Condensed consolidating guarantor financial information (Tables)

9 Months Ended

Sep. 27, 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 INCOME (LOSS)

	Three Months Ended September 27, 2015
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	269,620		$	270,084		$	(95,990	)	$	443,714
Cost of goods sold	—			159,567			153,207			(97,273		)	215,501
Gross profit	—			110,053			116,877			1,283			228,213
Selling, general and administrative expenses	9,891			82,372			46,471			106			138,840
Research and development expenses	—			6,006			6,565			—			12,571
Restructuring charges	—			602			58			—			660
Gain on sale of assets	—			—			(408		)	—			(408		)
(Loss) income from continuing operations before interest, extinguishment of debt and taxes	(9,891		)	21,073			64,191			1,177			76,550
Interest, net	32,439			(19,457		)	1,194			—			14,176
(Loss) income from continuing operations before taxes	(42,330		)	40,530			62,997			1,177			62,374
(Benefit) taxes on income from continuing operations	(15,102		)	7,582			8,053			270			803
Equity in net income of consolidated subsidiaries	88,728			49,885			211			(138,824		)	—
Income from continuing operations	61,500			82,833			55,155			(137,917		)	61,571
Operating loss from discontinued operations	(784		)	—			(4		)	—			(788		)
(Benefit) taxes on loss from discontinued operations	(108		)	—			39			—			(69		)
Loss from discontinued operations	(676		)	—			(43		)	—			(719		)
Net income	60,824			82,833			55,112			(137,917		)	60,852
Less: Income from continuing operations attributable to noncontrolling interest	—			—			28			—			28
Net income attributable to common shareholders	60,824			82,833			55,084			(137,917		)	60,824
Other comprehensive income attributable to common shareholders	(28,789		)	(32,855		)	(26,073		)	58,928			(28,789		)
Comprehensive income attributable to common shareholders	$	32,035		$	49,978		$	29,011		$	(78,989	)	$	32,035

	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 charges	—			148			960			—			1,108
(Loss) income from continuing operations before interest and taxes	(8,978		)	9,677			80,595			641			81,935
Interest, net	37,913			(22,346		)	1,456			—			17,023
(Loss) income from continuing operations before taxes	(46,891		)	32,023			79,139			641			64,912
(Benefit) taxes on (loss) income 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		)
(Benefit) taxes 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 interest	—			—			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		)	(56,159		)	115,106			(45,201		)
Comprehensive income attributable to common shareholders	$	9,630		$	19,387		$	12,400		$	(31,787	)	$	9,630

	Nine Months Ended September 27, 2015
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	803,484		$	805,243		$	(283,538	)	$	1,325,189
Cost of goods sold	—			476,611			443,180			(278,689		)	641,102
Gross profit	—			326,873			362,063			(4,849		)	684,087
Selling, general and administrative expenses	30,006			249,484			141,252			23			420,765
Research and development expenses	—			22,027			16,871			—			38,898
Restructuring charges	—			4,932			756			—			5,688
Gain on sale of assets	—			—			(408		)	—			(408		)
(Loss) income from continuing operations before interest, and taxes	(30,006		)	50,430			203,592			(4,872		)	219,144
Interest, net	100,157			(56,591		)	3,666			—			47,232
Loss on extinguishment of debt	10,454			—			—			—			10,454
(Loss) income from continuing operations before taxes	(140,617		)	107,021			199,926			(4,872		)	161,458
(Benefit) taxes on (loss) income from continuing operations	(48,336		)	33,491			31,260			(1,000		)	15,415
Equity in net income of consolidated subsidiaries	237,512			161,539			430			(399,481		)	—
Income from continuing operations	145,231			235,069			169,096			(403,353		)	146,043
Operating loss from discontinued operations	(1,432		)	—			—			—			(1,432		)
Taxes on operating loss from discontinued operations	60			—			120			—			180
Loss from discontinued operations	(1,492		)	—			(120		)	—			(1,612		)
Net income	143,739			235,069			168,976			(403,353		)	144,431
Less: Income from continuing operations attributable to noncontrolling interest	—			—			692			—			692
Net income attributable to common shareholders	143,739			235,069			168,284			(403,353		)	143,739
Other comprehensive loss attributable to common shareholders	(89,004		)	(94,601		)	(101,461		)	196,062			(89,004		)
Comprehensive income attributable to common shareholders	$	54,735		$	140,468		$	66,823		$	(207,291	)	$	54,735

