Condensed Consolidating Financial Information (Tables)

12 Months Ended

Jan. 02, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of condensed consolidating balance sheet

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET January 2, 2016 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	5,558		$	235	$	1,992	$	—		$	7,785
Accounts receivable, net	—			133,232			120,810		—		—			254,042
Inventories	—			74,116			47,499		—		—			121,615
Intercompany receivable	—			—			1,580,492		—		(1,580,492		)	—
Notes receivable from subsidiaries	—			36,938			3,245		—		(40,183		)	—
Prepaid and other current assets	—			41,238			1,807		1,575		—			44,620
Assets of discontinued operations - current	—			—			41,821		6,745		—			48,566
Total current assets	—			291,082			1,795,909		10,312		(1,620,675		)	476,628
Investment in subsidiaries	(669,839		)	2,014,972			4,492		7,829		(1,357,454		)	—
Property, plant and equipment, net	—			113,608			96,262		708		—			210,578
Goodwill	—			22,940			147,409		4,989		—			175,338
Other intangible assets, net	—			9,533			120,451		466		—			130,450
Other assets, net	—			20,327			3,154		1,477		(888		)	24,070
Assets of discontinued operations - long-term	—			1,226			62,184		—		(559		)	62,851
Total assets	$	(669,839	)	$	2,473,688		$	2,229,861	$	25,781	$	(2,979,576	)	$	1,079,915
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	4,454		$	919	$	—	$	—		$	5,373
Accounts payable	—			126,384			73,601		135		—			200,120
Accrued compensation and related liabilities	—			26,812			4,846		303		—			31,961
Other current liabilities	—			69,254			16,737		712		—			86,703
Liabilities of discontinued operations - current	—			—			21,543		725		—			22,268
Intercompany payable	—			1,572,152			—		8,340		(1,580,492		)	—
Notes payable to issuer	—			—			36,938		3,245		(40,183		)	—
Total current liabilities	—			1,799,056			154,584		13,460		(1,620,675		)	346,425
Long-term debt	—			1,200,848			2,402		—		—			1,203,250
Other liabilities	—			143,623			56,191		—		(888		)	198,926
Liabilities of discontinued operations - long-term	—			—			1,712		—		(559		)	1,153
Shareholders’ (deficit) equity	(669,839		)	(669,839		)	2,014,972		12,321		(1,357,454		)	(669,839		)
Total liabilities and shareholders’ (deficit) equity	$	(669,839	)	$	2,473,688		$	2,229,861	$	25,781	$	(2,979,576	)	$	1,079,915

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 27, 2014 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	10,965		$	767	$	840	$	—		$	12,572
Accounts receivable, net	—			128,599			123,956		—		—			252,555
Inventories	—			71,108			47,783		—		—			118,891
Intercompany receivable	—			—			1,449,613		—		(1,449,613		)	—
Notes receivable from subsidiaries	—			36,938			3,245		—		(40,183		)	—
Prepaid and other current assets	—			43,027			2,055		2,246		—			47,328
Assets of discontinued operations - current	—			—			44,673		7,896		—			52,569
Total current assets	—			290,637			1,672,092		10,982		(1,489,796		)	483,915
Investment in subsidiaries	(632,675		)	1,944,300			3,608		7,829		(1,323,062		)	—
Property, plant and equipment, net	—			120,949			106,318		556		—			227,823
Goodwill	—			25,540			144,811		5,191		—			175,542
Other intangible assets, net	—			10,011			127,158		850		—			138,019
Other assets, net	—			20,080			3,245		1,937		(1,453		)	23,809
Assets of discontinued operations - long-term	—			—			86,613		—		—			86,613
Total assets	$	(632,675	)	$	2,411,517		$	2,143,845	$	27,345	$	(2,814,311	)	$	1,135,721
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	3,000		$	872	$	—	$	—		$	3,872
Accounts payable	—			138,939			73,941		160		—			213,040
Accrued compensation and related liabilities	—			29,851			4,666		538		—			35,055
Other current liabilities	—			66,895			17,209		673		—			84,777
Liabilities of discontinued operations - current	—			—			22,671		1,532		—			24,203
Intercompany payable	—			1,439,853			—		9,760		(1,449,613		)	—
Notes payable to issuer	—			—			36,938		3,245		(40,183		)	—
Total current liabilities	—			1,678,538			156,297		15,908		(1,489,796		)	360,947
Long-term debt	—			1,205,235			1,273		—		—			1,206,508
Other liabilities	—			160,419			38,455		—		(1,453		)	197,421
Liabilities of discontinued operations - long-term	—			—			3,520		—		—			3,520
Shareholders’ (deficit) equity	(632,675		)	(632,675		)	1,944,300		11,437		(1,323,062		)	(632,675		)
Total liabilities and shareholders’ (deficit) equity	$	(632,675	)	$	2,411,517		$	2,143,845	$	27,345	$	(2,814,311	)	$	1,135,721

