Condensed Consolidating Financial Information (Notes)

12 Months Ended

Dec. 29, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Financial Information [Text Block]

Condensed Consolidating Financial Information

Cenveo, Inc. is a holding company (the “Parent Company”), which is the ultimate parent of all Cenveo subsidiaries. The Parent Company’s wholly owned subsidiary, Cenveo Corporation (the “Subsidiary Issuer”), issued the 7.875% Notes, the 8.875% Notes and the 11.5% Notes (collectively with the 7.875% Notes and the 8.875% Notes, the “Subsidiary Issuer Notes”), which are fully and unconditionally guaranteed, on a joint and several basis, by the Parent Company and substantially all of its wholly-owned subsidiaries (the “Guarantor Subsidiaries”).

Presented below is condensed consolidating financial information for the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries as of 2012 and 2011 and for the three years ended 2012, 2011 and 2010.  The condensed consolidating financial information has been presented to show the financial position, results of operations and cash flows of the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, assuming the guarantee structure of the Subsidiary Issuer Notes was in effect at the beginning of the periods presented.

The supplemental condensed consolidating financial information reflects the investments of the Parent Company in the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries using the equity method of accounting. The Company’s primary transactions with its subsidiaries other than the investment account and related equity in net income (loss) of unconsolidated subsidiaries are the intercompany payables and receivables between its subsidiaries.

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET 2012 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	5,763		$	286		$	2,061		$	—		$	8,110
Accounts receivable, net	—			100,779			159,830			1,002			—			261,611
Inventories	—			61,900			68,787			82			—			130,769
Notes receivable from subsidiaries	—			36,938			—			—			(36,938		)	—
Prepaid and other current assets	—			53,612			12,078			2,783			—			68,473
Assets of discontinued operations - current	—			—			—			—			—			—
Total current assets	—			258,992			240,981			5,928			(36,938		)	468,963
Investment in subsidiaries	(464,314		)	1,758,007			7,671			6,725			(1,308,089		)	—
Property, plant and equipment, net	—			88,941			192,450			1,209			—			282,600
Goodwill	—			29,540			155,849			6,026			—			191,415
Other intangible assets, net	—			6,621			204,460			1,823			—			212,904
Other assets, net	—			40,301			3,868			504			—			44,673
Assets of discontinued operations - long-term	—			—			—			—			—			—
Total assets	$	(464,314	)	$	2,182,402		$	805,279		$	22,215		$	(1,345,027	)	$	1,200,555
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	6,961		$	4,787		$	—		$	—		$	11,748
Accounts payable	—			107,443			77,313			515			—			185,271
Accrued compensation and related liabilities	—			14,608			10,201			514			—			25,323
Other current liabilities	—			56,995			20,365			532			—			77,892
Liabilities of discontinued operations - current	—			—			—			—			—			—
Intercompany payable (receivable)	—			1,177,669			(1,185,665		)	7,996			—			—
Notes payable to issuer	—			—			36,938			—			(36,938		)	—
Total current liabilities	—			1,363,676			(1,036,061		)	9,557			(36,938		)	300,234
Long-term debt	—			1,166,360			5,510			—			—			1,171,870
Other liabilities	—			116,680			77,823			(1,738		)	—			192,765
Liabilities of discontinued operations - long-term	—			—			—			—			—			—
Shareholders’ (deficit) equity	(464,314		)	(464,314		)	1,758,007			14,396			(1,308,089		)	(464,314		)
Total liabilities and shareholders’ (deficit) equity	$	(464,314	)	$	2,182,402		$	805,279		$	22,215		$	(1,345,027	)	$	1,200,555

