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Financial Guarantees and Condensed Consolidating Financial Statements (Tables)
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9 Months Ended |
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Sep. 28, 2013
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| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
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| Condensed Consolidating Balance Sheet |
Condensed Consolidating Balance Sheet As of September 28, 2013 | | | | | | | | | | | | | | | | | | | | | In thousands | PGI (Issuer) | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | ASSETS | | | | | | | | | | Current Assets: | | | | | | | | | | Cash and cash equivalents | $ | 1,535 |
| | $ | 11,975 |
| | $ | 61,168 |
| | $ | — |
| | $ | 74,678 |
| Accounts receivable, net | — |
| | 23,482 |
| | 120,462 |
| | — |
| | 143,944 |
| Inventories, net | (181 | ) | | 23,245 |
| | 79,366 |
| | — |
| | 102,430 |
| Deferred income taxes | — |
| | 613 |
| | 3,841 |
| | (613 | ) | | 3,841 |
| Other current assets | 5,773 |
| | 8,386 |
| | 25,206 |
| | — |
| | 39,365 |
| Total current assets | 7,127 |
| | 67,701 |
| | 290,043 |
| | (613 | ) | | 364,258 |
| Property, plant and equipment, net | 1,767 |
| | 92,529 |
| | 376,099 |
| | — |
| | 470,395 |
| Goodwill | — |
| | 20,718 |
| | 60,159 |
| | — |
| | 80,877 |
| Intangible assets, net | 21,922 |
| | 40,302 |
| | 14,476 |
| | — |
| | 76,700 |
| Net investment in and advances to (from) subsidiaries | 685,438 |
| | 797,496 |
| | (234,657 | ) | | (1,248,277 | ) | | — |
| Deferred income taxes | — |
| | — |
| | 1,650 |
| | — |
| | 1,650 |
| Other noncurrent assets | 300 |
| | 5,613 |
| | 20,889 |
| | — |
| | 26,802 |
| Total assets | $ | 716,554 |
| | $ | 1,024,359 |
| | $ | 528,659 |
| | $ | (1,248,890 | ) | | $ | 1,020,682 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | Current liabilities: | | | | | | | | | | Short-term borrowings | $ | 216 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 216 |
| Accounts payable and accrued liabilities | 26,455 |
| | 38,675 |
| | 141,092 |
| | — |
| | 206,222 |
| Income taxes payable | — |
| | — |
| | 1,587 |
| | — |
| | 1,587 |
| Deferred income taxes | (14 | ) | | — |
| | 19 |
| | 134 |
| | 139 |
| Current portion of long-term debt | 143 |
| | — |
| | 19,540 |
| | — |
| | 19,683 |
| Total current liabilities | 26,800 |
| | 38,675 |
| | 162,238 |
| | 134 |
| | 227,847 |
| Long-term debt | 560,152 |
| | — |
| | 32,337 |
| | — |
| | 592,489 |
| Deferred income taxes | 601 |
| | 9,045 |
| | 24,355 |
| | (747 | ) | | 33,254 |
| Other noncurrent liabilities | 1,876 |
| | 11,557 |
| | 26,534 |
| | — |
| | 39,967 |
| Total liabilities | 589,429 |
| | 59,277 |
| | 245,464 |
| | (613 | ) | | 893,557 |
| Common stock | — |
| | — |
| | 16,966 |
| | (16,966 | ) | | — |
| Other shareholders’ equity | 127,125 |
| | 965,082 |
| | 266,229 |
| | (1,231,311 | ) | | 127,125 |
| Total shareholders' equity | 127,125 |
| | 965,082 |
| | 283,195 |
| | (1,248,277 | ) | | 127,125 |
| Total liabilities and shareholders' equity | $ | 716,554 |
| | $ | 1,024,359 |
| | $ | 528,659 |
| | $ | (1,248,890 | ) | | $ | 1,020,682 |
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Condensed Consolidating Balance Sheet As of December 29, 2012 | | | | | | | | | | | | | | | | | | | | | In thousands | PGI (Issuer) | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | ASSETS | | | | | | | | | | Current Assets: | | | | | | | | | | Cash and cash equivalents | $ | 486 |
| | $ | 28,285 |
| | $ | 69,108 |
| | $ | — |
| | $ | 97,879 |
| Accounts receivable, net | — |
| | 22,350 |
| | 109,219 |
| | — |
| | 131,569 |