	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 charges	—			8,639			7,872			—			16,511
(Loss) income from continuing operations before interest and taxes	(30,781		)	42,630			213,796			(9,938		)	215,707
Interest, net	106,794			(62,993		)	4,355			—			48,156
(Loss) income from continuing operations before taxes	(137,575		)	105,623			209,441			(9,938		)	167,551
(Benefit) taxes on (loss) income 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		)
(Benefit) taxes 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 interest	—			—			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		)	(50,431		)	104,757			(38,594		)
Comprehensive income attributable to common shareholders	$	98,447		$	167,213		$	124,719		$	(291,932	)	$	98,447

Condensed Consolidating Balance Sheets

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

	September 27, 2015
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	37,898	$	40	$	238,525	$	—		$	276,463
Accounts receivable, net	2,605		2,899		263,660		3,832			272,996
Accounts receivable from consolidated subsidiaries	4,488		2,260,734		275,716		(2,540,938		)	—
Inventories, net	—		208,641		164,715		(27,457		)	345,899
Prepaid expenses and other current assets	10,785		5,145		14,359		3,509			33,798
Prepaid taxes	26,498		—		17,468		—			43,966
Deferred tax assets	31,495		15,120		9,366		—			55,981
Assets held for sale	2,901		—		4,143		—			7,044
Total current assets	116,670		2,492,579		987,952		(2,561,054		)	1,036,147
Property, plant and equipment, net	3,097		173,811		136,336		—			313,244
Goodwill	—		704,857		598,318		—			1,303,175
Intangibles assets, net	—		744,141		448,223		—			1,192,364
Investments in affiliates	5,624,320		1,299,061		22,460		(6,945,517		)	324
Deferred tax assets	52,019		—		3,786		(54,865		)	940
Notes receivable and other amounts due from consolidated subsidiaries	1,229,950		1,676,065		—		(2,906,015		)	—
Other assets	27,375		7,265		26,867		—			61,507
Total assets	$	7,053,431	$	7,097,779	$	2,223,942	$	(12,467,451	)	$	3,907,701
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	373,385	$	—	$	43,300	$	—		$	416,685
Accounts payable	3,958		28,313		35,635		—			67,906
Accounts payable to consolidated subsidiaries	2,316,630		186,872		37,436		(2,540,938		)	—
Accrued expenses	15,066		23,679		28,282		—			67,027
Current portion of contingent consideration	—		545		—		—			545
Payroll and benefit-related liabilities	19,734		22,109		35,592		—			77,435
Accrued interest	7,472		—		18		—			7,490
Income taxes payable	—		—		10,593		(865		)	9,728
Other current liabilities	3,517		2,465		4,673		—			10,655
Total current liabilities	2,739,762		263,983		195,529		(2,541,803		)	657,471
Long-term borrowings	646,000		—		—		—			646,000
Deferred tax liabilities	—		417,938		43,028		(54,865		)	406,101
Pension and other postretirement benefit liabilities	94,795		34,912		18,807		—			148,514
Noncurrent liability for uncertain tax positions	12,471		15,760		22,586		—			50,817
Notes payable and other amounts due to consolidated subsidiaries	1,600,635		1,128,542		176,838		(2,906,015		)	—
Other liabilities	20,877		24,082		12,778		—			57,737
Total liabilities	5,114,540		1,885,217		469,566		(5,502,683		)	1,966,640
Total common shareholders' equity	1,938,891		5,212,562		1,752,206		(6,964,768		)	1,938,891
Noncontrolling interest	—		—		2,170		—			2,170
Total equity	1,938,891		5,212,562		1,754,376		(6,964,768		)	1,941,061
Total liabilities and equity	$	7,053,431	$	7,097,779	$	2,223,942	$	(12,467,451	)	$	3,907,701

