Restructuring, Impairment and Other Charges

6 Months Ended

Jun. 30, 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 500 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 four 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 June 30, 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	$	855	$	345	$	417	$	336		$	—	$	1,027	$	2,980
	Residual Plans	280		—		39		134			74		430		957
	Acquisition Integration Plans	181		32		7		20			—		94		334
Total Print and Envelope		1,316		377		463		490			74		1,551		4,271
Label and Packaging
	2012 Plan	28		—		—		—			—		—		28
	Residual Plans	161		—		—		(138		)	—		4		27
	Acquisition Integration Plans	—		—		—		—			—		—		—
Total Label and Packaging		189		—		—		(138		)	—		4		55
Corporate
	Residual Plans	—		—		—		—			—		28		28
Total Corporate		—		—		—		—			—		28		28
Total Restructuring, Impairment and Other Charges		$	1,505	$	377	$	463	$	352		$	74	$	1,583	$	4,354

Restructuring, impairment and other charges for the six months ended June 30, 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	$	2,244	$	6,634	$	512		$	336	$	5,400		$	1,071	$	16,197
	Residual Plans	339		—		39			214		(482		)	857		967
	Acquisition Integration Plans	296		32		45			51		—			169		593
Total Print and Envelope		2,879		6,666		596			601		4,918			2,097		17,757
Label and Packaging
	2012 Plan	77		—		6			—		—			11		94
	Residual Plans	356		—		—			52		—			4		412
	Acquisition Integration Plans	—		—		(4		)	—		—			—		(4		)
Total Label and Packaging		433		—		2			52		—			15		502
Corporate
	Residual Plans	—		—		—			—		—			117		117
Total Corporate		—		—		—			—		—			117		117
Total Restructuring, Impairment and Other Charges		$	3,312	$	6,666	$	598		$	653	$	4,918		$	2,229	$	18,376

2011 Activity

Restructuring, impairment and other charges for the three months ended July 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	$	525	$	965	$	157	$	498		$	—	$	782	$	2,927
	Acquisition Integration Plans	857		507		720		8			—		145		2,237
Total Print and Envelope		1,382		1,472		877		506			—		927		5,164
Label and Packaging
	Residual Plans	227		—		—		(190		)	—		—		37
	Acquisition Integration Plans	—		87		76		2			—		55		220
Total Label and Packaging		227		87		76		(188		)	—		55		257
Corporate
	Residual Plans	—		—		—		11			—		33		44
Total Corporate		—		—		—		11			—		33		44
Total Restructuring, Impairment and Other Charges		$	1,609	$	1,559	$	953	$	329		$	—	$	1,015	$	5,465

Restructuring, impairment and other charges for the six months ended July 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	$	391	$	1,901	$	553	$	1,064		$	—	$	1,664		$	5,573
	Acquisition Integration Plans	1,056		507		1,017		8			—		170			2,758
Total Print and Envelope		1,447		2,408		1,570		1,072			—		1,834			8,331
Label and Packaging
	Residual Plans	591		—		—		(181		)	—		(28		)	382
	Acquisition Integration Plans	53		130		76		6			—		175			440
Total Label and Packaging		644		130		76		(175		)	—		147			822
Corporate
	Residual Plans	—		—		—		74			—		65			139
Total Corporate		—		—		—		74			—		65			139
Total Restructuring, Impairment and Other Charges		$	2,091	$	2,538	$	1,646	$	971		$	—	$	2,046		$	9,292

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	2,321			336			5,400			1,600			9,657
Payments	(1,764		)	(33		)	—			(1,600		)	(3,397		)
Balance as of June 30, 2012	$	557		$	303		$	5,400		$	—		$	6,260
Residual Plans
Balance as of December 31, 2011	$	1,071		$	3,804		$	22,538		$	—		$	27,413
Accruals, net	695			266			(482		)	1,017			1,496
Payments	(1,201		)	(1,428		)	(1,257		)	(1,017		)	(4,903		)
Balance as of June 30, 2012	$	565		$	2,642		$	20,799		$	—		$	24,006
Acquisition Integration Plans
Balance as of December 31, 2011	$	492		$	1,346		$	—		$	—		$	1,838
Accruals, net	296			51			—			210			557
Payments	(661		)	(242		)	—			(210		)	(1,113		)
Balance as of June 30, 2012	$	127		$	1,155		$	—		$	—		$	1,282