Restructuring and Exit Costs

3 Months Ended

Feb. 04, 2012

Restructuring and Exit Costs [Abstract]

Restructuring and Related Activities Disclosure

Restructuring and Exit Costs

Restructuring and exit costs were recorded in the consolidated statements of operations as follows:

	Three Months Ended
	February 4, 2012		January 29, 2011
Restructuring and exit costs:
Custom Sheet and Rollstock	$	—	$	350
Packaging Technologies	—		116
Color and Specialty Compounds	—		356
Corporate	—		6
Total restructuring and exit costs	—		828
Income tax benefit	—		(315		)
Impact on net loss from continuing operations	$	—	$	513

2008 Restructuring Plan

In 2008, the Company announced a restructuring plan to address declines in end-market demand and build a low cost-to-serve model. The plan included the consolidation of production facilities, shutdown of underperforming and non-core operations and reductions in the number of manufacturing and administrative jobs. Since the plan was initiated, the Company has closed a packaging facility in Mankato, Minnesota; compounding facilities in St. Clair, Michigan, and Kearny, New Jersey; and sheet facilities in Richmond, Indiana, Atlanta, Georgia, and Arlington, Texas. The Company does not expect to incur any further significant restructuring and exit costs from the 2008 restructuring plan because all of its initiatives announced in conjunction with this plan have been substantially finalized.

The following table summarizes the cumulative restructuring and exit costs incurred to date under the 2008 restructuring plan:

	Cumulative
	To-Date
Employee severance	$	6,292
Facility consolidation and shut-down costs	6,943
Fixed asset valuation adjustments, net	3,225
Total	$	16,460

Employee severance includes costs associated with job eliminations and the reduction in jobs resulting from facility consolidations and plant shut downs. Facility consolidation and shut-down costs primarily include costs associated with shutting down production facilities, terminating leases and relocating production lines to continuing production facilities. Fixed asset valuation adjustments, net represents the effect from accelerated depreciation for reduced lives on property, plant and equipment and adjustments to the carrying value of assets held-for-sale to fair value, net of gains or losses on the ultimate sales of the assets.

As of February 4, 2012, the Company had $2,624 of assets held-for-sale. The estimated fair value of assets held for sale, which falls within Level 3 of the fair value hierarchy, represents management's best estimate of fair value upon sale and is determined based on broker analyses of prevailing market prices for similar assets.

The Company's total restructuring liability, representing severance and relocation costs, was $58 and $382 at February 4, 2012, and October 29, 2011, respectively. Cash payments for restructuring activities of continuing operations were $221 and $524 for the three months ended February 4, 2012 and January 29, 2011 respectively.