	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	35,996		2,303,284		272,810		(2,612,090		)	—
Inventories, net	—		204,335		154,544		(23,286		)	335,593
Prepaid expenses and other current assets	14,301		4,786		13,102		3,508			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	137,281		2,532,214		1,011,727		(2,628,013		)	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	5,680,328		1,359,661		21,253		(7,060,092		)	1,150
Deferred tax assets	52,244		—		5,535		(56,601		)	1,178
Notes receivable and other amounts due from consolidated subsidiaries	1,009,686		1,489,994		—		(2,499,680		)	—
Other assets	27,999		6,801		29,210		—			64,010
Total assets	$	6,911,027	$	7,005,609	$	2,305,005	$	(12,244,386	)	$	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	—		—		13,634		134			13,768
Other current liabilities	5		3,065		7,290		—			10,360
Total current liabilities	2,672,040		284,648		290,167		(2,611,956		)	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 to consolidated subsidiaries	1,483,984		915,163		100,533		(2,499,680		)	—
Other liabilities	21,433		24,900		12,658		—			58,991
Total liabilities	4,999,718		1,737,628		494,446		(5,168,236		)	2,063,556
Total common shareholders' equity	1,911,309		5,267,981		1,808,169		(7,076,150		)	1,911,309
Noncontrolling interest	—		—		2,390		—			2,390
Total equity	1,911,309		5,267,981		1,810,559		(7,076,150		)	1,913,699
Total liabilities and equity	$	6,911,027	$	7,005,609	$	2,305,005	$	(12,244,386	)	$	3,977,255

Condensed Consolidating Statements of Cash Flows

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Nine Months Ended September 27, 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	$	(124,131	)	$	88,937		$	214,314		$	(2,360	)	$	176,760
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment	(122		)	(25,072		)	(20,372		)	—			(45,566		)
Payments for businesses and intangibles acquired, net of cash acquired	—			(30,336		)	(33,115		)	—			(63,451		)
Proceeds from sale of assets	408			—			—			—			408
Investments in affiliates	—			—			(121,850		)	121,850			—
Net cash provided by (used in) investing activities from continuing operations	286			(55,408		)	(175,337		)	121,850			(108,609		)
Cash Flows from Financing Activities of Continuing Operations:
Proceeds from new borrowings	288,100			—			—			—			288,100
Reduction in borrowings	(303,627		)	—			—			—			(303,627		)
Debt extinguishment, issuance and amendment fees	(9,017		)	—			—			—			(9,017		)
Net proceeds from share based compensation plans and the related tax impacts	4,815			—			—			—			4,815
Payments to noncontrolling interest shareholders	—			—			(833		)	—			(833		)
Payments for contingent consideration	—			(7,974		)	—			—			(7,974		)
Proceeds from issuance of shares	—			121,850			—			(121,850		)	—
Dividends paid	(42,382		)	—			—			—			(42,382		)
Intercompany transactions	196,963			(147,365		)	(49,598		)	—			—
Intercompany dividends paid	—			—			(2,360		)	2,360			—
Net cash provided by (used in) financing activities from continuing operations	134,852			(33,489		)	(52,791		)	(119,490		)	(70,918		)
Cash Flows from Discontinued Operations:
Net cash used in operating activities	(1,105		)	—			(849		)	—			(1,954		)
Net cash used in discontinued  operations	(1,105		)	—			(849		)	—			(1,954		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(22,052		)	—			(22,052		)
Net increase (decrease) in cash and cash equivalents	9,902			40			(36,715		)	—			(26,773		)
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	$	37,898		$	40		$	238,525		$	—		$	276,463

	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	$	(80,538	)	$	314,211		$	(20,446	)	$	(4,429	)	$	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 sales of assets and investments	1,669			3,421			161			—			5,251
Payments for business and intangibles acquired, net of cash acquired	—			—			(28,535		)	—			(28,535		)
Investments in affiliates	(60		)	20			—			—			(40		)
Net cash used in investing activities from continuing operations	(537		)	(19,137		)	(51,870		)	—			(71,544		)
Cash Flows from Financing Activities of Continuing Operations:
Proceeds from new borrowings	250,000			—			—			—			250,000
Reduction in borrowings	(480,009		)	—			—			—			(480,009		)
Debt extinguishment, issuance and amendment 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 paid	(42,174		)	—			—			—			(42,174		)
Intercompany transactions	372,763			(307,912		)	(64,851		)	—			—
Intercompany dividends paid	—			—			(4,429		)	4,429			—
Net cash provided by (used in) financing activities from continuing operations	99,827			(307,912		)	(70,374		)	4,429			(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 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