Condensed Consolidating Financial Information (Tables)

3 Months Ended

Apr. 01, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Consolidating Balance Sheet

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET April 1, 2017 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	3,489		$	65	$	307	$	—		$	3,861
Accounts receivable, net	—			106,370			91,408		—		—			197,778
Inventories, net	—			65,253			45,857		—		—			111,110
Intercompany receivable	—			—			1,797,462		—		(1,797,462		)	—
Notes receivable from subsidiaries	—			36,938			3,245		—		(40,183		)	—
Prepaid and other current assets	—			30,352			2,250		1,203		—			33,805
Total current assets	—			242,402			1,940,287		1,510		(1,837,645		)	346,554
Investment in subsidiaries	(595,563		)	2,135,731			5,052		7,829		(1,553,049		)	—
Property, plant and equipment, net	—			107,745			97,045		1,106		—			205,896
Goodwill	—			39,803			130,548		5,088		—			175,439
Other intangible assets, net	—			9,435			113,981		74		—			123,490
Other assets, net	—			18,846			2,375		1,685		(1,079		)	21,827
Total assets	$	(595,563	)	$	2,553,962		$	2,289,288	$	17,292	$	(3,391,773	)	$	873,206
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	7,382		$	2,018	$	—	$	—		$	9,400
Accounts payable	—			97,250			53,032		145		—			150,427
Accrued compensation and related liabilities	—			19,784			3,731		363		—			23,878
Other current liabilities	—			47,302			12,675		580		—			60,557
Intercompany payable	—			1,797,384			—		78		(1,797,462		)	—
Notes payable to issuer	—			—			36,938		3,245		(40,183		)	—
Total current liabilities	—			1,969,102			108,394		4,411		(1,837,645		)	244,262
Long-term debt	—			1,023,346			1,914		—		—			1,025,260
Other liabilities	—			157,077			43,249		—		(1,079		)	199,247
Shareholders’ (deficit) equity	(595,563		)	(595,563		)	2,135,731		12,881		(1,553,049		)	(595,563		)
Total liabilities and shareholders’ (deficit) equity	$	(595,563	)	$	2,553,962		$	2,289,288	$	17,292	$	(3,391,773	)	$	873,206

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	4,678		$	—	$	854	$	—		$	5,532
Accounts receivable, net	—			131,770			102,417		—		—			234,187
Inventories, net	—			62,179			39,771		—		—			101,950
Intercompany receivable	—			—			1,783,858		—		(1,783,858		)	—
Notes receivable from subsidiaries	—			36,938			3,245		—		(40,183		)	—
Prepaid and other current assets	—			35,659			4,789		1,128		—			41,576
Total current assets	—			271,224			1,934,080		1,982		(1,824,041		)	383,245
Investment in subsidiaries	(589,157		)	2,112,403			4,173		7,829		(1,535,248		)	—
Property, plant and equipment, net	—			108,395			98,255		1,029		—			207,679
Goodwill	—			49,170			121,181		4,858		—			175,209
Other intangible assets, net	—			9,770			114,914		147		—			124,831
Other assets, net	—			18,317			3,100		1,694		(1,116		)	21,995
Total assets	$	(589,157	)	$	2,569,279		$	2,275,703	$	17,539	$	(3,360,405	)	$	912,959
Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	30,709		$	1,018	$	—	$	—		$	31,727
Accounts payable	—			114,533			61,098		265		—			175,896
Accrued compensation and related liabilities	—			19,245			4,699		740		—			24,684
Other current liabilities	—			70,118			11,962		819		—			82,899
Intercompany payable	—			1,783,390			—		468		(1,783,858		)	—
Notes payable to issuer	—			—			36,938		3,245		(40,183		)	—
Total current liabilities	—			2,017,995			115,715		5,537		(1,824,041		)	315,206
Long-term debt	—			984,833			2,106		—		—			986,939
Other liabilities	—			155,608			45,479		—		(1,116		)	199,971
Shareholders’ (deficit) equity	(589,157		)	(589,157		)	2,112,403		12,002		(1,535,248		)	(589,157		)
Total liabilities and shareholders’ (deficit) equity	$	(589,157	)	$	2,569,279		$	2,275,703	$	17,539	$	(3,360,405	)	$	912,959

Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE (LOSS) INCOME For the three months ended April 1, 2017 (in thousands)
	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	198,195		$	175,658		$	653	$	—		$	374,506
Cost of sales	—			174,392			135,980			—		—			310,372
Selling, general and administrative expenses	—			29,056			15,262			223		—			44,541
Amortization of intangible assets	—			149			1,119			111		—			1,379
Restructuring and other charges	—			7,988			192			—		—			8,180
Operating (loss) income	—			(13,390		)	23,105			319		—			10,034
Interest expense, net	—			19,084			63			—		—			19,147
Intercompany interest (income) expense	—			(282		)	282			—		—			—
Loss on early extinguishment of debt, net	—			45			—			—		—			45
Other (income) expense, net	—			(189		)	(108		)	70		—			(227		)
(Loss) income from continuing operations before income taxes and equity in (loss) income of subsidiaries	—			(32,048		)	22,868			249		—			(8,931		)
Income tax (benefit) expense	—			(481		)	152			90		—			(239		)
(Loss) income from continuing operations before equity in (loss) income of subsidiaries	—			(31,567		)	22,716			159		—			(8,692		)
Equity in (loss) income of subsidiaries	(8,692		)	22,875			159			—		(14,342		)	—
Net (loss) income	(8,692		)	(8,692		)	22,875			159		(14,342		)	(8,692		)
Other comprehensive income(loss):
Other comprehensive income (loss) of subsidiaries	2,047			543			721			—		(3,311		)	—
Changes in pension and other employee benefit accounts, net of taxes	—			1,504			90			—		—			1,594
Currency translation adjustment, net	—			—			(268		)	721		—			453
Total other comprehensive income (loss)	2,047			2,047			543			721		(3,311		)	2,047
Comprehensive (loss) income	$	(6,645	)	$	(6,645	)	$	23,418		$	880	$	(17,653	)	$	(6,645	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) For the three months ended April 2, 2016 (in thousands)
	Parent Company		Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—	$	231,098		$	201,478		$	185		$	—		$	432,761
Cost of sales	—		203,331			158,580			—			—			361,911
Selling, general and administrative expenses	—		29,275			17,782			182			—			47,239
Amortization of intangible assets	—		152			1,344			111			—			1,607
Restructuring and other charges	—		3,018			1,972			—			—			4,990
Operating (loss) income	—		(4,678		)	21,800			(108		)	—			17,014
Interest expense, net	—		24,048			47			—			—			24,095
Intercompany interest (income) expense	—		(245		)	245			—			—			—
Gain on early extinguishment of debt, net	—		(21,613		)	—			—			—			(21,613		)
Other expense (income), net	—		600			14			(60		)	—			554
(Loss) income from continuing operations before income taxes and equity in income (loss) of subsidiaries	—		(7,468		)	21,494			(48		)	—			13,978
Income tax expense (benefit)	—		850			122			(14		)	—			958
(Loss) income from continuing operations before equity in income (loss) of subsidiaries	—		(8,318		)	21,372			(34		)	—			13,020
Equity in income (loss) of subsidiaries	11,203		21,798			1,643			—			(34,644		)	—
Income (loss) from continuing operations	11,203		13,480			23,015			(34		)	(34,644		)	13,020
(Loss) income from discontinued operations, net of taxes	—		(2,277		)	(1,217		)	1,677			—			(1,817		)
Net income (loss)	11,203		11,203			21,798			1,643			(34,644		)	11,203
Other comprehensive income (loss):
Other comprehensive income (loss) of subsidiaries	4,222		2,109			177			—			(6,508		)	—
Changes in pension and other employee benefit accounts, net of taxes	—		2,113			367			—			—			2,480
Currency translation adjustment, net	—		—			1,565			177			—			1,742
Total other comprehensive income (loss)	4,222		4,222			2,109			177			(6,508		)	4,222
Comprehensive income (loss)	$	15,425	$	15,425		$	23,907		$	1,820		$	(41,152	)	$	15,425

