Condensed consolidated guarantor financial information (Tables)

9 Months Ended

Sep. 28, 2014

Condensed Consolidated Guarantor Financial Information [Abstract]

Condensed Consolidating Financial Statement Adjustments

The following table illustrates the increase/(decrease) to the previously reported amounts for the nine months ended September 29, 2013:

	Nine Months Ended September 29, 2013
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Cash Flows from Operating Activities of Continuing Operations	$	1,200		$	61,134		$	3,737		$	(66,071	)	$	—
Cash Flows from Financing Activities of Continuing Operations:
Intercompany transactions	(1,200		)	(43,734		)	44,934			—			—
Intercompany dividends paid	—			(17,400		)	(48,671		)	66,071			—
Cash Flows from Financing Activities of Continuing Operations	$	(1,200	)	$	(61,134	)	$	(3,737	)	$	66,071		$	—

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Three Months Ended September 28, 2014
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	261,346		$	272,083		$	(76,256	)	$	457,173
Cost of goods sold	—			161,298			136,526			(76,817		)	221,007
Gross profit	—			100,048			135,557			561			236,166
Selling, general and administrative expenses	8,978			77,352			52,002			(80		)	138,252
Research and development expenses	—			12,871			2,000			—			14,871
Restructuring and other impairment charges	—			148			960			—			1,108
Income (loss) from continuing operations before interest, and taxes	(8,978		)	9,677			80,595			641			81,935
Interest expense	37,913			(22,346		)	1,617			—			17,184
Interest income	—			—			(161		)	—			(161		)
Income (loss) from continuing operations before taxes	(46,891		)	32,023			79,139			641			64,912
Taxes (benefit) on income (loss) from continuing operations	(16,761		)	13,984			10,505			1,956			9,684
Equity in net income of consolidated subsidiaries	85,187			60,295			96			(145,578		)	—
Income from continuing operations	55,057			78,334			68,730			(146,893		)	55,228
Operating loss from discontinued operations	(247		)	—			—			—			(247		)
Taxes (benefit) on loss from discontinued operations	(21		)	—			45			—			24
Loss from discontinued operations	(226		)	—			(45		)	—			(271		)
Net income	54,831			78,334			68,685			(146,893		)	54,957
Less: Income from continuing operations attributable to noncontrolling interests	—			—			126			—			126
Net income attributable to common shareholders	54,831			78,334			68,559			(146,893		)	54,831
Other comprehensive loss attributable to common shareholders	(45,201		)	(58,947		)	(43,438		)	102,385			(45,201		)
Comprehensive income attributable to common shareholders	$	9,630		$	19,387		$	25,121		$	(44,508	)	$	9,630

	Three Months Ended September 29, 2013
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	237,949		$	238,254		$	(62,407	)	$	413,796
Cost of goods sold	—			139,501			130,825			(60,522		)	209,804
Gross profit	—			98,448			107,429			(1,885		)	203,992
Selling, general and administrative expenses	14,088			62,701			38,167			272			115,228
Research and development expenses	—			13,161			2,477			—			15,638
Restructuring and other impairment charges	828			3,834			2,422			—			7,084
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes	(14,916		)	18,752			64,363			(2,157		)	66,042
Interest expense	33,492			(21,204		)	1,660			—			13,948
Interest income	3			(3		)	(144		)	—			(144		)
Loss on extinguishments of debt	1,250			—			—			—			1,250
Income (loss) from continuing operations before taxes	(49,661		)	39,959			62,847			(2,157		)	50,988
Taxes (benefit) on income (loss) from continuing operations	(18,446		)	14,261			9,962			(568		)	5,209
Equity in net income of consolidated subsidiaries	76,448			48,367			319			(125,134		)	—
Income from continuing operations	45,233			74,065			53,204			(126,723		)	45,779
Operating income (loss) from discontinued operations	364			—			(326		)	—			38
Taxes (benefit) on income (loss) from discontinued operations	(977		)	(170		)	156			—			(991		)
Income (loss) from discontinued operations	1,341			170			(482		)	—			1,029
Net income (loss)	46,574			74,235			52,722			(126,723		)	46,808
Less: Income from continuing operations attributable to noncontrolling interests	—			—			234			—			234
Net income (loss) attributable to common shareholders	46,574			74,235			52,488			(126,723		)	46,574
Other comprehensive income attributable to common shareholders	24,375			30,034			21,442			(51,476		)	24,375
Comprehensive income attributable to common shareholders	$	70,949		$	104,269		$	73,930		$	(178,199	)	$	70,949

