v2.4.0.6

Financial Guarantees and Condensed Consolidating Financial Statements | 3 Months Ended
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Mar. 31, 2012
Financial Guarantees and Condensed Consolidating Financial Statements [Abstract] |
Financial Guarantees and Condensed Consolidating Financial Statements | Note 22. Financial Guarantees and Condensed Consolidating Financial Statements Polymer’s Senior Secured Notes are fully, unconditionally and jointly and severally guaranteed on a senior secured basis by each of Polymer’s 100% owned domestic subsidiaries (collectively, the “Guarantors”). Substantially all of Polymer’s operating income and cash flow is generated by its subsidiaries. As a result, funds necessary to meet Polymer’s debt service obligations may be provided, in part, by distributions or advances from its subsidiaries. Under certain circumstances, contractual and legal restrictions, as well as the financial condition and operating requirements of Polymer’s subsidiaries, could limit Polymer’s ability to obtain cash from its subsidiaries for the purpose of meeting its debt service obligations, including the payment of principal and interest on the Senior Secured Notes. Although holders of the Senior Secured Notes will be direct creditors of Polymer’s principal direct subsidiaries by virtue of the guarantees, Polymer has subsidiaries that are not included among the Guarantors (collectively, the “Non-Guarantors”), and such subsidiaries will not be obligated with respect to the Senior Secured Notes. As a result, the claims of creditors of the Non-Guarantors will effectively have priority with respect to the assets and earnings of such companies over the claims of creditors of Polymer, including the holders of the Senior Secured Notes. The following Condensed Consolidating Financial Statements are presented to satisfy the disclosure requirements of Rule 3-10 of Regulation S-X. In accordance with Rule 3-10, the subsidiary guarantors are all 100% owned by PGI (the “Issuer”). The guarantees on the Senior Secured Notes are full and unconditional and all guarantees are joint and several. The information presents Condensed Consolidating Balance Sheets as of March 31, 2012 and December 31, 2011; Condensed Consolidating Statements of Operations and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2012 (Successor), the two months ended April 2, 2011 (Successor) and the one month ended January 28, 2011 (Predecessor) of (1) PGI (Issuer), (2) the Guarantors, (3) the Non-Guarantors and (4) consolidating eliminations to arrive at the information for the Company on a consolidated basis. Condensed Consolidating Balance Sheet As of March 31, 2012 (In Thousands)
|  | PGI (Issuer) |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalent |  | $ | 6,196 |  |  | $ | 10,851 |  |  | $ | 62,574 |  |  | $ | — |  |  | $ | 79,621 |
Accounts receivable, net |  |  | — |  |  |  | 24,376 |  |  |  | 117,488 |  |  |  | — |  |  |  | 141,864 |
Inventories, net |  |  | — |  |  |  | 28,689 |  |  |  | 70,521 |  |  |  | — |  |  |  | 99,210 |
Deferred income taxes |  |  | 80 |  |  |  | — |  |  |  | 3,886 |  |  |  | 458 |  |  |  | 4,424 |
