v2.4.0.6

Financial Guarantees and Condensed Consolidating Financial Statements

3 Months Ended

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

X

- Details

Name:	pymr_FinancialGuaranteesAndCondensedConsolidatingFinancialStatementsAbstract
Namespace Prefix:	pymr_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration