v2.4.0.8

Financial Guarantees and Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Mar. 29, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of March 29, 2014
In thousands | PGI (Issuer) |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 764 |  |  | $ | 10,342 |  |  | $ | 48,534 |  |  | $ | — |  |  | $ | 59,640 |
Accounts receivable, net | — |  |  | 46,349 |  |  | 166,952 |  |  | — |  |  | 213,301 |
Inventories, net | (199 | ) |  | 46,210 |  |  | 106,271 |  |  | — |  |  | 152,282 |
Deferred income taxes | 385 |  |  | 2,438 |  |  | 3,023 |  |  | (2,823 | ) |  | 3,023 |
Other current assets | 15,620 |  |  | 14,499 |  |  | 46,508 |  |  | — |  |  | 76,627 |
Total current assets | 16,570 |  |  | 119,838 |  |  | 371,288 |  |  | (2,823 | ) |  | 504,873 |
Property, plant and equipment, net | 3,068 |  |  | 175,713 |  |  | 432,235 |  |  | — |  |  | 611,016 |
Goodwill | — |  |  | 43,161 |  |  | 77,144 |  |  | — |  |  | 120,305 |
Intangible assets, net | 30,270 |  |  | 110,619 |  |  | 23,516 |  |  | — |  |  | 164,405 |
Net investment in and advances to (from) subsidiaries | 975,032 |  |  | 623,322 |  |  | (356,982 | ) |  | (1,241,372 | ) |  | — |
Deferred income taxes | — |  |  | — |  |  | 2,499 |  |  | — |  |  | 2,499 |
Other noncurrent assets | 295 |  |  | 8,199 |  |  | 18,445 |  |  | — |  |  | 26,939 |
Total assets | $ | 1,025,235 |  |  | $ | 1,080,852 |  |  | $ | 568,145 |  |  | $ | (1,244,195 | ) |  | $ | 1,430,037 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | 956 |  |  | $ | — |  |  | $ | 7,191 |  |  | $ | — |  |  | $ | 8,147 |
Accounts payable and accrued liabilities | 28,869 |  |  | 63,660 |  |  | 209,565 |  |  | — |  |  | 302,094 |
Income taxes payable | 500 |  |  | — |  |  | 3,071 |  |  | — |  |  | 3,571 |
Deferred income taxes | — |  |  | — |  |  | 48 |  |  | 1,147 |  |  | 1,195 |
Current portion of long-term debt | 3,015 |  |  | — |  |  | 9,318 |  |  | — |  |  | 12,333 |
Total current liabilities | 33,340 |  |  | 63,660 |  |  | 229,193 |  |  | 1,147 |  |  | 327,340 |
Long-term debt | 850,822 |  |  | — |  |  | 27,834 |  |  | — |  |  | 878,656 |
Deferred income taxes | 971 |  |  | 8,054 |  |  | 18,575 |  |  | (3,968 | ) |  | 23,632 |
Other noncurrent liabilities | 355 |  |  | 30,810 |  |  | 28,644 |  |  | — |  |  | 59,809 |
Total liabilities | 885,488 |  |  | 102,524 |  |  | 304,246 |  |  | (2,821 | ) |  | 1,289,437 |
Common stock | — |  |  | — |  |  | 16,966 |  |  | (16,966 | ) |  | — |
Polymer Group, Inc. shareholders’ equity | 139,747 |  |  | 978,328 |  |  | 246,080 |  |  | (1,224,408 | ) |  | 139,747 |
Noncontrolling interests | — |  |  | — |  |  | 853 |  |  | — |  |  | 853 |
Total equity | 139,747 |  |  | 978,328 |  |  | 263,899 |  |  | (1,241,374 | ) |  | 140,600 |
Total liabilities and equity | $ | 1,025,235 |  |  | $ | 1,080,852 |  |  | $ | 568,145 |  |  | $ | (1,244,195 | ) |  | $ | 1,430,037 |
Condensed Consolidating Balance Sheet As of December 28, 2013
In thousands | PGI (Issuer) |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,068 |  |  | $ | 13,103 |  |  | $ | 70,893 |  |  | $ | — |  |  | $ | 86,064 |
Accounts receivable, net | — |  |  | 46,828 |  |  | 147,999 |  |  | — |  |  | 194,827 |
Inventories, net | — |  |  | 46,595 |  |  | 109,770 |  |  | — |  |  | 156,365 |
