Restructuring

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



	2012			2011			2010
Restructuring and exit costs:
Custom Sheet and Rollstock	$	1,054		$	609		$	2,585
Packaging Technologies	—			247			(662		)
Color and Specialty Compounds	1,467			1,322			5,276
Corporate	—			6			91
Total restructuring and exit costs	2,521			2,184			7,290
Income tax benefit	(655		)	(830		)	(2,836		)
Impact on net earnings from continuing operations	$	1,866		$	1,354		$	4,454

2012 Restructuring Actions

The Company initiated restructuring actions to reduce costs and reposition its portfolio to more specialty and higher-value products. On May 15, 2012, the Company announced a plan calling for the consolidation of two Custom Sheet and Rollstock facilities in Canada into the Granby, Quebec location. On October 16, 2012, the Company announced a plan calling for the consolidation of the Color and Specialty Compounds facility in Stratford, Ontario into the Cape Girardeau, MO and Manitowoc, WI locations. These actions were done in order to reduce fixed costs and better leverage equipment and resources. The Company expects to incur approximately $2,700 in restructuring costs over the next 12 months, which will be comprised of employee severance, facility consolidation and shut-down costs and fixed asset valuation adjustments.

The following table summarizes the cumulative restructuring and exit costs incurred under the 2012 restructuring plans:



	2012
Employee severance and other exit costs	$	2,229
Fixed asset valuation adjustments, net	292
Total	$	2,521

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 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 the reduction in jobs resulting from facility consolidations and shutdowns as well as other job reductions. Facility consolidation and shutdown 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 represent 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.

The Company did not incur any significant additional restructuring and exit costs subsequent to 2011 from the 2008 restructuring plan because all of the initiatives announced in conjunction with this plan were substantially finalized. As of November 3, 2012, the Company had $2,614 of assets held-for-sale, the values of which were estimated at fair value upon 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 $2,027 and $382 at November 3, 2012 and October 29, 2011, respectively. Cash payments for restructuring activities of continuing operations were $453 and $1,477 for the years ended November 3, 2012 and October 29, 2011, respectively.