Schedule of condensed consolidating statement of operations and comprehensive income

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2015 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	898,529		$	839,500		$	3,750		$	—		$	1,741,779
Cost of sales	—			775,386			674,759			731			—			1,450,876
Selling, general and administrative expenses	—			119,149			66,882			718			—			186,749
Amortization of intangible assets	—			743			6,574			468			—			7,785
Restructuring and other charges	—			10,751			1,825			—			—			12,576
Operating (loss) income	—			(7,500		)	89,460			1,833			—			83,793
Interest expense, net	—			100,592			213			—			—			100,805
Intercompany interest (income) expense	—			(998		)	998			—			—			—
Loss on early extinguishment of debt, net	—			1,252			—			—			—			1,252
Other income, net	—			(2,658		)	(258		)	(280		)	—			(3,196		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries	—			(105,688		)	88,507			2,113			—			(15,068		)
Income tax expense (benefit)	—			5,425			(1,893		)	861			—			4,393
(Loss) income from continuing operations before equity in (loss) income of subsidiaries	—			(111,113		)	90,400			1,252			—			(19,461		)
Equity in (loss) income of subsidiaries	(30,851		)	74,968			1,644			—			(45,761		)	—
(Loss) income from continuing operations	(30,851		)	(36,145		)	92,044			1,252			(45,761		)	(19,461		)
Income (loss) from discontinued operations, net of taxes	—			5,294			(17,076		)	392			—			(11,390		)
Net (loss) income	(30,851		)	(30,851		)	74,968			1,644			(45,761		)	(30,851		)
Other comprehensive (loss) income:
Other comprehensive (loss) income of subsidiaries	(7,733		)	(4,240		)	(760		)	—			12,733			—
Changes in pension and other employee benefit accounts, net of taxes	—			(3,493		)	55			—			—			(3,438		)
Currency translation adjustment, net	—			—			(3,535		)	(760		)	—			(4,295		)
Comprehensive (loss) income	$	(38,584	)	$	(38,584	)	$	70,728		$	884		$	(33,028	)	$	(38,584	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2014 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	932,099		$	823,238		$	5,978		$	—	$	1,761,315
Cost of sales	—			817,761			671,097			2,630			—		1,491,488
Selling, general and administrative expenses	—			128,806			66,803			734			—		196,343
Amortization of intangible assets	—			703			7,993			488			—		9,184
Restructuring and other charges	—			18,560			2,966			—			—		21,526
Operating (loss) income	—			(33,731		)	74,379			2,126			—		42,774
Interest expense, net	—			106,276			385			—			—		106,661
Intercompany interest (income) expense	—			(1,107		)	1,107			—			—		—
Loss on early extinguishment of debt, net	—			27,449			—			—			—		27,449
Other income, net	—			(106		)	(199		)	(137		)	—		(442		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries	—			(166,243		)	73,086			2,263			—		(90,894		)
Income tax expense	—			695			2,965			499			—		4,159
(Loss) income from continuing operations before equity in (loss) income of subsidiaries	—			(166,938		)	70,121			1,764			—		(95,053		)
Equity in (loss) income of subsidiaries	(83,863		)	81,936			1,813			—			114		—
(Loss) income from continuing operations	(83,863		)	(85,002		)	71,934			1,764			114		(95,053		)
Income from discontinued operations, net of taxes	—			1,139			10,002			49			—		11,190
Net (loss) income	(83,863		)	(83,863		)	81,936			1,813			114		(83,863		)
Other comprehensive (loss) income:
Other comprehensive (loss) income of subsidiaries	(57,897		)	(4,952		)	(407		)	—			63,256		—
Changes in pension and other employee benefit accounts, net of taxes	—			(52,945		)	(3,631		)	—			—		(56,576		)
Currency translation adjustment, net	—			—			(914		)	(407		)	—		(1,321		)
Comprehensive (loss) income	$	(141,760	)	$	(141,760	)	$	76,984		$	1,406		$	63,370	$	(141,760	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For The Year Ended 2013 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	762,810		$	815,001		$	10,891		$	—		$	1,588,702
Cost of sales	—			660,679			656,133			8,553			—			1,325,365
Selling, general and administrative expenses	—			119,046			66,678			711			—			186,435
Amortization of intangible assets	—			602			6,649			531			—			7,782
Restructuring and other charges	—			7,744			4,843			(1		)	—			12,586
Impairment of intangible assets	—			—			24,493			—			—			24,493
Operating (loss) income	—			(25,261		)	56,205			1,097			—			32,041
Gain on bargain purchase	—			(17,262		)	—			—			—			(17,262		)
Interest expense, net	—			112,232			347			—			—			112,579
Intercompany interest (income) expense	—			(1,203		)	1,203			—			—			—
Gain on early extinguishment of debt, net	—			11,324			—			—			—			11,324
Other income, net	—			(2,238		)	(9		)	(238		)	—			(2,485		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of unconsolidated subsidiaries	—			(128,114		)	54,664			1,335			—			(72,115		)
Income tax expense (benefit)	—			25,081			(11,637		)	717			—			14,161
(Loss) income from continuing operations before equity in (loss) income of unconsolidated subsidiaries	—			(153,195		)	66,301			618			—			(86,276		)
Equity in (loss) income of unconsolidated subsidiaries	(68,786		)	75,419			323			—			(6,956		)	—
(Loss) income from continuing operations	(68,786		)	(77,776		)	66,624			618			(6,956		)	(86,276		)
Income (loss) from discontinued operations, net of taxes	—			8,990			8,795			(295		)	—			17,490
Net (loss) income	(68,786		)	(68,786		)	75,419			323			(6,956		)	(68,786		)
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries	26,901			(1,754		)	(2,704		)	—			(22,443		)	—
Changes in pension and other employee benefit accounts, net of taxes	—			28,655			2,775			—			—			31,430
Currency translation adjustment, net	—			—			(1,825		)	(2,704		)	—			(4,529		)
Comprehensive (loss) income	$	(41,885	)	$	(41,885	)	$	73,665		$	(2,381	)	$	(29,399	)	$	(41,885	)