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the year ended 2012 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	710,943		$	1,071,396		$	15,243		$	—	$	1,797,582
Cost of sales	—			593,043			854,652			13,519			—		1,461,214
Selling, general and administrative expenses	—			102,308			83,716			765			—		186,789
Amortization of intangible assets	—			582			9,179			522			—		10,283
Restructuring, impairment and other charges	—			5,917			21,087			96			—		27,100
Operating income	—			9,093			102,762			341			—		112,196
Gain on bargain purchase	—			—			—			—			—		—
Interest expense, net	—			114,164			607			(16		)	—		114,755
Intercompany interest expense (income)	—			(1,476		)	1,404			72			—		—
Loss on early extinguishment of debt, net	—			12,487			—			—			—		12,487
Other (income) expense, net	—			(1,125		)	46			(170		)	—		(1,249		)
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated subsidiaries	—			(114,957		)	100,705			455			—		(13,797		)
Income tax expense (benefit)	—			35,280			25,193			(406		)	—		60,067
Income (loss) from continuing operations before equity in income of unconsolidated subsidiaries	—			(150,237		)	75,512			861			—		(73,864		)
Equity in income of unconsolidated subsidiaries	(79,887		)	68,896			861			—			10,130		—
Income (loss) from continuing operations	(79,887		)	(81,341		)	76,373			861			10,130		(73,864		)
(Loss) income from discontinued operations, net of taxes	—			1,454			(7,477		)	—			—		(6,023		)
Net (loss) income	(79,887		)	(79,887		)	68,896			861			10,130		(79,887		)
Other comprehensive income (loss):
Other comprehensive income (loss) of unconsolidated subsidiaries	(7,321		)	(64		)	(589		)	—			7,974		—
Pension liability adjustment, net of taxes	—			(7,257		)	(729		)	—			—		(7,986		)
Currency translation adjustment	—			—			1,254			(589		)	—		665
Comprehensive (loss) income	$	(87,208	)	$	(87,208	)	$	68,832		$	272		$	18,104	$	(87,208	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended 2012  (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	5,333		$	(105,650	)	$	154,621		$	2,494		$	—		$	56,798
Net cash used in operating activities of discontinued operations	—			(1,799		)	(2,934		)	—			—			(4,733		)
Net cash provided by (used in) operating activities	5,333			(107,449		)	151,687			2,494			—			52,065
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(644		)	—			—			—			(644		)
Capital expenditures	—			(10,563		)	(10,223		)	(165		)	—			(20,951		)
Purchase of investment	—			(350		)	—			—			—			(350		)
Proceeds from sale of property, plant and equipment	—			360			7,618			—			—			7,978
Proceeds from sale of intangible assets	—			5,700			—			—			—			5,700
Intercompany note	—			3,900			—			—			(3,900		)	—
Net cash used in investing activities of continuing operations	—			(1,597		)	(2,605		)	(165		)	(3,900		)	(8,267		)
Net cash provided by investing activities of discontinued operations	—			16,414			23,507			—			—			39,921
Net cash provided by (used in) investing activities	—			14,817			20,902			(165		)	(3,900		)	31,654
Cash flows from financing activities:
Repayment of 10.5% senior notes	—			(169,875		)	—			—			—			(169,875		)
Repayment of 7.875% senior subordinated notes	—			(214,831		)	—			—			—			(214,831		)
Repayment of 8.375% senior subordinated notes	—			(24,787		)	—			—			—			(24,787		)
Payment of financing related costs and expenses and debt issuance discounts	—			(37,836		)	—			—			—			(37,836		)
Repayments of other long-term debt	—			(147		)	(4,699		)	—			—			(4,846		)
Purchase and retirement of common stock upon vesting of RSUs	(735		)	—			—			—			—			(735		)
Proceeds from issuance of 11.5% senior notes	—			225,000			—			—			—			225,000
Proceeds from issuance of 7% senior exchangeable notes	—			86,250			—			—			—			86,250
Borrowings under revolving credit facility, net	—			18,000			—			—			—			18,000
Proceeds from issuance of Term Loan B	—			31,844			—			—			—			31,844
Intercompany note	—			—			—			(3,900		)	3,900			—
Intercompany advances	(4,598		)	170,396			(167,988		)	2,190			—			—
Net cash (used in) provided by financing activities of continuing operations	(5,333		)	84,014			(172,687		)	(1,710		)	3,900			(91,816		)
Net cash used in financing activities of discontinued operations	—			(1,652		)	—			—			—			(1,652		)
Net cash (used in) provided by financing activities	(5,333		)	82,362			(172,687		)	(1,710		)	3,900			(93,468		)
Effect of exchange rate changes on cash and cash equivalents	—			—			104			2			—			106
Net increase (decrease) in cash and cash equivalents	—			(10,270		)	6			621			—			(9,643		)
Cash and cash equivalents at beginning of year	—			16,033			280			1,440			—			17,753
Cash and cash equivalents at end of year	$	—		$	5,763		$	286		$	2,061		$	—		$	8,110

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET 2011 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	16,033		$	280		$	1,440	$	—		$	17,753
Accounts receivable, net	—			113,368			174,003			1,112		—			288,483
Inventories	—			63,234			70,434			128		—			133,796
Notes receivable from subsidiaries	—			40,838			—			—		(40,838		)	—
Prepaid and other current assets	—			57,967			10,953			3,822		—			72,742
Assets of discontinued operations - current	—			9,455			13,501			—		—			22,956
Total current assets	—			300,895			269,171			6,502		(40,838		)	535,730
Investment in subsidiaries	(381,704		)	1,681,084			7,399			6,725		(1,313,504		)	—
Property, plant and equipment, net	—			96,680			229,932			1,955		—			328,567
Goodwill	—			29,244			155,361			6,217		—			190,822
Other intangible assets, net	—			6,785			214,435			2,343		—			223,563
Other assets, net	—			107,286			(29,400		)	1,604		—			79,490
Assets of discontinued operations - long-term	—			5,717			21,699			—		—			27,416
Total assets	$	(381,704	)	$	2,227,691		$	868,597		$	25,346	$	(1,354,342	)	$	1,385,588
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	4,109		$	4,700		$	—	$	—		$	8,809
Accounts payable	—			94,503			91,311			834		—			186,648
Accrued compensation and related liabilities	—			26,173			12,760			222		—			39,155
Other current liabilities	—			72,813			22,634			460		—			95,907
Liabilities of discontinued operations - current	—			2,492			2,854			—		—			5,346
Intercompany payable (receivable)	—			1,005,396			(1,011,202		)	5,806		—			—
Notes payable to issuer	—			—			36,938			3,900		(40,838		)	—
Total current liabilities	—			1,205,486			(840,005		)	11,222		(40,838		)	335,865
Long-term debt	—			1,227,238			10,296			—		—			1,237,534
Other liabilities	—			175,088			10,331			—		—			185,419
Liabilities of discontinued operations - long-term	—			1,583			6,891			—		—			8,474
Shareholders’ (deficit) equity	(381,704		)	(381,704		)	1,681,084			14,124		(1,313,504		)	(381,704		)
Total liabilities and shareholders’ (deficit) equity	$	(381,704	)	$	2,227,691		$	868,597		$	25,346	$	(1,354,342	)	$	1,385,588

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the year ended 2011 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	726,420		$	1,164,013		$	18,754		$	—		$	1,909,187
Cost of sales	—			595,529			935,360			15,284			—			1,546,173
Selling, general and administrative expenses	—			118,807			97,247			1,082			—			217,136
Amortization of intangible assets	—			426			9,344			536			—			10,306
Restructuring, impairment and other charges	—			8,773			9,010			29			—			17,812
Operating income (loss)	—			2,885			113,052			1,823			—			117,760
Gain on bargain purchase	—			(11,720		)	—			—			—			(11,720		)
Interest expense, net	—			115,307			712			(51		)	—			115,968
Intercompany interest expense (income)	—			(1,180		)	975			205			—			—
(Gain) loss on early extinguishment of debt, net	—			(4,011		)	—			—			—			(4,011		)
Other (income) expense, net	—			9,832			378			(1,136		)	—			9,074
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated subsidiaries	—			(105,343		)	110,987			2,805			—			8,449
Income tax expense (benefit)	—			16,226			(8,396		)	1,647			—			9,477
Income (loss) from continuing operations before equity in income of unconsolidated subsidiaries	—			(121,569		)	119,383			1,158			—			(1,028		)
Equity in income of unconsolidated subsidiaries	(8,565		)	111,454			1,158			—			(104,047		)	—
Income (loss) from continuing operations	(8,565		)	(10,115		)	120,541			1,158			(104,047		)	(1,028		)
Income (loss) from discontinued operations, net of taxes	—			1,550			(9,087		)	—			—			(7,537		)
Net income (loss)	(8,565		)	(8,565		)	111,454			1,158			(104,047		)	(8,565		)
Other comprehensive income (loss):
Other comprehensive income (loss) of unconsolidated subsidiaries	(39,597		)	(4,260		)	(5,006		)	—			48,863			—
Pension liability adjustment, net of taxes	—			(37,130		)	—			—			—			(37,130		)
Unrealized gain on cash flow hedges, net of taxes	—			—			—			—			—			—
Reclassifications of losses related to interest rate swaps into earnings, net of taxes	—			1,793			—			—			—			1,793
Currency translation adjustment	—			—			746			(5,006		)	—			(4,260		)
Comprehensive income (loss)	$	(48,162	)	$	(48,162	)	$	107,194		$	(3,848	)	$	(55,184	)	$	(48,162	)