Other current assets |  |  | 3,392 |  |  |  | 8,319 |  |  |  | 25,751 |  |  |  | — |  |  |  | 37,462 |
Total current assets |  |  | 9,668 |  |  |  | 72,235 |  |  |  | 280,220 |  |  |  | 458 |  |  |  | 362,581 |
Property, plant and equipment, net |  |  | 12,520 |  |  |  | 107,861 |  |  |  | 369,826 |  |  |  | — |  |  |  | 490,207 |
Goodwill |  |  | — |  |  |  | 20,718 |  |  |  | 59,864 |  |  |  | — |  |  |  | 80,582 |
Intangible assets, net |  |  | 26,638 |  |  |  | 44,540 |  |  |  | 10,489 |  |  |  | — |  |  |  | 81,667 |
Net investment in and advances to (from) to subsidiaries |  |  | 722,835 |  |  |  | 759,389 |  |  |  | (223,373 | ) |  |  | (1,258,851 | ) |  |  | — |
Deferred income taxes |  |  | — |  |  |  | — |  |  |  | 1,938 |  |  |  | — |  |  |  | 1,938 |
Other noncurrent assets |  |  | 40 |  |  |  | 5,835 |  |  |  | 36,850 |  |  |  | — |  |  |  | 42,725 |
Total assets |  | $ | 771,701 |  |  | $ | 1,010,578 |  |  | $ | 535,814 |  |  | $ | (1,258,393 | ) |  | $ | 1,059,700 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 1,364 |  |  | $ | — |  |  | $ | 3,005 |  |  | $ | — |  |  | $ | 4,369 |
Accounts payable and accrued liabilities |  |  | 16,865 |  |  |  | 32,312 |  |  |  | 134,985 |  |  |  | — |  |  |  | 184,161 |
Income taxes payable |  |  | — |  |  |  | (558 | ) |  |  | 2,190 |  |  |  | — |  |  |  | 1,632 |
Deferred income taxes |  |  | — |  |  |  | 1,016 |  |  |  | 1,692 |  |  |  | (1,016 | ) |  |  | 1,692 |
Current portion of long-term debt |  |  | 107 |  |  |  | — |  |  |  | 7,442 |  |  |  | — |  |  |  | 7,549 |
Total current liabilities |  |  | 18,336 |  |  |  | 32,770 |  |  |  | 149,313 |  |  |  | (1,016 | ) |  |  | 199,403 |
Long-term debt |  |  | 560,110 |  |  |  | — |  |  |  | 26,909 |  |  |  | — |  |  |  | 587,019 |
Deferred income taxes |  |  | 670 |  |  |  | 7,623 |  |  |  | 25,205 |  |  |  | 1,474 |  |  |  | 34,972 |
Other noncurrent liabilities |  |  | — |  |  |  | 17,365 |  |  |  | 28,356 |  |  |  | — |  |  |  | 45,721 |
Total liabilities |  |  | 579,116 |  |  |  | 57,758 |  |  |  | 229,783 |  |  |  | 458 |  |  |  | 867,115 |
Common stock |  |  | — |  |  |  | — |  |  |  | 36,083 |  |  |  | (36,083 | ) |  |  | — |
Other shareholders’ equity |  |  | 192,585 |  |  |  | 952,820 |  |  |  | 269,948 |  |  |  | (1,222,768 | ) |  |  | 192,585 |
Total equity |  |  | 192,585 |  |  |  | 952,820 |  |  |  | 306,031 |  |  |  | (1,258,851 | ) |  |  | 192,585 |
Total liabilities and equity |  | $ | 771,701 |  |  | $ | 1,010,578 |  |  | $ | 535,814 |  |  | $ | (1,258,393 | ) |  | $ | 1,059,700 |
Balance Sheet As of December 31, 2011 (In Thousands)
|  | PGI (Issuer) |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,135 |  |  | $ | 14,574 |  |  | $ | 55,033 |  |  | $ | — |  |  | $ | 72,742 |
Accounts receivable, net |  |  | — |  |  |  | 18,270 |  |  |  | 122,902 |  |  |  | — |  |  |  | 141,172 |
Inventories, net |  |  | — |  |  |  | 34,381 |  |  |  | 69,530 |  |  |  | — |  |  |  | 103,911 |
Deferred income taxes |  |  | 80 |  |  |  | — |  |  |  | 3,866 |  |  |  | 458 |  |  |  | 4,404 |
Other current assets |  |  | 1,173 |  |  |  | 8,783 |  |  |  | 26,088 |  |  |  | — |  |  |  | 36,044 |
