Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | AVINTIV Specialty Materials Inc. |
Entity Central Index Key | 927,417 |
Entity Filer Category | Non-accelerated Filer |
Document Type | S-4/A |
Document Period End Date | Mar. 31, 2015 |
Amendment Flag | true |
Amendment Description | To update the S-4 with current period financial statements. |
Consolidated Balance Sheets
Consolidated Balance Sheets - Scenario, Unspecified [Domain] - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 28, 2013 |
Current assets: | |||
Cash and cash equivalents | $ 160,601,000 | $ 178,491,000 | $ 86,064,000 |
Accounts receivable, net | 251,881,000 | 247,727,000 | 194,827,000 |
Inventories, net | 157,016,000 | 173,701,000 | 156,074,000 |
Deferred income taxes | 15,958,000 | 16,776,000 | 2,318,000 |
Other current assets | 79,375,000 | 89,121,000 | 59,096,000 |
Total current assets | 664,831,000 | 705,816,000 | 498,379,000 |
Property, plant and equipment, net | 807,244,000 | 870,230,000 | 652,780,000 |
Goodwill | 201,347,000 | 220,554,000 | 115,328,000 |
Intangible assets, net | 171,976,000 | 178,911,000 | 169,399,000 |
Deferred income taxes | 20,073,000 | 18,231,000 | 2,582,000 |
Other noncurrent assets | 36,290,000 | 41,431,000 | 26,052,000 |
Total assets | 1,901,761,000 | 2,035,173,000 | 1,464,520,000 |
Current liabilities: | |||
Short-term borrowings | 25,742,000 | 17,665,000 | 2,472,000 |
Accounts payable and accrued liabilities | 281,908,000 | 321,313,000 | 307,731,000 |
Income taxes payable | 7,719,000 | 9,636,000 | 3,613,000 |
Deferred income taxes | 10,899,000 | 10,217,000 | 1,342,000 |
Current portion of long-term debt | 38,569,000 | 31,892,000 | 13,797,000 |
Total current liabilities | 364,837,000 | 390,723,000 | 328,955,000 |
Long-term debt | 1,411,196,000 | 1,433,283,000 | 880,399,000 |
Deferred Portion of Purchase Price | 35,998,000 | 42,440,000 | 0 |
Deferred income taxes | 37,568,000 | 36,223,000 | 33,236,000 |
Other noncurrent liabilities | 64,733,000 | 67,124,000 | 62,191,000 |
Total liabilities | 1,914,332,000 | $ 1,969,793,000 | $ 1,304,781,000 |
Commitments and contingencies | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 76,584,000 | $ 89,181,000 | $ 0 |
Shareholders’ equity: | |||
Common stock — 1,000 shares issued and outstanding | 0 | 0 | 0 |
Additional paid-in capital | 280,494,000 | 277,248,000 | 294,144,000 |
Accumulated deficit | (282,397,000) | (242,439,000) | (127,142,000) |
Accumulated other comprehensive income (loss) | (87,842,000) | (59,164,000) | (8,106,000) |
Total AVINTIV Specialty Materials Inc. shareholders' equity (deficit) | (89,745,000) | (24,355,000) | 158,896,000 |
Noncontrolling interest | 590,000 | 554,000 | 843,000 |
Total equity (deficit) | (89,155,000) | (23,801,000) | 159,739,000 |
Total liabilities and equity | $ 1,901,761,000 | $ 2,035,173,000 | $ 1,464,520,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 28, 2013 |
Statement of Financial Position [Abstract] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 241,524 | $ 230,681 | $ 175,159 |
Common stock, shares issued | 1,000 | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 | 1,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Net sales | $ 461,238 | $ 499,419 | $ 498,013 | $ 439,898 | $ 422,584 | $ 347,263 | $ 288,979 | $ 291,538 | $ 287,082 | $ 1,859,914 | $ 1,214,862 | $ 1,155,163 | |
Cost of goods sold | (355,820) | (348,119) | (1,526,406) | (1,018,806) | (957,917) | ||||||||
Gross profit | 105,418 | 91,965 | 80,492 | 86,586 | 74,465 | 51,600 | 48,200 | 50,390 | 45,866 | 333,508 | 196,056 | 197,246 | |
Selling, general and administrative expenses | (64,989) | (55,534) | (254,280) | (153,188) | (140,776) | ||||||||
Special charges, net | (6,022) | (8,711) | (59,185) | (33,188) | (19,592) | ||||||||
Other operating, net | 1,423 | (1,069) | (1,845) | (2,512) | 287 | ||||||||
Operating income (loss) | 35,830 | 9,151 | 18,198 | 7,168 | 37,165 | ||||||||
Other income (expense): | |||||||||||||
Interest expense | (27,633) | (17,906) | (96,153) | (55,974) | (50,414) | ||||||||
Debt Modification and Extinguishment Expense | 15,725 | 3,334 | 0 | ||||||||||
Foreign currency and other, net | (43,923) | 4,959 | (27,083) | (8,851) | (5,134) | ||||||||
Income (loss) before income taxes | (35,726) | (3,796) | (120,763) | (60,991) | (18,383) | ||||||||
Income tax (provision) benefit | (4,548) | (5,700) | 1,523 | 36,024 | (7,655) | ||||||||
Net income (loss) | (40,274) | (30,652) | (57,151) | (21,941) | (9,496) | (2,567) | (8,267) | (7,906) | (6,227) | (119,240) | (24,967) | (26,038) | |
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | (316) | (16) | (3,943) | (34) | 0 | ||||||||
Net income (loss) attributable to AVINTIV Specialty Materials Inc. | (39,958) | $ (30,925) | $ (55,228) | $ (19,664) | (9,480) | $ (2,533) | $ (8,267) | $ (7,906) | $ (6,227) | (115,297) | (24,933) | (26,038) | |
Currency translation, net of tax | (38,139) | 1,713 | (35,919) | 8,737 | 2,287 | ||||||||
Employee benefit plans, net of tax | 0 | 0 | 15,147 | 2,046 | 19,927 | ||||||||
Net current period other comprehensive income (loss) | (38,139) | 1,713 | (60,424) | 6,691 | (17,640) | ||||||||
Comprehensive income (loss) | (78,413) | (7,783) | (179,664) | (18,276) | (43,678) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (9,777) | 10 | $ (13,020) | (13,309) | (6) | 0 | |||||||
Comprehensive income (loss) attributable to AVINTIV Specialty Materials Inc. | $ (68,636) | $ (7,793) | $ (166,355) | $ (18,270) | $ (43,678) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Debt Modification and Extinguishment Expense | $ (15,725) | $ (3,334) | $ 0 |
Net income (loss) | (119,240) | (24,967) | (26,038) |
Other comprehensive income (loss) | |||
Currency translation | (45,277) | 12,731 | 2,287 |
Employee postretirement benefits | (15,279) | (738) | (19,912) |
Cash flow hedge adjustments | 0 | 0 | 0 |
Total other comprehensive income (loss) | (60,556) | 11,993 | (17,625) |
Income tax (provision) benefit | 132 | (5,302) | (15) |
Total other comprehensive income (loss) | (60,424) | 6,691 | (17,640) |
Comprehensive income (loss) | (179,664) | (18,276) | (43,678) |
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (13,309) | (6) | 0 |
Comprehensive income (loss) attributable to AVINTIV Specialty Materials Inc. | $ (166,355) | $ (18,270) | $ (43,678) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Total AVINTIV Specialty Materials Inc. Shareholders' Equity (Deficit) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest [Member] |
Balance -- beginning of period at Dec. 31, 2011 | $ 187,297 | $ 187,297 | $ 260,597 | $ (76,171) | $ 2,871 | $ 0 | |
Balance -- beginning of period, shares at Dec. 31, 2011 | 1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (26,038) | (26,038) | (26,038) | ||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | 0 | ||||||
Intercompany equipment sale elimination | (1,202) | (1,202) | (1,202) | ||||
Intercompany equipment sale elimination | 1,087 | 1,087 | 1,087 | ||||
Reclassification of Common Shares Call Option | (5,144) | (5,144) | (5,144) | ||||
Share-based compensation | 842 | 842 | 842 | ||||
Employee benefit plans, net of tax | (19,927) | (19,927) | (19,927) | ||||
Currency translation | 2,287 | 2,287 | 2,287 | ||||
Balance -- end of period at Dec. 29, 2012 | 139,202 | 139,202 | 256,180 | (102,209) | (14,769) | 0 | |
Balance -- end of period, shares at Dec. 29, 2012 | 1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (24,967) | (24,933) | (24,933) | ||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | (34) | ||||||
Noncontrolling Interest, Increase from Business Combination | 849 | ||||||
Intercompany equipment sale elimination | 130 | 130 | (130) | ||||
Intercompany equipment sale elimination | (222) | (222) | (222) | ||||
Reclassification of Common Shares Call Option | 3,340 | 3,340 | (3,340) | ||||
Share-based compensation | 3,990 | 3,990 | 3,990 | ||||
Common stock call option reclass | 30,726 | 30,726 | 30,726 | ||||
Employee benefit plans, net of tax | (2,046) | (2,046) | (2,046) | ||||
Currency translation | 8,737 | 8,709 | 8,709 | 28 | |||
Balance -- end of period at Dec. 28, 2013 | 159,739 | 158,896 | 294,144 | (127,142) | (8,106) | 843 | |
Balance -- end of period, shares at Dec. 28, 2013 | 1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | Noncontrolling Interest [Member] | (115,578) | ||||||
Net income (loss) | (119,240) | (115,297) | (115,297) | ||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | (3,943) | (281) | |||||
Noncontrolling Interest, Increase from Business Combination | (21,409) | (21,409) | (21,409) | ||||
Intercompany equipment sale elimination | 130 | 130 | (130) | ||||
Intercompany equipment sale elimination | 0 | 0 | 0 | ||||
Reclassification of Common Shares Call Option | 1,702 | 1,702 | (1,702) | ||||
Share-based compensation | 1,931 | 1,931 | 1,931 | ||||
Common stock call option reclass | 750 | 750 | 750 | ||||
Employee benefit plans, net of tax | (15,147) | (15,147) | (15,147) | ||||
Currency translation | (35,919) | (35,911) | (35,911) | (8) | |||
Balance -- end of period at Dec. 31, 2014 | (23,801) | (24,355) | 277,248 | (242,439) | (59,164) | 554 | |
Balance -- end of period, shares at Dec. 31, 2014 | 1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | Noncontrolling Interest [Member] | (39,929) | ||||||
Net income (loss) | (40,274) | (39,958) | (39,958) | 29 | |||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | (316) | ||||||
Noncontrolling Interest, Increase from Business Combination | 2,784 | 2,784 | 2,784 | 0 | |||
Share-based compensation | 462 | 462 | 462 | ||||
Employee benefit plans, net of tax | 0 | ||||||
Currency translation | Noncontrolling Interest [Member] | (28,671) | ||||||
Currency translation | (38,139) | (28,678) | (28,678) | 7 | |||
Balance -- end of period at Mar. 31, 2015 | $ (89,155) | $ (89,745) | $ 280,494 | $ (282,397) | $ (87,842) | $ 590 | |
Balance -- end of period, shares at Mar. 31, 2015 | 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Operating activities: | |||||
Net income (loss) | $ (40,274) | $ (9,496) | $ (119,240) | $ (24,967) | $ (26,038) |
Adjustments for non-cash transactions: | |||||
Debt Modification, Charges | 11,670 | 0 | 0 | ||
Deferred income taxes | 0 | 1,623 | (14,153) | (44,524) | (1,123) |
Depreciation and amortization expense | 30,255 | 24,606 | 118,255 | 76,293 | 66,706 |
Non-cash impairment charge | 6,851 | 2,213 | 0 | ||
Inventory step-up | 0 | 2,537 | 6,905 | 7,288 | 0 |
Accretion of deferred consideration | 3,077 | 0 | 0 | ||
(Gain) loss on extinguishment of debt | 903 | 0 | 0 | 3,334 | 0 |
(Gain) loss on financial instruments | 1,844 | (10,756) | (4,749) | (799) | (147) |
(Gain) loss on sale of assets, net | (431) | 114 | 1,800 | 185 | 3 |
Non-cash compensation | 462 | 561 | 1,931 | 3,990 | 842 |
Changes in operating assets and liabilities: | |||||
Accounts receivable | (18,073) | (20,554) | (18,100) | (12,380) | 9,427 |
Inventories | 7,566 | 388 | (4,049) | 4,412 | 9,295 |
Other current assets | 3,440 | (6,572) | (2,335) | 5,346 | 1,221 |
Accounts payable and accrued liabilities | (24,212) | (2,799) | 8,761 | 22,509 | 13,214 |
Other, net | 37,991 | 5,759 | 52,524 | (26,050) | 2,071 |
Net cash provided by (used in) operating activities | (529) | (14,589) | 49,148 | 16,850 | 75,471 |
Investing activities: | |||||
Purchases of property, plant and equipment | (11,010) | (14,115) | (82,457) | (54,642) | (51,625) |
Proceeds from sale of assets | 532 | 0 | 2,306 | 435 | 1,660 |
Acquisition of intangibles and other | (113) | (57) | (250) | (4,582) | (268) |
Acquisitions, net of cash acquired | (356,281) | (278,970) | 0 | ||
Net cash provided by (used in) investing activities | (10,591) | (14,172) | (436,682) | (337,759) | (50,233) |
Financing activities: | |||||
Proceeds from long-term borrowings | 15 | 3,152 | 628,135 | 629,999 | 10,977 |
Proceeds from short-term borrowings | 18,974 | 7,606 | 32,091 | 4,087 | 5,725 |
Repayment of long-term borrowings | (11,785) | (5,960) | (131,453) | (337,679) | (7,678) |
Repayment of short-term borrowings | (8,948) | (1,949) | (16,809) | (2,619) | (9,933) |
Loan acquisition costs | (21,283) | (16,102) | (220) | ||
Payments of Debt Restructuring Costs | (4,055) | 0 | 0 | ||
Issuance of common stock | 750 | 30,504 | 1,087 | ||
Net cash provided by (used in) financing activities | (1,744) | 2,849 | 487,376 | 308,190 | (42) |
Effect of exchange rate changes on cash | (5,026) | (512) | (7,415) | 904 | (59) |
Net change in cash and cash equivalents | (17,890) | (26,424) | 92,427 | (11,815) | 25,137 |
Cash and cash equivalents at beginning of period | 178,491 | 86,064 | 86,064 | 97,879 | 72,742 |
Cash and cash equivalents at end of period | 160,601 | 59,640 | 178,491 | 86,064 | 97,879 |
Supplemental disclosures of cash flow information: | |||||
Cash payments for interest | 31,725 | 27,434 | 86,581 | 49,671 | 47,711 |
Cash payments (receipts) for taxes, net | $ 2,666 | $ 2,344 | $ 9,126 | 17,158 | 8,381 |
Successor | |||||
Changes in operating assets and liabilities: | |||||
Net cash provided by (used in) operating activities | 75,471 | ||||
Investing activities: | |||||
Purchases of property, plant and equipment | (51,625) | ||||
Proceeds from sale of assets | 1,660 | ||||
Acquisition of intangibles and other | (268) | ||||
Net cash provided by (used in) investing activities | (50,233) | ||||
Financing activities: | |||||
Proceeds from short-term borrowings | 5,725 | ||||
Repayment of long-term borrowings | (7,678) | ||||
Repayment of short-term borrowings | (9,933) | ||||
Loan acquisition costs | (220) | ||||
Issuance of common stock | 1,087 | ||||
Net cash provided by (used in) financing activities | (42) | ||||
Effect of exchange rate changes on cash | (59) | ||||
Net change in cash and cash equivalents | 25,137 | ||||
Cash and cash equivalents at beginning of period | $ 97,879 | ||||
Cash and cash equivalents at end of period | 97,879 | ||||
Predecessor | |||||
Financing activities: | |||||
Cash and cash equivalents at beginning of period | $ 72,742 |
Description of Business
Description of Business | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Business Description | Description of Business AVINTIV Specialty Materials Inc. ("AVINTIV"), a Delaware corporation, and its consolidated subsidiaries (the “Company”) is a leading global innovator and manufacturer of specialty materials for use in a broad range of products that make the world safer, cleaner and healthier. The Company has one of the largest global platforms in the industry, with a total of 22 manufacturing and converting facilities located in 14 countries throughout the world. The Company operates through four reportable segments: North America, South America, Europe and Asia, with the main sources of revenue being the sales of primary and intermediate products to consumer and industrial markets. Basis of Presentation The accompanying consolidated financial statements reflect the consolidated operations of the Company and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) as defined by the Financial Accounting Standards Board (“FASB”) within the FASB Accounting Standards Codification (“ASC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments, which include normal recurring adjustments, necessary to present fairly the consolidated results for the periods presented. Certain reclassifications of amounts reported in prior periods have been made to conform with the current period presentation. In connection with the preparation of the registration statement on Form S-4, the Company determined that it had incorrectly classified certain principal payments on long-term debt due within the next 12 months as a noncurrent liability as of March 31, 2015. The Company concluded that the impact of the error was not material to the previously issued financial statements. However, the Company has elected to revise its previously issued March 31, 2015 Consolidated Balance Sheet to facilitate comparison among periods. The long-term debt and current portion of long-term debt balances were $1,426.4 million and $23.4 million as originally reported, respectively, and were revised to $1,411.2 million and $38.6 million, respectively. On January 28, 2011 , pursuant to an Agreement and Plan of Merger, dated as of October 4, 2010, the Company was acquired by affiliates of Blackstone Capital Partners V L.P. (“Blackstone”), along with certain members of the Company's management (the "Merger"), for an aggregate purchase price valued at $403.5 million , excluding the repayment of pre-acquisition indebtedness. Under the guidance provided by the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin Topic 5J, “New Basis of Accounting Required in Certain Circumstances,” push-down accounting is required when such transactions result in an entity becoming substantially wholly-owned. Therefore, the basis in shares of common stock of the Company has been pushed down to the Company from AVINTIV Inc., a Delaware corporation ("Holdings") that owns 100% of the issued and outstanding common stock of AVINTIV Acquisition Corporation, a Delaware corporation ("Parent") that owns 100% of the issued and outstanding common stock of the Company. On December 11, 2014, the Board of Directors of the Company approved a change in the Company's fiscal year-end to a calendar year ending on December 31, effective with the fiscal year 2014. The change was made on a prospective basis and prior periods were not adjusted. Historically, the Company's fiscal years were based on a 52/53 week period ending on the Saturday closest to each December 31, such that each quarterly period was 13 weeks in length. Under the guidance provided by the SEC, the change was not deemed a change in fiscal year for purposes of reporting. | Description of Business AVINTIV Specialty Materials Inc. (“AVINTIV”), a Delaware corporation, and its consolidated subsidiaries (the “Company”) is a leading global innovator and manufacturer of specialty materials for use in a broad range of products that make the world safer, cleaner and healthier. The Company has one of the largest global platforms in the industry, with a total of 22 manufacturing and converting facilities located in 14 countries throughout the world. The Company operates through four reportable segments: North America, South America, Europe and Asia, with the main sources of revenue being the sales of primary and intermediate products to consumer and industrial markets. Basis of Presentation The accompanying consolidated financial statements reflect the consolidated operations of the Company and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) as defined by the Financial Accounting Standards Board (“FASB”) within the FASB Accounting Standards Codification (“ASC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments, which include normal recurring adjustments, necessary to present fairly the consolidated results for the periods presented. Certain reclassifications of amounts reported in prior periods have been made to conform with the current year presentation. On January 28, 2011 , pursuant to an Agreement and Plan of Merger, dated as of October 4, 2010, the Company was acquired by affiliates of the Blackstone Group (“Blackstone”), along with certain members of the Company's management (the "Merger"), for an aggregate purchase price valued at $403.5 million . As a result, the Company became a privately-held company. Under the guidance provided by the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin Topic 5J, “New Basis of Accounting Required in Certain Circumstances,” push-down accounting is required when such transactions result in an entity becoming substantially wholly-owned. Therefore, the basis in shares of common stock of the Company has been pushed down to the Company from AVINTIV Inc., a Delaware corporation ("Holdings") that owns 100% of the issued and outstanding common stock of AVINTIV Acquisition Corporation, a Delaware corporation ("Parent") that owns 100% of the issued and outstanding common stock of the Company. Prior to 2014, the Company's fiscal year was based on a 52 week period ending on the Saturday closest to each December 31. As a result, the fiscal years ended December 28, 2013 and December 29, 2012 each contain operating results for 52 weeks, respectively. On December 11, 2014, the Board of Directors of the Company approved a change in the Company's fiscal year end to a calendar year ending on December 31, effective beginning with the fiscal year 2014. The change has been made on a prospective basis and prior periods have not been adjusted. Since the change in the Company's year-end commenced within seven days of the month end last reported, and the new fiscal year commenced with the end of the old fiscal year, the change is not deemed a change in fiscal year for purposes of reporting subject to Rule 13a-10 or 15d-10. As a result, a transition report is not required to be filed. In light of the recent acquisition of Companhia Providência Indústria e Comércio, a Brazilian corporation ("Providência"), the Company realigned its internal reporting structure during the third quarter of 2014 to more closely reflect its new organizational structure and business focus. The Company's reportable segments are as follows: North America, South America, Europe and Asia. The operations previously reported in the Oriented Polymers segment are now included within the North America segment, along with the operations in the United States and Mexico. The South America segment includes the Providência operations in Brazil in addition to our previously existing operations in Colombia and Argentina. The Europe and Asia segments remain unchanged. Prior year information has been updated to conform to the current year presentation. |
Basis of Presentation
Basis of Presentation | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Description of Business AVINTIV Specialty Materials Inc. ("AVINTIV"), a Delaware corporation, and its consolidated subsidiaries (the “Company”) is a leading global innovator and manufacturer of specialty materials for use in a broad range of products that make the world safer, cleaner and healthier. The Company has one of the largest global platforms in the industry, with a total of 22 manufacturing and converting facilities located in 14 countries throughout the world. The Company operates through four reportable segments: North America, South America, Europe and Asia, with the main sources of revenue being the sales of primary and intermediate products to consumer and industrial markets. Basis of Presentation The accompanying consolidated financial statements reflect the consolidated operations of the Company and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) as defined by the Financial Accounting Standards Board (“FASB”) within the FASB Accounting Standards Codification (“ASC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments, which include normal recurring adjustments, necessary to present fairly the consolidated results for the periods presented. Certain reclassifications of amounts reported in prior periods have been made to conform with the current period presentation. In connection with the preparation of the registration statement on Form S-4, the Company determined that it had incorrectly classified certain principal payments on long-term debt due within the next 12 months as a noncurrent liability as of March 31, 2015. The Company concluded that the impact of the error was not material to the previously issued financial statements. However, the Company has elected to revise its previously issued March 31, 2015 Consolidated Balance Sheet to facilitate comparison among periods. The long-term debt and current portion of long-term debt balances were $1,426.4 million and $23.4 million as originally reported, respectively, and were revised to $1,411.2 million and $38.6 million, respectively. On January 28, 2011 , pursuant to an Agreement and Plan of Merger, dated as of October 4, 2010, the Company was acquired by affiliates of Blackstone Capital Partners V L.P. (“Blackstone”), along with certain members of the Company's management (the "Merger"), for an aggregate purchase price valued at $403.5 million , excluding the repayment of pre-acquisition indebtedness. Under the guidance provided by the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin Topic 5J, “New Basis of Accounting Required in Certain Circumstances,” push-down accounting is required when such transactions result in an entity becoming substantially wholly-owned. Therefore, the basis in shares of common stock of the Company has been pushed down to the Company from AVINTIV Inc., a Delaware corporation ("Holdings") that owns 100% of the issued and outstanding common stock of AVINTIV Acquisition Corporation, a Delaware corporation ("Parent") that owns 100% of the issued and outstanding common stock of the Company. On December 11, 2014, the Board of Directors of the Company approved a change in the Company's fiscal year-end to a calendar year ending on December 31, effective with the fiscal year 2014. The change was made on a prospective basis and prior periods were not adjusted. Historically, the Company's fiscal years were based on a 52/53 week period ending on the Saturday closest to each December 31, such that each quarterly period was 13 weeks in length. Under the guidance provided by the SEC, the change was not deemed a change in fiscal year for purposes of reporting. | Description of Business AVINTIV Specialty Materials Inc. (“AVINTIV”), a Delaware corporation, and its consolidated subsidiaries (the “Company”) is a leading global innovator and manufacturer of specialty materials for use in a broad range of products that make the world safer, cleaner and healthier. The Company has one of the largest global platforms in the industry, with a total of 22 manufacturing and converting facilities located in 14 countries throughout the world. The Company operates through four reportable segments: North America, South America, Europe and Asia, with the main sources of revenue being the sales of primary and intermediate products to consumer and industrial markets. Basis of Presentation The accompanying consolidated financial statements reflect the consolidated operations of the Company and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) as defined by the Financial Accounting Standards Board (“FASB”) within the FASB Accounting Standards Codification (“ASC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments, which include normal recurring adjustments, necessary to present fairly the consolidated results for the periods presented. Certain reclassifications of amounts reported in prior periods have been made to conform with the current year presentation. On January 28, 2011 , pursuant to an Agreement and Plan of Merger, dated as of October 4, 2010, the Company was acquired by affiliates of the Blackstone Group (“Blackstone”), along with certain members of the Company's management (the "Merger"), for an aggregate purchase price valued at $403.5 million . As a result, the Company became a privately-held company. Under the guidance provided by the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin Topic 5J, “New Basis of Accounting Required in Certain Circumstances,” push-down accounting is required when such transactions result in an entity becoming substantially wholly-owned. Therefore, the basis in shares of common stock of the Company has been pushed down to the Company from AVINTIV Inc., a Delaware corporation ("Holdings") that owns 100% of the issued and outstanding common stock of AVINTIV Acquisition Corporation, a Delaware corporation ("Parent") that owns 100% of the issued and outstanding common stock of the Company. Prior to 2014, the Company's fiscal year was based on a 52 week period ending on the Saturday closest to each December 31. As a result, the fiscal years ended December 28, 2013 and December 29, 2012 each contain operating results for 52 weeks, respectively. On December 11, 2014, the Board of Directors of the Company approved a change in the Company's fiscal year end to a calendar year ending on December 31, effective beginning with the fiscal year 2014. The change has been made on a prospective basis and prior periods have not been adjusted. Since the change in the Company's year-end commenced within seven days of the month end last reported, and the new fiscal year commenced with the end of the old fiscal year, the change is not deemed a change in fiscal year for purposes of reporting subject to Rule 13a-10 or 15d-10. As a result, a transition report is not required to be filed. In light of the recent acquisition of Companhia Providência Indústria e Comércio, a Brazilian corporation ("Providência"), the Company realigned its internal reporting structure during the third quarter of 2014 to more closely reflect its new organizational structure and business focus. The Company's reportable segments are as follows: North America, South America, Europe and Asia. The operations previously reported in the Oriented Polymers segment are now included within the North America segment, along with the operations in the United States and Mexico. The South America segment includes the Providência operations in Brazil in addition to our previously existing operations in Colombia and Argentina. The Europe and Asia segments remain unchanged. Prior year information has been updated to conform to the current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Recent Accounting Pronouncements The FASB ASC is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASU's. The following are those ASU's that are relevant to the Company. In April 2015, the FASB issued ASU No. 2015-03, “Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03) which requires an entity to present debt issuance costs related to a recognized debt liability in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. ASU 2015-03 is effective on a retrospective basis for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years beginning after December 15, 2016. The adoption of this guidance concerns presentation only and will not have any impact on the Company’s financial results. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items" ("ASU 2015-01") which eliminates from GAAP the concept of extraordinary items. Under the new guidance, an event or transaction that meets the criteria for extraordinary classification is segregated from the results of ordinary operations and shown as a separate item in the income statement, net of tax. In addition, certain other related disclosures are required. ASU 2015-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect that the adoption of this guidance will have a material effect on its financial results. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (“ASU 2014-15”). The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt is defined as an indication that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that financial statements are issued. Management’s evaluation should be based on relevant conditions or events, considered in the aggregate, that are known and reasonably knowable at the date that the financial statements are issued. ASU 2014-15 is effective prospectively for reporting periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this guidance will have a material effect on its financial results. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which creates a comprehensive, five-step model for revenue recognition that requires a company to recognize revenue to depict the transfer of promised goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Under the new guidance, a company will be required to use more judgment and make more estimates when considering contract terms as well as relevant facts and circumstances when identifying performance obligations, estimating the amount of variable consideration in the transaction price and allocating the transaction price to each separate performance obligation. In addition, ASU 2014-09 enhances disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively and improves guidance for multiple-element arrangements. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. Early application is not permitted. The Company is currently evaluating the impact of adopting ASU 2014-09 on its financial results. | Summary of Significant Accounting Policies A summary of significant accounting policies used in the preparation of the accompanying financial statements is as follows: Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience, risk of loss, general economic conditions and trends, and the assessment of the probable future outcome. Estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the statement of operations in the period that they are determined. Currency Translation Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates, and income and expense accounts have been translated using average exchange rates throughout the year. Adjustments resulting from the process of translating an entity's financial statements into the U.S. dollar have been recorded in the Shareholders' Equity section of the Consolidated Balance Sheet within Accumulated other comprehensive income (loss) . Transactions that are denominated in a currency other than an entity's functional currency are subject to changes in exchange rates with the resulting gains and losses recorded within current earnings. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term investments with original maturities at the time of purchase of three months or less. The Company maintains amounts on deposit at various financial institutions, which may at times exceed federally insured limits. However, management periodically evaluates the credit-worthiness of those institutions and has not experienced any losses on such deposits. Allowance for Doubtful Accounts The allowance for doubtful accounts represents the best estimate of probable loss inherent within the Company's accounts receivable balance. Estimates are based upon both the creditworthiness of specific customers and the overall probability of losses based upon an analysis of the overall aging of receivables as well as past collection trends and general economic conditions. As of December 31, 2014 and December 28, 2013 , the allowance for doubtful accounts was $2.9 million and $0.8 million , respectively. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) method, or fair market value. The Company performs periodic assessments to determine the existence of obsolete, slow-moving and non-saleable inventories and records necessary provisions to reduce such inventories to net realizable value. Costs include direct materials, direct labor and applicable manufacturing overhead. Property, Plant and Equipment Property and equipment are stated at cost, less accumulated depreciation. For financial reporting purposes, assets placed in service are recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized over the shorter of their economic useful life or the related lease term. The range of useful lives used to depreciate property and equipment is as follows: Range of Useful Lives Building and improvements 10 to 31 years Machinery and equipment 3 to 15 years Other 3 to 7 years Major expenditures for replacements and significant improvements that increase asset values and extend useful lives are also capitalized. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Repairs and maintenance expenditures that do not extend the useful life of the asset are charged to expense as incurred. The carrying amounts of assets that are sold or retired and the related accumulated depreciation are removed from the accounts in the year of disposal, and any resulting gain or loss is reflected in within current earnings. The Company capitalizes costs, including interest, incurred to develop or acquire internal-use software. These costs are capitalized subsequent to the preliminary project stage once specific criteria are met. Costs incurred in the preliminary project planning stage are expensed. Other costs, such as maintenance and training, are also expensed as incurred. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Pursuant to ASC 360, "Property, Plant and Equipment" ("ASC 360"), the Company assesses the recoverability of the carrying value of its property and equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset to the future net undiscounted cash flows expected to be generated by the asset. If the undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized for the amount by which the carrying value of the asset exceeds the fair value of the assets. Goodwill and Intangible Assets Pursuant to ASC 350, "Intangibles - Goodwill and Other" ("ASC 350"), goodwill and intangible assets with indefinite useful lives are no longer amortized, but are tested and reviewed annually for impairment during the fourth quarter or whenever there is a significant change in events or circumstances that indicate that the fair value of the asset may be less than the carrying amount of the asset. Recoverability of goodwill is measured at the reporting unit level and begins with a qualitative assessment to determine, as a basis for whether it is necessary to perform the two-step impairment test under ASC 350, if it is more likely than not that the fair value of each reporting unit is less than its carrying amount. For the reporting units where it is required, the first step compares the carrying amount of the reporting unit to its estimated fair value. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is not necessary. To the extent that the carrying value of the reporting unit exceeds its estimated fair value, a second step is performed, wherein the reporting unit's carrying value of goodwill is compared to the implied fair value of goodwill. To the extent that the carrying value exceeds the implied fair value, impairment exists and must be recognized. Recoverability of other intangible assets with indefinite useful lives begins with a qualitative assessment to determine, as a basis for whether it is necessary to calculate the fair value of the indefinite-lived intangible assets, if it is more likely than not that the asset is impaired. When required, recoverability is measured by a comparison of the carrying amount of the intangible assets to the estimated fair value of the respective intangible assets. Any excess of the carrying value over the estimated fair value is recognized as an impairment loss equal to that excess. Intangible assets such as customer-related intangible assets and non-compete agreements with finite useful lives are amortized on a straight-line basis over their estimated economic lives. The weighted-average useful lives approximate the following: Weighted-Average Useful Lives Technology 13 years Customer relationships 16 years Patents 6 years The Company assesses the recoverability of the carrying value of its intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset to the future net undiscounted cash flows expected to be generated by the asset. If the undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized for the amount by which the carrying value of the asset exceeds the fair value of the assets. Loan Acquisition Costs Loan acquisition costs are expenditures associated with obtaining financings that are capitalized in the Consolidated Balance Sheets and amortized over the term of the loans to which such costs relate. Amounts capitalized are recorded within Intangible assets, net in the Consolidated Balance Sheets and amortized to Interest expense in the Consolidated Statements of Operations. Derivative Instruments For derivative instruments, the Company applies ASC 815, "Derivatives and Hedging" ("ASC 815") which establishes accounting and reporting standards requiring that every derivative instrument (including certain derivative instruments embedded in other contracts) be recorded in the balance sheet as either an asset or liability measured at its fair value. This statement requires that changes in the derivative's fair value be recognized in current earnings unless specific hedge accounting criteria are met. In addition, a company must also formally document, designate and assess the effectiveness of transactions that receive hedge accounting treatment. Revenue Recognition Revenue is recognized and earned when all of the following criteria are satisfied: (a) persuasive evidence of a sales arrangement exists; (b) price is fixed or determinable; (c) collectability is reasonably assured; and (d) delivery has occurred or service has been rendered. The Company recognizes revenue when the title and the risks and rewards of ownership have substantially transferred to the customer. The Company permits customers from time to time to return certain products and continuously monitors and tracks such returns and records an estimate of such future returns, which is based on historical experience and recent trends. In the normal course of business, the Company extends credit, on open accounts, to its customers after performing a credit analysis based on a number of financial and other criteria. The Company performs ongoing credit evaluations of its customers' financial condition and does not normally require collateral; however, letters of credit and other security are occasionally required for certain new and existing customers. Shipping and Handling Fees and Costs Pursuant to ASC 605, "Revenue Recognition" ("ASC 605"), the Company determined that shipping fees shall be reported on a gross basis. As a result, all amounts billed to a customer in a sale transaction related to shipping and handling fees represent revenues earned for the goods provided and therefore recorded within Net sales in the Consolidated Statement of Operations. Shipping and handling costs include expenses incurred to store, move, and prepare products for shipment. The Company classifies these costs as Selling, general and administrative expenses within the Consolidated Statement of Operations, and includes a portion of internal costs such as salaries and overhead related to these activities. For the fiscal years ended December 31, 2014 , December 28, 2013 and December 29, 2012 , the Company incurred $66.6 million , $38.5 million and $33.8 million related to these costs, respectively. Research and Development Costs The Company conducts research and development activities for the purpose of developing and improving new products and services. These costs are expensed when incurred and included in Selling, general and administrative expenses in the Consolidated Statement of Operations. For the fiscal years ended December 31, 2014 , December 28, 2013 and December 29, 2012 , these expenditures amounted to $18.1 million and $11.8 million and $12.5 million , respectively. Employee Benefit Plans The Company provides a range of benefits, including pensions and postretirement benefits to eligible current and former employees. Determining the cost associated with such benefits is dependent on various actuarial assumptions, including discount rates, expected return on plan assets, compensation increases, employee mortality, turnover rates, and healthcare cost trend rates. Actuaries perform the required calculations to determine expense in accordance with GAAP. Actual results may differ from the actuarial assumptions and are generally accumulated into Accumulated other comprehensive income (loss) and amortized into earnings over future periods. The Company reviews its actuarial assumptions at each measurement date and makes modifications to the assumptions based on current rates and trends, if appropriate. Income Taxes The Company records a tax provision for the anticipated tax consequences of the reported results of operations. The provision is computed using the asset and liability method of accounting, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In addition, the Company recognizes future tax benefits, such as net operating losses and tax credits, to the extent that realizing these benefits is considered in its judgment to be more likely than not. Deferred tax assets and liabilities are measured using currently enacted tax rates that apply to taxable income in effect for the years in which those tax items are expected to be realized or settled. The Company regularly reviews the recoverability of its deferred tax assets considering historic profitability, projected future taxable income, and timing of the reversals of existing temporary differences as well as the feasibility of our tax planning strategies. Where appropriate, a valuation allowance is recorded if available evidence suggests that it is more likely than not that some portion or all of a deferred tax asset will not be realized. Changes to valuation allowances are recognized in earnings in the period such determination is made. The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon the technical merits, it is more-likely-than-not that the position will be sustained upon examination. The tax impacts recognized in the financial statements from such positions are then measured based on the largest impact that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes potential accrued interest and penalties associated with unrecognized tax positions as a component of the provision for income taxes. Recent Accounting Standards In January 2015, the FASB issued Accounting Standard Update ("ASU") No. 2015-01, "Income Statement - Extraordinary and Unusual Items" ("ASU 2015-01") which eliminates from GAAP the concept of extraordinary items. Under the new guidance, an event or transaction that meets the criteria for extraordinary classification is segregated from the results of ordinary operations and shown as a separate item in the income statement, net of tax. In addition, certain other related disclosures are required. ASU 2015-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect that the adoption of this guidance will have a material effect on its financial results. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (“ASU 2014-15”). The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt is defined as an indication that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that financial statements are issued. Management’s evaluation should be based on relevant conditions or events, considered in the aggregate, that are known and reasonably knowable at the date that the financial statements are issued. ASU 2014-15 is effective prospectively for reporting periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this guidance will have a material effect on its financial results. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which creates a comprehensive, five-step model for revenue recognition that requires a company to recognize revenue to depict the transfer of promised goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Under the new guidance, a company will be required to use more judgment and make more estimates when considering contract terms as well as relevant facts and circumstances when identifying performance obligations, estimating the amount of variable consideration in the transaction price and allocating the transaction price to each separate performance obligation. In addition, ASU 2014-09 enhances disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively and improves guidance for multiple-element arrangements. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. Early application is not permitted. The Company is currently evaluating the impact of adopting ASU 2014-09 on its financial results. In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"), which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or a group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. In addition, ASU 2014-08 enhances disclosures for reporting discontinued operations. ASU 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014, with early adoption permitted. The Company adopted this accounting pronouncement effective January 1, 2015. The adoption of this guidance did not have a significant impact on the Company's financial results. In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"), which requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective prospectively for reporting periods beginning after December 15, 2013, with retroactive application permitted. The Company adopted this accounting pronouncement effective December 29, 2013. The adoption of this guidance did not have a significant impact on the Company's financial results. |
Acquisitions
Acquisitions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Acquisitions | Acquisitions Providência Acquisition On January 27, 2014, the Company announced that PGI Polímeros do Brazil, a Brazilian corporation and wholly-owned subsidiary of the Company ("PGI Acquisition Company"), entered into a Stock Purchase Agreement with Companhia Providência Indústria e Comércio, a Brazilian corporation ("Providência") and certain shareholders named therein. Pursuant to the terms and subject to the conditions of the Stock Purchase Agreement, PGI Acquisition Company agreed to acquire a 71.25% controlling interest in Providência (the “Providência Acquisition”). Providência is a leading manufacturer of nonwovens primarily used in hygiene applications as well as industrial and healthcare applications. Based in Brazil, Providência has three locations, including one in the United States. The Providência Acquisition was completed on June 11, 2014 (the "Providência Acquisition Date") for an aggregate purchase price of $424.8 million and funded with the proceeds from borrowings under an incremental term loan amendment to the Company's existing Senior Secured Credit Agreement as well as the proceeds from the issuance of $210.0 million of 6.875% Senior Unsecured Notes due in 2019. The components of the purchase price are as follows: In thousands Consideration Cash consideration paid to selling shareholders $ 188,117 Cash consideration deposited into escrow 8,252 Deferred purchase price 47,931 Debt repaid 180,532 Total consideration $ 424,832 Total consideration paid included $47.9 million of deferred purchase price (the "Deferred Purchase Price"). The Deferred Purchase Price is held by the Company and relates to certain unaccrued tax claims of Providência (the "Providência Tax Claims"). The Deferred Purchase Price is denominated in Brazilian Reals (R$) and accretes at a rate of 9.5% per annum compounded daily. If the Providência Tax Claims are resolved in the Company's favor, the Deferred Purchase Price will be paid to the selling shareholders. However, if the Company or Providência incur actual tax liability in respect to the Providência Tax Claims, the amount of Deferred Purchase Price owed to the selling shareholders will be reduced by the amount of such actual tax liability. The Company will be responsible for any actual tax liability in excess of the Deferred Purchase Price and the cash consideration deposited into escrow. Based on the Company's best estimate, resolution of the Providência Tax Claims is expected to take longer than a year. As a result, the Deferred Purchase Price is classified as a noncurrent liability with accretion recognized within Interest expense . As required by Brazilian law, PGI Acquisition Company filed a mandatory tender offer registration request with the Securities Commission of Brazil (Comissão de Valores Mobiliários or the “CVM”) in order to launch, as required by Brazilian law, after the CVM's approval, a tender offer to acquire the remaining 28.75% of the outstanding capital stock of Providência that is currently held by the minority shareholders (the “Mandatory Tender Offer”). The price per share to be paid to the minority shareholders in connection with the Mandatory Tender Offer will be substantially the same as paid to the selling shareholders upon acquisition of control, including the portion allocated to deferred purchase price and escrow. In addition, the Company voluntarily opted to amend the Mandatory Tender Offer to provide the minority shareholders with an alternative price structure with no escrow or deferred purchase price. Based on the alternative offer, the minority shareholders would receive an all-cash purchase price at closing. The Mandatory Tender Offer registration request is currently under review with the CVM. Once the Mandatory Tender Offer is approved and launched, the minority shareholders have the right, but not the obligation, to sell their remaining outstanding capital stock of Providência. Given such right of the minority shareholders, the Company determined that ASC 480, "Distinguishing Liabilities from Equity" ("ASC 480") requires the noncontrolling interest to be presented as mezzanine equity on the Consolidated Balance Sheets and adjusted to its estimated maximum redemption amount at each balance sheet date. Refer to Note 14, "Redeemable Noncontrolling Interest" for further information on the accounting of the redeemable noncontrolling interest. The Providência Acquisition was recorded using the acquisition method of accounting in accordance with the accounting guidance for business combinations. As a result, the total purchase price was allocated to assets acquired and liabilities assumed based on the fair market value of such assets and liabilities at the Providência Acquisition Date. Any excess of the purchase price is recognized as goodwill, which is not expected to be deductible for tax purposes. Pro Forma Information The following unaudited pro forma information for the three months ended March 29, 2014 assumes the acquisition of Providência occurred as of the beginning of 2014. In thousands Three Months Net sales $ 512,105 Net income (loss) (19,755 ) The unaudited pro forma information does not purport to be indicative of the results that actually would have been achieved had the operations been combined during the periods presented, nor is it intended to be a projection of future results or trends. Net sales and Operating income (loss) attributable to Providência for the three months ended March 31, 2015 was $73.6 million and $13.4 million , respectively. Dounor Acquisition On March 25, 2015, the Company announced that PGI France Holdings SAS, a wholly-owned subsidiary of the Company, entered into an agreement to acquire Dounor SAS. (“Dounor”) for a purchase price of €55 million . The acquisition was completed on April 17, 2015 and funded through the Company's Senior Secured Credit Agreement, as amended. Located in France, Dounor is a manufacturer of nonwoven materials used in the hygiene, healthcare and industrial applications. The Company is currently in the process of evaluating the purchase accounting implications of the Dounor acquisition. | Acquisitions Providência Acquisition On January 27, 2014, the Company announced that PGI Polímeros do Brazil, a Brazilian corporation and wholly-owned subsidiary of the Company ("PGI Acquisition Company"), entered into a Stock Purchase Agreement with Providência and certain shareholders named therein. Pursuant to the terms and subject to the conditions of the Stock Purchase Agreement, PGI Acquisition Company agreed to acquire a 71.25% controlling interest in Providência (the “Providência Acquisition”). Providência is a leading manufacturer of spunmelt nonwoven products primarily used in hygiene applications as well as industrial and healthcare applications. Based in Brazil, Providência has three locations, including one in the United States. The Providência Acquisition was completed on June 11, 2014 (the "Providência Acquisition Date") for an aggregate purchase price of $424.8 million and funded with the proceeds from borrowings under an incremental term loan amendment to the Company's existing Senior Secured Credit Agreement as well as the proceeds from the issuance of $210.0 million of 6.875% Senior Unsecured Notes due in 2019. The components of the purchase price are as follows: In thousands Consideration Cash consideration paid to selling stockholders $ 188,117 Cash consideration deposited into escrow 8,252 Deferred consideration 47,931 Debt repaid 180,532 Total consideration $ 424,832 Total consideration paid included $47.9 million of deferred purchase price (the "Deferred Consideration"). The Deferred Consideration is denominated in Brazilian Reais (R$) and accretes at a rate of 9.5% per annum compounded daily. Depending on the resolutions of certain existing and potential tax claims (the "Providência Tax Claims"), the Deferred Consideration will be paid to the selling stockholders. If the Company or Providência incur actual tax liability in respect to the Providência Tax Claims, the amount of Deferred Consideration owed to the selling shareholders will be reduced by the amount of such actual tax liability. The Company will be responsible for any actual tax liability in excess of the Deferred Consideration and the cash consideration deposited into escrow. Based on the Company's best estimate, resolution and payment of the existing and potential tax claims is anticipated in 2016 or later. As a result, the Deferred Consideration is classified as a noncurrent liability with accretion recognized within Interest expense . As required by Brazilian law, PGI Acquisition Company filed a mandatory tender offer registration request with the Securities Commission of Brazil (Comissão de Valores Mobiliários or the “CVM”) in order to launch as required by Brazilian law, after the CVM's approval, a tender offer to acquire the remaining 28.75% of the outstanding capital stock of Providência that is currently held by the minority shareholders (the “Mandatory Tender Offer”). The price per share to be paid to the minority shareholders in connection with the Mandatory Tender Offer will be substantially the same as paid to the selling shareholders up acquisition of control, including the portion allocated to deferred consideration and escrow. In addition, the Company voluntarily opted to amend the Mandatory Tender Offer to provide the minority shareholders with an alternative price structure with no escrow or deferred purchase price. Based on the alternative offer, the minority shareholders would receive an all-cash purchase price at closing. The Mandatory Tender Offer registration request is currently under review with the CVM. Once the Mandatory Tender Offer is approved and launched, the minority shareholders have the right, but not the obligation, to sell their remaining outstanding capital stock of Providência. Given such right of the minority shareholders, the Company determined that ASC 480, "Distinguishing Liabilities from Equity" ("ASC 480") requires the noncontrolling interest to be presented as mezzanine equity on the Consolidated Balance Sheets and adjusted to its estimated maximum redemption amount at each balance sheet date. Refer to Note 17, "Redeemable Noncontrolling Interest" for further information on the accounting of the redeemable noncontrolling interest. The Providência Acquisition was recorded using the acquisition method of accounting in accordance with the accounting guidance for business combinations. As a result, the total purchase price has been allocated to assets acquired and liabilities assumed based on the preliminary estimate of fair market value of such assets and liabilities at the Providência Acquisition Date. Any excess of the purchase price is recognized as goodwill. During the third quarter of 2014, the Company obtained new information related to the assets acquired and liabilities assumed of Providência. The facts and circumstances existed at the date of acquisition and, if known, would have affected the measurement of the amounts recognized at that date. During the fourth quarter of 2014, the Company updated its fair market value estimates for inventory, property, plant and equipment, intangible assets and redeemable noncontrolling interest. In addition, deferred tax impacts related to these updates were recorded. In accordance with ASC 805, "Business Combinations" ("ASC 805"), measurement period adjustments are not included in current earnings, but recognized as of the date of acquisition with a corresponding adjustment to goodwill resulting from the change in preliminary amounts. As a result, the Company adjusted the preliminary allocation of the purchase price initially recorded at the Providência Acquisition Date to reflect these measurement period adjustments. The estimated fair values of Providência assets acquired, liabilities assumed and resulting goodwill are subject to adjustment as the Company finalizes its fair value analysis. The Company has not completed the detailed valuation work necessary to arrive at the required estimates of the fair value of Providência net assets and the related allocation of purchase price. The Company is still waiting on additional information to finalize the valuation of its acquired intangible assets and property, plant and equipment accounting as well as the accounting for certain tax matters. The Company will complete its final purchase price allocation during the second quarter of 2015. The preliminary allocation of the purchase price and related measurement period adjustments are as follows: In thousands Preliminary June 11, 2014 Measurement Period Adjustments Adjusted June 11, 2014 Cash $ 20,621 $ — $ 20,621 Accounts receivable 56,976 (4,047 ) 52,929 Inventory 33,000 1,077 34,077 Other current assets 27,748 4,100 31,848 Total current assets 138,345 1,130 139,475 Property, plant and equipment 400,000 (94,694 ) 305,306 Goodwill 106,335 27,312 133,647 Intangible assets 4,770 14,230 19,000 Other noncurrent assets 12,288 — 12,288 Total assets acquired $ 661,738 $ (52,022 ) $ 609,716 Current liabilities $ 28,863 $ 2,742 $ 31,605 Total debt 74,930 — 74,930 Deferred income taxes 38,373 (42,808 ) (4,435 ) Other noncurrent liabilities 1,992 — 1,992 Total liabilities assumed 144,158 (40,066 ) 104,092 Redeemable noncontrolling interest 92,990 (12,198 ) 80,792 Net assets acquired $ 424,590 $ 242 $ 424,832 Cash, accounts receivable and current liabilities were stated at their historical carrying values, which approximate fair value, given the short-term nature of these assets and liabilities. The preliminary estimate of fair value for inventories was based on computations which considered many factors including the estimated selling price of the inventory, the cost to dispose of the inventory as well as the replacement cost of the inventory, where applicable. As a result, the Company increased the carrying value of inventory by $4.5 million . The preliminary estimate of fair value for property, plant and equipment was based on management's assessment of the acquired assets condition, as well as an evaluation of the current market value for such assets. In addition, the Company also considered the length of time over which the economic benefit of these assets is expected to be realized and adjusted the useful life of such assets accordingly as of the valuation date. As a result, the Company decreased the carrying value