RESTRUCTURING, OTHER EXIT COSTS, AND ASSETS HELD FOR SALE

9 Months Ended

Oct. 02, 2011

RESTRUCTURING, OTHER EXIT COSTS, AND ASSETS HELD FOR SALE

NOTE 5 – RESTRUCTURING, OTHER EXIT COSTS, AND ASSETS HELD FOR SALE

The 2009 and 2008 restructuring plans and other exit activities are described in Note 4 to the Consolidated Financial Statements included in our Annual Report.  All related costs are included in restructuring and other exit costs in the accompanying Consolidated Statements of Income.

2009 Plans

Restructuring and other exit costs of $260 in 2011 and $1,409 in 2010 relate to costs required to be expensed as incurred, primarily for the termination of contracts and the relocation of equipment.  In addition, in 2011, we reversed $325 of involuntary termination costs primarily as result of lower than expected employee severance costs .

Components of 2009 restructuring and other exit costs consist of the following:

	Total		Total		Cumulative
	Expected		Q3 2011		To-Date
	Costs		Expense		Expense
Involuntary termination costs	$	3,150	$	-	$	3,077
Contract termination costs		2,600		107		1,570
Other associated exit costs		8,600		5		8,147
Total	$	14,350	$	112	$	12,794

A summary of the 2009 restructuring accrual activity is as follows:

	Balance		Accrued		Incurred			Reversed			Balance
	2010		in 2011		in 2011			in 2011			2011
Involuntary termination costs	$	878	$	-	$	(358	)	$	(324	)	$	196
Contract termination costs		811		108		(594	)		-			325
Total	$	1,689	$	108	$	(952	)	$	(324	)	$	521

2008 Plans

Restructuring and other exit costs of $81 in 2010 primarily relate to contract termination costs that were required to be expensed as incurred.

Assets Held for Sale

As of October 2, 2011, the carrying value of a previous print facility in Houston, Texas met the criteria to be classified as held for sale; accordingly, we have classified it as Net Assets Held for Sale in the accompanying Consolidated Balance Sheets.