Total current assets |  |  | 4,388 |  |  |  | 76,008 |  |  |  | 277,419 |  |  |  | 458 |  |  |  | 358,273 |
Property, plant and equipment, net |  |  | 9,267 |  |  |  | 111,469 |  |  |  | 372,616 |  |  |  | — |  |  |  | 493,352 |
Goodwill |  |  | — |  |  |  | 20,718 |  |  |  | 59,828 |  |  |  | — |  |  |  | 80,546 |
Intangible assets, net |  |  | 27,545 |  |  |  | 45,247 |  |  |  | 10,959 |  |  |  | — |  |  |  | 83,751 |
Net investment in and advances (from) to subsidiaries |  |  | 739,121 |  |  |  | 727,290 |  |  |  | (238,038 | ) |  |  | (1,228,373 | ) |  |  | — |
Deferred income taxes |  |  | — |  |  |  | — |  |  |  | 1,939 |  |  |  | — |  |  |  | 1,939 |
Other noncurrent assets |  |  | 409 |  |  |  | 5,424 |  |  |  | 36,884 |  |  |  | — |  |  |  | 42,717 |
Total assets |  | $ | 780,730 |  |  | $ | 986,156 |  |  | $ | 521,607 |  |  | $ | (1,227,915 | ) |  | $ | 1,060,578 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | — |  |  | $ | — |  |  | $ | 5,000 |  |  | $ | — |  |  | $ | 5,000 |
Accounts payable and accrued liabilities |  |  | 32,524 |  |  |  | 26,897 |  |  |  | 130,940 |  |  |  | 155 |  |  |  | 190,516 |
Income taxes payable |  |  | — |  |  |  | 37 |  |  |  | 986 |  |  |  | — |  |  |  | 1,023 |
Deferred income taxes |  |  | — |  |  |  | 1,016 |  |  |  | 1,691 |  |  |  | (1,016 | ) |  |  | 1,691 |
Current portion of long-term debt |  |  | 107 |  |  |  | — |  |  |  | 7,485 |  |  |  | — |  |  |  | 7,592 |
Total current liabilities |  |  | 32,631 |  |  |  | 27,950 |  |  |  | 146,102 |  |  |  | (861 | ) |  |  | 205,822 |
Long-term debt |  |  | 560,132 |  |  |  | — |  |  |  | 27,721 |  |  |  | — |  |  |  | 587,853 |
Deferred income taxes |  |  | 670 |  |  |  | 7,624 |  |  |  | 25,039 |  |  |  | 1,474 |  |  |  | 34,807 |
Other noncurrent liabilities |  |  | — |  |  |  | 17,230 |  |  |  | 27,569 |  |  |  | — |  |  |  | 44,799 |
Total liabilities |  |  | 593,433 |  |  |  | 52,804 |  |  |  | 226,431 |  |  |  | 613 |  |  |  | 873,281 |
Common stock |  |  | — |  |  |  | — |  |  |  | 36,083 |  |  |  | (36,083 | ) |  |  | — |
Other shareholders’ equity |  |  | 187,297 |  |  |  | 933,352 |  |  |  | 259,093 |  |  |  | (1,192,445 | ) |  |  | 187,297 |
Total equity |  |  | 187,297 |  |  |  | 933,352 |  |  |  | 295,176 |  |  |  | (1,228,528 | ) |  |  | 187,297 |
Total liabilities and equity |  | $ | 780,730 |  |  | $ | 986,156 |  |  | $ | 521,607 |  |  | $ | (1,227,915 | ) |  | $ | 1,060,578 |
Statement of Operations For the Three Months Ended March 31, 2012 Successor (In Thousands)
|  | PGI (Issuer) |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Net Sales |  | $ | — |  |  | $ | 95,414 |  |  | $ | 204,541 |  |  | $ | (4,784 | ) |  | $ | 295,171 |
Cost of goods sold |  |  | (17 | ) |  |  | 82,447 |  |  |  | 164,338 |  |  |  | (4,784 | ) |  |  | 241,984 |
Gross profit |  |  | 17 |  |  |  | 12,967 |  |  |  | 40,203 |  |  |  | — |  |  |  | 53,187 |
Selling, general and administrative expenses |  |  | 9,291 |  |  |  | 5,917 |  |  |  | 18,923 |  |  |  | — |  |  |  | 34,131 |
Special charges, net |  |  | 1,478 |  |  |  | 216 |  |  |  | 725 |  |  |  | — |  |  |  | 2,419 |
