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Discontinued Operations
 12 Months Ended
Dec. 27, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Note 11 —      Discontinued Operations
 
On October 1, 2014, the Company completed the sale of the Information Security business. The sale of the Information Security business, coupled with the previously announced sale of our Print Finishing business on June 30, 2014, represents the Company’s exit from the Information Security and Print Finishing segment. As a result, the Information Security and Print Finishing segment has been classified as discontinued operations for all periods presented and certain assets and liabilities in prior periods are classified as held for sale.
 
As a result of the divestiture of the Information Security and Print Finishing segment, the Company incurred a loss on disposal of assets of $9.6 million, income from reclassification of accumulated other comprehensive income from foreign currency translation adjustments of $2.6 million and a tax benefit of $6.1 million. Under the terms of the final purchase agreement for the Information Security business divestiture, the Company contributed to its international Information Security operations, all claims related to intercompany debt of this operation prior to the divestiture operations. The Company also assumed the foreign tax liability related to this gain; however, it was able to utilize previously reserved net operating loss carry-forwards to offset the majority of the related tax liability.
 
As of the second quarter of 2014, the Company determined the carrying value of the Information Security business assets was greater than their fair value, less the cost to sell the Information Security business, resulting in an impairment of certain accounts receivables, inventories, long-lived assets, intangible assets and other assets totaling $12.9 million. The impairment charge reduced the carrying value of intangible assets to fair value and the remaining assets to the lower of their carrying amount or fair value less cost to sell. The fair value for these assets was determined by estimating the most likely sale price with a third-party buyer based on market data. Because of the significance of the unobservable inputs and management’s judgment used in the assets held for sale analysis, these measurements were classified in level three of the valuation hierarchy.
 
The results of operations presented as discontinued operations are summarized below.
 
 
 
Years Ended
 
 
 
December 27,
 
December 28,
 
All Amounts in Thousands
 
2014
 
2013
 
 
 
 
 
 
 
 
 
Net sales
 
$
20,865
 
$
30,686
 
 
 
 
 
 
 
 
 
Cost of products sold
 
 
13,813
 
 
20,358
 
Selling, administrative and general expenses
 
 
7,535
 
 
11,997
 
Amortization
 
 
—
 
 
18
 
Interest expense
 
 
98
 
 
335
 
Other expense
 
 
30
 
 
4
 
 
 
 
 
 
 
 
 
Loss Before Income Taxes
 
 
(611)
 
 
(2,026)
 
 
 
 
 
 
 
 
 
Discontinued Operations
 
 
 
 
 
 
 
Loss on classification as held for sale
 
 
(12,945)
 
 
—
 
Gain on disposal
 
 
5,929
 
 
—
 
Provision (benefit) for income taxes
 
 
(6,099)
 
 
764
 
Net Loss from Discontinued Operations
 
$
(1,528)
 
$
(2,790)
 
 
The assets and liabilities held for sale are summarized below.
 
 
 
October 4,
 
December 28,
 
All Amounts in Thousands
 
2014
 
2013
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
—
 
$
1,255
 
Receivables, net
 
 
—
 
 
5,480
 
Inventories
 
 
—
 
 
9,366
 
Prepaid expenses
 
 
—
 
 
429
 
Property, plant and equipment, net
 
 
—
 
 
4,323
 
Intangible assets
 
 
—
 
 
1,754
 
Investments
 
 
—
 
 
331
 
Other assets
 
 
—
 
 
93
 
Assets held for sale
 
$
—
 
$
23,031
 
 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
Trade accounts payable
 
$
—
 
$
428
 
Accrued liabilities
 
 
—
 
 
6,412
 
Liabilities held for sale
 
$
—
 
$
6,840