XML 23 R33.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Note 26 - Business Segment Information | 3 Months Ended
--- | ---
Sep. 23, 2012
Segment Reporting Disclosure [Text Block] | 26. Business Segment Information The Company has three operating segments which are also its reportable segments. Each reportable segment derives its revenues as follows:
● | The Polyester segment manufactures Chip, POY, textured, dyed, twisted and beamed yarns, virgin and recycled, with sales primarily to other yarn manufacturers, knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, automotive upholstery, home furnishing, industrial and other end-use markets. The Polyester segment consists of manufacturing operations in the U.S. and El Salvador.
● | The Nylon segment manufactures textured nylon and covered spandex yarns with sales to knitters and weavers that produce fabric for the apparel, hosiery, sock and other end-use markets. The Nylon segment consists of manufacturing operations in the U.S. and Colombia.
● | The International segment's products primarily include textured polyester and various types of resale yarns. The International segment sells its yarns to knitters and weavers that produce fabric for the apparel, automotive upholstery, home furnishing, industrial and other end-use markets primarily in the South American and Asian regions. This segment includes manufacturing and sales offices in Brazil and a sales office in China.
The Company evaluates the operating performance of its segments based upon Segment Adjusted Profit which is defined as segment gross profit plus segment depreciation and amortization less segment SG&A and segment other adjustments. Segment operating profit represents segment net sales less cost of sales, restructuring and other charges and SG&A expenses. The accounting policies for the segments are consistent with the Company's accounting policies. Intersegment sales are accounted for at current market prices. Selected financial information for the Polyester, Nylon and International segments is presented below:
|  | For the Three Months Ended September 23, 2012 |
|  | Polyester |  |  | Nylon |  |  | International |  |  | Total |
Net sales |  | $ | 93,036 |  |  | $ | 40,014 |  |  | $ | 39,850 |  |  | $ | 172,900 |
Cost of sales |  |  | 84,829 |  |  |  | 35,944 |  |  |  | 34,107 |  |  |  | 154,880 |
Gross profit |  |  | 8,207 |  |  |  | 4,070 |  |  |  | 5,743 |  |  |  | 18,020 |
Selling, general and administrative expenses |  |  | 6,751 |  |  |  | 2,336 |  |  |  | 2,060 |  |  |  | 11,147 |
Segment operating profit |  | $ | 1,456 |  |  | $ | 1,734 |  |  | $ | 3,683 |  |  | $ | 6,873 |
|  |  | For the Three Months Ended September 25, 2011 |
|  |  | Polyester |  |  |  | Nylon |  |  |  | International |  |  |  | Total |
Net sales |  | $ | 92,528 |  |  | $ | 40,961 |  |  | $ | 37,524 |  |  | $ | 171,013 |
Cost of sales |  |  | 88,838 |  |  |  | 36,610 |  |  |  | 33,735 |  |  |  | 159,183 |
Gross profit |  |  | 3,690 |  |  |  | 4,351 |  |  |  | 3,789 |  |  |  | 11,830 |
Selling, general and administrative expenses |  |  | 6,063 |  |  |  | 2,110 |  |  |  | 2,198 |  |  |  | 10,371 |
Segment operating (loss) profit |  | $ | (2,373 | ) |  | $ | 2,241 |  |  | $ | 1,591 |  |  | $ | 1,459 |
The reconciliations of Segment Operating Profit to Consolidated Income Before Income Taxes are as follows:
|  | For the Three Months Ended |
|  | September 23, 2012 |  |  | September 25, 2011 |
Polyester |  | $ | 1,456 |  |  | $ | (2,373 | )
Nylon |  |  | 1,734 |  |  |  | 2,241 |
International |  |  | 3,683 |  |  |  | 1,591 |
Segment operating profit |  |  | 6,873 |  |  |  | 1,459 |
Provision for bad debts |  |  | 110 |  |  |  | 205 |
Other operating expense (income), net |  |  | 581 |  |  |  | (41 | )
Consolidated operating income |  |  | 6,182 |  |  |  | 1,295 |
Interest income |  |  | (124 | ) |  |  | (647 | )
Interest expense |  |  | 1,444 |  |  |  | 4,380 |
Loss on extinguishment of debt |  |  | 242 |  |  |  | 462 |
Equity in earnings of unconsolidated affiliates |  |  | (671 | ) |  |  | (3,459 | )
Consolidated income before income taxes |  | $ | 5,291 |  |  | $ | 559 |
