Condensed consolidating guarantor financial information (Tables)

3 Months Ended

Mar. 29, 2015

Condensed Consolidated Guarantor Financial Information [Abstract]

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

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME

	Three Months Ended March 29, 2015
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	264,161		$	258,901		$	(93,632	)	$	429,430
Cost of goods sold	—			158,326			137,618			(89,151		)	206,793
Gross profit	—			105,835			121,283			(4,481		)	222,637
Selling, general and administrative expenses	11,452			84,268			43,817			160			139,697
Research and development expenses	—			11,127			1,757			—			12,884
Restructuring and impairment charges	—			3,739			709			—			4,448
Income (loss) from continuing operations before interest, and taxes	(11,452		)	6,701			75,000			(4,641		)	65,608
Interest expense	34,360			(18,569		)	1,381			—			17,172
Interest income	—			—			(169		)	—			(169		)
Income (loss) from continuing operations before taxes	(45,812		)	25,270			73,788			(4,641		)	48,605
Taxes (benefit) on income from continuing operations	(15,293		)	10,992			10,804			2,829			9,332
Equity in net income of consolidated subsidiaries	69,538			63,233			97			(132,868		)	—
Income from continuing operations	39,019			77,511			63,081			(140,338		)	39,273
Operating (loss) income from discontinued operations	(503		)	—			4			—			(499		)
Taxes on loss from discontinued operations	164			—			40			—			204
Loss from discontinued operations	(667		)	—			(36		)	—			(703		)
Net income	38,352			77,511			63,045			(140,338		)	38,570
Less: Income from continuing operations attributable to noncontrolling interests	—			—			218			—			218
Net income attributable to common shareholders	38,352			77,511			62,827			(140,338		)	38,352
Other comprehensive loss attributable to common shareholders	(81,201		)	(106,761		)	(76,290		)	183,051			(81,201		)
Comprehensive loss attributable to common shareholders	$	(42,849	)	$	(29,250	)	$	(13,463	)	$	42,713		$	(42,849	)

	Three Months Ended March 30, 2014
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	262,425		$	248,437		$	(72,316	)	$	438,546
Cost of goods sold	—			152,368			137,873			(72,854		)	217,387
Gross profit	—			110,057			110,564			538			221,159
Selling, general and administrative expenses	10,778			81,395			47,921			203			140,297
Research and development expenses	—			12,010			2,052			—			14,062
Restructuring and impairment charges	—			(188		)	7,968			—			7,780
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes	(10,778		)	16,840			52,623			335			59,020
Interest expense	33,726			(19,907		)	1,585			—			15,404
Interest income	—			—			(187		)	—			(187		)
Income (loss) from continuing operations before taxes	(44,504		)	36,747			51,225			335			43,803
Taxes (benefit) on income from continuing operations	(15,420		)	17,218			8,832			(2,096		)	8,534
Equity in net income of consolidated subsidiaries	64,124			43,108			94			(107,326		)	—
Income from continuing operations	35,040			62,637			42,487			(104,895		)	35,269
Operating loss from discontinued operations	(25		)	—			—			—			(25		)
Taxes on loss from discontinued operations	57			—			43			—			100
Loss from discontinued operations	(82		)	—			(43		)	—			(125		)
Net income	34,958			62,637			42,444			(104,895		)	35,144
Less: Income from continuing operations attributable to noncontrolling interests	—			—			186			—			186
Net income attributable to common shareholders	34,958			62,637			42,258			(104,895		)	34,958
Other comprehensive income attributable to common shareholders	4,745			7,228			8,523			(15,751		)	4,745
Comprehensive income attributable to common shareholders	$	39,703		$	69,865		$	50,781		$	(120,646	)	$	39,703

