Restructuring and Exit Costs

3 Months Ended

Feb. 02, 2013

Restructuring and Related Activities [Abstract]

Restructuring and Exit Costs

Restructuring and Exit Costs

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

	Three Months Ended
	February 2, 2013			February 4, 2012
Restructuring and exit costs:
Custom Sheet and Rollstock	$	434		$	—
Packaging Technologies	—			—
Color and Specialty Compounds	766			—
Corporate	(68		)	—
Total restructuring and exit costs	1,132			—
Income tax benefit	(286		)	—
Impact on net earnings	$	846		$	—

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 $1,568 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:

	Three Months Ended February 2, 2013		Cumulative To-Date
Employee severance and other exit costs	$	539	$	2,768
Fixed asset valuation adjustments, net	593		885
Total	$	1,132	$	3,653

Employee severance and other exit costs include costs associated with job eliminations and the reduction in jobs resulting from facility consolidations. 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 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 2, 2013, the Company had $2,614 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, consolidation and shut-down costs was $1,718 and $2,027 at February 2, 2013, and November 3, 2012, respectively. Cash payments for restructuring activities were $624 and $221 for the three months ended February 2, 2013 and February 4, 2012 respectively.