Schedule of Condensed Consolidating Statement of Cash Flows

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended April 1, 2017  (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	$	238		$	(21,658	)	$	14,973		$	66		$	—	$	(6,381	)
Cash flows from investing activities:
Capital expenditures	—			(5,679		)	(2,321		)	(223		)	—		(8,223		)
Proceeds from sale of property, plant and equipment	—			744			—			—			—		744
Net cash used in investing activities	—			(4,935		)	(2,321		)	(223		)	—		(7,479		)
Cash flows from financing activities:
Payment of financing-related costs and expenses and debt issuance discounts	—			(165		)	—			—			—		(165		)
Repayments of other long-term debt	—			(2,198		)	808			—			—		(1,390		)
Repayment of 11.5% senior notes due 2017	—			(20,465		)	—			—			—		(20,465		)
Borrowings under ABL Facility due 2021	—			125,200			—			—			—		125,200
Repayments under ABL Facility due 2021	—			(91,200		)	—			—			—		(91,200		)
Intercompany advances	(238		)	14,232			(13,604		)	(390		)	—		—
Net cash (used in) provided by financing activities	(238		)	25,404			(12,796		)	(390		)	—		11,980
Effect of exchange rate changes on cash and cash equivalents	—			—			209			—			—		209
Net (decrease) increase in cash and cash equivalents	—			(1,189		)	65			(547		)	—		(1,671		)
Cash and cash equivalents at beginning of period	—			4,678			—			854			—		5,532
Cash and cash equivalents at end of period	$	—		$	3,489		$	65		$	307		$	—	$	3,861

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended April 2, 2016  (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	$	591		$	(38,486	)	$	24,938		$	1,523		$	—	$	(11,434	)
Net cash used in operating activities of discontinued operations	—			—			(8,135		)	(438		)	—		(8,573		)
Net cash provided by (used in) operating activities	591			(38,486		)	16,803			1,085			—		(20,007		)
Cash flows from investing activities:
Capital expenditures	—			(3,923		)	(3,146		)	(88		)	—		(7,157		)
Proceeds from sale of property, plant and equipment	—			5			—			—			—		5
Net cash used in investing activities of continuing operations	—			(3,918		)	(3,146		)	(88		)	—		(7,152		)
Net cash provided by investing activities of discontinued operations	—			—			87,415			7,145			—		94,560
Net cash (used in) provided by investing activities	—			(3,918		)	84,269			7,057			—		87,408
Cash flows from financing activities:
Repayments of other long-term debt	—			(1,766		)	52			—			—		(1,714		)
Repayment of 11.5% senior notes due 2017	—			(4,725		)	—			—			—		(4,725		)
Repayment of 7% senior exchangeable notes due 2017	—			(17,680		)	—			—			—		(17,680		)
Borrowings under ABL Facility due 2021	—			141,000			—			—			—		141,000
Repayments under ABL Facility due 2021	—			(186,200		)	—			—			—		(186,200		)
Intercompany advances	(591		)	112,548			(103,970		)	(7,987		)	—		—
Net cash (used in) provided by financing activities of continuing operations	(591		)	43,177			(103,918		)	(7,987		)	—		(69,319		)
Net cash used in financing activities of discontinued operations	—			—			(8		)	—			—		(8		)
Net cash (used in) provided by financing activities	(591		)	43,177			(103,926		)	(7,987		)	—		(69,327		)
Effect of exchange rate changes on cash and cash equivalents	—			—			316			7			—		323
Net increase (decrease) in cash and cash equivalents	—			773			(2,538		)	162			—		(1,603		)
Cash and cash equivalents at beginning of period	—			5,558			3,006			1,992			—		10,556
Cash and cash equivalents at end of period	$	—		$	6,331		$	468		$	2,154		$	—	$	8,953