of property, plant and equipment by $16.9 million . The preliminary estimate of fair value of the redeemable noncontrolling interest was based upon management's assessment of the then current market value of the outstanding shares of stock. The Company recorded an intangible asset, which consisted of a finite-lived customer relationships intangible asset with an estimated fair value of $ 19.0 million . The valuation was determined using an income approach methodology using the multi-period excess earnings method. The average estimated useful life of the intangible assets is considered to be 15 years, determined based upon various accounting studies, historical acquisition experience, economic factors and future cash flows. The excess of the purchase price over the preliminary amounts allocated to specific assets and liabilities is included in goodwill which has been allocated on a preliminary basis to the North America and South America segments. The goodwill associated with the Providência Acquisition is not expected to be deductible for tax purposes. The premium in the purchase price paid by the Company for the acquisition of Providência broadens our scale and further solidifies the Company's position as the largest manufacturer of nonwovens in the world. The Company anticipates that the broad base of clients associated with the acquisition of Providência will enhance the Company's position in hygiene products and markets as well as strengthen our position in the Americas. In the short-term, the Company anticipates realizing operational and cost synergies at Providência that include purchasing optimization due to larger volumes, reduced manufacturing costs and lower general and administrative costs. Acquisition related costs are as follows: In thousands Amount Loan acquisition costs $ 21,297 Transaction expenses 18,552 Total $ 39,849 Capitalized loan acquisition costs related to the Providência Acquisition of $10.6 million were recorded within Intangible assets, net in the Consolidated Balance Sheets and are amortized over the term of the loan to which such costs relate. The remainder, $10.7 million , was expensed as incurred during the second quarter and included within Debt modification and extinguishment costs in the Consolidated Statements of Operations. These costs related to common lenders included in the incremental term loan amendment to the Company's existing Senior Secured Credit Agreement. In accordance with ASC 805, transaction expenses related to the Providência Acquisition were expensed as incurred within Special charges, net in the Consolidated Statements of Operations. Fiberweb Acquisition On September 17, 2013, PGI Acquisition Limited, a wholly-owned subsidiary of the Company, entered into an agreement with Fiberweb Limited (formerly Fiberweb plc)("Fiberweb") containing the terms of a cash offer to purchase 100% of the issued and to be issued ordinary share capital of Fiberweb at a cash price of £1.02 per share (the "Fiberweb Acquisition"). Under the terms of the agreement, Fiberweb would become a wholly-owned subsidiary of the Company. The offer was effected by a court sanctioned scheme of arrangement of Fiberweb under Part 26 of the UK Companies Act 2006 and consummated on November 15, 2013 (the "Fiberweb Acquisition Date"). The aggregate purchase price was valued at $287.8 million and funded on November 27, 2013 with the proceeds of borrowings under a $268.0 million Senior Secured Bridge Credit Agreement and a $50.0 million Senior Unsecured Bridge Credit Agreement (together, the "Bridge Facilities"). The Bridge Facilities were subsequently refinanced, along with transaction expenses, with the proceeds from a $295.0 million Senior Secured Credit Agreement and a $30.7 million equity investment from Blackstone. Fiberweb is one of the largest global manufacturers of specialized technical fabrics with eight production sites in six countries. The Fiberweb Acquisition was recorded using the acquisition method of accounting in accordance with the accounting guidance for business combinations. As a result, the total purchase price was allocated to assets acquired and liabilities assumed based on the estimated fair market value of such assets and liabilities at the Fiberweb Acquisition Date. Any excess of the purchase price was recognized as goodwill in the North America segment. During the quarter ended September 27, 2014, the Company finalized its valuation of assets acquired and liabilities assumed, which resulted in the necessity to revise the original estimate of fair value. As required by the acquisition method of accounting, the Company retrospectively adjusted the acquisition date balance sheet and the results of operations of the fourth quarter and year ended December 28, 2013 to reflect the following: (1) an increase in the estimated fair value of property, plant and equipment; (2) an increase in the estimated fair value of identifiable intangible assets; (3) an increase in the deferred tax liability related to the increased value of property, plant and equipment and intangible assets; and (4) a decrease in goodwill caused by the net effect of these adjustments. The recast allocation of the purchase price was as follows: In thousands November 15, 2013 Cash $ 8,792 Accounts receivable 49,967 Inventory 71,081 Other current assets 29,889 Total current assets 159,729 Property, plant and equipment 187,529 Goodwill 33,699 Intangible assets 85,996 Other noncurrent assets 1,403 Total assets acquired $ 468,356 Current liabilities 84,255 Financing obligation 20,300 Total debt 19,391 Deferred income taxes 45,974 Other noncurrent liabilities 9,825 Noncontrolling interest 849 Total liabilities assumed $ 180,594 Net assets acquired $ 287,762 Cash, accounts receivable and current liabilities were stated at their historical carrying values, which approximate their fair value, given the short-term nature of these assets and liabilities. Inventories were recorded at fair value and was based on computations which considered many factors including the estimated selling price of the inventory, the cost to dispose of the inventory as well as the replacement cost of the inventory, where applicable. As a result, the Company increased the carrying value of inventory by $9.7 million . The estimate of fair value for property, plant and equipment was based on management's assessment of the acquired assets condition, as well as an evaluation of the current market value for such assets. In addition, the Company also considered the length of time over which the economic benefit of these assets is expected to be realized and adjusted the useful life of such assets accordingly as of the valuation date. As a result, the Company increased the carrying value of property, plant and equipment by $24.5 million . The Company recorded intangible assets based on their estimated fair value, and consisted of the following: In thousands Useful Life Amount Technology 15 years $ 31,827 Trade names Indefinite 11,412 Customer relationships 20 years 42,757 Total $ 85,996 The Company allocated $11.4 million to trade names, primarily related to Typar and Reemay. Management considered many factors in the determination that it will account for the asset as an indefinite-lived, including the current market leadership position of the name as well as the recognition in the industry. Therefore, in accordance with current accounting guidance, the indefinite-lived intangible asset will not be amortized, but instead tested for impairment at least annually (more frequently if certain indicators are present). The excess of the purchase price over the amounts allocated to specific assets and liabilities is included in goodwill and has been allocated to the North America segment. The goodwill is not deductible for tax purposes. The premium in the purchase price paid by the Company for the acquisition of Fiberweb reflects the establishment of the largest manufacturers of nonwovens in the world. The Company anticipates that the improved diversity associated with the acquisition of Fiberweb will provide a foundation for enhanced access to clients in highly specialized, niche end markets as well as provide complementary solutions and new technologies to address our customer's desire for innovation and customized solutions. In the short-term, the Company anticipates realizing significant operational and cost synergies that include purchasing optimization due to larger volumes, improvement in manufacturing costs and lower general and administrative costs. Acquisition related costs were as follows: In thousands Amount Loan acquisition costs $ 16,102 Transaction expenses 15,783 Total $ 31,885 Loan acquisition costs related to the Fiberweb Acquisition were capitalized and recorded within Intangible assets, net in the Consolidated Balance Sheets and amortized over the term of the loan to which such costs relate. In accordance with ASC 805, "Business Combinations" ("ASC 805"), transaction expenses related to the Acquisition are expensed as incurred within Special charges, net in the Consolidated Statement of Operations. Pro Forma Information The following unaudited pro forma information for the fiscal year ended December 31, 2014 and December 28, 2013 assumes the acquisition of Fiberweb and Providência occurred as of the beginning of 2014 and 2013, respectively. In thousands December 31, 2014 December 28, 2013 Net sales $ 2,005,678 $ 1,966,103 Net income (loss) (132,977 ) (78,847 ) The unaudited pro forma information does not purport to be indicative of the results that actually would have been achieved had the operations been combined during the periods presented, nor is it intended to be a projection of future results or trends. During 2014, net sales and operating income (loss) attributable to Providência since the Providência Acquisition Date was $194.3 million and a loss of $3.4 million , respectively. AVINTIV Acquisition On January 28, 2011, pursuant to an Agreement and Plan of Merger, dated as of October 4, 2010, the Company was acquired by affiliates of the Blackstone Group (“Blackstone”), along with certain members of the Company's management (the "Merger"), for an aggregate purchase price valued at $403.5 million . As a result, the Company became a privately-held company. The Merger was financed by $560.0 million in aggregate principal of debt financing as well as common equity capital. In addition, the Company repaid its existing outstanding debt. The Merger was recorded using the acquisition method of accounting in accordance with the accounting guidance for business combinations and non-controlling interest. The purchase price has been allocated to assets acquired and liabilities assumed based on the estimated fair market value of such assets and liabilities at the date of merger and resulted in goodwill of $86.4 million and intangible assets of $72.0 million , of which $48.5 million related to definite-lived intangible assets and $23.5 million related to indefinite-lived tradenames. Cash and cash equivalents, accounts receivable and accounts payable were stated at their historical carrying values, which approximate their fair value, given the short-term nature of these assets and liabilities. Inventories were recorded at fair value, based on computations which considered many factors including the estimated selling price of the inventory, the cost to dispose the inventory as well as the replacement cost of the inventory, where applicable. |
Accounts Receivable Factoring A
Accounts Receivable Factoring Agreements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||
Accounts Receivable Factoring Agreements | Accounts Receivable Factoring Agreements In the ordinary course of business, the Company may utilize accounts receivable factoring agreements with third-party financial institutions in order to accelerate its cash collections from product sales. In addition, these agreements provide the Company with the ability to limit credit exposure to potential bad debts, to better manage costs related to collections as well as to enable customers to extend their credit terms. These agreements involve the ownership transfer of eligible trade accounts receivable, without recourse or discount, to a third party financial institution in exchange for cash. The Company accounts for these transactions in accordance with ASC 860, "Transfers and Servicing" ("ASC 860"). ASC 860 allows for the ownership transfer of accounts receivable to qualify for sale treatment when the appropriate criteria is met, which permits the Company to present the balances sold under the program to be excluded from Accounts receivable, net on the Consolidated Balance Sheets. Receivables are considered sold when (i) they are transferred beyond the reach of the Company and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) the Company has surrendered control over the transferred receivables. In addition, the Company provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Amounts due from financial institutions are included in Other current assets in the Consolidated Balance Sheets. The Company has a U.S. based program where certain U.S. based receivables are sold to an unrelated third-party financial institution. Under the current terms of the U.S. agreement, the maximum amount of outstanding advances at any one time is $20.0 million , which limitation is subject to change based on the level of eligible receivables, restrictions on concentrations of receivables and the historical performance of the receivables sold. In addition, the Company's subsidiaries in Brazil, Colombia, France, Italy, Mexico, Netherlands and Spain have entered into factoring agreements to sell certain receivables to unrelated third-party financial institutions. Under the terms of the non-U.S. agreements, the maximum amount of outstanding advances at any one time is $78.0 million (measured at March 31, 2015 foreign exchange rates), which limitation is subject to change based on the level of eligible receivables, restrictions on concentrations of receivables and the historical performance of the receivables sold. The following is a summary of receivables sold to the third-party financial institutions that existed at the following balance sheet dates: In thousands March 31, 2015 December 31, 2014 Trade receivables sold to financial institutions $ 81,810 $ 92,528 Net amounts advanced from financial institutions 71,065 78,900 Amounts due from financial institutions $ 10,745 $ 13,628 The Company sold $174.6 million and $131.7 million of receivables under the terms of the factoring agreements during the three months ended March 31, 2015 and March 29, 2014 , respectively. The year-over-year increase in receivables sold is primarily attributable to accounts receivable factoring agreements associated with our recent acquisitions. In addition, a new agreement that was established in France during 2014 contributed to the increase. The Company pays a factoring fee associated with the sale of receivables based on the invoice value of the receivables sold. During the three months ended March 31, 2015 and March 29, 2014 , factoring fees incurred were $0.4 million and $0.4 million , respectively. These amounts are recorded within Foreign currency and other, net in the Consolidated Statements of Comprehensive Income (Loss). | Accounts Receivable Factoring Agreements In the ordinary course of business, the Company may utilize accounts receivable factoring agreements with third-party financial institutions in order to accelerate its cash collections from product sales. In addition, these agreements provide the Company with the ability to limit credit exposure to potential bad debts, to better manage costs related to collections as well as to enable customers to extend their credit terms. These agreements involve the ownership transfer of eligible trade accounts receivable, without recourse or discount, to a third-party financial institution in exchange for cash. The Company accounts for these transactions in accordance with ASC 860, "Transfers and Servicing" ("ASC 860"). ASC 860 allows for the ownership transfer of accounts receivable to qualify for sale treatment when the appropriate criteria is met, which permits the Company to present the balances sold under the program to be excluded from Accounts receivable, net on the Consolidated Balance Sheet. Receivables are considered sold when (i) they are transferred beyond the reach of the Company and its creditors, (ii) the purchaser has the right to pledge or exchange the receivables, and (iii) the Company has surrendered control over the transferred receivables. In addition, the Company provides no other forms of continued financial support to the purchaser of the receivables once the receivables are sold. Amounts due from financial institutions are recorded with Other current assets in the Consolidated Balance Sheet. The Company has a U.S. based program where certain U.S. based receivables are sold to an unrelated third-party financial institution. Under the current terms of the U.S. agreement, the maximum amount of outstanding advances at any one time is $20.0 million , which limitation is subject to change based on the level of eligible receivables, restrictions on concentrations of receivables and the historical performance of the receivables sold. In addition, the Company's subsidiaries in Brazil, Colombia, France, Italy, Mexico, Netherlands and Spain have entered into factoring agreements to sell certain receivables to an unrelated third-party financial institutions. Under the terms of the non-U.S. agreements, the maximum amount of outstanding advances at any one time is $84.4 million (measured at December 31, 2014 foreign exchange rates), which limitation is subject to change based on the level of eligible receivables, restrictions on concentrations of receivables and the historical performance of the receivables sold. The following is a summary of receivables sold to the third-party financial institutions that existed at the following balance sheet dates: In thousands December 31, 2014 December 28, 2013 Trade receivables sold to financial institutions $ 92,528 $ 71,542 Net amounts advanced from financial institutions 78,900 63,667 Amounts due from financial institutions $ 13,628 $ 7,875 The Company sold $657.8 million and $414.0 million of receivables under the terms of the factoring agreements during the fiscal years ended December 31, 2014 and December 28, 2013 , respectively. The year-over-year increase in receivables sold is primarily attributable to accounts receivable factoring agreements acquired with both the Fiberweb Acquisition and the Providência Acquisition. In addition, a new agreement that was established in France contributed to the increase. The Company pays a factoring fee associated with the sale of receivables based on the dollar of the receivables sold. Amounts incurred for the Company were $1.6 million , $1.2 million and $ 1.1 million for the fiscal years ended December 31, 2014 , December 28, 2013 and December 29, 2012 , respectively. These amounts are recorded within Foreign currency and other, net in the Consolidated Statements of Operations. |
Inventories, Net
Inventories, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | ||
Inventories, Net | Inventories At March 31, 2015 and December 31, 2014 , the major classes of inventory are as follows: In thousands March 31, December 31, Raw materials and supplies $ 55,251 $ 58,951 Work in process 19,194 19,151 Finished goods 82,571 95,599 Total $ 157,016 $ 173,701 Inventories are stated at the lower of cost, determined on the first-in, first-out ("FIFO") method, or fair market value. The Company performs periodic assessments to determine the existence of obsolete, slow-moving and non-saleable inventories and records necessary provisions to reduce such inventories to net realizable value. Reserve balances, primarily related to obsolete and slow-moving inventories, were $9.3 million and $7.8 million at March 31, 2015 and December 31, 2014 , respectively. | Inventories, Net At December 31, 2014 and December 28, 2013 , the major classes of inventory were as follows: In thousands December 31, December 28, Raw materials and supplies $ 58,951 $ 55,544 Work in process 19,151 19,102 Finished goods 95,599 81,428 Total $ 173,701 $ 156,074 Inventories are stated at the lower of cost, determined on the first-in, first-out ("FIFO") method, or fair market value. The Company performs periodic assessments to determine the existence of obsolete, slow-moving and non-saleable inventories and records necessary provisions to reduce such inventories to net realizable value. Reserve balances, primarily related to obsolete and slow-moving inventories, were $7.8 million and $3.3 million at December 31, 2014 and December 28, 2013 , respectively. As a result of the acquisition of Providência, the Company increased the carrying value of inventory by $4.5 million as of the Providência Acquisition Date in order to adjust to estimated fair value in accordance with the accounting guidance for business combinations. The preliminary change in the fair value of the assets were based on computations which considered many factors including the estimated selling price of the inventory, the cost to dispose of the inventory as well as the replacement cost of the inventory, where applicable. The step-up in inventory value was amortized to Cost of Goods Sold over the period of Providência's normal inventory turns, which approximated one month. As a result of the acquisition of Fiberweb, the Company increased the carrying value of inventory by $9.7 million as of the Fiberweb Acquisition Date in order to adjust to estimated fair value in accordance with the accounting guidance for business combinations. The change in the fair value of the assets were based on computations which considered many factors including the estimated selling price of the inventory, the cost to dispose of the inventory as well as the replacement cost of the inventory, where applicable. The step-up in inventory value was amortized to Cost of Goods Sold over the period of the Company's normal inventory turns, which approximated two months. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net The major classes of property, plant and equipment consist of the following: In thousands December 31, December 28, Land $ 54,919 $ 50,780 Buildings and land improvements 240,515 179,821 Machinery, equipment and other 755,590 569,157 Construction in progress 49,887 28,181 Subtotal 1,100,911 827,939 Less: Accumulated depreciation (230,681 ) (175,159 ) Total $ 870,230 $ 652,780 Depreciation expense was $101.8 million , $64.4 million and $58.1 million for the fiscal years ended December 31, 2014 , December 28, 2013 and December 29, 2012 , respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The Company records as goodwill the excess of the purchase price over the fair value of the net assets acquired. Once the final valuation has been performed for each acquisition, adjustments may be recorded. Goodwill is tested and reviewed annually for impairment during the fourth quarter or whenever there is a significant change in events or circumstances that indicate that the fair value of the asset may be less than the carrying amount of the asset. The changes in the carrying amount of goodwill are as follows: In thousands North America South America Europe Asia Total December 29, 2012 $ 39,129 $ 6,851 $ — $ 34,628 $ 80,608 Acquisitions 33,699 — — — 33,699 Impairment — — — — — Translation 781 — — 240 1,021 December 28, 2013 $ 73,609 $ 6,851 $ — $ 34,868 $ 115,328 Acquisitions 5,688 127,959 — — 133,647 Impairment — (6,851 ) — — (6,851 ) Translation (781 ) (20,597 ) — (192 ) (21,570 ) December 31, 2014 $ 78,516 $ 107,362 $ — $ 34,676 $ 220,554 As of December 29, 2012, the Company had recorded goodwill of $80.6 million . The balance primarily related to the Merger in which $86.4 million was recorded as goodwill, net of a $7.6 million impairment charge to goodwill in the fourth quarter of 2011 as a result of its annual goodwill impairment test. Other than the amount recorded during 2011, the Company does not have any accumulated impairment losses through December 28, 2013. On September 15, 2013, PGI Acquisition Limited, a wholly-owned subsidiary of the Company, entered into an agreement with Fiberweb containing the terms of a cash offer to purchase 100% of the issued and to be issued ordinary share capital of Fiberweb. The Acquisition was consummated on November 15, 2013 and funded on November 27, 2013 with the proceeds of the Bridge Facilities. The purchase price has been allocated to assets acquired and liability assumed based on the fair value estimates of such assets and liabilities at the date of acquisition. As a result, the Company recorded $33.7 million as goodwill. On January 27, 2014, PGI Acquisition Company, a wholly-owned subsidiary of the Company, entered into an agreement with Providência to acquire a 71.25% controlling interest in Providência. The acquisition was consummated on June 11, 2014 and funded with the proceeds from borrowings under an incremental term loan amendment to the Company's existing Senior Secured Credit Agreement as well as the proceeds form the issuance of $210.0 million of 6.875% Senior Unsecured Notes due in 2019. The purchase price has been allocated to assets acquired and liabilities assumed based on the fair value estimates of such assets and liabilities at the date of acquisition. As a result, the Company recorded $133.6 million as goodwill. In connection with the Providência Acquisition, the Company realigned its internal reporting structure to reflect its new organizational structure and business focus. Per ASC 350, "Goodwill and Other" ("ASC 350"), goodwill is required to be tested for impairment both before and after a reorganization. As a result, the Company performed a qualitative assessment during the third quarter and determined that goodwill was not impaired at any of the reporting units prior to the reorganization. Subsequent to the reorganization, the Company performed an interim goodwill impairment test and determined that the fair value of goodwill at the Argentina/Colombia reporting unit was zero and that all of its goodwill would be impaired. As a result, the Company recorded a non-cash impairment charge of $6.9 million . Refer to Note 13, "Fair Value of Financial Instruments" for further information on the interim goodwill impairment test. |
Intangible Assets
Intangible Assets | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible Assets | Intangible Assets Indefinite-lived intangible assets are tested and reviewed annually for impairment during the fourth quarter or whenever there is a significant change in events or circumstances that indicate that the fair value of the asset may be less than the carrying amount of the asset. All other intangible assets with finite useful lives are being amortized on a straight-line basis over their estimated useful lives. The following table sets forth the gross amount and accumulated amortization of the Company's intangible assets at March 31, 2015 and December 31, 2014 : March 31, 2015 December 31, 2014 In thousands Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Technology $ 63,726 $ (16,230 ) $ 47,496 $ 63,726 $ (14,902 ) $ 48,824 Customer relationships 73,511 (13,844 ) 59,667 76,242 (12,735 ) 63,507 Loan acquisition costs 40,612 (16,101 ) 24,511 40,612 (14,447 ) 26,165 Other 7,219 (1,829 ) 5,390 7,104 (1,601 ) 5,503 Tradenames (indefinite-lived) 34,912 — 34,912 34,912 — 34,912 Total $ 219,980 $ (48,004 ) $ 171,976 $ 222,596 $ (43,685 ) $ 178,911 As of March 31, 2015 , the Company had recorded intangible assets of $172.0 million , which includes amounts associated with loan acquisition costs. These expenditures represent the cost of obtaining financings that are capitalized in the balance sheet and amortized over the term of the loans to which such costs relate. The following table presents amortization of the Company's intangible assets for the following periods: In thousands Three Months Three Months Intangible assets $ 2,764 $ 3,102 Loan acquisition costs 1,654 1,026 Total $ 4,418 $ 4,128 Estimated amortization expense on existing intangible assets for each of the next five years is expected to approximate $15 million in 2015, $16 million in 2016, $16 million in 2017, $16 million in 2018 and $16 million in 2019. | Intangible Assets Indefinite-lived intangible assets are tested and reviewed annually for impairment during the fourth quarter or whenever there is a significant change in events or circumstances that indicate that the fair value of the asset may be less than the carrying amount of the asset. All other intangible assets with finite useful lives are being amortized on a straight-line basis over their estimated useful lives. The following table sets forth the gross amount and accumulated amortization of the Company's intangible assets at December 31, 2014 and December 28, 2013 : December 31, 2014 December 28, 2013 In thousands Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Technology $ 63,726 $ (14,902 ) $ 48,824 $ 63,705 $ (9,359 ) $ 54,346 Customer relationships 76,242 (12,735 ) 63,507 60,078 (8,404 ) 51,674 Loan acquisition costs 40,612 (14,447 ) 26,165 30,067 (7,817 ) 22,250 Other 7,104 (1,601 ) 5,503 6,928 (711 ) 6,217 Tradenames (indefinite-lived) 34,912 — 34,912 34,912 — 34,912 Total $ 222,596 $ (43,685 ) $ 178,911 $ 195,690 $ (26,291 ) $ 169,399 As of December 31, 2014 , the Company had recorded intangible assets of $178.9 million . Included in this amount are loan acquisition costs incurred in association with acquisitions. These expenditures represent the cost of obtaining financings that are capitalized in the Consolidated Balance Sheets and amortized over the term of the loans to which such costs relate. The following table presents amortization of the Company's intangible assets for the following periods: In thousands Fiscal Year Fiscal Year Fiscal Year Intangible assets $ 10,801 $ 7,095 $ 5,906 Loan acquisition costs 5,698 4,796 2,665 Total $ 16,499 $ 11,891 $ 8,571 Estimated amortization expense on existing intangible assets for each of the next five years is expected to approximate $15 million in 2015, $16 million in 2016, $16 million in 2017, $16 million in 2018 and $16 million in 2019. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Payables and Accruals [Abstract] | ||
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: In thousands March 31, December 31, Accounts payable to vendors $ 177,592 $ 209,527 Accrued compensation and benefits 44,330 42,485 Accrued interest 13,429 19,748 Other accrued expenses 46,557 49,553 Total $ 281,908 $ 321,313 | Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: In thousands December 31, December 28, Accounts payable to vendors $ 209,527 $ 209,031 Accrued salaries, wages, incentive compensation and other fringe benefits 42,485 33,889 Accrued interest 19,748 19,063 Other accrued expenses 49,553 45,748 Total $ 321,313 $ 307,731 |
Debt
Debt | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||
Debt | Debt The following table presents the Company's outstanding debt at March 31, 2015 and December 31, 2014 : In thousands March 31, December 31, Term Loans $ 701,328 $ 703,029 Senior Secured Notes 504,000 504,000 Senior Unsecured Notes 210,000 210,000 ABL Facility — — Argentina credit facilities: Nacion Facility 4,177 5,010 Galicia Facility 1,700 2,047 China Credit Facility 10,468 18,920 Brazil Export Credit Facility 15,231 18,871 India loans 2,124 2,437 Capital lease obligations 737 861 Total long-term debt including current maturities 1,449,765 1,465,175 Short-term borrowings 25,742 17,665 Total debt $ 1,475,507 $ 1,482,840 The fair value of the Company's long-term debt was $1,461.4 million at March 31, 2015 and $1,463.9 million at December 31, 2014 . The fair value of long-term debt is based upon quoted market prices in inactive markets or on available rates for debt with similar terms and maturities (Level 2). Term Loans On December 19, 2013, the Company entered into a Senior Secured Credit Agreement (the loans thereunder, the "Term Loans") with a maturity date upon the earlier of (i) December 19, 2019 and (ii) the 91st day prior to the scheduled maturity of the Company's 7.75% Senior Secured Notes; provided that on such 91st day, the Company's 7.75% Senior Secured Notes have an outstanding aggregate principal amount in excess of $150.0 million . The Term Loans provide for a commitment by the lenders to make secured term loans in an aggregate amount not to exceed $295.0 million , the proceeds of which were used to partially repay amounts outstanding under the Senior Secured Bridge Credit Agreement and the Senior Unsecured Bridge Credit Agreement (the "Bridge Facilities"). Borrowings bear interest at a fluctuating rate per annum equal to, at the Company's option, (i) a base rate equal to the highest of (a) the federal funds rate plus ½ of 1% , (b) the rate of interest in effect for such day as publicly announced from time to time by Citicorp North America, Inc. as its "prime rate" and (c) the LIBOR rate for a one-month interest period plus 1.0% (provided that in no event shall such base rate with respect to the Term Loans be less than 2.0% per annum), in each case plus an applicable margin of 3.25% or (ii) a LIBOR rate for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the Term Loans be less than 1.0% per annum) plus an applicable margin of 4.25% . The applicable margin for the Term Loans is subject to a 25 basis point step-down upon the achievement of a certain senior secured net leverage ratio. The Company is required to repay installments on the Term Loans in quarterly installments in aggregate amounts equal to 1.0% per annum of their funded total principal amount, with the remaining amount payable on the maturity date. On June 10, 2014, the Company entered into an incremental term loan amendment (the "Incremental Amendment") to the existing Term Loans in which the Company obtained $415.0 million of commitments for incremental term loans from the existing lenders, the terms of which are substantially identical to the terms of the Term Loans. Pursuant to the Incremental Amendment, the Company borrowed $310.0 million , the proceeds of which were used to fund a portion of the consideration paid for the Providência Acquisition. The remaining commitments were used during the third quarter of 2014 to repay existing indebtedness. The Term Loans are secured (i) together with the Tranche 2 (as defined below) loans, on a first-priority lien basis by substantially all of the Company's assets and the assets of any existing and future subsidiary guarantors (other than collateral securing the ABL Facility on a first-priority basis), including all of the Company's capital stock and the capital stock of each restricted subsidiary (which, in the case of foreign subsidiaries, will be limited to 65% of the capital stock of each first-tier foreign subsidiary) and (ii) on a second-priority basis by the collateral securing the ABL Facility, in each case, subject to certain exceptions and permitted liens. The Company may voluntarily repay outstanding loans at any time without premium or penalty, other than voluntary prepayment of Term Loans in connection with a repricing transaction on or prior to the date that is six months after the closing date of the Incremental Amendment and customary "breakage" costs with respect to LIBOR loans. The agreement governing the Term Loans, among other restrictions, limit the Company's ability and the ability of its restricted subsidiaries to: (i) incur or guarantee additional debt or issue disqualified stock or preferred stock; (ii) pay dividends and make other distributions on, or redeem or repurchase, capital stock; (iii) make certain investments; (iv) repurchase stock; (v) incur certain liens; (vi) enter into transactions with affiliates; (vii) merge or consolidate; (viii) enter into agreements that restrict the ability of subsidiaries to make dividends or other payments to AVINTIV Specialty Materials Inc.; (ix) designate restricted subsidiaries as unrestricted subsidiaries; and (x) transfer or sell assets. In addition, the Term Loans contain certain customary representations and warranties, affirmative covenants and events of default. Under the credit agreement governing the Term Loans, the Company's ability to engage in activities such as incurring additional indebtedness, making investments, refinancing certain indebtedness, paying dividends and entering into certain merger transactions is governed, in part, by the Company's ability to satisfy tests based on Adjusted EBITDA (defined as Consolidated EBITDA in the credit agreement governing the Terms Loans). Senior Secured Notes In connection with the Merger, the Company issued $560.0 million of 7.75% Senior Secured Notes due 2019 on January 28, 2011 . The Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis, by each of AVINTIV Specialty Materials' wholly-owned domestic subsidiaries. Interest on the Senior Secured Notes is paid semi-annually on February 1 and August 1 of each year. On July 23, 2014, the Company redeemed $56.0 million aggregate principal amount of the Senior Secured Notes at a redemption price of 103.0% of the aggregate principal amount plus any accrued and unpaid interest to, but excluding, July 23, 2014. The redemption amount was funded by proceeds from the Incremental Amendment. The indenture governing the Senior Secured Notes limits, subject to certain exceptions, the Company's ability and the ability of its restricted subsidiaries to: (i) incur or guarantee additional debt or issue disqualified stock or preferred stock; (ii) pay dividends and make other distributions on, or redeem or repurchase, capital stock; (iii) make certain investments; (iv) incur certain liens; (v) enter into transactions with affiliates; (vi) merge or consolidate; (vii) enter into agreements that restrict the ability of subsidiaries to make dividends or other payments to AVINTIV Specialty Materials Inc.; (viii) designate restricted subsidiaries as unrestricted subsidiaries; and (ix) transfer or sell assets. It does not limit the activities of the Parent or the amount of additional indebtedness that Parent or its parent entities may incur. In addition, it also provides for specified events of default, which, if any of them occurs, would permit or require the principal of and accrued interest on the Senior Secured Notes to become or to be declared due and payable. Under the indenture governing the Senior Secured Notes, the Company's ability to engage in certain activities such as incurring additional indebtedness, making investments, refinancing certain indebtedness, paying dividends and entering into certain merger transactions is governed, in part, by the Company's ability to satisfy tests based on Adjusted EBITDA (defined as EBITDA in the indenture governing the Senior Secured Notes). Senior Unsecured Notes In connection with the Providência Acquisition, the Company issued $210.0 million of 6.875% Senior Unsecured Notes due 2019 on June 11, 2014. The Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by each of AVINTIV Specialty Materials' wholly-owned domestic subsidiaries. Interest on the Senior Unsecured Notes is paid semi-annually on June 1 and December 1 of each year. The indenture governing the Senior Unsecured Notes limits, subject to certain exceptions, the Company's ability and the ability of its restricted subsidiaries to: (i) incur or guarantee additional debt or issue disqualified stock or preferred stock; (ii) pay dividends and make other distributions on, or redeem or repurchase, capital stock; (iii) make certain investments; (iv) incur certain liens; (v) enter into transactions with affiliates; (vi) merge or consolidate; (vii) enter into agreements that restrict the ability of subsidiaries to make dividends or other payments to AVINTIV Specialty Materials Inc.; (viii) designate restricted subsidiaries as unrestricted subsidiaries; and (iv) transfer or sell assets. It does not limit the activities of Parent or the amount of additional indebtedness that Parent or its parent entities may incur. In addition, it also provides for specified events of default which, if any occurs, would permit or require the principal of and accrued interest on the Senior Unsecured Notes to become or to be declared due and payable. Under the indenture governing the Senior Unsecured Notes, the Company's ability to engage in certain activities such as incurring additional indebtedness, making investments, refinancing certain indebtedness, paying dividends and entering into certain merger transactions is governed, in part, by the Company's ability to satisfy tests based on Adjusted EBITDA (defined as EBITDA in the indenture governing the Senior Unsecured Notes). ABL Facility On January 28, 2011, the Company entered into a senior secured asset-based revolving credit facility which was amended and restated on October 5, 2012 (the "ABL Facility") to provide for borrowings not to exceed $50.0 million , subject to borrowing base availability. The ABL Facility provides borrowing capacity available for letters of credit and borrowings on a same-day basis and is comprised of (i) a revolving tranche of up to $42.5 million (“Tranche 1”) and (ii) a first-in, last out revolving tranche of up to $7.5 million (“Tranche 2”). Provided that no default or event of default was then existing or would arise therefrom, the Company had the option to request that the ABL Facility be increased by an amount not to exceed $20.0 million . The facility matures on October 5, 2017. On November 26, 2013, the Company entered into an amendment to the ABL Facility which increased the Tranche 1 revolving credit commitments by $30.0 million (for a total aggregate revolving credit commitment of $80.0 million ) as well as made certain other changes to the agreement. In addition, the Company increased the amount by which the Company can request that the ABL Facility be increased at the Company's option to an amount not to exceed $75.0 million . The effectiveness of the amendment was subject to the satisfaction of certain specified closing conditions by no later than January 31, 2014, all of which were satisfied prior to such date. Based on current average excess availability, the borrowings under the ABL Facility will bear interest at a rate per annum equal to, at the Company's option, either (A) British Bankers Association LIBOR Rate (“LIBOR”) (adjusted for statutory reserve requirements) plus a margin of (i) 2.00% in the case of Tranche 1 or (ii) 4.00% in the case of Tranche 2; or (B) the higher of (a) the rate of interest in effect for such day as publicly announced from time to time by Citibank, N.A. as its "prime rate" and (b) the federal funds effective rate plus 0.5% of 1.0% (“ABR”) plus a margin of (x) 1.00% in the case of Tranche 1 or (y) 3.00% in the case of the Tranche 2. As of March 31, 2015 , the Company had no outstanding borrowings under the ABL Facility. The borrowing base availability was $71.0 million . Outstanding letters of credit in the aggregate amount of $19.3 million left $51.7 million available for additional borrowings. The aforementioned letters of credit were primarily provided to certain administrative service providers and financial institutions. None of these letters of credit had been drawn on as of March 31, 2015 . The ABL Facility contains certain restrictions which limit the Company's ability and the ability of its restricted subsidiaries to: (i) incur or guarantee additional debt; (ii) pay dividends and make other distributions on, or redeem or repurchase, capital stock; (iii) make certain investments; (iv) repurchase stock; (v) incur certain liens; (vi) enter into transactions with affiliates; (vii) merge or consolidate or other fundamental changes; (viii) enter into agreements that restrict the ability of subsidiaries to make dividends or other payments; (ix) designate restricted subsidiaries as unrestricted subsidiaries; (x) transfer or sell assets and (xi) prepay junior financing or other restricted debt. In addition, it contains certain customary representations and warranties, affirmative covenants and events of default. If such an event of default occurs, the lenders under the ABL Facility would be entitled to take various actions, including the acceleration of amounts due under the ABL Facility and all actions permitted to be taken by a secured creditor. Under the credit agreement governing the ABL Facility, the Company's ability to engage in activities such as incurring additional indebtedness, making investments, refinancing certain indebtedness, paying dividends and entering into certain merger transactions is governed, in part by, the Company's ability to satisfy tests based on Adjusted EBITDA (defined as Consolidated EBITDA in the credit agreement governing the ABL Facility). Nacion Facility In January 2007, the Company's subsidiary in Argentina entered into an arrangement with banking institutions in Argentina in order to finance the installation of a new spunmelt line at its facility located near Buenos Aires, Argentina. The maximum borrowings available under the facility, excluding any interest added to principal, were 33.5 million Argentine pesos with respect to an Argentine peso-denominated loan and $26.5 million with respect to a U.S. dollar-denominated loan. The loans are secured by pledges covering (i) the subsidiary's existing equipment lines; (ii) the outstanding stock of the subsidiary; and (iii) the new machinery and equipment being purchased, as well as a trust assignment agreement related to a portion of receivables due from certain major customers of the subsidiary. The interest rate applicable to borrowings under these term loans is based on LIBOR plus 290 basis points for the U.S. dollar-denominated loan and Buenos Aires Interbanking Offered Rate plus 475 basis points for the Argentine peso-denominated loan. Principal and interest payments began in July 2008 with the loans maturing as follows: annual amounts of $3.5 million beginning in 2011 and continuing through 2015, and the remaining $1.7 million in 2016. In connection with the Merger, the Company repaid and terminated the Argentine peso-denominated loan. In addition, the U.S. dollar denominated loan was adjusted to reflect its fair value as of the date of the Merger. As a result, the Company recorded a contra-liability in Long-term debt and will amortize the balance into Interest expense over the remaining life of the facility. At March 31, 2015 , the face amount of the outstanding indebtedness under the U.S. dollar-denominated loan was $4.3 million , with a carrying amount of $4.2 million and a weighted average interest rate of 3.13% . Galicia Facility On September 27, 2013, the Company's subsidiary in Argentina entered into an arrangement with a banking institution in Argentina in order to partially finance the upgrade of a manufacturing line at its facility located near Buenos Aires, Argentina. The maximum borrowings available under the facility, excluding any interest added to principal, is 20.0 million Argentine pesos (approximately $3.5 million ). The three-year term of the agreement began with the date of the first draw down on the facility, which occurred in the third quarter of 2013, with payments required in twenty-five equal monthly installments beginning after one year. Borrowings will bear interest at 15.25% . As of March 31, 2015 , the outstanding balance under the facility was $1.7 million . The remainder of the upgrade is expected to be financed by existing cash balances and cash generated from operations. China Credit Facility In the third quarter of 2012, the Company's subsidiary in China entered into a three-year U.S. dollar denominated construction loan agreement (the “Hygiene Facility”) with a banking institution in China to finance a portion of the installation of a new spunmelt line at its manufacturing facility in Suzhou, China. The interest rate applicable to borrowings under the Hygiene Facility is based on three-month LIBOR plus an amount to be determined at the time of funding based on the lender's internal head office lending rate (520 basis points at the time the credit agreement was executed). The maximum borrowings available under the facility, excluding any interest added to principal, were $25.0 million . At December 31, 2014 , the outstanding balance under the Hygiene Facility was $18.9 million with a weighted average interest rate of 5.43% . The Company repaid $8.4 million of the principal balance during the current period using a combination of existing cash balances and cash generated from operations. As a result, the outstanding balance under the Hygiene Facility was $10.5 million at March 31, 2015 with a weighted-average interest rate of 5.62% . Brazil Export Credit Facility As a result of the acquisition of Providência, the Company assumed a Brazilian real-denominated export credit facility with Itaú Unibanco S.A., pursuant to which Providência borrowed R$50.0 million in the first quarter of 2013 for the purpose of financing certain export transactions from Brazil. Borrowings bear interest at 8.0% per annum, payable quarterly. The facility matures in February 2016 and is unsecured. As of the date of the acquisition, the Company adjusted the outstanding balance to reflect its fair value. As a result, the Company recorded a contra-liability in Long-term debt and will amortize the balance into Interest expense over the remaining life of the facility. At March 31, 2015 , the face amount of the outstanding indebtedness under the facility was $15.6 million , with a carrying amount of $15.2 million . India Indebtedness As a result of the acquisition of Fiberweb Limited ("Fiberweb"), the Company indirectly assumed control of Terram Geosynthetics Private Limited, a joint venture located in Mundra, India in which the Company maintains a 65% controlling interest. As part of the net assets acquired, the Company assumed $3.8 million of debt (including short-term borrowings) that was entered into with a banking institution in India. Current amounts outstanding primarily relate to a 14.70% term loan, due in 2017, used to purchase fixed assets. Other amounts relate to short-term credit facilities used to finance working capital requirements (included in Short-term borrowings in the Consolidated Balance Sheets). Combined, the outstanding balances totaled $3.2 million at March 31, 2015 . Other Indebtedness The Company periodically enters into short-term credit facilities in order to finance various liquidity requirements, including insurance premium payments and short-term working capital needs. At March 31, 2015 and December 31, 2014 , outstanding amounts related to such facilities were $25.7 million and $17.0 million , respectively. Borrowings under these facilities are included in Short-term borrowings in the Consolidated Balance Sheets. The Company also has documentary letters of credit not associated with the ABL Facility. These letters of credit are primarily provided to certain raw material vendors and amounted to $8.0 million and $7.8 million at March 31, 2015 and December 31, 2014 , respectively. None of these letters of credit have been drawn upon. | Debt The following table presents the Company's outstanding debt at December 31, 2014 and December 28, 2013 : In thousands December 31, December 28, Term Loans $ 703,029 $ 293,545 Senior Secured Notes 504,000 560,000 Senior Unsecured Notes 210,000 — ABL Facility — — Argentina credit facilities: Nacion Facility 5,010 8,341 Galicia Facility 2,047 3,082 China Credit Facility 18,920 24,920 Brazil export credit facilities: Itaú Facility ($) — — Itaú Facility (R$) 18,871 — Recovery Zone Facility Bonds — — India Loans 2,437 3,216 Capital lease obligations 861 1,092 Total long-term debt including current maturities 1,465,175 894,196 Short-term borrowings 17,665 2,472 Total debt $ 1,482,840 $ 896,668 The fair value of the Company's long-term debt was $1,463.9 million at December 31, 2014 and $933.8 million at December 28, 2013 . The fair value of long-term debt is based upon quoted market prices in inactive markets or on available rates for debt with similar terms and maturities (Level 2). At December 31, 2014 , long-term debt maturities are as follows: In thousands Amount 2015 $ 32,011 2016 29,801 2017 7,704 2018 682,994 2019 714,005 2020 and thereafter — Total $ 1,466,515 Term Loans On December 19, 2013, the Company entered into a Senior Secured Credit Agreement (the loans thereunder, the "Term Loans") with a maturity date upon the earlier of (i) December 19, 2019 and (ii) the 91st day prior to the scheduled maturity of the Company's 7.75% Senior Secured Notes; provided that on such 91st day, the Company's 7.75% Senior Secured Notes have an outstanding aggregate principal amount in excess of $150.0 million . The Term Loans provide for a commitment by the lenders to make secured term loans in an aggregate amount not to exceed $295.0 million , the proceeds of which were used to partially repay amounts outstanding under the Senior Secured Bridge Credit Agreement and the Senior Unsecured Bridge Credit Agreement (the "Bridge Facilities"). In connection with the refinancing of the Bridge Facilities with the Term Loans, the Company recognized a loss on the extinguishment of debt of $3.3 million during the fourth quarter of 2013. This amount, included within Debt modification and extinguishment costs , represented debt issuance costs that were previously capitalized and required to be written off upon the refinancing. Borrowings bear interest at a fluctuating rate per annum equal to, at the Company's option, (i) a base rate equal to the highest of (a) the federal funds rate plus 1/2 of 1% , (b) the rate of interest in effect for such day as publicly announced from time to time by Citicorp North America, Inc. as its "prime rate" and (c) the LIBOR rate for a one-month interest period plus 1.0% (provided that in no event shall such base rate with respect to the Term Loans be less than 2.0% per annum), in each case plus an applicable margin of 3.25% or (ii) a LIBOR rate for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the Term Loans be less than 1.0% per annum) plus an applicable margin of 4.25% . The applicable margin for the Term Loans is subject to a 25 basis point step-down upon the achievement of a certain senior secured net leverage ratio. The Company is required to repay installments on the Term Loans in quarterly installments in aggregate amounts equal to 1.0% per annum of their funded total principal amount, with the remaining amount payable on the maturity date. On June 10, 2014, the Company entered into an incremental term loan amendment (the "Incremental Amendment") to the existing Term Loans in which the Company obtained $415.0 million of commitments for incremental term loans from the existing lenders, the terms of which are substantially identical to the terms of the Term Loans. Pursuant to the Incremental Amendment, the Company borrowed $310.0 million , the proceeds of which were used to fund a portion of the consideration paid for the Providência Acquisition. The remaining commitments were used during the third quarter of 2014 to repay existing indebtedness. The terms of the Incremental Amendment are substantially identical to the Term Loans. The Term Loans are secured (i) together with the Tranche 2 (as defined below) loans, on a first-priority lien basis by substantially all of the Company's assets and the assets of any existing and future subsidiary guarantors (other than collateral securing the ABL Facility on a first-priority basis), including all of the Company's capital stock and the capital stock of each restricted subsidiary (which, in the case of foreign subsidiaries, will be limited to 65% of the capital stock of each first-tier foreign subsidiary) and (ii) on a second-priority basis by the collateral securing the ABL Facility, in each case, subject to certain exceptions and permitted liens. The Company may voluntarily repay outstanding loans at any time without premium or penalty, other than voluntary prepayment of Term Loans in connection with a repricing transaction on or prior to the date that is six months after the closing date of the Incremental Amendment and customary "breakage" costs with respect to LIBOR loans. The agreement governing the Term Loans, among other restrictions, limit the Company's ability and the ability of the Company's restricted subsidiaries to: (i) incur or guarantee additional debt or issue disqualified stock or preferred stock; (ii) pay dividends and make other distributions on, or redeem or repurchase, capital stock; (iii) make certain investments; (iv) repurchase stock; (v) incur certain liens; (vi) enter into transactions with affiliates; (vii) merge or consolidate; (viii) enter into agreements that restrict the ability of subsidiaries to make dividends or other payments to AVINTIV Specialty Materials Inc,; (ix) designate restricted subsidiaries as unrestricted subsidiaries; and (x) transfer or sell assets. In addition, the Term Loans contain certain customary representations and warranties, affirmative covenants and events of default. Under the credit agreement governing the Term Loans, the Company's ability to engage in activities such as incurring additional indebtedness, making investments, refinancing certain indebtedness, paying dividends and entering into certain merger transactions is governed, in part, by our ability to satisfy tests based on Adjusted EBITDA (defined as Consolidated EBITDA in the credit agreement governing the Terms Loans). Senior Secured Notes In connection with the Merger, the Company issued $560.0 million of 7.75% Senior Secured Notes due 2019 on January 28, 2011 . The Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally on a senior secured basis, by each of AVINTIV Specialty Materials' wholly-owned domestic subsidiaries. Interest on the Senior Secured Notes is paid semi-annually on February 1 and August 1 of each year. On July 23, 2014, the Company redeemed $56.0 million aggregate principal amount of the Senior Secured Notes at a redemption price of 103.0% of the aggregate principal amount plus any accrued and unpaid interest, to, but excluding, July 23, 2014. The redemption amount was funded by proceeds from the Incremental Amendment. Pursuant to ASC 470, "Modifications and Extinguishments" ("ASC 470"), the Company recognized a loss on debt extinguishment of $2.6 million , which included $0.9 million related to unamortized debt issuance costs. As the nature of this transaction related to a non-operating event, the loss on extinguishment is included in Debt modifications and extinguishment costs in the current period. The indenture governing the Senior Secured Notes limits, subject to certain exceptions, the Company's ability and the ability of its restricted subsidiaries to: (i) incur or guarantee additional debt or issue disqualified stock or preferred stock; (ii) pay dividends and make other distributions on, or redeem or repurchase, capital stock; (iii) make certain investments; (iv) incur certain liens; (v) enter into transactions with affiliates; (vi) merge or consolidate; (vii) enter into agreements that restrict the ability of subsidiaries to make dividends or other payments to AVINTIV Specialty Materials Inc.; (viii) designate restricted subsidiaries as unrestricted subsidiaries; and (ix) transfer or sell assets. It does not limit the activities of the Parent or the amount of additional indebtedness that Parent or its parent entities may incur. In addition, it also provides for specified events of default, which, if any of them occurs, would permit or require the principal of and accrued interest on the Senior Secured Notes to become or to be declared due and payable. Under the indenture governing the Senior Secured Notes, the Company's ability to engage in certain activities such as incurring additional indebtedness, making investments, refinancing certain indebtedness, paying dividends and entering into certain merger transactions is governed, in part, by the Company's ability to satisfy tests based on Adjusted EBITDA (defined as EBITDA in the indenture governing the Senior Secured Notes). Senior Unsecured Notes In connection with the Providência Acquisition, the Company issued $210.0 million of 6.875% Senior Unsecured Notes due 2019 on June 11, 2014. The Senior Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by each of AVINTIV Specialty Materials' wholly-owned domestic subsidiaries. Interest on the Senior Unsecured Notes is paid semi-annually on June 1 and December 1 of each year. The indenture governing the Senior Unsecured Notes limits, subject to certain exceptions, the Company's ability and the ability of its restricted subsidiaries to: (i) incur or guarantee additional debt or issue disqualified stock or preferred stock; (ii) pay dividends and make other distributions on, or redeem or repurchase, capital stock; (iii) make certain investments; (iv) incur certain liens; (v) enter into transactions with affiliates; (vi) merge or consolidate; (vii) enter into agreements that restrict the ability of subsidiaries to make dividends or other payments to AVINTIV Specialty Materials Inc.; (viii) designate restricted subsidiaries as unrestricted subsidiaries; and (iv) transfer or sell assets. It does not limit the activities of Parent or the amount of additional indebtedness that Parent or its parent entities may incur. In addition, it also provides for specified events of default which, if any occurs, would permit or require the principal of and accrued interest on the Senior Unsecured Notes to become or to be declared due and payable. Under the indenture governing the Senior Unsecured Notes, the Company's ability to engage in certain activities such as incurring additional indebtedness, making investments, refinancing certain indebtedness, paying dividends and entering into certain merger transactions is governed, in part, by the Company's ability to satisfy tests based on Adjusted EBITDA (defined as EBITDA in the indenture governing the Senior Unsecured Notes). ABL Facility On January 28, 2011, the Company entered into a senior secured asset-based revolving credit facility which was amended and restated on October 5, 2012 (the "ABL Facility") to provide for borrowings not to exceed $50.0 million , subject to borrowing base availability. The ABL Facility provides borrowing capacity available for letters of credit and borrowings on a same-day basis and is comprised of (i) a revolving tranche of up to $42.5 million (“Tranche 1”) and (ii) a first-in, last out revolving tranche of up to $7.5 million (“Tranche 2”). Provided that no default or event of default was then existing or would arise therefrom, the Company had the option to request that the ABL Facility be increased by an amount not to exceed $20.0 million . The facility matures on October 5, 2017. On November 