Schedule of condensed consolidating statement of cash flows

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2015  (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	$	1,636		$	(110,318	)	$	122,254		$	2,654		$	—	$	16,226
Net cash provided by operating activities of discontinued operations	—			—			15,230			738			—		15,968
Net cash provided by (used in) operating activities	1,636			(110,318		)	137,484			3,392			—		32,194
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(1,996		)	—			—			—		(1,996		)
Capital expenditures	—			(18,448		)	(6,921		)	(559		)	—		(25,928		)
Proceeds from sale of property, plant and equipment	—			7,673			885			—			—		8,558
Proceeds from sale of assets	—			—			2,180			—			—		2,180
Net cash used in investing activities of continuing operations	—			(12,771		)	(3,856		)	(559		)	—		(17,186		)
Net cash used in investing activities of discontinued operations	—			—			(2,282		)	—			—		(2,282		)
Net cash used in investing activities	—			(12,771		)	(6,138		)	(559		)	—		(19,468		)
Cash flows from financing activities:
Payment of financing related costs and expenses and debt issuance discounts	—			(1,596		)	—			—			—		(1,596		)
Proceeds from issuance of other long-term debt	—			12,500			—			—			—		12,500
Repayments of other long-term debt	—			(17,721		)	1,176			—			—		(16,545		)
Repayment of 11.5% senior notes due 2017	—			(22,720		)	—			—			—		(22,720		)
Purchase and retirement of common stock upon vesting of RSUs	(216		)	—			—			—			—		(216		)
Borrowings under ABL Facility due 2017	—			468,300			—			—			—		468,300
Repayments under ABL Facility due 2017	—			(454,800		)	—			—			—		(454,800		)
Intercompany advances	(1,420		)	133,719			(130,879		)	(1,420		)	—		—
Net cash (used in) provided by financing activities of continuing operations	(1,636		)	117,682			(129,703		)	(1,420		)	—		(15,077		)
Net cash used in financing activities of discontinued operations	—			—			(473		)	—			—		(473		)
Net cash (used in) provided by financing activities	(1,636		)	117,682			(130,176		)	(1,420		)	—		(15,550		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(1,690		)	477			—		(1,213		)
Net (decrease) increase in cash and cash equivalents	—			(5,407		)	(520		)	1,890			—		(4,037		)
Cash and cash equivalents at beginning of period	—			10,965			844			2,784			—		14,593
Cash and cash equivalents at end of period	—			5,558			324			4,674			—		10,556
Less cash and equivalents of discontinued operations	—			—			(89		)	(2,682		)	—		(2,771		)
Cash and cash equivalents of continuing operations at end of period	$	—		$	5,558		$	235		$	1,992		$	—	$	7,785

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2014 (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	$	2,420		$	(91,517	)	$	99,190		$	(3,695	)	$	—	$	6,398
Net cash (used in) provided by operating activities of discontinued operations	—			(884		)	17,456			945			—		17,517
Net cash provided by (used in) operating activities	2,420			(92,401		)	116,646			(2,750		)	—		23,915
Cash flows from investing activities:
Capital expenditures	—			(24,554		)	(7,550		)	(218		)	—		(32,322		)
Purchase of investment	—			(2,000		)	—			—			—		(2,000		)
Proceeds from sale of property, plant and equipment	—			3,465			301			—			—		3,766
Net cash used in investing activities of continuing operations	—			(23,089		)	(7,249		)	(218		)	—		(30,556		)
Net cash provided by (used in) investing activities of discontinued operations	—			1,033			(3,745		)	—			—		(2,712		)
Net cash used in investing activities	—			(22,056		)	(10,994		)	(218		)	—		(33,268		)
Cash flows from financing activities:
Proceeds from issuance of 6.000% senior secured priority notes due 2019	—			540,000			—			—			—		540,000
Proceeds from issuance of 8.500% junior secured priority notes due 2022	—			250,000			—			—			—		250,000
Payment of financing related costs and expenses and debt issuance discounts	—			(37,994		)	—			—			—		(37,994		)
Repayments of other long-term debt	—			(6,967		)	(728		)	—			—		(7,695		)
Repayment of 11.5% senior notes due 2017	—			(2,680		)	—			—			—		(2,680		)
Repayment of 8.500% junior secured priority notes due 2022	—			(2,000		)	—			—			—		(2,000		)
Purchase and retirement of common stock upon vesting of RSUs	(562		)	—			—			—			—		(562		)
Repayment of 15% Unsecured Term Loan due 2017	—			(10,000		)	—			—			—		(10,000		)
Proceeds from exercise of stock options	20			—			—			—			—		20
Repayment of Term Loan Facility due 2017	—			(329,100		)	—			—			—		(329,100		)
Repayment of 8.875% senior second lien notes due 2018	—			(400,000		)	—			—			—		(400,000		)
Borrowings under ABL Facility due 2017	—			520,100			—			—			—		520,100
Repayments under ABL Facility due 2017	—			(506,800		)	—			—			—		(506,800		)
Intercompany advances	(1,878		)	101,359			(103,450		)	3,969			—		—
Net cash (used in) provided by financing activities of continuing operations	(2,420		)	115,918			(104,178		)	3,969			—		13,289
Net cash used in financing activities of discontinued operations	—			—			(798		)	—			—		(798		)
Net cash (used in) provided by financing activities	(2,420		)	115,918			(104,976		)	3,969			—		12,491
Effect of exchange rate changes on cash and cash equivalents	—			—			168			(42		)	—		126
Net increase in cash and cash equivalents	—			1,461			844			959			—		3,264
Cash and cash equivalents at beginning of period	—			9,504			—			1,825			—		11,329
Cash and cash equivalents at end of period	—			10,965			844			2,784			—		14,593
Less cash and equivalents of discontinued operations	—			—			(77		)	(1,944		)	—		(2,021		)
Cash and cash equivalents of continuing operations at end of period	$	—		$	10,965		$	767		$	840		$	—	$	12,572

