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Financial Guarantees and Condensed Consolidating Financial Statements (Tables)
12 Months Ended
Dec. 29, 2012
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
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


Condensed Consolidating Balance Sheet
As of December 31, 2011
 
In thousands
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
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

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
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 shareholders' equity
187,297

 
960,992

 
295,176

 
(1,256,168
)
 
187,297

Total liabilities and shareholders' equity
$
780,730

 
$
1,013,796

 
$
521,607

 
$
(1,255,555
)
 
$
1,060,578

Condensed Consolidating Statement of Operations

 










Successor Condensed Consolidating Statement of Operations
For the Fiscal Year Ended December 29, 2012
 
In thousands
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net sales
$

 
$
367,548

 
$
808,134

 
$
(20,519
)
 
$
1,155,163

Cost of goods sold
131

 
(319,537
)
 
(659,030
)
 
20,519

 
(957,917
)
Gross profit
131

 
48,011

 
149,104

 

 
197,246

Selling, general and administrative expenses
(40,053
)
 
(24,190
)
 
(76,533
)
 

 
(140,776
)
Special charges, net
(8,515
)
 
(2,305
)
 
(8,772
)
 

 
(19,592
)
Other operating, net
5

 
264

 
18

 

 
287

Operating income (loss)
(48,432
)
 
21,780

 
63,817

 

 
37,165

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(52,090
)
 
21,192

 
(19,516
)
 

 
(50,414
)
Intercompany royalty and technical service fees
17,097

 
(4,132
)
 
(12,965
)
 

 

Foreign currency and other, net
18,938

 
(18,901
)
 
(5,171
)
 

 
(5,134
)
Equity in earnings of subsidiaries
32,077

 
19,260

 

 
(51,337
)
 

Income (loss) before income taxes
(32,410
)
 
39,199

 
26,165

 
(51,337
)
 
(18,383
)
Income tax (provision) benefit
6,372

 
(5,886
)
 
(8,141
)
 

 
(7,655
)
Net income (loss)
$
(26,038
)
 
$
33,313

 
$
18,024

 
$
(51,337
)
 
$
(26,038
)
Comprehensive income (loss)
$
(43,678
)
 
$
17,536

 
$
481

 
$
(18,017
)
 
$
(43,678
)

Successor Condensed Consolidating Statement of Operations
For the Eleven Months Ended December 31, 2011
 
In thousands
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net sales
$

 
$
338,009

 
$
777,759

 
$
(12,839
)
 
$
1,102,929

Cost of goods sold
(70
)
 
(296,226
)
 
(649,066
)
 
12,839

 
(932,523
)
Gross profit
(70
)
 
41,783

 
128,693

 

 
170,406

Selling, general and administrative expenses
(35,025
)
 
(23,943
)
 
(75,515
)
 

 
(134,483
)
Special charges, net
(29,316
)
 
(3,102
)
 
(8,927
)
 

 
(41,345
)
Other operating, net
(696
)
 
360

 
(2,298
)
 

 
(2,634
)
Operating income (loss)
(65,107
)
 
15,098

 
41,953

 

 
(8,056
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(38,240
)
 
16,206

 
(24,375
)
 

 
(46,409
)
Intercompany royalty and technical service fees
6,543

 
7,845

 
(14,388
)
 

 

Foreign currency and other, net
(15,478
)
 
(718
)
 
(2,440
)
 

 
(18,636
)
Equity in earnings of subsidiaries
20,939

 
(19,608
)
 

 
(1,331
)
 

Income (loss) before income taxes
(91,343
)
 
18,823

 
750

 
(1,331
)
 
(73,101
)
Income tax (provision) benefit
15,172

 
1,868

 
(13,768
)
 

 
3,272

Income (loss) from continuing operations
(76,171
)
 
20,691

 
(13,018
)
 
(1,331
)
 
(69,829
)
Discontinued operations, net of tax

 

 
(6,283
)
 

 
(6,283
)
Net income (loss)
(76,171
)
 
20,691

 
(19,301
)
 
(1,331
)
 
(76,112
)
Less: Earnings attributable to noncontrolling interests

 

 
59

 

 
59

Net income (loss) attributable to PGI
$
(76,171
)
 
$
20,691

 
$
(19,360
)
 
$
(1,331
)
 
$
(76,171
)
Comprehensive income (loss)
$
(73,300
)
 
$
53,290

 
$
(2,960
)
 
$
(50,271
)
 
$
(73,241
)

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

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, net
1

 
42

 
521

 

 
564

Operating income (loss)
(22,539
)
 
2,464

 
4,326

 

 
(15,749
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(1,859
)
 
1,176

 
(1,239
)
 

 
(1,922
)
Intercompany royalty and technical service fees
546

 
683

 
(1,229
)
 