26, 2013, the Company entered into an amendment to the ABL Facility which increased the Tranche 1 revolving credit commitments by $30.0 million (for a total aggregate revolving credit commitment of $80.0 million ) as well as made certain other changes to the agreement. In addition, the Company increased the amount by which the Company can request that the ABL Facility be increased at the Company's option to an amount not to exceed $75.0 million . The effectiveness of the amendment was subject to the satisfaction of certain specified closing conditions by no later than January 31, 2014, all of which were satisfied prior to such date. Based on current average excess availability, the borrowings under the ABL Facility will bear interest at a rate per annum equal to, at the Company's option, either (A) British Bankers Association LIBOR Rate (“LIBOR”) (adjusted for statutory reserve requirements) plus a margin of (i) 2.00% in the case of Tranche 1 or (ii) 4.00% in the case of Tranche 2; or (B) the higher of (a) the rate of interest in effect for such day as publicly announced from time to time by Citibank, N.A. as its "prime rate" and (b) the federal funds effective rate plus 0.5% of 1.0% (“ABR”) plus a margin of (x) 1.00% in the case of Tranche 1 or (y) 3.00% in the case of the Tranche 2. As of December 31, 2014 , the Company had no outstanding borrowings under the ABL Facility. The borrowing base availability was $62.9 million based on initial advanced rate formulas prior to the completion of the field exam. Outstanding letters of credit in the aggregate amount of $19.3 million left $43.6 million available for additional borrowings. The aforementioned letters of credit were primarily provided to certain administrative service providers and financial institutions. None of these letters of credit had been drawn on as of December 31, 2014 . The ABL Facility contains certain restrictions which limit the Company's ability and the ability of its restricted subsidiaries to: (i) incur or guarantee additional debt; (ii) pay dividends and make other distributions on, or redeem or repurchase, capital stock; (iii) make certain investments; (iv) repurchase stock; (v) incur certain liens; (vi) enter into transactions with affiliates; (vii) merge or consolidate or other fundamental changes; (viii) enter into agreements that restrict the ability of subsidiaries to make dividends or other payments; (ix) designate restricted subsidiaries as unrestricted subsidiaries; (x) transfer or sell assets and (xi) prepay junior financing or other restricted debt. In addition, it contains certain customary representations and warranties, affirmative covenants and events of default. If such an event of default occurs, the lenders under the ABL Facility would be entitled to take various actions, including the acceleration of amounts due under the ABL Facility and all actions permitted to be taken by a secured creditor. Under the credit agreement governing the ABL Facility, the Company's ability to engage in activities such as incurring additional indebtedness, making investments, refinancing certain indebtedness, paying dividends and entering into certain merger transactions is governed, in part by, the Company's ability to satisfy tests based on Adjusted EBITDA (defined as Consolidated EBITDA in the credit agreement governing the ABL Facility). Nacion Facility In January 2007, the Company's subsidiary in Argentina entered into an arrangement with banking institutions in Argentina in order to finance the installation of a new spunmelt line at its facility located near Buenos Aires, Argentina. The maximum borrowings available under the facility, excluding any interest added to principal, were 33.5 million Argentine pesos with respect to an Argentine peso-denominated loan and $26.5 million with respect to a U.S. dollar-denominated loan. The loans are secured by pledges covering (i) the subsidiary's existing equipment lines; (ii) the outstanding stock of the subsidiary; and (iii) the new machinery and equipment being purchased, as well as a trust assignment agreement related to a portion of receivables due from certain major customers of the subsidiary. The interest rate applicable to borrowings under these term loans is based on LIBOR plus 290 basis points for the U.S. dollar-denominated loan and Buenos Aires Interbanking Offered Rate plus 475 basis points for the Argentine peso-denominated loan. Principal and interest payments began in July 2008 with the loans maturing as follows: annual amounts of $3.5 million beginning in 2011 and continuing through 2015, and the remaining $1.7 million in 2016. In connection with the Merger, the Company repaid and terminated the Argentine peso-denominated loan. In addition, the U.S. dollar-denominated loan was adjusted to reflect its fair value as of the date of the Merger. As a result, the Company recorded a contra-liability in Long-term debt and will amortize the balance over the remaining life of the facility. At December 31, 2014 , the face amount of the outstanding indebtedness under the U.S. dollar-denominated loan was $5.2 million , with a carrying amount of $5.0 million and a weighted average interest rate of 3.13% . Galicia Facility On September 27, 2013, the Company's subsidiary in Argentina entered into an arrangement with a banking institution in Argentina in order to partially finance the upgrade of a manufacturing line at its facility located near Buenos Aires, Argentina. The maximum borrowings available under the facility, excluding any interest added to principal, is 20.0 million Argentine pesos (approximately $3.5 million ). The three-year term of the agreement began with the date of the first draw down on the facility, which occurred in the third quarter of 2013, with payments required in twenty-five equal monthly installments beginning after one year. Borrowings will bear interest at 15.25% . As of December 31, 2014 , the outstanding balance under the facility was $2.0 million . The remainder of the upgrade is expected to be financed by existing cash balances and cash generated from operations. China Credit Facility In the third quarter of 2012, the Company's subsidiary in China entered into a three-year U.S. dollar-denominated construction loan agreement (the “Hygiene Facility”) with a banking institution in China to finance a portion of the installation of a new spunmelt line at its manufacturing facility in Suzhou, China. The interest rate applicable to borrowings under the Hygiene Facility is based on three-month LIBOR plus an amount to be determined at the time of funding based on the lender's internal head office lending rate (520 basis points at the time the credit agreement was executed). The maximum borrowings available under the facility, excluding any interest added to principal, were $25.0 million . At December 28, 2013 , the outstanding balance under the Hygiene Facility was $24.9 million with a weighted-average interest rate of 5.46% . The Company repaid $6.0 million of the principal balance during 2014 using a combination of existing cash balances and cash generated from operations. As a result, the outstanding balance under the Hygiene Facility was $18.9 million at December 31, 2014 with a weighted-average interest rate of 5.43% . Brazil Export Credit Facilities As a result of the Providência Acquisition, the Company assumed a U.S. dollar-denominated export credit facility with Itaú Unibanco S.A., pursuant to which Providência borrowed $52.4 million in the third quarter of 2011 for the purpose of financing certain export transactions from Brazil. Borrowings bear interest at 4.85% per annum, payable semi-annually. Principal payments are due in 11 equal installments, beginning in September 2013 and ending at final maturity in September 2018. The facility is secured by interests in the receivables related to the exports financed by the facility. On September 22, 2014, the Company entered into an assignment agreement with Itaú Unibanco S.A in order to transfer its rights and obligations under the agreement to the Company. The purchase price for the assigned interest totaled $45.2 million , which the Company funded with a portion of the proceeds from the Incremental Amendment. Pursuant to ASC 470, the Company recognized a loss on debt extinguishment of $2.4 million . As the nature of this transaction related to a non-operating event, the loss on extinguishment is included in Debt modifications and extinguishment costs in the current period. As a result of the Providência Acquisition, the Company assumed a Brazilian real-denominated export credit facility with Itaú Unibanco S.A., pursuant to which Providência borrowed R$50.0 million in the first quarter of 2013 for the purpose of financing certain export transactions from Brazil. Borrowings bear interest at 8.0% per annum, payable quarterly. The facility matures in February 2016 and is unsecured. At December 31, 2014 , outstanding borrowings under the facility totaled $18.9 million . Recovery Zone Facility Bonds As a result of the Providência Acquisition, the Company assumed a loan agreement in connection with the issuance of a like amount of recovery zone facility bonds by the Iredell County Industrial Facilities and Pollution Control Financing Authority. The proceeds of $9.1 million were used to finance, in part, the construction of a manufacturing facility in Statesville, North Carolina. The borrowings bear interest at a floating rate, which is reset weekly, and are supported by a letter of credit. On July 21, 2014, the Company repaid the aggregate principal amount of indebtedness with a portion of the proceeds from the Incremental Amendment. India Indebtedness As a result of the Fiberweb Acquisition, the Company assumed control of Terram Geosynthetics Private Limited, a joint venture located in Mundra, India in which the Company maintains a 65% controlling interest. As part of the net assets acquired, the Company assumed $3.8 million of debt (including short-term borrowings) that was entered into with a banking institution in India. Amounts outstanding primarily relate to a 14.70% term loan, due in 2017, used to purchase fixed assets. Other amounts relate to short-term credit facilities used to finance working capital requirements (included in Short-term borrowings in the Consolidated Balance Sheets). Combined, the outstanding balances totaled $3.1 million at December 31, 2014 . Other Indebtedness The Company periodically enters into short-term credit facilities in order to finance various liquidity requirements, including insurance premium payments and short-term working capital needs. At December 31, 2014 and December 28, 2013 , outstanding amounts related to such facilities were $17.0 million and $0.4 million , respectively. Borrowings under these facilities are included in Short-term borrowings in the Consolidated Balance Sheets. The Company also has documentary letters of credit not associated with the ABL Facility or the Hygiene Facility. These letters of credit were primarily provided to certain raw material vendors and amounted to $7.8 million and $8.5 million at December 31, 2014 and December 28, 2013 , respectively. None of these letters of credit have been drawn upon. |
Derivatives Instruments
Derivatives Instruments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivatives Instruments | Derivative Instruments In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors. These fluctuations can increase the cost of financing, investing and operating the business. The Company may use derivative financial instruments to help manage market risk and reduce the exposure to fluctuations in interest rates and foreign currencies. These financial instruments are not used for trading or other speculative purposes. All derivatives are recognized on the Consolidated Balance Sheets at their fair value as either assets or liabilities. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction or the variability of cash flow to be paid (cash flow hedge), or (3) an undesignated instrument. Changes in the fair value of a derivative that is designated as a fair value hedge and determined to be highly effective are recorded in current earnings, along with the gain or loss on the recognized hedged asset or liability that is attributable to the hedged risk. Changes in the fair value of a derivative that is designated as a cash flow hedge and considered highly effective are recorded in Accumulated other comprehensive income (loss) until they are reclassified to earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current earnings. The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities on the Consolidated Balance Sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow to be paid. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items. When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, hedge accounting is discontinued prospectively, in accordance with current accounting standards. The following table presents the fair values of the Company's derivative instruments for the following periods: As of March 31, 2015 As of December 31, 2014 In thousands Notional Fair Value Notional Fair Value Undesignated hedges: Providência Contracts $ 56,542 $ 2,159 $ 140,623 $ 3,962 Providência Instruments 16,715 (618 ) 20,179 (560 ) Dounor Contract 59,037 53 — — Total $ 132,294 $ 1,594 $ 160,802 $ 3,402 Asset derivatives are recorded within Other current assets and liability derivatives are recorded within Accounts payable and accrued expenses on the Consolidated Balance Sheets. Providência Contracts On January 27, 2014, the Company entered into a series of financial instruments with a third-party financial institution used to minimize foreign exchange risk on the future consideration to be paid for the Providência Acquisition and the Mandatory Tender Offer (the "Providência Contracts"). Each contract allows the Company to purchase fixed amounts of Brazilian reals (R$) in the future at specified U.S. dollar exchange rates, coinciding with either the Providência Acquisition or the Mandatory Tender Offer. The Providência Contracts do not qualify for hedge accounting treatment, and therefore, are considered undesignated hedges. As the nature of these transactions are related to non-operating notional amounts, changes in fair value are recorded in Foreign currency and other, net in the respective period. The primary financial instrument was related to the Providência Acquisition and consisted of a foreign exchange forward contract with an aggregate notional amount equal to the estimated purchase price. Prior to the Providência Acquisition Date, the Company amended the primary financial instrument to reduce the notional amount to align with the consideration to be paid to the selling shareholders, which resulted in a realized gain for the Company. Upon consummation of the Providência Acquisition, the Company purchased the required Brazilian real at the specified rate thus fulfilling its obligations under the terms of the contract that specifically related to the primary financial instrument. Due to a strengthening U.S. Dollar, the contract was settled in the Company's favor which resulted in a realized gain of $18.9 million recognized within Foreign currency and other, net . The remaining financial instruments relate to a series of foreign exchange call options that expire between 1 year and 5 years associated with the Mandatory Tender Offer and the deferred portion of the consideration paid for the Providência Acquisition. Each option provides the Company with the right, but not the obligation to purchase a fixed amount of Brazilian real in the future at a specified U.S. Dollar rate. Providência Instruments As a result of the acquisition of Providência, the Company assumed a variety of derivative instruments used to reduce the exposure to fluctuations in interest rates and foreign currencies. These financial instruments include an interest rate swap, forward foreign exchange contracts and call option contracts (the "Providência Instruments"). The counterparty to each financial instrument is a third-party financial institution. The Providência Instruments do not qualify for hedge accounting treatment, and therefore, are considered undesignated derivatives. As the nature of the foreign exchange contracts and call option contracts relate to operating notional amounts, changes in the fair value are recorded in Other operating, net in the current period. Changes in the fair value of the interest rate swap is recorded in Interest expense in the current period as the nature of the transaction relates to interest on our outstanding third-party debt. Dounor Contract On March 27, 2015, the Company entered into a foreign exchange call option with a third-party financial institution used to minimize the foreign exchange risk on the future consideration to be paid for the acquisition of Dounor (the "Dounor Contract"). The Dounor Contract provides the Company the right, but not the obligation, to purchase a fixed amount of Euros in the future at a specified U.S. Dollar rate. The Dounor Contract does not qualify for hedge accounting treatment, therefore, it is considered an undesignated hedge. As the nature of this transaction is related to a non-operating notional amount, changes in the fair value are recorded in Foreign currency and other, net in the current period. The following table represents the amount of (gain) or loss associated with derivative instruments in the Consolidated Statements of Comprehensive Income (Loss): In thousands Three Months Three Months Undesignated hedges: Providência Contracts $ 1,925 $ (10,756 ) Providência Instruments (240 ) — Dounor Contract 159 — Total $ 1,844 $ (10,756 ) Gains and losses associated with the Company's designated fair value hedges are offset by the changes in the fair value of the underlying transactions. However, once the hedge is undesignated, the fair value of the hedge is no longer offset by the fair value of the underlying transaction. | Derivative Instruments In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors. These fluctuations can increase the cost of financing, investing and operating the business. The Company may use derivative financial instruments to help manage market risk and reduce the exposure to fluctuations in interest rates and foreign currencies. These financial instruments are not used for trading or other speculative purposes. All derivatives are recognized on the Consolidated Balance Sheet at their fair value as either assets or liabilities. On the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction or the variability of cash flow to be paid (cash flow hedge), or (3) an undesignated instrument. Changes in the fair value of a derivative that is designated as a fair value hedge and determined to be highly effective are recorded in current earnings, along with the gain or loss on the recognized hedged asset or liability that is attributable to the hedged risk. Changes in the fair value of a derivative that is designated as a cash flow hedge and considered highly effective are recorded in Accumulated other comprehensive income (loss) until they are reclassified to earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current earnings. The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities on the Consolidated Balance Sheet and linking cash flow hedges to specific forecasted transactions or variability of cash flow to be paid. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the designated derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flow of hedged items. When a derivative is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, hedge accounting is discontinued prospectively, in accordance with current accounting standards. The following table presents the fair values of the Company's derivative instruments for the following periods: As of December 31, 2014 As of December 28, 2013 In thousands Notional Fair Value Notional Fair Value Designated hedges: Hygiene Euro Contracts $ — $ — $ — $ — Undesignated hedges: Providência Contracts 140,623 3,962 — — Providência Instruments 20,179 (560 ) — — Hygiene Euro Contracts — — — — Healthcare Euro Contracts — — — — Total $ 160,802 $ 3,402 $ — $ — Asset derivatives are recorded within Other current assets and liability derivatives are recorded within Accounts payable and accrued expenses on the Consolidated Balance Sheets. Providência Contracts On January 27, 2014, the Company entered into a series of financial instruments with a third-party financial institution used to minimize foreign exchange risk on the future consideration to be paid for the Providência Acquisition and the Mandatory Tender Offer (the "Providência Contracts"). Each contract allows the Company to purchase fixed amounts of Brazilian Reais (R$) in the future at specified U.S. dollar exchange rates, coinciding with either the Providência Acquisition or the Mandatory Tender Offer. The Providência Contracts do not qualify for hedge accounting treatment, and therefore, are considered undesignated hedges. As the nature of this transaction is related to a non-operating notional amount, changes in fair value were recorded in Foreign currency and other, net in the current period. The primary financial instrument was related to the Providência Acquisition and consisted of a foreign exchange forward contract with an aggregate notional amount equal to the estimated purchase price. Prior to the Providência Acquisition Date, the Company amended the primary financial instrument to reduce the notional amount to align with the consideration to be paid to the selling stockholders, which resulted in a realized gain for the Company. Upon consummation of the Providência Acquisition, the Company purchased the required Brazilian Real at the rate specified per the terms of the contract. In addition, the primary financial instrument was settled in the Company's favor due to a strengthening U.S. Dollar. As a result, the Company fulfilled its obligations under the terms of the contract that specifically relate to the primary financial instrument and adjusted the fair value to zero with a realized gain of $18.9 million recognized within Foreign currency and other, net . The remaining financial instruments relate to a series of options that expire between 1 year and 5 years associated with the Mandatory Tender Offer and the deferred portion of the consideration paid for the Providência Acquisition. Providência Instruments As a result of the acquisition of Providência, the Company assumed a variety of derivative instruments used to reduce the exposure to fluctuations in interest rates and foreign currencies. These financial instruments include an interest rate swap, forward foreign exchange contracts and call option contracts (the "Providência Instruments"). The counterparty to each financial instrument is a third-party financial institution. The Providência Instruments do not qualify for hedge accounting treatment, and therefore, are considered undesignated derivatives. As the nature of the foreign exchange contracts and call option contracts relate to operating notional amounts, changes in the fair value are recorded in Other operating, net in the current period. Changes in the fair value of the interest rate swap is recorded in Interest expense in the current period as the nature of the transaction relates to interest on our outstanding third-party debt. Bridge Loan Contract On September 17, 2013, the Company entered into a foreign exchange forward contract with a third-party financial institution used to minimize foreign exchange risk on the Secured Bridge Facility and Unsecured Bridge Facility, the proceeds of which were used to fund the Fiberweb Acquisition (the ”Bridge Loan Contract”). The contract allowed the Company to purchase a fixed amount of pounds sterling in the future at a specified U.S. Dollar rate. The Bridge Loan Contract did not qualify for hedge accounting treatment, therefore, it was considered an undesignated hedge. As the nature of this transaction is related to a non-operating notional amount, changes in fair value were recorded in Foreign currency and other, net in the current period. The Fiberweb Acquisition was funded on November 27, 2013, at which time the Company purchased the underlying pounds sterling amount at the U.S. Dollar rate specified in the contract. Upon settlement, the Company benefited from a strengthening U.S. Dollar, whereby less U.S. Dollars were required to purchase the fixed notional amount. As a result, the Company fulfilled its obligations under the terms of the contract, adjusted the fair value of the Bridge Loan Contract to zero with no gain or loss recognized and terminated the agreement. Hygiene Euro Contracts On June 30, 2011, the Company entered into a series of foreign exchange forward contracts with a third-party financial institution used to minimize foreign exchange risk on certain future cash commitments related to the new hygiene line under construction in China (the "Hygiene Euro Contracts"). The contracts allow the Company to purchase fixed amount of Euros on specified future dates, coinciding with the payment amounts and dates of equipment purchase contracts. The Hygiene Euro Contracts qualify for hedge accounting treatment and are considered a fair value hedge; therefore, changes in the fair value of each contract is recorded in Other operating, net along with the gain or loss on the recognized hedged asset or liability that is attributable to the hedged risk. Since inception, the Company amended the equipment purchase contract on the hygiene line to which the Hygiene Euro Contracts are linked. However, the Company modified the notional amounts of the Hygiene Euro Contracts to synchronize with the underlying updated contract payments. As a result, the Hygiene Euro Contracts remained highly effective and continued to qualify for hedge accounting treatment. In May 2013, the Company completed commercial acceptance of the new hygiene line under construction in China and recorded a liability for the remaining balance due. As a result, the Company removed the hedge designation of the Hygiene Euro Contracts and continued to recognize changes in the fair value of the contracts in current earnings as an undesignated hedge until the final payment date. However, changes in the fair value of the hedged asset that is attributable to the hedged risk has been capitalized in the cost base of the hygiene line and no longer recognized in current earnings. During the fourth quarter of 2013, the Company remitted the final payment on the hygiene line and simultaneously fulfilled its obligations under the Hygiene Euro Contracts. Healthcare Euro Contracts In January 2011, the Company entered into a series of foreign exchange forward contracts with a third-party financial institution used to minimize foreign exchange risk on certain future cash commitments related to the new healthcare line under construction in China (the "Healthcare Euro Contracts"). The contracts allowed the Company to purchase fixed amount of Euros on specified future dates, coinciding with the payment amounts and dates of equipment purchase contracts. The Healthcare Euro Contracts qualified for hedge accounting treatment and were considered a fair value hedge; therefore, changes in the fair value of each contract was recorded in Other operating, net along with the gain or loss on the recognized hedged asset or liability that was attributable to the hedged risk. In July 2011, the Company completed commercial acceptance of the new healthcare line under construction in China and recorded a liability for the remaining balance due. As a result, the Company removed the hedge designation of the Healthcare Euro Contracts and will continue to recognize changes in the fair value of the contracts in current earnings as an undesignated hedge. However, changes in the fair value of the hedged asset that is attributable to the hedged risk has been capitalized in the cost base of the healthcare line and no longer recognized in current earnings. During the first quarter of 2012, the Company remitted the final payment on the healthcare line and simultaneously fulfilled its obligations under the Healthcare Euro Contracts. The following table represents the amount of (gain) or loss associated with derivative instruments in the Consolidated Statement of Operations: In thousands Fiscal Year Fiscal Year Fiscal Year Designated hedges: Hygiene Euro Contracts $ — $ (449 ) $ (2,559 ) Undesignated hedges: Providência Contracts (13,554 ) — — Providência Instruments (786 ) — — Healthcare Euro Contracts — — (147 ) Hygiene Euro Contracts — (799 ) — Total $ (14,340 ) $ (1,248 ) $ (2,706 ) Gains and losses associated with the Company's designated fair value hedges are offset by the changes in the fair value of the underlying transactions. However, once the hedge is undesignated, the fair value of the hedge is no longer offset by the fair value of the underlying transaction. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The accounting standard for fair value measurements establishes a framework for measuring fair value that is based on the inputs market participants use to determine the fair value of an asset or liability and establishes a fair value hierarchy to prioritize those inputs. The fair value hierarchy is comprised of three levels that are described below: Level 1 — Inputs based on quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than Level 1 quoted prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 — Unobservable inputs based on little or no market activity and that are significant to the fair value of the assets and liabilities, therefore requiring an entity to develop its own assumptions. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability based on the best information available under the circumstances. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Recurring Basis The following tables present the fair value and hierarchy levels for the Company's assets and liabilities, which are measured at fair value on a recurring basis as of March 31, 2015 : In thousands Level 1 Level 2 Level 3 March 31, 2015 Assets Providência Contracts $ — $ 2,159 $ — $ 2,159 Dounor Contract — 53 — 53 Liabilities Providência Instruments $ — $ (618 ) $ — $ (618 ) The following tables present the fair value and hierarchy levels for the Company's assets and liabilities, which are measured at fair value on a recurring basis as of December 31, 2014 : In thousands Level 1 Level 2 Level 3 December 31, 2014 Assets Providência Contracts $ — $ 3,962 $ — $ 3,962 Liabilities Providência Instruments $ — $ (560 ) $ — $ (560 ) ASC 820 "Fair Value Measurements and Disclosures" (ASC 820) defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company determines the fair value of its financial assets and liabilities using the following methodologies: • Foreign Exchange Forward Contracts - Fair value is based upon a comparison of the contracted forward exchange rates to the current market exchange rates, discounted at the currency-appropriate rate. • Foreign Exchange Option Contracts - Fair value is based upon quantitative models that utilize multiple market inputs (including interest rates, prices and indices to generate continuous yield or pricing curves, discount rates and volatility factors). The fair values of cash and cash equivalents, accounts receivable, inventories, short-term borrowings and accounts payable and accrued liabilities approximate their carrying values due to the short-term nature of these instruments. The methodologies used by the Company to determine the fair value of its financial assets and liabilities at March 31, 2015 are the same as those used at December 31, 2014 . As a result, there have been no transfers between Level 1 and Level 2 categories. | Fair Value of Financial Instruments The accounting standard for fair value measurements establishes a framework for measuring fair value that is based on the inputs market participants use to determine the fair value of an asset or liability and establishes a fair value hierarchy to prioritize those inputs. The fair value hierarchy is comprised of three levels that are described below: Level 1 — Inputs based on quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than Level 1 quoted prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 — Unobservable inputs based on little or no market activity and that are significant to the fair value of the assets and liabilities, therefore requiring an entity to develop its own assumptions. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability based on the best information available under the circumstances. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Recurring Basis The following tables present the fair value and hierarchy levels for the Company's assets and liabilities, which are measured at fair value on a recurring basis as of the following period: In thousands Level 1 Level 2 Level 3 December 31, 2014 Assets (1) Providência Contracts $ — $ 3,962 $ — $ 3,962 Liabilities Providência Instruments — (560 ) — (560 ) (1) At December 28, 2013, the Company did not have any financial assets or liabilities required to be measured at fair value. ASC 820 "Fair Value Measurements and Disclosures" (ASC 820) defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company determines fair value of its financial assets and liabilities using the following methodologies: • Firm Commitment — Assets recognized associated with an unrecognized firm commitment to purchase equipment. The fair value of the assets is based upon indicative price information obtained from a third-party financial institution that is the counterparty to the transaction. • Derivative instruments — These instruments consist of foreign exchange forward contracts. The fair value is based upon indicative price information obtained from a third-party financial institution that is the counterparty to the transaction. The fair values of cash and cash equivalents, accounts receivable, inventories, short-term borrowings and accounts payable and accrued liabilities approximate their carrying values due to the short-term nature of these instruments. The methodologies used by the Company to determine the fair value of its financial assets and liabilities at December 31, 2014 are the same as those used at December 28, 2013 . As a result, there have been no transfers between Level 1 and Level 2 categories. In order to value the Providência Contracts, quantitative models that utilize multiple market inputs (including interest rates, prices and indices to generate continuous yield or pricing curves and volatility factors) are utilized. Prior to the consummation of the Providência Acquisition, management considered the probability of the Providência Acquisition being finalized as a component of the valuation. As a result, the Company considered the fair value of the Providência Contracts a Level 3 fair value determination. Subsequent to the Providência Acquisition and after the settlement of the primary financial instrument included in the Providência Contracts, management no longer is required to consider the probability of the Providência Acquisition being finalized as a component of the valuation. Therefore, the fair value of the remaining Providência Contracts are considered a Level 2 fair value determination. Non-Recurring Basis In light of the recent acquisition of Providência, the Company realigned its internal reporting structure during the third quarter of 2014, whereby the former Americas Nonwovens segment was divided into North America and South America segments. As a result of the realignment of the Company's segments, some of the reporting units changed. When reporting units are changed, ASC 350 requires that goodwill be tested for impairment both before and after the reorganization. Therefore, the Company performed an interim goodwill impairment test and determined that goodwill was not impaired at any of the reporting units prior to the reorganization. Subsequent to the reorganization and reallocation of goodwill, the Company performed an interim goodwill impairment test on the North America and Argentina/Colombia reporting units, using a two-step impairment test to determine if the allocated goodwill is recoverable. The first step compares the carrying amount of the reporting unit to its estimated fair value. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is not necessary. To the extent that the carrying value of the reporting unit exceeds its estimated fair value, a second step is performed, wherein the reporting unit’s carrying value of goodwill is compared to the implied fair value of goodwill. To the extent that the carrying value exceeds the implied fair value, impairment exists and must be recognized. The estimated fair values of the reporting units were determined using a discounted cash flow (income approach) valuation methodology. Key assumptions regarding estimated cash flows include profit margins, long-term forecasts, discount rates, terminal growth rates and the estimated fair value of certain assets and liabilities. The Company made various assumptions when completing step one and step two of the analysis, which were consistent with our previous annual impairment test. Based on this analysis, the Company determined that subsequent to the reorganization the North American reporting unit passed step one. However, the Argentina/Colombia reporting unit failed the step one impairment calculation and it was necessary to proceed to step two. In step two, the fair value calculated in step one is used to apply the fair value to the assets and liabilities of the reporting unit based on a hypothetical purchase price allocation. The implied fair value of goodwill is determined in the allocation process and compared to the book value of goodwill. Based on this analysis, the Company determined the fair value of goodwill allocated to the Argentina/Colombia reporting unit to be zero and that all of its allocated goodwill would be impaired. As a result, the Company recorded a non-cash impairment charge of $6.9 million . The amount is considered a non-recurring Level 3 fair value determination. The Company reviews long-lived assets for impairment whenever changes in events or circumstances indicate that the carrying value of an asset may not be recoverable. As a result of the realignment, the Company performed an interim impairment test in accordance with ASC 360, “Property, Plant and Equipment” (“ASC 360”), which requires a long-lived asset (asset group) to be tested for recoverability by comparing the net carrying value of the asset or asset group to the undiscounted net cash flows to be generated from the use and eventual disposition of that asset (asset group). Based on this analysis, the Company determined that the undiscounted net cash flows were greater than the net carrying value of the asset group and therefore no impairment existed. At December 28, 2013 , the Company did not have any financial assets or liabilities required to be measured at fair value on a recurring basis. However, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In the fourth quarter of 2013, the Company performed an impairment test on long-lived assets in Argentina. The Company determined the fair value of the long-lived assets to be $14.4 million . As a result, the Company recorded an impairment charge of $2.2 million . Personal property was valued using the cost and market approaches, and the cost approach for construction in progress. Land was valued using a combination of the cost, income and sales comparison approaches. Key assumptions included market rent rates ($5 per square foot), management fees (5%) and an overall capitalization rate (12%). The amount is considered a non-recurring Level 3 fair value determination. |
Pension and Postretirement Bene
Pension and Postretirement Benefit Plans | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Pension and Postretirement Benefit Plans | Pension and Postretirement Benefit Plans The Company and its subsidiaries sponsor multiple defined benefit plans that cover certain employees. Postretirement benefit plans, other than pensions, provide healthcare benefits for certain eligible employees. Benefits are primarily based on years of service and employee compensation. Pension Plans The Company has both funded and unfunded pension benefit plans. It is the Company’s policy to fund such plans in accordance with applicable laws and regulations in order to ensure adequate funds are available in the plans to make benefit payments to plan participants and beneficiaries when required. The components of the Company's pension related costs for the following periods are as follows: In thousands Three Months Three Months Service cost $ 1,001 $ 873 Interest cost 1,975 2,458 Expected return on plan assets (2,686 ) (3,118 ) Curtailment / settlement (gain) loss — — Net amortization of: Actuarial (gain) loss 98 (4 ) Transition costs and other (9 ) — Net periodic benefit cost $ 379 $ 209 The Company’s practice is to fund amounts for its qualified pension plans at least sufficient to meet the minimum requirements set forth in applicable employee benefit laws and local tax laws. In addition, the Company manages these plans to ensure that all present and future benefit obligations are met as they come due. Full year contributions are expected to approximate $3.4 million . Postretirement Plans The Company sponsors several Non-U.S. postretirement plans that provide healthcare benefits to cover certain eligible employees. These plans have no plan assets, but instead are funded by the Company on a pay-as-you-go basis in the form of direct benefit payments. The components of the Company's postretirement related costs for the following periods are as follows: In thousands Three Months Three Months Service cost $ 2 $ 9 Interest cost 44 93 Curtailment / settlement (gain) loss — — Net amortization of: Actuarial (gain) loss 2 5 Transition costs and other — — Net periodic benefit cost $ 48 $ 107 Defined Contribution Plans The Company sponsors several defined contribution plans through its domestic subsidiaries covering employees who meet certain service requirements. The Company makes matching contributions to the plans based upon a percentage of the employees’ contribution in the case of its 401(k) plans or upon a percentage of the employees’ salary or hourly wages in the case of its non-contributory money purchase plans. | Pension and Postretirement Benefit Plans The Company and its subsidiaries sponsor multiple defined benefit plans that cover certain employees. Postretirement benefit plans, other than pensions, provide healthcare benefits for certain eligible employees. Benefits are primarily based on years of service and the employee’s compensation. Pension Plans The Company has both funded and unfunded pension benefit plans. It is the Company’s policy to fund such plans in accordance with applicable laws and regulations in order to ensure adequate funds are available in the plans to make benefit payments to plan participants and beneficiaries when required. The following table details information regarding the Company's pension plans: In thousands U.S. Pension Plans Non-U.S. Pension Plans Fiscal Year Fiscal Year Fiscal Year Fiscal Year Pension Plans Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ (98,320 ) $ (16,309 ) $ (138,304 ) $ (131,580 ) Service costs (322 ) (4 ) (2,995 ) (3,398 ) Interest costs (4,416 ) (1,067 ) (5,356 ) (4,980 ) Participant contributions — — (171 ) (170 ) Acquisition / transfers — (84,932 ) (2,594 ) (1,602 ) Plan amendments — — — 622 Actuarial gain / (loss) (18,229 ) 2,670 (39,661 ) 2,273 Settlements / curtailments — — 204 — Benefit payments 6,261 1,322 4,959 4,917 Currency translation — — 20,768 (4,386 ) Benefit obligation at end of year $ (115,026 ) $ (98,320 ) $ (163,150 ) $ (138,304 ) Change in Plan Assets: Fair value at beginning of year $ 98,822 $ 12,172 $ 144,331 $ 139,064 Actual return on plan assets 10,776 2,270 41,160 (877 ) Employer and participant contributions 721 721 4,938 4,788 Acquisition / transfers — 84,981 — 1,203 Settlements / curtailments — — (204 ) (263 ) Benefit payments (6,261 ) (1,322 ) (4,959 ) (4,618 ) Currency translation — — (21,103 ) 5,034 Fair value at end of year $ 104,058 $ 98,822 $ 164,163 $ 144,331 Funded (unfunded) status $ (10,968 ) $ 502 $ 1,013 $ 6,027 Amounts included in the balance sheet: Current assets $ — $ — $ — $ — Other noncurrent assets — — 10,018 12,133 Accounts payable and accrued liabilities — — (1,217 ) (346 ) Other noncurrent liabilities (10,968 ) 502 (7,788 ) (5,760 ) Net amount recognized $ (10,968 ) $ 502 $ 1,013 $ 6,027 Weighted average assumptions used: Return on plan assets 5.9 - 7.0% 5.9 - 7.0% 3.0 - 5.5% 3.0 - 5.5% Discount rate 3.7 - 4.0% 4.6 % 1.7 - 8.0% 3.4 - 8.0% Salary and wage escalation rate N/A N/A 2.0 - 4.5% 2.8 - 4.5% The Company has plans whose fair value of plan assets exceeds the benefit obligation. In addition, the Company also has plans whose benefit obligation exceeds the fair value of plan assets. The total amount of prepaid benefit cost included in the net prepaid (accrued) benefit cost recognized for all pension plans approximates $(10.0) million and $6.5 million at December 31, 2014 and December 28, 2013 , respectively. The accumulated benefit obligation was $275.0 million and $232.2 million at December 31, 2014 and December 28, 2013 , respectively. The following table summarizes the pretax amounts recorded in Accumulated other comprehensive income (loss) for the Company’s pension plans as of December 31, 2014 and December 28, 2013 : In thousands U.S. Pension Plans Non-U.S. Pension Plans December 31, 2014 December 28, 2013 December 31, 2014 December 28, 2013 Transition net asset $ — $ — $ — $ — Net actuarial (gain) loss 14,454 1,174 15,932 12,583 Prior service cost — — (525 ) — Net amounts recognized $ 14,454 $ 1,174 $ 15,407 $ 12,583 The components of the Company's pension related costs for the following periods are as follows: U.S. Pension Plans Non-U.S. Pension Plans In thousands, except percentage data Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Pension Benefit Plans Components of net periodic benefit cost: Service cost $ 322 $ 4 $ — $ 2,995 $ 3,398 $ 2,002 Interest cost 4,416 1,067 620 5,356 4,980 5,032 Return on plan assets (5,829 ) (1,679 ) (899 ) (6,487 ) (6,574 ) (5,462 ) Curtailment / settlement (gain) loss — — — 61 — 792 Net amortization of: Transition costs and other 3 253 181 1 95 (238 ) Net periodic benefit cost $ (1,088 ) $ (355 ) $ (98 ) $ 1,926 $ 1,899 $ 2,126 Weighted average assumptions used: Return on plan assets 5.9 - 7.0% 5.9 - 7.0% 8.0 % 3.0 - 5.5% 3.0 - 5.5% 1.5 - 6.0% Discount rate 4.6 % 4.6 % 3.8 % 3.2 - 8.0% 3.4 - 8.0% 3.7 - 7.0% Salary and wage escalation rate N/A N/A N/A 1.0 - 4.5% 2.8 - 4.5% 2.0 - 4.5% During the fourth quarter of 2012, the Company completed the liquidation of two pension plans related to its former Dominion Textile, Inc. business in Canada. All pension benefits legally owed to plan participants were fully paid from plan assets by the end 2012. Excess plan assets left in the trust after all participants were paid was $0.3 million and is reported within Other current assets in the Company's Consolidated Balance Sheet at December 29, 2012. The surplus was received by the Company in the first quarter of 2013. As a result of the liquidation of these plans, the Company recognized a settlement loss of $0.8 million within Special charges, net in the Company's Consolidated Statement of Operations during the fiscal year ended December 29, 2012. The expected long-term rate of return on plan assets reflects the average rate of returns expected on the funds invested or to be invested in order to provide for the benefits included in the projected benefit obligation. The expected long-term rate of return on plan assets is based on what is achievable given the plan's investment policy, the types of assets held and target asset allocations. The expected long-term rate of return is determined as of the measurement date. The Company reviews each plan and its historical returns and target asset allocations to determine the appropriate long-term rate of return on plan assets to be used. Discount rates are primarily based on the market yields of global bond indices for AA-rated corporate bonds, applied to a portfolio for which the term and currency correspond with the estimated term and currency of the obligation. The Company’s practice is to fund amounts for its qualified pension plans at least sufficient to meet the minimum requirements set forth in applicable employee benefit laws and local tax laws. In addition, the Company manages these plans to ensure that all present and future benefit obligations are met as they come due. During 2015 , employer contributions are expected to approximate $3.7 million . As well, the Company expects to recognize amortization of actuarial gains/losses as components of net periodic benefit cost of $0.4 million . Investment decisions The Company’s overall investment strategy for pension plan assets is to achieve a blend of approximately 80 percent of investments for long-term growth and 20 percent for near-term benefit payments with a wide diversification of asset types, fund strategies and fund managers. In the U.S., the target allocations for plan assets are 40 - 55 percent in equity securities, 40 - 55 percent in corporate bonds and U.S. Treasury securities and the remainder in cash, cash equivalents or other types of investments. Equity securities primarily include investments in large-cap, mid-cap and small-cap companies principally located in the U.S. Fixed income securities include corporate bonds of companies of diversified industries and U.S. Treasuries. The plans’ weighted-average asset allocations by asset category are as follows: December 31, 2014 December 28, 2013 Cash 6 % 12 % Equity Securities 27 % 30 % Fixed Income Securities 67 % 58 % Total 100 % 100 % The trust funds are sufficiently diversified to maintain a reasonable level of risk without imprudently sacrificing return. The investment managers select investment fund managers with demonstrated experience and expertise, and funds with demonstrated historical performance, for the implementation of the plans’ investment strategy. The investment managers will consider both actively and passively managed investment strategies and will allocate funds across the asset classes to develop an efficient investment structure. It is the responsibility of the trustee to administer the investments of the trust within reasonable costs. These costs include, but are not limited to, management and custodial fees, consulting fees, transaction costs and other administrative costs chargeable to the Trust. The fair value of the Company's pension plan assets at December 31, 2014 by asset category is as follows: In thousands Total Level 1 Level 2 Level 3 Cash $ 3,904 $ 1,979 $ 1,925 $ — Equity securities: U.S. equities (a) 17,191 11,269 5,922 — Foreign equities (b) 12,190 5,413 6,777 — Global equity funds (c) 42,829 13,017 29,812 — Emerging markets (d) 749 749 — — Total equity securities 72,959 30,448 42,511 — Fixed income securities: U.S. fixed income funds (e) 68,036 1,939 66,097 — Foreign fixed income funds (f) 120,299 — 120,299 — Total fixed income securities 188,335 1,939 186,396 — Insurance funds 3,023 — — 3,023 Total $ 268,221 $ 34,366 $ 230,832 $ 3,023 (a) This category consists of commingled and registered mutual funds that focus on equity securities of U.S companies. It includes both indexed and actively managed funds. (b) This category consists of commingled and registered mutual funds that focus on equity securities of companies outside of the U.S. It includes both indexed and actively managed funds. (c) This category consists of commingled and registered mutual funds that invest in equity securities of both U.S. and foreign companies. It includes actively managed funds (d) This category consists of commingled and registered mutual funds that invest in equity securities of companies in emerging market economies. It includes actively managed funds. (e) This category consists of actively managed funds that invest in investment-grade bonds of U.S. issuers from diverse industries and U.S. government bonds and treasury notes. (f) This category consists of funds that invest in investment-grade bonds of foreign companies and Euro region government bonds. The fair value of the Company's pension plan assets at December 28, 2013 by asset category is as follows: In thousands Total Level 1 Level 2 Level 3 Cash $ 28,671 $ 27,803 $ 868 $ — Equity securities: U.S. equities (a) 16,566 11,023 5,543 — Foreign equities (b) 16,233 4,993 11,240 — Global equity funds (c) 37,697 13,489 24,208 — Emerging markets (d) 2,423 1,083 1,340 — Total equity securities 72,919 30,588 42,331 — Fixed income securities: U.S. fixed income funds (e) 43,069 11,030 27,332 4,707 Foreign fixed income funds (f) 97,264 — 97,264 — Total fixed income securities 140,333 11,030 124,596 4,707 Insurance funds 1,230 $ — $ — $ 1,230 Total $ 243,153 $ 69,421 $ 167,795 $ 5,937 (a) This category consists of commingled and registered mutual funds that focus on equity securities of U.S companies. It includes both indexed and actively managed funds. (b) This category consists of commingled and registered mutual funds that focus on equity securities of companies outside of the U.S. It includes both indexed and actively managed funds. (c) This category consists of commingled and registered mutual funds that invest in equity securities of both U.S. and foreign companies. It includes actively managed funds (d) This category consists of commingled and registered mutual funds that invest in equity securities of companies in emerging market economies. It includes actively managed funds. (e) This category consists of actively managed funds that invest in investment-grade bonds of U.S. issuers from diverse industries and U.S. government bonds and treasury notes. (f) This category consists of funds that invest in investment-grade bonds of foreign companies and Euro region government bonds. Postretirement Plans The Company sponsors several Non-U.S. postretirement plans that provide healthcare benefits to cover certain eligible employees. These plans have no plan assets, but instead are funded by the Company on a pay-as-you-go basis in the form of direct benefit payments. The following table details information regarding the Company's postretirement plans: In thousands U.S. Postretirement Plans Non-U.S. Postretirement Plans Fiscal Year Fiscal Year Fiscal Year Fiscal Year Postretirement Benefit Plans Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ (2,034 ) $ — $ (5,511 ) $ (4,864 ) Additional benefit obligations — — — — Service costs — — (7 ) (59 ) Interest costs (89 ) (11 ) (146 ) (187 ) Acquisition / transfers — (2,030 ) 1,834 (1,419 ) Actuarial gain / (loss) 17 7 (237 ) 305 Settlements / curtailments — — — 182 Benefit payments 25 — 314 381 Currency translation — — 321 150 Benefit obligation at end of year $ (2,081 ) $ (2,034 ) $ (3,432 ) $ (5,511 ) Change in Plan Assets: Fair value at beginning of year $ — $ — $ — $ — Actual return on plan assets — — — — Employer and participant contributions 25 — 314 381 Benefit payments (25 ) — (314 ) (381 ) Currency translation — — — — Fair value at end of year $ — $ — $ — $ — Funded status $ (2,081 ) $ (2,034 ) $ (3,432 ) $ (5,511 ) Amounts included in the balance sheet: Other noncurrent assets $ — $ — $ — $ — Accounts payable and accrued liabilities (97 ) (119 ) (297 ) (492 ) Other noncurrent liabilities (1,984 ) (1,915 ) (3,135 ) (5,019 ) Net amount recognized $ (2,081 ) $ (2,034 ) $ (3,432 ) $ (5,511 ) Weighted average assumptions used: Return on plan assets N/A N/A N/A N/A Discount rate 3.7 % 4.6 % 3.2 - 3.7% 4.1 - 4.8% Salary and wage escalation rate N/A N/A 2.5 % 3.0 % The following table summarizes the pretax amounts recorded in Accumulated other comprehensive income (loss) for the Company’s postretirement benefit plans as of December 31, 2014 and December 28, 2013 : In thousands U.S. Postretirement Plans Non-U.S. Postretirement Plans December 31, 2014 December 28, 2013 December 31, 2014 December 28, 2013 Transition net asset $ — $ — $ — $ — Net actuarial (gain) loss (23 ) (7 ) 122 (12 ) Prior service cost — — — — Net amounts recognized $ (23 ) $ (7 ) $ 122 $ (12 ) The components of the Company's postretirement related costs for the following periods are as follows: U.S. Postretirement Plans Non-U.S. Postretirement Plans In thousands, except percentage data Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Postretirement Benefit Plans Components of net periodic benefit cost: Service cost $ — $ — $ — $ 7 $ 59 $ 69 Interest cost 89 11 — 146 187 218 Curtailment / settlement (gain) loss — — — — 114 186 Net amortization of: Transition costs and other — — — — 35 26 Net periodic benefit cost $ 89 $ 11 $ — $ 153 $ 395 $ 499 Weighted average assumptions used: Discount rate 4.6 % 4.6 % N/A 4.1 - 4.8% 4.1 - 4.8% 3.5 - 7.0% Salary and wage escalation rate N/A N/A N/A 3.0 % 3.0 % 3.0 - 4.5% Assumed health care cost trend rates The health care cost trend rate assumptions for the Company provided health care benefits for retirees in Canada are reflected in the following table. The Company does not provide post-employment health care benefits for retirees in other countries. December 31, 2014 December 28, 2013 Weighted average health care cost trend rate assumed for next year 6.22 % 6.44 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reached the ultimate trend rate 2028 2028 A one-percentage point increase in the assumed health care cost trend rate would have increased aggregate service and interest cost in 2014 by less than $0.1 million and the accumulated postretirement benefit obligation as of December 31, 2014 by $0.1 million . A one-percentage point decrease in the assumed health care cost trend rate would have decreased aggregate service and interest cost in 2014 by less than $0.1 million and the accumulated postretirement benefit obligation as of December 31, 2014 by $0.1 million . Expected Benefit Payments The following table reflects the total benefits projected to be paid from the pension plans or from the Company’s general assets, under the current actuarial assumptions used for the calculation of the projected benefit obligations. Therefore, actual payments may differ from projected benefit payments. The expected level of payments to, or on the behalf of, participants is as follows: In thousands Pension Postretirement 2015 $ 10,833 $ 393 2016 10,526 385 2017 10,898 377 2018 11,316 370 2019 11,619 363 2020 to 2024 65,189 1,715 Defined Contribution Plans The Company sponsors several defined contribution plans through its domestic subsidiaries covering employees who meet certain service requirements. The Company makes contributions to the plans based upon a percentage of the employees’ contribution in the case of its 401(k) plans or upon a percentage of the employees’ salary or hourly wages in the case of its noncontributory money purchase plans. The cost of the plans was $4.2 million , $2.7 million and $2.5 million for fiscal 2014 , 2013 and 2012 , respectively. |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation Plans | Equity Compensation Plans The Company accounts for stock-based compensation plans in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718"), which requires a fair-value based method for measuring the value of stock-based compensation. Fair value is measured once at the date of grant and is not adjusted for subsequent changes. The Company's stock-based compensation plans have included a program for stock options and restricted stock units. In January 2011, Holdings adopted an Incentive Stock Plan (the “2011 Plan”), pursuant to which Holdings will grant equity-based awards to selected employees and directors of the Company. The 2011 Plan, which included time-vesting, performance-vesting and exit-vesting options as well as restricted stock units, provides that 32,622 shares of common stock of Holdings are available for grant. At December 31, 2014 , the indirect parent has 6,901 shares available for future incentive awards. During 2013, the Holdings' Board of Directors reviewed the historical and projected financial performance of the Company in regard to the satisfaction of the performance-vesting options and exit-vesting options. Under the then-current vesting conditions, a performance-based option would become vested if certain free cash flow targets were achieved in either a given fiscal year or based on cumulative targets over multiple fiscal years. As none of these targets had been achieved since the date of grant and, based on recent performance, were not expected to be satisfied in the next several years, the Company decided to commence an offer to all eligible option holders to modify the terms of all performance-vesting and exit-vesting options. All of the eligible option holders elected to participate. As a result, on August 30, 2013, the vesting terms for all performance-vesting options were modified to vest on terms similar to the existing exit-vesting options. In addition, the required annual rate of return for both the existing modified performance-vesting options and the exit-vesting options was reduced from 20% to 15%. Per ASC 718, the change in vesting conditions was treated as a Type IV modification whereby the expectation about whether the vesting condition will be satisfied remains the same. The Company does not consider the vesting of these options probable and therefore, no additional compensation expense was recognized. On June 17, 2013, Veronica Hagen and the Company entered into a Retirement Agreement (the “Retirement Agreement”) whereby she retired from the position of President and Chief Executive Officer effective June 19, 2013 and retired from the Company on August 31, 2013. Per the terms of the Retirement Agreement, the Company modified her equity-based awards in that certain time-vesting awards became fully vested, with all remaining awards forfeited. Per ASC 718, the modification of the time-vesting options was treated as a Type III modification (i.e. improbable-to-probable) whereby the original equity awards are considered forfeited and new, fully vested awards are granted. The true-up to compensation expense was recorded for these options at the date of the modification as no future service was required. The Company also modified her exit vesting equity-based awards to remain outstanding and eligible to vest for the remaining contractual term of the options. The modification of the exit-based options was treated as a Type IV modification (improbable-to-improbable) with no modification charge recorded. On June 18, 2013, the Company announced the appointment of J. Joel Hackney Jr. as President and Chief Executive Officer, effective June 19, 2013. Per the terms of his employment agreement, Mr. Hackney received 9,000 equity-based awards, which included 3,000 restricted stock units. Since the inception of the 2011 Plan, certain select employees that have been granted equity-based awards are no longer employed by the Company. In certain cases, the Board of Directors have agreed to modify the terms of option awards to provide that all unexercised time-vesting options that were vested upon their departure date will remain exercisable until the earlier of (1) the expiration date of the options or (2) such earlier date that the individual breaches any restrictive covenant. All other time-vesting and exit-vesting options that were not vested were immediately forfeited. Per ASC 718, the change in vesting conditions of the time-vesting options were treated as a Type III modification whereby the original equity awards are considered forfeited and new, fully vested awards are granted. The change in vesting conditions of the exit-vesting options was treated as a Type IV modification whereby the expectation about whether the vesting condition will be satisfied remains the same. Stock Options Options granted under the 2011 Plan expire on the tenth anniversary date of the date of grant and vest based on the type of option granted. Time-vesting options vest based upon the passage of time in equal installments at the respective anniversaries of the date of grant. Modified performance-vesting options and exit-vesting options vest on the date, if any, when Blackstone receives cash proceeds in excess of 2.0 times its investment in the Company's equity securities (performance condition) and such cash proceeds result in an annual internal rate of return of at least 15% on its cumulative invested capital in the securities of the Company (market condition). All options are subject to continued employment with the Company. Changes in options outstanding under the 2011 Plan are as follows: Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Estimated Contractual Life Outstanding - December 31, 2011 16,857 $ — Granted 4,582 1,000 Canceled / Forfeited (979 ) 1,000 Exercised — — Outstanding - December 29, 2012 20,460 1,000 Granted 6,817 1,000 Canceled / Forfeited (3,882 ) 1,000 Exercised — — Outstanding - December 28, 2013 23,395 1,000 Granted 3,761 1,000 Canceled / Forfeited (4,435 ) 1,000 Exercised — — Outstanding - December 31, 2014 22,721 $ 1,000 $ — 7.57 Exercisable - December 31, 2014 4,416 $ 1,000 $ — 6.75 The fair value of each time-vesting award is expensed on a straight-line basis over the requisite service period, which is generally the three or five year vesting period of the options. However, for options granted with performance target and market requirements, compensation expense would be recognized when it is probable that the performance target will be achieved and the requisite service period was satisfied. Compensation expense is not recognized for modified performance-vesting options and exit-vesting options as the performance condition is not considered probable. As of December 31, 2014 , unrecognized compensation expense related to non-vested time-vesting stock options granted under the 2011 Plan totaled $1.5 million . The weighted-average fair value of time-vesting stock options granted during fiscal 2014 and 2013 was $509.280 and $568.420 , respectively, using the Black-Scholes option pricing model. The following weighted-average assumptions are as follows: Fiscal 2014 Fiscal 2013 Risk-free interest rate 1.74 % 1.55 % Dividend yield — % — % Expected life 5.8 years 6.4 years Volatility 54.10 % 59.00 % As the Company does not have sufficient historical volatility data for the common stock of Holdings, the stock price volatility utilized in the fair value calculation is based on the Company's peer group in the industry in which it does business. The risk-free interest rate is based on the yield-curve of a zero-coupon U.S. Treasury bond on the date the award is granted with a maturity equal to the expected term of the award. Prior to 2013, the expected life was based on the vesting schedule of the options and their contractual life, taking into consideration the expected time in which the share price of the option would exceed the exercise price of the option. However, subsequent equity grants utilize the Simplified Method as allowed under SAB Topic 14 to derive the expected life assumption. Restricted Stock Units Restricted stock units represent a promise to deliver shares to the individual at a future date if certain vesting conditions are met. Under the Holdings Plan, restricted stock unit's will become vested on the third anniversary of the date of grant and will be settled in shares of Holdings. Dividend equivalent shares will accrue if dividends are paid on Holdings common stock and will vest proportionately with the restricted stock unit's to which they relate. Changes in restricted stock units outstanding under the 2011 Plan are as follows: Number of Shares Grant Date Fair Value Outstanding - December 29, 2012 — $ — Granted 3,000 1,000 Canceled / Forfeited — — Exercised — — Outstanding - December 28, 2013 3,000 $ 1,000 Granted — — Canceled / Forfeited — — Exercised — — Outstanding - December 31, 2014 3,000 $ 1,000 The fair value of each restricted stock unit is measured as the grant-date price of the common stock which is expensed on a straight-line basis over the three year vesting period. As of December 31, 2014 , unrecognized compensation expense related to non-vested restricted stock units granted under the 2011 Plan totaled $1.5 million . Call Option on Common Stock Under the 2011 Plan, the Company set forth a management equity subscription agreement whereby certain selected employees of the Company were able to invest in shares of Holding’s common stock. The agreement contains an employer call option clause that states that the Company can repurchase the common stock from the employee prior to the third anniversary of the purchase date. This feature creates an in-substance service period because the employer can repurchase the shares at the original purchase price (or less) if the employee terminates within the specified time period. The employee does not partake in any of the risks or rewards of stock ownership until the end of the three year implied service period. As a result, the cash acquired by the Company for the common stock shares have been recorded as a liability, as they are subject to repayment upon employee termination and compensation cost will be recognized over the implied three-year requisite service period equal to the fair value of the call option. Upon the third anniversary of the purchase date of the common stock, the three-year requisite service period expired and all remaining amounts recorded as a liability were reclassified to equity. Other Compensation Agreements In contemplation of the Merger, the former Chief Executive Officer entered into an employment agreement which became effective as of the time of the Merger. The agreement provided that as long as Ms. Hagen was an employee in good standing on April 23, 2013, that she would be entitled to a one-time grant of shares in Holdings having a value equal to $694,000 (the “Equity Award”). In accordance with the terms of her employment agreement, Ms. Hagen received the equity award of 694 shares of Holdings common stock (less applicable withholding taxes) on the appropriate date. The Company recognized compensation expense on a straight-line basis over the requisite service period and has no further obligations under the agreement. Compensation Expense Stock-based compensation expense is included in Selling, general and administrative expenses in the Consolidated Statement of Operations. The amount of compensation expense recognized during the period is based on the portion of granted awards that are expected to vest. Ultimately, the total expense recognized of the vesting period will equal the fair value of the awards as of the grant date that actually vest. The following table summarizes the compensation expense recognized: In thousands Fiscal Year Fiscal Year Fiscal Year Stock options $ 901 $ 950 $ 532 Restricted stock units 1,000 500 — Employee call option 30 2,443 — Equity award — 97 310 Total $ 1,931 $ 3,990 $ 842 The Company recognizes stock-based compensation expense related to the 2011 Plan over the period of time in which an employee must provide service in exchange for an award (the requisite service period). For time-vesting options, the requisite service period is the vesting period of the particular options granted in which the full fair value of the award in recognized. For amended performance-vesting and exit-vesting options (which contain both a performance and market condition that affects the vesting date), the requisite service period is the date, if any, when Blackstone receives cash proceeds with respect to its investment in the Company's equity securities that meets a specified financial yield. In accordance with ASC 718, the Company does not recognize any stock-based compensation expense related to the amended performance-vesting and exit-vesting options as it cannot conclude it is probable that a liquidity event will occur as such an event is outside the control of the Company. |