Condensed Consolidating Balance Sheets

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

	March 29, 2015
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	28,102	$	—	$	280,657	$	—		$	308,759
Accounts receivable, net	3,893		5,176		272,063		3,695			284,827
Accounts receivable from consolidated subsidiaries	10,159		2,197,884		266,150		(2,474,193		)	—
Inventories, net	—		206,295		159,769		(27,328		)	338,736
Prepaid expenses and other current assets	14,965		7,262		18,708		—			40,935
Prepaid taxes	21,149		—		12,844		—			33,993
Deferred tax assets	30,248		16,856		9,458		—			56,562
Assets held for sale	2,901		—		4,058		—			6,959
Total current assets	111,417		2,433,473		1,023,707		(2,497,826		)	1,070,771
Property, plant and equipment, net	3,329		172,767		134,010		—			310,106
Goodwill	—		703,664		589,842		—			1,293,506
Intangibles assets, net	—		734,111		449,438		—			1,183,549
Investments in affiliates	5,448,202		1,321,811		20,940		(6,790,219		)	734
Deferred tax assets	51,316		—		3,968		(54,165		)	1,119
Notes receivable and other amounts due from consolidated subsidiaries	1,206,846		1,566,089		189		(2,773,124		)	—
Other assets	29,392		6,836		27,582		—			63,810
Total assets	$	6,850,502	$	6,938,751	$	2,249,676	$	(12,115,334	)	$	3,923,595
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	366,865	$	—	$	34,700	$	—		$	401,565
Accounts payable	1,645		38,619		35,046		—			75,310
Accounts payable to consolidated subsidiaries	2,245,622		185,006		43,568		(2,474,196		)	—
Accrued expenses	18,174		24,052		29,679		—			71,905
Current portion of contingent consideration	—		7,462		—		—			7,462
Payroll and benefit-related liabilities	16,836		15,766		33,722		—			66,324
Accrued interest	12,792		—		63		—			12,855
Income taxes payable	—		—		17,558		—			17,558
Other current liabilities	1,672		5,089		4,685		—			11,446
Total current liabilities	2,663,606		275,994		199,021		(2,474,196		)	664,425
Long-term borrowings	700,000		—		—		—			700,000
Deferred tax liabilities	—		438,571		42,362		(54,165		)	426,768
Pension and other postretirement benefit liabilities	108,627		34,881		19,087		—			162,595
Noncurrent liability for uncertain tax positions	11,716		15,630		21,988		—			49,334
Notes payable and other amounts due from consolidated subsidiaries	1,486,644		1,129,731		157,293		(2,773,668		)	—
Other liabilities	21,976		25,204		12,691		—			59,871
Total liabilities	4,992,569		1,920,011		452,442		(5,302,029		)	2,062,993
Total common shareholders' equity	1,857,933		5,018,740		1,794,565		(6,813,305		)	1,857,933
Noncontrolling interest	—		—		2,669		—			2,669
Total equity	1,857,933		5,018,740		1,797,234		(6,813,305		)	1,860,602
Total liabilities and equity	$	6,850,502	$	6,938,751	$	2,249,676	$	(12,115,334	)	$	3,923,595

	December 31, 2014
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	27,996	$	—	$	275,240	$	—		$	303,236
Accounts receivable, net	2,346		2,422		265,081		3,855			273,704
Accounts receivable from consolidated subsidiaries	37,378		2,303,284		272,811		(2,613,473		)	—
Inventories, net	—		204,335		154,544		(23,286		)	335,593
Prepaid expenses and other current assets	14,301		4,786		16,610		—			35,697
Prepaid taxes	23,493		—		16,763		—			40,256
Deferred tax assets	30,248		17,387		9,666		—			57,301
Assets held for sale	2,901		—		4,521		—			7,422
Total current assets	138,663		2,532,214		1,015,236		(2,632,904		)	1,053,209
Property, plant and equipment, net	3,489		170,054		143,892		—			317,435
Goodwill	—		703,663		619,890		—			1,323,553
Intangibles assets, net	—		743,222		473,498		—			1,216,720
Investments in affiliates	5,662,773		1,359,661		21,253		(7,042,537		)	1,150
Deferred tax assets	52,244		—		5,535		(56,601		)	1,178
Notes receivable and other amounts due from consolidated subsidiaries	1,025,859		1,489,994		—		(2,515,853		)	—
Other assets	27,999		6,801		29,210		—			64,010
Total assets	$	6,911,027	$	7,005,609	$	2,308,514	$	(12,247,895	)	$	3,977,255
LIABILITIES AND EQUITY
Current liabilities
Notes payable	$	363,701	$	—	$	4,700	$	—		$	368,401
Accounts payable	1,449		32,692		29,959		—			64,100
Accounts payable to consolidated subsidiaries	2,259,891		188,908		163,291		(2,612,090		)	—
Accrued expenses	17,149		21,479		33,755		—			72,383
Current portion of contingent consideration	—		11,276		—		—			11,276
Payroll and benefit-related liabilities	20,693		27,228		37,521		—			85,442
Accrued interest	9,152		—		17		—			9,169
Income taxes payable	—		—		13,768		—			13,768
Other current liabilities	5		3,065		7,290		—			10,360
Total current liabilities	2,672,040		284,648		290,301		(2,612,090		)	634,899
Long-term borrowings	700,000		—		—		—			700,000
Deferred tax liabilities	—		462,274		45,867		(56,600		)	451,541
Pension and other postretirement benefit liabilities	110,830		35,074		21,337		—			167,241
Noncurrent liability for uncertain tax positions	11,431		15,569		23,884		—			50,884
Notes payable and other amounts due from consolidated subsidiaries	1,483,984		932,718		103,908		(2,520,610		)	—
Other liabilities	21,433		24,900		12,658		—			58,991
Total liabilities	4,999,718		1,755,183		497,955		(5,189,300		)	2,063,556
Total common shareholders' equity	1,911,309		5,250,426		1,808,169		(7,058,595		)	1,911,309
Noncontrolling interest	—		—		2,390		—			2,390
Total equity	1,911,309		5,250,426		1,810,559		(7,058,595		)	1,913,699
Total liabilities and equity	$	6,911,027	$	7,005,609	$	2,308,514	$	(12,247,895	)	$	3,977,255