| Inventories, net | — |
| | 23,843 |
| | 71,121 |
| | — |
| | 94,964 |
| Deferred income taxes | — |
| | 613 |
| | 3,832 |
| | (613 | ) | | 3,832 |
| Other current assets | 1,821 |
| | 7,710 |
| | 23,883 |
| | — |
| | 33,414 |
| Total current assets | 2,307 |
| | 82,801 |
| | 277,163 |
| | (613 | ) | | 361,658 |
| Property, plant and equipment, net | 27,711 |
| | 99,660 |
| | 351,798 |
| | — |
| | 479,169 |
| Goodwill | — |
| | 20,718 |
| | 59,890 |
| | — |
| | 80,608 |
| Intangible assets, net | 24,313 |
| | 42,422 |
| | 8,928 |
| | — |
| | 75,663 |
| Net investment in and advances to (from) subsidiaries | 679,818 |
| | 723,861 |
| | (188,670 | ) | | (1,215,009 | ) | | — |
| Deferred income taxes | — |
| | — |
| | 945 |
| | — |
| | 945 |
| Other noncurrent assets | 275 |
| | 5,787 |
| | 17,964 |
| | — |
| | 24,026 |
| Total assets | $ | 734,424 |
| | $ | 975,249 |
| | $ | 528,018 |
| | $ | (1,215,622 | ) | | $ | 1,022,069 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | Current liabilities: | | | | | | | | | | Short-term borrowings | $ | 813 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 813 |
| Accounts payable and accrued liabilities | 28,511 |
| | 33,344 |
| | 135,050 |
| | — |
| | 196,905 |
| Income taxes payable | — |
| | 89 |
| | 3,752 |
| | — |
| | 3,841 |
| Deferred income taxes | 331 |
| | — |
| | 14 |
| | 134 |
| | 479 |
| Current portion of long-term debt | 107 |
| | — |
| | 19,370 |
| | — |
| | 19,477 |
| Total current liabilities | 29,762 |
| | 33,433 |
| | 158,186 |
| | 134 |
| | 221,515 |
| Long-term debt | 560,043 |
| | — |
| | 19,356 |
| | — |
| | 579,399 |
| Deferred income taxes | 273 |
| | 9,149 |
| | 24,506 |
| | (747 | ) | | 33,181 |
| Other noncurrent liabilities | 5,144 |
| | 15,540 |
| | 28,088 |
| | — |
| | 48,772 |
| Total liabilities | 595,222 |
| | 58,122 |
| | 230,136 |
| | (613 | ) | | 882,867 |
| Common stock | — |
| | — |
| | 36,083 |
| | (36,083 | ) | | — |
| Other shareholders’ equity | 139,202 |
| | 917,127 |
| | 261,799 |
| | (1,178,926 | ) | | 139,202 |
| Total shareholders' equity | 139,202 |
| | 917,127 |
| | 297,882 |
| | (1,215,009 | ) | | 139,202 |
| Total liabilities and shareholders' equity | $ | 734,424 |
| | $ | 975,249 |
| | $ | 528,018 |
| | $ | (1,215,622 | ) | | $ | 1,022,069 |
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| Condensed Consolidating Statement of Operations |
Condensed Consolidating Statement of Comprehensive Income (Loss) For the Three Months Ended September 28, 2013
| | | | | | | | | | | | | | | | | | | | | In thousands | PGI (Issuer) | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net sales | $ | — |
| | $ | 93,021 |
| | $ | 201,840 |
| | $ | (5,882 | ) | | $ | 288,979 |
| Cost of goods sold | (93 | ) | | (77,996 | ) | | (168,572 | ) | | 5,882 |
| | (240,779 | ) | Gross profit | (93 | ) | | 15,025 |
| | 33,268 |
| | — |
| | 48,200 |
| Selling, general and administrative expenses | (9,078 | ) | | (6,060 | ) | | (18,325 | ) | | — |
| | (33,463 | ) | Special charges, net | (6,539 | ) | | (37 | ) | | (517 | ) | | — |
| | (7,093 | ) | Other operating, net | 36 |
| | (92 | ) | | (615 | ) | | — |
| | (671 | ) | Operating income (loss) | (15,674 | ) | | 8,836 |
| | 13,811 |
| | — |
| | 6,973 |
| Other income (expense): | | | | | | | | | | Interest expense | (14,800 | ) | | 6,924 |
| | (5,309 | ) | | — |
| | (13,185 | ) | Intercompany royalty and technical service fees | 1,425 |
| | 1,681 |
| | (3,106 | ) | | — |
| | — |
| Foreign currency and other, net | 2,815 |
| | (5 | ) | | (512 | ) | | — |
| | 2,298 |
| Equity in earnings of subsidiaries | 15,695 |
| | 989 |
| | — |
| | (16,684 | ) | | — |
| Income (loss) before income taxes | (10,539 | ) | | 18,425 |