Deferred income taxes | 385 |  |  | 2,438 |  |  | 2,318 |  |  | (2,823 | ) |  | 2,318 |
Other current assets | 1,887 |  |  | 12,696 |  |  | 44,513 |  |  | — |  |  | 59,096 |
Total current assets | 4,340 |  |  | 121,660 |  |  | 375,493 |  |  | (2,823 | ) |  | 498,670 |
Property, plant and equipment, net | 2,756 |  |  | 176,380 |  |  | 444,143 |  |  | — |  |  | 623,279 |
Goodwill | — |  |  | 43,182 |  |  | 76,961 |  |  | — |  |  | 120,143 |
Intangible assets, net | 31,525 |  |  | 112,026 |  |  | 24,628 |  |  | — |  |  | 168,179 |
Net investment in and advances to (from) subsidiaries | 1,000,551 |  |  | 615,314 |  |  | (363,414 | ) |  | (1,252,451 | ) |  | — |
Deferred income taxes | — |  |  | — |  |  | 2,582 |  |  | — |  |  | 2,582 |
Other noncurrent assets | 298 |  |  | 8,869 |  |  | 16,885 |  |  | — |  |  | 26,052 |
Total assets | $ | 1,039,470 |  |  | $ | 1,077,431 |  |  | $ | 577,278 |  |  | $ | (1,255,274 | ) |  | $ | 1,438,905 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | 410 |  |  | $ | — |  |  | $ | 2,062 |  |  | $ | — |  |  | $ | 2,472 |
Accounts payable and accrued liabilities | 36,510 |  |  | 61,950 |  |  | 209,201 |  |  | — |  |  | 307,661 |
Income taxes payable | 369 |  |  | — |  |  | 3,244 |  |  | — |  |  | 3,613 |
Deferred income taxes | — |  |  | — |  |  | 375 |  |  | 1,148 |  |  | 1,523 |
Current portion of long-term debt | 3,039 |  |  | — |  |  | 10,758 |  |  | — |  |  | 13,797 |
Total current liabilities | 40,328 |  |  | 61,950 |  |  | 225,640 |  |  | 1,148 |  |  | 329,066 |
Long-term debt | 850,767 |  |  | — |  |  | 29,632 |  |  | — |  |  | 880,399 |
Deferred income taxes | 974 |  |  | 8,053 |  |  | 16,104 |  |  | (3,970 | ) |  | 21,161 |
Other noncurrent liabilities | 1,810 |  |  | 31,372 |  |  | 28,663 |  |  | — |  |  | 61,845 |
Total liabilities | 893,879 |  |  | 101,375 |  |  | 300,039 |  |  | (2,822 | ) |  | 1,292,471 |
Common stock | — |  |  | — |  |  | 16,966 |  |  | (16,966 | ) |  | — |
Polymer Group, Inc. shareholders’ equity | 145,591 |  |  | 976,056 |  |  | 259,430 |  |  | (1,235,486 | ) |  | 145,591 |
Noncontrolling interests | — |  |  | — |  |  | 843 |  |  | — |  |  | 843 |
Total equity | 145,591 |  |  | 976,056 |  |  | 277,239 |  |  | (1,252,452 | ) |  | 146,434 |
Total liabilities and equity | $ | 1,039,470 |  |  | $ | 1,077,431 |  |  | $ | 577,278 |  |  | $ | (1,255,274 | ) |  | $ | 1,438,905 |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Comprehensive Income (Loss) For the Three Months Ended March 29, 2014
In thousands | PGI (Issuer) |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 148,896 |  |  | $ | 286,667 |  |  | $ | (12,979 | ) |  | $ | 422,584 |
Cost of goods sold | (37 | ) |  | (122,419 | ) |  | (238,471 | ) |  | 12,979 |  |  | (347,948 | )
Gross profit | (37 | ) |  | 26,477 |  |  | 48,196 |  |  | — |  |  | 74,636 |
Selling, general and administrative expenses | (10,930 | ) |  | (14,036 | ) |  | (31,053 | ) |  | — |  |  | (56,019 | )
Special charges, net | (3,965 | ) |  | (532 | ) |  | (4,214 | ) |  | — |  |  | (8,711 | )
Other operating, net | 12 |  |  | (212 | ) |  | (869 | ) |  | — |  |  | (1,069 | )
Operating income (loss) | (14,920 | ) |  | 11,697 |  |  | 12,060 |  |  | — |  |  | 8,837 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (19,931 | ) |  | 7,083 |  |  | (5,058 | ) |  | — |  |  | (17,906 | )
