Discontinued Operations

3 Months Ended

Mar. 21, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note H – Discontinued Operations

On October 1, 2014, the Company completed the sale of the Information Security business. The sale of the Information Security business, coupled with the sale of our Print Finishing business on June 30, 2014, represents the Company’s exit from the Information Security and Print Finishing segment. As a result, the Information Security and Print Finishing segment has been classified as discontinued operations for all periods presented and certain assets and liabilities in prior periods are classified as held for sale.

The fair value for these assets was determined by estimating the most likely sale price with a third-party buyer based on market data. Because of the significance of the unobservable inputs and management’s judgment used in the assets held for sale analysis, these measurements were classified in level three of the valuation hierarchy.

The results of operations presented as discontinued operations are summarized below.

	Three Months Ended
All Amounts in Thousands	March 21,  2015		March 22,  2014
Net sales	$	—	$	6,353
Cost of products sold		—		4,006
Selling, administrative and general expenses		—		2,136
Interest expense		—		69
Other expense (income)		—		(1)
Income Before Income Taxes		—		143
Discontinued Operations
Income from operations		—		—
Provision for income taxes		—		157
Net Loss from Discontinued Operations	$	—	$	(14)

The assets and liabilities held for sale are summarized below.

All Amounts in Thousands	March 21,  2015		December 27,  2014		March 22,  2014
ASSETS
Cash and cash equivalents	$	—	$	—	$	1,424
Receivables, net		—		—		4,620
Inventories		—		—		9,540
Prepaid expenses		—		—		554
Property, plant and equipment, net		—		—		4,174
Intangible assets		—		—		1,758
Investments		—		—		331
Other assets		—		—		32
Assets held for sale	$	—	$	—	$	22,433
LIABILITIES
Trade accounts payable	$	—	$	—	$	898
Accrued liabilities		—		—		5,534
Liabilities held for sale	$	—	$	—	$	6,432