Income Taxes
Income Taxes | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | Income Taxes The Company accounts for its provision for income taxes in accordance with ASC 740, "Income Taxes," which requires an estimate of the annual effective income tax rate for the full year to be applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. For the three months ended March 31, 2015 , the Company's effective income tax rate was 12.7% (compared with a negative effective income tax rate of 150.2% for the three months ended March 29, 2014 ). The change in our effective income tax rate was primarily driven by incremental operating losses of $42.2 million in the current period for which we recorded a full valuation allowance. In addition, our effective income tax rate was impacted by foreign withholding taxes for which tax credits are not anticipated, changes in the amounts recorded for tax uncertainties, and foreign taxes calculated at statutory rates different than the U.S. federal statutory rate. During the three months ended March 29, 2014 , a French subsidiary of the Company joined the Company’s unitary French filing group. This resulted in a $1.9 million increase to the Company's French valuation allowance discrete to the prior year period. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes and (b) operating loss and tax credit carryforwards. A valuation allowance is recorded when, based on the weight of the evidence, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. The realization of the deferred tax asset depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdiction. At March 31, 2015 , the Company has a net deferred tax liability of $12.4 million . At March 31, 2015 , the Company had unrecognized tax benefits of $20.7 million , of which $9.5 million relates to accrued interest and penalties. These amounts are included within Other noncurrent liabilities within the accompanying Consolidated Balance Sheets. The total amount of unrecognized tax benefits that, if recognized, would affect the Company's effective income tax rate is $20.7 million as of March 31, 2015 . Included in the balance as of March 31, 2015 is $2.8 million , including $1.6 million of interest and penalties, related to income tax positions for which it is reasonably possible that the total amounts could significantly change during the next twelve months. This amount is comprised of items which relate to the lapse of statute of limitations or the settlement of issues. The Company recognizes interest and/or penalties related to income taxes as a component of income tax expense. Management judgment is required in determining tax provisions and evaluating tax positions. Although management believes its tax positions and related provisions reflected in the consolidated financial statements are fully supportable, it recognizes that these tax positions and related provisions may be challenged by various tax authorities. These tax positions and related provisions are reviewed on an ongoing basis and are adjusted as additional facts and information become available, including progress on tax audits, changes in interpretations of tax laws, developments in case law and closing of statute of limitations. The Company’s tax provision includes the impact of recording reserves and any changes thereto. The major jurisdictions where the Company files income tax returns include the United States, Canada, China, India, the Netherlands, France, Germany, Spain, United Kingdom, Italy, Mexico, Colombia, Brazil, and Argentina. As of March 31, 2015 , the Company has a number of open tax years with various taxing jurisdictions that range from 2003 to 2013. The results of current tax audits and reviews related to open tax years have not been finalized, and management believes that the ultimate outcomes of these audits and reviews will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. | Income Taxes The provision for income taxes is computed based on the following components of income (loss) before income tax expense and discontinued operations: In thousands Fiscal Year Fiscal Year Fiscal Year Domestic $ (109,702 ) $ (64,320 ) $ (44,664 ) Foreign (11,061 ) 3,329 26,281 Total $ (120,763 ) $ (60,991 ) $ (18,383 ) The components of income tax (provision) benefit for the respective periods are as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Current: Federal and state $ (1,603 ) $ 3,947 $ 397 Foreign (11,028 ) (12,474 ) (9,175 ) Deferred: Federal and state (1,077 ) 36,689 90 Foreign 15,231 7,862 1,033 Income tax (provision) benefit $ 1,523 $ 36,024 $ (7,655 ) The income tax (provision) benefit differs from the amount of income taxes determined by applying the applicable U.S. federal statutory rate of 35% to pretax income as a result of the following differences: In thousands Fiscal Year Fiscal Year Fiscal Year Computed income tax (provision) benefit at statutory rate $ 42,267 $ 21,347 $ 6,435 State income taxes, net of U.S. federal tax benefit (2,250 ) (540 ) (5 ) Change in valuation allowance (36,760 ) 6,263 (17,035 ) Local country withholding tax (3,527 ) (5,307 ) (800 ) Intra-period allocation rule exception — 5,201 — Foreign rate difference 1,933 6,203 2,144 Uncertain tax positions 2,552 3,989 755 Foreign exchange (1,680 ) (1,226 ) 953 Other (1,012 ) 94 (102 ) Income tax (provision) benefit $ 1,523 $ 36,024 $ (7,655 ) The Intra-period allocation rule exception line-item for fiscal 2013 relates to the realization of the tax benefit of the current-year ordinary loss in continuing operations when the tax benefit would not otherwise be recognized. As such, the Company recorded a tax benefit in continuing operations of $5.2 million during 2013 in accordance with the guidance in ASC 740-20-45-7 which provides an exception to the incremental approach to intra-period tax allocation and allows for all items (for example, extraordinary items, discontinued operations) to be considered in determining the amount of tax benefit that results from a loss from continuing operations and that shall be allocated to continuing operations. Accordingly, income from all components of the financial statements represent sources of income that enable realization of the tax benefit of the current-year ordinary loss in continuing operations when the tax benefit would not otherwise be benefited, such as when a valuation allowance exists. In fiscal year 2013, the Company experienced losses from continuing operations in the United States and France where there was a full valuation allowance recorded against its net deferred tax assets. The Company considered income from categories other than continuing operations, such as Other comprehensive income (loss), when determining the amount of the $5.2 million tax benefit to allocate to continuing operations. In the fourth quarter of 2013, Mexico passed and implemented tax reform. Among the many changes, the IETU tax regime was repealed. The PGI Mexico subsidiary was paying tax under the IETU tax regime and all deferred taxes were on the balance sheet using the attributes of the IETU tax regime. With the repeal, the PGI Mexico subsidiary had to remove all deferred tax items related to the IETU and replace them with the attributes consistent with the ISR, or income tax regime. The income statement impact on the tax expense related to this change was benefit of $4.1 million . Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as net operating losses and other tax credit carryforwards. Deferred income tax assets and liabilities consist of the following: In thousands December 31, 2014 December 28, 2013 Deferred tax assets: Provision for bad debts $ 2,247 $ 1,169 Inventory capitalization and allowances 3,617 1,997 Net operating loss and capital loss carryforwards 284,050 220,890 Tax credits 9,834 5,748 Employee compensation and benefits 9,478 10,322 Other, net 49,035 14,456 Total deferred tax assets 358,261 254,582 Valuation allowance (227,475 ) (193,442 ) Net deferred tax assets $ 130,786 $ 61,140 Deferred tax liabilities: Property, plant and equipment, net $ (66,337 ) $ (33,050 ) Intangibles (35,890 ) (38,761 ) Undistributed earnings (17,504 ) (12,477 ) Other, net (22,488 ) (6,530 ) Total deferred tax liabilities (142,219 ) (90,818 ) Net deferred tax liabilities $ (11,433 ) $ (29,678 ) The Company records a deferred tax liability associated with the excess of book basis over tax basis in the shares of subsidiaries not considered indefinitely invested. At December 31, 2014 , the Company has not provided deferred income taxes on approximately $7.4 million of unremitted earnings of its foreign subsidiaries where the earnings are considered indefinitely invested. If management decided to repatriate these earnings, they would become taxable and would incur approximately $0.7 million of tax. In the event of additional tax, unrecognized tax attributes may be available to reduce some portion of any U.S. income tax liability. After Internal Revenue Code Section 382 (“Section 382”) limitations, the Company has $380.7 million of U.S. federal operating loss carryforwards that expire between 2024 and 2033. In addition, the Company has $657.6 million of aggregated state operating loss carryforwards that expire over various time periods, and has $426.5 million of foreign operating loss carryforwards, of which $252.1 million have an unlimited carryforward life and $142.9 million expire between 2015 and 2023. The remaining $31.5 million of foreign operating loss carryforwards expire between 2015 and 2034. The Company has potential tax benefits of $2.0 million of tax credit carryforwards on foreign jurisdictions, all of which expire between 2015 and 2023. The Company has $1.5 million of AMT credit with an unlimited carryforward life. A valuation allowance is recorded when, based on the weight of the evidence, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In assessing the likelihood that a deferred tax asset will be realized, management considers, among other factors, the trend of historical and projected future taxable income, the scheduled reversal of deferred tax liabilities, the carryforward period for net operating losses and credits as well as tax planning strategies available to the Company. After consideration of all available evidence both positive and negative, the Company has determined that valuation allowances of $227.5 million and $193.4 million are appropriate as of December 31, 2014 and December 28, 2013 , respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits, included in Other noncurrent liabilities in the accompanying Consolidated Balance Sheet, excluding potential interest and penalties associated with uncertain tax positions, is as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Unrecognized tax benefits at beginning of period $ 16,392 $ 12,794 $ 12,892 Gross increases for tax positions of prior years — — — Gross decreases for tax positions of prior years (2,658 ) (260 ) (127 ) Increases in tax positions for the current year 1,585 1,753 2,085 Lapse of statute of limitations (1,461 ) (1,873 ) (1,810 ) Purchase accounting adjustment — 4,705 — Currency translation (888 ) (727 ) (246 ) Unrecognized tax benefits at end of period $ 12,970 $ 16,392 $ 12,794 The total amount of unrecognized tax benefits (the "UTBs") as of December 31, 2014 and December 28, 2013 were $20.3 million and $24.0 million , respectively. These amounts include accrued interest and penalties of $9.1 million and $9.3 million at December 31, 2014 and December 28, 2013 , respectively. Included in the UTBs as of December 31, 2014 is $1.8 million of operating loss carryforwards for which a UTB has been established. Further, the UTBs of $20.3 million represent the amount that, if recognized, would affect the effective tax rate of the Company in future periods. Included in the balance as of December 31, 2014 was $1.1 million related to tax positions for which it is reasonably possible that the total amounts could significantly change during the next twelve months. This amount represents a decrease in UTBs comprised of items related to lapse of statute of limitations or settlement of issues. The Company continues to recognize interest and/or penalties related to income taxes as a component of income tax expense. During 2013, Mexico initiated a tax amnesty program that provides a reduction in taxes owed and the elimination of all related penalties and interest. In May 2013, the Company exercised its right under the amnesty program related to the country's Asset Tax. As a result, the Company recorded a discrete tax expense of $2.9 million during the second quarter associated with the amnesty program. In July 2013, Colombia initiated a tax amnesty program under which the Company filed for tax amnesty for the 2007 tax year related to a transfer pricing issue. The Colombia tax authorities accepted the amnesty request and as a result, the Company paid $0.5 million to settle the outstanding issue. During 2012, the Company completed a sale of leased equipment between its' Netherlands and Colombia subsidiaries. At December 29, 2012, the capitalized assets have a book value of $20.7 million , which will be depreciated over the remaining useful life of the equipment. The Company recognized no gain or loss on this intercompany transaction. However, due to different tax rates in each jurisdiction, the transaction resulted in a deferred tax expense of $0.1 million at December 28, 2013 and a deferred tax benefit of $1.2 million at December 29, 2012 which the Company recorded within Additional paid-in-capital during 2012. The equity adjustment will be recognized in earnings over the remaining useful life of the equipment. Management judgment is required in determining tax provisions and evaluating tax positions. Although management believes its tax positions and related provisions reflected in the consolidated financial statements are fully supportable, it recognizes that these tax positions and related provisions may be challenged by various tax authorities. These tax positions and related provisions are reviewed on an ongoing basis and are adjusted as additional facts and information become available, including progress on tax audits, changes in interpretations of tax laws, developments in case law and closing of statute of limitations. The Company’s tax provision includes the impact of recording reserves and any changes thereto. As of December 31, 2014 , the Company has a number of open tax years with various taxing jurisdictions that range from 2003 to 2014. The results of current tax audits and reviews related to open tax years have not been finalized, and management believes that the ultimate outcomes of these audits and reviews will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. The major jurisdictions where the Company files income tax returns include the United States, Canada, China, India, the Netherlands, France, Germany, Spain, United Kingdom, Italy, Mexico, Colombia, and Argentina. The U.S. federal tax returns have been examined through fiscal 2004 and the various taxing jurisdictions generally remain open and subject to examination by the relevant tax authorities for the tax years 2003 through 2014. As a result of the acquisition of Fiberweb, the Company now has additional operations in the U.S. and France, and new operations in the United Kingdom, Germany, Italy and India. Based on the weight of the evidence, it is management's opinion, it is more likely than not that some portion, or all, of the deferred tax assets associated with some of these entities will not be realized. Therefore, the net deferred tax asset associated with the United Kingdom, Germany and Italy were fully valued as of the opening balance sheet date. At the Fiberweb acquisition date, Fiberweb entities in the U.S. carried a deferred tax liability of $36.7 million that could be used as a source of income against the Company’s U.S. deferred tax assets. Legacy AVINTIV entities in the U.S. had net operating loss carryforwards in excess of $300.0 million for which they carried a full valuation allowance. Shortly after the completion of the Fiberweb Acquisition, the Company elected to disregard the U.S. Fiberweb parent entities in the United Kingdom. The Fiberweb entities in the U.S. were then treated as directly owned by the Company for tax purposes and included in the Company’s U.S. consolidated federal tax return. Making this election provided a source of income for realization of the Company’s deferred tax asset resulting in a $36.7 million reduction of our valuation allowance. While this adjustment to the Company U.S. valuation allowance was a result of the Fiberweb Acquisition, ASC 805 indicates this benefit should not be included as a component of acquisition accounting. Accordingly, the Company recorded the release of the valuation allowance as a tax benefit in 2013. As a result of the acquisition of Providência, the Company now has additional operations in the U.S. and new operations in Brazil. Based on the weight of the evidence, it is management's opinion, it is more likely than not that some portion, or all, of the deferred tax assets associated with some of these entities will be realized. In addition, the Providência U.S. operations are owned directly by Providência. As a result of this ownership structure, the Providência U.S. operations are not included as part of the AVINTIV U.S. Consolidated filing group. In connection with the acquisition of Providência, the Company is party to the Providência Tax Claims. The Providência Tax Claims relate to two tax deficiency notices received in August and November 2013 relating to Providência 2007 and 2008 tax filings. At the Providência Acquisition Date and at each subsequent reporting period, the Company evaluated whether the Providência Tax Claims qualified for recognition and the Company determined it was more likely than not that Providência’s position would be sustained upon challenge by the Brazilian courts. This determination was based on advice received from the Company’s Brazilian legal counsel. Therefore, the Company did not record an uncertain tax position liability for this matter. As discussed in Note 4, “Acquisitions”, the Deferred Purchase Price is held by the Company. Upon resolution of the Providência Tax Claims by the Brazilian court, either tax payments for the Providência Tax Claims will be made to the Brazilian tax authorities or the Deferred Purchase Price will be paid to the selling shareholders. The Company will be responsible for any actual tax payment to settle the Providência Tax Claims in excess of the Deferred Purchase Price. Based on the Company’s best estimate, the resolution of the Providência Tax Claims is expected to take longer than a year. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest (Notes) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Abstract] | ||
Noncontrolling Interest | Redeemable Noncontrolling Interest In connection with the Providência Acquisition, as required by Brazilian law, PGI Acquisition Company filed the Mandatory Tender Offer registration request with the CVM in order to launch, after its approval, a tender offer to acquire all of the remaining outstanding capital stock of Providência from the minority shareholders. As of March 31, 2015 , the Mandatory Tender Offer was still under review by the CVM. Hence, the conditions for the launch of the Mandatory Tender Offer have not been met as of March 31, 2015 . However, once the Mandatory Tender Offer is approved and launched, the minority shareholders will have the right, but not the obligation, to sell their remaining outstanding capital stock of Providência. Given such right of the minority shareholders, the Company determined that ASC 480 requires the noncontrolling interest to be presented as mezzanine equity on the Consolidated Balance Sheets and adjusted to its estimated maximum redemption amount at each balance sheet date. Financial results of Providência are attributed to the minority shareholders based on their ownership percentage and accordingly disclosed in the Consolidated Statements of Comprehensive Income (Loss). Subsequent to the allocation of earnings, the carrying value is then adjusted to its redemption value as of each balance sheet date with a corresponding adjustment to additional paid-in capital. A reconciliation of the redeemable noncontrolling interest is as follows: In thousands 2015 December 31, 2014 $ 89,181 Comprehensive income (loss) attributable to redeemable noncontrolling interest (9,813 ) Periodic adjustment to redemption value, net of currency adjustment (2,784 ) March 31, 2015 $ 76,584 The estimated redemption value of the redeemable noncontrolling interest is determined based on the terms and conditions of the Mandatory Tender Offer, which state that the purchase price payable for the tendered shares is not impacted by the earnings attributable to the redeemable noncontrolling interest. As a result, earnings attributable to the redeemable noncontrolling interest are offset by a deemed dividend, as a periodic adjustment to the recorded redemption value, to the minority shareholders recognized in additional paid-in capital. In addition, the recorded redemption value accretes at a variable interest rate which is also recognized as a periodic adjustment to the redemption value. Lastly, the Mandatory Tender Offer is denominated in Brazilian Reais. Therefore, the redemption value is recorded at the U.S. Dollar equivalent on the Consolidated Balance Sheets, initially using the exchange rate in effect on the date of issuance and translated using the current exchange rate at each subsequent balance sheet date. The respective currency exchange rate movement is recognized as a periodic adjustment to the recorded redemption value in additional paid-in capital. | Redeemable Noncontrolling Interest In connection with the Providência Acquisition, as required by Brazilian law, PGI Acquisition Company filed the Mandatory Tender Offer registration request with the CVM in order to launch, after its approval, a tender offer to acquire all of the remaining outstanding capital stock of Providência from the minority shareholders. As of December 31, 2014 , the Mandatory Tender Offer was still under review by the CVM. Hence, the conditions for the launch of the Mandatory Tender Offer have not been met as of December 31, 2014 . However, once the Mandatory Tender Offer is approved and launched, the minority shareholders will have the right, but not the obligation, to sell their remaining outstanding capital stock of Providência. Given such right of the minority shareholders, the Company determined that ASC 480 requires the noncontrolling interest to be presented as mezzanine equity on the Consolidated Balance Sheets and adjusted to its estimated maximum redemption amount at each balance sheet date. Financial results of Providência are attributed to the minority shareholders based on their ownership percentage and accordingly disclosed in the Consolidated Statements of Operations. Subsequent to the allocation of earnings, the carrying value is then adjusted to its redemption value as of each balance sheet date with a corresponding adjustment to additional paid-in capital. A reconciliation of the redeemable noncontrolling interest since the Providência Acquisition Date is as follows: In thousands 2014 Beginning Balance $ 80,792 Comprehensive income (loss) attributable to redeemable noncontrolling interest (13,020 ) Periodic adjustment to redemption value, net of currency adjustment 21,409 Ending Balance $ 89,181 The estimated redemption value of the redeemable noncontrolling interest is determined based on the terms and conditions of the Mandatory Tender Offer, which state that the purchase price payable for the tendered shares is not impacted by the earnings attributable to the redeemable noncontrolling interest. As a result, earnings attributable to the redeemable noncontrolling interest are offset by a deemed dividend, as a periodic adjustment to the recorded redemption value, to the minority shareholders recognized in additional paid-in capital. In addition, the recorded redemption value accretes at a variable interest rate which is also recognized as a periodic adjustment to the redemption value. Lastly, the Mandatory Tender Offer is denominated in Brazilian Reais. Therefore, the redemption value is recorded at the U.S. Dollar equivalent on the Consolidated Balance Sheets, initially using the exchange rate in effect on the date of issuance and translated using the current exchange rate at each subsequent balance sheet date. The respective currency exchange rate movement is recognized as a periodic adjustment to the recorded redemption value in additional paid-in capital. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | ||
Shareholders' Equity | Equity In connection with the closing of the Merger on January 28, 2011, Blackstone, along with certain members of the Company's management, contributed $259.9 million (the "Initial Capital") through the purchase of Holdings. As consideration for the Initial Capital, the Company issued a total of 259,865 shares of common stock, with a par value of $0.01 per share. Simultaneously, all prior existing shares of AVINTIV Specialty Materials Inc's common and preferred stock were canceled and converted into the right to redeem for a portion of the merger consideration. As a result of the Merger, AVINTIV Acquisition Corporation owns 100% of the Company's issued and outstanding common stock. Common Stock The authorized share capital of the Company is $10 , consisting of 1,000 shares, par value $0.01 per share. The Company did not pay any dividends since the Merger and intends to retain future earnings, if any, to finance the further expansion and continued growth of the business. In addition, our indebtedness obligations limit certain restricted payments, which include dividends payable in cash, unless certain conditions are met. Additional Paid-in-Capital In accordance with push-down accounting, the basis in the Initial Capital has been pushed down from Holdings to the Company. Amounts related to Blackstone and certain board members are recorded in Additional paid-in capital. The remaining portion, related to certain members of the Company's management, was recorded in Other noncurrent liabilities as they contained a three-year call option feature which specifies that the employer can repurchase the shares at the original purchase price (or less) if the employee terminates within the specified time period. Upon the expiration of the three-year call option, associated amounts were no longer considered a liability and recorded in Additional paid-in capital. Subsequent to January 28, 2011, certain members of the Company's management and certain board members purchased common stock of Holdings. In addition, the Company has repurchased common stock from former employees. At March 31, 2015 , the net amount purchased was $2.1 million and accordingly, the Company recorded the basis in these shares as additional paid-in capital or as a noncurrent liability, as necessary. On December 18, 2013, the Company received an additional equity investment of $30.7 million from Blackstone (the "Equity Investment"). The Equity Investment, along with the proceeds received from the Term Loans, were used to repay all outstanding borrowings under the Senior Secured Bridge Credit Agreement and the Senior Unsecured Bridge Credit Agreement. In connection with Providência Acquisition, the Company determined that the related noncontrolling interest is required to be presented as mezzanine equity on the Consolidated Balance Sheets and adjusted to its estimated maximum redemption amount at each balance sheet date. As a result, adjustments to the redeemable noncontrolling interest are offset by a deemed dividend to the minority shareholders recognized in Additional paid-in capital . Refer to Note 14, "Redeemable Noncontrolling Interest" for further information on the accounting of the redeemable noncontrolling interest. Accumulated Other Comprehensive Income (Loss) The changes in Accumulated other comprehensive income (loss) by component are as follows: In thousands Pension and Postretirement Benefit Plans Cumulative Translation Adjustments Total December 31, 2014 $ (30,959 ) $ (28,205 ) $ (59,164 ) Other comprehensive income (loss) before reclassifications (90 ) (28,678 ) (28,768 ) Amounts reclassified out of accumulated comprehensive income (loss) 90 — 90 Net current period other comprehensive income (loss) — (28,678 ) (28,678 ) March 31, 2015 $ (30,959 ) $ (56,883 ) $ (87,842 ) Amounts presented in Other comprehensive income (loss) before reclassifications are net of tax. For the three months ended March 31, 2015 , the Company did not record any income tax expense for pension and postretirement benefit plans and cumulative translation adjustments. Amounts reclassified out of Accumulated other comprehensive income (loss) is as follows: In thousands Three Months Three Months Pension and other postretirement benefit plans: Net amortization of actuarial gains (losses) $ 91 $ 1 Curtailment / settlement gain (loss) — — Total reclassifications, before tax 91 1 Income tax (provision) benefit (1 ) (1 ) Total reclassifications, net of tax $ 90 $ — Amounts associated with pension and postretirement benefit plans reclassified from Accumulated other comprehensive income (loss) are recorded within Selling, general and administrative expenses on the Consolidated Statements of Comprehensive Income (Loss). The components are included in the computation of net periodic benefit cost. | Equity In connection with the closing of the Merger on January 28, 2011, Blackstone, along with certain members of the Company's management, contributed $259.9 million (the "Initial Capital") through the purchase of Holdings. As consideration for the Initial Capital, the Company issued a total of 259,865 shares of common stock, with a par value of $0.01 per share. Simultaneously, all prior existing shares of AVINTIV Specialty Materials Inc's common and preferred stock were canceled and converted into the right to redeem for a portion of the merger consideration. As a result of the Merger, AVINTIV Acquisition Corporation owns 100% of the Company's issued and outstanding common stock. Common Stock The authorized share capital of the Company is $10 , consisting of 1,000 shares, par value $0.01 per share. The Company did not pay any dividends during fiscal years 2014 or 2013 and intends to retain future earnings, if any, to finance the further expansion and continued growth of the business. In addition, our indebtedness obligations limit certain restricted payments, which include dividends payable in cash, unless certain conditions are met. Additional Paid-in-Capital In accordance with push-down accounting, the basis in the Initial Capital has been pushed down from Holdings to the Company. Amounts related to Blackstone and certain board members are recorded in Additional paid-in capital. The remaining portion, related to certain members of the Company's management, was recorded in Other noncurrent liabilities as they contained a three-year call option feature which specifies that the employer can repurchase the shares at the original purchase price (or less) if the employee terminates within the specified time period. Upon the expiration of the three-year call option, associated amounts were no longer considered a liability and recorded in Additional paid-in capital. Subsequent to January 28, 2011, certain members of the Company's management and certain board members purchased common stock of Holdings. In addition, the Company has repurchased common stock from former employees. At December 31, 2014 , the net amount purchased was $2.1 million and accordingly, the Company recorded the basis in these shares as additional paid-in capital or as a noncurrent liability, as necessary. On December 18, 2013, the Company received an additional equity investment of $30.7 million from Blackstone (the "Equity Investment"). The Equity Investment, along with the proceeds received from the Term Loans, were used to repay all outstanding borrowings under the Senior Secured Bridge Credit Agreement and the Senior Unsecured Bridge Credit Agreement. In connection with Providência Acquisition, the Company determined that the related noncontrolling interest is required to be presented as mezzanine equity on the Consolidated Balance Sheets and adjusted to its estimated maximum redemption amount at each balance sheet date. As a result, adjustments to the redeemable noncontrolling interest are offset by a deemed dividend to the minority shareholders recognized in Additional paid-in capital . Refer to Note 17, "Redeemable Noncontrolling Interest" for further information on the accounting of the redeemable noncontrolling interest. Accumulated Other Comprehensive Income (Loss) The changes in Accumulated other comprehensive income (loss) by component are as follows: In thousands Pension and Postretirement Benefit Plans Cumulative Translation Adjustments Total Balance - December 29, 2012 $ (13,766 ) $ (1,003 ) $ (14,769 ) Other comprehensive income (loss) before reclassifications (2,519 ) 8,709 6,190 Amounts reclassified out of accumulated comprehensive income (loss) 473 — 473 Net current period other comprehensive income (loss) (2,046 ) 8,709 6,663 Balance - December 28, 2013 (15,812 ) 7,706 (8,106 ) Other comprehensive income (loss) before reclassifications (15,201 ) (35,911 ) (51,112 ) Amounts reclassified out of accumulated comprehensive income (loss) 54 — 54 Net current period other comprehensive income (loss) (15,147 ) (35,911 ) (51,058 ) Balance - December 31, 2014 $ (30,959 ) $ (28,205 ) $ (59,164 ) Amounts presented in Other comprehensive income (loss) before reclassifications are net of tax. For the fiscal year ended December 31, 2014 , the Company recorded $0.1 million and $0.0 million of tax expense for pension and postretirement benefit plans and cumulative translation adjustments, respectively. For the fiscal year ended December 28, 2013 , the Company recorded $1.3 million and $4.0 million of tax expense for pension and postretirement benefit plans and cumulative translation adjustments, respectively. Amounts reclassified out of Accumulated other comprehensive income (loss) are as follows: In thousands Fiscal Year Fiscal Year Pension and other postretirement benefit plans: Net amortization of actuarial gains (losses) $ (4 ) $ (383 ) Curtailment / settlement gain (loss) (61 ) (114 ) Total reclassifications, before tax (65 ) (497 ) Income tax (provision) benefit 11 24 Total reclassifications, net of tax $ (54 ) $ (473 ) Amounts associated with pension and postretirement benefit plans reclassified from Accumulated other comprehensive income (loss) are recorded within Selling, general and administrative expenses on the Consolidated Statement of Operations. The components are included in the computation of net periodic benefit cost. |
Special Charges, Net
Special Charges, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Special Charges, Net [Abstract] | ||
Special Charges, Net | Special Charges As part of our business strategy, the Company incurs amounts related to corporate-level decisions or actions by the Board of Directors. These actions are primarily associated with initiatives attributable to acquisition integration, restructuring and realignment of manufacturing operations and management structures as well as the pursuit of certain transaction opportunities when applicable. In addition, the Company evaluates its long-lived assets for impairment whenever events or changes in circumstances including the aforementioned, indicate that the carrying amounts may not be recoverable. These amounts are included in Special charges, net in the Consolidated Statements of Comprehensive Income (Loss). A summary for each respective period is as follows: In thousands Three Months Three Months Restructuring and plant realignment costs $ 1,008 $ 2,912 Acquisition and integration - Providência 1,093 2,431 Acquisition and integration - Fiberweb 1,816 3,034 Other charges 2,105 334 Total restructuring and plant realignment costs $ 6,022 $ 8,711 Restructuring and Plant Realignment Costs The Company incurs costs associated with restructuring initiatives intended to result in improved operating performance, profitability and working capital levels. Actions associated with these initiatives include reducing headcount, improving manufacturing productivity, realignment of management structures, reducing corporate costs and rationalizing certain assets, businesses and employee benefit programs. Amounts incurred for the current and prior period primarily relate to cost improvement initiatives associated with the acquisition and integration of Fiberweb. In addition, the Company incurs costs associated with less significant ongoing restructuring initiatives resulting from the continuous evaluation of opportunities to optimize manufacturing facilities and manufacturing processes. Costs associated with these initiatives primarily relate to professional consulting fees. Acquisition and Integration - Providência In association with the Providência Acquisition, the Company incurred direct acquisition costs associated with the transaction including investment banking, legal, accounting and other fees for professional services. Other costs included direct financing costs associated with both the Senior Unsecured Notes and the Incremental Amendment to the Term Loans. A majority of these costs have been capitalized as intangible assets on the Consolidated Balance Sheets as of the date of the Providência Acquisition. However, a portion of these costs related to the Incremental Term Loan were expensed as incurred. Costs incurred in the current period relate to integration activities and the Mandatory Tender Offer. Acquisition and Integration - Fiberweb In association with the Fiberweb Acquisition, the Company incurred direct acquisition costs associated with the transaction including investment banking, legal, accounting and other fees for professional services. Other expenses included direct financing costs associated with both the Secured Bridge Facility and the Unsecured Bridge Facility, as well as with the Term Loans. These costs have been capitalized as intangible assets on the Consolidated Balance Sheets as of the date of the Fiberweb Acquisition. In addition, the Company launched several initiatives during 2014 focused on the integration of Fiberweb into the existing operations and underlying processes of the Company. These initiatives include cost reduction initiatives and costs associated with integrating the back office activities of the combined business. As a result, the Company incurred costs directly associated with these activities which include legal, accounting and other fees for professional services. Other Charges In general, other charges consist primarily of expenses related to the Company’s pursuit of other business opportunities. The Company reviews its business operations on an ongoing basis in light of current and anticipated market conditions and other factors and, from time to time, may undertake certain actions in order to optimize overall business, performance or competitive position. To the extent any such decisions are made, the Company would likely incur costs associated with such actions, which could be material. Other charges also include various corporate-level initiatives and most recently, the relocation of our Nanhai, China manufacturing facility. Restructuring Reserve Amounts accrued for Restructuring and Plant Realignment costs are included in Accounts payable and accrued liabilities in the Consolidated Balance Sheets. Changes in the Company's reserves for the respective periods presented are as follows: In thousands North America South America Europe Asia Corporate Total December 31, 2014 $ 598 $ 1,145 $ 1,718 $ 39 $ 180 $ 3,680 Additions 248 (15 ) 783 — (8 ) 1,008 Acquisitions — — — — — — Cash payments (458 ) (277 ) (1,146 ) (50 ) (131 ) (2,062 ) Adjustments 4 (59 ) (172 ) 11 1 $ (215 ) March 31, 2015 $ 392 $ 794 $ 1,183 $ — $ 42 $ 2,411 The Company accounts for its restructuring programs in accordance with ASC 712, "Compensation - Non-retirement Postemployment Benefits" ("ASC 712") and ASC 420, "Exit of Disposal Cost Obligations" ("ASC 420"). Costs incurred for the respective periods presented primarily consisted of employee separation and severance expenses. Programs in existence prior to the acquisition of Fiberweb are substantially complete as of March 31, 2015 . As a result of the acquisition of Fiberweb, the Company has initiated a restructuring program to integrate and optimize the combined footprint. Total projected costs for these programs are expected to range between $16.0 million and $23.0 million with payments continuing into 2015. Cost incurred since the Fiberweb Acquisition Date totaled $13.4 million . A summary of special charges by reportable segment is as follows: In thousands Restructuring and Plant Realignment Costs Acquisition and Integration Costs Other Special Charges Total Special Charges, Net For the three months ended March 31, 2015 North America $ 248 $ 490 $ 71 $ 809 South America (15 ) 227 — 212 Europe 783 225 (5 ) 1,003 Asia — — 1,193 1,193 Corporate (8 ) 1,967 846 2,805 Total $ 1,008 $ 2,909 $ 2,105 $ 6,022 For the three months ended March 29, 2014 North America $ 203 $ 500 $ 173 $ 876 South America 57 9 — 66 Europe 2,628 605 1 3,234 Asia 6 — 100 106 Corporate 18 4,351 60 4,429 Total $ 2,912 $ 5,465 $ 334 $ 8,711 | Special Charges, Net As part of our business strategy, the Company incurs amounts related to corporate-level decisions or actions by the Board of Directors. These actions are primarily associated with initiatives attributable to acquisition integration, restructuring and realignment of manufacturing operations and management structures as well as the pursuit of certain transaction opportunities when applicable. In addition, the Company evaluates its long-lived assets for impairment whenever events or changes in circumstances including the aforementioned, indicate that the carrying amounts may not be recoverable. These amounts are included in Special charges, net in the Consolidated Statement of Operations. A summary of special charges for each respective period is as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Restructuring and plant realignment costs $ 9,713 $ 8,633 $ 15,074 Acquisition - Blackstone — 37 452 Acquisition and integration - Providência 24,435 — — Acquisition and integration - Fiberweb 14,643 18,306 — Colombia flood — — 57 Goodwill impairment 6,851 — — Asset impairment — 2,259 — Other charges 3,543 3,953 4,009 Total $ 59,185 $ 33,188 $ 19,592 Restructuring and Plant Realignment Costs The Company incurs costs associated with restructuring initiatives intended to result in improved operating performance, profitability and working capital levels. Costs associated with these initiatives include reducing headcount, improving manufacturing productivity, realignment of management structures, reducing corporate costs and rationalizing certain assets, businesses and employee benefit programs. Costs incurred for the current period primarily relate to costs incurred to realize cost improvement initiatives associated with the acquisition and integration of Fiberweb. Amounts in the prior period primarily consist of plant realignment initiatives in the North America and Europe regions. In addition, the Company incurs costs associated with less significant ongoing restructuring initiatives resulting from the continuous evaluation of opportunities to optimize manufacturing facilities and manufacturing processes. Costs associated with these initiatives primarily relate to professional consulting fees. During 2012, the Company initiated the internal redesign and restructuring of its global operations for the purposes of realigning and repositioning the Company to consolidate the benefits of its global footprint, align resources and capabilities with future growth opportunities and provide for a more efficient structure to serve existing markets. In addition, the Company launched an initiative to utilize a third-party service provider for its Information Systems support tactical functions, including: service desk; desktop/end-user computing; server administration; network services; data center operations; database and applications development; and maintenance. Cost incurred for the respective periods presented primarily consisted of employee separation and severance expenses. Acquisition - Blackstone As a result of the Merger on January 28, 2011, the Company incurred direct acquisition costs associated with the transaction including investment banking, legal, accounting and other fees for professional services. Other expenses included direct financing costs associated with the issuance of the Senior Secured Notes as well as the fee to enter into the ABL Facility, both of which have been capitalized as intangible assets on the Consolidated Balance Sheet as of the date of the Merger. Acquisition and Integration - Providência In association with the Providência Acquisition, the Company incurred direct acquisition costs associated with the transaction including investment banking, legal, accounting and other fees for professional services. Other expenses included direct financing costs associated with both the Senior Unsecured Notes and the Incremental Amendment to the Term Loans. These costs have been capitalized as intangible assets on the Consolidated Balance Sheet as of the date of the Providência Acquisition. However, a portion of these costs related to the Incremental Term loan were expensed as incurred. Acquisition and Integration - Fiberweb In association with the Fiberweb Acquisition, the Company incurred direct acquisition costs associated with the transaction including investment banking, legal, accounting and other fees for professional services. Other expenses included direct financing costs associated with both the Secured Bridge Facility and the Unsecured Bridge Facility, as well as with the Term Loans. These costs have been capitalized as intangible assets on the Consolidated Balance Sheet as of the date of the Fiberweb Acquisition. In addition, the Company has launched several initiatives during 2014 focused on the integration of Fiberweb into the existing operations and underlying processes of the Company. These initiatives include cost reduction initiatives and costs associated with integrating the back office activities of the combined business. As a result, the Company incurred costs directly associated with these activities which include legal, accounting and other fees for professional services. Colombia Flood In December 2010, a severe rainy season impacted many parts of Colombia and caused the Company to temporarily cease manufacturing at its Cali, Colombia facility due to a breach of a levy and flooding at the industrial park where its manufacturing facility is located. The Company established temporary offices away from the flooded area and worked with customers to meet their critical needs through the use of our global manufacturing base. The facility re-established manufacturing operations on April 4, 2011 and operations reached full run rates in third quarter of 2011. The costs related to restoration of the facility were net of insurance proceeds. Goodwill Impairment Goodwill is tested and reviewed annually for impairment during the fourth quarter or whenever there is a significant change in events or circumstances that indicate that the fair value of the asset may be less than the carrying amount of the asset. In light of the recent acquisition of Providência, the Company realigned its reportable segments during the third quarter of 2014 to reflect its new organizational structure and business focus. The Company reviewed the recoverability of goodwill at reporting units impacted by the reorganization and determined that amounts allocated to the Argentina/Colombia reporting unit were impaired. As a result, the Company recorded a non-cash impairment charge of $6.9 million . Asset Impairment The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In the fourth quarter of 2013, the Company performed an impairment test on long-lived assets in Argentina. The Company determined the fair value of the long-lived assets to be $14.4 million . As a result, the Company recorded an non-cash impairment charge of $2.2 million to adjust the carrying value to its fair value. Other Charges Other charges consist primarily of expenses related to the Company’s pursuit of other business opportunities. The Company reviews its business operations on an ongoing basis in light of current and anticipated market conditions and other factors and, from time to time, may undertake certain actions in order to optimize overall business, performance or competitive position. To the extent any such decisions are made, the Company would likely incur costs associated with such actions, which could be material. Other charges also includes various corporate-level initiatives and the relocation of our Nanhai, China manufacturing facility. Restructuring Reserve Amounts accrued for Restructuring and Plant Realignment costs are included in Accounts payable and accrued liabilities in the Consolidated Balance Sheets. Changes in the Company's reserves for the respective periods presented are as follows: In thousands North America South America Europe Asia Corporate Total December 29, 2012 $ 920 $ 848 $ 1,431 $ 639 $ 2,440 $ 6,278 Additions 1,700 922 4,238 1 1,772 8,633 Acquisitions 92 — 1,789 129 — 2,010 Cash payments (1,647 ) (868 ) (2,980 ) (505 ) (2,343 ) (8,343 ) Translation and other — (127 ) 9 — — (118 ) December 28, 2013 1,065 775 4,487 264 1,869 8,460 Additions 1,324 842 7,472 (64 ) 139 9,713 Acquisitions — — — — — — Cash payments (2,304 ) (164 ) (8,807 ) (99 ) (1,828 ) (13,202 ) Translation and other 513 (308 ) (1,434 ) (62 ) — (1,291 ) December 31, 2014 $ 598 $ 1,145 $ 1,718 $ 39 $ 180 $ 3,680 The Company accounts for its restructuring programs in accordance with ASC 712, "Compensation - Non-retirement Postemployment Benefits" ("ASC 712") and ASC 420, "Exit of Disposal Cost Obligations" ("ASC 420"). Programs in existence prior to the acquisition of Fiberweb are substantially complete as of the end of 2014. As a result of the acquisition of Fiberweb, the Company has initiated a restructuring program to integrate and optimize the combined footprint. Total Projected costs for these programs are expected to range between $16.0 million and $23.0 million with payments continuing into 2015. Cost incurred since the Fiberweb Acquisition Date totaled $12.8 million . A summary of special charges by reportable segment is as follows: In thousands Restructuring and Plant Realignment Costs Acquisition and Integration Costs Other Special Charges Total Special Charges, Net For the year ended December 31, 2014 North America $ 1,324 $ 4,906 $ 881 $ 7,111 South America 842 4,627 6,851 12,320 Europe 7,472 3,999 — 11,471 Asia (64 ) — 2,215 2,151 Corporate 139 25,546 447 26,132 Total $ 9,713 $ 39,078 $ 10,394 $ 59,185 For the year ended December 28, 2013 North America $ 1,700 $ 244 $ 139 $ 2,083 South America 922 4 2,213 3,139 Europe 4,238 1,275 — 5,513 Asia 1 — 202 203 Corporate 1,772 16,820 3,658 22,250 Total $ 8,633 $ 18,343 $ 6,212 $ 33,188 For the year ended December 29, 2012 North America $ 4,212 $ — $ — $ 4,212 South America 1,721 — 65 1,786 Europe 3,180 — — 3,180 Asia 829 — — 829 Corporate 5,132 452 4,001 9,585 Total $ 15,074 $ 452 $ 4,066 $ 19,592 |
Other Operating, Net
Other Operating, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | ||
Other Operating, Net | Other Operating, Net Transactions that are denominated in a currency other than an entity's functional currency are subject to changes in exchange rates with the resulting gains and losses recorded within current earnings. The Company includes gains and losses related to receivables and payables as well as the impacts of other operating transactions as a component of Operating income (loss) . Amounts associated with these components for the respective periods are as follows: In thousands Three Months Three Months Foreign currency gains (losses) $ 936 $ (1,926 ) Other operating income (expense) 487 857 Total $ 1,423 $ (1,069 ) | Other Operating, Net Transactions that are denominated in a currency other than an entity's functional currency are subject to changes in exchange rates with the resulting gains and losses recorded within current earnings. The Company includes these gains and losses related to receivables and payables as well as the impacts of other operating transactions as a component of Operating income (loss) . Amounts associated with these components for the respective periods are as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Foreign currency gains (losses) $ (5,448 ) $ (2,838 ) $ 151 Other operating income (expense) 3,603 326 136 Total $ (1,845 ) $ (2,512 ) $ 287 |
Foreign Currency and Other, Net
Foreign Currency and Other, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Foreign Currency [Abstract] | ||