	Nine Months Ended September 28, 2014
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	814,051		$	838,171		$	(288,398	)	$	1,363,824
Cost of goods sold	—			489,694			451,408			(278,691		)	662,411
Gross profit	—			324,357			386,763			(9,707		)	701,413
Selling, general and administrative expenses	30,781			235,322			159,058			231			425,392
Research and development expenses	—			37,766			6,037			—			43,803
Restructuring and other impairment charges	—			8,639			7,872			—			16,511
Income (loss) from continuing operations before interest, and taxes	(30,781		)	42,630			213,796			(9,938		)	215,707
Interest expense	106,794			(62,993		)	4,849			—			48,650
Interest income	—			—			(494		)	—			(494		)
Income (loss) from continuing operations before taxes	(137,575		)	105,623			209,441			(9,938		)	167,551
Taxes (benefit) on income (loss) from continuing operations	(47,891		)	44,737			33,681			(2,303		)	28,224
Equity in net income of consolidated subsidiaries	228,113			160,653			288			(389,054		)	—
Income from continuing operations	138,429			221,539			176,048			(396,689		)	139,327
Operating loss from discontinued operations	(1,866		)	—			—			—			(1,866		)
Taxes (benefit) on loss from discontinued operations	(478		)	—			133			—			(345		)
Loss from discontinued operations	(1,388		)	—			(133		)	—			(1,521		)
Net income	137,041			221,539			175,915			(396,689		)	137,806
Less: Income from continuing operations attributable to noncontrolling interests	—			—			765			—			765
Net income attributable to common shareholders	137,041			221,539			175,150			(396,689		)	137,041
Other comprehensive loss attributable to common shareholders	(38,594		)	(54,326		)	(37,179		)	91,505			(38,594		)
Comprehensive income attributable to common shareholders	$	98,447		$	167,213		$	137,971		$	(305,184	)	$	98,447

	Nine Months Ended September 29, 2013
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	740,817		$	708,206		$	(203,291	)	$	1,245,732
Cost of goods sold	—			435,937			398,720			(202,927		)	631,730
Gross profit	—			304,880			309,486			(364		)	614,002
Selling, general and administrative expenses	45,915			189,193			123,257			66			358,431
Research and development expenses	—			40,250			6,919			—			47,169
Restructuring and other impairment charges	828			13,112			15,265			—			29,205
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes	(46,743		)	62,325			164,045			(430		)	179,197
Interest expense	100,682			(63,348		)	5,232			—			42,566
Interest income	—			(3		)	(455		)	—			(458		)
Loss on extinguishments of debt	1,250			—			—			—			1,250
Income (loss) from continuing operations before taxes	(148,675		)	125,676			159,268			(430		)	135,839
Taxes (benefit) on income (loss) from continuing operations	(54,192		)	42,241			30,701			208			18,958
Equity in net income of consolidated subsidiaries	210,701			114,116			319			(325,136		)	—
Income from continuing operations	116,218			197,551			128,886			(325,774		)	116,881
Operating income (loss) from discontinued operations	(1,788		)	—			42			—			(1,746		)
Taxes (benefit) on income (loss) from discontinued operations	(1,623		)	(170		)	246			—			(1,547		)
Income (loss) from discontinued operations	(165		)	170			(204		)	—			(199		)
Net income (loss)	116,053			197,721			128,682			(325,774		)	116,682
Less: Income from continuing operations attributable to noncontrolling interests	—			—			629			—			629
Net income (loss) attributable to common shareholders	116,053			197,721			128,053			(325,774		)	116,053
Other comprehensive income attributable to common shareholders	(6,335		)	(3,316		)	(5,930		)	9,246			(6,335		)
Comprehensive income attributable to common shareholders	$	109,718		$	194,405		$	122,123		$	(316,528	)	$	109,718

Condensed Consolidating Balance Sheets

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

	September 28, 2014
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	59,555	$	1,662	$	225,165	$	—		$	286,382
Accounts receivable, net	1,921		11,630		270,387		3,241			287,179
Accounts receivable from consolidated subsidiaries	39,604		2,782,391		270,488		(3,092,483		)	—
Inventories, net	—		210,427		168,218		(25,418		)	353,227
Prepaid expenses and other current assets	15,587		6,826		20,870		—			43,283
Prepaid taxes	34,406		—		16,913		—			51,319
Deferred tax assets	19,912		19,516		8,933		(220		)	48,141
Assets held for sale	2,901		—		4,771		—			7,672
Total current assets	173,886		3,032,452		985,745		(3,114,880		)	1,077,203
Property, plant and equipment, net	3,648		196,101		147,484		—			347,233
Goodwill	—		704,210		647,835		—			1,352,045
Intangibles assets, net	—		713,854		494,398		—			1,208,252
Investments in affiliates	5,676,862		1,356,773		21,252		(7,053,808		)	1,079
Deferred tax assets	34,525		—		5,109		(37,928		)	1,706
Notes receivable and other amounts due from consolidated subsidiaries	975,641		992,775		—		(1,968,416		)	—
Other assets	28,795		7,435		34,044		—			70,274
Total assets	$	6,893,357	$	7,003,600	$	2,335,867	$	(12,175,032	)	$	4,057,792
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	360,656	$	—	$	4,700	$	—		$	365,356
Accounts payable	4,291		35,293		31,450		—			71,034
Accounts payable to consolidated subsidiaries	2,730,852		197,409		164,222		(3,092,483		)	—
Accrued expenses	18,088		17,056		42,189		—			77,333
Current portion of contingent consideration	—		2,957		—		—			2,957
Payroll and benefit-related liabilities	17,358		20,742		38,681		—			76,781
Accrued interest	13,831		—		17		—			13,848
Income taxes payable	—		—		26,735		—			26,735
Other current liabilities	475		33,450		8,567		(220		)	42,272
Total current liabilities	3,145,551		306,907		316,561		(3,092,703		)	676,316
Long-term borrowings	700,000		—		—		—			700,000
Deferred tax liabilities	—		477,101		55,710		(37,927		)	494,884
Pension and other postretirement benefit liabilities	46,618		33,962		16,427		—			97,007
Noncurrent liability for uncertain tax positions	13,355		17,476		25,617		—			56,448
Notes payable and other amounts due from consolidated subsidiaries	986,769		897,634		89,801		(1,974,204		)	—
Other liabilities	19,336		17,142		12,743		—			49,221
Total liabilities	4,911,629		1,750,222		516,859		(5,104,834		)	2,073,876
Total common shareholders' equity	1,981,728		5,253,378		1,816,820		(7,070,198		)	1,981,728
Noncontrolling interest	—		—		2,188		—			2,188
Total equity	1,981,728		5,253,378		1,819,008		(7,070,198		)	1,983,916
Total liabilities and equity	$	6,893,357	$	7,003,600	$	2,335,867	$	(12,175,032	)	$	4,057,792

	December 31, 2013
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	42,749	$	14,500	$	374,735	$	—		$	431,984
Accounts receivable, net	1,822		10,948		279,048		3,472			295,290
Accounts receivable from consolidated subsidiaries	42,865		2,623,314		214,469		(2,880,648		)	—
Inventories, net	—		211,165		138,165		(15,709		)	333,621
Prepaid expenses and other current assets	15,200		6,870		17,740		—			39,810
Prepaid taxes	27,487		—		9,017		—			36,504
Deferred tax assets	20,218		22,472		10,230		(3		)	52,917
Assets held for sale	1,669		3,503		5,256		—			10,428
Total current assets	152,010		2,892,772		1,048,660		(2,892,888		)	1,200,554
Property, plant and equipment, net	14,189		188,455		123,256		—			325,900
Goodwill	—		797,671		556,532		—			1,354,203
Intangibles assets, net	—		962,243		293,354		—			1,255,597
Investments in affiliates	5,489,676		1,478,429		21,382		(6,987,772		)	1,715
Deferred tax assets	35,877		—		4,476		(39,410		)	943
Notes receivable and other amounts due from consolidated subsidiaries	1,049,344		873,105		14,169		(1,936,618		)	—
Other assets	24,574		7,447		38,074		—			70,095
Total assets	$	6,765,670	$	7,200,122	$	2,099,903	$	(11,856,688	)	$	4,209,007
LIABILITIES AND EQUITY
Current liabilities
Notes payable	$	351,587	$	—	$	4,700	$	—		$	356,287
Accounts payable	2,194		45,802		23,971		—			71,967
Accounts payable to consolidated subsidiaries	2,644,296		147,957		88,395		(2,880,648		)	—
Accrued expenses	15,569		21,120		38,179		—			74,868
Current portion of contingent consideration	—		4,131		—		—			4,131
Payroll and benefit-related liabilities	15,976		21,818		35,296		—			73,090
Accrued interest	8,720		—		5		—			8,725
Income taxes payable	—		—		23,821		—			23,821
Other current liabilities	9,646		7,517		5,072		(4		)	22,231
Total current liabilities	3,047,988		248,345		219,439		(2,880,652		)	635,120
Long-term borrowings	930,000		—		—		—			930,000
Deferred tax liabilities	—		496,228		57,896		(39,409		)	514,715
Pension and other postretirement benefit liabilities	57,406		33,777		18,315		—			109,498
Noncurrent liability for uncertain tax positions	11,389		17,241		26,522		—			55,152
Notes payable and other amounts due from consolidated subsidiaries	785,476		957,451		197,173		(1,940,100		)	—
Other liabilities	19,884		16,221		12,401		—			48,506
Total liabilities	4,852,143		1,769,263		531,746		(4,860,161		)	2,292,991
Total common shareholders' equity	1,913,527		5,430,859		1,565,668		(6,996,527		)	1,913,527
Noncontrolling interest	—		—		2,489		—			2,489
Total equity	1,913,527		5,430,859		1,568,157		(6,996,527		)	1,916,016
Total liabilities and equity	$	6,765,670	$	7,200,122	$	2,099,903	$	(11,856,688	)	$	4,209,007

