Restructuring, Impairment and Other Charges

3 Months Ended

Mar. 31, 2012

Restructuring Costs and Asset Impairment Charges [Abstract]

Restructuring, Impairment and Other Charges [Text Block]

Restructuring, Impairment and Other Charges

2012 Plan

In the first quarter of 2012, the Company announced the closure and consolidation of a print plant into its existing print operations. Additionally, the Company began implementing a cost savings initiative (collectively with the print plant closure and consolidation, the “2012 Plan”). The cost saving initiative is primarily focused on the Company's print and envelope segment and corporate expenses. This initiative will focus on the consolidation of office and warehouse space and other overhead cost elimination plans, including headcount reductions of approximately 150 employees. The Company expects to be substantially complete with the 2012 Plan by the end of 2012.

EPG Integration Plan

Upon the completion of the EPG acquisition, the Company developed and implemented its plan to integrate EPG into its existing envelope operations (the “EPG Plan”). Since the date of acquisition, activities related to the EPG Plan have included the closure and consolidation of three manufacturing facilities into the Company's existing operations and the elimination of duplicative headcount. The Company anticipates that the integration of EPG will be completed in 2012 and may include additional closure or consolidation of manufacturing facilities and further headcount reductions.

Residual Plans

In addition to the plans described above, the Company currently has five residual cost savings, restructuring and integration plans: (i) the 2011 other restructuring plans from our print and envelope and label and packaging segments (the "Other Restructuring Plans") (ii) the Nashua Corporation acquisition integration plan (the “Nashua Plan”), (iii) the Glyph acquisition plan (collectively with the EPG Plan and Nashua Plan, the “Acquisition Integration Plans”), (iv) the 2009 Cost Savings and Restructuring Plan, and(v) the 2007 Cost Savings and Integration Plan. The Company refers to these plans, collectively with the Other Restructuring Plans, as the “Residual Plans”. The Company does not anticipate any significant future expenses related to the Residual Plans, other than modifications to its current assumptions for lease terminations, multi-employer pension withdrawal liabilities and ongoing expenses related to maintaining restructured assets.

The following tables present the details of the expenses recognized as a result of these plans.

2012 Activity

Restructuring, impairment and other charges for the three months ended March 31, 2012 were as follows (in thousands):

		Employee Separation Costs		Asset Impairments net of gain on sale		Equipment Moving Expenses			Lease Termination Expenses		Multi-employer Pension Withdrawal Expenses			Building Clean-up & Other Expenses		Total
Print and Envelope
	2012 Plan	$	1,389	$	6,289	$	95		$	—	$	5,400		$	44	$	13,217
	Residual Plans	59		—		—			80		(556		)	427		10
	Acquisition Integration Plans	115		—		38			31		—			75		259
Total Print and Envelope		1,563		6,289		133			111		4,844			546		13,486
Label and Packaging
	2012 Plan	49		—		6			—		—			11		66
	Residual Plans	195		—		—			190		—			—		385
	Acquisition Integration Plans	—		—		(4		)	—		—			—		(4		)
Total Label and Packaging		244		—		2			190		—			11		447
Corporate
	Residual Plans	—		—		—			—		—			89		89
Total Corporate		—		—		—			—		—			89		89
Total Restructuring, Impairment and Other Charges		$	1,807	$	6,289	$	135		$	301	$	4,844		$	646	$	14,022

2011 Activity

Restructuring, impairment and other charges for the three months ended April 2, 2011 were as follows (in thousands):

		Employee Separation Costs			Asset Impairments net of gain on sale		Equipment Moving Expenses		Lease Termination Expenses		Multi-employer Pension Withdrawal Expenses		Building Clean-up & Other Expenses			Total
Print and Envelope
	Residual Plans	$	(134	)	$	936	$	396	$	566	$	—	$	882		$	2,646
	Acquisition Integration Plans	199			—		297		—		—		25			521
Total Print and Envelope		65			936		693		566		—		907			3,167
Label and Packaging
	Residual Plans	364			—		—		9		—		(28		)	345
	Acquisition Integration Plans	53			43		—		4		—		120			220
Total Label and Packaging		417			43		—		13		—		92			565
Corporate
	Residual Plans	—			—		—		63		—		32			95
Total Corporate		—			—		—		63		—		32			95
Total Restructuring, Impairment and Other Charges		$	482		$	979	$	693	$	642	$	—	$	1,031		$	3,827

A summary of the activity related to the restructuring liabilities for all the cost savings, restructuring and integration initiatives were as follows (in thousands):

	Employee Separation Cost			Lease Termination			Pension Withdrawal Liabilities			Building Clean-up, Equipment Moving and Other Expenses			Total
2012 Plan
Balance as of December 31, 2011	$	—		$	—		$	—		$	—		$	—
Accruals, net	1,438			—			5,400			156			6,994
Payments	(591		)	—			—			(156		)	(747		)
Balance as of March 31, 2012	$	847		$	—		$	5,400		$	—		$	6,247
Residual Plans
Balance as of December 31, 2011	$	1,071		$	3,804		$	22,538		$	—		$	27,413
Accruals, net	254			270			(556		)	516			484
Payments	(643		)	(908		)	(533		)	(516		)	(2,600		)
Balance as of March 31, 2012	$	682		$	3,166		$	21,449		$	—		$	25,297
Acquisition Integration Plans
Balance as of December 31, 2011	$	492		$	1,346		$	—		$	—		$	1,838
Accruals, net	115			31			—			109			255
Payments	(388		)	(128		)	—			(109		)	(625		)
Balance as of March 31, 2012	$	219		$	1,249		$	—		$	—		$	1,468