The reconciliations of Segment Depreciation and Amortization Expense to Consolidated Depreciation and Amortization Expense are as follows:
|  | For the Three Months Ended |
|  | September 23, 2012 |  |  | September 25, 2011 |
Polyester |  | $ | 4,681 |  |  | $ | 4,799 |
Nylon |  |  | 758 |  |  |  | 783 |
International |  |  | 866 |  |  |  | 973 |
Segment depreciation and amortization expense |  |  | 6,305 |  |  |  | 6,555 |
Depreciation and amortization included in other operating expense (income), net |  |  | 46 |  |  |  | 6 |
Amortization included in interest expense |  |  | 166 |  |  |  | 221 |
Consolidated depreciation and amortization expense |  | $ | 6,517 |  |  | $ | 6,782 |
Segment Other Adjustments for each of the reportable segments consist of the following:
|  | For the Three Months Ended |
|  | September 23, 2012 |  |  | September 25, 2011 |
Polyester |  | $ | 94 |  |  | $ | — |
Nylon |  |  | — |  |  |  | — |
International |  |  | — |  |  |  | — |
Segment other adjustments |  | $ | 94 |  |  | $ | — |
Other adjustments include amounts recorded for certain domestic retiree and post-employment medical liabilities. Segment Adjusted Profit for each of the reportable segments consists of the following:
|  | For the Three Months Ended |
|  | September 23, 2012 |  |  | September 25, 2011 |
Polyester |  | $ | 6,231 |  |  | $ | 2,426 |
Nylon |  |  | 2,492 |  |  |  | 3,024 |
International |  |  | 4,549 |  |  |  | 2,564 |
Segment adjusted profit |  | $ | 13,272 |  |  | $ | 8,014 |
Intersegment Sales for each of the reportable segments consist of the following:
|  | For the Three Months Ended |
|  | September 23, 2012 |  |  | September 25, 2011 |
Polyester |  | $ | 621 |  |  | $ | 453 |
Nylon |  |  | 122 |  |  |  | 8 |
International |  |  | 293 |  |  |  | — |
Intersegment sales |  | $ | 1,036 |  |  | $ | 461 |
The reconciliations of Segment Capital Expenditures to Consolidated Capital Expenditures are as follows:
|  | For the Three Months Ended |
|  | September 23, 2012 |  |  | September 25, 2011 |
Polyester |  | $ | 729 |  |  | $ | 189 |
Nylon |  |  | 56 |  |  |  | 71 |
International |  |  | 165 |  |  |  | 805 |
Segment capital expenditures |  |  | 950 |  |  |  | 1,065 |
Unallocated corporate capital expenditures |  |  | 141 |  |  |  | 57 |
Consolidated capital expenditures |  | $ | 1,091 |  |  | $ | 1,122 |
The reconciliations of Segment Total Assets to Consolidated Total Assets are as follows:
|  | September 23, 2012 |  |  | June 24, 2012 |
Polyester |  | $ | 191,214 |  |  | $ | 198,321 |
Nylon |  |  | 74,369 |  |  |  | 74,569 |
International |  |  | 90,482 |  |  |  | 88,040 |
Segment total assets |  |  | 356,065 |  |  |  | 360,930 |
All other current assets |  |  | 9,180 |  |  |  | 9,424 |
Unallocated corporate PP&E |  |  | 10,347 |  |  |  | 10,404 |
All other non-current assets |  |  | 5,533 |  |  |  | 5,712 |
Investments in unconsolidated affiliates |  |  | 95,185 |  |  |  | 95,763 |
Consolidated total assets |  | $ | 476,310 |  |  | $ | 482,233 |
Geographic Data: Geographic information for net sales is as follows:
|  | For the Three Months Ended |
|  | September 23, 2012 |  |  | September 25, 2011 |
U.S. |  | $ | 122,587 |  |  | $ | 123,920 |
Brazil |  |  | 32,521 |  |  |  | 33,145 |
All other foreign |  |  | 17,792 |  |  |  | 13,948 |
Total |  | $ | 172,900 |  |  | $ | 171,013 |
The information for net sales is based on the operating locations from where the items were produced or distributed. Export sales from the Company's U.S. operations to external customers were $22,985 and $19,328 for the three months ended September 23, 2012 and September 25, 2011, respectively. Geographic information for long-lived assets is as follows:
|  | September 23, 2012 |  |  | June 24, 2012 |
U.S. |  | $ | 210,018 |  |  | $ | 215,910 |
Brazil |  |  | 18,270 |  |  |  | 19,121 |
All other foreign |  |  | 8,431 |  |  |  | 7,915 |
Total |  | $ | 236,719 |  |  | $ | 242,946 |
Long-lived assets are comprised of Property, plant and equipment, net, Intangible assets, net, Investments in unconsolidated affiliates and Other non-current assets.

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration