Financial Guarantees and Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

As of March 31, 2015

In thousands	PGI (Issuer)			Guarantors		Non-Guarantors			Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	3,026		$	91,898	$	65,677		$	—		$	160,601
Accounts receivable, net	—			48,403		203,478			—			251,881
Inventories, net	—			56,117		101,659			(760		)	157,016
Deferred income taxes	—			3,081		15,904			(3,027		)	15,958
Other current assets	10,595			16,748		52,032			—			79,375
Total current assets	13,621			216,247		438,750			(3,787		)	664,831
Property, plant and equipment, net	5,229			199,584		602,431			—			807,244
Goodwill	—			55,999		145,348			—			201,347
Intangible assets, net	32,688			116,595		22,693			—			171,976
Net investment in and advances to (from) subsidiaries	1,389,585			429,901		(774,303		)	(1,045,183		)	—
Deferred income taxes	2,315			—		19,337			(1,579		)	20,073
Other noncurrent assets	281			7,273		28,736			—			36,290
Total assets	$	1,443,719		$	1,025,599	$	482,992		$	(1,050,549	)	$	1,901,761
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	$	1,139		$	—	$	24,603		$	—		$	25,742
Accounts payable and accrued liabilities	36,928			55,903		189,077			—			281,908
Income taxes payable	169			756		6,794			—			7,719
Deferred income taxes	2,896			—		10,162			(2,159		)	10,899
Current portion of long-term debt	7,145			—		16,249			—			23,394
Total current liabilities	48,277			56,659		246,885			(2,159		)	349,662
Long-term debt	1,408,345			—		18,026			—			1,426,371
Deferred income taxes	—			14,699		25,316			(2,447		)	37,568
Other noncurrent liabilities	258			36,257		64,216			—			100,731
Total liabilities	1,456,880			107,615		354,443			(4,606		)	1,914,332
Redeemable noncontrolling interest	76,584			—		—			—			76,584
Common stock	—			—		16,966			(16,966		)	—
Polymer Group, Inc. shareholders’ equity	(89,745		)	917,984		110,993			(1,028,977		)	(89,745		)
Noncontrolling interest	—			—		590			—			590
Total equity	(89,745		)	917,984		128,549			(1,045,943		)	(89,155		)
Total liabilities, redeemable noncontrolling interest and equity	$	1,443,719		$	1,025,599	$	482,992		$	(1,050,549	)	$	1,901,761

Condensed Consolidating Balance Sheet

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 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		)	—
Polymer Group, Inc. shareholders’ equity	(24,355		)	954,646		150,414			(1,105,060		)	(24,355		)
Noncontrolling interest	—			—		554			—			554
Total equity	(24,355		)	954,646		167,934			(1,122,026		)	(23,801		)
Total liabilities and equity	$	1,524,968		$	1,073,920	$	563,066		$	(1,126,781	)	$	2,035,173

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Three Months Ended March 31, 2015

In thousands	PGI (Issuer)			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net sales	$	—		$	141,800		$	327,774		$	(8,336	)	$	461,238
Cost of goods sold	—			(108,769		)	(255,387		)	8,336			(355,820		)
Gross profit	—			33,031			72,387			—			105,418
Selling, general and administrative expenses	(15,991		)	(13,206		)	(35,792		)	—			(64,989		)
Special charges, net	(2,682		)	(738		)	(2,602		)	—			(6,022		)
Other operating, net	264			(564		)	1,723			—			1,423
Operating income (loss)	(18,409		)	18,523			35,716			—			35,830
Other income (expense):
Interest expense	(16,251		)	(1,898		)	(9,484		)	—			(27,633		)
Intercompany royalty and technical service fees	2,105			1,559			(3,664		)	—			—
Foreign currency and other, net	(2,888		)	879			(41,914		)	—			(43,923		)
Equity in earnings of subsidiaries	(7,971		)	(23,585		)	—			31,556			—
Income (loss) before income taxes	(43,414		)	(4,522		)	(19,346		)	31,556			(35,726		)
Income tax (provision) benefit	3,456			(3,812		)	(4,192		)	—			(4,548		)
Net income (loss)	(39,958		)	(8,334		)	(23,538		)	31,556			(40,274		)
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest	—			—			(316		)	—			(316		)
Net income (loss) attributable to Polymer Group, Inc.	$	(39,958	)	$	(8,334	)	$	(23,222	)	$	31,556		$	(39,958	)
Comprehensive income (loss) attributable to Polymer Group, Inc.	$	(68,636	)	$	(37,363	)	$	(39,423	)	$	76,786		$	(68,636	)

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		)	(122,587		)	(238,474		)	12,979			(348,119		)
Gross profit	(37		)	26,309			48,193			—			74,465
Selling, general and administrative expenses	(10,930		)	(13,551		)	(31,053		)	—			(55,534		)
Special charges, net	(3,965		)	(532		)	(4,214		)	—			(8,711		)
Other operating, net	12			(212		)	(869		)	—			(1,069		)
Operating income (loss)	(14,920		)	12,014			12,057			—			9,151
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	8,285			(8,162		)	—			(123		)	—
Income (loss) before income taxes	(13,071		)	13,141			(3,743		)	(123		)	(3,796		)
Income tax (provision) benefit	3,591			(4,914		)	(4,377		)	—			(5,700		)
Net income (loss)	(9,480		)	8,227			(8,120		)	(123		)	(9,496		)
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest	—			—			(16		)	—			(16		)
Net income (loss) attributable to Polymer Group, Inc.	$	(9,480	)	$	8,227		$	(8,104	)	$	(123	)	$	(9,480	)
Comprehensive income (loss) attributable to Polymer Group, Inc.	$	(7,793	)	$	9,725		$	(6,060	)	$	(3,665	)	$	(7,793	)

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2015

In thousands	PGI (Issuer)			Guarantors			Non-Guarantors			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	(33,186	)	$	5,433		$	27,224		$	—		$	(529	)
Investing activities:
Purchases of property, plant and equipment	(186		)	(3,237		)	(7,587		)	—			(11,010		)
Proceeds from the sale of assets	—			—			532			—			532
Acquisition of intangibles and other	(113		)	—			—			—			(113		)
Intercompany investing activities, net	2,845			15,803			—			(18,648		)	—
Net cash provided by (used in) investing activities	2,546			12,566			(7,055		)	(18,648		)	(10,591		)
Financing activities:
Proceeds from long-term borrowings	—			—			15			—			15
Proceeds from short-term borrowings	869			—			18,105			—			18,974
Repayment of long-term borrowings	(1,788		)	—			(9,997		)	—			(11,785		)
Repayment of short-term borrowings	(135		)	—			(8,813		)	—			(8,948		)
Intercompany financing activities, net	—			(2,845		)	(15,803		)	18,648			—
Net cash provided by (used in) financing activities	(1,054		)	(2,845		)	(16,493		)	18,648			(1,744		)
Effect of exchange rate changes on cash	—			—			(5,026		)	—			(5,026		)
Net change in cash and cash equivalents	(31,694		)	15,154			(1,350		)	—			(17,890		)
Cash and cash equivalents at beginning of period	34,720			76,744			67,027			—			178,491
Cash and cash equivalents at end of period	$	3,026		$	91,898		$	65,677		$	—		$	160,601

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