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For The Year Ended 2013 (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	$	3,739		$	(117,743	)	$	118,207		$	254		$	—	$	4,457
Net cash provided by (used in) operating activities of discontinued operations	—			6,227			17,676			(167		)	—		23,736
Net cash provided by (used in) operating activities	3,739			(111,516		)	135,883			87			—		28,193
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(33,166		)	—			—			—		(33,166		)
Capital expenditures	—			(13,708		)	(10,534		)	(103		)	—		(24,345		)
Purchase of investment	—			(1,650		)	—			—			—		(1,650		)
Proceeds from sale of property, plant and equipment	—			258			2,424			—			—		2,682
Net cash used in investing activities of continuing operations	—			(48,266		)	(8,110		)	(103		)	—		(56,479		)
Net cash provided by investing activities of discontinued operations	—			23,160			25,822			—			—		48,982
Net cash (used in) provided by investing activities	—			(25,106		)	17,712			(103		)	—		(7,497		)
Cash flows from financing activities:
Repayment of 7.875% senior subordinated notes	—			(67,848		)	—			—			—		(67,848		)
Repayment of Term Loan B due 2016	—			(388,205		)	—			—			—		(388,205		)
Payment of financing related costs and expenses	—			(15,570		)	—			—			—		(15,570		)
Proceeds from issuance of other long-term debt	—			20,000			—			—			—		20,000
Repayments of other long-term debt	—			(3,036		)	(3,753		)	—			—		(6,789		)
Purchase and retirement of common stock upon vesting of RSUs	(660		)	—			—			—			—		(660		)
Borrowings under Revolving Credit Facility, net	—			(18,000		)	—			—			—		(18,000		)
Proceeds from issuance of 15% Unsecured Term Loan due 2017	—			50,000			—			—			—		50,000
Repayment of 15% Unsecured Term Loan due 2017	—			(40,000		)	—			—			—		(40,000		)
Proceeds from exercise of stock options	98			—			—			—			—		98
Proceeds from issuance of Term Loan Facility due 2017	—			360,000			—			—			—		360,000
Repayment of Term Loan Facility due 2017	—			(30,900		)	—			—			—		(30,900		)
Borrowings under ABL Facility due 2017	—			699,200			—			—			—		699,200
Repayments under ABL Facility due 2017	—			(577,800		)	—			—			—		(577,800		)
Intercompany advances	(3,177		)	152,522			(149,225		)	(120		)	—		—
Net cash (used in) provided by financing activities of continuing operations	(3,739		)	140,363			(152,978		)	(120		)	—		(16,474		)
Net cash used in financing activities of discontinued operations	—			—			(1,076		)	—			—		(1,076		)
Net cash (used in) provided by financing activities	(3,739		)	140,363			(154,054		)	(120		)	—		(17,550		)
Effect of exchange rate changes on cash and cash equivalents	—			—			173			(100		)	—		73
Net increase (decrease) in cash and cash equivalents	—			3,741			(286		)	(236		)	—		3,219
Cash and cash equivalents at beginning of year	—			5,763			286			2,061			—		8,110
Cash and cash equivalents at end of year	—			9,504			—			1,825			—		11,329
Less cash and equivalents of discontinued operations	—			—			—			(900		)	—		(900		)
Cash and cash equivalents of continuing operations at end of period	$	—		$	9,504		$	—		$	925		$	—	$	10,429