognized (loss) gain on pension, net of tax	(3,405)	(3,405)	1,934	1,934
Foreign currency translation adjustment	(15,221)	(15,321)	11,974	11,736
Comprehensive income	$     9,411	$     9,670	$ 38,505	$ 36,237
Less: comprehensive loss attributable to non-controlling interests	(834)	(834)	(90)	(90)
Comprehensive income attributable to Checkpoint Systems, Inc.	$   10,245	$   10,504	$ 38,595	$ 36,327

Consolidated Statements Of Cash Flows

(amounts in thousands)	December 26, 2010		December 27, 2009
Year ended	As Previously Reported	As Revised in this Annual Report on Form 10-K	As Previously Reported	As Revised in this Annual Report on Form 10-K
Cash flows from operating activities:
Net earnings	$      27,255	$      27,614	$     25,695	$     23,665
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	34,477	34,477	32,325	32,325
Deferred taxes	(2,227)	(2,859)	(7,109)	(6,911)
Stock-based compensation	8,751	8,751	7,135	7,135
Excess tax benefit on stock compensation	(1,662)	(1,662)	(12)	(12)
Provision for losses on accounts receivable	123	123	(117)	(117)
Loss on disposal of fixed assets	133	133	314	314
(Increase) decrease in current assets, net of the effects of acquired companies:
Accounts receivable	(9,467)	(8,753)	27,308	27,464
Inventories	(20,707)	(20,535)	17,078	17,033
Other current assets	51	162	8,993	8,993
Increase (decrease) in current liabilities, net of the effects of acquired companies:
Accounts payable	2,491	2,705	(6,348)	(6,348)
Income taxes	(5,253)	(5,653)	3,584	3,483
Unearned revenues	(9,750)	(9,750)	11,654	11,654
Restructuring reserve	3,044	3,044	459	459
Other current and accrued liabilities	(16,355)	(16,070)	(6,133)	(6,092)
Net cash provided by operating activities	10,904	11,727	114,826	113,045
Cash flows from investing activities:
Acquisition of property, plant, and equipment and intangibles	(23,712)	(23,712)	(13,757)	(13,757)
Acquisitions of businesses, net of cash acquired	(300)	(300)	(25,535)	(25,535)
Change in restricted cash	504	504	516	516
Other investing activities	323	323	131	131
Net cash used in investing activities	(23,185)	(23,185)	(38,645)	(38,645)
Cash flows from financing activities:
Proceeds from stock issuances	6,022	6,022	845	845
Excess tax benefit on stock compensation	1,662	1,662	12	12
Proceeds from short-term debt	7,621	7,621	11,215	11,215
Payment of short-term debt	(12,344)	(12,344)	(12,941)	(12,941)
Proceeds from long-term debt	141,747	141,747	93,793	93,793
Payment of long-term debt	(114,458)	(114,458)	(144,650)	(144,650)
Net change in factoring and bank overdrafts	1,413	1,413	5,380	5,380
Debt issuance costs	(1,991)	(1,991)	(3,970)	(3,970)
Repurchase of non-controlling interests	(781)	(781)	—	—
Net cash provided by (used in) financing activities	28,891	28,891	(50,316)	(50,316)
Effect of foreign currency rate fluctuations on cash and cash equivalents	(4,905)	(4,970)	4,010	3,830
Net increase in cash and cash equivalents	11,705	12,463	29,875	27,914
Cash and cash equivalents:
Beginning of year	162,097	160,010	132,222	132,096
End of year	$    173,802	$    172,473	$   162,097	$   160,010

Schedule Of Movement Of Warranty Reserves

(amounts in thousands)	December 25, 2011	December 26, 2010
Balance at beginning of year	$    6,170	$   6,116
Accruals for warranties issued	5,882	5,940
Settlements made	(6,194)	(5,735)
Foreign currency translation adjustment	(1)	(151)
Balance at end of period	$    5,857	$   6,170

Assumptions And Weighted Average Fair Values Of Share-Based Payment Units Under Black-Scholes Option Pricing Model

	Year Ended, December 25, 2011		Year Ended, December 26, 2010		Year Ended, December 27, 2009
Weighted-average fair value of grants	$   9.74		$   7.51		$ 3.59
Valuation assumptions:
Expected dividend yield	0.00	%	0.00	%	0.00	%
Expected volatility	.4991		.4829		.4474
Expected life (in years)	4.98		4.93		4.86
Risk-free interest rate	2.138	%	1.845	%	1.700	%