Foreign Currency and Other, Net | Foreign Currency and Other, Net Transactions that are denominated in a currency other than an entity's functional currency are subject to changes in exchange rates with the resulting gains and losses recorded within current earnings. The Company includes gains and losses related to intercompany loans and third-party debt as well as other non-operating activities (primarily factoring fees and the gain or loss on the sale of assets) as a component of Other income (expense) . Amounts associated with these components for the respective periods are as follows: In thousands Three Months Three Months Foreign currency gains (losses) $ (41,905 ) $ (5,400 ) Other non-operating income (expense) (2,018 ) 10,359 Total $ (43,923 ) $ 4,959 On January 27, 2014, the Company entered into a series of financial instruments with a third-party financial institution used to minimize foreign exchange risk on the future consideration to be paid for the Providência Acquisition and the Mandatory Tender Offer. The primary financial instrument was related to the Providência Acquisition and consisted of a foreign exchange forward contract with an aggregate notional amount equal to the estimated purchase price. The remaining financial instruments relate to a series of foreign exchange call options that expire between 1 year and 5 years associated with the Mandatory Tender Offer and the deferred portion of the consideration paid for the Providência Acquisition. As the nature of these transactions are related to a non-operating notional amount, changes in fair value are included in other non-operating income (expense) in the respective period. The Company recognized a gain of $10.8 million during the three months ended March 29, 2014 associated with the changes in fair value of these financial instruments. The amount associated with the remaining financial instruments recognized during the three months ended March 31, 2015 was a loss of $1.9 million . | Foreign Currency and Other, Net Transactions that are denominated in a currency other than an entity's functional currency are subject to changes in exchange rates with the resulting gains and losses recorded within current earnings. The Company includes these gains and losses related to intercompany loans and debt as well as other non-operating activities as a component of Other income (expense) . Amounts associated with these components for the respective periods are as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Foreign currency gains (losses) $ (35,558 ) $ (6,689 ) $ (3,433 ) Other non-operating income (expense) 8,475 (2,162 ) (1,701 ) Total $ (27,083 ) $ (8,851 ) $ (5,134 ) Amounts included within other non-operating income (expense) are primarily related to fees associated with our accounts receivable factoring agreements. Other items include gains or losses on the sale of assets and other non-operating transactions. On January 27, 2014, the Company entered into a series of foreign exchange forward contracts with a third-party financial institution used to minimize foreign exchange risk on the future consideration to be paid for the Providência Acquisition and the Mandatory Tender Offer. The primary financial instrument was related to the Providência Acquisition and consisted of a foreign exchange forward contract with an aggregate notional amount equal to the estimated purchase price. On June 11, 2014, the Company settled the primary financial instrument which provided $18.9 million of income realized at the date of acquisition. As the nature of this transaction is related to a non-operating notional amount, changes in fair value are included in other non-operating income (expense). The remaining financial instruments relate to a series of options that expire between 1 year and 5 years associated with the Mandatory Tender Offer and the deferred portion of the consideration to be paid for the Providência Acquisition. Since inception, the Company recognized a loss of $5.3 million associated with the changes in fair value of the options. As the nature of these transactions are related to a non-operating notional amount, changes in fair value are included in other non-operating income (expense). |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Commitments and Contingencies The Company is involved from time to time in various litigations, claims and administrative proceedings arising out of the ordinary conduct of its business. Amounts recorded for identified contingent liabilities are estimates, which are reviewed periodically and adjusted to reflect additional information when it becomes available. Subject to the uncertainties inherent in estimating future costs for contingent liabilities, management believes that any liability which may result from these legal matters would not have a material adverse effect on the Company's business or financial condition. Equipment Lease Agreement In the third quarter of 2011, the Company's state-of-the-art spunmelt line in Waynesboro, Virginia commenced commercial production. The plant expansion increased capacity to meet demand for nonwoven materials in the hygiene and healthcare applications in the U.S. The line was principally funded by a seven year equipment lease with a capitalized cost of $53.6 million . From the commencement of the lease to its fourth anniversary date, the Company will make annual lease payments of $8.3 million . From the fourth anniversary date to the end of the lease term, the Company's annual lease payments may change, as defined in the lease agreement. The aggregate future lease payments under the agreement, subject to adjustment, are expected to approximate $58 million . The lease includes covenants, events of default and other provisions that requires the Company to maintain certain financial ratios and other requirements. Providência Tax Claims In connection with the acquisition of Providência, the Company is party to the Providência Tax Claims. The Providência Tax Claims relate to two tax deficiency notices received in August and November 2013 relating to Providência's 2007 and 2008 tax filings. At the Providência Acquisition Date and at each subsequent reporting period, the Company evaluated whether the Providência Tax Claims qualified for recognition and determined it was more likely than not that Providência's position would be sustained upon challenge by the the Brazilian courts. This determination was based on advice received from the Company's Brazilian legal counsel. Therefore, the Company did not record an uncertain tax position liability for this matter. At the Providência Acquisition Date, the Deferred Purchase Price was $47.9 million . If the Providência Tax Claims are resolved in the Company's favor, the Deferred Purchase Price will be paid to the selling shareholders. However, if the Company or Providência incur actual tax liability in respect to the Providência Tax Claims, the amount of Deferred Purchase Price owed to the selling shareholders will be reduced by the amount of such actual tax liability. At March 31, 2015 , the remeasured and accreted balance of the Deferred Purchase Price was $36.0 million . Based on the Company's estimate, the resolution of the Providência Tax Claims is expected to take longer than a year. Refer to Note 4, "Acquisitions" for further information on the accounting of the Deferred Purchase Price and the Providência Tax Claims. Redeemable Noncontrolling Interest In connection with the Providência Acquisition, as required by Brazilian law, PGI Acquisition Company filed the Mandatory Tender Offer registration request with the CVM in order to launch, after its approval, a tender offer to acquire all of the remaining outstanding capital stock of Providência from the minority shareholders. As of March 31, 2015 , the Mandatory Tender Offer was still under review by the CVM. Hence, the conditions for the launch of the Mandatory Tender Offer have not been met as of March 31, 2015 . However, once the Mandatory Tender Offer is approved and launched, the minority shareholders will have the right, but not the obligation, to sell their remaining outstanding capital stock of Providência. Given such right of the minority shareholders, the Company determined that ASC 480 requires the noncontrolling interest to be presented as mezzanine equity on the Consolidated Balance Sheets and adjusted to its estimated maximum redemption amount at each balance sheet date. At March 31, 2015 , the redemption value of the redeemable noncontrolling interest was $76.6 million . Refer to Note 14, "Redeemable Noncontrolling Interest" for further information on the accounting of the redeemable noncontrolling interest. Financing Obligation As a result of the Fiberweb Acquisition, the Company acquired a manufacturing facility in Old Hickory, Tennessee, the assets of which included a utility plant used to generate steam for use in its manufacturing process. Upon completion of its construction in 2011, the utility plant was sold to a unrelated third-party and subsequently leased back by Fiberweb for a period of 10 years. The Company has accounted for this transaction as a direct financing lease, recognizing the assets as part of property, plant and equipment and a related financing obligation as a long-term liability. Cash payments to the lessor are allocated between interest expense and amortization of the financing obligation. At the end of the lease term, the Company will recognize the sale of the utility plant, however, no gain or loss will be recognized as the financing obligation will equal the expected carrying value of the assets. At March 31, 2015 , the outstanding balance of the financing obligation was $18.0 million , which is included in Other noncurrent liabilities in the Consolidated Balance Sheets. Environmental The Company is subject to a broad range of federal, foreign, state and local laws and regulations relating to pollution and protection of the environment. The Company believes that it is currently in substantial compliance with applicable environmental requirements and does not currently anticipate any material adverse effect on its operations, financial or competitive position as a result of its efforts to comply with environmental requirements. Some risk of environmental liability is inherent, however, in the nature of the Company’s business and, accordingly, there can be no assurance that material environmental liabilities will not arise. | Commitments and Contingencies The Company is involved from time to time in various litigations, claims and administrative proceedings arising out of the ordinary conduct of its business. Amounts recorded for identified contingent liabilities are estimates, which are reviewed periodically and adjusted to reflect additional information when it becomes available. Subject to the uncertainties inherent in estimating future costs for contingent liabilities, management believes that any liability which may result from these legal matters would not have a material adverse effect on the Company's business or financial condition. Non-affiliate Leases The Company leases certain manufacturing, warehousing and other facilities and equipment under operating leases. The leases on most of the properties contain renewal provisions. Future minimum rental payments required under non-affiliate operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2014 are presented in the following table: In thousands Gross Minimum Rental Payments 2015 $ 15,352 2016 14,093 2017 13,345 2018 11,495 2019 3,912 Thereafter 20,267 Total $ 78,464 Rent expense (net of sub-lease income), including incidental leases, was $20.1 million , $15.4 million and $14.5 million for the Company during the fiscal years ended December 31, 2014 , December 28, 2013 and December 29, 2012 , respectively. These expenses are generally recognized on a straight-line basis over the life of the lease. In the third quarter of 2011, the Company's state-of-the-art spunmelt line in Waynesboro, Virginia commenced commercial production. The plant expansion increased capacity to meet demand for nonwoven materials in the hygiene and healthcare applications in the U.S. The line was principally funded by a seven year equipment lease with a capitalized cost of $53.6 million . From the commencement of the lease to its fourth anniversary date, the Company will make annual lease payments of $8.3 million . From the fourth anniversary date to the end of the lease term, the Company's annual lease payments may change, as defined in the lease agreement. The aggregate monthly lease payments under the agreement, subject to adjustment, are expected to approximate $58 million . The lease includes covenants, events of default and other provisions that requires the Company to maintain certain financial ratios and other requirements. Financing Obligation As a result of the Fiberweb Acquisition, the Company acquired a manufacturing facility in Old Hickory, Tennessee, the assets of which included a utility plant used to generate steam for use in its manufacturing process. Upon completion of its construction in 2011, the utility plant was sold to an unrelated third-party and subsequently leased back by Fiberweb for a period of 10 years. The Company has accounted for this transaction as a direct financing lease, recognizing the assets as part of property, plant and equipment and a related financing obligation as a long-term liability. Cash payments to the lessor are allocated between interest expense and amortization of the financing obligation. At the end of the lease term, the Company will recognize the sale of the utility plant, however, no gain or loss will be recognized as the financing obligation will equal the expected carrying value of the assets. At December 31, 2014 , the outstanding balance of the financing obligation was $18.4 million , which is included in Other noncurrent liabilities in the Consolidated Balance Sheets. Purchase Commitments At December 31, 2014 , the Company had purchase commitments of $92.1 million , of which $77.1 million related to the purchase of raw materials in the normal course of business. The remaining $15.0 million related to capital projects, primarily associated with the plan to relocate the Company's Nanhai, China manufacturing facilities and the warehouse expansion project at the Company's Old Hickory, Tennessee manufacturing facilities. Providência Tax Claims Total consideration paid for the acquisition of Providência includes $47.9 million of deferred purchase price which is denominated in Brazilian Reais. The Deferred Consideration accretes at a rate of 9.5% per annum compounded daily, which shall be paid to the selling stockholders to the extent certain existing and potential tax claims of Providência are resolved in Providência's favor. At December 31, 2014 , the outstanding balance of the Deferred Consideration was $42.4 million . If the Company incurs actual tax liability with respect to the Providência Tax Claims, the amount of the Deferred Purchase Price owed to the selling stockholders will be reduced by the amount of such actual tax liability. The Company will be responsible for any actual tax liability in excess of the Deferred Purchase Price. The Deferred Consideration is reflected on the Consolidated Balance Sheet as a noncurrent liability as the settlement of existing and potential claims is expected to be greater than one year. Refer to Note 4, "Acquisitions" for further information on the accounting of the Deferred Consideration. Redeemable Noncontrolling Interest In connection with the Providência Acquisition, as required by Brazilian law, PGI Acquisition Company filed the Mandatory Tender Offer registration request with the CVM in order to launch, after its approval, a tender offer to acquire all of the remaining outstanding capital stock of Providência from the minority shareholders. As of December 31, 2014 , the Mandatory Tender Offer was still under review by the CVM. Hence, the conditions for the launch of the Mandatory Tender Offer have not been met as of December 31, 2014 . However, once the Mandatory Tender Offer is approved and launched, the minority shareholders will have the right, but not the obligation, to sell their remaining outstanding capital stock of Providência. Given such right of the minority shareholders, the Company determined that ASC 480 requires the noncontrolling interest to be presented as mezzanine equity on the Consolidated Balance Sheets and adjusted to its estimated maximum redemption amount at each balance sheet date. At December 31, 2014 , the redemption value of the redeemable noncontrolling interest was $89.2 million . Refer to Note 17, "Redeemable Noncontrolling Interest" for further information on the accounting of the redeemable noncontrolling interest. Environmental The Company is subject to a broad range of federal, foreign, state and local laws and regulations relating to pollution and protection of the environment. The Company believes that it is currently in substantial compliance with applicable environmental requirements and does not currently anticipate any material adverse effect on its operations, financial or competitive position as a result of its efforts to comply with environmental requirements. Some risk of environmental liability is inherent, however, in the nature of the Company’s business and, accordingly, there can be no assurance that material environmental liabilities will not arise. |
Segment Information
Segment Information | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | ||
Segment Information | Segment Information The Company is a leading global innovator and manufacturer of specialty materials, primarily focused on the production of nonwoven products. The Company operates through four operating segments, which represent its four reportable segments: North America, South America, Europe and Asia, with the main source of revenue being the sales of primary and intermediate products to consumer and industrial markets. The Company has one major customer, Procter & Gamble, which accounts for approximately 12% of its business, the loss of which would have a material adverse impact on reported financial results. Sales to this customer are reported within each of the reportable segments. Segment information is based on the “management” approach which designates the internal reporting used by management for making decisions and assessing performance. The Company manages its business on a geographic basis, as each region provides similar products and services. The reportable segments are consistent with the manner in which financial information is disaggregated for internal review and decision making. The accounting policies of the reportable segments are the same as those described in Note 3, “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in Part II, Item 8 of the Company’s 2014 Form 10-K. Intercompany sales between the segments are eliminated. Financial data by reportable segment is as follows: In thousands Three Months Three Months Net sales: North America $ 208,322 $ 193,298 South America 93,086 38,150 Europe 112,389 143,621 Asia 47,441 47,515 Total $ 461,238 $ 422,584 Operating income (loss): North America $ 29,197 $ 17,783 South America 13,674 2,986 Europe 9,755 6,232 Asia 5,283 4,152 Unallocated Corporate (16,417 ) (13,254 ) Eliminations 360 (37 ) Subtotal 41,852 17,862 Special charges, net (6,022 ) (8,711 ) Total $ 35,830 $ 9,151 Depreciation and amortization expense: North America $ 12,677 $ 9,828 South America 5,845 1,953 Europe 4,000 5,887 Asia 5,521 5,572 Unallocated Corporate 558 340 Subtotal 28,601 23,580 Amortization of loan acquisition costs 1,654 1,026 Total $ 30,255 $ 24,606 Capital spending: North America $ 3,447 $ 6,051 South America 802 2,208 Europe 3,107 2,509 Asia 3,468 2,600 Corporate 186 747 Total $ 11,010 $ 14,115 In thousands March 31, December 31, Division assets: North America $ 825,545 $ 819,133 South America 463,527 536,140 Europe 266,879 304,879 Asia 263,865 261,172 Corporate 81,945 113,849 Total $ 1,901,761 $ 2,035,173 The Company serves customers focused on personal care, infection prevention and high performance solutions, where our products are critical components used in a broad array of consumer and commercial products. Products within each of these three applications are as follows: • Personal Care - Specialty materials used for hygiene, dryer sheets and personal wipes products • Infection Prevention - Specialty materials used for healthcare, filtration and disinfectant wipes products • High Performance Solutions - Specialty materials used for Building & Construction/Geosynthetics & Agriculture, industrial wipes, filtration, and various other applications Net sales by key application is as follows: In thousands Three Months Three Months Personal Care $ 235,229 $ 194,470 Infection Prevention 79,856 80,439 High Performance Solutions 146,153 147,675 Total $ 461,238 $ 422,584 | Segment Information The Company is a leading global innovator and manufacturer of specialty materials, primarily focused on the production of nonwoven products. The Company operates through four operating segments, which represent its four reportable segments: North America, South America, Europe and Asia, with the main source of revenue being the sales of primary and intermediate products to consumer and industrial markets. The Company has one major customer, Procter & Gamble, that accounts for approximately 12% of its business, the loss of which would have a material adverse impact on reported financial results. Sales to this customer are reported within each of the operating segments. Segment information is based on the “management” approach which designates the internal reporting used by management for making decisions and assessing performance. The Company manages its business on a geographic basis, as each region provides similar products and services. The operating segments are consistent with the manner in which financial information is desegregated for internal review and decision making. The accounting policies of the operating segments are the same as those described in Note 3, “Summary of Significant Accounting Policies”. Intercompany sales between the operating segments are eliminated. Financial data by operating segment is as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Net sales North America $ 828,633 $ 572,095 $ 542,788 South America 306,164 153,770 161,509 Europe 530,440 316,400 294,120 Asia 194,677 172,597 156,746 Total $ 1,859,914 $ 1,214,862 $ 1,155,163 Operating income (loss) North America $ 87,159 $ 51,485 $ 49,988 South America 6,791 7,681 18,047 Europe 21,484 8,571 11,102 Asia 17,352 17,809 18,130 Unallocated Corporate (54,954 ) (45,059 ) (40,586 ) Eliminations (449 ) (131 ) 76 Subtotal 77,383 40,356 56,757 Special charges, net (59,185 ) (33,188 ) (19,592 ) Total $ 18,198 $ 7,168 $ 37,165 Depreciation and amortization expense North America $ 48,173 $ 27,614 $ 28,072 South America 18,652 8,458 9,204 Europe 22,061 13,695 11,267 Asia 22,009 19,954 13,780 Unallocated Corporate 1,662 1,776 1,718 Subtotal 112,557 71,497 64,041 Amortization of loan acquisition costs 5,698 4,796 2,665 Total $ 118,255 $ 76,293 $ 66,706 Capital spending North America $ 35,351 $ 11,754 $ 4,909 South America 10,819 3,991 611 Europe 15,812 6,419 8,802 Asia 16,511 31,122 36,626 Corporate 3,964 1,356 677 Total $ 82,457 $ 54,642 $ 51,625 In thousands December 31, December 28, Division assets North America $ 819,133 $ 644,913 South America 536,140 135,373 Europe 304,879 351,591 Asia 261,172 265,729 Corporate 113,849 66,914 Total $ 2,035,173 $ 1,464,520 Geographic Data: Export sales from the Company's United States operations to unaffiliated customers were $19.1 million , $20.1 million and $32.1 million for the fiscal years ended December 31, 2014 , December 28, 2013 and December 29, 2012 , respectively. Geographic data for the Company's operations, based on the geographic region that the sale is made from, are presented as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Net sales United States $ 619,162 $ 380,836 $ 357,193 Mexico 138,041 130,451 128,284 Canada 71,430 60,808 57,312 Europe 530,440 316,400 294,120 Asia 194,676 172,597 156,746 South America 306,165 153,770 161,508 Total $ 1,859,914 $ 1,214,862 $ 1,155,163 In thousands December 31, December 28, Property, plant and equipment, net United States $ 286,204 $ 209,861 Mexico 51,295 56,229 Canada 4,088 5,026 Europe 136,993 155,383 Asia 146,240 158,006 South America 245,410 68,275 Total $ 870,230 $ 652,780 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Selected Quarterly Financial Data The unaudited quarterly financial data for the fiscal years ended December 31, 2014 and December 28, 2013 are presented below. All quarters included below were comprised of 13 weeks except for the fourth quarter ended December 31, 2014 which contained 14 weeks. The additional week was a result of a change in the Company's fiscal year-end to a calendar year ending on December 31 from a 52 week period ending on the Saturday closest to each December 31. Refer to Note 2, "Basis of Presentation" for further information on the change in the Company's fiscal year-end. Quarterly data for fiscal 2014: In thousands Fourth Quarter Ended December 31, 2014 Third Quarter Ended September 27, 2014 Second Quarter First Quarter Operating Data: Net sales $ 499,419 $ 498,013 $ 439,898 $ 422,584 Gross profit 91,965 80,492 86,586 74,465 Net income (loss) (30,652 ) (57,151 ) (21,941 ) (9,496 ) Net income (loss) attributable to AVINTIV Specialty Materials Inc. (30,925 ) (55,228 ) (19,664 ) (9,480 ) Quarterly data for fiscal 2013: In thousands Fourth Quarter Ended December 28, 2013 Third Quarter Ended September 28, 2013 Second Quarter First Quarter Operating Data: Net sales $ 347,263 $ 288,979 $ 291,538 $ 287,082 Gross profit 51,600 48,200 50,390 45,866 Net income (loss) (2,567 ) (8,267 ) (7,906 ) (6,227 ) Net income (loss) attributable to AVINTIV Specialty Materials Inc. (2,533 ) (8,267 ) (7,906 ) (6,227 ) |
Certain Relationships and Relat
Certain Relationships and Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Certain Relationships and Related Party Transactions | Certain Relationships and Related Party Transactions In connection with the Merger, Holdings entered into a shareholders agreement (the “Shareholders Agreement”) with Blackstone and certain members of the Company's management. The Shareholders Agreement governs certain matters relating to ownership of Holdings, including with respect to the election of directors of our parent companies, restrictions on the issuance or transfer of shares, including tag-along rights and drag-along rights, other special corporate governance provisions and registration rights (including customary indemnification provisions). Each party to the Shareholders Agreement also agrees to vote all of its voting securities, whether at a shareholders meeting, or by written consent, in the manner which Blackstone directs, except that an employee shareholder shall not be required to vote in favor of any changes to the organizational documents of Holdings that would have a disproportionate adverse effect on the terms of such employee shareholder's shares of Common Stock relative to other shareholders. Each employee shareholder also grants to the Chief Executive Officer of Holdings a proxy to vote all of the securities owned by such employee shareholder in the manner described in the preceding sentence. As of March 31, 2015 , the Board of Directors of the Company includes one Blackstone member, five outside members and the Company’s Chief Executive Officer as an employee director. Furthermore, Blackstone has the power to designate all of the members of the Board of Directors of the Company and the right to remove any or all directors that it appoints, with or without cause. Advisory Agreement Upon the completion of the Merger, the Company became subject to a transaction and fee advisory agreement (“Advisory Services Agreement”) with Blackstone Management Partners V L.L.C. (“BMP”), an affiliate of Blackstone. Under the Advisory Services Agreement, BMP (including through its affiliates) has agreed to provide certain monitoring, advisory and consulting services for an annual non-refundable advisory fee, to be paid at the beginning of each fiscal year, equal to the greater of (i) $3.0 million or (ii) 2.0% of the Company’s consolidated EBITDA (as defined under the credit agreement governing our ABL Facility) for the immediately preceding fiscal year. The amount of such fee shall be initially paid based on the Company’s then most current estimate of the Company’s projected EBITDA amount for the fiscal year immediately preceding the date upon which the advisory fee is paid. After completion of the fiscal year to which the fee relates and following the availability of audited financial statements for such period, the parties will recalculate the amount of such fee based on the actual consolidated EBITDA for such period and the Company or BMP, as applicable, shall adjust such payment as necessary based on the recalculated amount. Since the Merger until fiscal 2014, the Company's advisory fee has been $3.0 million , which is paid at the beginning of each year. However, as a result of actual Consolidated EBITDA for the fiscal year ended December 31, 2014, the Company's advisory fee was adjusted to $5.2 million and was paid in December 2014. The amount is included in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income (Loss). In addition, in the absence of an express agreement to provide investment banking or other financial advisory services to the Company, and without regard to whether such services were provided, BMP will be entitled to receive a fee equal to 1.0% of the aggregate transaction value upon the consummation of any acquisition, divestiture, disposition, merger, consolidation, restructuring, refinancing, recapitalization, issuance of private or public debt or equity securities (including an initial public offering of equity securities), financing or similar transaction by the Company. The fee associated with the Fiberweb transaction totaled $2.5 million and was paid in December 2013. The fee associated with the Providência Acquisition totaled $5.3 million and was paid in October 2014. These amount are included in Special charges, net in the Consolidated Statements of Comprehensive Income (Loss). At any time in connection with or in anticipation of a change of control of the Company, a sale of all or substantially all of the Company’s assets or an initial public offering of common equity of the Company or parent entity of the Company or their successors, BMP may elect to receive, in consideration of BMP’s role in facilitating such transaction and in settlement of the termination of the services, a single lump sum cash payment equal to the then-present value of all then-current and future annual advisory fees payable under the Advisory Services Agreement, assuming a hypothetical termination date of the Advisory Service Agreement to be the twelfth anniversary of such election. The Advisory Service Agreement will continue until the earlier of the twelfth anniversary of the date of the agreement or such date as the Company and BMP may mutually determine. The Company will agree to indemnify BMP and its affiliates, directors, officers, employees, agents and representatives from and against all liabilities relating to the services contemplated by the transaction and advisory fee agreement and the engagement of BMP pursuant to, and the performance of BMP and its affiliates of the services contemplated by, the Advisory Services Agreement. Other Relationships and Transactions An affiliate of Blackstone, the Blackstone Group International Partners, LLP (“BGIP”), provided certain financial advisory services to the Company in connection with the acquisition of Fiberweb. The Company reimbursed BGIP for its reasonable documented expenses, and agreed to indemnify BGIP and related persons against certain liabilities arising out of its engagement. Blackstone and its affiliates have ownership interests in a broad range of companies. The Company has entered into commercial transactions in the ordinary course of our business with some of these companies, including the sale of goods and services and the purchase of goods and services. Under our Restated Articles of Incorporation, the Company's directors do not have a duty to refrain from engaging in similar business activities as the Company or doing business with any client, customer or vendor of the Company engaging in any other corporate opportunity that the Company has any expectancy or interest in engaging in. The Company has also waived, to the fullest extent permitted by law, any expectation or interest or right to be informed of any corporate opportunity, and any director acquiring knowledge of a corporate opportunity shall have no duty to inform the Company of such corporate opportunity. | Certain Relationships and Related Party Transactions In connection with the Merger, Holdings entered into a shareholders agreement (the “Shareholders Agreement”) with Blackstone and certain members of the Company's management. The Shareholders Agreement governs certain matters relating to ownership of Holdings, including with respect to the election of directors of our parent companies, restrictions on the issuance or transfer of shares, including tag-along rights and drag-along rights, other special corporate governance provisions and registration rights (including customary indemnification provisions). Each party to the Shareholders Agreement also agrees to vote all of its voting securities, whether at a shareholders meeting, or by written consent, in the manner which Blackstone directs, except that an employee shareholder shall not be required to vote in favor of any change to the organizational documents of Holdings that would have a disproportionate adverse effect on the terms of such employee shareholder’s shares of Common Stock relative to other shareholders. Each employee shareholder also grants to the Chief Executive Officer of Holdings a proxy to vote all of the securities owned by such employee shareholder in the manner described in the preceding sentence. As of December 31, 2014 , the Board of Directors of the Company includes one Blackstone member, five outside members and the Company’s Chief Executive Officer as an employee director. Furthermore, Blackstone has the power to designate all of the members of the Board of Directors of the Company and the right to remove any or all directors that it appoints, with or without cause. Advisory Agreement Upon the completion of the Merger, the Company became subject to a transaction and fee advisory agreement (“Advisory Services Agreement”) with Blackstone Management Partners V L.L.C. (“BMP”), an affiliate of Blackstone. Under the Advisory Services Agreement, BMP (including through its affiliates) has agreed to provide certain monitoring, advisory and consulting services for an annual non-refundable advisory fee, to be paid at the beginning of each fiscal year, equal to the greater of (i) $3.0 million or (ii) 2.0% of the Company’s consolidated EBITDA (as defined under the credit agreement governing our ABL Facility) for the immediately preceding fiscal year. The amount of such fee shall be initially paid based on the Company’s then most current estimate of the Company’s projected EBITDA amount for the fiscal year immediately preceding the date upon which the advisory fee is paid. After completion of the fiscal year to which the fee relates and following the availability of audited financial statements for such period, the parties will recalculate the amount of such fee based on the actual consolidated EBITDA for such period and the Company or BMP, as applicable, shall adjust such payment as necessary based on the recalculated amount. Since the Merger until fiscal 2014, the Company's advisory fee has been $3.0 million , which is paid at the beginning of each year. However, as a result of actual Consolidated EBITDA for the fiscal year ended December 31, 2014 , the Company's advisory fee was adjusted to $5.2 million . The amounts are included in Selling, general and administrative expenses in the Consolidated Statements of Operations. In addition, in the absence of an express agreement to provide investment banking or other financial advisory services to the Company, and without regard to whether such services were provided, BMP will be entitled to receive a fee equal to 1.0% of the aggregate transaction value upon the consummation of any acquisition, divestiture, disposition, merger, consolidation, restructuring, refinancing, recapitalization, issuance of private or public debt or equity securities (including an initial public offering of equity securities), financing or similar transaction by the Company. The fee associated with the Fiberweb transaction totaled $2.5 million and was paid in December 2013. The fee associated with the Providência transaction totaled $5.3 million and was paid in October 2014. These amounts are included in Special charges, net in the Consolidated Statement of Operations. At any time in connection with or in anticipation of a change of control of the Company, a sale of all or substantially all of the Company’s assets or an initial public offering of common equity of the Company or parent entity of the Company or their successors, BMP may elect to receive, in consideration of BMP’s role in facilitating such transaction and in settlement of the termination of the services, a single lump sum cash payment equal to the then-present value of all then-current and future annual advisory fees payable under the Advisory Services Agreement, assuming a hypothetical termination date of the Advisory Service Agreement to be the twelfth anniversary of such election. The Advisory Service Agreement will continue until the earlier of the twelfth anniversary of the date of the agreement or such date as the Company and BMP may mutually determine. The Company will agree to indemnify BMP and its affiliates, directors, officers, employees, agents and representatives from and against all liabilities relating to the services contemplated by the transaction and advisory fee agreement and the engagement of BMP pursuant to, and the performance of BMP and its affiliates of the services contemplated by, the Advisory Services Agreement. Other Relationships and Transactions An affiliate of Blackstone, the Blackstone Group International Partners, LLP (“BGIP”), provided certain financial advisory services to the Company in connection with the acquisition of Fiberweb for which BGIP received an aggregate fee of $3.0 million . The Company reimbursed BGIP for its reasonable documented expenses, and agreed to indemnify BGIP and related persons against certain liabilities arising out of its engagement. As a result, the Company recognized $3.2 million during the year ended December 28, 2013, which is included within Special charges, net in the Consolidated Statements of Operations. Blackstone and its affiliates have ownership interests in a broad range of companies. The Company has entered into commercial transactions in the ordinary course of our business with some of these companies, including the sale of goods and services and the purchase of goods and services. In addition, Blackstone Holdings Finance Co., LLC, an affiliate of Blackstone, participated in the Fiberweb financing group and received $0.6 million associated with their pro rata participation. Under our Restated Articles of Incorporation, the Company's directors do not have a duty to refrain from engaging in similar business activities as the Company or doing business with any client, customer or vendor of the Company engaging in any other corporate opportunity that the Company has any expectancy or interest in engaging in. The Company has also waived, to the fullest extent permitted by law, any expectation or interest or right to be informed of any corporate opportunity, and any director acquiring knowledge of a corporate opportunity shall have no duty to inform the Company of such corporate opportunity. |
Financial Guarantees and Conden
Financial Guarantees and Condensed Consolidating Financial Statements | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Financial Guarantees and Condensed Consolidating Financial Statements | Financial Guarantees and Condensed Consolidating Financial Statements AVINTIV’s Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally on a senior secured basis, by each of AVINTIV’s 100% owned domestic subsidiaries (collectively, the “Guarantors”). As substantially all of AVINTIV’s operating income and cash flow is generated by its subsidiaries, funds necessary to meet AVINTIV’s debt service obligations may be provided, in part, by distributions or advances from its subsidiaries. Under certain circumstances, contractual and legal restrictions, as well as the financial condition and operating requirements of AVINTIV’s subsidiaries, could limit AVINTIV’s ability to obtain cash from its subsidiaries for the purpose of meeting its debt service obligations, including the payment of principal and interest on the Senior Secured Notes. Although holders of the Senior Secured Notes will be direct creditors of AVINTIV’s principal direct subsidiaries by virtue of the guarantees, AVINTIV has subsidiaries that are not included among the Guarantors (collectively, the “Non-Guarantors”), and such subsidiaries will not be obligated with respect to the Senior Secured Notes. As a result, the claims of creditors of the Non-Guarantors will effectively have priority with respect to the assets and earnings of such companies over the claims of creditors of AVINTIV, including the holders of the Senior Secured Notes. The following Condensed Consolidating Financial Statements are presented to satisfy the disclosure requirements of Rule 3-10 of Regulation S-X. In accordance with Rule 3-10, the subsidiary guarantors are all 100% owned by AVINTIV (the “Issuer”). The guarantees on the Senior Secured Notes are full and unconditional and all guarantees are joint and several. The information presents Condensed Consolidating Balance Sheets as of March 31, 2015 and December 31, 2014 , Condensed Consolidating Statements of Comprehensive Income (Loss) for the three months ended March 31, 2015 and March 29, 2014 , and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2015 and March 29, 2014 of (1) AVINTIV (Issuer), (2) the Guarantors, (3) the Non-Guarantors and (4) consolidating eliminations to arrive at the information for the Company on a consolidated basis. Condensed Consolidating Balance Sheet As of March 31, 2015 In thousands AVINTIV (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 — 31,424 — 38,569 Total current liabilities 48,277 56,659 262,060 (2,159 ) 364,837 Long-term debt 1,408,345 — 2,851 — 1,411,196 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 ) — AVINTIV Specialty Materials Inc. shareholders’ equity (89,745 ) 917,984 110,993 (1,028,977 ) (89,745 ) Noncontrolling interest — — 590 — 590 Total (deficit) 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 AVINTIV (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 ) — AVINTIV Specialty Materials 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 Comprehensive Income (Loss) For the Three Months Ended March 31, 2015 In thousands AVINTIV (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 AVINTIV Specialty Materials Inc. $ (39,958 ) $ (8,334 ) $ (23,222 ) $ 31,556 $ (39,958 ) Comprehensive income (loss) attributable to AVINTIV Specialty Materials 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 AVINTIV (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 AVINTIV Specialty Materials Inc. $ (9,480 ) $ 8,227 $ (8,104 ) $ (123 ) $ (9,480 ) Comprehensive income (loss) attributable to AVINTIV Specialty Materials Inc. $ (7,793 ) $ 9,725 $ (6,060 ) $ (3,665 ) $ (7,793 ) Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2015 In thousands AVINTIV (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 AVINTIV (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 | Financial Guarantees and Condensed Consolidating Financial Statements AVINTIV’s Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally on a senior secured basis, by each of AVINTIV’s 100% owned domestic subsidiaries (collectively, the “Guarantors”). As substantially all of AVINTIV’s operating income and cash flow is generated by its subsidiaries, funds necessary to meet AVINTIV’s debt service obligations may be provided, in part, by distributions or advances from its subsidiaries. Under certain circumstances, contractual and legal restrictions, as well as the financial condition and operating requirements of AVINTIV’s subsidiaries, could limit AVINTIV’s ability to obtain cash from its subsidiaries for the purpose of meeting its debt service obligations, including the payment of principal and interest on the Senior Secured Notes. Although holders of the Senior Secured Notes will be direct creditors of AVINTIV’s principal direct subsidiaries by virtue of the guarantees, AVINTIV has subsidiaries that are not included among the Guarantors (collectively, the “Non-Guarantors”), and such subsidiaries will not be obligated with respect to the Senior Secured Notes. As a result, the claims of creditors of the Non-Guarantors will effectively have priority with respect to the assets and earnings of such companies over the claims of creditors of Polymer, including the holders of the Senior Secured Notes. The following Condensed Consolidating Financial Statements are presented to satisfy the disclosure requirements of Rule 3-10 of Regulation S-X. In accordance with Rule 3-10, the subsidiary guarantors are all 100% owned by AVINTIV (the “Issuer”). The guarantees on the Senior Secured Notes are full and unconditional and all guarantees are joint and several. The information presents Condensed Consolidating Balance Sheets as of December 31, 2014 and December 28, 2013 and Condensed Consolidating Statements of Operations and Condensed Consolidating Statements of Cash Flows for the fiscal years ended December 31, 2014 , December 28, 2013 and December 29, 2012 of (1) AVINTIV (Issuer), (2) the Guarantors, (3) the Non-Guarantors and (4) consolidating eliminations to arrive at the information for the Company on a consolidated basis. Condensed Consolidating Balance Sheets As of December 31, 2014 In thousands AVINTIV (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’ (deficit) equity (24,355 ) 954,646 150,414 (1,105,060 ) (24,355 ) Noncontrolling interests — — 554 — 554 Total shareholders' (deficit) 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 AVINTIV (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’ (deficit) equity 158,896 1,026,550 222,241 (1,248,791 ) 158,896 Noncontrolling interests — — 843 — 843 Total shareholders' (deficit) 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 Statements of Operations For the Fiscal Year Ended December 31, 2014 In thousands AVINTIV (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 AVINTIV Specialty Materials 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 AVINTIV (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 AVINTIV Specialty Materials 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 AVINTIV (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 Statements of Cash Flows For the Fiscal Year Ended December 31, 2014 In thousands AVINTIV (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 AVINTIV (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 AVINTIV (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 |
Subsequent Event
Subsequent Event | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Subsequent Events [Abstract] | ||
Subsequent Event | Subsequent Events On April 17, 2015, the Company entered into an incremental term loan amendment and limited waiver to its existing Senior Secured Credit Agreement, dated as of December 19, 2013. Under the amendment, the Company obtained $283.0 million of commitments for incremental term loans, the terms of which are substantially identical to the Term Loans. A portion of the proceeds were used to fund the consideration paid for the acquisition of Dounor. In addition, the amendment provides for a limited waiver to permit, among other things, the Company to incur the additional incremental term loans, so long as the Company is in pro forma compliance with a senior secured net leverage ratio not exceeding 4.50 :1.00. The remaining commitments were used to redeem $200.0 million of the outstanding principal amount of the Company's outstanding 7.75% Senior Secured Notes due 2019 at a redemption price of 103.875% of the aggregate principal amount plus accrued and unpaid interest to, but excluding, the redemption date. On April 17, 2015, the Company entered into an amendment and limited waiver to its existing ABL Facility (the "ABL Amendment"). The ABL Amendment provides for a limited waiver to permit, among other things, the Company to incur the additional incremental term loans, so long as the Company is in pro forma compliance with a senior secured net leverage ratio not exceeding 4.50:1.00. | Subsequent Event On March 25, 2015, the Company announced that PGI France Holdings SAS, a wholly-owned subsidiary of the Company, entered into an agreement to acquire Dounor SAS (“Dounor”). The Company expects to finalize the acquisition of Dounor in the second quarter of 2015. The closing is subject to customary terms and conditions and there is no assurance that the acquisition or the related financing transactions will be consummated within any particular time period or at all. The Company expects to fund the acquisition of Dounor and to pay related fees and expenses using the proceeds of a proposed add-on to its existing term loan. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Employee Benefit Plans The Company provides a range of benefits, including pensions and postretirement benefits to eligible current and former employees. Determining the cost associated with such benefits is dependent on various actuarial assumptions, including discount rates, expected return on plan assets, compensation increases, employee mortality, turnover rates, and healthcare cost trend rates. Actuaries perform the required calculations to determine expense in accordance with GAAP. Actual results may differ from the actuarial assumptions and are generally accumulated into Accumulated other comprehensive income (loss) and amortized into earnings over future periods. The Company reviews its actuarial assumptions at each measurement date and makes modifications to the assumptions based on current rates and trends, if appropriate. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience, risk of loss, general economic conditions and trends, and the assessment of the probable future outcome. Estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the statement of operations in the period that they are determined. |
Currency Translations | Currency Translation Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates, and income and expense accounts have been translated using average exchange rates throughout the year. Adjustments resulting from the process of translating an entity's financial statements into the U.S. dollar have been recorded in the Shareholders' Equity section of the Consolidated Balance Sheet within Accumulated other comprehensive income (loss) . Transactions that are denominated in a currency other than an entity's functional currency are subject to changes in exchange rates with the resulting gains and losses recorded within current earnings. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and short-term investments with original maturities at the time of purchase of three months or less. The Company maintains amounts on deposit at various financial institutions, which may at times exceed federally insured limits. However, management periodically evaluates the credit-worthiness of those institutions and has not experienced any losses on such deposits. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The allowance for doubtful accounts represents the best estimate of probable loss inherent within the Company's accounts receivable balance. Estimates are based upon both the creditworthiness of specific customers and the overall probability of losses based upon an analysis of the overall aging of receivables as well as past collection trends and general economic conditions. |
Inventories | Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) method, or fair market value. The Company performs periodic assessments to determine the existence of obsolete, slow-moving and non-saleable inventories and records necessary provisions to reduce such inventories to net realizable value. Costs include direct materials, direct labor and applicable manufacturing overhead. |
Property, Plant and Equipment | Property, Plant and Equipment Property and equipment are stated at cost, less accumulated depreciation. For financial reporting purposes, assets placed in service are recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized over the shorter of their economic useful life or the related lease term. The range of useful lives used to depreciate property and equipment is as follows: Range of Useful Lives Building and improvements 10 to 31 years Machinery and equipment 3 to 15 years Other 3 to 7 years Major expenditures for replacements and significant improvements that increase asset values and extend useful lives are also capitalized. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Repairs and maintenance expenditures that do not extend the useful life of the asset are charged to expense as incurred. The carrying amounts of assets that are sold or retired and the related accumulated depreciation are removed from the accounts in the year of disposal, and any resulting gain or loss is reflected in within current earnings. The Company capitalizes costs, including interest, incurred to develop or acquire internal-use software. These costs are capitalized subsequent to the preliminary project stage once specific criteria are met. Costs incurred in the preliminary project planning stage are expensed. Other costs, such as maintenance and training, are also expensed as incurred. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Pursuant to ASC 360, "Property, Plant and Equipment" ("ASC 360"), the Company assesses the recoverability of the carrying value of its property and equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset to the future net undiscounted cash flows expected to be generated by the asset. If the undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized for the amount by which the carrying value of the asset exceeds the fair value of the assets. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Pursuant to ASC 350, "Intangibles - Goodwill and Other" ("ASC 350"), goodwill and intangible assets with indefinite useful lives are no longer amortized, but are tested and reviewed annually for impairment during the fourth quarter or whenever there is a significant change in events or circumstances that indicate that the fair value of the asset may be less than the carrying amount of the asset. Recoverability of goodwill is measured at the reporting unit level and begins with a qualitative assessment to determine, as a basis for whether it is necessary to perform the two-step impairment test under ASC 350, if it is more likely than not that the fair value of each reporting unit is less than its carrying amount. For the reporting units where it is required, the first step compares the carrying amount of the reporting unit to its estimated fair value. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is not necessary. To the extent that the carrying value of the reporting unit exceeds its estimated fair value, a second step is performed, wherein the reporting unit's carrying value of goodwill is compared to the implied fair value of goodwill. To the extent that the carrying value exceeds the implied fair value, impairment exists and must be recognized. Recoverability of other intangible assets with indefinite useful lives begins with a qualitative assessment to determine, as a basis for whether it is necessary to calculate the fair value of the indefinite-lived intangible assets, if it is more likely than not that the asset is impaired. When required, recoverability is measured by a comparison of the carrying amount of the intangible assets to the estimated fair value of the respective intangible assets. Any excess of the carrying value over the estimated fair value is recognized as an impairment loss equal to that excess. Intangible assets such as customer-related intangible assets and non-compete agreements with finite useful lives are amortized on a straight-line basis over their estimated economic lives. The weighted-average useful lives approximate the following: Weighted-Average Useful Lives Technology 13 years Customer relationships 16 years Patents 6 years The Company assesses the recoverability of the carrying value of its intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset to the future net undiscounted cash flows expected to be generated by the asset. If the undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized for the amount by which the carrying value of the asset exceeds the fair value of the assets. |
Loan Acquisition Costs | Loan Acquisition Costs Loan acquisition costs are expenditures associated with obtaining financings that are capitalized in the Consolidated Balance Sheets and amortized over the term of the loans to which such costs relate. Amounts capitalized are recorded within Intangible assets, net in the Consolidated Balance Sheets and amortized to Interest expense in the Consolidated Statements of Operations. |
Derivative Instruments | Derivative Instruments For derivative instruments, the Company applies ASC 815, "Derivatives and Hedging" ("ASC 815") which establishes accounting and reporting standards requiring that every derivative instrument (including certain derivative instruments embedded in other contracts) be recorded in the balance sheet as either an asset or liability measured at its fair value. This statement requires that changes in the derivative's fair value be recognized in current earnings unless specific hedge accounting criteria are met. In addition, a company must also formally document, designate and assess the effectiveness of transactions that receive hedge accounting treatment. |
Revenue Recognition | Revenue Recognition Revenue is recognized and earned when all of the following criteria are satisfied: (a) persuasive evidence of a sales arrangement exists; (b) price is fixed or determinable; (c) collectability is reasonably assured; and (d) delivery has occurred or service has been rendered. The Company recognizes revenue when the title and the risks and rewards of ownership have substantially transferred to the customer. The Company permits customers from time to time to return certain products and continuously monitors and tracks such returns and records an estimate of such future returns, which is based on historical experience and recent trends. In the normal course of business, the Company extends credit, on open accounts, to its customers after performing a credit analysis based on a number of financial and other criteria. The Company performs ongoing credit evaluations of its customers' financial condition and does not normally require collateral; however, letters of credit and other security are occasionally required for certain new and existing customers. |
Shipping and Handling Fees and Costs | Shipping and Handling Fees and Costs Pursuant to ASC 605, "Revenue Recognition" ("ASC 605"), the Company determined that shipping fees shall be reported on a gross basis. As a result, all amounts billed to a customer in a sale transaction related to shipping and handling fees represent revenues earned for the goods provided and therefore recorded within Net sales in the Consolidated Statement of Operations. Shipping and handling costs include expenses incurred to store, move, and prepare products for shipment. The Company classifies these costs as Selling, general and administrative expenses within the Consolidated Statement of Operations, and includes a portion of internal costs such as salaries and overhead related to these activities. |
Research and Development Costs | Research and Development Costs The Company conducts research and development activities for the purpose of developing and improving new products and services. These costs are expensed when incurred and included in Selling, general and administrative expenses in the Consolidated Statement of Operations. |
Income Taxes | Income Taxes The Company records a tax provision for the anticipated tax consequences of the reported results of operations. The provision is computed using the asset and liability method of accounting, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In addition, the Company recognizes future tax benefits, such as net operating losses and tax credits, to the extent that realizing these benefits is considered in its judgment to be more likely than not. Deferred tax assets and liabilities are measured using currently enacted tax rates that apply to taxable income in effect for the years in which those tax items are expected to be realized or settled. The Company regularly reviews the recoverability of its deferred tax assets considering historic profitability, projected future taxable income, and timing of the reversals of existing temporary differences as well as the feasibility of our tax planning strategies. Where appropriate, a valuation allowance is recorded if available evidence suggests that it is more likely than not that some portion or all of a deferred tax asset will not be realized. Changes to valuation allowances are recognized in earnings in the period such determination is made. The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon the technical merits, it is more-likely-than-not that the position will be sustained upon examination. The tax impacts recognized in the financial statements from such positions are then measured based on the largest impact that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes potential accrued interest and penalties associated with unrecognized tax positions as a component of the provision for income taxes. |