Other operating (income) loss, net |  |  | — |  |  |  | (103 | ) |  |  | (258 | ) |  |  | — |  |  |  | (361 | )
Operating (loss) income |  |  | (10,752 | ) |  |  | 6,937 |  |  |  | 20,813 |  |  |  | — |  |  |  | 16,998 |
Other expense (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 11,275 |  |  |  | (3,315 | ) |  |  | 4,888 |  |  |  | — |  |  |  | 12,848 |
Intercompany royalty and technical service fees, net |  |  | (1,490 | ) |  |  | (1,811 | ) |  |  | 3,301 |  |  |  | — |  |  |  | — |
Foreign currency and other loss (gain), net |  |  | 30 |  |  |  | 163 |  |  |  | (255 | ) |  |  | — |  |  |  | (62 | )
Equity in earnings of subsidiaries |  |  | 18,165 |  |  |  | 9,151 |  |  |  | — |  |  |  | (27,316 | ) |  |  | — |
(Loss) income before income tax (benefit) expense |  |  | (2,402 | ) |  |  | 21,051 |  |  |  | 12,879 |  |  |  | (27,316 | ) |  |  | 4,212 |
Income tax (benefit) expense |  |  | (2,137 | ) |  |  | 2,832 |  |  |  | 3,782 |  |  |  | — |  |  |  | 4,477 |
Net (loss) income |  | $ | (265 | ) |  | $ | 18,219 |  |  | $ | 9,097 |  |  | $ | (27,316 | ) |  | $ | (265 | )
Statement of Operations For the Two Months Ended April 2, 2011 Successor (In Thousands)
|  | PGI (Issuer) |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Net Sales |  | $ | — |  |  | $ | 62,259 |  |  | $ | 139,888 |  |  | $ | (3,110 | ) |  | $ | 199,037 |
Cost of goods sold |  |  | 77 |  |  |  | 55,903 |  |  |  | 121,459 |  |  |  | (3,110 | ) |  |  | 174,329 |
Gross profit |  |  | (77 | ) |  |  | 6,356 |  |  |  | 18,429 |  |  |  | — |  |  |  | 24,708 |
Selling, general and administrative expenses |  |  | 6,970 |  |  |  | 4,783 |  |  |  | 14,734 |  |  |  | — |  |  |  | 26,487 |
Special charges, net |  |  | 24,565 |  |  |  | 226 |  |  |  | 157 |  |  |  | — |  |  |  | 24,948 |
Acquisition and integration |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other operating (income) loss, net |  |  | (118 | ) |  |  | (52 | ) |  |  | 400 |  |  |  | — |  |  |  | 230 |
Operating (loss) income |  |  | (31,494 | ) |  |  | 1,399 |  |  |  | 3,138 |  |  |  | — |  |  |  | (26,957 | )
Other expense (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 7,800 |  |  |  | (2,456 | ) |  |  | 2,884 |  |  |  | — |  |  |  | 8,228 |
Intercompany royalty and technical service fees, net |  |  | (1,331 | ) |  |  | (1,651 | ) |  |  | 2,982 |  |  |  | — |  |  |  | — |
Foreign currency and other loss, net |  |  | 3 |  |  |  | 144 |  |  |  | 202 |  |  |  | — |  |  |  | 349 |
Equity in earnings of subsidiaries |  |  | 380 |  |  |  | (2,837 | ) |  |  | — |  |  |  | 2,457 |  |  |  | — |
(Loss) income before income tax expense and discontinued operations |  |  | (37,586 | ) |  |  | 2,525 |  |  |  | (2,930 | ) |  |  | 2,457 |  |  |  | (35,534 | )
Income tax (benefit) expense |  |  | (1,423 | ) |  |  | 2,140 |  |  |  | (638 | ) |  |  | — |  |  |  | 79 |
(Loss) income before discontinued operations |  |  | (36,163 | ) |  |  | 385 |  |  |  | (2,292 | ) |  |  | 2,457 |  |  |  | (35,613 | )
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | (491 | ) |  |  | — |  |  |  | (491 | )
Net (loss) income |  |  | (36,163 | ) |  |  | 385 |  |  |  | (2,783 | ) |  |  | 2,457 |  |  |  | (36,104 | )
