XML 22 R79.htm IDEA: XBRL DOCUMENT v3.2.0.727
Financial Guarantees and Condensed Consolidating Balance Sheet (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 28, 2014
Jun. 30, 2015
Jun. 28, 2014
Dec. 31, 2014
Dec. 28, 2013
Condensed Financial Statements, Captions [Line Items]            
Sales Revenue, Goods, Net $ 457,694 $ 439,898 $ 918,932 $ 862,482    
Long-term Debt, Current Maturities 31,779   31,779   $ 31,892  
Other Liabilities, Noncurrent 61,693   61,693   67,124  
Liabilities 1,995,352   1,995,352   1,969,793  
Redeemable noncontrolling interest 82,130   82,130   89,181  
Liabilities, Current 358,745   358,745   390,723  
Current assets:            
Cash and cash equivalents 187,251 211,196 187,251 211,196 178,491 $ 86,064
Accounts receivable, net 251,018   251,018   247,727  
Inventories, net 149,582   149,582   173,701  
Deferred income taxes 11,858   11,858   16,776  
Other current assets 81,156   81,156   89,121  
Total current assets 680,865   680,865   705,816  
Property, plant and equipment, net of accumulated depreciation of $285,648 and $230,681, respectively 854,887   854,887   870,230  
Goodwill 218,861   218,861   220,554  
Intangible assets, net 182,573   182,573   178,911  
Net investment in and advances to (from) subsidiaries 0   0   0  
Deferred income taxes 17,500   17,500   18,231  
Other noncurrent assets 36,758   36,758   41,431  
Total assets 1,991,444   1,991,444   2,035,173  
Current liabilities:            
Common stock 0   0   0  
Total Polymer Group, Inc. shareholders' equity (86,427)   (86,427)   (24,355)  
Noncontrolling interest 389   389   554  
Total equity (deficit) (86,038)   (86,038)   (23,801)  
Total liabilities and equity 1,991,444   1,991,444   2,035,173  
Short-term borrowings 36,761   36,761   17,665  
Long-term Debt, Excluding Current Maturities 1,486,695   1,486,695   1,433,283  
Deferred Tax Liabilities, Net, Noncurrent 50,092   50,092   36,223  
Accounts Payable and Accrued Liabilities, Current 271,898   271,898   321,313  
Accrued Income Taxes, Current 9,514   9,514   9,636  
Deferred Tax Liabilities, Net, Current 8,793   8,793   10,217  
Cost of Goods Sold 352,170 353,312 707,990 701,431    
Gross Profit 105,524 86,586 210,942 161,051    
Selling, General and Administrative Expense 66,175 64,169 131,164 119,703    
Special Charges Net (6,613) (24,264) (12,635) (32,975)    
Other Cost and Expense, Operating 189 3,855 (1,234) 4,924    
Operating income (loss): 32,547 (5,702) 68,377 3,449    
Interest Expense 27,011 20,917 54,644 38,823    
Intercompany Royalty and Technical Service Fees Net 0 0        
Foreign currency and other, net 3,217 10,003 (40,706) 14,962    
Equity in earnings of subsidiaries 0 0        
Income (loss) before income taxes (4,251) (27,354) (39,977) (31,150)    
Income Tax Expense (Benefit) 3,317 (5,413) 7,865 287    
Net income (loss) (7,568) (21,941) (47,842) (31,437)    
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest 1,176 (2,277) 860 (2,293)    
Net income (loss) attributable to AVINTIV Specialty Materials Inc. (8,744) (19,664) (48,702) (29,144)    
Comprehensive income (loss) attributable to Polymer Group, Inc. 5,483 (17,661) (63,153) (25,454)    
Issuer            
Condensed Financial Statements, Captions [Line Items]            
Sales Revenue, Goods, Net 0 0        
Long-term Debt, Current Maturities 9,976   9,976   7,143  
Other Liabilities, Noncurrent 256   256   461  
Liabilities 1,529,697   1,529,697   1,460,142  
Redeemable noncontrolling interest 82,130   82,130   89,181  
Liabilities, Current 43,930   43,930   49,622  
Current assets:            
Cash and cash equivalents 153 296 153 296 34,720 2,068
Accounts receivable, net 0   0   0  
Inventories, net 0   0   0  
Deferred income taxes 0   0   0  
Other current assets 15,664   15,664   10,465  
Total current assets 15,817   15,817   45,185  
Property, plant and equipment, net of accumulated depreciation of $285,648 and $230,681, respectively 6,011   6,011   5,445  
Goodwill 0   0   0  
Intangible assets, net 28,586   28,586   34,529  
Net investment in and advances to (from) subsidiaries 1,472,392   1,472,392   1,437,946  
Deferred income taxes 2,315   2,315   1,578  
Other noncurrent assets 279   279   285  
Total assets 1,525,400   1,525,400   1,524,968  
Current liabilities:            
Common stock 0   0   0  
Total Polymer Group, Inc. shareholders' equity (86,427)   (86,427)   (24,355)  
Noncontrolling interest 0   0   0  
Total equity (deficit) (86,427)   (86,427)   (24,355)  
Total liabilities and equity 1,525,400   1,525,400   1,524,968  
Short-term borrowings 977   977   405  
Long-term Debt, Excluding Current Maturities 1,485,511   1,485,511   1,410,059  