Recent Accounting Standards | Recent Accounting Standards In January 2015, the FASB issued Accounting Standard Update ("ASU") No. 2015-01, "Income Statement - Extraordinary and Unusual Items" ("ASU 2015-01") which eliminates from GAAP the concept of extraordinary items. Under the new guidance, an event or transaction that meets the criteria for extraordinary classification is segregated from the results of ordinary operations and shown as a separate item in the income statement, net of tax. In addition, certain other related disclosures are required. ASU 2015-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect that the adoption of this guidance will have a material effect on its financial results. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (“ASU 2014-15”). The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt is defined as an indication that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that financial statements are issued. Management’s evaluation should be based on relevant conditions or events, considered in the aggregate, that are known and reasonably knowable at the date that the financial statements are issued. ASU 2014-15 is effective prospectively for reporting periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this guidance will have a material effect on its financial results. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which creates a comprehensive, five-step model for revenue recognition that requires a company to recognize revenue to depict the transfer of promised goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Under the new guidance, a company will be required to use more judgment and make more estimates when considering contract terms as well as relevant facts and circumstances when identifying performance obligations, estimating the amount of variable consideration in the transaction price and allocating the transaction price to each separate performance obligation. In addition, ASU 2014-09 enhances disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively and improves guidance for multiple-element arrangements. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. Early application is not permitted. The Company is currently evaluating the impact of adopting ASU 2014-09 on its financial results. In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"), which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or a group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. In addition, ASU 2014-08 enhances disclosures for reporting discontinued operations. ASU 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014, with early adoption permitted. The Company adopted this accounting pronouncement effective January 1, 2015. The adoption of this guidance did not have a significant impact on the Company's financial results. In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"), which requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective prospectively for reporting periods beginning after December 15, 2013, with retroactive application permitted. The Company adopted this accounting pronouncement effective December 29, 2013. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Property, Plant and Equipment | The range of useful lives used to depreciate property and equipment is as follows: Range of Useful Lives Building and improvements 10 to 31 years Machinery and equipment 3 to 15 years Other 3 to 7 years The major classes of property, plant and equipment consist of the following: In thousands December 31, December 28, Land $ 54,919 $ 50,780 Buildings and land improvements 240,515 179,821 Machinery, equipment and other 755,590 569,157 Construction in progress 49,887 28,181 Subtotal 1,100,911 827,939 Less: Accumulated depreciation (230,681 ) (175,159 ) Total $ 870,230 $ 652,780 | |
Schedule of Finite-Lived Intangible Assets | The following table presents amortization of the Company's intangible assets for the following periods: In thousands Three Months Three Months Intangible assets $ 2,764 $ 3,102 Loan acquisition costs 1,654 1,026 Total $ 4,418 $ 4,128 | The weighted-average useful lives approximate the following: Weighted-Average Useful Lives Technology 13 years Customer relationships 16 years Patents 6 years |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Schedule of Business Acquisitions, by Acquisition | The components of the purchase price are as follows: In thousands Consideration Cash consideration paid to selling shareholders $ 188,117 Cash consideration deposited into escrow 8,252 Deferred purchase price 47,931 Debt repaid 180,532 Total consideration $ 424,832 | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | The components of the purchase price are as follows: In thousands Consideration Cash consideration paid to selling stockholders $ 188,117 Cash consideration deposited into escrow 8,252 Deferred consideration 47,931 Debt repaid 180,532 Total consideration $ 424,832 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary allocation of the purchase price and related measurement period adjustments are as follows: In thousands Preliminary June 11, 2014 Measurement Period Adjustments Adjusted June 11, 2014 Cash $ 20,621 $ — $ 20,621 Accounts receivable 56,976 (4,047 ) 52,929 Inventory 33,000 1,077 34,077 Other current assets 27,748 4,100 31,848 Total current assets 138,345 1,130 139,475 Property, plant and equipment 400,000 (94,694 ) 305,306 Goodwill 106,335 27,312 133,647 Intangible assets 4,770 14,230 19,000 Other noncurrent assets 12,288 — 12,288 Total assets acquired $ 661,738 $ (52,022 ) $ 609,716 Current liabilities $ 28,863 $ 2,742 $ 31,605 Total debt 74,930 — 74,930 Deferred income taxes 38,373 (42,808 ) (4,435 ) Other noncurrent liabilities 1,992 — 1,992 Total liabilities assumed 144,158 (40,066 ) 104,092 Redeemable noncontrolling interest 92,990 (12,198 ) 80,792 Net assets acquired $ 424,590 $ 242 $ 424,832 In thousands November 15, 2013 Cash $ 8,792 Accounts receivable 49,967 Inventory 71,081 Other current assets 29,889 Total current assets 159,729 Property, plant and equipment 187,529 Goodwill 33,699 Intangible assets 85,996 Other noncurrent assets 1,403 Total assets acquired $ 468,356 Current liabilities 84,255 Financing obligation 20,300 Total debt 19,391 Deferred income taxes 45,974 Other noncurrent liabilities 9,825 Noncontrolling interest 849 Total liabilities assumed $ 180,594 Net assets acquired $ 287,762 | |
Schedule of Acquired Finite-Lived Intangible Assets | The Company recorded intangible assets based on their estimated fair value, and consisted of the following: In thousands Useful Life Amount Technology 15 years $ 31,827 Trade names Indefinite 11,412 Customer relationships 20 years 42,757 Total $ 85,996 | |
Schedule of Acquistion Related Costs | Acquisition related costs were as follows: In thousands Amount Loan acquisition costs $ 16,102 Transaction expenses 15,783 Total $ 31,885 Acquisition related costs are as follows: In thousands Amount Loan acquisition costs $ 21,297 Transaction expenses 18,552 Total $ 39,849 | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information for the three months ended March 29, 2014 assumes the acquisition of Providência occurred as of the beginning of 2014. In thousands Three Months Net sales $ 512,105 Net income (loss) (19,755 ) | The following unaudited pro forma information for the fiscal year ended December 31, 2014 and December 28, 2013 assumes the acquisition of Fiberweb and Providência occurred as of the beginning of 2014 and 2013, respectively. In thousands December 31, 2014 December 28, 2013 Net sales $ 2,005,678 $ 1,966,103 Net income (loss) (132,977 ) (78,847 ) |
Accounts Receivable Factoring38
Accounts Receivable Factoring Agreements (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||
Schedule of Accounts Receivable Factoring Agreements to Third Parties | The following is a summary of receivables sold to the third-party financial institutions that existed at the following balance sheet dates: In thousands March 31, 2015 December 31, 2014 Trade receivables sold to financial institutions $ 81,810 $ 92,528 Net amounts advanced from financial institutions 71,065 78,900 Amounts due from financial institutions $ 10,745 $ 13,628 | The following is a summary of receivables sold to the third-party financial institutions that existed at the following balance sheet dates: In thousands December 31, 2014 December 28, 2013 Trade receivables sold to financial institutions $ 92,528 $ 71,542 Net amounts advanced from financial institutions 78,900 63,667 Amounts due from financial institutions $ 13,628 $ 7,875 |
Inventories Net (Tables)
Inventories Net (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | ||
Inventories | At March 31, 2015 and December 31, 2014 , the major classes of inventory are as follows: In thousands March 31, December 31, Raw materials and supplies $ 55,251 $ 58,951 Work in process 19,194 19,151 Finished goods 82,571 95,599 Total $ 157,016 $ 173,701 | At December 31, 2014 and December 28, 2013 , the major classes of inventory were as follows: In thousands December 31, December 28, Raw materials and supplies $ 58,951 $ 55,544 Work in process 19,151 19,102 Finished goods 95,599 81,428 Total $ 173,701 $ 156,074 |
Property, Plant and Equipment40
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The range of useful lives used to depreciate property and equipment is as follows: Range of Useful Lives Building and improvements 10 to 31 years Machinery and equipment 3 to 15 years Other 3 to 7 years The major classes of property, plant and equipment consist of the following: In thousands December 31, December 28, Land $ 54,919 $ 50,780 Buildings and land improvements 240,515 179,821 Machinery, equipment and other 755,590 569,157 Construction in progress 49,887 28,181 Subtotal 1,100,911 827,939 Less: Accumulated depreciation (230,681 ) (175,159 ) Total $ 870,230 $ 652,780 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill are as follows: In thousands North America South America Europe Asia Total December 29, 2012 $ 39,129 $ 6,851 $ — $ 34,628 $ 80,608 Acquisitions 33,699 — — — 33,699 Impairment — — — — — Translation 781 — — 240 1,021 December 28, 2013 $ 73,609 $ 6,851 $ — $ 34,868 $ 115,328 Acquisitions 5,688 127,959 — — 133,647 Impairment — (6,851 ) — — (6,851 ) Translation (781 ) (20,597 ) — (192 ) (21,570 ) December 31, 2014 $ 78,516 $ 107,362 $ — $ 34,676 $ 220,554 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets | The following table sets forth the gross amount and accumulated amortization of the Company's intangible assets at March 31, 2015 and December 31, 2014 : March 31, 2015 December 31, 2014 In thousands Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Technology $ 63,726 $ (16,230 ) $ 47,496 $ 63,726 $ (14,902 ) $ 48,824 Customer relationships 73,511 (13,844 ) 59,667 76,242 (12,735 ) 63,507 Loan acquisition costs 40,612 (16,101 ) 24,511 40,612 (14,447 ) 26,165 Other 7,219 (1,829 ) 5,390 7,104 (1,601 ) 5,503 Tradenames (indefinite-lived) 34,912 — 34,912 34,912 — 34,912 Total $ 219,980 $ (48,004 ) $ 171,976 $ 222,596 $ (43,685 ) $ 178,911 | The following table sets forth the gross amount and accumulated amortization of the Company's intangible assets at December 31, 2014 and December 28, 2013 : December 31, 2014 December 28, 2013 In thousands Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Technology $ 63,726 $ (14,902 ) $ 48,824 $ 63,705 $ (9,359 ) $ 54,346 Customer relationships 76,242 (12,735 ) 63,507 60,078 (8,404 ) 51,674 Loan acquisition costs 40,612 (14,447 ) 26,165 30,067 (7,817 ) 22,250 Other 7,104 (1,601 ) 5,503 6,928 (711 ) 6,217 Tradenames (indefinite-lived) 34,912 — 34,912 34,912 — 34,912 Total $ 222,596 $ (43,685 ) $ 178,911 $ 195,690 $ (26,291 ) $ 169,399 |
Schedule of Finite-Lived Intangible Assets | The following table presents amortization of the Company's intangible assets for the following periods: In thousands Three Months Three Months Intangible assets $ 2,764 $ 3,102 Loan acquisition costs 1,654 1,026 Total $ 4,418 $ 4,128 | The weighted-average useful lives approximate the following: Weighted-Average Useful Lives Technology 13 years Customer relationships 16 years Patents 6 years |
Accounts Payable and Accrued 43
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities consist of the following: In thousands March 31, December 31, Accounts payable to vendors $ 177,592 $ 209,527 Accrued compensation and benefits 44,330 42,485 Accrued interest 13,429 19,748 Other accrued expenses 46,557 49,553 Total $ 281,908 $ 321,313 | Accounts payable and accrued liabilities consist of the following: In thousands December 31, December 28, Accounts payable to vendors $ 209,527 $ 209,031 Accrued salaries, wages, incentive compensation and other fringe benefits 42,485 33,889 Accrued interest 19,748 19,063 Other accrued expenses 49,553 45,748 Total $ 321,313 $ 307,731 |
Debt (Tables)
Debt (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||
Long-term debt | The following table presents the Company's outstanding debt at March 31, 2015 and December 31, 2014 : In thousands March 31, December 31, Term Loans $ 701,328 $ 703,029 Senior Secured Notes 504,000 504,000 Senior Unsecured Notes 210,000 210,000 ABL Facility — — Argentina credit facilities: Nacion Facility 4,177 5,010 Galicia Facility 1,700 2,047 China Credit Facility 10,468 18,920 Brazil Export Credit Facility 15,231 18,871 India loans 2,124 2,437 Capital lease obligations 737 861 Total long-term debt including current maturities 1,449,765 1,465,175 Short-term borrowings 25,742 17,665 Total debt $ 1,475,507 $ 1,482,840 | The following table presents the Company's outstanding debt at December 31, 2014 and December 28, 2013 : In thousands December 31, December 28, Term Loans $ 703,029 $ 293,545 Senior Secured Notes 504,000 560,000 Senior Unsecured Notes 210,000 — ABL Facility — — Argentina credit facilities: Nacion Facility 5,010 8,341 Galicia Facility 2,047 3,082 China Credit Facility 18,920 24,920 Brazil export credit facilities: Itaú Facility ($) — — Itaú Facility (R$) 18,871 — Recovery Zone Facility Bonds — — India Loans 2,437 3,216 Capital lease obligations 861 1,092 Total long-term debt including current maturities 1,465,175 894,196 Short-term borrowings 17,665 2,472 Total debt $ 1,482,840 $ 896,668 |
Schedule of Maturities of Long-term Debt | At December 31, 2014 , long-term debt maturities are as follows: In thousands Amount 2015 $ 32,011 2016 29,801 2017 7,704 2018 682,994 2019 714,005 2020 and thereafter — Total $ 1,466,515 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Summary of aggregate notional amount and estimated fair value of derivative instruments | The following table presents the fair values of the Company's derivative instruments for the following periods: As of March 31, 2015 As of December 31, 2014 In thousands Notional Fair Value Notional Fair Value Undesignated hedges: Providência Contracts $ 56,542 $ 2,159 $ 140,623 $ 3,962 Providência Instruments 16,715 (618 ) 20,179 (560 ) Dounor Contract 59,037 53 — — Total $ 132,294 $ 1,594 $ 160,802 $ 3,402 | The following table presents the fair values of the Company's derivative instruments for the following periods: As of December 31, 2014 As of December 28, 2013 In thousands Notional Fair Value Notional Fair Value Designated hedges: Hygiene Euro Contracts $ — $ — $ — $ — Undesignated hedges: Providência Contracts 140,623 3,962 — — Providência Instruments 20,179 (560 ) — — Hygiene Euro Contracts — — — — Healthcare Euro Contracts — — — — Total $ 160,802 $ 3,402 $ — $ — |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table represents the amount of (gain) or loss associated with derivative instruments in the Consolidated Statements of Comprehensive Income (Loss): In thousands Three Months Three Months Undesignated hedges: Providência Contracts $ 1,925 $ (10,756 ) Providência Instruments (240 ) — Dounor Contract 159 — Total $ 1,844 $ (10,756 ) | The following table represents the amount of (gain) or loss associated with derivative instruments in the Consolidated Statement of Operations: In thousands Fiscal Year Fiscal Year Fiscal Year Designated hedges: Hygiene Euro Contracts $ — $ (449 ) $ (2,559 ) Undesignated hedges: Providência Contracts (13,554 ) — — Providência Instruments (786 ) — — Healthcare Euro Contracts — — (147 ) Hygiene Euro Contracts — (799 ) — Total $ (14,340 ) $ (1,248 ) $ (2,706 ) |
Fair Value of Financial Instr46
Fair Value of Financial Instruments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair value of assets and liabilities | The following tables present the fair value and hierarchy levels for the Company's assets and liabilities, which are measured at fair value on a recurring basis as of March 31, 2015 : In thousands Level 1 Level 2 Level 3 March 31, 2015 Assets Providência Contracts $ — $ 2,159 $ — $ 2,159 Dounor Contract — 53 — 53 Liabilities Providência Instruments $ — $ (618 ) $ — $ (618 ) The following tables present the fair value and hierarchy levels for the Company's assets and liabilities, which are measured at fair value on a recurring basis as of December 31, 2014 : In thousands Level 1 Level 2 Level 3 December 31, 2014 Assets Providência Contracts $ — $ 3,962 $ — $ 3,962 Liabilities Providência Instruments $ — $ (560 ) $ — $ (560 ) | The following tables present the fair value and hierarchy levels for the Company's assets and liabilities, which are measured at fair value on a recurring basis as of the following period: In thousands Level 1 Level 2 Level 3 December 31, 2014 Assets (1) Providência Contracts $ — $ 3,962 $ — $ 3,962 Liabilities Providência Instruments — (560 ) — (560 ) (1) At December 28, 2013, the Company did not have any financial assets or liabilities required to be measured at fair value. |
Pension and Postretirement Be47
Pension and Postretirement Benefit Plans (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Schedule of Allocation of Plan Assets | The plans’ weighted-average asset allocations by asset category are as follows: December 31, 2014 December 28, 2013 Cash 6 % 12 % Equity Securities 27 % 30 % Fixed Income Securities 67 % 58 % Total 100 % 100 % | |
Schedule of Expected Benefit Payments | The expected level of payments to, or on the behalf of, participants is as follows: In thousands Pension Postretirement 2015 $ 10,833 $ 393 2016 10,526 385 2017 10,898 377 2018 11,316 370 2019 11,619 363 2020 to 2024 65,189 1,715 | |
Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Schedule of Net Funded Status | The following table details information regarding the Company's pension plans: In thousands U.S. Pension Plans Non-U.S. Pension Plans Fiscal Year Fiscal Year Fiscal Year Fiscal Year Pension Plans Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ (98,320 ) $ (16,309 ) $ (138,304 ) $ (131,580 ) Service costs (322 ) (4 ) (2,995 ) (3,398 ) Interest costs (4,416 ) (1,067 ) (5,356 ) (4,980 ) Participant contributions — — (171 ) (170 ) Acquisition / transfers — (84,932 ) (2,594 ) (1,602 ) Plan amendments — — — 622 Actuarial gain / (loss) (18,229 ) 2,670 (39,661 ) 2,273 Settlements / curtailments — — 204 — Benefit payments 6,261 1,322 4,959 4,917 Currency translation — — 20,768 (4,386 ) Benefit obligation at end of year $ (115,026 ) $ (98,320 ) $ (163,150 ) $ (138,304 ) Change in Plan Assets: Fair value at beginning of year $ 98,822 $ 12,172 $ 144,331 $ 139,064 Actual return on plan assets 10,776 2,270 41,160 (877 ) Employer and participant contributions 721 721 4,938 4,788 Acquisition / transfers — 84,981 — 1,203 Settlements / curtailments — — (204 ) (263 ) Benefit payments (6,261 ) (1,322 ) (4,959 ) (4,618 ) Currency translation — — (21,103 ) 5,034 Fair value at end of year $ 104,058 $ 98,822 $ 164,163 $ 144,331 Funded (unfunded) status $ (10,968 ) $ 502 $ 1,013 $ 6,027 Amounts included in the balance sheet: Current assets $ — $ — $ — $ — Other noncurrent assets — — 10,018 12,133 Accounts payable and accrued liabilities — — (1,217 ) (346 ) Other noncurrent liabilities (10,968 ) 502 (7,788 ) (5,760 ) Net amount recognized $ (10,968 ) $ 502 $ 1,013 $ 6,027 Weighted average assumptions used: Return on plan assets 5.9 - 7.0% 5.9 - 7.0% 3.0 - 5.5% 3.0 - 5.5% Discount rate 3.7 - 4.0% 4.6 % 1.7 - 8.0% 3.4 - 8.0% Salary and wage escalation rate N/A N/A 2.0 - 4.5% 2.8 - 4.5% | |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The following table summarizes the pretax amounts recorded in Accumulated other comprehensive income (loss) for the Company’s pension plans as of December 31, 2014 and December 28, 2013 : In thousands U.S. Pension Plans Non-U.S. Pension Plans December 31, 2014 December 28, 2013 December 31, 2014 December 28, 2013 Transition net asset $ — $ — $ — $ — Net actuarial (gain) loss 14,454 1,174 15,932 12,583 Prior service cost — — (525 ) — Net amounts recognized $ 14,454 $ 1,174 $ 15,407 $ 12,583 | |
Components of net periodic benefit costs | The components of the Company's pension related costs for the following periods are as follows: In thousands Three Months Three Months Service cost $ 1,001 $ 873 Interest cost 1,975 2,458 Expected return on plan assets (2,686 ) (3,118 ) Curtailment / settlement (gain) loss — — Net amortization of: Actuarial (gain) loss 98 (4 ) Transition costs and other (9 ) — Net periodic benefit cost $ 379 $ 209 | The components of the Company's pension related costs for the following periods are as follows: U.S. Pension Plans Non-U.S. Pension Plans In thousands, except percentage data Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Pension Benefit Plans Components of net periodic benefit cost: Service cost $ 322 $ 4 $ — $ 2,995 $ 3,398 $ 2,002 Interest cost 4,416 1,067 620 5,356 4,980 5,032 Return on plan assets (5,829 ) (1,679 ) (899 ) (6,487 ) (6,574 ) (5,462 ) Curtailment / settlement (gain) loss — — — 61 — 792 Net amortization of: Transition costs and other 3 253 181 1 95 (238 ) Net periodic benefit cost $ (1,088 ) $ (355 ) $ (98 ) $ 1,926 $ 1,899 $ 2,126 Weighted average assumptions used: Return on plan assets 5.9 - 7.0% 5.9 - 7.0% 8.0 % 3.0 - 5.5% 3.0 - 5.5% 1.5 - 6.0% Discount rate 4.6 % 4.6 % 3.8 % 3.2 - 8.0% 3.4 - 8.0% 3.7 - 7.0% Salary and wage escalation rate N/A N/A N/A 1.0 - 4.5% 2.8 - 4.5% 2.0 - 4.5% |
Schedule of Allocation of Plan Assets | The fair value of the Company's pension plan assets at December 31, 2014 by asset category is as follows: In thousands Total Level 1 Level 2 Level 3 Cash $ 3,904 $ 1,979 $ 1,925 $ — Equity securities: U.S. equities (a) 17,191 11,269 5,922 — Foreign equities (b) 12,190 5,413 6,777 — Global equity funds (c) 42,829 13,017 29,812 — Emerging markets (d) 749 749 — — Total equity securities 72,959 30,448 42,511 — Fixed income securities: U.S. fixed income funds (e) 68,036 1,939 66,097 — Foreign fixed income funds (f) 120,299 — 120,299 — Total fixed income securities 188,335 1,939 186,396 — Insurance funds 3,023 — — 3,023 Total $ 268,221 $ 34,366 $ 230,832 $ 3,023 (a) This category consists of commingled and registered mutual funds that focus on equity securities of U.S companies. It includes both indexed and actively managed funds. (b) This category consists of commingled and registered mutual funds that focus on equity securities of companies outside of the U.S. It includes both indexed and actively managed funds. (c) This category consists of commingled and registered mutual funds that invest in equity securities of both U.S. and foreign companies. It includes actively managed funds (d) This category consists of commingled and registered mutual funds that invest in equity securities of companies in emerging market economies. It includes actively managed funds. (e) This category consists of actively managed funds that invest in investment-grade bonds of U.S. issuers from diverse industries and U.S. government bonds and treasury notes. (f) This category consists of funds that invest in investment-grade bonds of foreign companies and Euro region government bonds. The fair value of the Company's pension plan assets at December 28, 2013 by asset category is as follows: In thousands Total Level 1 Level 2 Level 3 Cash $ 28,671 $ 27,803 $ 868 $ — Equity securities: U.S. equities (a) 16,566 11,023 5,543 — Foreign equities (b) 16,233 4,993 11,240 — Global equity funds (c) 37,697 13,489 24,208 — Emerging markets (d) 2,423 1,083 1,340 — Total equity securities 72,919 30,588 42,331 — Fixed income securities: U.S. fixed income funds (e) 43,069 11,030 27,332 4,707 Foreign fixed income funds (f) 97,264 — 97,264 — Total fixed income securities 140,333 11,030 124,596 4,707 Insurance funds 1,230 $ — $ — $ 1,230 Total $ 243,153 $ 69,421 $ 167,795 $ 5,937 (a) This category consists of commingled and registered mutual funds that focus on equity securities of U.S companies. It includes both indexed and actively managed funds. (b) This category consists of commingled and registered mutual funds that focus on equity securities of companies outside of the U.S. It includes both indexed and actively managed funds. (c) This category consists of commingled and registered mutual funds that invest in equity securities of both U.S. and foreign companies. It includes actively managed funds (d) This category consists of commingled and registered mutual funds that invest in equity securities of companies in emerging market economies. It includes actively managed funds. (e) This category consists of actively managed funds that invest in investment-grade bonds of U.S. issuers from diverse industries and U.S. government bonds and treasury notes. (f) This category consists of funds that invest in investment-grade bonds of foreign companies and Euro region government bonds. | |
Postretirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Schedule of Net Funded Status | The following table details information regarding the Company's postretirement plans: In thousands U.S. Postretirement Plans Non-U.S. Postretirement Plans Fiscal Year Fiscal Year Fiscal Year Fiscal Year Postretirement Benefit Plans Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ (2,034 ) $ — $ (5,511 ) $ (4,864 ) Additional benefit obligations — — — — Service costs — — (7 ) (59 ) Interest costs (89 ) (11 ) (146 ) (187 ) Acquisition / transfers — (2,030 ) 1,834 (1,419 ) Actuarial gain / (loss) 17 7 (237 ) 305 Settlements / curtailments — — — 182 Benefit payments 25 — 314 381 Currency translation — — 321 150 Benefit obligation at end of year $ (2,081 ) $ (2,034 ) $ (3,432 ) $ (5,511 ) Change in Plan Assets: Fair value at beginning of year $ — $ — $ — $ — Actual return on plan assets — — — — Employer and participant contributions 25 — 314 381 Benefit payments (25 ) — (314 ) (381 ) Currency translation — — — — Fair value at end of year $ — $ — $ — $ — Funded status $ (2,081 ) $ (2,034 ) $ (3,432 ) $ (5,511 ) Amounts included in the balance sheet: Other noncurrent assets $ — $ — $ — $ — Accounts payable and accrued liabilities (97 ) (119 ) (297 ) (492 ) Other noncurrent liabilities (1,984 ) (1,915 ) (3,135 ) (5,019 ) Net amount recognized $ (2,081 ) $ (2,034 ) $ (3,432 ) $ (5,511 ) Weighted average assumptions used: Return on plan assets N/A N/A N/A N/A Discount rate 3.7 % 4.6 % 3.2 - 3.7% 4.1 - 4.8% Salary and wage escalation rate N/A N/A 2.5 % 3.0 % | |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The following table summarizes the pretax amounts recorded in Accumulated other comprehensive income (loss) for the Company’s postretirement benefit plans as of December 31, 2014 and December 28, 2013 : In thousands U.S. Postretirement Plans Non-U.S. Postretirement Plans December 31, 2014 December 28, 2013 December 31, 2014 December 28, 2013 Transition net asset $ — $ — $ — $ — Net actuarial (gain) loss (23 ) (7 ) 122 (12 ) Prior service cost — — — — Net amounts recognized $ (23 ) $ (7 ) $ 122 $ (12 ) | |
Components of net periodic benefit costs | The components of the Company's postretirement related costs for the following periods are as follows: In thousands Three Months Three Months Service cost $ 2 $ 9 Interest cost 44 93 Curtailment / settlement (gain) loss — — Net amortization of: Actuarial (gain) loss 2 5 Transition costs and other — — Net periodic benefit cost $ 48 $ 107 | The components of the Company's postretirement related costs for the following periods are as follows: U.S. Postretirement Plans Non-U.S. Postretirement Plans In thousands, except percentage data Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Postretirement Benefit Plans Components of net periodic benefit cost: Service cost $ — $ — $ — $ 7 $ 59 $ 69 Interest cost 89 11 — 146 187 218 Curtailment / settlement (gain) loss — — — — 114 186 Net amortization of: Transition costs and other — — — — 35 26 Net periodic benefit cost $ 89 $ 11 $ — $ 153 $ 395 $ 499 Weighted average assumptions used: Discount rate 4.6 % 4.6 % N/A 4.1 - 4.8% 4.1 - 4.8% 3.5 - 7.0% Salary and wage escalation rate N/A N/A N/A 3.0 % 3.0 % 3.0 - 4.5% |
Canadian Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Schedule of Health Care Cost Trend Rates | The health care cost trend rate assumptions for the Company provided health care benefits for retirees in Canada are reflected in the following table. The Company does not provide post-employment health care benefits for retirees in other countries. December 31, 2014 December 28, 2013 Weighted average health care cost trend rate assumed for next year 6.22 % 6.44 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reached the ultimate trend rate 2028 2028 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Changes in options outstanding under the 2011 Plan are as follows: Number of Shares Weighted Average Exercise Price Intrinsic Value Weighted Average Estimated Contractual Life Outstanding - December 31, 2011 16,857 $ — Granted 4,582 1,000 Canceled / Forfeited (979 ) 1,000 Exercised — — Outstanding - December 29, 2012 20,460 1,000 Granted 6,817 1,000 Canceled / Forfeited (3,882 ) 1,000 Exercised — — Outstanding - December 28, 2013 23,395 1,000 Granted 3,761 1,000 Canceled / Forfeited (4,435 ) 1,000 Exercised — — Outstanding - December 31, 2014 22,721 $ 1,000 $ — 7.57 Exercisable - December 31, 2014 4,416 $ 1,000 $ — 6.75 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following weighted-average assumptions are as follows: Fiscal 2014 Fiscal 2013 Risk-free interest rate 1.74 % 1.55 % Dividend yield — % — % Expected life 5.8 years 6.4 years Volatility 54.10 % 59.00 % |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Changes in restricted stock units outstanding under the 2011 Plan are as follows: Number of Shares Grant Date Fair Value Outstanding - December 29, 2012 — $ — Granted 3,000 1,000 Canceled / Forfeited — — Exercised — — Outstanding - December 28, 2013 3,000 $ 1,000 Granted — — Canceled / Forfeited — — Exercised — — Outstanding - December 31, 2014 3,000 $ 1,000 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes the compensation expense recognized: In thousands Fiscal Year Fiscal Year Fiscal Year Stock options $ 901 $ 950 $ 532 Restricted stock units 1,000 500 — Employee call option 30 2,443 — Equity award — 97 310 Total $ 1,931 $ 3,990 $ 842 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The provision for income taxes is computed based on the following components of income (loss) before income tax expense and discontinued operations: In thousands Fiscal Year Fiscal Year Fiscal Year Domestic $ (109,702 ) $ (64,320 ) $ (44,664 ) Foreign (11,061 ) 3,329 26,281 Total $ (120,763 ) $ (60,991 ) $ (18,383 ) |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax (provision) benefit for the respective periods are as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Current: Federal and state $ (1,603 ) $ 3,947 $ 397 Foreign (11,028 ) (12,474 ) (9,175 ) Deferred: Federal and state (1,077 ) 36,689 90 Foreign 15,231 7,862 1,033 Income tax (provision) benefit $ 1,523 $ 36,024 $ (7,655 ) |
Schedule of Effective Income Tax Rate Reconciliation | The income tax (provision) benefit differs from the amount of income taxes determined by applying the applicable U.S. federal statutory rate of 35% to pretax income as a result of the following differences: In thousands Fiscal Year Fiscal Year Fiscal Year Computed income tax (provision) benefit at statutory rate $ 42,267 $ 21,347 $ 6,435 State income taxes, net of U.S. federal tax benefit (2,250 ) (540 ) (5 ) Change in valuation allowance (36,760 ) 6,263 (17,035 ) Local country withholding tax (3,527 ) (5,307 ) (800 ) Intra-period allocation rule exception — 5,201 — Foreign rate difference 1,933 6,203 2,144 Uncertain tax positions 2,552 3,989 755 Foreign exchange (1,680 ) (1,226 ) 953 Other (1,012 ) 94 (102 ) Income tax (provision) benefit $ 1,523 $ 36,024 $ (7,655 ) |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities consist of the following: In thousands December 31, 2014 December 28, 2013 Deferred tax assets: Provision for bad debts $ 2,247 $ 1,169 Inventory capitalization and allowances 3,617 1,997 Net operating loss and capital loss carryforwards 284,050 220,890 Tax credits 9,834 5,748 Employee compensation and benefits 9,478 10,322 Other, net 49,035 14,456 Total deferred tax assets 358,261 254,582 Valuation allowance (227,475 ) (193,442 ) Net deferred tax assets $ 130,786 $ 61,140 Deferred tax liabilities: Property, plant and equipment, net $ (66,337 ) $ (33,050 ) Intangibles (35,890 ) (38,761 ) Undistributed earnings (17,504 ) (12,477 ) Other, net (22,488 ) (6,530 ) Total deferred tax liabilities (142,219 ) (90,818 ) Net deferred tax liabilities $ (11,433 ) $ (29,678 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits, included in Other noncurrent liabilities in the accompanying Consolidated Balance Sheet, excluding potential interest and penalties associated with uncertain tax positions, is as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Unrecognized tax benefits at beginning of period $ 16,392 $ 12,794 $ 12,892 Gross increases for tax positions of prior years — — — Gross decreases for tax positions of prior years (2,658 ) (260 ) (127 ) Increases in tax positions for the current year 1,585 1,753 2,085 Lapse of statute of limitations (1,461 ) (1,873 ) (1,810 ) Purchase accounting adjustment — 4,705 — Currency translation (888 ) (727 ) (246 ) Unrecognized tax benefits at end of period $ 12,970 $ 16,392 $ 12,794 |
Redeemable Noncontrolling Int50
Redeemable Noncontrolling Interest (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Abstract] | ||
Redeemable Noncontrolling Interest | A reconciliation of the redeemable noncontrolling interest is as follows: In thousands 2015 December 31, 2014 $ 89,181 Comprehensive income (loss) attributable to redeemable noncontrolling interest (9,813 ) Periodic adjustment to redemption value, net of currency adjustment (2,784 ) March 31, 2015 $ 76,584 | A reconciliation of the redeemable noncontrolling interest since the Providência Acquisition Date is as follows: In thousands 2014 Beginning Balance $ 80,792 Comprehensive income (loss) attributable to redeemable noncontrolling interest (13,020 ) Periodic adjustment to redemption value, net of currency adjustment 21,409 Ending Balance $ 89,181 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in Accumulated other comprehensive income (loss) by component are as follows: In thousands Pension and Postretirement Benefit Plans Cumulative Translation Adjustments Total December 31, 2014 $ (30,959 ) $ (28,205 ) $ (59,164 ) Other comprehensive income (loss) before reclassifications (90 ) (28,678 ) (28,768 ) Amounts reclassified out of accumulated comprehensive income (loss) 90 — 90 Net current period other comprehensive income (loss) — (28,678 ) (28,678 ) March 31, 2015 $ (30,959 ) $ (56,883 ) $ (87,842 ) | Accumulated Other Comprehensive Income (Loss) The changes in Accumulated other comprehensive income (loss) by component are as follows: In thousands Pension and Postretirement Benefit Plans Cumulative Translation Adjustments Total Balance - December 29, 2012 $ (13,766 ) $ (1,003 ) $ (14,769 ) Other comprehensive income (loss) before reclassifications (2,519 ) 8,709 6,190 Amounts reclassified out of accumulated comprehensive income (loss) 473 — 473 Net current period other comprehensive income (loss) (2,046 ) 8,709 6,663 Balance - December 28, 2013 (15,812 ) 7,706 (8,106 ) Other comprehensive income (loss) before reclassifications (15,201 ) (35,911 ) (51,112 ) Amounts reclassified out of accumulated comprehensive income (loss) 54 — 54 Net current period other comprehensive income (loss) (15,147 ) (35,911 ) (51,058 ) Balance - December 31, 2014 $ (30,959 ) $ (28,205 ) $ (59,164 ) |
Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified out of Accumulated other comprehensive income (loss) is as follows: In thousands Three Months Three Months Pension and other postretirement benefit plans: Net amortization of actuarial gains (losses) $ 91 $ 1 Curtailment / settlement gain (loss) — — Total reclassifications, before tax 91 1 Income tax (provision) benefit (1 ) (1 ) Total reclassifications, net of tax $ 90 $ — |
Special Charges, Net (Tables)
Special Charges, Net (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Special Charges, Net [Abstract] | ||
Summary of special charges | A summary for each respective period is as follows: In thousands Three Months Three Months Restructuring and plant realignment costs $ 1,008 $ 2,912 Acquisition and integration - Providência 1,093 2,431 Acquisition and integration - Fiberweb 1,816 3,034 Other charges 2,105 334 Total restructuring and plant realignment costs $ 6,022 $ 8,711 A summary of special charges by reportable segment is as follows: In thousands Restructuring and Plant Realignment Costs Acquisition and Integration Costs Other Special Charges Total Special Charges, Net For the three months ended March 31, 2015 North America $ 248 $ 490 $ 71 $ 809 South America (15 ) 227 — 212 Europe 783 225 (5 ) 1,003 Asia — — 1,193 1,193 Corporate (8 ) 1,967 846 2,805 Total $ 1,008 $ 2,909 $ 2,105 $ 6,022 For the three months ended March 29, 2014 North America $ 203 $ 500 $ 173 $ 876 South America 57 9 — 66 Europe 2,628 605 1 3,234 Asia 6 — 100 106 Corporate 18 4,351 60 4,429 Total $ 2,912 $ 5,465 $ 334 $ 8,711 | These amounts are included in Special charges, net in the Consolidated Statement of Operations. A summary of special charges for each respective period is as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Restructuring and plant realignment costs $ 9,713 $ 8,633 $ 15,074 Acquisition - Blackstone — 37 452 Acquisition and integration - Providência 24,435 — — Acquisition and integration - Fiberweb 14,643 18,306 — Colombia flood — — 57 Goodwill impairment 6,851 — — Asset impairment — 2,259 — Other charges 3,543 3,953 4,009 Total $ 59,185 $ 33,188 $ 19,592 |
Summary of components of accrued liability with respect to Company's business restructuring activities | Amounts accrued for Restructuring and Plant Realignment costs are included in Accounts payable and accrued liabilities in the Consolidated Balance Sheets. Changes in the Company's reserves for the respective periods presented are as follows: In thousands North America South America Europe Asia Corporate Total December 31, 2014 $ 598 $ 1,145 $ 1,718 $ 39 $ 180 $ 3,680 Additions 248 (15 ) 783 — (8 ) 1,008 Acquisitions — — — — — — Cash payments (458 ) (277 ) (1,146 ) (50 ) (131 ) (2,062 ) Adjustments 4 (59 ) (172 ) 11 1 $ (215 ) March 31, 2015 $ 392 $ 794 $ 1,183 $ — $ 42 $ 2,411 | Changes in the Company's reserves for the respective periods presented are as follows: In thousands North America South America Europe Asia Corporate Total December 29, 2012 $ 920 $ 848 $ 1,431 $ 639 $ 2,440 $ 6,278 Additions 1,700 922 4,238 1 1,772 8,633 Acquisitions 92 — 1,789 129 — 2,010 Cash payments (1,647 ) (868 ) (2,980 ) (505 ) (2,343 ) (8,343 ) Translation and other — (127 ) 9 — — (118 ) December 28, 2013 1,065 775 4,487 264 1,869 8,460 Additions 1,324 842 7,472 (64 ) 139 9,713 Acquisitions — — — — — — Cash payments (2,304 ) (164 ) (8,807 ) (99 ) (1,828 ) (13,202 ) Translation and other 513 (308 ) (1,434 ) (62 ) — (1,291 ) December 31, 2014 $ 598 $ 1,145 $ 1,718 $ 39 $ 180 $ 3,680 |
Other Operating, Net (Tables)
Other Operating, Net (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense | Amounts associated with these components for the respective periods are as follows: In thousands Three Months Three Months Foreign currency gains (losses) $ 936 $ (1,926 ) Other operating income (expense) 487 857 Total $ 1,423 $ (1,069 ) |
Foreign Currency and Other, N54
Foreign Currency and Other, Net (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Foreign Currency [Abstract] | |
Schedule of Intercompany Foreign Currency Balances [Table Text Block] | Amounts associated with these components for the respective periods are as follows: In thousands Three Months Three Months Foreign currency gains (losses) $ (41,905 ) $ (5,400 ) Other non-operating income (expense) (2,018 ) 10,359 Total $ (43,923 ) $ 4,959 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rental payments required under non-affiliate operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2014 are presented in the following table: In thousands Gross Minimum Rental Payments 2015 $ 15,352 2016 14,093 2017 13,345 2018 11,495 2019 3,912 Thereafter 20,267 Total $ 78,464 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | ||
Financial data by segment | Financial data by reportable segment is as follows: In thousands Three Months Three Months Net sales: North America $ 208,322 $ 193,298 South America 93,086 38,150 Europe 112,389 143,621 Asia 47,441 47,515 Total $ 461,238 $ 422,584 Operating income (loss): North America $ 29,197 $ 17,783 South America 13,674 2,986 Europe 9,755 6,232 Asia 5,283 4,152 Unallocated Corporate (16,417 ) (13,254 ) Eliminations 360 (37 ) Subtotal 41,852 17,862 Special charges, net (6,022 ) (8,711 ) Total $ 35,830 $ 9,151 Depreciation and amortization expense: North America $ 12,677 $ 9,828 South America 5,845 1,953 Europe 4,000 5,887 Asia 5,521 5,572 Unallocated Corporate 558 340 Subtotal 28,601 23,580 Amortization of loan acquisition costs 1,654 1,026 Total $ 30,255 $ 24,606 Capital spending: North America $ 3,447 $ 6,051 South America 802 2,208 Europe 3,107 2,509 Asia 3,468 2,600 Corporate 186 747 Total $ 11,010 $ 14,115 Net sales by key application is as follows: In thousands Three Months Three Months Personal Care $ 235,229 $ 194,470 Infection Prevention 79,856 80,439 High Performance Solutions 146,153 147,675 Total $ 461,238 $ 422,584 | Financial data by operating segment is as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Net sales North America $ 828,633 $ 572,095 $ 542,788 South America 306,164 153,770 161,509 Europe 530,440 316,400 294,120 Asia 194,677 172,597 156,746 Total $ 1,859,914 $ 1,214,862 $ 1,155,163 Operating income (loss) North America $ 87,159 $ 51,485 $ 49,988 South America 6,791 7,681 18,047 Europe 21,484 8,571 11,102 Asia 17,352 17,809 18,130 Unallocated Corporate (54,954 ) (45,059 ) (40,586 ) Eliminations (449 ) (131 ) 76 Subtotal 77,383 40,356 56,757 Special charges, net (59,185 ) (33,188 ) (19,592 ) Total $ 18,198 $ 7,168 $ 37,165 Depreciation and amortization expense North America $ 48,173 $ 27,614 $ 28,072 South America 18,652 8,458 9,204 Europe 22,061 13,695 11,267 Asia 22,009 19,954 13,780 Unallocated Corporate 1,662 1,776 1,718 Subtotal 112,557 71,497 64,041 Amortization of loan acquisition costs 5,698 4,796 2,665 Total $ 118,255 $ 76,293 $ 66,706 Capital spending North America $ 35,351 $ 11,754 $ 4,909 South America 10,819 3,991 611 Europe 15,812 6,419 8,802 Asia 16,511 31,122 36,626 Corporate 3,964 1,356 677 Total $ 82,457 $ 54,642 $ 51,625 |
Division Assets | In thousands March 31, December 31, Division assets: North America $ 825,545 $ 819,133 South America 463,527 536,140 Europe 266,879 304,879 Asia 263,865 261,172 Corporate 81,945 113,849 Total $ 1,901,761 $ 2,035,173 | In thousands December 31, December 28, Division assets North America $ 819,133 $ 644,913 South America 536,140 135,373 Europe 304,879 351,591 Asia 261,172 265,729 Corporate 113,849 66,914 Total $ 2,035,173 $ 1,464,520 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Geographic data for the Company's operations, based on the geographic region that the sale is made from, are presented as follows: In thousands Fiscal Year Fiscal Year Fiscal Year Net sales United States $ 619,162 $ 380,836 $ 357,193 Mexico 138,041 130,451 128,284 Canada 71,430 60,808 57,312 Europe 530,440 316,400 294,120 Asia 194,676 172,597 156,746 South America 306,165 153,770 161,508 Total $ 1,859,914 $ 1,214,862 $ 1,155,163 In thousands December 31, December 28, Property, plant and equipment, net United States $ 286,204 $ 209,861 Mexico 51,295 56,229 Canada 4,088 5,026 Europe 136,993 155,383 Asia 146,240 158,006 South America 245,410 68,275 Total $ 870,230 $ 652,780 |
Selected Quarterly Financial 57
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The unaudited quarterly financial data for the fiscal years ended December 31, 2014 and December 28, 2013 are presented below. All quarters included below were comprised of 13 weeks except for the fourth quarter ended December 31, 2014 which contained 14 weeks. The additional week was a result of a change in the Company's fiscal year-end to a calendar year ending on December 31 from a 52 week period ending on the Saturday closest to each December 31. Refer to Note 2, "Basis of Presentation" for further information on the change in the Company's fiscal year-end. Quarterly data for fiscal 2014: In thousands Fourth Quarter Ended December 31, 2014 Third Quarter Ended September 27, 2014 Second Quarter First Quarter Operating Data: Net sales $ 499,419 $ 498,013 $ 439,898 $ 422,584 Gross profit 91,965 80,492 86,586 74,465 Net income (loss) (30,652 ) (57,151 ) (21,941 ) (9,496 ) Net income (loss) attributable to AVINTIV Specialty Materials Inc. (30,925 ) (55,228 ) (19,664 ) (9,480 ) Quarterly data for fiscal 2013: In thousands Fourth Quarter Ended December 28, 2013 Third Quarter Ended September 28, 2013 Second Quarter First Quarter Operating Data: Net sales $ 347,263 $ 288,979 $ 291,538 $ 287,082 Gross profit 51,600 48,200 50,390 45,866 Net income (loss) (2,567 ) (8,267 ) (7,906 ) (6,227 ) Net income (loss) attributable to AVINTIV Specialty Materials Inc. (2,533 ) (8,267 ) (7,906 ) (6,227 ) |
Financial Guarantees and Cond58
Financial Guarantees and Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of March 31, 2015 In thousands AVINTIV (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 — 31,424 — 38,569 Total current liabilities 48,277 56,659 262,060 (2,159 ) 364,837 Long-term debt 1,408,345 — 2,851 — 1,411,196 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 ) — AVINTIV Specialty Materials Inc. shareholders’ equity (89,745 ) 917,984 110,993 (1,028,977 ) (89,745 ) Noncontrolling interest — — 590 — 590 Total (deficit) 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 AVINTIV (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 ) — AVINTIV Specialty Materials 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 Balance Sheets As of December 31, 2014 In thousands AVINTIV (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’ (deficit) equity (24,355 ) 954,646 150,414 (1,105,060 ) (24,355 ) Noncontrolling interests — — 554 — 554 Total shareholders' (deficit) 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 AVINTIV (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’ (deficit) equity 158,896 1,026,550 222,241 (1,248,791 ) 158,896 Noncontrolling interests — — 843 — 843 Total shareholders' (deficit) 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 Statement of Comprehensive Income (Loss) For the Three Months Ended March 31, 2015 In thousands AVINTIV (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 AVINTIV Specialty Materials Inc. $ (39,958 ) $ (8,334 ) $ (23,222 ) $ 31,556 $ (39,958 ) Comprehensive income (loss) attributable to AVINTIV Specialty Materials 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 AVINTIV (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 AVINTIV Specialty Materials Inc. $ (9,480 ) $ 8,227 $ (8,104 ) $ (123 ) $ (9,480 ) Comprehensive income (loss) attributable to AVINTIV Specialty Materials Inc. $ (7,793 ) $ 9,725 $ (6,060 ) $ (3,665 ) $ (7,793 ) | Condensed Consolidating Statements of Operations For the Fiscal Year Ended December 31, 2014 In thousands AVINTIV (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 AVINTIV Specialty Materials 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 AVINTIV (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 AVINTIV Specialty Materials 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 AVINTIV (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 Statement of Cash Flows For the Three Months Ended March 31, 2015 In thousands AVINTIV (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 AVINTIV (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 | Condensed Consolidating Statements of Cash Flows For the Fiscal Year Ended December 31, 2014 In thousands AVINTIV (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 AVINTIV (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 AVINTIV (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 |
Description of Business Narrati
Description of Business Narrative (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015business_segmentCountrymanufacturing_and_converting_facility | Dec. 31, 2014business_segmentCountrymanufacturing_and_converting_facility | |
Accounting Policies [Abstract] | ||
Number of manufacturing and converting facilities | 22 | 22 |
Number of countries in which entity operates | Country | 14 | 14 |
Number of business segments | business_segment | 4 | 4 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended |
Jan. 28, 2011 | Dec. 31, 2011 | Dec. 31, 2014 | |
Basis of Presentation [Line Items] | |||
Aggregrate purchase price of company | $ 403.5 | ||
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Predecessor | |||
Basis of Presentation [Line Items] | |||
Number of weeks in fiscal period | |||
Parent Company | |||
Basis of Presentation [Line Items] | |||
Aggregrate purchase price of company | $ 403.5 |
Useful Lives (Details)
Useful Lives (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jan. 28, 2011 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 29, 2012 | Dec. 28, 2013 | |
Property, Plant and Equipment [Line Items] | |||||
Allowance for doubtful accounts eceivable | $ 2.9 | $ 0.8 | |||
Selling, general and administrative expenses | |||||
Property, Plant and Equipment [Line Items] | |||||
Shipping and handling costs | $ 38.5 | 66.6 | $ 33.8 | ||
Successor | Selling, general and administrative expenses | |||||
Property, Plant and Equipment [Line Items] | |||||
Research and development expense | $ 11.8 | $ 18.1 | |||
Predecessor | Selling, general and administrative expenses | |||||
Property, Plant and Equipment [Line Items] | |||||
Research and development expense | $ 12.5 | ||||
Technology | |||||
Property, Plant and Equipment [Line Items] | |||||
Finite-lived intangible asset useful life | 13 years | ||||
Customer relationships | |||||
Property, Plant and Equipment [Line Items] | |||||
Finite-lived intangible asset useful life | 16 years | ||||
Patents | |||||
Property, Plant and Equipment [Line Items] | |||||
Finite-lived intangible asset useful life | 6 years | ||||
Building and improvements | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment useful life | 5 years | ||||
Building and improvements | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment useful life | 31 years | ||||
Machinery and equipment | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment useful life | 2 years | ||||
Machinery and equipment | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment useful life | 15 years | ||||
Other | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment useful life | 2 years | ||||
Other | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment useful life | 15 years |
Acquisitions Narrative (Details
Acquisitions Narrative (Details) - Scenario, Unspecified [Domain] | Apr. 17, 2015USD ($) | Jun. 11, 2014USD ($)site | Dec. 18, 2013USD ($) | Nov. 15, 2013USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 28, 2013USD ($) | Sep. 28, 2013USD ($) | Jun. 29, 2013USD ($) | Mar. 30, 2013USD ($) | Jun. 28, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 28, 2013USD ($) | Dec. 29, 2012USD ($) | Nov. 27, 2013USD ($) | Sep. 17, 2013£ / shares | Jan. 28, 2011USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||||||
Proceeds from bridge loan | $ 18,974,000 | $ 7,606,000 | $ 7,606,000 | $ 32,091,000 | $ 4,087,000 | $ 5,725,000 | ||||||||||||||
Proceeds from Blackstone | $ 30,700,000 | |||||||||||||||||||
Aggregrate purchase price of company | $ 403,500,000 | |||||||||||||||||||
Long-term Debt | 1,475,507,000 | $ 1,482,840,000 | $ 896,668,000 | 1,482,840,000 | 896,668,000 | |||||||||||||||
Deferred Portion of Purchase Price | 35,998,000 | 42,440,000 | 0 | 42,440,000 | 0 | |||||||||||||||
Accretion Rate on Deferred Purchase Price | 9.50% | |||||||||||||||||||
Goodwill acquired through merger | 86,400,000 | |||||||||||||||||||
Sales Revenue, Goods, Net | 461,238,000 | 499,419,000 | $ 498,013,000 | $ 439,898,000 | 422,584,000 | 347,263,000 | $ 288,979,000 | $ 291,538,000 | $ 287,082,000 | 1,859,914,000 | 1,214,862,000 | 1,155,163,000 | ||||||||
Gross profit | 105,418,000 | 91,965,000 | $ 80,492,000 | $ 86,586,000 | 74,465,000 | 51,600,000 | $ 48,200,000 | $ 50,390,000 | $ 45,866,000 | 333,508,000 | 196,056,000 | $ 197,246,000 | ||||||||
Companhia Providencia Industria e Comercio [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Sales Revenue, Goods, Net | 73,600,000 | |||||||||||||||||||
Gross profit | 13,400,000 | |||||||||||||||||||
Parent Company | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Tangible asset impairment charges | 24,500,000 | |||||||||||||||||||
Aggregrate purchase price of company | 403,500,000 | |||||||||||||||||||
Increase in carrying value of inventory | $ 9,700,000 | |||||||||||||||||||
Acquired intangible assets | $ 85,996,000 | 72,000,000 | ||||||||||||||||||
Customer Relationships [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||||||||||||||||||
Trade names | Parent Company | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Acquired intangible assets | $ 11,412,000 | |||||||||||||||||||
Finite-Lived Intangible Assets | Parent Company | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Acquired intangible assets | 48,492,000 | |||||||||||||||||||
Dounor SAS [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Purchase price | $ 55,000,000 | |||||||||||||||||||
Companhia Providencia Industria e Comercio [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Tangible asset impairment charges | $ 16,900,000 | |||||||||||||||||||
Interest acquired | 71.25% | |||||||||||||||||||
Number of Business Locations | site | 3 | |||||||||||||||||||
Purchase price | $ 424,832,000 | |||||||||||||||||||
Deferred Portion of Purchase Price | 47,931,000 | 36,000,000 | 42,400,000 | 42,400,000 | ||||||||||||||||
Merger Agreement, Acquisition Related Costs, Capitalized Loan Acquisition Costs | 10,600,000 | |||||||||||||||||||
Merger Agreement, Acquisition Related Costs, Loan Acquisition, Expensed Loan Acquisition Costs | 10,700,000 | |||||||||||||||||||
Increase in carrying value of inventory | $ 4,500,000 | |||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 28.75% | |||||||||||||||||||
Companhia Providencia Industria e Comercio [Member] | Customer Relationships [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Finite-lived intangibles | $ 19,000,000 | |||||||||||||||||||
Fiberweb | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Interest acquired | 100.00% | |||||||||||||||||||
Share price (in pounds per share) | £ / shares | £ 1.02 | |||||||||||||||||||
Purchase price | 287,800,000 | |||||||||||||||||||
Indefinite-lived intangibles | 11,400,000 | |||||||||||||||||||
Revenue since acquisition | 194,300,000 | |||||||||||||||||||
Loss since acquisition | 3,400,000 | |||||||||||||||||||
Fiberweb | Customer Relationships [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Finite-lived intangibles | $ 42,757,000 | |||||||||||||||||||
Senior Notes | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Long-term Debt | $ 210,000,000 | |||||||||||||||||||
Debt Instrument, Interest Rate at Period End | 6.875% | |||||||||||||||||||
Senior Secured Credit Agreement | Line of Credit | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Proceeds from credit agreement | 295,000,000 | |||||||||||||||||||
7.75% Senior secured notes | Senior Notes | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Long-term Debt | 504,000,000 | $ 504,000,000 | $ 560,000,000 | $ 504,000,000 | $ 560,000,000 | 560,000,000 | ||||||||||||||
Debt Instrument, Interest Rate at Period End | 7.75% | 7.75% | ||||||||||||||||||
Trade names | Parent Company | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Acquired intangible assets | $ 23,500,000 | |||||||||||||||||||
Bridge Loan | Senior Secured Bridge Credit Agreement | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 268,000,000 | |||||||||||||||||||
Bridge Loan | Senior Unsecured Bridge Credit Agreement | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |||||||||||||||||||
North America [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Sales Revenue, Goods, Net | $ 208,322,000 | $ 193,298,000 | ||||||||||||||||||
North America [Member] | Companhia Providencia Industria e Comercio [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Number of Business Locations | site | 1 |
Merger Agreement Recognized Ide
Merger Agreement Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 11, 2014 | Jun. 11, 2014 | Nov. 15, 2013 |
Companhia Providencia Industria e Comercio [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Cost of Acquired Entity, Cash Paid to Stockholders | $ 188,117 | $ 188,117 | |
Scenario, Adjustment [Member] | Companhia Providencia Industria e Comercio [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 1,077 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Assets | 1,130 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | (94,694) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Goodwill | 27,312 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 14,230 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Total Assets | (52,022) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current Liabilities | 2,742 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Taxes | (42,808) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Redeemable Noncontrolling Interest | (12,198) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Total Liabilities | (40,066) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Assets Acquired | 242 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Receivable | (4,047) | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Current Assets | 4,100 | ||
Scenario, Actual [Member] | Companhia Providencia Industria e Comercio [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 20,621 | 20,621 | |
Accounts receivable | 52,929 | 52,929 | |
Inventory | 34,077 | 34,077 | |
Other current assets | 31,848 | 31,848 | |
Total current assets | 139,475 | 139,475 | |
Property, plant and equipment | 305,306 | 305,306 | |
Goodwill | 133,647 | 133,647 | |
Intangible assets | 19,000 | 19,000 | |
Other noncurrent assets | 12,288 | 12,288 | |
Total assets acquired | 609,716 | 609,716 | |
Current liabilities | 31,605 | 31,605 | |
Merger Agreement, Recognized Identifiable Assets Acquired and Liabilities Assumed, Long-term Debt, Noncurrent | 74,930 | 74,930 | |
Deferred income taxes | (4,435) | (4,435) | |
Other noncurrent liabilities | 1,992 | 1,992 | |
Total liabilities assumed | 104,092 | 104,092 | |
Merger Agreement, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncontrolling Interest | 80,792 | 80,792 | |
Net assets acquired | 424,832 | 424,832 | |
Scenario, Actual [Member] | Fiberweb [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 8,792 | ||
Accounts receivable | 49,967 | ||
Inventory | 71,081 | ||
Other current assets | 29,889 | ||
Total current assets | 159,729 | ||
Property, plant and equipment | 187,529 | ||
Goodwill | 33,699 | ||
Intangible assets | 85,996 | ||
Other noncurrent assets | 1,403 | ||
Total assets acquired | 468,356 | ||
Current liabilities | 84,255 | ||
Total debt | 20,300 | ||
Merger Agreement, Recognized Identifiable Assets Acquired and Liabilities Assumed, Long-term Debt, Noncurrent | 19,391 | ||
Deferred income taxes | 45,974 | ||
Other noncurrent liabilities | 9,825 | ||
Total liabilities assumed | 180,594 | ||
Merger Agreement, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncontrolling Interest | 849 | ||
Net assets acquired | $ 287,762 | ||
Scenario, Previously Reported [Member] | Companhia Providencia Industria e Comercio [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 20,621 | 20,621 | |
Accounts receivable | 56,976 | 56,976 | |
Inventory | 33,000 | 33,000 | |
Other current assets | 27,748 | 27,748 | |
Total current assets | 138,345 | 138,345 | |
Property, plant and equipment | 400,000 | 400,000 | |
Goodwill | 106,335 | 106,335 | |
Intangible assets | 4,770 | 4,770 | |
Other noncurrent assets | 12,288 | 12,288 | |
Total assets acquired | 661,738 | 661,738 | |
Current liabilities | 28,863 | 28,863 | |
Merger Agreement, Recognized Identifiable Assets Acquired and Liabilities Assumed, Long-term Debt, Noncurrent | 74,930 | 74,930 | |
Deferred income taxes | 38,373 | 38,373 | |
Other noncurrent liabilities | 1,992 | 1,992 | |
Total liabilities assumed | 144,158 | 144,158 | |
Merger Agreement, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncontrolling Interest | 92,990 | 92,990 | |
Net assets acquired | $ 424,590 | $ 424,590 |
Acquired Intangible Asset Estim
Acquired Intangible Asset Estimated Fair Value (Details) - USD ($) $ in Thousands | Nov. 15, 2013 | Jan. 28, 2011 |
Technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 15 years | |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 20 years | |
Parent Company | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 85,996 | $ 72,000 |
Parent Company | Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 11,412 | |
Maximum | Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 1 year |
Merger Related Costs Schedule (
Merger Related Costs Schedule (Details) - USD ($) $ in Thousands | Jun. 11, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 28, 2013 |
Business Acquisition [Line Items] | ||||
Deferred Portion of Purchase Price | $ 42,440 | $ 35,998 | $ 0 | |
Parent Company | ||||
Business Acquisition [Line Items] | ||||
Loan acquisition costs | 16,102 | |||
Transaction expenses | 15,783 | |||
Total | 31,885 | |||
Companhia Providencia Industria e Comercio [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid to Stockholders | $ 188,117 | |||
Loan acquisition costs | 21,297 | |||
Transaction expenses | 18,552 | |||
Total | 39,849 | |||
Business Acquisition, Cost of Acquired Entity, Cash Paid into Escrow | 8,252 | |||
Deferred Portion of Purchase Price | 47,931 | $ 42,400 | $ 36,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 180,532 | |||
Business Combination, Consideration Transferred | $ 424,832 |
Pro Forma Information (Details)
Pro Forma Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 28, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | |
Companhia Providencia Industria e Comercio [Member] | |||
Business Acquisition [Line Items] | |||
Net sales | $ 512,105 | ||
Net income (loss) | $ (19,755) | ||
Fiberweb | |||
Business Acquisition [Line Items] | |||
Net sales | $ 2,005,678 | $ 1,966,103 | |
Net income (loss) | $ (132,977) | $ (78,847) |
Accounts Receivable Factoring67
Accounts Receivable Factoring Agreements Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Concentration of Credit Risks and Accounts Receivable Factoring Agreements (Additional Textual) [Abstract] | |||||
Factoring agreement maximum outstanding amount | $ 20 | $ 20 | |||
Foreign Subsidiary Factoring agreement maximum outstanding amount | 78 | 84.4 | |||
Sale of receivable under factoring agreement | 174.6 | $ 131.7 | 657.8 | $ 414 | |
Factoring fees | $ 0.4 | $ 0.4 | $ 1.6 | $ 1.2 | $ 1.1 |