 

Foreign currency and other, net
(28
)
 
(85
)
 
31

 

 
(82
)
Equity in earnings of subsidiaries
5,198

 
1,672

 

 
(6,870
)
 

Income (loss) before income taxes
(18,682
)
 
5,910

 
1,889

 
(6,870
)
 
(17,753
)
Income tax (provision) benefit
479

 
(706
)
 
(322
)
 

 
(549
)
Income (loss) from continuing operations
(18,203
)
 
5,204

 
1,567

 
(6,870
)
 
(18,302
)
Discontinued operations, net of tax

 

 
182

 

 
182

Net income (loss)
(18,203
)
 
5,204

 
1,749

 
(6,870
)
 
(18,120
)
Less: Earnings attributable to noncontrolling interests

 

 
83

 

 
83

Net income (loss) attributable to PGI
$
(18,203
)
 
$
5,204

 
$
1,666

 
$
(6,870
)
 
$
(18,203
)
Comprehensive income (loss)
$
(15,175
)
 
$
8,014

 
$
2,107

 
$
(10,038
)
 
$
(15,092
)

Predecessor Condensed Consolidating Statement of Operations
For the Fiscal Year Ended January 1, 2011

In thousands
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net sales
$

 
$
340,407

 
$
782,397

 
$
(16,593
)
 
$
1,106,211

Cost of goods sold

 
(293,071
)
 
(619,841
)
 
16,593

 
(896,319
)
Gross profit

 
47,336

 
162,556

 

 
209,892

Selling, general and administrative expenses
(38,888
)
 
(21,364
)
 
(81,209
)
 

 
(141,461
)
Special charges, net
(8,035
)
 
(7,372
)
 
(2,586
)
 

 
(17,993
)
Acquisition and integration
(160
)
 

 
(1,582
)
 

 
(1,742
)
Other operating, net

 
389

 
426

 

 
815

Operating income (loss)
(47,083
)
 
18,989

 
77,605

 

 
49,511

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(31,768
)
 
18,325

 
(18,285
)
 

 
(31,728
)
Intercompany royalty and technical service fees
6,391

 
7,734

 
(14,125
)
 

 

Foreign currency and other, net
1,634

 
(284
)
 
(2,804
)
 

 
(1,454
)
Equity in earnings of subsidiaries
64,757

 
29,174

 

 
(93,931
)
 

Income (loss) before income taxes
(6,069
)
 
73,938

 
42,391

 
(93,931
)
 
16,329

Income tax (provision) benefit
16,476

 
(9,000
)
 
(12,010
)
 

 
(4,534
)
Income (loss) from continuing operations
10,407

 
64,938

 
30,381

 
(93,931
)
 
11,795

Discontinued operations, net of tax

 

 
(765
)
 

 
(765
)
Net income (loss)
10,407

 
64,938

 
29,616

 
(93,931
)
 
11,030

Less: Earnings attributable to noncontrolling interests

 

 
623

 

 
623

Net income (loss) attributable to PGI
$
10,407

 
$
64,938

 
$
28,993

 
$
(93,931
)
 
$
10,407

Comprehensive income (loss)
$
12,855

 
$
58,963

 
$
38,062

 
$
(96,147
)
 
$
13,733

Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
For the Fiscal Year Ended December 29, 2012
 
In thousands
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(81,186
)
 
$
77,313

 
$
79,344

 
$

 
$
75,471

Investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(26,043
)
 
(4,021
)
 
(21,561
)
 

 
(51,625
)
Proceeds from the sale of assets

 
1,646

 
14

 

 
1,660

Acquisition of intangibles and other
(268
)
 

 

 

 
(268
)
Intercompany investing activities, net
57,118

 
(37,797
)
 
(25,218
)
 
5,897

 

Net cash provided by (used in) investing activities
30,807

 
(40,172
)
 
(46,765
)
 
5,897

 
(50,233
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from long-term borrowings

 

 
10,977

 

 
10,977

Proceeds from short-term borrowings
2,725

 

 
3,000

 

 
5,725

Repayment of long-term borrowings
(107
)
 

 
(7,571
)
 

 
(7,678
)
Repayment of short-term borrowings
(1,933
)
 

 
(8,000
)
 

 
(9,933
)
Loan acquisition costs
(220
)
 

 

 

 
(220
)
Issuance of common stock
1,087

 

 

 

 
1,087

Intercompany financing activities, net
46,178

 
(23,430
)
 
(16,851
)
 
(5,897
)
 

Net cash provided by (used in) financing activities
47,730

 
(23,430
)
 
(18,445
)
 
(5,897
)
 
(42
)
Effect of exchange rate changes on cash

 

 
(59
)
 