CENVEO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended 2011

 (in thousands)

	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	8,716		$	(105,375	)	$	178,872		$	1,605		$	—		$	83,818
Net cash provided by operating activities of discontinued operations	—			3,886			(7,382		)	—			—			(3,496		)
Net cash provided by (used in) operating activities	8,716			(101,489		)	171,490			1,605			—			80,322
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(59,719		)	—			—			—			(59,719		)
Capital expenditures	—			(9,972		)	(5,004		)	(695		)	—			(15,671		)
Proceeds from sale of property, plant and equipment	—			1,298			9,816			—			—			11,114
Intercompany note	—			5,600			—			—			(5,600		)	—
Net cash (used in) provided by investing activities of continuing operations	—			(62,793		)	4,812			(695		)	(5,600		)	(64,276		)
Net cash used in investing activities of discontinued operations	—			(536		)	—			—			—			(536		)
Net cash (used in) provided by investing activities	—			(63,329		)	4,812			(695		)	(5,600		)	(64,812		)
Cash flows from financing activities:
Repayment of 7.875% senior subordinated notes	—			(8,952		)	—			—			—			(8,952		)
Repayment of Term Loan B due 2016	—			(23,800		)	—			—			—			(23,800		)
Repayment of 8.375% senior subordinated notes	—			(5,363		)	—			—			—			(5,363		)
Payment of financing related costs and expenses	—			(2,675		)	—			—			—			(2,675		)
Repayments of other long-term debt	—			(107		)	(6,296		)	—			—			(6,403		)
Purchase and retirement of common stock upon vesting of RSUs	(1,283		)	—			—			—			—			(1,283		)
Proceeds from exercise of stock options	356			—			—			—			—			356
Intercompany note	—			—			—			(5,600		)	5,600			—
Intercompany advances	(7,789		)	174,867			(170,730		)	3,652			—			—
Net cash provided by (used in) financing activities	(8,716		)	133,970			(177,026		)	(1,948		)	5,600			(48,120		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			614			—			614
Net increase (decrease) in cash and cash equivalents	—			(30,848		)	(724		)	(424		)	—			(31,996		)
Cash and cash equivalents at beginning of year	—			46,881			1,004			1,864			—			49,749
Cash and cash equivalents at end of year	$	—		$	16,033		$	280		$	1,440		$	—		$	17,753

