Financial Guarantees and Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheets

As of December 31, 2014



In thousands	PGI (Issuer)			Guarantors		Non-Guarantors			Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	34,720		$	76,744	$	67,027		$	—		$	178,491
Accounts receivable, net	—			39,504		208,223			—			247,727
Inventories, net	—			54,044		120,775			(1,118		)	173,701
Deferred income taxes	—			3,279		16,523			(3,026		)	16,776
Other current assets	10,465			19,250		59,406			—			89,121
Total current assets	45,185			192,821		471,954			(4,144		)	705,816
Property, plant and equipment, net	5,445			204,800		659,985			—			870,230
Goodwill	—			55,999		164,555			—			220,554
Intangible assets, net	34,529			118,283		26,099			—			178,911
Net investment in and advances to (from) subsidiaries	1,437,946			494,906		(811,794		)	(1,121,058		)	—
Deferred income taxes	1,578			—		18,232			(1,579		)	18,231
Other noncurrent assets	285			7,111		34,035			—			41,431
Total assets	$	1,524,968		$	1,073,920	$	563,066		$	(1,126,781	)	$	2,035,173
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings	$	405		$	—	$	17,260		$	—		$	17,665
Accounts payable and accrued liabilities	39,529			64,552		217,232			—			321,313
Income taxes payable	223			2,986		6,427			—			9,636
Deferred income taxes	2,322			—		10,216			(2,321		)	10,217
Current portion of long-term debt	7,143			—		24,749			—			31,892
Total current liabilities	49,622			67,538		275,884			(2,321		)	390,723
Long-term debt	1,410,059			—		23,224			—			1,433,283
Deferred income taxes	—			14,897		23,760			(2,434		)	36,223
Other noncurrent liabilities	461			36,839		72,264			—			109,564
Total liabilities	1,460,142			119,274		395,132			(4,755		)	1,969,793
Redeemable noncontrolling interest	89,181			—		—			—			89,181
Common stock	—			—		16,966			(16,966		)	—
Other shareholders’ equity	(24,355		)	954,646		150,414			(1,105,060		)	(24,355		)
Noncontrolling interests	—			—		554			—			554
Total shareholders' equity	(24,355		)	954,646		167,934			(1,122,026		)	(23,801		)
Total liabilities and shareholders' equity	$	1,524,968		$	1,073,920	$	563,066		$	(1,126,781	)	$	2,035,173

Condensed Consolidating Balance Sheets

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	—		46,428		109,646			—			156,074
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		121,493		375,369			(2,823		)	498,379
Property, plant and equipment, net	2,756		207,256		442,768			—			652,780
Goodwill	—		54,683		60,645			—			115,328
Intangible assets, net	31,525		125,146		12,728			—			169,399
Net investment in and advances to (from) subsidiaries	1,013,856		615,314		(363,414		)	(1,265,756		)	—
Deferred income taxes	—		—		2,582			—			2,582
Other noncurrent assets	298		8,869		16,885			—			26,052
Total assets	$	1,052,775	$	1,132,761	$	547,563		$	(1,268,579	)	$	1,464,520
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings	$	410	$	—	$	2,062		$	—		$	2,472
Accounts payable and accrued liabilities	36,510		61,950		209,271			—			307,731
Income taxes payable	369		—		3,244			—			3,613
Deferred income taxes	—		—		194			1,148			1,342
Current portion of long-term debt	3,039		—		10,758			—			13,797
Total current liabilities	40,328		61,950		225,529			1,148			328,955
Long-term debt	850,767		—		29,632			—			880,399
Deferred income taxes	974		12,543		23,689			(3,970		)	33,236
Other noncurrent liabilities	1,810		31,718		28,663			—			62,191
Total liabilities	893,879		106,211		307,513			(2,822		)	1,304,781
Common stock	—		—		16,966			(16,966		)	—
Other shareholders’ equity	158,896		1,026,550		222,241			(1,248,791		)	158,896
Noncontrolling interests	—		—		843			—			843
Total shareholders' equity	158,896		1,026,550		240,050			(1,265,757		)	159,739
Total liabilities and shareholders' equity	$	1,052,775	$	1,132,761	$	547,563		$	(1,268,579	)	$	1,464,520

Condensed Consolidating Statement of Operations

Condensed Consolidating Statements of Operations

For the Fiscal Year Ended December 31, 2014



In thousands	PGI (Issuer)			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	—		$	594,464		$	1,303,006		$	(37,556	)	$	1,859,914
Cost of goods sold	(583		)	(478,465		)	(1,084,914		)	37,556			(1,526,406		)
Gross profit	(583		)	115,999			218,092			—			333,508
Selling, general and administrative expenses	(51,197		)	(55,105		)	(147,978		)	—			(254,280		)
Special charges, net	(24,177		)	(3,277		)	(31,731		)	—			(59,185		)
Other operating, net	298			473			(2,616		)	—			(1,845		)
Operating income (loss)	(75,659		)	58,090			35,767			—			18,198
Other income (expense):
Interest expense	(74,389		)	11,678			(33,442		)	—			(96,153		)
Debt modification and extinguishment costs	(13,350		)	—			(2,375		)	—			(15,725		)
Intercompany royalty and technical service fees	13,904			(10,918		)	(2,986		)	—			—
Foreign currency and other, net	12,460			894			(40,437		)	—			(27,083		)
Equity in earnings of subsidiaries	9,646			(34,131		)	—			24,485			—
Income (loss) before income taxes	(127,388		)	25,613			(43,473		)	24,485			(120,763		)
Income tax (provision) benefit	12,091			(16,064		)	5,496			—			1,523
Net income (loss)	(115,297		)	9,549			(37,977		)	24,485			(119,240		)
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest	—			—			(3,943		)	—			(3,943		)
Net income (loss) attributable to Polymer Group, Inc.	$	(115,297	)	$	9,549		$	(34,034	)	$	24,485		$	(115,297	)
Comprehensive income (loss)	$	(166,355	)	$	(41,779	)	$	(56,270	)	$	98,049		$	(166,355	)

Condensed Consolidating Statements 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		)	(334,278		)	(706,772		)	22,347			(1,018,806		)
Gross profit	(103		)	57,934			138,225			—			196,056
Selling, general and administrative expenses	(44,835		)	(28,744		)	(79,609		)	—			(153,188		)
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		)	27,367			46,785			—			7,168
Other income (expense):
Interest expense	(51,558		)	14,655			(19,071		)	—			(55,974		)
Debt modification and extinguishment costs	(3,334		)	—			—			—			(3,334		)
Intercompany royalty and technical service fees	20,405			(4,445		)	(15,960		)	—			—
Foreign currency and other, net	375			(246		)	(8,980		)	—			(8,851		)
Equity in earnings of subsidiaries	64,273			(1,179		)	—			(63,094		)	—
Income (loss) before income taxes	(36,823		)	36,152			2,774			(63,094		)	(60,991		)
Income tax (provision) benefit	11,890			28,758			(4,624		)	—			36,024
Net income (loss)	(24,933		)	64,910			(1,850		)	(63,094		)	(24,967		)
Less: Earnings attributable to noncontrolling interest	—			—			(34		)	—			(34		)
Net income (loss) attributable to Polymer Group, Inc.	(24,933		)	64,910			(1,816		)	(63,094		)	(24,933		)
Comprehensive income (loss)	$	(18,270	)	$	75,369		$	(1,496	)	$	(73,873	)	$	(18,270	)

Condensed Consolidating Statements 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	)

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statements of Cash Flows

For the Fiscal Year Ended December 31, 2014



In thousands	PGI (Issuer)			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	(249,860	)	$	165,527		$	133,481		$	—		$	49,148
Investing activities:
Purchases of property, plant and equipment	(3,964		)	(32,731		)	(45,762		)	—			(82,457		)
Proceeds from the sale of assets	—			—			2,306			—			2,306
Acquisition of intangibles and other	(250		)	—			—			—			(250		)
Acquisitions, net of cash acquired	—			—			(356,281		)	—			(356,281		)
Intercompany investing activities, net	(333,910		)	(443,791		)	791			776,910			—
Net cash provided by (used in) investing activities	(338,124		)	(476,522		)	(398,946		)	776,910			(436,682		)
Financing activities:
Issuance of common stock	750			—			—			—			750
Proceeds from long-term borrowings	628,000			—			135			—			628,135
Proceeds from short-term borrowings	1,691			—			30,400			—			32,091
Repayment of long-term borrowings	(65,085		)	—			(66,368		)	—			(131,453		)
Repayment of short-term borrowings	(1,696		)	—			(15,113		)	—			(16,809		)
Loan acquisition costs	(21,283		)	—			—			—			(21,283		)
Debt modification costs	(1,680		)	—			(2,375		)	—			(4,055		)
Intercompany financing activities, net	79,939			374,636			322,335			(776,910		)	—
Net cash provided by (used in) financing activities	620,636			374,636			269,014			(776,910		)	487,376
Effect of exchange rate changes on cash	—			—			(7,415		)	—			(7,415		)
Net change in cash and cash equivalents	32,652			63,641			(3,866		)	—			92,427
Cash and cash equivalents at beginning of period	2,068			13,103			70,893			—			86,064
Cash and cash equivalents at end of period	$	34,720		$	76,744		$	67,027		$	—		$	178,491

Condensed Consolidating Statements 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

Condensed Consolidating Statements 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