Shareholders' Equity

12 Months Ended

Dec. 29, 2012

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

In connection with the Merger on January 28, 2011, all existing shares of Polymer Group, Inc's common and preferred stock were canceled and converted into the right to redeem for a portion of the merger consideration. In addition, Blackstone, along with certain members of the Company's management, contributed $259.9 million through the purchase of Holdings. In accordance with push-down accounting, the basis in these shares of common stock has been pushed down from Holdings to the Company. Amounts related to Blackstone and certain board members are recorded in Additional paid-in capital. The remaining portion, related to certain members of the Company's management, are recorded in Other noncurrent liabilities as they contain a three-year call option feature. Subsequent to January 28, 2011, certain members of the Company's management and certain board members purchased common stock of Holdings. In addition, the Company has repurchased common stock from former employees. At December 29, 2012, the net amount purchased was $1.0 million and accordingly, the Company recorded the basis in these shares as additional paid-in capital or as a noncurrent liability, as necessary.

Common Stock

The authorized share capital of the Company is $10, consisting of 1,000 shares, par value $0.01 per share. As of December 29, 2012, Scorpio Acquisition Corporation owns 100% of the Company's issued and outstanding common stock.

The Company did not pay any dividends during fiscal years 2012 or 2011. The Company intends to retain future earnings, if any, to finance the further expansion and continued growth of the business. In addition, our indebtedness obligations limit certain restricted payments, which include dividends payable in cash, unless certain conditions are met.

Accumulated Other Comprehensive Income (Loss)

The components of Accumulated other comprehensive income (loss) are as follows:

In thousands	December 29, 2012			December 31, 2011
Currency translation	$	(1,003	)	$	(3,290	)
Employee benefit plans, net of tax of ($896) as of December 29, 2012 and ($881) as of December 31, 2011	(13,766		)	6,161
Change in the fair value of cash flow hedges, net of tax	—			—
Total	$	(14,769	)	$	2,871