Condensed Consolidating Statements of Cash Flows

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Nine Months Ended September 28, 2014
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(80,537	)	$	300,960		$	63,715		$	(75,340	)	$	208,798
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment	(2,146		)	(22,578		)	(23,496		)	—			(48,220		)
Proceeds from sale of assets and investments	1,669			3,421			161			—			5,251
Payments for businesses and intangibles acquired, net of cash acquired	—			—			(28,535		)	—			(28,535		)
Investments in affiliates	(60		)	20			—			—			(40		)
Intercompany dividends received	—			—			229,782			(229,782		)	—
Net cash (used in) provided by investing activities from continuing operations	(537		)	(19,137		)	177,912			(229,782		)	(71,544		)
Cash Flows from Financing Activities of Continuing Operations:
Proceeds from long-term borrowings	250,000			—			—			—			250,000
Repayment of long-term borrowings	(480,009		)	—			—			—			(480,009		)
Debt issuance fees	(3,689		)	—			—			—			(3,689		)
Proceeds from share based compensation plans and the related tax impacts	2,936			—			—			—			2,936
Payments to noncontrolling interest shareholders	—			—			(1,094		)	—			(1,094		)
Dividends	(42,174		)	—			—			—			(42,174		)
Intercompany transactions	372,762			(294,661		)	(78,101		)	—			—
Intercompany dividends paid	—			—			(305,122		)	305,122			—
Net cash provided by (used in) financing activities from continuing operations	99,826			(294,661		)	(384,317		)	305,122			(274,030		)
Cash Flows from Discontinued Operations:
Net cash used in operating activities	(1,946		)	—			—			—			(1,946		)
Net cash used in discontinued  operations	(1,946		)	—			—			—			(1,946		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(6,880		)	—			(6,880		)
Net increase (decrease) in cash and cash equivalents	16,806			(12,838		)	(149,570		)	—			(145,602		)
Cash and cash equivalents at the beginning of the period	42,749			14,500			374,735			—			431,984
Cash and cash equivalents at the end of the period	$	59,555		$	1,662		$	225,165		$	—		$	286,382

	Nine Months Ended September 29, 2013
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(85,753	)	$	147,461		$	140,235		$	(66,071	)	$	135,872
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment	(799		)	(42,854		)	(10,987		)	—			(54,640		)
Payments for business intangibles acquired, net of cash acquired	—			(1,820		)	(38,630		)	—			(40,450		)
Investments in affiliates	(50		)	—			—			—			(50		)
Net cash used in investing activities from continuing operations	(849		)	(44,674		)	(49,617		)	—			(95,140		)
Cash Flows from Financing Activities of Continuing Operations:
Proceeds from long-term borrowings	382,000			—			—			—			382,000
Repayment of long-term borrowings	(375,000		)	—			—			—			(375,000		)
Debt extinguishment, issuance and amendment fees	(6,365		)	—			—			—			(6,365		)
Proceeds from share based compensation plans and the related tax impacts	4,740			—			—			—			4,740
Payments to noncontrolling interest shareholders	—			—			(736		)	—			(736		)
Payments for contingent consideration	—			(14,802		)	(1,565		)	—			(16,367		)
Dividends	(41,915		)	—			—			—			(41,915		)
Intercompany transactions	70,932			(72,574		)	1,642			—			—
Intercompany dividends paid	—			(17,400		)	(48,671		)	66,071			—
Net cash provided by (used in) financing activities from continuing operations	34,392			(104,776		)	(49,330		)	66,071			(53,643		)
Cash Flows from Discontinued Operations:													—
Net cash used in operating activities	(1,567		)	—			(600		)	—			(2,167		)
Net cash used in discontinued operations	(1,567		)	—			(600		)	—			(2,167		)
Effect of exchange rate changes on cash and cash equivalents	—			—			4,476			—			4,476
Net (decrease) increase in cash and cash equivalents	(53,777		)	(1,989		)	45,164			—			(10,602		)
Cash and cash equivalents at the beginning of the period	70,860			1,989			264,190			—			337,039
Cash and cash equivalents at the end of the period	$	17,083		$	—		$	309,354		$	—		$	326,437