Intercompany royalty and technical service fees | 2,695 |  |  | 1,653 |  |  | (4,348 | ) |  | — |  |  | — |
Foreign currency and other, net | 10,800 |  |  | 553 |  |  | (6,394 | ) |  | — |  |  | 4,959 |
Equity in earnings of subsidiaries | 7,971 |  |  | (8,165 | ) |  | — |  |  | 194 |  |  | — |
Income (loss) before income taxes | (13,385 | ) |  | 12,821 |  |  | (3,740 | ) |  | 194 |  |  | (4,110 | )
Income tax (provision) benefit | 3,591 |  |  | (4,914 | ) |  | (4,377 | ) |  | — |  |  | (5,700 | )
Net income (loss) | (9,794 | ) |  | 7,907 |  |  | (8,117 | ) |  | 194 |  |  | (9,810 | )
Less: Earnings attributable to noncontrolling interests | — |  |  | — |  |  | (16 | ) |  | — |  |  | (16 | )
Net income (loss) attributable to Polymer Group, Inc. | $ | (9,794 | ) |  | $ | 7,907 |  |  | $ | (8,101 | ) |  | $ | 194 |  |  | $ | (9,794 | )
Comprehensive income (loss) attributable to Polymer Group, Inc. | $ | (8,107 | ) |  | $ | 9,405 |  |  | $ | (6,057 | ) |  | $ | (3,348 | ) |  | $ | (8,107 | )
Condensed Consolidating Statement of Comprehensive Income (Loss) For the Three Months Ended March 30, 2013
In thousands | PGI (Issuer) |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 93,012 |  |  | $ | 199,529 |  |  | $ | (5,459 | ) |  | $ | 287,082 |
Cost of goods sold | (25 | ) |  | (81,846 | ) |  | (164,804 | ) |  | 5,459 |  |  | (241,216 | )
Gross profit | (25 | ) |  | 11,166 |  |  | 34,725 |  |  | — |  |  | 45,866 |
Selling, general and administrative expenses | (9,644 | ) |  | (5,760 | ) |  | (18,938 | ) |  | — |  |  | (34,342 | )
Special charges, net | (1,354 | ) |  | (37 | ) |  | (413 | ) |  | — |  |  | (1,804 | )
Other operating, net | 2 |  |  | (76 | ) |  | (266 | ) |  | — |  |  | (340 | )
Operating income (loss) | (11,021 | ) |  | 5,293 |  |  | 15,108 |  |  | — |  |  | 9,380 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (10,228 | ) |  | 3,101 |  |  | (4,957 | ) |  | — |  |  | (12,084 | )
Intercompany royalty and technical service fees | 1,327 |  |  | 1,607 |  |  | (2,934 | ) |  | — |  |  | — |
Foreign currency and other, net | (2 | ) |  | (97 | ) |  | (1,321 | ) |  | — |  |  | (1,420 | )
Equity in earnings of subsidiaries | 11,524 |  |  | 3,817 |  |  | — |  |  | (15,341 | ) |  | — |
Income (loss) before income taxes | (8,400 | ) |  | 13,721 |  |  | 5,896 |  |  | (15,341 | ) |  | (4,124 | )
Income tax (provision) benefit | 2,173 |  |  | (2,145 | ) |  | (2,131 | ) |  | — |  |  | (2,103 | )
Net income (loss) | $ | (6,227 | ) |  | $ | 11,576 |  |  | $ | 3,765 |  |  | $ | (15,341 | ) |  | $ | (6,227 | )
Comprehensive income (loss) attributable to Polymer Group, Inc. | $ | (9,903 | ) |  | $ | 16,102 |  |  | $ | 5,384 |  |  | $ | (21,486 | ) |  | $ | (9,903 | )
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 29, 2014
In thousands | PGI (Issuer) |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | (35,352 | ) |  | $ | 30,624 |  |  | $ | (9,861 | ) |  | $ | — |  |  | $ | (14,589 | )
Investing activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (746 | ) |  | (5,795 | ) |  | (7,574 | ) |  | — |  |  | (14,115 | )
Acquisition of intangibles and other | (57 | ) |  | — |  |  | — |  |  | — |  |  | (57 | )