Net income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (59 | ) |  |  | — |  |  |  | (59 | )
Net (loss) income attributable to Polymer Group, Inc. |  | $ | (36,163 | ) |  | $ | 385 |  |  | $ | (2,842 | ) |  | $ | 2,457 |  |  | $ | (36,163 | )
Statement of Operations For the One Month Ended January 28, 2011 Predecessor (In Thousands)
|  | PGI (Issuer) |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Net Sales |  | $ | — |  |  | $ | 27,052 |  |  | $ | 58,887 |  |  | $ | (1,333 | ) |  | $ | 84,606 |
Cost of goods sold |  |  | (24 | ) |  |  | 22,587 |  |  |  | 47,301 |  |  |  | (1,333 | ) |  |  | 68,531 |
Gross profit |  |  | 24 |  |  |  | 4,465 |  |  |  | 11,586 |  |  |  | — |  |  |  | 16,075 |
Selling, general and administrative expenses |  |  | 3,620 |  |  |  | 1,873 |  |  |  | 6,071 |  |  |  | — |  |  |  | 11,564 |
Special charges, net |  |  | 18,944 |  |  |  | 170 |  |  |  | 1,710 |  |  |  | — |  |  |  | 20,824 |
Acquisition and integration |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other operating (income) loss, net |  |  | (1 | ) |  |  | (42 | ) |  |  | (521 | ) |  |  | — |  |  |  | (564 | )
Operating (loss) income |  |  | (22,539 | ) |  |  | 2,464 |  |  |  | 4,326 |  |  |  | — |  |  |  | (15,749 | )
Other expense (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 1,859 |  |  |  | (1,176 | ) |  |  | 1,239 |  |  |  | — |  |  |  | 1,922 |
Intercompany royalty and technical service fees, net |  |  | (546 | ) |  |  | (683 | ) |  |  | 1,229 |  |  |  | — |  |  |  | — |
Foreign currency and other loss (gain), net |  |  | 28 |  |  |  | 85 |  |  |  | (31 | ) |  |  | — |  |  |  | 82 |
Equity in earnings of subsidiaries |  |  | 5,198 |  |  |  | 1,672 |  |  |  | — |  |  |  | (6,870 | ) |  |  | — |
(Loss) income before income tax expense and discontinued operations |  |  | (18,682 | ) |  |  | 5,910 |  |  |  | 1,889 |  |  |  | (6,870 | ) |  |  | (17,753 | )
Income tax (benefit) expense |  |  | (479 | ) |  |  | 706 |  |  |  | 322 |  |  |  | — |  |  |  | 549 |
(Loss) income before discontinued operations |  |  | (18,203 | ) |  |  | 5,204 |  |  |  | 1,567 |  |  |  | (6,870 | ) |  |  | (18,302 | )
Income from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | 182 |  |  |  | — |  |  |  | 182 |
Net (loss) income |  |  | (18,203 | ) |  |  | 5,204 |  |  |  | 1,749 |  |  |  | (6,870 | ) |  |  | (18,120 | )
Net income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | (83 | ) |  |  | — |  |  |  | (83 | )
Net (loss) income attributable to Polymer Group, Inc. |  | $ | (18,203 | ) |  | $ | 5,204 |  |  | $ | 1,666 |  |  | $ | (6,870 | ) |  | $ | (18,203 | )
Statement of Cash Flows For the Three Months Ended March 31, 2012 Successor (In Thousands)
|  | PGI (Issuer) |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Net cash provided by (used in) operating activities |  | $ | 2,430 |  |  | $ | (5,013 | ) |  | $ | 22,197 |  |  | $ | — |  |  | $ | 19,614 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (8,316 | ) |  |  | (623 | ) |  |  | (4,373 | ) |  |  | — |  |  |  | (13,312 | )
Proceeds from the sale of assets |  |  | — |  |  |  | 1,646 |  |  |  | 11 |  |  |  | — |  |  |  | 1,657 |