 
(59
)
Net change in cash and cash equivalents
(2,649
)
 
13,711

 
14,075

 

 
25,137

Cash and cash equivalents at beginning of period
3,135

 
14,574

 
55,033

 

 
72,742

Cash and cash equivalents at end of period
$
486

 
$
28,285

 
$
69,108

 
$

 
$
97,879


Successor Condensed Consolidating Statement of Cash Flows
For the Eleven Months Ended December 31, 2011
 
In thousands
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(39,211
)
 
$
27,013

 
$
36,315

 
$

 
$
24,117

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

 

 

 
(403,496
)
Purchases of property, plant and equipment
(21,599
)
 
(11,183
)
 
(35,646
)
 

 
(68,428
)
Proceeds from the sale of assets

 
85

 
11,310

 

 
11,395

Acquisition of noncontrolling interest

 

 
(7,246
)
 

 
(7,246
)
Acquisition of intangibles and other
(177
)
 

 
(16
)
 

 
(193
)
Intercompany investing activities, net
3,519

 
15,434

 
(20,572
)
 
1,619

 

Net cash provided by (used in) investing activities
(421,753
)
 
4,336

 
(52,170
)
 
1,619

 
(467,968
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from Issuance of Senior Notes
560,000

 

 

 

 
560,000

Issuance of common stock
259,807

 

 

 

 
259,807

Proceeds from long-term borrowings

 

 
10,281

 

 
10,281

Proceeds from short-term borrowings

 

 
8,245

 

 
8,245

Repayment of Term Loan
(286,470
)
 

 

 

 
(286,470
)
Repayment of long-term borrowings
(31,541
)
 

 
(19,504
)
 

 
(51,045
)
Repayment of short-term borrowings
(631
)
 

 
(35,825
)
 

 
(36,456
)
Loan acquisition costs
(19,252
)
 

 

 

 
(19,252
)
Intercompany financing activities, net
(17,856
)
 
(19,985
)
 
39,460

 
(1,619
)
 

Net cash provided by (used in) financing activities
464,057

 
(19,985
)
 
2,657

 
(1,619
)
 
445,110

Effect of exchange rate changes on cash

 

 
712

 

 
712

Net change in cash and cash equivalents
3,093

 
11,364

 
(12,486
)
 

 
1,971

Cash and cash equivalents at beginning of period
42

 
3,210

 
67,519

 

 
70,771

Cash and cash equivalents at end of period
$
3,135

 
$
14,574

 
$
55,033

 
$

 
$
72,742


Predecessor Condensed Consolidating Statement of Cash Flows
For the One Month Ended January 28, 2011

In thousands
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) 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 borrowings
31,500

 

 

 

 
31,500

Proceeds from short-term borrowings
631

 

 

 

 
631

Repayment of long-term borrowings

 

 
(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 change 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


Predecessor Condensed Consolidating Statement of Cash Flows
For the Fiscal Year Ended January 1, 2011

In thousands
PGI
(Issuer)
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities
$
(53,105
)
 
$
42,866

 
$
73,483

 
$

 
$
63,244

Investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(15,799
)
 
(11,774
)
 
(17,610
)
 

 
(45,183
)
Proceeds from the sale of assets

 
993

 
3,370

 

 
4,363

Acquisition of intangibles and other
(316
)
 

 
(140
)
 

 
(456
)
Intercompany investing activities, net
28,900

 
(44,046
)
 
(38,981
)
 
54,127

 

Net cash provided by (used in) investing activities
12,785

 
(54,827
)
 
(53,361
)
 
54,127

 
(41,276
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from long-term borrowings
18,000

 

 
10,086

 

 
28,086

Proceeds from short-term borrowings
1,218

 

 
16,641

 

 
17,859

Repayment of Term Loan
(3,999
)
 

 

 

 
(3,999
)
Repayment of long-term borrowings
(18,000
)
 

 
(12,880
)
 

 
(30,880
)
Repayment of short-term borrowings
(1,501
)
 

 
(17,924
)
 

 
(19,425
)
Loan acquisition costs
(166
)
 

 

 

 
(166
)
Other financing, net
439

 

 

 

 
439

Intercompany financing activities, net
44,209

 
12,055

 
(2,137
)
 
(54,127
)
 

Net cash provided by (used in) financing activities
40,200

 
12,055

 
(6,214
)
 
(54,127
)
 
(8,086
)
Effect of exchange rate changes on cash

 

 
579

 

 
579

Net change in cash and cash equivalents
(120
)
 
94

 
14,487

 

 
14,461

Cash and cash equivalents at beginning of period
734

 
4,195

 
52,965

 

 
57,894

Cash and cash equivalents at end of period
$
614

 
$
4,289

 
$
67,452

 
$

 
$
72,355