Condensed Consolidating Guarantor Information (Tables)

3 Months Ended

Apr. 04, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)

Three months ended April 4, 2015


In thousands	Visant			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	—		$	167,883		$	1,871		$	(144	)	$	169,610
Cost of products sold		—			68,329			1,366			(144	)		69,551

Gross profit		—			99,554			505			—			100,059
Selling and administrative expenses		169			82,710			1,153			—			84,032
Gain on disposal of assets		—			(335	)		—			—			(335	)
Special charges		1,768			111			—			—			1,879

Operating (loss) income		(1,937	)		17,068			(648	)		—			14,483
Equity in loss of affiliate		1,821			—			—			—			1,821
Interest expense, net		34,948			33,158			1			(32,749	)		35,358

Loss before income taxes		(38,706	)		(16,090	)		(649	)		32,749			(22,696	)
Benefit from income taxes		(319	)		(7,675	)		(172	)		—			(8,166	)

Loss from continuing operations		(38,387	)		(8,415	)		(477	)		32,749			(14,530	)
Income from discontinued operations, net of tax		106			—			—			—			106
Earnings in subsidiary, net of tax		(23,857	)		477			—			23,380			—

Net loss	$	(14,424	)	$	(8,892	)	$	(477	)	$	9,369		$	(14,424	)



Comprehensive loss	$	(13,978	)	$	(8,270	)	$	(832	)	$	9,102		$	(13,978	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

Three months ended March 29, 2014


In thousands	Visant			Guarantors			Non- Guarantors			Eliminations			Total
Net sales	$	—		$	167,421		$	1,945		$	(798	)	$	168,568
Cost of products sold		—			69,842			889			(798	)		69,933

Gross profit		—			97,579			1,056			—			98,635
Selling and administrative expenses		(2,512	)		85,243			1,386			—			84,117
Gain on disposal of assets		—			(203	)		—			—			(203	)
Special charges		—			873			473			—			1,346

Operating income (loss)		2,512			11,666			(803	)		—			13,375
Interest expense, net		38,428			33,338			208			(33,191	)		38,783

Loss before income taxes		(35,916	)		(21,672	)		(1,011	)		33,191			(25,408	)
Benefit from income taxes		(3,981	)		(7,688	)		(223	)		—			(11,892	)

Loss from continuing operations		(31,935	)		(13,984	)		(788	)		33,191			(13,516	)
(Loss) Income from discontinued operations, net of tax		(4,582	)		6,882			1,181			134			3,615
Earnings in subsidiary, net of tax		(26,616	)		(393	)		—			27,009			—

Net (loss) income	$	(9,901	)	$	(6,709	)	$	393		$	6,316		$	(9,901	)



Comprehensive (loss) income	$	(9,285	)	$	(6,351	)	$	301		$	6,050		$	(9,285	)

Schedule of Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

April 4, 2015


In thousands	Visant			Guarantors			Non- Guarantors			Eliminations			Total
ASSETS
Cash and cash equivalents	$	31,928		$	(930	)	$	1,897		$	—		$	32,895
Accounts receivable, net		700			59,273			1,783			(485	)		61,271
Inventories		—			100,654			2,284			—			102,938
Salespersons overdrafts, net		—			18,097			1,280			—			19,377
Prepaid expenses and other current assets		925			21,136			30			—			22,091
Income tax receivable		14,702			—			—			—			14,702
Intercompany receivable		21,416			—			—			(21,416	)		—
Deferred income taxes		13,149			14,093			—			—			27,242
Current assets of discontinued operations		1,480			1,114			—			—			2,594

Total current assets		84,300			213,437			7,274			(21,901	)		283,110
Property, plant and equipment, net		37			118,245			456			—			118,738
Goodwill		—			725,091			23,673			—			748,764
Intangibles, net		—			326,193			8,240			—			334,433
Deferred financing costs, net		23,178			—			—			—			23,178
Deferred income taxes		—			—			1,677			—			1,677
Intercompany receivable		1,579,412			111,047			—			(1,690,459	)		—
Other assets		29,646			13,426			285			—			43,357
Investment in subsidiaries		868,328			93,257			—			(961,585	)		—