Deferred Tax Liabilities, Net, Noncurrent 0   0   0  
Accounts Payable and Accrued Liabilities, Current 30,029   30,029   39,529  
Accrued Income Taxes, Current 52   52   223  
Deferred Tax Liabilities, Net, Current 2,896   2,896   2,322  
Cost of Goods Sold 0 93        
Gross Profit 0 (93)        
Selling, General and Administrative Expense 15,278 12,101        
Special Charges Net (2,142) (14,972)        
Other Cost and Expense, Operating 44 0        
Operating income (loss): (17,464) (27,166)        
Interest Expense 20,867 13,487        
Intercompany Royalty and Technical Service Fees Net (1,947) 9,893        
Foreign currency and other, net 526 12,117        
Equity in earnings of subsidiaries 38,282 26,163        
Income (loss) before income taxes (10,580) (23,004)        
Income Tax Expense (Benefit) (1,836) (3,340)        
Net income (loss) (8,744) (19,664)        
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest 0 0        
Net income (loss) attributable to AVINTIV Specialty Materials Inc. (8,744) (19,664)        
Comprehensive income (loss) attributable to Polymer Group, Inc. 5,483 (17,661)        
Guarantors            
Condensed Financial Statements, Captions [Line Items]            
Sales Revenue, Goods, Net 140,017 147,350        
Long-term Debt, Current Maturities 0   0   0  
Other Liabilities, Noncurrent 35,445   35,445   36,839  
Liabilities 100,354   100,354   119,274  
Redeemable noncontrolling interest 0   0   0  
Liabilities, Current 54,181   54,181   67,538  
Current assets:            
Cash and cash equivalents 116,870 121,459 116,870 121,459 76,744 13,103
Accounts receivable, net 47,929   47,929   39,504  
Inventories, net 45,901   45,901   54,044  
Deferred income taxes 258   258   3,279  
Other current assets 12,730   12,730   19,250  
Total current assets 223,688   223,688   192,821  
Property, plant and equipment, net of accumulated depreciation of $285,648 and $230,681, respectively 202,011   202,011   204,800  
Goodwill 55,999   55,999   55,999  
Intangible assets, net 114,907   114,907   118,283  
Net investment in and advances to (from) subsidiaries 462,664   462,664   494,906  
Deferred income taxes 0   0   0  
Other noncurrent assets 7,367   7,367   7,111  
Total assets 1,066,636   1,066,636   1,073,920  
Current liabilities:            
Common stock 0   0   0  
Total Polymer Group, Inc. shareholders' equity 966,282   966,282   954,646  
Noncontrolling interest 0   0   0  
Total equity (deficit) 966,282   966,282   954,646  
Total liabilities and equity 1,066,636   1,066,636   1,073,920  
Short-term borrowings 0   0   0  
Long-term Debt, Excluding Current Maturities 0   0   0  
Deferred Tax Liabilities, Net, Noncurrent 10,728   10,728   14,897  
Accounts Payable and Accrued Liabilities, Current 51,662   51,662   64,552  
Accrued Income Taxes, Current 1,371   1,371   2,986  
Deferred Tax Liabilities, Net, Current 1,148   1,148   0  
Cost of Goods Sold 105,334 114,025        
Gross Profit 34,683 33,325        
Selling, General and Administrative Expense 13,484 14,909        
Special Charges Net (129) (1,681)        
Other Cost and Expense, Operating 72 (509)        
Operating income (loss): 20,998 17,244        
Interest Expense (3,906) 482        
Intercompany Royalty and Technical Service Fees Net (1,430) (1,140)        
Foreign currency and other, net 1,733 (678)        
Equity in earnings of subsidiaries 13,600 (1,712)        
Income (loss) before income taxes 41,667 15,512        
Income Tax Expense (Benefit) 3,378 671        
Net income (loss) 38,289 14,841        
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest 0 0        
Net income (loss) attributable to AVINTIV Specialty Materials Inc. 38,289 14,841        
Comprehensive income (loss) attributable to Polymer Group, Inc. 52,559 17,046        
Non-Guarantors            
Condensed Financial Statements, Captions [Line Items]            
Sales Revenue, Goods, Net 325,305 308,021        
Long-term Debt, Current Maturities 21,803   21,803   24,749  
Other Liabilities, Noncurrent 64,119   64,119   72,264  
Liabilities 371,689   371,689   395,132  
Redeemable noncontrolling interest 0   0   0  
Liabilities, Current 266,099   266,099   275,884  
Current assets:            
Cash and cash equivalents 70,228 89,441 70,228 89,441 67,027 70,893
Accounts receivable, net 203,089   203,089   208,223  
Inventories, net 103,681   103,681   120,775  
Deferred income taxes 14,831   14,831   16,523  
Other current assets 52,762   52,762   59,406  
Total current assets 444,591   444,591   471,954  
Property, plant and equipment, net of accumulated depreciation of $285,648 and $230,681, respectively 646,865   646,865   659,985  