Acquisition of intangibles and other |  |  | (56 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (56 | )
Net activity in investment in and advances (from) to subsidiaries |  |  | 7,661 |  |  |  | 267 |  |  |  | (7,928 | ) |  |  | — |  |  |  | — |
Net cash used in investing activities |  |  | (711 | ) |  |  | 1,290 |  |  |  | (12,290 | ) |  |  | — |  |  |  | (11,711 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | — |  |  |  | 24 |
Proceeds from short-term borrowings |  |  | 1,436 |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 1,441 |
Repayment of long-term debt |  |  | (22 | ) |  |  | — |  |  |  | (918 | ) |  |  | — |  |  |  | (940 | )
Repayment of short-term borrowings |  |  | (72 | ) |  |  | — |  |  |  | (2,000 | ) |  |  | — |  |  |  | (2,072 | )
Net cash provided by (used in) financing activities |  |  | 1,342 |  |  |  | — |  |  |  | (2,889 | ) |  |  | — |  |  |  | (1,547 | )
Effect of exchange rate changes on cash |  |  | — |  |  |  | — |  |  |  | 523 |  |  |  | — |  |  |  | 523 |
Net increase (decrease) in cash and cash equivalents |  |  | 3,061 |  |  |  | (3,723 | ) |  |  | 7,541 |  |  |  | — |  |  |  | 6,879 |
Cash and cash equivalents at beginning of period |  |  | 3,135 |  |  |  | 14,574 |  |  |  | 55,033 |  |  |  | — |  |  |  | 72,742 |
Cash and cash equivalents at end of period |  | $ | 6,196 |  |  | $ | 10,851 |  |  | $ | 62,574 |  |  | $ | — |  |  | $ | 79,621 |
Statement of Cash Flows For the Two Months Ended April 2, 2011 Successor (In Thousands)
|  | PGI (Issuer) |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Net cash (used in) provided by operating activities |  | $ | (23,368 | ) |  | $ | 19,402 |  |  | $ | (11,297 | ) |  | $ | — |  |  | $ | (15,263 | )
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of Polymer Group, Inc. |  |  | (403,496 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (403,496 | )
Purchases of property, plant and equipment |  |  | (2,853 | ) |  |  | (2,799 | ) |  |  | (17,923 | ) |  |  | 13,108 |  |  |  | (10,467 | )
Proceeds from the sale of assets |  |  | 13,108 |  |  |  | — |  |  |  | — |  |  |  | (13,108 | ) |  |  | — |
Acquisition of noncontrolling interest |  |  | — |  |  |  | — |  |  |  | (7,246 | ) |  |  | — |  |  |  | (7,246 | )
Acquisition of intangibles and other |  |  | (40 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (40 | )
Net activity in investment in and advances (from) to subsidiaries |  |  | (50,316 | ) |  |  | (14,247 | ) |  |  | 64,563 |  |  |  | — |  |  |  | — |
Net cash (used in) provided by investing activities |  |  | (443,597 | ) |  |  | (17,046 | ) |  |  | 39,394 |  |  |  | — |  |  |  | (421,249 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes |  |  | 560,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 560,000 |
Issuance of common stock |  |  | 259,865 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 259,865 |
Proceeds from long-term debt |  |  | — |  |  |  | — |  |  |  | 7,000 |  |  |  | — |  |  |  | 7,000 |
Proceeds from short-term borrowings |  |  | — |  |  |  | — |  |  |  | 2,245 |  |  |  | — |  |  |  | 2,245 |