Accounts Receivable Factoring68
Accounts Receivable Factoring Agreements Schedule (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 28, 2013 |
Receivables [Abstract] | |||
Trade receivables sold to financial institutions | $ 81,810 | $ 92,528 | $ 71,542 |
Net amounts advanced from financial institutions | 71,065 | 78,900 | 63,667 |
Amounts due from financial institutions | $ 10,745 | $ 13,628 | $ 7,875 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 28, 2013 |
Inventories | |||
Raw materials and supplies | $ 55,251 | $ 58,951 | $ 55,544 |
Work in process | 19,194 | 19,151 | 19,102 |
Finished goods | 82,571 | 95,599 | 81,428 |
Total | $ 157,016 | $ 173,701 | $ 156,074 |
Inventories, Net Narrative (Det
Inventories, Net Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 11, 2014 | Dec. 28, 2013 | Nov. 15, 2013 |
Business Acquisition [Line Items] | |||||
Obsolete and slow-moving inventories, net of reserves | $ 9.3 | $ 7.8 | $ 3.3 | ||
Parent Company | |||||
Business Acquisition [Line Items] | |||||
Increase in carrying value of inventory | $ 9.7 | ||||
Companhia Providencia Industria e Comercio [Member] | |||||
Business Acquisition [Line Items] | |||||
Increase in carrying value of inventory | $ 4.5 |
Property, Plant and Equipment71
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Subtotal | $ 1,100,911 | $ 827,939 | ||
Less: Accumulated depreciation | (230,681) | (175,159) | $ (241,524) | |
Total | 870,230 | 652,780 | $ 807,244 | |
Depreciation | 101,800 | 64,400 | $ 58,100 | |
Land | ||||
Property, Plant and Equipment [Line Items] | ||||
Subtotal | 54,919 | 50,780 | ||
Buildings and land improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Subtotal | 240,515 | 179,821 | ||
Machinery, equipment and other | ||||
Property, Plant and Equipment [Line Items] | ||||
Subtotal | 755,590 | 569,157 | ||
Construction in progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Subtotal | $ 49,887 | $ 28,181 |
Goodwill Rollforward (Details)
Goodwill Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 29, 2012 | Dec. 31, 2014 | Dec. 28, 2013 | |
Goodwill [Roll Forward] | |||
Beginning Balance | $ 115,328 | $ 80,608 | |
Acquisition of PGI | 86,400 | ||
Acquisitions | 133,647 | 33,699 | |
Impairment | $ 7,600 | (6,851) | 0 |
Translation | (21,570) | 1,021 | |
Ending Balance | 80,608 | 220,554 | 115,328 |
North America | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 73,609 | 39,129 | |
Acquisitions | 5,688 | 33,699 | |
Impairment | 0 | 0 | |
Translation | (781) | 781 | |
Ending Balance | 39,129 | 78,516 | 73,609 |
South America [Member] | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 6,851 | 6,851 | |
Acquisitions | 127,959 | 0 | |
Impairment | (6,851) | 0 | |
Translation | (20,597) | 0 | |
Ending Balance | 6,851 | 107,362 | 6,851 |
Europe | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 0 | 0 | |
Acquisitions | 0 | 0 | |
Impairment | 0 | 0 | |
Translation | 0 | 0 | |
Ending Balance | 0 | 0 | 0 |
Asia | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 34,868 | 34,628 | |
Acquisitions | 0 | 0 | |
Impairment | 0 | 0 | |
Translation | (192) | 240 | |
Ending Balance | $ 34,628 | $ 34,676 | $ 34,868 |
Goodwill Goodwill Narrative (De
Goodwill Goodwill Narrative (Details) - Segments [Domain] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2012 | Dec. 31, 2014 | Dec. 28, 2013 | Mar. 31, 2015 | Jun. 11, 2014 | |
Goodwill [Line Items] | |||||
Goodwill | $ 80,608 | $ 220,554 | $ 115,328 | $ 201,347 | |
Goodwill acquired through merger | 86,400 | ||||
Impairment | $ 7,600 | (6,851) | 0 | ||
Acquisitions | 133,647 | 33,699 | |||
Long-term Debt | 1,482,840 | $ 896,668 | $ 1,475,507 | ||
Fiberweb [Member] | |||||
Goodwill [Line Items] | |||||
Acquisitions | 33,699 | ||||
Companhia Providencia Industria e Comercio [Member] | |||||
Goodwill [Line Items] | |||||
Acquisitions | 133,647 | ||||
Companhia Providencia Industria e Comercio [Member] | |||||
Goodwill [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 71.25% | ||||
Senior Notes [Member] | |||||
Goodwill [Line Items] | |||||
Long-term Debt | $ 210,000 | ||||
Debt Instrument, Interest Rate at Period End | 6.875% | ||||
Argentina Subsidiary [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, Fair Value Disclosure | 0 | ||||
Restructuring Costs and Asset Impairment Charges | $ 6,900 |
Schedule of Finite and Indefini
Schedule of Finite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 28, 2013 |
Goodwill [Line Items] | |||
Accumulated amortization | $ (48,004) | $ (43,685) | $ (26,291) |
Intangible Assets, Net (Excluding Goodwill) | 171,976 | 178,911 | 169,399 |
Intangible Assets, Gross (Excluding Goodwill) | 219,980 | 222,596 | 195,690 |
Trade names | |||
Goodwill [Line Items] | |||
Tradenames (indefinite-lived) | 34,912 | 34,912 | 34,912 |
Technology | |||
Goodwill [Line Items] | |||
Total gross finite-lived intangible assets | 63,726 | 63,726 | 63,705 |
Accumulated amortization | (16,230) | (14,902) | (9,359) |
Intangible Assets, Net (Excluding Goodwill) | 47,496 | 48,824 | 54,346 |
Customer relationships | |||
Goodwill [Line Items] | |||
Total gross finite-lived intangible assets | 73,511 | 76,242 | 60,078 |
Accumulated amortization | (13,844) | (12,735) | (8,404) |
Intangible Assets, Net (Excluding Goodwill) | 59,667 | 63,507 | 51,674 |
Loan acquisition costs | |||
Goodwill [Line Items] | |||
Total gross finite-lived intangible assets | 40,612 | 40,612 | 30,067 |
Accumulated amortization | (16,101) | (14,447) | (7,817) |
Intangible Assets, Net (Excluding Goodwill) | 24,511 | 26,165 | 22,250 |
Patents | |||
Goodwill [Line Items] | |||
Total gross finite-lived intangible assets | 7,219 | 7,104 | 6,928 |
Accumulated amortization | (1,829) | (1,601) | (711) |
Intangible Assets, Net (Excluding Goodwill) | $ 5,390 | $ 5,503 | $ 6,217 |
Intangible Assets Narrative (De
Intangible Assets Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Nov. 15, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, net | $ 171,976 | $ 178,911 | $ 169,399 | |||
Intangible assets | 2,764 | $ 3,102 | 10,801 | 7,095 | $ 5,906 | |
Loan acquisition costs | 1,654 | 1,026 | 5,698 | 4,796 | 2,665 | |
Total | 4,418 | $ 4,128 | 16,499 | 11,891 | $ 8,571 | |
Amortization in next twelve months | 15,000 | 15,000 | ||||
Amortization in year two | 16,000 | 16,000 | ||||
Amortization of year three | 16,000 | 16,000 | ||||
Amortization of year four | 16,000 | 16,000 | ||||
Amortization of year five | 16,000 | 16,000 | ||||
Customer relationships | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, net | 59,667 | 63,507 | 51,674 | |||
Technology | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible assets, net | $ 47,496 | $ 48,824 | $ 54,346 | |||
Fiberweb | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Indefinite-lived intangibles | $ 11,400 | |||||
Fiberweb | Customer relationships | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangibles | 42,757 | |||||
Fiberweb | Technology | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangibles | $ 31,827 |
Accounts Payable and Accrued 76
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 28, 2013 |
Accounts payable and accrued liabilities | |||
Accounts payable to vendors | $ 177,592 | $ 209,527 | $ 209,031 |
Accrued salaries, wages, incentive compensation and other fringe benefits | 44,330 | 42,485 | 33,889 |
Accrued interest | 13,429 | 19,748 | 19,063 |
Other accrued expenses | 46,557 | 49,553 | 45,748 |
Total | $ 281,908 | $ 321,313 | $ 307,731 |
Schedule of Long-term Debt (Det
Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 11, 2014 | Dec. 28, 2013 | Mar. 01, 2013 | Sep. 01, 2011 | Jan. 28, 2011 |
Long-term debt | |||||||
Carrying amount of long-term debt | $ 1,475,507 | $ 1,482,840 | $ 896,668 | ||||
Capital lease obligations | 737 | 861 | 1,092 | ||||
Total long-term debt including current maturities | 1,449,765 | 1,465,175 | 894,196 | ||||
Short-term borrowings | (25,742) | (17,665) | (2,472) | ||||
Companhia Providencia Industria e Comercio [Member] | |||||||
Long-term debt | |||||||
Amount outstanding | $ 50,000 | ||||||
Long-term Pollution Control Bond | 0 | $ 9,100 | 0 | ||||
India subsidiary [Member] | |||||||
Long-term debt | |||||||
Carrying amount of long-term debt | 2,124 | 2,437 | 3,216 | ||||
Senior Notes | |||||||
Long-term debt | |||||||
Carrying amount of long-term debt | $ 210,000 | ||||||
Unsecured Debt [Member] | |||||||
Long-term debt | |||||||
Carrying amount of long-term debt | 210,000 | 210,000 | 0 | ||||
United States Dollar Loan | |||||||
Long-term debt | |||||||
Carrying amount of long-term debt | 701,328 | 703,029 | 293,545 | ||||
Brazil, Brazil Real | Companhia Providencia Industria e Comercio [Member] | |||||||
Long-term debt | |||||||
Amount outstanding | 15,231 | 18,871 | 0 | ||||
Argentinan Pesos Loan | Foreign Line of Credit | Argentina Subsidiary | |||||||
Long-term debt | |||||||
Amount outstanding | 1,700 | 2,047 | 3,082 | ||||
7.75% Senior secured notes | Senior Notes | |||||||
Long-term debt | |||||||
Carrying amount of long-term debt | 504,000 | 504,000 | 560,000 | $ 560,000 | |||
ABL Facility | Line of Credit | |||||||
Long-term debt | |||||||
Carrying amount of long-term debt | 0 | 0 | 0 | ||||
United States Dollar Loan | Companhia Providencia Industria e Comercio [Member] | |||||||
Long-term debt | |||||||
Amount outstanding | 0 | 0 | $ 52,400 | ||||
United States Dollar Loan | Foreign Line of Credit | Argentina Subsidiary | |||||||
Long-term debt | |||||||
Carrying amount of long-term debt | 4,177 | 5,010 | 8,341 | ||||
United States Dollar Loan | Foreign Line of Credit | Suzhou subsidiary - Hygiene | |||||||
Long-term debt | |||||||
Amount outstanding | $ 10,468 | $ 18,920 | $ 24,920 |
Debt Narrative (Details)
Debt Narrative (Details) ARS in Millions | Apr. 17, 2015USD ($) | Sep. 22, 2014USD ($) | Jul. 23, 2014USD ($) | Dec. 19, 2013USD ($) | Jun. 28, 2014USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 29, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 28, 2013USD ($) | Dec. 29, 2012USD ($) | Sep. 27, 2014 | Jun. 11, 2014USD ($) | Jun. 10, 2014USD ($) | Nov. 27, 2013USD ($) | Nov. 26, 2013USD ($) | Sep. 17, 2013 | Mar. 01, 2013USD ($) | Oct. 05, 2012USD ($) | Jul. 02, 2012USD ($) | Sep. 01, 2011USD ($) | Jan. 28, 2011USD ($) | Jan. 31, 2007USD ($) | Jan. 31, 2007ARS |
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Fair value of long-term debt | $ 1,461,400,000 | $ 1,463,900,000 | $ 1,463,900,000 | ||||||||||||||||||||||
Carrying amount of long-term debt | 1,475,507,000 | 1,482,840,000 | 1,482,840,000 | $ 896,668,000 | |||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 103.00% | ||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | $ (903,000) | $ (3,300,000) | $ 0 | $ 0 | (3,334,000) | $ 0 | |||||||||||||||||||
Stated interest rate | 15.25% | 0.00% | 0.00% | ||||||||||||||||||||||
Due in 2013 | $ 32,011,000 | $ 32,011,000 | |||||||||||||||||||||||
Due in 2014 | 29,801,000 | 29,801,000 | |||||||||||||||||||||||
Due in 2016 | 7,704,000 | 7,704,000 | |||||||||||||||||||||||
Short-term borrowings | $ 25,742,000 | $ 17,665,000 | $ 17,665,000 | 2,472,000 | |||||||||||||||||||||
Companhia Providencia Industria e Comercio [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate at period end | 8.00% | 8.00% | 8.00% | ||||||||||||||||||||||
Amount outstanding | $ 50,000,000 | ||||||||||||||||||||||||
Long-term Pollution Control Bond | $ 0 | $ 0 | 0 | $ 9,100,000 | |||||||||||||||||||||
Terram Geosynthetics Private Limited | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 3,200,000 | $ 3,100,000 | $ 3,100,000 | ||||||||||||||||||||||
Fiberweb | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest acquired | 100.00% | ||||||||||||||||||||||||
Fiberweb | Terram Geosynthetics Private Limited | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest acquired | 65.00% | 65.00% | 65.00% | ||||||||||||||||||||||
Liabilities assumed | $ 3,800,000 | $ 3,800,000 | |||||||||||||||||||||||
Letter of Credit | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Borrowings under the ABL Facility | $ 8,000,000 | $ 7,800,000 | 7,800,000 | 8,500,000 | |||||||||||||||||||||
Short Term Credit Facility | Argentina Subsidiary | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Amount outstanding | $ 4,300,000 | $ 5,200,000 | $ 5,200,000 | ||||||||||||||||||||||
Weighted average interest, long-term debt | 3.13% | 3.13% | 3.13% | ||||||||||||||||||||||
Short Term Credit Facility | Short-term Borrowings | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Short-term borrowings | $ 25,700,000 | $ 17,000,000 | $ 17,000,000 | $ 400,000 | |||||||||||||||||||||
CCB | Suzhou subsidiary - Hygiene [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Weighted average interest, long-term debt | 5.62% | 5.43% | 5.43% | 5.46% | |||||||||||||||||||||
Citibank, Morgan Stanley and Barclays | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Maximum increase in maximum borrowing capacity | $ 75,000,000 | ||||||||||||||||||||||||
Citibank, Morgan Stanley and Barclays | Revolving Credit Facility | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||||||||||||||||||
Maximum increase in maximum borrowing capacity | 80,000,000 | 20,000,000 | |||||||||||||||||||||||
Amount outstanding | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||
Borrowing base availability | 71,000,000 | 62,900,000 | 62,900,000 | ||||||||||||||||||||||
Net availability under the ABL Facility | 51,700,000 | 43,600,000 | 43,600,000 | ||||||||||||||||||||||
Citibank, Morgan Stanley and Barclays | Revolving Tranche | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | 42,500,000 | ||||||||||||||||||||||||
Maximum increase in maximum borrowing capacity | $ 30,000,000 | ||||||||||||||||||||||||
Citibank, Morgan Stanley and Barclays | First-In, Last Out Revolving Tranche | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 7,500,000 | ||||||||||||||||||||||||
Citibank, Morgan Stanley and Barclays | Standby Letters of Credit | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Amount outstanding | 19,300,000 | 19,300,000 | 19,300,000 | ||||||||||||||||||||||
United States Dollar Loan | Companhia Providencia Industria e Comercio [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | $ 2,400,000 | ||||||||||||||||||||||||
Interest rate at period end | 4.85% | ||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 45,200,000 | ||||||||||||||||||||||||
Amount outstanding | 0 | 0 | $ 0 | $ 52,400,000 | |||||||||||||||||||||
Brazil, Brazil Real | Companhia Providencia Industria e Comercio [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Amount outstanding | 15,231,000 | 18,871,000 | 18,871,000 | 0 | |||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Carrying amount of long-term debt | $ 210,000,000 | ||||||||||||||||||||||||
Interest on loan | 6.875% | ||||||||||||||||||||||||
Senior Notes | 7.75% Senior secured notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Fair value of long-term debt | 1,463,900,000 | 1,463,900,000 | 933,800,000 | ||||||||||||||||||||||
Carrying amount of long-term debt | 504,000,000 | $ 504,000,000 | $ 504,000,000 | 560,000,000 | $ 560,000,000 | ||||||||||||||||||||
Interest on loan | 7.75% | 7.75% | |||||||||||||||||||||||
Repayments of Debt | $ 56,000,000 | ||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | 2,600,000 | ||||||||||||||||||||||||
Unamortized Debt Issuance Costs | $ 900,000 | ||||||||||||||||||||||||
Term Loan | Senior Secured Credit Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 295,000,000 | ||||||||||||||||||||||||
Maximum increase in maximum borrowing capacity | $ 415,000,000 | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 310,000,000 | ||||||||||||||||||||||||
Debt Instrument, Collateral, Foreign Subsidiary Capital Stock, Percentage | 0.65 | 0.65 | |||||||||||||||||||||||
Amount outstanding | 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||||||||||||||||||||
Basis for step down in rates | 2.50% | ||||||||||||||||||||||||
Periodic payments, principal, percentage | 1.00% | ||||||||||||||||||||||||
Term Loan | Term loan, due in 2017 | Fiberweb | Terram Geosynthetics Private Limited | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 14.70% | 14.70% | |||||||||||||||||||||||
Foreign Line of Credit | United States Dollar Loan | Argentina Subsidiary | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Carrying amount of long-term debt | 4,177,000 | $ 5,010,000 | $ 5,010,000 | 8,341,000 | |||||||||||||||||||||
Maximum borrowing capacity | 3,500,000 | 3,500,000 | 3,500,000 | $ 26,500,000 | |||||||||||||||||||||
Repayments of long-term debt | 3,500,000 | 3,500,000 | |||||||||||||||||||||||
Due in 2013 | 3,500,000 | 3,500,000 | 3,500,000 | ||||||||||||||||||||||
Due in 2014 | 3,500,000 | 3,500,000 | |||||||||||||||||||||||
Due in 2016 | 1,700,000 | 1,700,000 | 1,700,000 | ||||||||||||||||||||||
Foreign Line of Credit | United States Dollar Loan | Suzhou subsidiary - Hygiene [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 25,000,000 | ||||||||||||||||||||||||
Amount outstanding | 10,468,000 | 18,920,000 | 18,920,000 | 24,920,000 | |||||||||||||||||||||
Foreign Line of Credit | Argentinan Pesos Loan | Argentina Subsidiary | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | 20,000,000 | 20,000,000 | 20,000,000 | ARS 33.5 | |||||||||||||||||||||
Amount outstanding | 1,700,000 | $ 2,047,000 | 2,047,000 | $ 3,082,000 | |||||||||||||||||||||
Suzhou subsidiary - Hygiene [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Repayments of long-term debt | $ 8,400,000 | $ 6,000,000 | |||||||||||||||||||||||
LIBOR | Citibank, Morgan Stanley and Barclays | Revolving Tranche | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate at period end | 2.00% | 2.00% | 2.00% | ||||||||||||||||||||||
LIBOR | Citibank, Morgan Stanley and Barclays | First-In, Last Out Revolving Tranche | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate at period end | 4.00% | 4.00% | 4.00% | ||||||||||||||||||||||
LIBOR | Term Loan | Senior Secured Credit Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread for variable rate | 1.00% | ||||||||||||||||||||||||
LIBOR | Foreign Line of Credit | United States Dollar Loan | Argentina Subsidiary | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate at period end | 2.90% | 2.90% | |||||||||||||||||||||||
LIBOR | Foreign Line of Credit | United States Dollar Loan | Suzhou subsidiary - Hygiene [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate at period end | 5.20% | 5.20% | 5.20% | ||||||||||||||||||||||
Federal Fund Rate | Citibank, Morgan Stanley and Barclays | Revolving Credit Facility | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate at period end | 1.00% | 0.50% | 0.50% | ||||||||||||||||||||||
Federal Fund Rate | Term Loan | Senior Secured Credit Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread for variable rate | 0.50% | ||||||||||||||||||||||||
Alternative Base Rate | Citibank, Morgan Stanley and Barclays | Revolving Tranche | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate at period end | 1.00% | 1.00% | 1.00% | ||||||||||||||||||||||
Alternative Base Rate | Citibank, Morgan Stanley and Barclays | First-In, Last Out Revolving Tranche | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate at period end | 3.00% | 3.00% | 3.00% | ||||||||||||||||||||||
Buenos Aires Interbank Offered Rate | Foreign Line of Credit | Argentinan Pesos Loan | Argentina Subsidiary | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate at period end | 4.75% | 4.75% | |||||||||||||||||||||||
Bridge Loan | Senior Secured Bridge Credit Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 268,000,000 | ||||||||||||||||||||||||
Bridge Loan | Senior Unsecured Bridge Credit Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||||||||||||||||||
Maximum | Brazil, Brazil Real | Companhia Providencia Industria e Comercio [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Amount outstanding | $ 15,600,000 | ||||||||||||||||||||||||
Maximum | LIBOR | Term Loan | Senior Secured Credit Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread for variable rate | 3.25% | ||||||||||||||||||||||||
Interest rate minimum | 2.00% | ||||||||||||||||||||||||
Minimum | LIBOR | Term Loan | Senior Secured Credit Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread for variable rate | 4.25% | ||||||||||||||||||||||||
Interest rate minimum | 1.00% | ||||||||||||||||||||||||
Subsequent Event [Member] | Senior Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 283,000,000 | ||||||||||||||||||||||||
Subsequent Event [Member] | Senior Notes | 7.75% Senior secured notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest on loan | 7.75% | ||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 103.875% |
Debt Schedule of Long-term Debt
Debt Schedule of Long-term Debt Maturity (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Debt Disclosure [Abstract] | |
2,013 | $ 32,011 |
2,014 | 29,801 |
2,015 | 7,704 |
2,016 | 682,994 |
2,017 | 714,005 |
2020 and thereafter | 0 |
Total | $ 1,466,515 |
Derivatives Instruments Fair Va
Derivatives Instruments Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 11, 2014 | Dec. 28, 2013 |
Foreign Currency Hedge | Accounts payable and accrued liabilities | Foreign Exchange Forward | ||||
Summary of aggregate notional amount and estimated fair value of derivative instruments | ||||
Notional | $ 132,294 | $ 160,802 | $ 0 | |
Fair Value | 1,594 | 3,402 | 0 | |
Foreign Currency Hedge | Undesignated hedges: | Accounts payable and accrued liabilities | Foreign Exchange Forward | ||||
Summary of aggregate notional amount and estimated fair value of derivative instruments | ||||
Notional | 140,623 | 0 | ||
Fair Value | 3,962 | 0 | ||
Hygiene Line | Foreign Currency Hedge | Designated hedges: | Accounts payable and accrued liabilities | Foreign Exchange Forward | ||||
Summary of aggregate notional amount and estimated fair value of derivative instruments | ||||
Notional | 0 | 0 | ||
Fair Value | 0 | 0 | ||
Hygiene Line | Foreign Currency Hedge | Undesignated hedges: | Accounts payable and accrued liabilities | Foreign Exchange Forward | ||||
Summary of aggregate notional amount and estimated fair value of derivative instruments | ||||
Notional | 59,037 | 0 | 0 | |
Fair Value | 53 | 0 | 0 | |
Providência Contracts [Member] | Undesignated hedges: | Foreign Exchange Forward | ||||
Summary of aggregate notional amount and estimated fair value of derivative instruments | ||||
Fair Value | $ 0 | |||
Providência Contracts [Member] | Foreign Currency Hedge | Undesignated hedges: | Accounts payable and accrued liabilities | Foreign Exchange Forward | ||||
Summary of aggregate notional amount and estimated fair value of derivative instruments | ||||
Notional | 56,542 | 140,623 | ||
Fair Value | 2,159 | 3,962 | ||
Providência Instruments [Member] | Foreign Currency Hedge | Undesignated hedges: | Accounts payable and accrued liabilities | Foreign Exchange Forward | ||||
Summary of aggregate notional amount and estimated fair value of derivative instruments | ||||
Notional | 16,715 | 20,179 | 0 | |
Fair Value | $ (618) | (560) | 0 | |
Healthcare Line | Foreign Currency Hedge | Undesignated hedges: | Accounts payable and accrued liabilities | Foreign Exchange Forward | ||||
Summary of aggregate notional amount and estimated fair value of derivative instruments | ||||
Notional | 0 | 0 | ||
Fair Value | 0 | $ 0 | ||
Fair Value, Measurements, Recurring | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 3,962 | |||
Level 1 | Fair Value, Measurements, Recurring | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 0 | |||
Level 3 | Fair Value, Measurements, Recurring | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 0 | |||
Level 2 | Fair Value, Measurements, Recurring | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | $ 3,962 |
Derivatives Instruments Narrati
Derivatives Instruments Narrative (Details) - Balance Sheet Location [Domain] - USD ($) $ in Thousands | Jun. 11, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2011 |
Predecessor | ||||
Derivative [Line Items] | ||||
Gain (loss) recognized in OCI | $ 100 | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Providência Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ 0 | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Providência Contracts [Member] | Foreign Currency and Other Loss Net [Member] | ||||
Derivative [Line Items] | ||||
Gain on Derivative Instruments, Pretax | $ 18,900 | |||
Minimum [Member] | Other Contract [Member] | Not Designated as Hedging Instrument [Member] | Providência Contracts [Member] | Foreign Currency and Other Loss Net [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Term of Contract | 1 year | 1 year | ||
Maximum [Member] | Other Contract [Member] | Not Designated as Hedging Instrument [Member] | Providência Contracts [Member] | Foreign Currency and Other Loss Net [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Term of Contract | 5 years | 5 years |
Derivatives Instruments Recogni
Derivatives Instruments Recognized on Consolidated Statement of Operations (Details) - Fair Value Hedge - Foreign Exchange Forward - Foreign Currency and Other, Net - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Gain) Loss recognized in income | $ 1,844 | $ (10,756) | $ (14,340) | $ (1,248) | $ (2,706) |
Undesignated hedges: | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 1,900 | ||||
Providência Contracts [Member] | Undesignated hedges: | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 1,925 | (10,756) | |||
Providência Instruments [Member] | Undesignated hedges: | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (240) | 0 | (786) | 0 | 0 |
Healthcare Euro Contracts | Healthcare Line | Undesignated hedges: | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Gain) Loss recognized in income | 0 | 0 | (147) | ||
Hygiene Euro Contracts | Hygiene Line | Designated hedges: | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Gain) Loss recognized in income | 0 | (449) | (2,559) | ||
Hygiene Euro Contracts | Hygiene Line | Undesignated hedges: | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 159 | $ 0 | 0 | (799) | 0 |
Bridge Loan | Undesignated hedges: | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (13,554) | $ 0 | $ 0 |
Fair Value of Financial Instr83
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Mar. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset Impairment Charges | $ 6,851 | $ 2,213 | $ 0 | ||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | $ 3,962 | 3,962 | $ 2,159 | ||
Commitments, Fair Value Disclosure | 53 | ||||
Debt Instrument, Fair Value Disclosure | 3,962 | 3,962 | |||
Liabilities, Fair Value Disclosure, Recurring | (560) | (560) | 618 | ||
Fair Value, Measurements, Recurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Commitments, Fair Value Disclosure | 0 | ||||
Debt Instrument, Fair Value Disclosure | 0 | 0 | |||
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 3,962 | 3,962 | 2,159 | ||
Commitments, Fair Value Disclosure | 53 | ||||
Debt Instrument, Fair Value Disclosure | 3,962 | 3,962 | |||
Liabilities, Fair Value Disclosure, Recurring | (560) | (560) | 618 | ||
Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Commitments, Fair Value Disclosure | 0 | ||||
Debt Instrument, Fair Value Disclosure | 0 | 0 | |||
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 | $ 0 | ||
Providência Instruments | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities | (560) | (560) | |||
Providência Instruments | Fair Value, Measurements, Recurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities | 0 | 0 | |||
Providência Instruments | Fair Value, Measurements, Recurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities | (560) | (560) | |||
Providência Instruments | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities | 0 | 0 | |||
Argentina Subsidiary [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Fair Value Disclosure | 0 | 0 | |||
Restructuring Costs and Asset Impairment Charges | 6,900 | ||||
Successor | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset Impairment Charges | 2,200 | ||||
Argentina Subsidiary [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 14,400 | $ 14,400 |
Pension and Postretirement Be84
Pension and Postretirement Benefit Plans Funded Status (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||
Jan. 28, 2011 | Mar. 31, 2015 | Mar. 29, 2014 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Change in Plan Assets: | |||||||
Funded (unfunded) status | $ (10,000) | $ 6,500 | |||||
Amounts included in the balance sheet: | |||||||
Accumulated benefit obligation | 275,000 | 232,200 | |||||
Foreign Pension Plan, Defined Benefit [Member] | |||||||
Change in Projected Benefit Obligation: | |||||||
Benefit obligation at beginning of year | $ (163,150) | $ (138,304) | (138,304) | (131,580) | |||
Service costs | (2,995) | (3,398) | $ (2,002) | ||||
Interest costs | (5,356) | (4,980) | (5,032) | ||||
Participant contributions | (171) | (170) | |||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | (2,594) | (1,602) | |||||
Plan amendments | 0 | 622 | |||||
Actuarial gain / (loss) | (39,661) | 2,273 | |||||
Settlements / curtailments | 204 | 0 | |||||
Benefit payments | (4,959) | (4,917) | |||||
Currency translation | 20,768 | (4,386) | |||||
Benefit obligation at end of year | (163,150) | (138,304) | (131,580) | ||||
Change in Plan Assets: | |||||||
Fair value at beginning of year | 164,163 | 144,331 | 144,331 | 139,064 | |||
Actual return on plan assets | 41,160 | (877) | |||||
Employer and participant contributions | 4,938 | 4,788 | |||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 1,203 | |||||
Settlements / curtailments | (204) | (263) | |||||
Benefit payments | (4,959) | (4,917) | |||||
Benefit payments | (4,959) | (4,618) | |||||
Currency translation | (21,103) | 5,034 | |||||
Fair value at end of year | 164,163 | 144,331 | 139,064 | ||||
Funded (unfunded) status | 1,013 | 6,027 | |||||
Amounts included in the balance sheet: | |||||||
Net amount recognized | 1,013 | 6,027 | |||||
United States Pension Plan of US Entity, Defined Benefit [Member] | |||||||
Change in Projected Benefit Obligation: | |||||||
Benefit obligation at beginning of year | (115,026) | (98,320) | (98,320) | (16,309) | |||
Service costs | (322) | (4) | 0 | ||||
Interest costs | (4,416) | (1,067) | (620) | ||||
Participant contributions | 0 | 0 | |||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 0 | (84,932) | |||||
Plan amendments | 0 | 0 | |||||
Actuarial gain / (loss) | (18,229) | 2,670 | |||||
Settlements / curtailments | 0 | 0 | |||||
Benefit payments | (6,261) | (1,322) | |||||
Currency translation | 0 | 0 | |||||
Benefit obligation at end of year | (115,026) | (98,320) | (16,309) | ||||
Change in Plan Assets: | |||||||
Fair value at beginning of year | 104,058 | 98,822 | 98,822 | 12,172 | |||
Actual return on plan assets | 10,776 | 2,270 | |||||
Employer and participant contributions | 721 | 721 | |||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 84,981 | |||||
Settlements / curtailments | 0 | 0 | |||||
Benefit payments | (6,261) | (1,322) | |||||
Currency translation | 0 | 0 | |||||
Fair value at end of year | 104,058 | 98,822 | 12,172 | ||||
Funded (unfunded) status | (10,968) | 502 | |||||
Amounts included in the balance sheet: | |||||||
Net amount recognized | (10,968) | 502 | |||||
Pension Plans | |||||||
Change in Projected Benefit Obligation: | |||||||
Service costs | (1,001) | (873) | |||||
Interest costs | (1,975) | (2,458) | |||||
Actuarial gain / (loss) | 98 | (4) | |||||
Postretirement Benefit Plans | |||||||
Change in Projected Benefit Obligation: | |||||||
Service costs | (2) | (9) | |||||
Interest costs | (44) | (93) | |||||
Actuarial gain / (loss) | 2 | 5 | |||||
U.S. Plans Benefits | |||||||
Change in Projected Benefit Obligation: | |||||||
Benefit obligation at beginning of year | (2,081) | (2,034) | (2,034) | 0 | |||
Additional benefit obligations | 0 | 0 | |||||
Service costs | 0 | 0 | 0 | ||||
Interest costs | (89) | (11) | 0 | ||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 0 | (2,030) | |||||
Actuarial gain / (loss) | 17 | 7 | |||||
Settlements / curtailments | 0 | 0 | |||||
Benefit payments | (25) | 0 | |||||
Currency translation | 0 | 0 | |||||
Benefit obligation at end of year | (2,081) | (2,034) | 0 | ||||
Change in Plan Assets: | |||||||
Fair value at beginning of year | 0 | 0 | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||||
Employer and participant contributions | 25 | 0 | |||||
Benefit payments | (25) | 0 | |||||
Currency translation | 0 | 0 | |||||
Fair value at end of year | 0 | 0 | 0 | ||||
Funded (unfunded) status | (2,081) | (2,034) | |||||
Amounts included in the balance sheet: | |||||||
Net amount recognized | (2,081) | (2,034) | |||||
Non-U.S. Plans Benefits | |||||||
Change in Projected Benefit Obligation: | |||||||
Benefit obligation at beginning of year | (3,432) | (5,511) | (5,511) | (4,864) | |||
Additional benefit obligations | 0 | 0 | |||||
Service costs | $ (69) | $ (59) | (7) | (59) | |||
Interest costs | $ (218) | $ (187) | (146) | (187) | |||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 1,834 | (1,419) | |||||
Actuarial gain / (loss) | (237) | 305 | |||||
Settlements / curtailments | 0 | 182 | |||||
Benefit payments | (314) | (381) | |||||
Currency translation | 321 | 150 | |||||
Benefit obligation at end of year | (3,432) | (5,511) | (4,864) | ||||
Change in Plan Assets: | |||||||
Fair value at beginning of year | $ 0 | $ 0 | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||||
Employer and participant contributions | 314 | 381 | |||||
Benefit payments | (314) | (381) | |||||
Currency translation | 0 | 0 | |||||
Fair value at end of year | 0 | 0 | $ 0 | ||||
Funded (unfunded) status | (3,432) | (5,511) | |||||
Amounts included in the balance sheet: | |||||||
Net amount recognized | (3,432) | (5,511) | |||||
Current assets | Foreign Pension Plan, Defined Benefit [Member] | |||||||
Amounts included in the balance sheet: | |||||||
Current assets | 0 | 0 | |||||
Current assets | United States Pension Plan of US Entity, Defined Benefit [Member] | |||||||
Amounts included in the balance sheet: | |||||||
Current assets | 0 | 0 | |||||
Other noncurrent assets | Foreign Pension Plan, Defined Benefit [Member] | |||||||
Amounts included in the balance sheet: | |||||||
Other noncurrent assets | 10,018 | 12,133 | |||||
Other noncurrent assets | United States Pension Plan of US Entity, Defined Benefit [Member] | |||||||
Amounts included in the balance sheet: | |||||||
Other noncurrent assets | 0 | 0 | |||||
Other noncurrent assets | U.S. Plans Benefits | |||||||
Amounts included in the balance sheet: | |||||||
Other noncurrent assets | 0 | 0 | |||||
Other noncurrent assets | Non-U.S. Plans Benefits | |||||||
Amounts included in the balance sheet: | |||||||
Other noncurrent assets | 0 | 0 | |||||
Accounts payable and accrued liabilities | Foreign Pension Plan, Defined Benefit [Member] | |||||||
Amounts included in the balance sheet: | |||||||
Accounts payable and accrued liabilities | (1,217) | (346) | |||||
Accounts payable and accrued liabilities | United States Pension Plan of US Entity, Defined Benefit [Member] | |||||||
Amounts included in the balance sheet: | |||||||
Accounts payable and accrued liabilities | 0 | 0 | |||||
Accounts payable and accrued liabilities | U.S. Plans Benefits | |||||||
Amounts included in the balance sheet: | |||||||
Accounts payable and accrued liabilities | (97) | (119) | |||||
Accounts payable and accrued liabilities | Non-U.S. Plans Benefits | |||||||
Amounts included in the balance sheet: | |||||||
Accounts payable and accrued liabilities | (297) | (492) | |||||
Other noncurrent liabilities | Foreign Pension Plan, Defined Benefit [Member] | |||||||
Amounts included in the balance sheet: | |||||||
Other noncurrent liabilities | (7,788) | (5,760) | |||||
Other noncurrent liabilities | United States Pension Plan of US Entity, Defined Benefit [Member] | |||||||
Amounts included in the balance sheet: | |||||||
Other noncurrent liabilities | (10,968) | 502 | |||||
Other noncurrent liabilities | U.S. Plans Benefits | |||||||
Amounts included in the balance sheet: | |||||||
Other noncurrent liabilities | (1,984) | (1,915) | |||||
Other noncurrent liabilities | Non-U.S. Plans Benefits | |||||||
Amounts included in the balance sheet: | |||||||
Other noncurrent liabilities | $ (3,135) | $ (5,019) |
Pension and Postretirement Be85
Pension and Postretirement Benefit Plans AOCI Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 28, 2013 |
United States Pension Plan of US Entity, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Transition net asset | $ 0 | $ 0 |
Net actuarial (gain) loss | 14,454 | 1,174 |
Prior service cost | 0 | 0 |
Net amounts recognized | 14,454 | 1,174 |
United States Postretirement Benefit Plan of US Entity, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Transition net asset | 0 | 0 |
Net actuarial (gain) loss | (23) | (7) |
Prior service cost | 0 | 0 |
Net amounts recognized | (23) | (7) |
Non-U.S. Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Transition net asset | 0 | 0 |
Net actuarial (gain) loss | 15,932 | 12,583 |
Prior service cost | (525) | 0 |
Net amounts recognized | 15,407 | 12,583 |
Non-U.S. Plans Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Transition net asset | 0 | 0 |
Net actuarial (gain) loss | 122 | (12) |
Prior service cost | 0 | 0 |
Net amounts recognized | $ 122 | $ (12) |
Pension and Postretirement Be86
Pension and Postretirement Benefit Plans Net Periodic Benefit (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||
Jan. 28, 2011 | Mar. 31, 2015 | Mar. 29, 2014 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Components of net periodic benefit cost: | |||||||
Curtailment / settlement (gain) loss | $ 0 | $ 0 | |||||
Transition costs and other | 91 | 1 | |||||
Pension Plans | |||||||
Components of net periodic benefit cost: | |||||||
Service cost | 1,001 | 873 | |||||
Interest cost | 1,975 | 2,458 | |||||
Return on plan assets | 2,686 | 3,118 | |||||
Curtailment / settlement (gain) loss | 0 | 0 | |||||
Defined Benefit Plan, Actuarial Gain (Loss) | (98) | 4 | |||||
Transition costs and other | (9) | 0 | |||||
Net periodic benefit cost | 379 | 209 | |||||
U.S. Plans Benefits | |||||||
Components of net periodic benefit cost: | |||||||
Service cost | $ 322 | $ 4 | $ 0 | ||||
Interest cost | 4,416 | 1,067 | 620 | ||||
Return on plan assets | 5,829 | 1,679 | 899 | ||||
Curtailment / settlement (gain) loss | 0 | 0 | 0 | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | 18,229 | (2,670) | |||||
Transition costs and other | 3 | 253 | 181 | ||||
Net periodic benefit cost | $ (1,088) | $ (355) | $ (98) | ||||
Weighted average assumptions used: | |||||||
Return on plan assets | 8.00% | ||||||
Discount rate | 4.60% | 4.60% | 3.80% | ||||
U.S. Plans Benefits | Minimum | |||||||
Weighted average assumptions used: | |||||||
Return on plan assets | 5.90% | 5.90% | |||||
U.S. Plans Benefits | Maximum | |||||||
Weighted average assumptions used: | |||||||
Return on plan assets | 7.00% | 7.00% | |||||
Non-U.S. Plans Benefits | |||||||
Components of net periodic benefit cost: | |||||||
Service cost | $ 2,995 | $ 3,398 | $ 2,002 | ||||
Interest cost | 5,356 | 4,980 | 5,032 | ||||
Return on plan assets | 6,487 | 6,574 | 5,462 | ||||
Curtailment / settlement (gain) loss | 61 | 0 | 792 | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | 39,661 | (2,273) | |||||
Transition costs and other | 1 | 95 | (238) | ||||
Net periodic benefit cost | $ 1,926 | $ 1,899 | $ 2,126 | ||||
Non-U.S. Plans Benefits | Minimum | |||||||
Weighted average assumptions used: | |||||||
Return on plan assets | 3.00% | 3.00% | 1.50% | ||||
Discount rate | 3.20% | 3.40% | 3.70% | ||||
Salary and wage escalation rate | 1.00% | 2.80% | 2.00% | ||||
Non-U.S. Plans Benefits | Maximum | |||||||
Weighted average assumptions used: | |||||||
Return on plan assets | 5.50% | 5.50% | 6.00% | ||||
Discount rate | 8.00% | 8.00% | 7.00% | ||||
Salary and wage escalation rate | 4.50% | 4.50% | 4.50% | ||||
Postretirement Benefit Plans | |||||||
Components of net periodic benefit cost: | |||||||
Service cost | 2 | 9 | |||||
Interest cost | 44 | 93 | |||||
Curtailment / settlement (gain) loss | 0 | 0 | |||||
Defined Benefit Plan, Actuarial Gain (Loss) | (2) | (5) | |||||
Transition costs and other | 0 | 0 | |||||
Net periodic benefit cost | $ 48 | $ 107 | |||||
U.S. Plans Benefits | |||||||
Components of net periodic benefit cost: | |||||||
Service cost | $ 0 | $ 0 | $ 0 | ||||
Interest cost | 89 | 11 | 0 | ||||
Curtailment / settlement (gain) loss | 0 | 0 | 0 | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | (17) | (7) | |||||
Transition costs and other | 0 | 0 | 0 | ||||
Net periodic benefit cost | 89 | 11 | $ 0 | ||||
Non-U.S. Plans Benefits | |||||||
Components of net periodic benefit cost: | |||||||
Service cost | $ 69 | $ 59 | 7 | 59 | |||
Interest cost | 218 | 187 | 146 | 187 | |||
Curtailment / settlement (gain) loss | 186 | 114 | 0 | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | 237 | $ (305) | |||||
Transition costs and other | 26 | 35 | 0 | ||||
Net periodic benefit cost | $ 499 | $ 395 | $ 153 | ||||
Weighted average assumptions used: | |||||||
Salary and wage escalation rate | 3.00% | ||||||
Non-U.S. Plans Benefits | Minimum | |||||||
Weighted average assumptions used: | |||||||
Discount rate | 4.10% | 4.10% | 3.50% | ||||
Salary and wage escalation rate | 3.00% | ||||||
Non-U.S. Plans Benefits | Maximum | |||||||
Weighted average assumptions used: | |||||||
Discount rate | 4.80% | 4.80% | 7.00% | ||||
Salary and wage escalation rate | 4.50% |
Pension and Postretirement Be87
Pension and Postretirement Benefit Plans Asset Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual plan asset allocations | 100.00% | 100.00% | |||
Cash | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual plan asset allocations | 6.00% | 12.00% | |||
Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual plan asset allocations | 27.00% | 30.00% | |||
Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Actual plan asset allocations | 67.00% | 58.00% | |||
Pension Plans | Total | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $ 268,221 | $ 243,153 | |||
Pension Plans | Total | Cash | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,904 | 28,671 | |||
Pension Plans | Total | Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 72,959 | 72,919 | |||
Pension Plans | Total | U.S. small-cap | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 17,191 | [1] | 16,566 | [2] | |
Pension Plans | Total | U.S mid-cap | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 12,190 | [3] | 16,233 | [4] | |
Pension Plans | Total | Global equity funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 42,829 | [5] | 37,697 | ||
Pension Plans | Total | Emerging markets (d) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 749 | [6] | 2,423 | [7] | |
Pension Plans | Total | Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 188,335 | 140,333 | |||
Pension Plans | Total | U.S. fixed income funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 68,036 | [8] | 43,069 | ||
Pension Plans | Total | Foreign fixed income funds (f) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 120,299 | [9] | 97,264 | [10] | |
Pension Plans | Total | 524292 Third Party Administration of Insurance and Pension Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,023 | 1,230 | |||
Pension Plans | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 34,366 | 69,421 | |||
Pension Plans | Level 1 | Cash | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,979 | 27,803 | |||
Pension Plans | Level 1 | Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 30,448 | 30,588 | |||
Pension Plans | Level 1 | U.S. small-cap | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 11,269 | [1] | 11,023 | [2] | |
Pension Plans | Level 1 | U.S mid-cap | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 5,413 | [3] | 4,993 | [4] | |
Pension Plans | Level 1 | Global equity funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 13,017 | [5] | 13,489 | ||
Pension Plans | Level 1 | Emerging markets (d) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 749 | [6] | 1,083 | [7] | |
Pension Plans | Level 1 | Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,939 | 11,030 | |||
Pension Plans | Level 1 | U.S. fixed income funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,939 | [8] | 11,030 | ||
Pension Plans | Level 1 | Foreign fixed income funds (f) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [9] | 0 | [10] | |
Pension Plans | Level 1 | 524292 Third Party Administration of Insurance and Pension Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plans | Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 230,832 | 167,795 | |||
Pension Plans | Level 2 | Cash | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,925 | 868 | |||
Pension Plans | Level 2 | Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 42,511 | 42,331 | |||
Pension Plans | Level 2 | U.S. small-cap | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 5,922 | [1] | 5,543 | [2] | |
Pension Plans | Level 2 | U.S mid-cap | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 6,777 | [3] | 11,240 | [4] | |
Pension Plans | Level 2 | Global equity funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 29,812 | [5] | 24,208 | ||
Pension Plans | Level 2 | Emerging markets (d) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [6] | 1,340 | [7] | |
Pension Plans | Level 2 | Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 186,396 | 124,596 | |||
Pension Plans | Level 2 | U.S. fixed income funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 66,097 | [8] | 27,332 | ||
Pension Plans | Level 2 | Foreign fixed income funds (f) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 120,299 | [9] | 97,264 | [10] | |
Pension Plans | Level 2 | 524292 Third Party Administration of Insurance and Pension Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plans | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,023 | 5,937 | |||
Pension Plans | Level 3 | Cash | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plans | Level 3 | Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plans | Level 3 | U.S. small-cap | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [1] | 0 | [2] | |
Pension Plans | Level 3 | U.S mid-cap | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [3] | 0 | [4] | |
Pension Plans | Level 3 | Global equity funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [5] | 0 | ||
Pension Plans | Level 3 | Emerging markets (d) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [6] | 0 | [7] | |
Pension Plans | Level 3 | Fixed Income Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 4,707 | |||
Pension Plans | Level 3 | U.S. fixed income funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [8] | 4,707 | ||
Pension Plans | Level 3 | Foreign fixed income funds (f) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [9] | 0 | [10] | |
Pension Plans | Level 3 | 524292 Third Party Administration of Insurance and Pension Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,023 | 1,230 | |||
U.S. Plans Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $ 104,058 | $ 98,822 | $ 12,172 | ||
[1] | This category consists of commingled and registered mutual funds that focus on equity securities of U.S companies. It includes both indexed and actively managed funds. | ||||
[2] | This category consists of commingled and registered mutual funds that focus on equity securities of U.S companies. It includes both indexed and actively managed funds. | ||||
[3] | This category consists of commingled and registered mutual funds that focus on equity securities of companies outside of the U.S. It includes both indexed and actively managed funds. | ||||
[4] | This category consists of commingled and registered mutual funds that focus on equity securities of companies outside of the U.S. It includes both indexed and actively managed funds. | ||||
[5] | This category consists of commingled and registered mutual funds that invest in equity securities of both U.S. and foreign companies. It includes actively managed funds | ||||
[6] | This category consists of commingled and registered mutual funds that invest in equity securities of companies in emerging market economies. It includes actively managed funds. | ||||
[7] | This category consists of commingled and registered mutual funds that invest in equity securities of companies in emerging market economies. It includes actively managed funds. | ||||
[8] | This category consists of actively managed funds that invest in investment-grade bonds of U.S. issuers from diverse industries and U.S. government bonds and treasury notes. | ||||
[9] | This category consists of funds that invest in investment-grade bonds of foreign companies and Euro region government bonds. | ||||
[10] | This category consists of funds that invest in investment-grade bonds of foreign companies and Euro region government bonds |
Pension and Postretirement Be88
Pension and Postretirement Benefit Plans Health Care Trends (Details) - Canadian Benefit Plans | 12 Months Ended | |
Dec. 31, 2014 | Dec. 28, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average health care cost trend rate assumed for next year | 6.22% | 6.44% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reached the ultimate trend rate | 2,028 | 2,028 |
Pension and Postretirement Be89
Pension and Postretirement Benefit Plans Fiscal Maturity Schedule (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
2,013 | $ 10,833 |
2,014 | 10,526 |
2,015 | 10,898 |
2,016 | 11,316 |
2,017 | 11,619 |
2018 to 2022 | 65,189 |
Postretirement | |
Defined Benefit Plan Disclosure [Line Items] | |
2,013 | 393 |
2,014 | 385 |
2,015 | 377 |
2,016 | 370 |
2,017 | 363 |
2018 to 2022 | $ 1,715 |
Pension and Postretirement Be90
Pension and Postretirement Benefit Plans Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015USD ($) | Mar. 29, 2014USD ($) | Dec. 29, 2012USD ($)pension_plan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 28, 2013USD ($) | Dec. 29, 2012USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employee benefit plans, net of tax | $ 0 | $ 0 | $ 15,147 | $ 2,046 | $ 19,927 | ||
Defined Benefit Plan, Funded Status of Plan | (10,000) | 6,500 | |||||
Curtailment / settlement (gain) loss | 0 | $ 0 | |||||
Amortization of gains (losses) | 400 | ||||||
Employer contributions in 2013 | $ 3,400 | $ 3,700 | |||||
Effect of 1% increase on service and interest cost | 100 | ||||||
Effect of 1% increase on accumulated postretirement benefit obligation | 100 | ||||||
Effect of 1% decrease on service and interest cost | 100 | ||||||
Effect of 1% decrease on accumulated postretirement benefit obligation | 100 | ||||||
Cost recognized for defined contribution plan | $ 4,200 | 2,700 | 2,500 | ||||
Long-term Growth Investments | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Target plan asset allocations | 80.00% | ||||||
Near-term Benefit Payments Investments | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Target plan asset allocations | 20.00% | ||||||
Equity Securities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Target plan asset allocations, min | 40.00% | ||||||
Target plan asset allocations, max | 55.00% | ||||||
Corporate Bonds, U.S. Treasury Securities, Cash, Cash Equivalents, or Other Investments | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Target plan asset allocations, min | 40.00% | ||||||
Target plan asset allocations, max | 55.00% | ||||||
Non-U.S. Plans Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Funded Status of Plan | $ 1,013 | 6,027 | |||||
Curtailment / settlement (gain) loss | $ 61 | $ 0 | 792 | ||||
Canadian Plans | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Number of liquidated pension plans | pension_plan | 2 | ||||||
Current assets | $ 0 | 0 | |||||
Canadian Plans | Special Charges Net | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Curtailment / settlement (gain) loss | $ 800 |
Equity Compensation Plans Narra
Equity Compensation Plans Narrative (Details) - USD ($) | Jun. 19, 2013 | Apr. 23, 2013 | Dec. 31, 2014 | Dec. 28, 2013 | Jan. 31, 2011 | Jan. 28, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant date fair value, options granted in period | $ 509.280 | $ 568.420 | ||||
Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Future grant fair value | $ 694,000 | |||||
Equity Based Award | President and Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 9,000 | |||||
Equity Based Award | Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 694 | |||||
RSU's | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total compensation cost not yet recognized for nonvested awards | $ 1,500,000 | |||||
RSU's | President and Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 3,000 | |||||
2011 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercises (in dollars per share) | $ 1,000 | |||||
Total compensation cost not yet recognized for nonvested stock options | $ 1,500,000 | |||||
2011 Plan | Stock Options | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
2011 Plan | Stock Options | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 5 years | |||||
2011 Plan | Stock Options | Parent Company | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized | 32,622 | |||||
Number of shares available for grant | 6,901 | |||||
Expiration period | 10 years |
Stock Option Activity (Details)
Stock Option Activity (Details) - 2011 Plan - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Number of Shares | |||
Outstanding - beginning of period (in shares) | 23,395 | 20,460 | 16,857 |
Granted (in shares) | 3,761 | 6,817 | 4,582 |
Canceled / Forfeited (in shares) | (4,435) | (3,882) | (979) |
Exercised (in shares) | 0 | 0 | 0 |
Outstanding - end of period (in shares | 22,721 | 23,395 | 20,460 |
Exercisable - December 29, 2012 (in shares) | 4,416 | ||
Weighted Average Exercise Price | |||
Outstanding - beginning of period (in dollars per share) | $ 1,000 | $ 1,000 | $ 0 |
Granted (in dollars per share) | 1,000 | 1,000 | 1,000 |
Canceled / Forfeited (in dollars per share) | 1,000 | 1,000 | 1,000 |
Exercised (in dollars per share) | 0 | 0 | 0 |
Outstanding - end of period (in dollars per share) | 1,000 | $ 1,000 | $ 1,000 |
Exercisable - December 29, 2012 (in dollars per share) | $ 1,000 | ||
Options outstanding at end of period - Intrisic value | $ 0 | ||
Options outstanding at end of period - Weighted average estimated contractual life | 7 years 6 months 26 days | ||
Options exercisable at end of period - Intrinsic value | $ 0 | ||
Options exercisable at end of period - Weighted average estimated contractual life | 6 years 9 months |
Fair Value Assumptions (Details
Fair Value Assumptions (Details) - Stock Options | 12 Months Ended | |
Dec. 31, 2014 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.74% | 1.55% |
Dividend yield | 0.00% | 0.00% |
Expected life | 5 years 9 months 18 days | 6 years 4 months 24 days |
Volatility | 54.10% | 59.00% |
Restricted Stock Unit Activity
Restricted Stock Unit Activity (Details) - 2011 Plan - Restricted stock units - $ / shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 28, 2013 | |
Number of Shares | ||
Outstanding - December 29, 2012 (in shares) | 3,000 | 0 |
Granted (in shares) | 0 | 3,000 |
Canceled / Forfeited (in shares) | 0 | 0 |
Exercised (in shares) | 0 | 0 |
Outstanding - December 28, 2013 (in shares) | 3,000 | 3,000 |
Grant Date Fair Value | ||
Outstanding - December 29, 2012 (in dollars per share) | $ 1,000 | $ 0 |
Granted (in dollars per share) | 0 | 1,000 |
Canceled / Forfeited (in dollars per share) | 0 | 0 |
Exercised (in dollars per share) | 0 | 0 |
Outstanding - December 28, 2013 (in dollars per share) | $ 1,000 | $ 1,000 |
Allocation of Share-based Compe
Allocation of Share-based Compensation by Award Type (Details) - Selling, general and administrative expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 28, 2013 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 1,931 | $ 3,990 | $ 842 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 901 | 950 | 532 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 1,000 | 500 | 0 |
Employee call option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 30 | 2,443 | 0 |
Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 0 | $ 97 | $ 310 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jul. 31, 2013 | Mar. 31, 2015 | Mar. 29, 2014 | Dec. 28, 2013 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Income Tax Holiday [Line Items] | ||||||||
Effective Income Tax Rate Reconciliation, Percent | 12.70% | 150.20% | ||||||
Federal statutory income tax rate | 35.00% | |||||||
Income tax (provision) benefit | $ (4,548) | $ (5,700) | $ 1,523 | $ 36,024 | $ (7,655) | |||
Unrecognized tax benefits due to lapse of applicable statute of limitations | 1,461 | 1,873 | 1,810 | |||||
Unrecognized tax benefits decreases due to prior year tax positions | 2,658 | 260 | 127 | |||||
Undistributed foreign earnings | 7,400 | |||||||
Deferred tax liability not recognized of undistributed foreign earnings | 700 | |||||||
Operating loss carryforwards | 42,200 | |||||||
AMT carryforwards | 1,500 | |||||||
Valuation Allowance | $ 193,442 | 227,475 | 193,442 | |||||
Total unrecognized tax benefit | 16,392 | 12,970 | 16,392 | 12,794 | $ 12,892 | |||
Income tax interest and penalties | 9,300 | 9,100 | 9,300 | |||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 20,700 | |||||||
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward | 1,800 | |||||||
Unrecognized tax benefits tax positions that could reasonably change in next 12 months | 2,800 | 1,100 | ||||||
Cash payments of income taxes | 2,666 | 2,344 | 9,126 | 17,158 | 8,381 | |||
Deferred income taxes | 0 | $ 1,623 | (14,153) | (44,524) | (1,123) | |||
Intercompany equipment sale elimination | (130) | (130) | $ 1,202 | |||||
Deferred Tax Liabilities, Net | 12,400 | |||||||
Maximum [Member] | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Total unrecognized tax benefit | 24,000 | 20,300 | 24,000 | |||||
Other noncurrent liabilities | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Total unrecognized tax benefit | 20,700 | |||||||
Income tax interest and penalties | 9,500 | |||||||
Other noncurrent liabilities | Minimum [Member] | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Income tax interest and penalties | 1,600 | |||||||
Fiberweb | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Income tax (provision) benefit | 36,700 | |||||||
Netherlands | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Book value of capitalized assets sold to Columbia | 20,700 | |||||||
Colombia | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Cash payments of income taxes | $ 500 | |||||||
Federal | Expires Between 2024 and 2032 | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Operating loss carryforwards | 380,700 | |||||||
State | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Operating loss carryforwards | 657,600 | |||||||
Foreign | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Operating loss carryforwards | 426,500 | |||||||
Tax credit carryforward | 2,000 | |||||||
Foreign | Mexico | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Income tax (provision) benefit | $ 4,100 | |||||||
Foreign | Unlimited Carryforward | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Operating loss carryforwards | 252,100 | |||||||
Foreign | Expires Between 2013 and 2021 | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Operating loss carryforwards | 142,900 | |||||||
Foreign | Expires Between 2013 and 2032 | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Operating loss carryforwards | $ 31,500 | |||||||
Netherlands and Columbia | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Deferred income taxes | $ 100 | |||||||
French Subsidiary [Member] | ||||||||
Income Tax Holiday [Line Items] | ||||||||
Tax Credit Carryforward, Valuation Allowance | $ (1,900) |
Schedule of Domestic and Foreig
Schedule of Domestic and Foreign Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Schedule of Income by Domestic and Foreign [Line Items] | |||
Domestic | $ (109,702) | $ (64,320) | $ (44,664) |
Foreign | (11,061) | 3,329 | 26,281 |
Total | $ (120,763) | $ (60,991) | $ (18,383) |
Schedule of Current and Deferre
Schedule of Current and Deferred Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Current: | |||||
Federal and state | $ (1,603) | $ 3,947 | $ 397 | ||
Foreign | (11,028) | (12,474) | (9,175) | ||
Deferred: | |||||
Federal and state | (1,077) | 36,689 | 90 | ||
Foreign | 15,231 | 7,862 | 1,033 | ||
Income tax (provision) benefit | $ (4,548) | $ (5,700) | $ 1,523 | $ 36,024 | $ (7,655) |
Income Tax Reconciliation (Deta
Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 29, 2014 | Jun. 29, 2013 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Income Tax Reconciliation [Line Items] | ||||||
Computed income tax (provision) benefit at statutory rate | $ 42,267 | $ 21,347 | $ 6,435 | |||
State income taxes, net of U.S. federal tax benefit | (2,250) | (540) | (5) | |||
Change in valuation allowance | (36,760) | 6,263 | (17,035) | |||
Local country withholding tax | (3,527) | (5,307) | (800) | |||
Intra-period allocation rule exception | 0 | 5,201 | 0 | |||
Foreign rate difference | 1,933 | 6,203 | 2,144 | |||
Effective Income Tax Rate Reconciliation FIN 48 | 2,552 | 3,989 | 755 | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (1,680) | (1,226) | 953 | |||
Other | (1,012) | 94 | (102) | |||
Income tax (provision) benefit | $ (4,548) | $ (5,700) | $ 1,523 | $ 36,024 | $ (7,655) | |
Mexico | ||||||
Income Tax Reconciliation [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | $ 2,900 |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 28, 2013 |
Deferred tax assets: | ||
Provision for bad debts | $ 2,247 | $ 1,169 |
Inventory capitalization and allowances | 3,617 | 1,997 |
Net operating loss and capital loss carryforwards | 284,050 | 220,890 |
Tax credits | 9,834 | 5,748 |
Employee compensation and benefits | 9,478 | 10,322 |
Other, net | 49,035 | 14,456 |
Total deferred tax assets | 358,261 | 254,582 |
Valuation allowance | (227,475) | (193,442) |
Net deferred tax assets | 130,786 | 61,140 |
Deferred tax liabilities: | ||
Property, plant and equipment, net | (66,337) | (33,050) |
Intangibles | (35,890) | (38,761) |
Undistributed earnings | (17,504) | (12,477) |
Other, net | (22,488) | (6,530) |
Total deferred tax liabilities | (142,219) | (90,818) |
Net deferred tax liabilities | $ (11,433) | $ (29,678) |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at beginning of period | $ 16,392 | $ 12,794 | $ 12,892 |
Gross increases for tax positions of prior years | 0 | 0 | 0 |
Gross decreases for tax positions of prior years | (2,658) | (260) | (127) |
Increases in tax positions for the current year | 1,585 | 1,753 | 2,085 |