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the year ended 2010 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	681,636		$	1,000,555		$	26,338		$	—		$	1,708,529
Cost of sales	—			570,082			797,747			17,873			—			1,385,702
Selling, general and administrative expenses	—			106,469			95,840			1,674			—			203,983
Amortization of intangible assets	—			421			9,949			268			—			10,638
Restructuring, impairment and other charges	—			25,415			200,735			—			—			226,150
Operating income (loss)	—			(20,751		)	(103,716		)	6,523			—			(117,944		)
Interest expense, net	—			119,965			1,161			(89		)	—			121,037
Intercompany interest expense (income)	—			(1,116		)	990			126			—			—
(Gain) loss on early extinguishment of debt, net	—			9,592			—			—			—			9,592
Other (income) expense, net	—			1,137			923			267			—			2,327
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated subsidiaries	—			(150,329		)	(106,790		)	6,219			—			(250,900		)
Income tax expense (benefit)	—			(26,254		)	(27,341		)	393			—			(53,202		)
Income (loss) from continuing operations before equity in income of unconsolidated subsidiaries	—			(124,075		)	(79,449		)	5,826			—			(197,698		)
Equity in income of unconsolidated subsidiaries	(186,377		)	(67,754		)	5,826			—			248,305			—
Income (loss) from continuing operations	(186,377		)	(191,829		)	(73,623		)	5,826			248,305			(197,698		)
Income (loss) from discontinued operations, net of taxes	—			5,452			5,869			—			—			11,321
Net income (loss)	(186,377		)	(186,377		)	(67,754		)	5,826			248,305			(186,377		)
Other comprehensive income (loss):
Other comprehensive income (loss) of unconsolidated subsidiaries	9,993			25,763			1,152			—			(36,908		)	—
Pension liability adjustment, net of taxes	—			(25,460		)	22,762			—			—			(2,698		)
Unrealized gain on cash flow hedges, net of taxes	—			8,449			—			—			—			8,449
Reclassifications of losses related to interest rate swaps into earnings, net of taxes	—			1,241			—			—			—			1,241
Currency translation adjustment	—			—			1,849			1,152			—			3,001
Comprehensive income (loss)	$	(176,384	)	$	(176,384	)	$	(41,991	)	$	6,978		$	211,397		$	(176,384	)

CENVEO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended 2010

 (in thousands)

	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities of continuing operations	$	10,853		$	(100,348	)	$	132,389		$	6,862		$	—		$	49,756
Net cash provided by operating activities of discontinued operations	—			2,710			6,120			—			—			8,830
Net cash provided by (used in) operating activities	10,853			(97,638		)	138,509			6,862			—			58,586
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(27,373		)	—			(13,172		)	—			(40,545		)
Capital expenditures	—			(9,400		)	(8,752		)	—			—			(18,152		)
Proceeds from sale of property, plant and equipment	—			2,297			1,242			—			—			3,539
Intercompany note	—			(9,500		)	—			—			9,500			—
Net cash (used in) provided by investing activities of continuing operations	—			(43,976		)	(7,510		)	(13,172		)	9,500			(55,158		)
Net cash used in investing activities of discontinued operations	—			(857		)	(22		)	—			—			(879		)
Net cash (used in) provided by investing activities	—			(44,833		)	(7,532		)	(13,172		)	9,500			(56,037		)
Cash flows from financing activities:
Payment of financing related costs and expenses	—			(23,154		)	—			—			—			(23,154		)
Repayments of other long-term debt	—			(80		)	(7,555		)	—			—			(7,635		)
Purchase and retirement of common stock upon vesting of RSUs	(1,597		)	—			—			—			—			(1,597		)
(Repayment) under revolving credit facility, net	—			(22,500		)	—			—			—			(22,500		)
Proceeds from issuance of 8.875% senior second lien notes	—			397,204			—			—			—			397,204
Proceeds from issuance of Term Loan B	—			376,200			—			—			—			376,200
Repayments of Term Loans	—			(683,306		)	—			—			—			(683,306		)
Proceeds from exercise of stock options	1,030			—			—			—			—			1,030
Intercompany note	—			—			—			9,500			(9,500		)	—
Intercompany advances	(10,286		)	136,019			(123,134		)	(2,599		)	—			—
Net cash provided by (used in) financing activities	(10,853		)	180,383			(130,689		)	6,901			(9,500		)	36,242
Effect of exchange rate changes on cash and cash equivalents	—			—			(43		)	212			—			169
Net increase (decrease) in cash and cash equivalents	—			37,912			245			803			—			38,960
Cash and cash equivalents at beginning of year	—			8,969			759			1,061			—			10,789
Cash and cash equivalents at end of year	$	—		$	46,881		$	1,004		$	1,864		$	—		$	49,749