Repayment of term loan |  |  | (286,470 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (286,470 | )
Repayment of long-term debt |  |  | (31,500 | ) |  |  | — |  |  |  | (16,764 | ) |  |  | — |  |  |  | (48,264 | )
Repayment of short-term borrowings |  |  | (140 | ) |  |  | — |  |  |  | (31,861 | ) |  |  | — |  |  |  | (32,001 | )
Loan acquisition costs |  |  | (19,252 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19,252 | )
Net cash provided by (used in) financing activities |  |  | 482,503 |  |  |  | — |  |  |  | (39,380 | ) |  |  | — |  |  |  | 443,123 |
Effect of exchange rate changes on cash |  |  | — |  |  |  | — |  |  |  | 390 |  |  |  | — |  |  |  | 390 |
Net increase (decrease) in cash and cash equivalents |  |  | 15,538 |  |  |  | 2,356 |  |  |  | (10,893 | ) |  |  | — |  |  |  | 7,001 |
Cash and cash equivalents at beginning of period |  |  | 42 |  |  |  | 3,210 |  |  |  | 67,519 |  |  |  | — |  |  |  | 70,771 |
Cash and cash equivalents at end of period |  | $ | 15,580 |  |  | $ | 5,566 |  |  | $ | 56,626 |  |  | $ | — |  |  | $ | 77,772 |
Statement of Cash Flows For the One Month Ended January 28, 2011 Predecessor (In Thousands)
|  | PGI (Issuer) |  |  | Guarantors |  |  | Non-Guarantors |  |  | Eliminations |  |  | Consolidated |
Net cash (used in) provided by operating activities |  | $ | (34,725 | ) |  | $ | 1,636 |  |  | $ | 7,819 |  |  | $ | — |  |  | $ | (25,270 | )
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  |  | (28 | ) |  |  | (5,652 | ) |  |  | (2,725 | ) |  |  | — |  |  |  | (8,405 | )
Proceeds from the sale of assets |  |  | — |  |  |  | 65 |  |  |  | 40 |  |  |  | — |  |  |  | 105 |
Acquisition of intangibles and other |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5 | )
Net activity in investment in and advances (to) from subsidiaries |  |  | 2,055 |  |  |  | 2,872 |  |  |  | (4,927 | ) |  |  | — |  |  |  | — |
Net cash provided by (used in) investing activities |  |  | 2,022 |  |  |  | (2,715 | ) |  |  | (7,612 | ) |  |  | — |  |  |  | (8,305 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 31,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 31,500 |
Proceeds from short-term borrowings |  |  | 631 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 631 |
Repayment of long-term debt |  |  | — |  |  |  | — |  |  |  | (24 | ) |  |  | — |  |  |  | (24 | )
Repayment of short-term borrowings |  |  | — |  |  |  | — |  |  |  | (665 | ) |  |  | — |  |  |  | (665 | )
Net cash provided by (used in) financing activities |  |  | 32,131 |  |  |  | — |  |  |  | (689 | ) |  |  | — |  |  |  | 31,442 |
Effect of exchange rate changes on cash |  |  | — |  |  |  | — |  |  |  | 549 |  |  |  | — |  |  |  | 549 |
Net (decrease) increase in cash and cash equivalents |  |  | (572 | ) |  |  | (1,079 | ) |  |  | 67 |  |  |  | — |  |  |  | (1,584 | )
Cash and cash equivalents at beginning of period |  |  | 614 |  |  |  | 4,289 |  |  |  | 67,452 |  |  |  | — |  |  |  | 72,355 |
Cash and cash equivalents at end of period |  | $ | 42 |  |  | $ | 3,210 |  |  | $ | 67,519 |  |  | $ | — |  |  | $ | 70,771 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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