v2.4.0.6
Financial Guarantees and Condensed Consolidating Financial Statements (Tables)
 9 Months Ended
Sep. 29, 2012
Condensed Consolidating Balance Sheet
Condensed Consolidating
Balance Sheet
As of September 29, 2012
(In Thousands)
 
 
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
7,560

 
$
23,523

 
$
64,016

 
$
—

 
$
95,099

Accounts receivable, net
—

 
22,783

 
108,548

 
—

 
131,331

Inventories, net
—

 
26,602

 
72,207

 
—

 
98,809

Deferred income taxes
—

 
—

 
3,866

 
439

 
4,305

Other current assets
2,494

 
9,552

 
26,268

 
—

 
38,314

Total current assets
10,054

 
82,460

 
274,905

 
439

 
367,858

Property, plant and equipment, net
24,370

 
101,461

 
356,171

 
—

 
482,002

Goodwill
—

 
20,718

 
59,671

 
—

 
80,389

Intangible assets, net
24,878

 
43,127

 
9,400

 
—

 
77,405

Net investment in and advances to (from) subsidiaries
694,230

 
783,727

 
(195,397
)
 
(1,282,560
)
 
—

Deferred income taxes
—

 
—

 
1,944

 
—

 
1,944

Other noncurrent assets
197

 
5,803

 
34,972

 
—

 
40,972

Total assets
$
753,729

 
$
1,037,296

 
$
541,666

 
$
(1,282,121
)
 
$
1,050,570

Current liabilities:
 
 
 
 
 
 
 
 
 
Short-term borrowings
$
71

 
$
—

 
$
3,000

 
$
—

 
$
3,071

Accounts payable and accrued liabilities
16,953

 
38,130

 
133,252

 
—

 
188,335

Income taxes payable
—

 
—

 
2,923

 
—

 
2,923

Deferred income taxes
19

 
1,016

 
1,691

 
(1,035
)
 
1,691

Current portion of long-term debt
107

 
—

 
9,418

 
—

 
9,525

Total current liabilities
17,150

 
39,146

 
150,284

 
(1,035
)
 
205,545

Long-term debt
560,066

 
—

 
33,659

 
—

 
593,725

Deferred income taxes
571

 
7,623

 
25,127

 
1,474

 
34,795

Other noncurrent liabilities
—

 
14,433

 
26,130

 
—

 
40,563

Total liabilities
577,787

 
61,202

 
235,200

 
439

 
874,628

Common stock
—

 
—

 
36,083

 
(36,083
)
 
—

Other shareholders’ equity
175,942

 
976,094

 
270,383

 
(1,246,477
)
 
175,942

Total equity
175,942

 
976,094

 
306,466

 
(1,282,560
)
 
175,942

Total liabilities and equity
$
753,729

 
$
1,037,296

 
$
541,666

 
$
(1,282,121
)
 
$
1,050,570


Condensed Consolidating
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 to (from) subsidiaries
739,121

 
754,930

 
(238,038
)
 
(1,256,013
)
 
—

Deferred income taxes
—

 
—

 
1,939

 
—

 
1,939

Other noncurrent assets
409

 
5,424

 
36,884

 
—

 
42,717

Total assets
$
780,730

 
$
1,013,796

 
$
521,607

 
$
(1,255,555
)
 
$
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

 
960,992

 
259,093

 
(1,220,085
)
 
187,297

Total equity
187,297

 
960,992

 
295,176

 
(1,256,168
)
 
187,297

Total liabilities and equity
$
780,730

 
$
1,013,796

 
$
521,607

 
$
(1,255,555
)
 
$
1,060,578
Condensed Consolidating Statement of Operations
Condensed Consolidating
Statement of Operations
For the Three Months Ended September 29, 2012
Successor
(In Thousands)
 
 
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net Sales
$
—

 
$
92,443

 
$
203,125

 
$
(5,471
)
 
$
290,097

Cost of goods sold
(12
)
 
78,461

 
165,145

 
(5,471
)
 
238,123

Gross profit
12

 
13,982

 
37,980

 
—

 
51,974

Selling, general and administrative expenses
9,141

 
5,491

 
18,412

 
—

 
33,044

Special charges, net
759

 
(294
)
 
1,267

 
—

 
1,732

Other operating loss (income), net
7

 
(19
)
 
(223
)
 
—

 
(235
)
Operating (loss) income
(9,895
)
 
8,804

 
18,524

 
—

 
17,433

Other expense (income):
 
 
 
 
 
 
 
 
 
Interest expense, net
12,485

 
(4,690
)
 
4,692

 
—

 
12,487

Intercompany royalty and technical service fees, net
(1,563
)
 
(1,853
)
 
3,416

 
—

 
—

Foreign currency and other (gain) loss, net
(18,932
)
 
19,092

 
839

 
—

 
999

Equity in earnings of subsidiaries
686

 
7,754

 
—

 
(8,440
)
 
—

(Loss) income before income tax (benefit) expense
(1,199
)
 
4,009

 
9,577

 
(8,440
)
 
3,947

Income tax (benefit) expense
(2,553
)
 
3,260

 
1,886

 
—

 
2,593

Net income (loss)
$
1,354

 
$
749

 
$
7,691

 
$
(8,440
)
 
$
1,354


Condensed Consolidating
Statement of Operations
For the Three Months Ended October 1, 2011
Successor
(In Thousands)
 
 
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net Sales
$
—

 
$
99,756

 
$
219,043

 
$
(3,301
)
 
$
315,498

Cost of goods sold
(26
)
 
86,025

 
183,811

 
(3,301
)
 
266,509

Gross profit
26

 
13,731

 
35,232

 
—

 
48,989

Selling, general and administrative expenses
9,677

 
6,020

 
18,819

 
—

 
34,516

Special charges, net
981

 
250

 
168

 
—

 
1,399

Other operating loss (income), net
23

 
(29
)
 
1,697

 
—

 
1,691

Operating (loss) income
(10,655
)
 
7,490

 
14,548

 
—

 
11,383

Other expense (income):
 
 
 
 
 
 
 
 
 
Interest expense, net
11,045

 
(3,388
)
 
5,209

 
—

 
12,866

Intercompany royalty and technical service fees, net
(2,655
)
 
(1,331
)
 
3,986

 
—

 
—

Foreign currency and other loss (gain), net
1,836

 
73

 
977

 
—

 
2,886

Equity in earnings of subsidiaries
6,971

 
(1,605
)
 
—

 
(5,366
)
 
—

(Loss) income before income tax expense and discontinued operations
(13,910
)
 
10,531

 
4,376

 
(5,366
)
 
(4,369
)
Income tax (benefit) expense
(4,722
)
 
3,520

 
2,138

 
—

 
936

(Loss) income before discontinued operations
(9,188
)
 
7,011

 
2,238

 
(5,366
)
 
(5,305
)
Loss from discontinued operations, net of tax
—

 
—

 
(3,363
)
 
—

 
(3,363
)
Loss on sale of discontinued operations
—

 
—

 
(520
)
 
—

 
(520
)
Net (loss) income
$
(9,188
)
 
$
7,011

 
$
(1,645
)
 
$
(5,366
)
 
$
(9,188
)

Condensed Consolidating
Statement of Operations
For the Nine Months Ended September 29, 2012
Successor
(In Thousands)
 
 
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net Sales
$
—

 
$
286,210

 
$
610,967

 
$
(15,665
)
 
$
881,512

Cost of goods sold
(42
)
 
246,998

 
498,641

 
(15,665
)
 
729,932

Gross profit
42

 
39,212

 
112,326

 
—

 
151,580

Selling, general and administrative expenses
27,420

 
18,051

 
56,883

 
—

 
102,354

Special charges, net
6,082

 
2,004

 
4,818

 
—

 
12,904

Other operating (income) loss, net
(3
)
 
(240
)
 
(511
)
 
—

 
(754
)
Operating (loss) income
(33,457
)
 
19,397

 
51,136

 
—

 
37,076

Other expense (income):
 
 
 
 
 
 
 
 
 
Interest expense (income), net
41,624

 
(17,968
)
 
14,418

 
—

 
38,074

Intercompany royalty and technical service fees, net
(4,492
)
 
(5,295
)
 
9,787

 
—

 
—

Foreign currency and other (gain) loss, net
(18,934
)
 
18,854

 
4,175

 
—

 
4,095

Equity in earnings of subsidiaries
32,229

 
16,078

 
—

 
(48,307
)
 
—

(Loss) income before income tax (benefit) expense
(19,426
)
 
39,884

 
22,756

 
(48,307
)
 
(5,093
)
Income tax (benefit) expense
(8,421
)
 
7,465

 
6,868

 
—

 
5,912

Net (loss) income
$
(11,005
)
 
$
32,419

 
$
15,888

 
$
(48,307
)
 
$
(11,005
)

Condensed Consolidating
Statement of Operations
For the Eight Months Ended October 1, 2011
Successor
(In Thousands)
 
 
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net Sales
$
—

 
$
253,997

 
$
566,907

 
$
(9,912
)
 
$
810,992

Cost of goods sold
20

 
221,734

 
476,841

 
(9,912
)
 
688,683

Gross profit
(20
)
 
32,263

 
90,066

 
—

 
122,309

Selling, general and administrative expenses
25,571

 
17,954

 
54,813

 
—

 
98,338

Special charges, net
27,275

 
846

 
1,346

 
—

 
29,467

Other operating loss (income), net
695

 
(174
)
 
2,371

 
—

 
2,892

Operating (loss) income
(53,561
)
 
13,637

 
31,536

 
—

 
(8,388
)
Other expense (income):
 
 
 
 
 
 
 
 
 
Interest expense, net
50,963

 
(29,695
)
 
12,245

 
—

 
33,513

Intercompany royalty and technical service fees, net
(4,841
)
 
(5,811
)
 
10,652

 
—

 
—

Foreign currency and other loss, net
1,132

 
480

 
2,637

 
—

 
4,249

Equity in earnings of subsidiaries
37,850

 
(4,577
)
 
—

 
(33,273
)
 
—

(Loss) income before income tax expense and discontinued operations
(62,965
)
 
44,086

 
6,002

 
(33,273
)
 
(46,150
)
Income tax (benefit) expense
(8,215
)
 
6,151

 
3,678

 
—

 
1,614

(Loss) income before discontinued operations
(54,750
)
 
37,935

 
2,324

 
(33,273
)
 
(47,764
)
Loss from discontinued operations, net of tax
—

 
—

 
(6,192
)
 
—

 
(6,192
)
Loss on sale of discontinued operations
—

 
—

 
(735
)
 
—

 
(735
)
Net (loss) income
(54,750
)
 
37,935

 
(4,603
)
 
(33,273
)
 
(54,691
)
Net income attributable to noncontrolling interests
—

 
—

 
(59
)
 
—

 
(59
)
Net (loss) income attributable to Polymer Group, Inc.
$
(54,750
)
 
$
37,935

 
$
(4,662
)
 
$
(33,273
)
 
$
(54,750
)

Condensed Consolidating
Statement of Operations
For the One Month Ended January 28, 2011
Successor
(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

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
)
Schedule of Comprehensive Income (Loss)



Condensed Consolidating
Statement of Comprehensive Income
For the Three Months Ended September 29, 2012
Successor
(In Thousands)

 
PGI (Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net income (loss)
$
1,354

 
$
749

 
$
7,691

 
$
(8,440
)
 
$
1,354

Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
 
Unrealized currency translation adjustments
3,976

 
4,225

 
1,361

 
(5,586
)
 
3,976

Employee postretirement benefits
206

 
206

 
206

 
(412
)
 
206

Cash flow hedge adjustments
—

 
—

 
—

 
—

 
—

Total other comprehensive income (loss), net of tax
4,182

 
4,431

 
1,567

 
(5,998
)
 
4,182

Comprehensive income (loss)
5,536

 
5,180

 
9,258

 
(14,438
)
 
5,536

Comprehensive income attributable to non controlling interest
—

 
—

 
—

 
—

 
—

Comprehensive income (loss) attributable to Polymer Group, Inc.
$
5,536

 
$
5,180

 
$
9,258

 
$
(14,438
)
 
$
5,536




Condensed Consolidating
Statement of Comprehensive Income
For the Three Months Ended October 1, 2011
Successor
(In Thousands)

 
PGI (Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net (loss) income
$
(9,188
)
 
$
7,011

 
$
(1,645
)
 
$
(5,366
)
 
$
(9,188
)
Other comprehensive (loss) income, net of tax
 
 
 
 
 
 
 
 
 
Unrealized currency translation adjustments
(10,054
)
 
(9,583
)
 
(1,927
)
 
11,510

 
(10,054
)
Employee postretirement benefits
—

 
—

 
—

 
—

 
—

Cash flow hedge adjustments
—

 
—

 
—

 
—

 
—

Total other comprehensive (loss) income, net of tax
(10,054
)
 
(9,583
)
 
(1,927
)
 
11,510

 
(10,054
)
Comprehensive (loss) income
(19,242
)
 
(2,572
)
 
(3,572
)
 
6,144

 
(19,242
)
Comprehensive income attributable to non controlling interest
—

 
—

 
—

 
—

 
—

Comprehensive (loss) income attributable to Polymer Group, Inc.
$
(19,242
)
 
$
(2,572
)
 
$
(3,572
)
 
$
6,144

 
$
(19,242
)




Condensed Consolidating
Statement of Comprehensive Income
For the Nine Months Ended September 29, 2012
Successor
(In Thousands)

 
PGI (Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net (loss) income
$
(11,005
)
 
$
32,419

 
$
15,888

 
$
(48,307
)
 
$
(11,005
)
Other comprehensive (loss) income, net of tax
 
 
 
 
 
 
 
 
 
Unrealized currency translation adjustments
(1,292
)
 
185

 
18

 
(203
)
 
(1,292
)
Employee postretirement benefits
(42
)
 
(42
)
 
(42
)
 
84

 
(42
)
Cash flow hedge adjustments
—

 
—

 
—

 
—

 
—

Total other comprehensive (loss) income, net of tax
(1,334
)
 
143

 
(24
)
 
(119
)
 
(1,334
)
Comprehensive (loss) income
(12,339
)
 
32,562

 
15,864

 
(48,426
)
 
(12,339
)
Comprehensive income attributable to non controlling interest
—

 
—

 
—

 
—

 
—

Comprehensive (loss) income attributable to Polymer Group, Inc.
$
(12,339
)
 
$
32,562

 
$
15,864

 
$
(48,426
)
 
$
(12,339
)



Condensed Consolidating
Statement of Comprehensive Income
For the Eight Months Ended October 1, 2011
Successor
(In Thousands)

 
PGI (Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net (loss) income
$
(54,750
)
 
$
37,935

 
$
(4,603
)
 
$
(33,273
)
 
$
(54,691
)
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
 
Unrealized currency translation adjustments
1,848

 
34,084

 
7,381

 
(41,465
)
 
1,848

Employee postretirement benefits
—

 
(2,527
)
 
429

 
2,098

 
—

Cash flow hedge adjustments
—

 
—

 
—

 
—

 
—

Total other comprehensive income (loss), net of tax
1,848

 
31,557

 
7,810

 
(39,367
)
 
1,848

Comprehensive (loss) income
(52,902
)
 
69,492

 
3,207

 
(72,640
)
 
(52,843
)
Comprehensive income attributable to non controlling interest
—

 
—

 
(121
)
 
—

 
(121
)
Comprehensive (loss) income attributable to Polymer Group, Inc.
$
(52,902
)
 
$
69,492

 
$
3,086

 
$
(72,640
)
 
$
(52,964
)




Condensed Consolidating
Statement of Comprehensive Income
For the One Month Ended January 28, 2011
Successor
(In Thousands)

 
PGI (Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net (loss) income
$
(18,203
)
 
$
5,204

 
$
1,749

 
$
(6,870
)
 
$
(18,120
)
Other comprehensive (loss) income, net of tax
 
 
 
 
 
 
 
 
 
Unrealized currency translation adjustments
2,845

 
2,810

 
358

 
(3,168
)
 
2,845

Employee postretirement benefits
—

 
—

 
—

 
—

 
—

Cash flow hedge adjustments
183

 
—

 
—

 
—

 
183

Total other comprehensive (loss) income, net of tax
3,028

 
2,810

 
358

 
(3,168
)
 
3,028

Comprehensive (loss) income
(15,175
)
 
8,014

 
2,107

 
(10,038
)
 
(15,092
)
Comprehensive income attributable to non controlling interest
—

 
—

 
(83
)
 
—

 
(83
)
Comprehensive (loss) income attributable to Polymer Group, Inc.
$
(15,175
)
 
$
8,014

 
$
2,024

 
$
(10,038
)
 
$
(15,175
)
Condensed Consolidating Statement of Cash Flows
Condensed Consolidating
Statement of Cash Flows
For the Nine Months Ended September 29, 2012
Successor
(In Thousands)
 
 
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities
$
(73,342
)
 
$
70,705

 
$
58,267

 
$
—

 
$
55,630

Investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(20,399
)
 
(2,483
)
 
(17,264
)
 
—

 
(40,146
)
Proceeds from the sale of assets
—

 
1,646

 
11

 
—

 
1,657

Acquisition of intangibles and other
(175
)
 
—

 
—

 
—

 
(175
)
Intercompany investing activities, net
57,118

 
(37,389
)
 
(25,118
)
 
5,389

 
—

Net cash provided by (used in) investing activities
36,544

 
(38,226
)
 
(42,371
)
 
5,389

 
(38,664
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt
—

 
—

 
10,977

 
—

 
10,977

Proceeds from short-term borrowings
1,943

 
—

 
3,000

 
—

 
4,943

Repayment of long-term debt
(79
)
 
—

 
(3,170
)
 
—

 
(3,249
)
Repayment of short-term borrowings
(1,894
)
 
—

 
(5,000
)
 
—

 
(6,894
)
Intercompany financing activities, net
41,253

 
(23,530
)
 
(12,334
)
 
(5,389
)
 
—

Net cash (used in) provided by financing activities
41,223

 
(23,530
)
 
(6,527
)
 
(5,389
)
 
5,777

Effect of exchange rate changes on cash
—

 
—

 
(386
)
 
—

 
(386
)
Net increase in cash and cash equivalents
4,425

 
8,949

 
8,983

 
—

 
22,357

Cash and cash equivalents at beginning of period
3,135

 
14,574

 
55,033

 
—

 
72,742

Cash and cash equivalents at end of period
$
7,560

 
$
23,523

 
$
64,016

 
$
—

 
$
95,099


Condensed Consolidating
Statement of Cash Flows
For the Eight Months Ended October 1, 2011
Successor
(In Thousands)
 
 
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities
$
(35,808
)
 
$
16,186

 
$
19,658

 
$
—

 
$
36

Investing activities:
 
 
 
 
 
 
 
 
 
Acquisition of Polymer Group, Inc.
(403,496
)
 
—

 
—

 
—

 
(403,496
)
Purchases of property, plant and equipment
(18,957
)
 
(9,902
)
 
(24,897
)
 
—

 
(53,756
)
Proceeds from the sale of assets
—

 
85

 
10,925

 
—

 
11,010

Acquisition of noncontrolling interest
—

 
—

 
(7,246
)
 
—

 
(7,246
)
Acquisition of intangibles and other
(152
)
 
—

 
(16
)
 
—

 
(168
)
Intercompany investing activities, net
(2,581
)
 
18,007

 
(19,572
)
 
4,146

 
—

Net cash (used in) provided by investing activities
(425,186
)
 
8,190

 
(40,806
)
 
4,146

 
(453,656
)
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
—

 
—

 
10,281

 
—

 
10,281

Proceeds from short-term borrowings
—

 
—

 
5,245

 
—

 
5,245

Repayment of term loan
(286,470
)
 
—

 
—

 
—

 
(286,470
)
Repayment of long-term debt
(31,500
)
 
—

 
(18,633
)
 
—

 
(50,133
)
Repayment of short-term borrowings
(561
)
 
—

 
(34,313
)
 
—

 
(34,874
)
Loan acquisition costs
(19,252
)
 
—

 
—

 
—

 
(19,252
)
Intercompany financing activities, net
(17,856
)
 
(16,385
)
 
38,387

 
(4,146
)
 
—

Net cash provided by (used in) financing activities
464,226

 
(16,385
)
 
967

 
(4,146
)
 
444,662

Effect of exchange rate changes on cash
—

 
—

 
558

 
—

 
558

Net increase (decrease) in cash and cash equivalents
3,232

 
7,991

 
(19,623
)
 
—

 
(8,400
)
Cash and cash equivalents at beginning of period
42

 
3,210

 
67,519

 
—

 
70,771

Cash and cash equivalents at end of period
$
3,274

 
$
11,201

 
$
47,896

 
$
—

 
$
62,371


Condensed Consolidating
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
$
(40,725
)
 
$
6,886

 
$
8,569

 
$
—

 
$
(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
)
Intercompany investing activities, net
2,805

 
(5,250
)
 
(4,000
)
 
6,445

 
—

Net cash provided by (used in) investing activities
2,772

 
(10,837
)
 
(6,685
)
 
6,445

 
(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
)
Intercompany financing activities, net
5,250

 
2,872

 
(1,677
)
 
(6,445
)
 
—

Net cash provided by (used in) financing activities
37,381

 
2,872

 
(2,366
)
 
(6,445
)
 
31,442

Effect of exchange rate changes on cash
—

 
—

 
549

 
—

 
549

Net increase (decrease) 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