Total assets	$	2,584,901		$	1,600,696		$	41,605		$	(2,673,945	)	$	1,553,257


LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY
Accounts payable	$	2,023		$	30,651		$	556		$	(485	)	$	32,745
Accrued employee compensation and related taxes		5,604			13,165			462			—			19,231
Commissions payable		—			17,324			289			—			17,613
Customer deposits		—			218,743			8,026			—			226,769
Income taxes payable		8,402			(7,513	)		(889	)		—			—
Interest payable		7,759			1,267			5			—			9,031
Current portion of long-term debt and capital leases		1,757			67			—			—			1,824
Intercompany payable		—			21,416			—			(21,416	)		—
Other accrued liabilities		7,252			21,988			20			—			29,260
Current liabilities of discontinued operations		6,775			170			—			—			6,945

Total current liabilities		39,572			317,278			8,469			(21,901	)		343,418
Long-term debt and capital leases - less current maturities		1,596,543			1,581,739			18			(1,690,459	)		1,487,841
Intercompany payable		1,414,574			(1,372,293	)		(60,139	)		17,858			—
Deferred income taxes		(11,117	)		118,711			—			—			107,594
Pension liabilities, net		22,450			68,235			—			—			90,685
Other noncurrent liabilities		3,156			18,698			—			—			21,854

Total liabilities		3,065,178			732,368			(51,652	)		(1,694,502	)		2,051,392
Mezzanine equity		7			—			—			—			7
Stockholder’s (deficit) equity		(480,284	)		868,328			93,257			(979,443	)		(498,142	)

Total liabilities, mezzanine equity and stockholders’ deficit	$	2,584,901		$	1,600,696		$	41,605		$	(2,673,945	)	$	1,553,257

CONDENSED CONSOLIDATING BALANCE SHEET

January 3, 2015


In thousands	Visant			Guarantors			Non- Guarantors			Eliminations			Total
ASSETS
Cash and cash equivalents	$	48,603		$	(1,565	)	$	2,582		$	—		$	49,620
Accounts receivable, net		903			50,674			1,714			—			53,291
Inventories		—			82,804			2,180			—			84,984
Salespersons overdrafts, net		—			18,267			972			—			19,239
Prepaid expenses and other current assets		1,329			17,111			36			—			18,476
Income tax receivable		14,702			—			—			—			14,702
Intercompany receivable		26,722			912			68			(27,702	)		—
Deferred income taxes		5,837			14,093			—			—			19,930
Current assets of discontinued operations		2,380			—			—			—			2,380

Total current assets		100,476			182,296			7,552			(27,702	)		262,622
Property, plant and equipment, net		47			118,569			529			—			119,145
Goodwill		—			725,091			23,795			—			748,886
Intangibles, net		—			330,353			8,245			—			338,598
Deferred financing costs, net		24,290			—			—			—			24,290
Deferred income taxes		—			—			1,782			—			1,782
Intercompany receivable		168,398			104,854			58,568			(331,820	)		—
Other assets		31,471			10,020			198			—			41,689
Investment in subsidiaries		876,598			94,089			—			(970,687	)		—
Long-term assets of discontinued operations		—			1,000			—			—			1,000

Total assets	$	1,201,280		$	1,566,272		$	100,669		$	(1,330,209	)	$	1,538,012


LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY
Accounts payable	$	5,276		$	21,157		$	233		$	—		$	26,666
Accrued employee compensation and related taxes		6,089			19,806			375			—			26,270
Commissions payable		—			7,047			429			—			7,476
Customer deposits		—			171,958			5,934			—			177,892
Income taxes payable		1,123			(661	)		(457	)		—			5
Interest payable		19,830			74			—			—			19,904
Current portion of long-term debt and capital leases		7,760			1,758			6			—			9,524
Intercompany payable		883			26,819			—			(27,702	)		—
Other accrued liabilities		5,139			20,712			40			—			25,891
Current liabilities of discontinued operations		7,249			300			—			—			7,549

Total current liabilities		53,349			268,970			6,560			(27,702	)		301,177
Long-term debt and capital leases - less current maturities		1,487,002			2,606			20			—			1,489,628
Intercompany payable		104,859			209,103			—			(313,962	)		—
Deferred income taxes		(11,174	)		119,244			—			—			108,070
Pension liabilities, net		22,300			70,427			—			—			92,727
Other noncurrent liabilities		4,854			19,435			—			—			24,289
Long-term liabilities of discontinued operations		4,933			(111	)		—			—			4,822

Total liabilities		1,666,123			689,674			6,580			(341,664	)		2,020,713
Mezzanine equity		11			—			—			—			11
Stockholder’s (deficit) equity		(464,854	)		876,598			94,089			(988,545	)		(482,712	)

Total liabilities, mezzanine equity and stockholders’ deficit	$	1,201,280		$	1,566,272		$	100,669		$	(1,330,209	)	$	1,538,012

Schedule of Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

Three months ended April 4, 2015


In thousands	Visant			Guarantors			Non- Guarantors			Eliminations			Total
Net loss	$	(14,424	)	$	(8,892	)	$	(477	)	$	9,369		$	(14,424	)
Other cash provided by (used in) operating activities		(908	)		26,043			(44	)		(9,369	)		15,722
Net cash used in discontinued operations		(4,401	)		(133	)		—			—			(4,534	)

Net cash (used in) provided by operating activities		(19,733	)		17,018			(521	)		—			(3,236	)
Purchases of property, plant and equipment		—			(9,606	)		—			—			(9,606	)
Proceeds from sale of property and equipment		—			468			—			—			468
Intercompany payable (receivable)		286			(6,188	)		—			5,902			—

Net cash provided by (used in) investing activities		286			(15,326	)		—			5,902			(9,138	)
Repayments of long-term debt and capital leases		(1,939	)		(771	)		—			—			(2,710	)
Intercompany payable		6,188			(286	)		—			(5,902	)		—
Distribution to shareholder		(1,457	)		—			—			—			(1,457	)
Debt financing costs		(20	)		—			—			—			(20	)

Net cash provided by (used in) financing activities		2,772			(1,057	)		—			(5,902	)		(4,187	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(164	)		—			(164	)

(Decrease) increase in cash and cash equivalents		(16,675	)		635			(685	)		—			(16,725	)
Cash and cash equivalents, beginning of period		48,603			(1,565	)		2,582			—			49,620

Cash and cash equivalents, end of period	$	31,928		$	(930	)	$	1,897		$	—		$	32,895

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

Three months ended March 29, 2014


In thousands	Visant			Guarantors			Non- Guarantors			Eliminations			Total
Net (loss) income	$	(9,901	)	$	(6,709	)	$	393		$	6,316		$	(9,901	)
Other cash used in provided by (used in) operating activities		17,010			36,905			2,755			(6,316	)		50,354
Net cash (used in) provided by discontinued operations		(9,063	)		6,861			(2,794	)		—			(4,996	)

Net cash (used in) provided by operating activities		(1,954	)		37,057			354			—			35,457
Purchases of property, plant and equipment		—			(6,787	)		—			—			(6,787	)
Proceeds from sale of property and equipment		—			206			—			—			206
Intercompany receivable		(1,169	)		(33,651	)		—			34,820			—
Net cash used in discontinued operations		—			(792	)		(12	)		—			(804	)

Net cash used in investing activities		(1,169	)		(41,024	)		(12	)		34,820			(7,385	)
Repayments of long-term debt and capital leases		(2	)		(734	)		(2	)		—			(738	)
Intercompany receivable		33,652			1,168			—			(34,820	)		—
Excess tax benefit from share based arrangements		36			—			—			—			36
Net cash used in discontinued operations		—			(473	)		(91	)		—			(564	)

Net cash provided by (used in) financing activities		33,686			(39	)		(93	)		(34,820	)		(1,266	)
Effect of exchange rate changes on cash and cash equivalents		—			—			66			—			66

Increase (Decrease) in cash and cash equivalents		30,563			(4,006	)		315			—			26,872
Cash and cash equivalents, beginning of period		83,633			2,695			9,714			—			96,042

Cash and cash equivalents, end of period	$	114,196		$	(1,311	)	$	10,029		$	—		$	122,914

VISANT CORP 10-Q