Subsequent Events (Notes)

3 Months Ended

Mar. 27, 2016

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

USS Settlement Agreement

On May 3, 2016, we entered into a settlement agreement with USS whereby we will pay USS $8.0 million in settlement of the outstanding litigation. The settlement is contingent upon approval of the merger by the affirmative vote of a majority of the outstanding shares of Checkpoint common stock entitled to vote thereon at a special meeting or at any adjournment or postponement thereof. As a result of the settlement agreement, we accrued $8.0 million within other accrued expenses on the Consolidated Balance Sheet and in litigation matters on the Consolidated Statement of Operations.

Matters related to proposed merger with CCL Industries Inc.

On April 29, 2016, Checkpoint and the other defendants in the Pennsylvania State Court Consolidated Action executed a memorandum of understanding reflecting their agreement to settle all claims asserted in the Pennsylvania State Court Consolidated Action. The parties subsequently executed a memorandum of understanding reflecting their agreement. In connection with the settlement contemplated by the memorandum of understanding, Checkpoint agreed to make certain additional disclosures related to the proposed transaction with CCL and to waive the provisions of the nondisclosure agreement with a previous bidder that could have potentially prevented that bidder from making a superior proposal. The memorandum of understanding contemplates that the parties will enter in a stipulation of settlement that will be subject to customary conditions, including approval by the Court of Common Pleas.