Restructuring, Impairment and Other Charges

9 Months Ended

Sep. 28, 2013

Restructuring Costs and Asset Impairment Charges [Abstract]

Restructuring, Impairment and Other Charges [Text Block]

Restructuring, Impairment and Other Charges

2013 Plan

During the first quarter of 2013, the Company began implementing a cost savings initiative (the "2013 Plan"), which primarily focuses on overhead cost eliminations including headcount reductions of approximately 200 employees to date and the potential closure of certain manufacturing facilities. The Company expects to be substantially complete with the 2013 Plan by the end of 2013.

2012 Plan

In 2012, the Company announced the closure and consolidations of a print plant and an envelope plant into its existing print operations. Additionally, the Company began implementing a cost savings initiative (the "2012 Plan"), which primarily focused on the Company's print and envelope segment and corporate expenses. This initiative focused on the consolidation of office and warehouse space and other overhead cost elimination plans, including headcount reductions. The Company substantially completed the 2012 Plan during the first quarter of 2013.

Residual Plans

The Company currently has certain residual cost savings, restructuring and integration plans: (i) the 2011 plan implemented by the print and envelope and the label and packaging segments for further cost savings initiatives ("the Other Restructuring Plans"); and (ii) the 2009 Cost Savings and Restructuring Plan, the 2007 Cost Savings and Integration Plan and the 2005 Cost Savings and Restructuring Plan (which collectively with the Other Restructuring Plans, the "Residual Plans"). As a result of these cost savings actions, over the last seven years the Company has closed or consolidated a significant amount of manufacturing facilities and has had a significant number of headcount reductions. 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.

Acquisition Integration Plans

Upon the completion of the acquisition of certain assets of National, the Company developed and began implementing a plan to integrate those assets (the "National Plan") into its existing envelope operations. Since the date of acquisition, activities related to the National Plan included the closure and consolidation of a warehouse into the Company's existing envelope operations and the elimination of duplicative headcount. The Company expects the National Plan to be completed during the 2015 fiscal year.

Upon the completion of the Envelope Product Group ("EPG") acquisition, the Company developed and implemented its plan to integrate EPG into its existing envelope operations. Since the date of acquisition, activities related to the EPG Plan have included the closure and consolidation of five manufacturing facilities, including the closure of one during the second quarter of 2013, into the Company's existing operations and the elimination of duplicative headcount. The Company has substantially completed the integration of EPG, but may have additional closure or consolidation of manufacturing facilities and further headcount reductions.

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

2013 Activity

Restructuring, impairment and other charges for the three months ended September 28, 2013 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
	2013 Plan	$	1,353		$	—	$	—	$	199	$	—	$	92	$	1,644
	2012 Plan	(18		)	—		10		2		—		54		48
	Residual Plans	—			—		—		81		120		80		281
	Acquisition Integration Plans	(142		)	263		287		26		—		177		611
Total Print and Envelope		1,193			263		297		308		120		403		2,584
Label and Packaging
	2013 Plan	578			—		—		—		—		—		578
	2012 Plan	—			—		—		—		—		1		1
Total Label and Packaging		578			—		—		—		—		1		579
Corporate
	2013 Plan	36			—		—		64		—		43		143
	Residual Plans	—			—		—		—		—		31		31
Total Corporate		36			—		—		64		—		74		174
Total Restructuring, Impairment and Other Charges		$	1,807		$	263	$	297	$	372	$	120	$	478	$	3,337

Restructuring, impairment and other charges for the nine months ended September 28, 2013 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
	2013 Plan	$	2,695		$	—	$	10	$	289		$	—	$	126	$	3,120
	2012 Plan	(49		)	265		232		210			—		746		1,404
	Residual Plans	—			—		10		529			322		234		1,095
	Acquisition Integration Plans	319			133		996		29			—		516		1,993
Total Print and Envelope		2,965			398		1,248		1,057			322		1,622		7,612
Label and Packaging
	2013 Plan	748			—		—		—			—		—		748
	2012 Plan	1			—		—		—			—		14		15
	Residual Plans	(4		)	—		—		(188		)	—		—		(192		)
Total Label and Packaging		745			—		—		(188		)	—		14		571
Corporate
	2013 Plan	1,827			—		—		64			—		64		1,955
	Residual Plans	23			—		—		—			—		82		105
Total Corporate		1,850			—		—		64			—		146		2,060
Total Restructuring, Impairment and Other Charges		$	5,560		$	398	$	1,248	$	933		$	322	$	1,782	$	10,243

2012 Activity

Restructuring, impairment and other charges for the three months ended September 29, 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	$	1,200	$	(3	)	$	20	$	6		$	—	$	180	$	1,403
	Residual Plans	112		—			8		5			169		107		401
	Acquisition Integration Plans	657		792			43		125			—		69		1,686
Total Print and Envelope		1,969		789			71		136			169		356		3,490
Label and Packaging
	2012 Plan	632		—			—		—			—		2		634
	Residual Plans	26		—			—		(9		)	—		—		17
Total Label and Packaging		658		—			—		(9		)	—		2		651
Corporate
	Residual Plans	—		—			—		—			—		49		49
Total Corporate		—		—			—		—			—		49		49
Total Restructuring, Impairment and Other Charges		$	2,627	$	789		$	71	$	127		$	169	$	407	$	4,190

Restructuring, impairment and other charges for the nine months ended September 29, 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	$	3,444	$	6,631	$	532		$	342	$	5,400		$	1,251	$	17,600
	Residual Plans	451		—		47			219		(313		)	964		1,368
	Acquisition Integration Plans	953		824		88			176		—			238		2,279
Total Print and Envelope		4,848		7,455		667			737		5,087			2,453		21,247
Label and Packaging
	2012 Plan	709		—		6			—		—			13		728
	Residual Plans	382		—		—			43		—			4		429
	Acquisition Integration Plans	—		—		(4		)	—		—			—		(4		)
Total Label and Packaging		1,091		—		2			43		—			17		1,153
Corporate
	Residual Plans	—		—		—			—		—			166		166
Total Corporate		—		—		—			—		—			166		166
Total Restructuring, Impairment and Other Charges		$	5,939	$	7,455	$	669		$	780	$	5,087		$	2,636	$	22,566

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
2013 Plan
Balance as of December 29, 2012	$	—		$	—		$	—		$	—		$	—
Accruals, net	5,270			353			—			200			5,823
Payments	(3,903		)	(199		)	—			(200		)	(4,302		)
Balance as of September 28, 2013	$	1,367		$	154		$	—		$	—		$	1,521
2012 Plan
Balance as of December 29, 2012	$	1,199		$	493		$	5,400		$	—		$	7,092
Accruals, net	(48		)	210			—			992			1,154
Payments	(1,025		)	(336		)	—			(992		)	(2,353		)
Balance as of September 28, 2013	$	126		$	367		$	5,400		$	—		$	5,893
Residual Plans
Balance as of December 29, 2012	$	127		$	2,017		$	19,519		$	—		$	21,663
Accruals, net	19			341			322			326			1,008
Payments	(146		)	(1,086		)	(2,259		)	(326		)	(3,817		)
Balance as of September 28, 2013	$	—		$	1,272		$	17,582		$	—		$	18,854
Acquisition Integration Plans
Balance as of December 29, 2012	$	298		$	1,088		$	—		$	—		$	1,386
Accruals, net	319			29			—			1,512			1,860
Payments	(547		)	(310		)	—			(1,512		)	(2,369		)
Balance as of September 28, 2013	$	70		$	807		$	—		$	—		$	877