| | 4,884 |
| | (16,684 | ) | | (3,914 | ) | Income tax (provision) benefit | 2,272 |
| | (2,815 | ) | | (3,810 | ) | | — |
| | (4,353 | ) | Net income (loss) | $ | (8,267 | ) | | $ | 15,610 |
| | $ | 1,074 |
| | $ | (16,684 | ) | | $ | (8,267 | ) | Comprehensive income (loss) | $ | (3,272 | ) | | $ | 23,413 |
| | $ | 1,603 |
| | $ | (25,016 | ) | | $ | (3,272 | ) |
Condensed Consolidating Statement of Comprehensive Income (Loss) For the Three Months Ended September 29, 2012
| | | | | | | | | | | | | | | | | | | | | 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, net | (7 | ) | | 19 |
| | 223 |
| | — |
| | 235 |
| Operating income (loss) | (9,895 | ) | | 8,804 |
| | 18,524 |
| | — |
| | 17,433 |
| Other income (expense): | | | | | | | | | | Interest expense | (12,485 | ) | | 4,690 |
| | (4,692 | ) | | — |
| | (12,487 | ) | Intercompany royalty and technical service fees | 1,563 |
| | 1,853 |
| | (3,416 | ) | | — |
| | — |
| Foreign currency and other, net | 18,932 |
| | (19,092 | ) | | (839 | ) | | — |
| | (999 | ) | Equity in earnings of subsidiaries | 686 |
| | 7,754 |
| | — |
| | (8,440 | ) | | — |
| Income (loss) before income taxes | (1,199 | ) | | 4,009 |
| | 9,577 |
| | (8,440 | ) | | 3,947 |
| Income tax (provision) benefit | 2,553 |
| | (3,260 | ) | | (1,886 | ) | | — |
| | (2,593 | ) | Net income (loss) | $ | 1,354 |
| | $ | 749 |
| | $ | 7,691 |
| | $ | (8,440 | ) | | $ | 1,354 |
| Comprehensive income (loss) | $ | 5,536 |
| | $ | 5,180 |
| | $ | 9,258 |
| | $ | (14,438 | ) | | $ | 5,536 |
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Condensed Consolidating Statement of Comprehensive Income (Loss) For the Nine Months Ended September 28, 2013 | | | | | | | | | | | | | | | | | | | | | In thousands | PGI (Issuer) | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net sales | $ | — |
| | $ | 275,850 |
| | $ | 607,758 |
| | $ | (16,009 | ) | | $ | 867,599 |
| Cost of goods sold | (129 | ) | | (234,710 | ) | | (504,313 | ) | | 16,009 |
| | (723,143 | ) | Gross profit | (129 | ) | | 41,140 |
| | 103,445 |
| | — |
| | 144,456 |
| Selling, general and administrative expenses | (33,053 | ) | | (17,824 | ) | | (56,299 | ) | | — |
| | (107,176 | ) | Special charges, net | (8,364 | ) | | (176 | ) | | (2,107 | ) | | — |
| | (10,647 | ) | Other operating, net | 55 |
| | (313 | ) | | (1,717 | ) | | — |
| | (1,975 | ) | Operating income (loss) | (41,491 | ) | | 22,827 |
| | 43,322 |
| | — |
| | 24,658 |
| Other income (expense): | | | | | | | | | | Interest expense | (37,274 | ) | | 13,111 |
| | (13,429 | ) | | — |
| | (37,592 | ) | Intercompany royalty and technical service fees | 4,181 |
| | 4,985 |
| | (9,166 | ) | | — |
| | — |
| Foreign currency and other, net | 2,815 |
| | (252 | ) | | (2,585 | ) | | — |
| | (22 | ) | Equity in earnings of subsidiaries | 42,848 |
| | 6,679 |
| | — |
| | (49,527 | ) | | — |
| Income (loss) before income taxes | (28,921 | ) | | 47,350 |
| | 18,142 |
| | (49,527 | ) | | (12,956 | ) | Income tax (provision) benefit | 6,521 |
| | (4,502 | ) | | (11,463 | ) | | — |
| | (9,444 | ) | Net income (loss) | $ | (22,400 | ) | | $ | 42,848 |
| | $ | 6,679 |
| | $ | (49,527 | ) | | $ | (22,400 | ) | Comprehensive income (loss) | $ | (18,652 | ) | | $ | 48,449 |
| | $ | 6,939 |
| | $ | (55,388 | ) | | $ | (18,652 | ) |
Condensed Consolidating Statement of Comprehensive Income (Loss) For the Nine Months Ended September 29, 2012 | | | | | | | | | | | | | | | | | | | | | 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, net | 3 |
| | 240 |
| | 511 |
| | — |
| | 754 |
| Operating income (loss) | (33,457 | ) | | 19,397 |
| | 51,136 |
| | — |
| | 37,076 |
| Other income (expense): | | | | | | | | | | Interest expense | (41,624 | ) | | 17,968 |
| | (14,418 | ) | | — |
| | (38,074 | ) | Intercompany royalty and technical service fees | 4,492 |
| | 5,295 |
| | (9,787 | ) | | — |
| | — |
| Foreign currency and other, net | 18,934 |
| | (18,854 | ) | | (4,175 | ) | | — |
| | (4,095 | ) | Equity in earnings of subsidiaries | 32,229 |
| | 16,078 |
| | — |
| | (48,307 | ) | | — |
| Income (loss) before income taxes | (19,426 | ) | | 39,884 |
| | 22,756 |
| | (48,307 | ) | | (5,093 | ) | Income tax (provision) benefit | 8,421 |
| | (7,465 | ) | | (6,868 | ) | | — |
| | (5,912 | ) | Net income (loss) | $ | (11,005 | ) | | $ | 32,419 |
| | $ | 15,888 |
| | $ | (48,307 | ) | | $ | (11,005 | ) | Comprehensive income (loss) | $ | (12,339 | ) | | $ | 32,562 |
| | $ | 15,864 |
| | $ | (48,426 | ) | | $ | (12,339 | ) |
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| Condensed Consolidating Statement of Cash Flows |
Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 28, 2013 | | | | | | | | | | | | | | | | | | | | | In thousands | PGI (Issuer) | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net cash provided by (used in) operating activities | $ | (42,502 | ) | | $ | 46,834 |
| | $ | (226 | ) | | $ | — |
| | $ | 4,106 |
| Investing activities: | | | | | | | | | | Purchases of property, plant and equipment | (23,703 | ) | | (2,663 | ) | | (9,133 | ) | | — |
| | (35,499 | ) | Proceeds from the sale of assets | — |
| | — |
| | 25 |
| | — |
| | 25 |
| Acquisition of intangibles and other | (260 | ) | | — |
| | (4,226 | ) | | — |
| | (4,486 | ) | Intercompany investing activities, net | 6,408 |
| | (59,073 | ) | | (5,000 | ) | | 57,665 |
| | — |
| Net cash provided by (used in) investing activities | (17,555 | ) | | (61,736 | ) | | (18,334 | ) | | 57,665 |
| | (39,960 | ) | Financing activities: | | | | | | | | | | Proceeds from long-term borrowings | 234 |
| | — |
| | 18,256 |
| | — |
| | 18,490 |
| Proceeds from short-term borrowings | 1,879 |
| | — |
| | — |
| | — |
| | 1,879 |
| Repayment of long-term borrowings | (109 | ) | | — |
| | (5,157 | ) | | — |
| | (5,266 | ) | Repayment of short-term borrowings | (2,476 | ) | | — |
| | — |
| | — |
| | (2,476 | ) | Issuance of common stock | (222 | ) | | — |
| | — |
| | — |
| | (222 | ) | Intercompany financing activities, net | 61,800 |
| | (1,408 | ) | | (2,727 | ) | | (57,665 | ) | | — |
| Net cash provided by (used in) financing activities | 61,106 |
| | (1,408 | ) | | 10,372 |
| | (57,665 | ) | | 12,405 |
| Effect of exchange rate changes on cash | — |
| | — |
| | 248 |
| | — |
| | 248 |
| Net change in cash and cash equivalents | 1,049 |
| | (16,310 | ) | | (7,940 | ) | | — |
| | (23,201 | ) | Cash and cash equivalents at beginning of period | 486 |
| | 28,285 |
| | 69,108 |
| | — |
| | 97,879 |
| Cash and cash equivalents at end of period | $ | 1,535 |
| | $ | 11,975 |
| | $ | 61,168 |
| | $ | — |
| | $ | 74,678 |
|
Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 29, 2012 | | | | | | | | | | | | | | | | | | | | | In thousands | PGI (Issuer) | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net cash provided by (used in) 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 borrowings | — |
| | — |
| | 10,977 |
| | — |
| | 10,977 |
| Proceeds from short-term borrowings | 1,943 |
| | — |
| | 3,000 |
| | — |
| | 4,943 |
| Repayment of long-term borrowings | (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 provided by (used in) financing activities | 41,223 |
| | (23,530 | ) | | (6,527 | ) | | (5,389 | ) | | 5,777 |
| Effect of exchange rate changes on cash | — |
| | — |
| | (386 | ) | | — |
| | (386 | ) | Net change 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 |
|
|