Financial Guarantees and Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 28, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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 SHAREHOLDERS' 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		)	—
Other shareholders’ equity	145,591		976,056		259,430			(1,235,486		)	145,591
Noncontrolling interests	—		—		843			—			843
Total shareholders' equity	145,591		976,056		277,239			(1,252,452		)	146,434
Total liabilities and shareholders' equity	$	1,039,470	$	1,077,431	$	577,278		$	(1,255,274	)	$	1,438,905

Successor 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 Statement of Operations

Successor Condensed Consolidating Statement of Operations

For the Fiscal Year Ended December 28, 2013



In thousands	PGI (Issuer)			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	—		$	392,212		$	844,997		$	(22,347	)	$	1,214,862
Cost of goods sold	(103		)	(334,032		)	(706,668		)	22,347			(1,018,456		)
Gross profit	(103		)	58,180			138,329			—			196,406
Selling, general and administrative expenses	(44,835		)	(28,968		)	(79,609		)	—			(153,412		)
Special charges, net	(22,080		)	(1,381		)	(9,727		)	—			(33,188		)
Other operating, net	34			(442		)	(2,104		)	—			(2,512		)
Operating income (loss)	(66,984		)	27,389			46,889			—			7,294
Other income (expense):
Interest expense	(51,558		)	14,655			(19,071		)	—			(55,974		)
Intercompany royalty and technical service fees	20,405			(4,445		)	(15,960		)	—			—
Foreign currency and other, net	(2,959		)	(246		)	(8,980		)	—			(12,185		)
Equity in earnings of subsidiaries	50,968			(1,179		)	—			(49,789		)	—
Income (loss) before income taxes	(50,128		)	36,174			2,878			(49,789		)	(60,865		)
Income tax (provision) benefit	11,890			14,745			(4,042		)	—			22,593
Net income (loss)	(38,238		)	50,919			(1,164		)	(49,789		)	(38,272		)
Less: Earnings attributable to noncontrolling interests	—			—			(34		)	—			(34		)
Net income (loss) attributable to Polymer Group, Inc.	$	(38,238	)	$	50,919		$	(1,130	)	$	(49,789	)	$	(38,238	)
Comprehensive income (loss)	$	(31,575	)	$	61,378		$	(810	)	$	(60,568	)	$	(31,575	)

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		$	(3,081	)	$	(50,271	)	$	(73,362	)

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		$	2,024		$	(10,038	)	$	(15,175	)

Condensed Consolidating Statement of Cash Flows

For the Fiscal Year Ended December 28, 2013



In thousands	PGI (Issuer)			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	(97,500	)	$	64,440		$	49,910		$	—		$	16,850
Investing activities:
Purchases of property, plant and equipment	(1,356		)	(9,841		)	(43,445		)	—			(54,642		)
Proceeds from the sale of assets	—			—			435			—			435
Acquisition of intangibles and other	(356		)	—			(4,226		)	—			(4,582		)
Acquisitions, net of cash acquired	(278,970		)	—			—			—			(278,970		)
Intercompany investing activities, net	(12,783		)	(81,373		)	(15,000		)	109,156			—
Net cash provided by (used in) investing activities	(293,465		)	(91,214		)	(62,236		)	109,156			(337,759		)
Financing activities:
Issuance of common stock	30,504			—			—			—			30,504
Proceeds from long-term borrowings	612,602			—			17,397			—			629,999
Proceeds from short-term borrowings	2,216			—			1,871			—			4,087
Repayment of long-term borrowings	(318,154		)	—			(19,525		)	—			(337,679		)
Repayment of short-term borrowings	(2,619		)	—			—			—			(2,619		)
Loan acquisition costs	(16,102		)	—			—			—			(16,102		)
Intercompany financing activities, net	84,100			11,592			13,464			(109,156		)	—
Net cash provided by (used in) financing activities	392,547			11,592			13,207			(109,156		)	308,190
Effect of exchange rate changes on cash	—			—			904			—			904
Net change in cash and cash equivalents	1,582			(15,182		)	1,785			—			(11,815		)
Cash and cash equivalents at beginning of period	486			28,285			69,108			—			97,879
Cash and cash equivalents at end of period	$	2,068		$	13,103		$	70,893		$	—		$	86,064

Successor 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:
Issuance of common stock	1,087			—			—			—			1,087
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		)
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 (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 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