Condensed Consolidating Statements of Cash Flows

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Three Months Ended March 29, 2015
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(55,153	)	$	(1,914	)	$	99,425		$	—	$	42,358
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment	(37		)	(7,738		)	(6,670		)	—		(14,445		)
Proceeds from sale of assets and investments	—			—			—			—		—
Payments for businesses and intangibles acquired, net of cash acquired	—			—			(7,375		)	—		(7,375		)
Net cash used in investing activities from continuing operations	(37		)	(7,738		)	(14,045		)	—		(21,820		)
Cash Flows from Financing Activities of Continuing Operations:
Proceeds from long-term borrowings	30,000			—			—			—		30,000
Repayment of long-term borrowings	(52		)	—			—			—		(52		)
Net proceeds from share based compensation plans and the related tax impacts	(289		)	—			—			—		(289		)
Payments for contingent consideration	—			(3,989		)	—			—		(3,989		)
Dividends	(14,118		)	—			—			—		(14,118		)
Intercompany transactions	40,057			13,641			(53,698		)	—		—
Intercompany dividends paid	—			—			—			—		—
Net cash provided by (used in) financing activities from continuing operations	55,598			9,652			(53,698		)	—		11,552
Cash Flows from Discontinued Operations:
Net cash used in operating activities	(302		)	—			(824		)	—		(1,126		)
Net cash used in discontinued  operations	(302		)	—			(824		)	—		(1,126		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(25,441		)	—		(25,441		)
Net increase in cash and cash equivalents	106			—			5,417			—		5,523
Cash and cash equivalents at the beginning of the period	27,996			—			275,240			—		303,236
Cash and cash equivalents at the end of the period	$	28,102		$	—		$	280,657		$	—	$	308,759

	Three Months Ended March 30, 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	$	(22,185	)	$	24,438		$	39,665		$	—	$	41,918
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment	(753		)	(4,823		)	(6,533		)	—		(12,109		)
Proceeds from sales of assets and investments	1,669			—			—			—		1,669
Payments for business intangibles acquired, net of cash acquired	—			—			(28,991		)	—		(28,991		)
Investments in affiliates	(60		)	—			—			—		(60		)
Net cash provided by (used in) investing activities from continuing operations	856			(4,823		)	(35,524		)	—		(39,491		)
Cash Flows from Financing Activities of Continuing Operations:
Debt extinguishment, issuance and amendment fees	(90		)	—			—			—		(90		)
Net proceeds from share based compensation plans and the related tax impacts	323			—			—			—		323
Dividends	(14,051		)	—			—			—		(14,051		)
Intercompany transactions	15,776			(28,602		)	12,826			—		—
Net cash provided by (used in) financing activities from continuing operations	1,958			(28,602		)	12,826			—		(13,818		)
Cash Flows from Discontinued Operations:												—
Net cash used in operating activities	(1,167		)	—			—			—		(1,167		)
Net cash used in discontinued operations	(1,167		)	—			—			—		(1,167		)
Effect of exchange rate changes on cash and cash equivalents	—			—			2,223			—		2,223
Net (decrease) increase in cash and cash equivalents	(20,538		)	(8,987		)	19,190			—		(10,335		)
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	22,211			5,513			393,925			—		421,649