Goodwill 162,862   162,862   164,555  
Intangible assets, net 39,080   39,080   26,099  
Net investment in and advances to (from) subsidiaries (843,916)   (843,916)   (811,794)  
Deferred income taxes 18,343   18,343   18,232  
Other noncurrent assets 29,112   29,112   34,035  
Total assets 496,937   496,937   563,066  
Current liabilities:            
Common stock 16,966   16,966   16,966  
Total Polymer Group, Inc. shareholders' equity 107,893   107,893   150,414  
Noncontrolling interest 389   389   554  
Total equity (deficit) 125,248   125,248   167,934  
Total liabilities and equity 496,937   496,937   563,066  
Short-term borrowings 35,784   35,784   17,260  
Long-term Debt, Excluding Current Maturities 1,184   1,184   23,224  
Deferred Tax Liabilities, Net, Noncurrent 40,287   40,287   23,760  
Accounts Payable and Accrued Liabilities, Current 190,207   190,207   217,232  
Accrued Income Taxes, Current 8,091   8,091   6,427  
Deferred Tax Liabilities, Net, Current 10,214   10,214   10,216  
Cost of Goods Sold 254,464 254,667        
Gross Profit 70,841 53,354        
Selling, General and Administrative Expense 37,413 37,159        
Special Charges Net (4,342) (7,611)        
Other Cost and Expense, Operating 73 4,364        
Operating income (loss): 29,013 4,220        
Interest Expense 10,050 6,948        
Intercompany Royalty and Technical Service Fees Net 3,377 (8,753)        
Foreign currency and other, net 958 (1,436)        
Equity in earnings of subsidiaries 0 0        
Income (loss) before income taxes 16,544 4,589        
Income Tax Expense (Benefit) 1,775 (2,744)        
Net income (loss) 14,769 7,333        
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest 1,176 (2,277)        
Net income (loss) attributable to AVINTIV Specialty Materials Inc. 13,593 9,610        
Comprehensive income (loss) attributable to Polymer Group, Inc. 24,103 12,561        
Eliminations            
Condensed Financial Statements, Captions [Line Items]            
Sales Revenue, Goods, Net (7,628) (15,473)        
Long-term Debt, Current Maturities 0   0   0  
Other Liabilities, Noncurrent 0   0   0  
Liabilities (6,388)   (6,388)   (4,755)  
Redeemable noncontrolling interest 0   0   0  
Liabilities, Current (5,465)   (5,465)   (2,321)  
Current assets:            
Cash and cash equivalents 0 0 0 $ 0 0 $ 0
Accounts receivable, net 0   0   0  
Inventories, net 0   0   (1,118)  
Deferred income taxes (3,231)   (3,231)   (3,026)  
Other current assets 0   0   0  
Total current assets (3,231)   (3,231)   (4,144)  
Property, plant and equipment, net of accumulated depreciation of $285,648 and $230,681, respectively 0   0   0  
Goodwill 0   0   0  
Intangible assets, net 0   0   0  
Net investment in and advances to (from) subsidiaries (1,091,140)   (1,091,140)   (1,121,058)  
Deferred income taxes (3,158)   (3,158)   (1,579)  
Other noncurrent assets 0   0   0  
Total assets (1,097,529)   (1,097,529)   (1,126,781)  
Current liabilities:            
Common stock (16,966)   (16,966)   (16,966)  
Total Polymer Group, Inc. shareholders' equity (1,074,175)   (1,074,175)   (1,105,060)  
Noncontrolling interest 0   0   0  
Total equity (deficit) (1,091,141)   (1,091,141)   (1,122,026)  
Total liabilities and equity (1,097,529)   (1,097,529)   (1,126,781)  
Short-term borrowings 0   0   0  
Long-term Debt, Excluding Current Maturities 0   0   0  
Deferred Tax Liabilities, Net, Noncurrent (923)   (923)   (2,434)  
Accounts Payable and Accrued Liabilities, Current 0   0   0  
Accrued Income Taxes, Current 0   0   0  
Deferred Tax Liabilities, Net, Current (5,465)   (5,465)   (2,321)  
Cost of Goods Sold (7,628) (15,473)        
Gross Profit 0 0        
Selling, General and Administrative Expense 0 0        
Special Charges Net 0 0        
Other Cost and Expense, Operating 0 0        
Operating income (loss): 0 0        
Interest Expense 0 0        
Intercompany Royalty and Technical Service Fees Net 0 0        
Foreign currency and other, net 0 0        
Equity in earnings of subsidiaries (51,882) (24,451)        
Income (loss) before income taxes (51,882) (24,451)        
Income Tax Expense (Benefit) 0 0        
Net income (loss) (51,882) (24,451)        
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest 0 0        
Net income (loss) attributable to AVINTIV Specialty Materials Inc. (51,882) (24,451)        
Comprehensive income (loss) attributable to Polymer Group, Inc. (76,662) $ (29,607)        
Maximum            
Condensed Financial Statements, Captions [Line Items]            
Other Liabilities, Noncurrent 99,820   99,820   109,564  
Redeemable noncontrolling interest $ 82,130   $ 82,130   $ 89,181