Intercompany investing activities, net | 11,035 |  |  | (16,505 | ) |  | 50 |  |  | 5,420 |  |  | — |
Net cash provided by (used in) investing activities | 10,232 |  |  | (22,300 | ) |  | (7,524 | ) |  | 5,420 |  |  | (14,172 | )
Financing activities: |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | 3,000 |  |  | — |  |  | 152 |  |  | — |  |  | 3,152 |
Proceeds from short-term borrowings | 1,024 |  |  | — |  |  | 6,582 |  |  | — |  |  | 7,606 |
Repayment of long-term borrowings | (3,898 | ) |  | — |  |  | (2,062 | ) |  | — |  |  | (5,960 | )
Repayment of short-term borrowings | (478 | ) |  | — |  |  | (1,471 | ) |  | — |  |  | (1,949 | )
Intercompany financing activities, net | 24,168 |  |  | (11,085 | ) |  | (7,663 | ) |  | (5,420 | ) |  | — |
Net cash provided by (used in) financing activities | 23,816 |  |  | (11,085 | ) |  | (4,462 | ) |  | (5,420 | ) |  | 2,849 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (512 | ) |  | — |  |  | (512 | )
Net change in cash and cash equivalents | (1,304 | ) |  | (2,761 | ) |  | (22,359 | ) |  | — |  |  | (26,424 | )
Cash and cash equivalents at beginning of period | 2,068 |  |  | 13,103 |  |  | 70,893 |  |  | — |  |  | 86,064 |
Cash and cash equivalents at end of period | $ | 764 |  |  | $ | 10,342 |  |  | $ | 48,534 |  |  | $ | — |  |  | $ | 59,640 |
Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 30, 2013
In thousands | PGI (Issuer) |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | (15,118 | ) |  | $ | 16,397 |  |  | $ | (15,990 | ) |  | $ | — |  |  | $ | (14,711 | )
Investing activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (10,592 | ) |  | (682 | ) |  | (3,043 | ) |  | — |  |  | (14,317 | )
Proceeds from the sale of assets | — |  |  | — |  |  | 11 |  |  | — |  |  | 11 |
Acquisition of intangibles and other | (53 | ) |  | — |  |  | — |  |  | — |  |  | (53 | )
Intercompany investing activities, net | 5,766 |  |  | (23,000 | ) |  | — |  |  | 17,234 |  |  | — |
Net cash provided by (used in) investing activities | (4,879 | ) |  | (23,682 | ) |  | (3,032 | ) |  | 17,234 |  |  | (14,359 | )
Financing activities: |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | — |  |  | — |  |  | 6,666 |  |  | — |  |  | 6,666 |
Proceeds from short-term borrowings | 1,446 |  |  | — |  |  | — |  |  | — |  |  | 1,446 |
Repayment of long-term borrowings | (27 | ) |  | — |  |  | (885 | ) |  | — |  |  | (912 | )
Repayment of short-term borrowings | (848 | ) |  | — |  |  | — |  |  | — |  |  | (848 | )
Intercompany financing activities, net | 23,000 |  |  | (5,766 | ) |  | — |  |  | (17,234 | ) |  | — |
Net cash provided by (used in) financing activities | 23,571 |  |  | (5,766 | ) |  | 5,781 |  |  | (17,234 | ) |  | 6,352 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (534 | ) |  | — |  |  | (534 | )
Net change in cash and cash equivalents | 3,574 |  |  | (13,051 | ) |  | (13,775 | ) |  | — |  |  | (23,252 | )
Cash and cash equivalents at beginning of period | 486 |  |  | 28,285 |  |  | 69,108 |  |  | — |  |  | 97,879 |
Cash and cash equivalents at end of period | $ | 4,060 |  |  | $ | 15,234 |  |  | $ | 55,333 |  |  | $ | — |  |  | $ | 74,627 |

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