Lapse of statute of limitations | (1,461) | (1,873) | (1,810) |
Purchase accounting adjustment | 0 | 4,705 | 0 |
Currency translation | (888) | (727) | (246) |
Unrecognized tax benefits at end of period | $ 12,970 | $ 16,392 | $ 12,794 |
Redeemable Noncontrolling In102
Redeemable Noncontrolling Interest (Details) - USD ($) | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 89,181,000 | $ 0 | $ 80,792,000 | $ 0 | ||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | (9,777,000) | $ 10,000 | (13,020,000) | (13,309,000) | $ (6,000) | $ 0 |
Noncontrolling Interest, Change in Redemption Value | (2,784,000) | 21,409,000 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 76,584,000 | $ 89,181,000 | $ 89,181,000 | $ 0 | ||
Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | $ (9,813,000) |
Shareholders' Equity Narrative
Shareholders' Equity Narrative (Details) - USD ($) | Dec. 18, 2013 | Jan. 28, 2011 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Mar. 31, 2015 |
Class of Stock [Line Items] | ||||||
Common stock, value authorized | $ 10 | $ 10 | ||||
Common stock, authorized share | 1,000 | 1,000 | ||||
Authorized par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||
Issuance of common stock | $ 259,900,000 | $ 750,000 | $ 30,504,000 | $ 1,087,000 | ||
Common Stock, Shares, Issued | 259,865 | 1,000 | 1,000 | 1,000 | ||
Shares purchased by related party | $ 2,100,000 | |||||
Proceeds from Blackstone | $ 30,700,000 | |||||
Dividend paid | $ 0 | $ 0 | ||||
Tax included in Pension AOCI | 0 | $ 2,204,000 | ||||
Parent Company | ||||||
Class of Stock [Line Items] | ||||||
Shares purchased by related party | $ 2,100,000 | |||||
Successor | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock | $ 1,087,000 |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | $ (59,164) | $ (8,106) | $ (8,106) | $ (14,769) | |
Other comprehensive income (loss) before reclassifications | (28,768) | (51,112) | 6,190 | ||
Amounts reclassified out of accumulated comprehensive income (loss) | 90 | 0 | 54 | 473 | |
Net current period other comprehensive income (loss) | (38,139) | 1,713 | (60,424) | 6,691 | $ (17,640) |
Balance at end of period | (87,842) | (59,164) | (8,106) | (14,769) | |
Transition costs and other | 91 | 1 | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | 91 | 1 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), Tax | (1) | (1) | |||
Pension and Postretirement Benefit Plans | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (30,959) | (15,812) | (15,812) | (13,766) | |
Other comprehensive income (loss) before reclassifications | (90) | (15,201) | (2,519) | ||
Amounts reclassified out of accumulated comprehensive income (loss) | 90 | 54 | 473 | ||
Net current period other comprehensive income (loss) | 0 | (15,147) | (2,046) | ||
Balance at end of period | (30,959) | (30,959) | (15,812) | (13,766) | |
Cumulative Translation Adjustments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (28,205) | $ 7,706 | 7,706 | (1,003) | |
Other comprehensive income (loss) before reclassifications | (28,678) | (35,911) | 8,709 | ||
Amounts reclassified out of accumulated comprehensive income (loss) | 0 | 0 | 0 | ||
Net current period other comprehensive income (loss) | (28,678) | (35,911) | 8,709 | ||
Balance at end of period | (56,883) | (28,205) | 7,706 | $ (1,003) | |
Maximum [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net current period other comprehensive income (loss) | (28,678) | $ (51,058) | $ 6,663 | ||
Balance at end of period | $ (87,842) |
Schedule of Special Charges, Ne
Schedule of Special Charges, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 29, 2014 | Dec. 29, 2012 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Restructuring and plant realignment costs | ||||||
Total restructuring and plant realignment costs | $ 1,008 | $ 9,713 | $ 8,633 | |||
Other special charges | ||||||
Goodwill impairment | $ 7,600 | (6,851) | 0 | |||
Other charges | 2,105 | $ 334 | ||||
Total other special charges | 10,394 | 6,212 | $ 4,066 | |||
Total | 6,022 | 8,711 | 59,185 | 33,188 | 19,592 | |
Special Charges Net | ||||||
Restructuring and plant realignment costs | ||||||
Restructuring and plant realignment costs | 1,008 | 2,912 | 9,713 | 8,633 | 15,074 | |
Internal Redesign and Restructure of Global Operations | 2,912 | |||||
Acquisition and integration costs | ||||||
Acquisition - Blackstone | 2,909 | 5,465 | 39,078 | 18,343 | 452 | |
Fiberweb Acquisition Costs | 1,816 | 3,034 | 14,643 | 18,306 | 0 | |
Other special charges | ||||||
Colombia flood | 0 | 0 | 57 | |||
Goodwill impairment | 6,851 | 0 | 0 | |||
Asset impairment | 0 | 2,259 | 0 | |||
Other charges | 2,105 | 334 | 3,543 | 3,953 | 4,009 | |
Total | (6,022) | (8,711) | 59,185 | 33,188 | 19,592 | |
Special Charges Net | Maximum [Member] | ||||||
Acquisition and integration costs | ||||||
Acquisition - Blackstone | 0 | 37 | ||||
Companhia Providencia Industria e Comercio [Member] | Special Charges Net | ||||||
Acquisition and integration costs | ||||||
Acquisition - Blackstone | 1,093 | 2,431 | 24,435 | 0 | 0 | |
North America [Member] | ||||||
Restructuring and plant realignment costs | ||||||
Total restructuring and plant realignment costs | 248 | 1,324 | 1,700 | |||
Other special charges | ||||||
Goodwill impairment | 0 | 0 | ||||
Other charges | 71 | 173 | ||||
Total other special charges | 881 | 139 | 0 | |||
North America [Member] | Special Charges Net | ||||||
Restructuring and plant realignment costs | ||||||
Restructuring and plant realignment costs | 248 | 203 | 1,324 | 1,700 | 4,212 | |
Acquisition and integration costs | ||||||
Acquisition - Blackstone | 490 | 500 | 4,906 | 244 | 0 | |
Other special charges | ||||||
Total | (809) | (876) | 7,111 | 2,083 | 4,212 | |
South America [Member] | ||||||
Restructuring and plant realignment costs | ||||||
Total restructuring and plant realignment costs | (15) | 842 | 922 | |||
Other special charges | ||||||
Goodwill impairment | (6,851) | 0 | ||||
Other charges | 0 | 0 | ||||
Total other special charges | 6,851 | 2,213 | 65 | |||
South America [Member] | Special Charges Net | ||||||
Restructuring and plant realignment costs | ||||||
Restructuring and plant realignment costs | (15) | 57 | 842 | 922 | 1,721 | |
Acquisition and integration costs | ||||||
Acquisition - Blackstone | 227 | 9 | 4,627 | 4 | 0 | |
Other special charges | ||||||
Total | (212) | (66) | 12,320 | 3,139 | 1,786 | |
Europe [Member] | ||||||
Restructuring and plant realignment costs | ||||||
Total restructuring and plant realignment costs | 783 | 7,472 | 4,238 | |||
Other special charges | ||||||
Goodwill impairment | 0 | 0 | ||||
Other charges | (5) | 1 | ||||
Total other special charges | 0 | 0 | 0 | |||
Europe [Member] | Special Charges Net | ||||||
Restructuring and plant realignment costs | ||||||
Restructuring and plant realignment costs | 783 | 2,628 | 7,472 | 4,238 | 3,180 | |
Acquisition and integration costs | ||||||
Acquisition - Blackstone | 225 | 605 | 3,999 | 1,275 | 0 | |
Other special charges | ||||||
Total | (1,003) | (3,234) | 11,471 | 5,513 | 3,180 | |
Asia [Member] | ||||||
Restructuring and plant realignment costs | ||||||
Total restructuring and plant realignment costs | 0 | (64) | 1 | |||
Other special charges | ||||||
Goodwill impairment | 0 | 0 | ||||
Other charges | 1,193 | 100 | ||||
Total other special charges | 2,215 | 202 | 0 | |||
Asia [Member] | Special Charges Net | ||||||
Restructuring and plant realignment costs | ||||||
Restructuring and plant realignment costs | 0 | 6 | (64) | 1 | 829 | |
Acquisition and integration costs | ||||||
Acquisition - Blackstone | 0 | 0 | 0 | 0 | 0 | |
Other special charges | ||||||
Total | (1,193) | (106) | 2,151 | 203 | 829 | |
Corporation [Member] | ||||||
Restructuring and plant realignment costs | ||||||
Total restructuring and plant realignment costs | (8) | 139 | 1,772 | |||
Other special charges | ||||||
Other charges | 846 | 60 | ||||
Total other special charges | 447 | 3,658 | 4,001 | |||
Corporation [Member] | Special Charges Net | ||||||
Restructuring and plant realignment costs | ||||||
Restructuring and plant realignment costs | (8) | 18 | 139 | 1,772 | 5,132 | |
Acquisition and integration costs | ||||||
Acquisition - Blackstone | 1,967 | 4,351 | 25,546 | 16,820 | 452 | |
Other special charges | ||||||
Total | $ (2,805) | $ (4,429) | $ 26,132 | $ 22,250 | $ 9,585 |
Restructuring Reserve Rollforwa
Restructuring Reserve Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 28, 2013 | |
Summary of components of accrued liability with respect to Company's business restructuring activities | |||
Beginning balance | $ 3,680 | $ 8,460 | $ 6,278 |
Additions | 1,008 | 9,713 | 8,633 |
Acquisitions | 0 | 0 | 2,010 |
Cash payments | 2,062 | (13,202) | (8,343) |
Adjustments | (215) | (1,291) | (118) |
Ending balance | 2,411 | 3,680 | 8,460 |
North America [Member] | |||
Summary of components of accrued liability with respect to Company's business restructuring activities | |||
Beginning balance | 598 | 1,065 | 920 |
Additions | 248 | 1,324 | 1,700 |
Acquisitions | 0 | 0 | 92 |
Cash payments | (458) | (2,304) | (1,647) |
Adjustments | 4 | 513 | 0 |
Ending balance | 392 | 598 | 1,065 |
South America [Member] | |||
Summary of components of accrued liability with respect to Company's business restructuring activities | |||
Beginning balance | 1,145 | 775 | 848 |
Additions | (15) | 842 | 922 |
Acquisitions | 0 | 0 | 0 |
Cash payments | (277) | (164) | (868) |
Adjustments | (59) | (308) | (127) |
Ending balance | 794 | 1,145 | 775 |
Europe [Member] | |||
Summary of components of accrued liability with respect to Company's business restructuring activities | |||
Beginning balance | 1,718 | 4,487 | 1,431 |
Additions | 783 | 7,472 | 4,238 |
Acquisitions | 0 | 0 | 1,789 |
Cash payments | 1,146 | (8,807) | (2,980) |
Adjustments | (172) | (1,434) | 9 |
Ending balance | 1,183 | 1,718 | 4,487 |
Asia [Member] | |||
Summary of components of accrued liability with respect to Company's business restructuring activities | |||
Beginning balance | 39 | 264 | 639 |
Additions | 0 | (64) | 1 |
Acquisitions | 0 | 0 | 129 |
Cash payments | 50 | (99) | (505) |
Adjustments | 11 | (62) | 0 |
Ending balance | 0 | 39 | 264 |
Corporation [Member] | |||
Summary of components of accrued liability with respect to Company's business restructuring activities | |||
Beginning balance | 180 | 1,869 | 2,440 |
Additions | (8) | 139 | 1,772 |
Acquisitions | 0 | 0 | 0 |
Cash payments | 131 | (1,828) | (2,343) |
Adjustments | 1 | 0 | 0 |
Ending balance | $ 42 | $ 180 | $ 1,869 |
Special Charges, Net Narrative
Special Charges, Net Narrative (Details) - Plan Name [Domain] - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 29, 2012 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 1,008,000 | $ 9,713,000 | $ 8,633,000 | |||
Restructuring and Related Cost, Cost Incurred to Date | $ 12,800,000 | 12,800,000 | ||||
Goodwill impairment | $ 7,600,000 | (6,851,000) | 0 | |||
Non-cash impairment charge | 6,851,000 | $ 2,213,000 | $ 0 | |||
Fiberweb [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 13,400,000 | |||||
Argentina Subsidiary | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Property, Plant, and Equipment, Fair Value Disclosure | 14,400,000 | 14,400,000 | ||||
Argentina Subsidiary | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Costs and Asset Impairment Charges | 6,900,000 | |||||
Successor | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Non-cash impairment charge | 2,200,000 | |||||
Minimum | Integrate and Optimize the Combined Footprint after Fiberweb Acquisition | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected restructuring charges | 16,000,000 | 16,000,000 | 16,000,000 | |||
Maximum | Integrate and Optimize the Combined Footprint after Fiberweb Acquisition | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected restructuring charges | $ 23,000,000 | $ 23,000,000 | $ 23,000,000 |
Other Operating, Net (Details)
Other Operating, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 29, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Other Operating (Income) Loss, Net and Foreign Currency (Gain) Loss, Net (Textual) [Abstract] | |||||
Foreign currency gains (losses) | $ 936 | $ (1,926) | $ (5,448) | $ (2,838) | $ 151 |
Other operating income (expense) | 487 | 857 | 3,603 | 326 | 136 |
Other operating income (loss) | $ 1,423 | $ (1,069) | $ (1,845) | $ (2,512) | $ 287 |
Foreign Currency and Other, 109
Foreign Currency and Other, Net (Details) - USD ($) $ in Thousands | Jun. 11, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 29, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Derivative [Line Items] | |||||||||
Loss on extinguishment of debt | $ (903) | $ (3,300) | $ 0 | $ 0 | $ (3,334) | $ 0 | |||
Foreign currency and other, net | (43,923) | 4,959 | (27,083) | (8,851) | (5,134) | ||||
Foreign Currency Gain (Loss) | |||||||||
Derivative [Line Items] | |||||||||
Foreign currency and other, net | (41,905) | (5,400) | (35,558) | (6,689) | (3,433) | ||||
Other Non-Operating Expenses | |||||||||
Derivative [Line Items] | |||||||||
Foreign currency and other, net | $ (2,018) | 10,359 | $ 8,475 | $ (2,162) | |||||
Other Non-Operating Expenses including tax indemnification [Member] [Member] | |||||||||
Derivative [Line Items] | |||||||||
Foreign currency and other, net | $ (1,701) | ||||||||
Minimum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Financial Exchange Contracts, Settlement Terms, Expiration | 1 year | ||||||||
Maximum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Financial Exchange Contracts, Settlement Terms, Expiration | 5 years | ||||||||
Foreign Exchange Forward [Member] | Providência Contracts [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency and Other Loss Net [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain on Derivative Instruments, Pretax | $ 18,900 | ||||||||
Other Contract [Member] | Providência Contracts [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency and Other Loss Net [Member] | Minimum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Term of Contract | 1 year | 1 year | |||||||
Other Contract [Member] | Providência Contracts [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency and Other Loss Net [Member] | Maximum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Term of Contract | 5 years | 5 years | |||||||
Options Held [Member] | Foreign Currency and Other Loss Net [Member] | |||||||||
Derivative [Line Items] | |||||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 5,300 | ||||||||
Fair Value Hedge | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 10,800 | ||||||||
Fair Value Hedge | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency and Other Loss Net [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 1,900 | ||||||||
Fair Value Hedge | Foreign Exchange Forward [Member] | Providência Contracts [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency and Other Loss Net [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 1,925 | $ (10,756) |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,014 | $ 15,352 |
2,015 | 14,093 |
2,016 | 13,345 |
2,017 | 11,495 |
2,018 | 3,912 |
Thereafter | 20,267 |
Total | $ 78,464 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Oct. 01, 2011 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Mar. 31, 2015 | Jun. 11, 2014 | |
Capital Leased Assets [Line Items] | |||||||
Rent expense, net | $ 20,100,000 | $ 15,400,000 | $ 14,500,000 | ||||
Deferred Portion of Purchase Price | 42,440,000 | 0 | $ 35,998,000 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 89,181,000 | $ 0 | 76,584,000 | $ 80,792,000 | |||
Accretion Rate on Deferred Purchase Price | 9.50% | ||||||
Purchase commitment | 92,100,000 | ||||||
Companhia Providencia Industria e Comercio [Member] | |||||||
Capital Leased Assets [Line Items] | |||||||
Deferred Portion of Purchase Price | $ 42,400,000 | 36,000,000 | $ 47,931,000 | ||||
Fiberweb | |||||||
Capital Leased Assets [Line Items] | |||||||
Lease period | 10 years | 10 years | |||||
Financing obligations | $ 18,400,000 | $ 18,000,000 | |||||
Purchase of Raw Materials | |||||||
Capital Leased Assets [Line Items] | |||||||
Purchase commitment | 77,100,000 | ||||||
Estimated Total Project Costs to Acquire Spunlmelt Line | |||||||
Capital Leased Assets [Line Items] | |||||||
Purchase commitment | $ 15,000,000 | ||||||
Equipment | |||||||
Capital Leased Assets [Line Items] | |||||||
Capital lease term | 7 years | ||||||
Capital lease assets | $ 53,600,000 | ||||||
Capital lease annual payment | 8,300,000 | ||||||
Capital leases future minimum payments due | $ 58,000,000 |
Segment Information Narrative (
Segment Information Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015customersegment | Dec. 31, 2014USD ($)customersegment | Dec. 28, 2013USD ($) | Dec. 29, 2012USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 4 | 4 | ||
Export sales | $ | $ 19.1 | $ 20.1 | $ 32.1 | |
Major Customer Percentage Sales | 12.00% | |||
Customer Concentration Risk | Sales Revenue, Goods, Net | ||||
Segment Reporting Information [Line Items] | ||||
Number of major customers | 1 | 1 |
Financial Data by Segment (Deta
Financial Data by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Jun. 28, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Net sales | |||||||||||||
Net sales | $ 461,238 | $ 499,419 | $ 498,013 | $ 439,898 | $ 422,584 | $ 347,263 | $ 288,979 | $ 291,538 | $ 287,082 | $ 1,859,914 | $ 1,214,862 | $ 1,155,163 | |
Operating income (loss) | |||||||||||||
Operating income (loss) | 35,830 | 9,151 | 18,198 | 7,168 | 37,165 | ||||||||
Special charges, net | (6,022) | (8,711) | (59,185) | (33,188) | (19,592) | ||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 30,255 | 24,606 | 118,255 | 76,293 | 66,706 | ||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 11,010 | 14,115 | $ 14,115 | 82,457 | 54,642 | 51,625 | |||||||
Successor | |||||||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 51,625 | ||||||||||||
Personal Care [Member] | |||||||||||||
Net sales | |||||||||||||
Net sales | 235,229 | 194,470 | |||||||||||
Infection Prevention [Member] | |||||||||||||
Net sales | |||||||||||||
Net sales | 79,856 | 80,439 | |||||||||||
High Performance Solutions [Member] | |||||||||||||
Net sales | |||||||||||||
Net sales | 146,153 | 147,675 | |||||||||||
Eliminations | |||||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | 360 | (37) | |||||||||||
Operating Segments | |||||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | 41,852 | 17,862 | 77,383 | 40,356 | 56,757 | ||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 28,601 | 23,580 | 112,557 | 71,497 | 64,041 | ||||||||
Unallocated Corporate | |||||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | (16,417) | (13,254) | |||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 558 | 340 | |||||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 186 | 747 | |||||||||||
Unallocated Amount to Segment | |||||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 1,654 | 1,026 | |||||||||||
Europe [Member] | |||||||||||||
Net sales | |||||||||||||
Net sales | 112,389 | 143,621 | 530,440 | 316,400 | 294,120 | ||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 3,107 | 2,509 | |||||||||||
Europe [Member] | Operating Segments | |||||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | 9,755 | 6,232 | |||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 4,000 | 5,887 | |||||||||||
North America [Member] | |||||||||||||
Net sales | |||||||||||||
Net sales | 208,322 | 193,298 | |||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | 29,197 | 17,783 | |||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 12,677 | 9,828 | |||||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 3,447 | 6,051 | |||||||||||
South America [Member] | |||||||||||||
Net sales | |||||||||||||
Net sales | 93,086 | 38,150 | |||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | 13,674 | 2,986 | |||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 5,845 | 1,953 | |||||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 802 | 2,208 | |||||||||||
Asia [Member] | |||||||||||||
Net sales | |||||||||||||
Net sales | 47,441 | 47,515 | 194,676 | 172,597 | 156,746 | ||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 3,468 | 2,600 | |||||||||||
Asia [Member] | Operating Segments | |||||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | 5,283 | 4,152 | |||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | $ 5,521 | $ 5,572 | |||||||||||
North America | |||||||||||||
Net sales | |||||||||||||
Net sales | 828,633 | 572,095 | 542,788 | ||||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 35,351 | 11,754 | 4,909 | ||||||||||
North America | Operating Segments | |||||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | 87,159 | 51,485 | 49,988 | ||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 48,173 | 27,614 | 28,072 | ||||||||||
South America [Member] | |||||||||||||
Net sales | |||||||||||||
Net sales | 306,164 | 153,770 | 161,509 | ||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | 6,791 | 7,681 | 18,047 | ||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 18,652 | 8,458 | 9,204 | ||||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 10,819 | 3,991 | 611 | ||||||||||
Europe | |||||||||||||
Net sales | |||||||||||||
Net sales | 530,440 | 316,400 | 294,120 | ||||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 15,812 | 6,419 | 8,802 | ||||||||||
Europe | Operating Segments | |||||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | 21,484 | 8,571 | 11,102 | ||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 22,061 | 13,695 | 11,267 | ||||||||||
Asia | |||||||||||||
Net sales | |||||||||||||
Net sales | 194,677 | 172,597 | 156,746 | ||||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 16,511 | 31,122 | 36,626 | ||||||||||
Asia | Operating Segments | |||||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | 17,352 | 17,809 | 18,130 | ||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 22,009 | 19,954 | 13,780 | ||||||||||
Unallocated Corporate | |||||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | (54,954) | (45,059) | (40,586) | ||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | 1,662 | 1,776 | 1,718 | ||||||||||
Unallocated Corporate | |||||||||||||
Capital spending | 3,964 | 1,356 | 677 | ||||||||||
Eliminations | |||||||||||||
Operating income (loss) | |||||||||||||
Operating income (loss) | (449) | (131) | 76 | ||||||||||
Unallocated Amount to Segment | |||||||||||||
Depreciation and amortization expense | |||||||||||||
Depreciation and amortization expense | $ 5,698 | $ 4,796 | $ 2,665 |
Division Assets (Detail)
Division Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 28, 2013 |
Segment Reporting Information [Line Items] | |||
Division assets | $ 1,901,761 | $ 2,035,173 | $ 1,464,520 |
Unallocated Corporate | |||
Segment Reporting Information [Line Items] | |||
Division assets | 113,849 | 66,914 | |
Operating Segments | North America | |||
Segment Reporting Information [Line Items] | |||
Division assets | 819,133 | 644,913 | |
Operating Segments | South America [Member] | |||
Segment Reporting Information [Line Items] | |||
Division assets | 536,140 | 135,373 | |
Operating Segments | Europe | |||
Segment Reporting Information [Line Items] | |||
Division assets | 304,879 | 351,591 | |
Operating Segments | Asia | |||
Segment Reporting Information [Line Items] | |||
Division assets | 261,172 | $ 265,729 | |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Division assets | 81,945 | 113,849 | |
Europe [Member] | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Division assets | 266,879 | 304,879 | |
North America [Member] | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Division assets | 825,545 | 819,133 | |
South America [Member] | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Division assets | 463,527 | 536,140 | |
Asia [Member] | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Division assets | $ 263,865 | $ 261,172 |
Segment Information Net Sales a
Segment Information Net Sales and Long-lived Assets by Geographical Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | $ 461,238 | $ 499,419 | $ 498,013 | $ 439,898 | $ 422,584 | $ 347,263 | $ 288,979 | $ 291,538 | $ 287,082 | $ 1,859,914 | $ 1,214,862 | $ 1,155,163 |
Property, plant and equipment, net | 807,244 | 870,230 | 652,780 | 870,230 | 652,780 | |||||||
United States | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 619,162 | 380,836 | 357,193 | |||||||||
Property, plant and equipment, net | 286,204 | 209,861 | 286,204 | 209,861 | ||||||||
MEXICO | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 138,041 | 130,451 | 128,284 | |||||||||
Property, plant and equipment, net | 51,295 | 56,229 | 51,295 | 56,229 | ||||||||
Canada | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 71,430 | 60,808 | 57,312 | |||||||||
Property, plant and equipment, net | 4,088 | 5,026 | 4,088 | 5,026 | ||||||||
Europe | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 112,389 | 143,621 | 530,440 | 316,400 | 294,120 | |||||||
Property, plant and equipment, net | 136,993 | 155,383 | 136,993 | 155,383 | ||||||||
Asia | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | $ 47,441 | $ 47,515 | 194,676 | 172,597 | 156,746 | |||||||
Property, plant and equipment, net | 146,240 | 158,006 | 146,240 | 158,006 | ||||||||
South America | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 306,165 | 153,770 | $ 161,508 | |||||||||
Property, plant and equipment, net | $ 245,410 | $ 68,275 | $ 245,410 | $ 68,275 |
Selected Quarterly Financial116
Selected Quarterly Financial Data (Details) - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Quarterly Financial Information [Line Items] | ||||||||||||
Net sales | $ 461,238 | $ 499,419 | $ 498,013 | $ 439,898 | $ 422,584 | $ 347,263 | $ 288,979 | $ 291,538 | $ 287,082 | $ 1,859,914 | $ 1,214,862 | $ 1,155,163 |
Gross profit | 105,418 | 91,965 | 80,492 | 86,586 | 74,465 | 51,600 | 48,200 | 50,390 | 45,866 | 333,508 | 196,056 | 197,246 |
Net income (loss) | (40,274) | (30,652) | (57,151) | (21,941) | (9,496) | (2,567) | (8,267) | (7,906) | (6,227) | (119,240) | (24,967) | (26,038) |
Net income (loss) | $ (39,958) | $ (30,925) | $ (55,228) | $ (19,664) | $ (9,480) | $ (2,533) | $ (8,267) | $ (7,906) | $ (6,227) | $ (115,297) | $ (24,933) | $ (26,038) |
Certain Relationships and Re117
Certain Relationships and Related Party Transactions (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2015USD ($)Person | Jun. 30, 2015Person | Dec. 31, 2014USD ($)Person | Dec. 28, 2013USD ($) | |
Related Party Transaction [Line Items] | ||||
Number of related party members in board of directors | Person | 1 | 1 | ||
Number of outside members in board of directors | Person | 5 | 5 | ||
Number of CEOs in board of directors | Person | 1 | 1 | ||
Non refundable advisory fees receivable each year if it is more than specified percentage of EBITDA | $ 3 | $ 3 | ||
Percentage of non refundable advisory fees receivable each year if it is more than specified amount | 2.00% | 2.00% | ||
Percentage of Fee for Transaction Value | 1.00% | |||
Selling, general and administrative expenses | ||||
Related Party Transaction [Line Items] | ||||
Advisory fee | $ 3 | $ 5.2 | ||
Special Charges Net | ||||
Related Party Transaction [Line Items] | ||||
Advisory and management services fees | $ 3.2 | |||
Scenario, Adjustment [Member] | Selling, general and administrative expenses | ||||
Related Party Transaction [Line Items] | ||||
Advisory fee | 5.2 | |||
Fiberweb | ||||
Related Party Transaction [Line Items] | ||||
Non refundable advisory fees receivable each year if it is more than specified percentage of EBITDA | 3 | |||
Advisory fee | 2.5 | |||
Minimum [Member] | Selling, general and administrative expenses | ||||
Related Party Transaction [Line Items] | ||||
Advisory fee | 3 | |||
Companhia Providencia Industria e Comercio [Member] | ||||
Related Party Transaction [Line Items] | ||||
Advisory fee | $ 5.3 | |||
Fiberweb | ||||
Related Party Transaction [Line Items] | ||||
Advisory fee | $ 2.5 |
Financial Guarantees and Con118
Financial Guarantees and Condensed Consolidating Financial Statements Narrative (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Subsidiary guarantors are owned by PGI | 100.00% | 100.00% |
Financial Guarantees and Con119
Financial Guarantees and Condensed Consolidating Balance Sheet (Details) - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 11, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Current assets: | |||||||
Cash and cash equivalents | $ 160,601,000 | $ 178,491,000 | $ 59,640,000 | $ 86,064,000 | $ 97,879,000 | $ 72,742,000 | |
Accounts receivable, net | 251,881,000 | 247,727,000 | 194,827,000 | ||||
Inventories, net | 157,016,000 | 173,701,000 | 156,074,000 | ||||
Deferred income taxes | 15,958,000 | 16,776,000 | 2,318,000 | ||||
Other current assets | 79,375,000 | 89,121,000 | 59,096,000 | ||||
Total current assets | 664,831,000 | 705,816,000 | 498,379,000 | ||||
Property, plant and equipment, net | 807,244,000 | 870,230,000 | 652,780,000 | ||||
Goodwill | 201,347,000 | 220,554,000 | 115,328,000 | 80,608,000 | |||
Intangible assets, net | 171,976,000 | 178,911,000 | 169,399,000 | ||||
Net investment in and advances to (from) subsidiaries | 0 | 0 | 0 | ||||
Deferred income taxes | 20,073,000 | 18,231,000 | 2,582,000 | ||||
Other noncurrent assets | 36,290,000 | 41,431,000 | 26,052,000 | ||||
Total assets | 1,901,761,000 | 2,035,173,000 | 1,464,520,000 | ||||
Current liabilities: | |||||||
Short-term borrowings | 25,742,000 | 17,665,000 | 2,472,000 | ||||
Accounts payable and accrued liabilities | 281,908,000 | 321,313,000 | 307,731,000 | ||||
Income taxes payable | 7,719,000 | 9,636,000 | 3,613,000 | ||||
Deferred income taxes | 10,899,000 | 10,217,000 | 1,342,000 | ||||
Current portion of long-term debt | 38,569,000 | 31,892,000 | 13,797,000 | ||||
Total current liabilities | 364,837,000 | 390,723,000 | 328,955,000 | ||||
Long-term debt | 1,411,196,000 | 1,433,283,000 | 880,399,000 | ||||
Deferred income taxes | 37,568,000 | 36,223,000 | 33,236,000 | ||||
Other noncurrent liabilities | 64,733,000 | 67,124,000 | 62,191,000 | ||||
Total liabilities | 1,914,332,000 | 1,969,793,000 | 1,304,781,000 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 76,584,000 | 89,181,000 | $ 80,792,000 | 0 | |||
Common stock | 0 | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | (89,745,000) | (24,355,000) | 158,896,000 | ||||
Other shareholders’ (deficit) equity | (24,355,000) | 158,896,000 | |||||
Noncontrolling interest | 590,000 | 554,000 | 843,000 | ||||
Total equity (deficit) | (89,155,000) | (23,801,000) | 159,739,000 | 139,202,000 | $ 187,297,000 | ||
Total liabilities and equity | 1,901,761,000 | 2,035,173,000 | 1,464,520,000 | ||||
AVINTIV (Issuer) | |||||||
Current assets: | |||||||
Cash and cash equivalents | 3,026,000 | 34,720,000 | 764,000 | 2,068,000 | 486,000 | ||
Accounts receivable, net | 0 | 0 | 0 | ||||
Inventories, net | 0 | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | 385,000 | ||||
Other current assets | 10,595,000 | 10,465,000 | 1,887,000 | ||||
Total current assets | 13,621,000 | 45,185,000 | 4,340,000 | ||||
Property, plant and equipment, net | 5,229,000 | 5,445,000 | 2,756,000 | ||||
Goodwill | 0 | 0 | 0 | ||||
Intangible assets, net | 32,688,000 | 34,529,000 | 31,525,000 | ||||
Net investment in and advances to (from) subsidiaries | 1,389,585,000 | 1,437,946,000 | 1,013,856,000 | ||||
Deferred income taxes | 2,315,000 | 1,578,000 | 0 | ||||
Other noncurrent assets | 281,000 | 285,000 | 298,000 | ||||
Total assets | 1,443,719,000 | 1,524,968,000 | 1,052,775,000 | ||||
Current liabilities: | |||||||
Short-term borrowings | 1,139,000 | 405,000 | 410,000 | ||||
Accounts payable and accrued liabilities | 36,928,000 | 39,529,000 | 36,510,000 | ||||
Income taxes payable | 169,000 | 223,000 | 369,000 | ||||
Deferred income taxes | 2,896,000 | 2,322,000 | 0 | ||||
Current portion of long-term debt | 7,145,000 | 7,143,000 | 3,039,000 | ||||
Total current liabilities | 48,277,000 | 49,622,000 | 40,328,000 | ||||
Long-term debt | 1,408,345,000 | 1,410,059,000 | 850,767,000 | ||||
Deferred income taxes | 0 | 0 | 974,000 | ||||
Other noncurrent liabilities | 258,000 | 461,000 | 1,810,000 | ||||
Total liabilities | 1,456,880,000 | 1,460,142,000 | 893,879,000 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 76,584,000 | 89,181,000 | |||||
Common stock | 0 | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | (89,745,000) | (24,355,000) | |||||
Other shareholders’ (deficit) equity | (24,355,000) | 158,896,000 | |||||
Noncontrolling interest | 0 | 0 | 0 | ||||
Total equity (deficit) | (89,745,000) | (24,355,000) | 158,896,000 | ||||
Total liabilities and equity | 1,443,719,000 | 1,524,968,000 | 1,052,775,000 | ||||
Guarantors | |||||||
Current assets: | |||||||
Cash and cash equivalents | 91,898,000 | 76,744,000 | 10,342,000 | 13,103,000 | 28,285,000 | ||
Accounts receivable, net | 48,403,000 | 39,504,000 | 46,828,000 | ||||
Inventories, net | 56,117,000 | 54,044,000 | 46,428,000 | ||||
Deferred income taxes | 3,081,000 | 3,279,000 | 2,438,000 | ||||
Other current assets | 16,748,000 | 19,250,000 | 12,696,000 | ||||
Total current assets | 216,247,000 | 192,821,000 | 121,493,000 | ||||
Property, plant and equipment, net | 199,584,000 | 204,800,000 | 207,256,000 | ||||
Goodwill | 55,999,000 | 55,999,000 | 54,683,000 | ||||
Intangible assets, net | 116,595,000 | 118,283,000 | 125,146,000 | ||||
Net investment in and advances to (from) subsidiaries | 429,901,000 | 494,906,000 | 615,314,000 | ||||
Deferred income taxes | 0 | 0 | 0 | ||||
Other noncurrent assets | 7,273,000 | 7,111,000 | 8,869,000 | ||||
Total assets | 1,025,599,000 | 1,073,920,000 | 1,132,761,000 | ||||
Current liabilities: | |||||||
Short-term borrowings | 0 | 0 | 0 | ||||
Accounts payable and accrued liabilities | 55,903,000 | 64,552,000 | 61,950,000 | ||||
Income taxes payable | 756,000 | 2,986,000 | 0 | ||||
Deferred income taxes | 0 | 0 | 0 | ||||
Current portion of long-term debt | 0 | 0 | 0 | ||||
Total current liabilities | 56,659,000 | 67,538,000 | 61,950,000 | ||||
Long-term debt | 0 | 0 | 0 | ||||
Deferred income taxes | 14,699,000 | 14,897,000 | 12,543,000 | ||||
Other noncurrent liabilities | 36,257,000 | 36,839,000 | 31,718,000 | ||||
Total liabilities | 107,615,000 | 119,274,000 | 106,211,000 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | |||||
Common stock | 0 | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | 917,984,000 | 954,646,000 | |||||
Other shareholders’ (deficit) equity | 954,646,000 | 1,026,550,000 | |||||
Noncontrolling interest | 0 | 0 | 0 | ||||
Total equity (deficit) | 917,984,000 | 954,646,000 | 1,026,550,000 | ||||
Total liabilities and equity | 1,025,599,000 | 1,073,920,000 | 1,132,761,000 | ||||
Non-Guarantors | |||||||
Current assets: | |||||||
Cash and cash equivalents | 65,677,000 | 67,027,000 | 48,534,000 | 70,893,000 | 69,108,000 | ||
Accounts receivable, net | 203,478,000 | 208,223,000 | 147,999,000 | ||||
Inventories, net | 101,659,000 | 120,775,000 | 109,646,000 | ||||
Deferred income taxes | 15,904,000 | 16,523,000 | 2,318,000 | ||||
Other current assets | 52,032,000 | 59,406,000 | 44,513,000 | ||||
Total current assets | 438,750,000 | 471,954,000 | 375,369,000 | ||||
Property, plant and equipment, net | 602,431,000 | 659,985,000 | 442,768,000 | ||||
Goodwill | 145,348,000 | 164,555,000 | 60,645,000 | ||||
Intangible assets, net | 22,693,000 | 26,099,000 | 12,728,000 | ||||
Net investment in and advances to (from) subsidiaries | (774,303,000) | (811,794,000) | (363,414,000) | ||||
Deferred income taxes | 19,337,000 | 18,232,000 | 2,582,000 | ||||
Other noncurrent assets | 28,736,000 | 34,035,000 | 16,885,000 | ||||
Total assets | 482,992,000 | 563,066,000 | 547,563,000 | ||||
Current liabilities: | |||||||
Short-term borrowings | 24,603,000 | 17,260,000 | 2,062,000 | ||||
Accounts payable and accrued liabilities | 189,077,000 | 217,232,000 | 209,271,000 | ||||
Income taxes payable | 6,794,000 | 6,427,000 | 3,244,000 | ||||
Deferred income taxes | 10,162,000 | 10,216,000 | 194,000 | ||||
Current portion of long-term debt | 31,424,000 | 24,749,000 | 10,758,000 | ||||
Total current liabilities | 262,060,000 | 275,884,000 | 225,529,000 | ||||
Long-term debt | 2,851,000 | 23,224,000 | 29,632,000 | ||||
Deferred income taxes | 25,316,000 | 23,760,000 | 23,689,000 | ||||
Other noncurrent liabilities | 64,216,000 | 72,264,000 | 28,663,000 | ||||
Total liabilities | 354,443,000 | 395,132,000 | 307,513,000 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | |||||
Common stock | 16,966,000 | 16,966,000 | 16,966,000 | ||||
Stockholders' Equity Attributable to Parent | 110,993,000 | 150,414,000 | |||||
Other shareholders’ (deficit) equity | 150,414,000 | 222,241,000 | |||||
Noncontrolling interest | 590,000 | 554,000 | 843,000 | ||||
Total equity (deficit) | 128,549,000 | 167,934,000 | 240,050,000 | ||||
Total liabilities and equity | 482,992,000 | 563,066,000 | 547,563,000 | ||||
Eliminations | |||||||
Current assets: | |||||||
Cash and cash equivalents | 0 | 0 | $ 0 | 0 | $ 0 | ||
Accounts receivable, net | 0 | 0 | 0 | ||||
Inventories, net | (760,000) | (1,118,000) | 0 | ||||
Deferred income taxes | (3,027,000) | (3,026,000) | (2,823,000) | ||||
Other current assets | 0 | 0 | 0 | ||||
Total current assets | (3,787,000) | (4,144,000) | (2,823,000) | ||||
Property, plant and equipment, net | 0 | 0 | 0 | ||||
Goodwill | 0 | 0 | 0 | ||||
Intangible assets, net | 0 | 0 | 0 | ||||
Net investment in and advances to (from) subsidiaries | (1,045,183,000) | (1,121,058,000) | (1,265,756,000) | ||||
Deferred income taxes | (1,579,000) | (1,579,000) | 0 | ||||
Other noncurrent assets | 0 | 0 | 0 | ||||
Total assets | (1,050,549,000) | (1,126,781,000) | (1,268,579,000) | ||||
Current liabilities: | |||||||
Short-term borrowings | 0 | 0 | 0 | ||||
Accounts payable and accrued liabilities | 0 | 0 | 0 | ||||
Income taxes payable | 0 | 0 | 0 | ||||
Deferred income taxes | (2,159,000) | (2,321,000) | 1,148,000 | ||||
Current portion of long-term debt | 0 | 0 | 0 | ||||
Total current liabilities | (2,159,000) | (2,321,000) | 1,148,000 | ||||
Long-term debt | 0 | 0 | 0 | ||||
Deferred income taxes | (2,447,000) | (2,434,000) | (3,970,000) | ||||
Other noncurrent liabilities | 0 | 0 | 0 | ||||
Total liabilities | (4,606,000) | (4,755,000) | (2,822,000) | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | |||||
Common stock | (16,966,000) | (16,966,000) | (16,966,000) | ||||
Stockholders' Equity Attributable to Parent | (1,028,977,000) | (1,105,060,000) | |||||
Other shareholders’ (deficit) equity | (1,105,060,000) | (1,248,791,000) | |||||
Noncontrolling interest | 0 | 0 | 0 | ||||
Total equity (deficit) | (1,045,943,000) | (1,122,026,000) | (1,265,757,000) | ||||
Total liabilities and equity | (1,050,549,000) | (1,126,781,000) | $ (1,268,579,000) | ||||
Maximum [Member] | |||||||
Current liabilities: | |||||||
Other noncurrent liabilities | 100,731,000 | 109,564,000 | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 76,584,000 | $ 89,181,000 |
Financial Guarantees and Con120
Financial Guarantees and Condensed Consolidating Statement of Operations (Details) - Scenario, Unspecified [Domain] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Condensed Consolidating Statement of Operations | ||||||||||||
Net sales | $ 461,238 | $ 499,419 | $ 498,013 | $ 439,898 | $ 422,584 | $ 347,263 | $ 288,979 | $ 291,538 | $ 287,082 | $ 1,859,914 | $ 1,214,862 | $ 1,155,163 |
Cost of goods sold | (355,820) | (348,119) | (1,526,406) | (1,018,806) | (957,917) | |||||||
Gross profit | 105,418 | 91,965 | 80,492 | 86,586 | 74,465 | 51,600 | 48,200 | 50,390 | 45,866 | 333,508 | 196,056 | 197,246 |
Selling, general and administrative expenses | (64,989) | (55,534) | (254,280) | (153,188) | (140,776) | |||||||
Special charges, net | (6,022) | (8,711) | (59,185) | (33,188) | (19,592) | |||||||
Other operating, net | 1,423 | (1,069) | (1,845) | (2,512) | 287 | |||||||
Operating income (loss) | 35,830 | 9,151 | 18,198 | 7,168 | 37,165 | |||||||
Other income (expense): | ||||||||||||
Interest expense | (27,633) | (17,906) | (96,153) | (55,974) | (50,414) | |||||||
Debt Modification and Extinguishment Expense | (15,725) | (3,334) | 0 | |||||||||
Intercompany royalty and technical service fees | 0 | 0 | 0 | 0 | 0 | |||||||
Foreign currency and other, net | (43,923) | 4,959 | (27,083) | (8,851) | (5,134) | |||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | 0 | |||||||
Income (loss) before income taxes | (35,726) | (3,796) | (120,763) | (60,991) | (18,383) | |||||||
Income tax (provision) benefit | (4,548) | (5,700) | 1,523 | 36,024 | (7,655) | |||||||
Net income (loss) | (40,274) | (30,652) | (57,151) | (21,941) | (9,496) | (2,567) | (8,267) | (7,906) | (6,227) | (119,240) | (24,967) | (26,038) |
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | (316) | (16) | (3,943) | (34) | 0 | |||||||
Net income (loss) attributable to AVINTIV Specialty Materials Inc. | (39,958) | $ (30,925) | $ (55,228) | $ (19,664) | (9,480) | $ (2,533) | $ (8,267) | $ (7,906) | $ (6,227) | (115,297) | (24,933) | (26,038) |
Comprehensive income (loss) | (68,636) | (7,793) | (166,355) | (18,270) | (43,678) | |||||||
AVINTIV (Issuer) | ||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||
Net sales | 0 | 0 | 0 | 0 | 0 | |||||||
Cost of goods sold | 0 | (37) | (583) | (103) | 131 | |||||||
Gross profit | 0 | (37) | (583) | (103) | 131 | |||||||
Selling, general and administrative expenses | (15,991) | (10,930) | (51,197) | (44,835) | (40,053) | |||||||
Special charges, net | (2,682) | (3,965) | (24,177) | (22,080) | (8,515) | |||||||
Other operating, net | 264 | 12 | 298 | 34 | 5 | |||||||
Operating income (loss) | (18,409) | (14,920) | (75,659) | (66,984) | (48,432) | |||||||
Other income (expense): | ||||||||||||
Interest expense | (16,251) | (19,931) | (74,389) | (51,558) | (52,090) | |||||||
Debt Modification and Extinguishment Expense | (13,350) | (3,334) | ||||||||||
Intercompany royalty and technical service fees | 2,105 | 2,695 | 13,904 | 20,405 | 17,097 | |||||||
Foreign currency and other, net | (2,888) | 10,800 | 12,460 | 375 | 18,938 | |||||||
Equity in earnings of subsidiaries | (7,971) | 8,285 | 9,646 | 64,273 | 32,077 | |||||||
Income (loss) before income taxes | (43,414) | (13,071) | (127,388) | (36,823) | (32,410) | |||||||
Income tax (provision) benefit | 3,456 | 3,591 | 12,091 | 11,890 | 6,372 | |||||||
Net income (loss) | (39,958) | (9,480) | (115,297) | (24,933) | (26,038) | |||||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to AVINTIV Specialty Materials Inc. | (39,958) | (9,480) | (115,297) | (24,933) | ||||||||
Comprehensive income (loss) | (68,636) | (7,793) | (166,355) | (18,270) | (43,678) | |||||||
Guarantors | ||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||
Net sales | 141,800 | 148,896 | 594,464 | 392,212 | 367,548 | |||||||
Cost of goods sold | (108,769) | (122,587) | (478,465) | (334,278) | (319,537) | |||||||
Gross profit | 33,031 | 26,309 | 115,999 | 57,934 | 48,011 | |||||||
Selling, general and administrative expenses | (13,206) | (13,551) | (55,105) | (28,744) | (24,190) | |||||||
Special charges, net | (738) | (532) | (3,277) | (1,381) | (2,305) | |||||||
Other operating, net | (564) | (212) | 473 | (442) | 264 | |||||||
Operating income (loss) | 18,523 | 12,014 | 58,090 | 27,367 | 21,780 | |||||||
Other income (expense): | ||||||||||||
Interest expense | (1,898) | 7,083 | 11,678 | 14,655 | 21,192 | |||||||
Debt Modification and Extinguishment Expense | 0 | 0 | ||||||||||
Intercompany royalty and technical service fees | 1,559 | 1,653 | (10,918) | (4,445) | (4,132) | |||||||
Foreign currency and other, net | 879 | 553 | 894 | (246) | (18,901) | |||||||
Equity in earnings of subsidiaries | (23,585) | (8,162) | (34,131) | (1,179) | 19,260 | |||||||
Income (loss) before income taxes | (4,522) | 13,141 | 25,613 | 36,152 | 39,199 | |||||||
Income tax (provision) benefit | (3,812) | (4,914) | (16,064) | 28,758 | (5,886) | |||||||
Net income (loss) | (8,334) | 8,227 | 9,549 | 64,910 | 33,313 | |||||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to AVINTIV Specialty Materials Inc. | (8,334) | 8,227 | 9,549 | 64,910 | ||||||||
Comprehensive income (loss) | (37,363) | 9,725 | (41,779) | 75,369 | 17,536 | |||||||
Non-Guarantors | ||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||
Net sales | 327,774 | 286,667 | 1,303,006 | 844,997 | 808,134 | |||||||
Cost of goods sold | (255,387) | (238,474) | (1,084,914) | (706,772) | (659,030) | |||||||
Gross profit | 72,387 | 48,193 | 218,092 | 138,225 | 149,104 | |||||||
Selling, general and administrative expenses | (35,792) | (31,053) | (147,978) | (79,609) | (76,533) | |||||||
Special charges, net | (2,602) | (4,214) | (31,731) | (9,727) | (8,772) | |||||||
Other operating, net | 1,723 | (869) | (2,616) | (2,104) | 18 | |||||||
Operating income (loss) | 35,716 | 12,057 | 35,767 | 46,785 | 63,817 | |||||||
Other income (expense): | ||||||||||||
Interest expense | (9,484) | (5,058) | (33,442) | (19,071) | (19,516) | |||||||
Debt Modification and Extinguishment Expense | (2,375) | 0 | ||||||||||
Intercompany royalty and technical service fees | (3,664) | (4,348) | (2,986) | (15,960) | (12,965) | |||||||
Foreign currency and other, net | (41,914) | (6,394) | (40,437) | (8,980) | (5,171) | |||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | 0 | |||||||
Income (loss) before income taxes | (19,346) | (3,743) | (43,473) | 2,774 | 26,165 | |||||||
Income tax (provision) benefit | (4,192) | (4,377) | 5,496 | (4,624) | (8,141) | |||||||
Net income (loss) | (23,538) | (8,120) | (37,977) | (1,850) | 18,024 | |||||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | (316) | (16) | (3,943) | (34) | ||||||||
Net income (loss) attributable to AVINTIV Specialty Materials Inc. | (23,222) | (8,104) | (34,034) | (1,816) | ||||||||
Comprehensive income (loss) | (39,423) | (6,060) | (56,270) | (1,496) | 481 | |||||||
Eliminations | ||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||
Net sales | (8,336) | (12,979) | (37,556) | (22,347) | (20,519) | |||||||
Cost of goods sold | 8,336 | 12,979 | 37,556 | 22,347 | 20,519 | |||||||
Gross profit | 0 | 0 | 0 | 0 | 0 | |||||||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | 0 | |||||||
Special charges, net | 0 | 0 | 0 | 0 | 0 | |||||||
Other operating, net | 0 | 0 | 0 | 0 | 0 | |||||||
Operating income (loss) | 0 | 0 | 0 | 0 | 0 | |||||||
Other income (expense): | ||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 0 | |||||||
Debt Modification and Extinguishment Expense | 0 | 0 | ||||||||||
Intercompany royalty and technical service fees | 0 | 0 | 0 | 0 | 0 | |||||||
Foreign currency and other, net | 0 | 0 | 0 | 0 | 0 | |||||||
Equity in earnings of subsidiaries | 31,556 | (123) | 24,485 | (63,094) | (51,337) | |||||||
Income (loss) before income taxes | 31,556 | (123) | 24,485 | (63,094) | (51,337) | |||||||
Income tax (provision) benefit | 0 | 0 | 0 | 0 | 0 | |||||||
Net income (loss) | 31,556 | (123) | 24,485 | (63,094) | (51,337) | |||||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to AVINTIV Specialty Materials Inc. | 31,556 | (123) | 24,485 | (63,094) | ||||||||
Comprehensive income (loss) | $ 76,786 | $ (3,665) | $ 98,049 | $ (73,873) | $ (18,017) |
Financial Guarantees and Con121
Financial Guarantees and Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands | Jan. 28, 2011 | Mar. 31, 2015 | Mar. 29, 2014 | Jun. 28, 2014 | Dec. 31, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | $ (316) | $ (16) | $ (3,943) | $ (34) | $ 0 | ||
Operating activities: | |||||||
Net cash (used in) provided by operating activities | (529) | (14,589) | $ (14,589) | 49,148 | 16,850 | 75,471 | |
Investing activities: | |||||||
Acquisitions, net of cash acquired | (356,281) | (278,970) | 0 | ||||
Purchases of property, plant and equipment | (11,010) | (14,115) | (14,115) | (82,457) | (54,642) | (51,625) | |
Proceeds from sale of assets | 532 | 0 | 2,306 | 435 | 1,660 | ||
Acquisition of intangibles and other | (113) | (57) | (57) | (250) | (4,582) | (268) | |
Intercompany investing activities, net | 0 | 0 | 0 | 0 | |||
Net cash provided by (used in) investing activities | (10,591) | (14,172) | (14,172) | (436,682) | (337,759) | (50,233) | |
Financing activities: | |||||||
Issuance of common stock | $ 259,900 | 750 | 30,504 | 1,087 | |||
Proceeds from long-term borrowings | 15 | 3,152 | 628,135 | 629,999 | |||
Proceeds from short-term borrowings | 18,974 | 7,606 | 7,606 | 32,091 | 4,087 | 5,725 | |
Repayment of long-term borrowings | (11,785) | (5,960) | (5,960) | (131,453) | (337,679) | (7,678) | |
Repayment of short-term borrowings | (8,948) | (1,949) | (1,949) | (16,809) | (2,619) | (9,933) | |
Loan acquisition costs | (21,283) | (16,102) | (220) | ||||
Payments of Debt Restructuring Costs | (4,055) | 0 | 0 | ||||
Intercompany financing activities, net | 0 | 0 | 0 | 0 | |||
Net cash provided by (used in) financing activities | (1,744) | 2,849 | 2,849 | 487,376 | 308,190 | (42) | |
Effect of exchange rate changes on cash | (5,026) | (512) | (512) | (7,415) | 904 | (59) | |
Net change in cash and cash equivalents | (17,890) | (26,424) | (26,424) | 92,427 | (11,815) | 25,137 | |
Cash and cash equivalents at beginning of period | 178,491 | 86,064 | 86,064 | 86,064 | 97,879 | 72,742 | |
Cash and cash equivalents at end of period | 160,601 | 59,640 | 178,491 | 86,064 | 97,879 | ||
Successor | |||||||
Operating activities: | |||||||
Net cash (used in) provided by operating activities | 75,471 | ||||||
Investing activities: | |||||||
Purchases of property, plant and equipment | (51,625) | ||||||
Proceeds from sale of assets | 1,660 | ||||||
Acquisition of intangibles and other | (268) | ||||||
Intercompany investing activities, net | 0 | ||||||
Net cash provided by (used in) investing activities | (50,233) | ||||||
Financing activities: | |||||||
Issuance of common stock | 1,087 | ||||||
Proceeds from long-term borrowings | 10,977 | ||||||
Proceeds from short-term borrowings | 5,725 | ||||||
Repayment of long-term borrowings | (7,678) | ||||||
Repayment of short-term borrowings | (9,933) | ||||||
Loan acquisition costs | (220) | ||||||
Intercompany financing activities, net | 0 | ||||||
Net cash provided by (used in) financing activities | (42) | ||||||
Effect of exchange rate changes on cash | (59) | ||||||
Net change in cash and cash equivalents | 25,137 | ||||||
Cash and cash equivalents at beginning of period | 97,879 | ||||||
Cash and cash equivalents at end of period | 97,879 | ||||||
Predecessor | |||||||
Financing activities: | |||||||
Cash and cash equivalents at beginning of period | 72,742 | ||||||
AVINTIV (Issuer) | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | 0 | 0 | 0 | 0 | |||
Operating activities: | |||||||
Net cash (used in) provided by operating activities | (33,186) | (35,352) | (249,860) | (97,500) | |||
Investing activities: | |||||||
Acquisitions, net of cash acquired | 0 | (278,970) | |||||
Purchases of property, plant and equipment | (186) | (746) | (3,964) | (1,356) | |||
Proceeds from sale of assets | 0 | 0 | 0 | ||||
Acquisition of intangibles and other | (113) | (57) | (250) | (356) | |||
Intercompany investing activities, net | 2,845 | 11,035 | (333,910) | (12,783) | |||
Net cash provided by (used in) investing activities | 2,546 | 10,232 | (338,124) | (293,465) | |||
Financing activities: | |||||||
Issuance of common stock | 750 | 30,504 | |||||
Proceeds from long-term borrowings | 0 | 3,000 | 628,000 | 612,602 | |||
Proceeds from short-term borrowings | 869 | 1,024 | 1,691 | 2,216 | |||
Repayment of long-term borrowings | (1,788) | (3,898) | (65,085) | (318,154) | |||
Repayment of short-term borrowings | (135) | (478) | (1,696) | (2,619) | |||
Loan acquisition costs | (21,283) | (16,102) | |||||
Payments of Debt Restructuring Costs | (1,680) | ||||||
Intercompany financing activities, net | 0 | 24,168 | 79,939 | 84,100 | |||
Net cash provided by (used in) financing activities | (1,054) | 23,816 | 620,636 | 392,547 | |||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||
Net change in cash and cash equivalents | (31,694) | (1,304) | 32,652 | 1,582 | |||
Cash and cash equivalents at beginning of period | 34,720 | 2,068 | 2,068 | 2,068 | 486 | ||
Cash and cash equivalents at end of period | 3,026 | 764 | 34,720 | 2,068 | 486 | ||
AVINTIV (Issuer) | Successor | |||||||
Operating activities: | |||||||
Net cash (used in) provided by operating activities | (81,186) | ||||||
Investing activities: | |||||||
Purchases of property, plant and equipment | (26,043) | ||||||
Proceeds from sale of assets | 0 | ||||||
Acquisition of intangibles and other | (268) | ||||||
Intercompany investing activities, net | 57,118 | ||||||
Net cash provided by (used in) investing activities | 30,807 | ||||||
Financing activities: | |||||||
Issuance of common stock | 1,087 | ||||||
Proceeds from long-term borrowings | 0 | ||||||
Proceeds from short-term borrowings | 2,725 | ||||||
Repayment of long-term borrowings | (107) | ||||||
Repayment of short-term borrowings | (1,933) | ||||||
Loan acquisition costs | (220) | ||||||
Intercompany financing activities, net | 46,178 | ||||||
Net cash provided by (used in) financing activities | 47,730 | ||||||
Effect of exchange rate changes on cash | 0 | ||||||
Net change in cash and cash equivalents | (2,649) | ||||||
Cash and cash equivalents at beginning of period | 486 | ||||||
Cash and cash equivalents at end of period | 486 | ||||||
AVINTIV (Issuer) | Predecessor | |||||||
Financing activities: | |||||||
Cash and cash equivalents at beginning of period | 3,135 | ||||||
Guarantors | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | 0 | 0 | 0 | 0 | |||
Operating activities: | |||||||
Net cash (used in) provided by operating activities | 5,433 | 30,624 | 165,527 | 64,440 | |||
Investing activities: | |||||||
Acquisitions, net of cash acquired | 0 | 0 | |||||
Purchases of property, plant and equipment | (3,237) | (5,795) | (32,731) | (9,841) | |||
Proceeds from sale of assets | 0 | 0 | 0 | ||||
Acquisition of intangibles and other | 0 | 0 | 0 | 0 | |||
Intercompany investing activities, net | 15,803 | (16,505) | (443,791) | (81,373) | |||
Net cash provided by (used in) investing activities | 12,566 | (22,300) | (476,522) | (91,214) | |||
Financing activities: | |||||||
Issuance of common stock | 0 | 0 | |||||
Proceeds from long-term borrowings | 0 | 0 | 0 | ||||
Proceeds from short-term borrowings | 0 | 0 | 0 | ||||
Repayment of long-term borrowings | 0 | 0 | 0 | ||||
Repayment of short-term borrowings | 0 | 0 | 0 | ||||
Loan acquisition costs | 0 | 0 | |||||
Payments of Debt Restructuring Costs | 0 | ||||||
Intercompany financing activities, net | (2,845) | (11,085) | 374,636 | 11,592 | |||
Net cash provided by (used in) financing activities | (2,845) | (11,085) | 374,636 | 11,592 | |||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||
Net change in cash and cash equivalents | 15,154 | (2,761) | 63,641 | (15,182) | |||
Cash and cash equivalents at beginning of period | 76,744 | 13,103 | 13,103 | 13,103 | 28,285 | ||
Cash and cash equivalents at end of period | 91,898 | 10,342 | 76,744 | 13,103 | 28,285 | ||
Guarantors | Successor | |||||||
Operating activities: | |||||||
Net cash (used in) provided by operating activities | 77,313 | ||||||
Investing activities: | |||||||
Purchases of property, plant and equipment | (4,021) | ||||||
Proceeds from sale of assets | 1,646 | ||||||
Acquisition of intangibles and other | 0 | ||||||
Intercompany investing activities, net | (37,797) | ||||||
Net cash provided by (used in) investing activities | (40,172) | ||||||
Financing activities: | |||||||
Issuance of common stock | 0 | ||||||
Proceeds from long-term borrowings | 0 | ||||||
Proceeds from short-term borrowings | 0 | ||||||
Repayment of long-term borrowings | 0 | ||||||
Repayment of short-term borrowings | 0 | ||||||
Loan acquisition costs | 0 | ||||||
Intercompany financing activities, net | (23,430) | ||||||
Net cash provided by (used in) financing activities | (23,430) | ||||||
Effect of exchange rate changes on cash | 0 | ||||||
Net change in cash and cash equivalents | 13,711 | ||||||
Cash and cash equivalents at beginning of period | 28,285 | ||||||
Cash and cash equivalents at end of period | 28,285 | ||||||
Guarantors | Predecessor | |||||||
Financing activities: | |||||||
Cash and cash equivalents at beginning of period | 14,574 | ||||||
Non-Guarantors | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | (316) | (16) | (3,943) | (34) | |||
Operating activities: | |||||||
Net cash (used in) provided by operating activities | 27,224 | (9,861) | 133,481 | 49,910 | |||
Investing activities: | |||||||
Acquisitions, net of cash acquired | (356,281) | 0 | |||||
Purchases of property, plant and equipment | (7,587) | (7,574) | (45,762) | (43,445) | |||
Proceeds from sale of assets | 532 | 2,306 | 435 | ||||
Acquisition of intangibles and other | 0 | 0 | 0 | (4,226) | |||
Intercompany investing activities, net | 0 | 50 | 791 | (15,000) | |||
Net cash provided by (used in) investing activities | (7,055) | (7,524) | (398,946) | (62,236) | |||
Financing activities: | |||||||
Issuance of common stock | 0 | 0 | |||||
Proceeds from long-term borrowings | 15 | 152 | 135 | 17,397 | |||
Proceeds from short-term borrowings | 18,105 | 6,582 | 30,400 | 1,871 | |||
Repayment of long-term borrowings | (9,997) | (2,062) | (66,368) | (19,525) | |||
Repayment of short-term borrowings | (8,813) | (1,471) | (15,113) | 0 | |||
Loan acquisition costs | 0 | 0 | |||||
Payments of Debt Restructuring Costs | (2,375) | ||||||
Intercompany financing activities, net | (15,803) | (7,663) | 322,335 | 13,464 | |||
Net cash provided by (used in) financing activities | (16,493) | (4,462) | 269,014 | 13,207 | |||
Effect of exchange rate changes on cash | (5,026) | (512) | (7,415) | 904 | |||
Net change in cash and cash equivalents | (1,350) | (22,359) | (3,866) | 1,785 | |||
Cash and cash equivalents at beginning of period | 67,027 | 70,893 | 70,893 | 70,893 | 69,108 | ||
Cash and cash equivalents at end of period | 65,677 | 48,534 | 67,027 | 70,893 | 69,108 | ||
Non-Guarantors | Successor | |||||||
Operating activities: | |||||||
Net cash (used in) provided by operating activities | 79,344 | ||||||
Investing activities: | |||||||
Purchases of property, plant and equipment | (21,561) | ||||||
Proceeds from sale of assets | 14 | ||||||
Acquisition of intangibles and other | 0 | ||||||
Intercompany investing activities, net | (25,218) | ||||||
Net cash provided by (used in) investing activities | (46,765) | ||||||
Financing activities: | |||||||
Issuance of common stock | 0 | ||||||
Proceeds from long-term borrowings | 10,977 | ||||||
Proceeds from short-term borrowings | 3,000 | ||||||
Repayment of long-term borrowings | (7,571) | ||||||
Repayment of short-term borrowings | (8,000) | ||||||
Loan acquisition costs | 0 | ||||||
Intercompany financing activities, net | (16,851) | ||||||
Net cash provided by (used in) financing activities | (18,445) | ||||||
Effect of exchange rate changes on cash | (59) | ||||||
Net change in cash and cash equivalents | 14,075 | ||||||
Cash and cash equivalents at beginning of period | 69,108 | ||||||
Cash and cash equivalents at end of period | 69,108 | ||||||
Non-Guarantors | Predecessor | |||||||
Financing activities: | |||||||
Cash and cash equivalents at beginning of period | 55,033 | ||||||
Eliminations | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | 0 | 0 | 0 | 0 | |||
Operating activities: | |||||||
Net cash (used in) provided by operating activities | 0 | 0 | 0 | 0 | |||
Investing activities: | |||||||
Acquisitions, net of cash acquired | 0 | 0 | |||||
Purchases of property, plant and equipment | 0 | 0 | 0 | 0 | |||
Proceeds from sale of assets | 0 | 0 | 0 | ||||
Acquisition of intangibles and other | 0 | 0 | 0 | 0 | |||
Intercompany investing activities, net | (18,648) | 5,420 | 776,910 | 109,156 | |||
Net cash provided by (used in) investing activities | (18,648) | 5,420 | 776,910 | 109,156 | |||
Financing activities: | |||||||
Issuance of common stock | 0 | 0 | |||||
Proceeds from long-term borrowings | 0 | 0 | 0 | ||||
Proceeds from short-term borrowings | 0 | 0 | 0 | ||||
Repayment of long-term borrowings | 0 | 0 | 0 | ||||
Repayment of short-term borrowings | 0 | 0 | 0 | ||||
Loan acquisition costs | 0 | 0 | |||||
Payments of Debt Restructuring Costs | 0 | ||||||
Intercompany financing activities, net | 18,648 | (5,420) | (776,910) | (109,156) | |||
Net cash provided by (used in) financing activities | 18,648 | (5,420) | (776,910) | (109,156) | |||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||
Net change in cash and cash equivalents | 0 | 0 | 0 | ||||
Cash and cash equivalents at beginning of period | 0 | 0 | $ 0 | 0 | 0 | ||
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 | 0 | 0 | ||
Eliminations | Successor | |||||||
Operating activities: | |||||||
Net cash (used in) provided by operating activities | 0 | ||||||
Investing activities: | |||||||
Purchases of property, plant and equipment | 0 | ||||||
Proceeds from sale of assets | 0 | ||||||
Acquisition of intangibles and other | 0 | ||||||
Intercompany investing activities, net | 5,897 | ||||||
Net cash provided by (used in) investing activities | 5,897 | ||||||
Financing activities: | |||||||
Issuance of common stock | 0 | ||||||
Proceeds from long-term borrowings | 0 | ||||||
Proceeds from short-term borrowings | 0 | ||||||
Repayment of long-term borrowings | 0 | ||||||
Repayment of short-term borrowings | 0 | ||||||
Loan acquisition costs | 0 | ||||||
Intercompany financing activities, net | (5,897) | ||||||
Net cash provided by (used in) financing activities | (5,897) | ||||||
Effect of exchange rate changes on cash | 0 | ||||||
Net change in cash and cash equivalents | 0 | ||||||
Cash and cash equivalents at beginning of period | $ 0 | ||||||
Cash and cash equivalents at end of period | 0 | ||||||
Eliminations | Predecessor | |||||||
Financing activities: | |||||||
Cash and cash equivalents at beginning of period | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) - Restructuring Plan [Domain] - Range [Domain] $ in Millions | Apr. 17, 2015USD ($) | Jul. 23, 2014 | Dec. 31, 2014 | Jun. 11, 2014 |
Subsequent Event [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 103.00% | |||
Senior Notes | ||||
Subsequent Event [Line Items] | ||||
Interest on loan | 6.875% | |||
Senior Notes | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from Issuance of Debt | $ 283 | |||
Debt Covenant, Net Leverage Ratio, Maximum | 4.50 | |||
7.75% Senior secured notes | Senior Notes | ||||
Subsequent Event [Line Items] | ||||
Interest on loan | 7.75% | |||
7.75% Senior secured notes | Senior Notes | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Face Amount | $ 200 | |||
Interest on loan | 7.75% | |||
Debt Instrument, Redemption Price, Percentage | 103.875% |