Condensed consolidating guarantor financial information (Tables)

9 Months Ended

Sep. 25, 2016

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 25, 2016
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	270,610		$	281,258		$	(96,220	)	$	455,648
Cost of goods sold	—			163,052			147,240			(96,246		)	214,046
Gross profit	—			107,558			134,018			26			241,602
Selling, general and administrative expenses	11,208			80,333			48,285			(29		)	139,797
Research and development expenses	179			8,422			6,466			—			15,067
Restructuring charges	380			1,712			935			—			3,027
Gain on sale of assets	(2,707		)	104			(173		)	—			(2,776		)
(Loss) income from continuing operations before interest and taxes	(9,060		)	16,987			78,505			55			86,487
Interest, net	41,344			(29,612		)	1,041			—			12,773
(Loss) income from continuing operations before taxes	(50,404		)	46,599			77,464			55			73,714
(Benefit) taxes on (loss) income from continuing operations	(18,017		)	13,166			12,437			(72		)	7,514
Equity in net income of consolidated subsidiaries	98,544			57,837			183			(156,564		)	—
Income from continuing operations	66,157			91,270			65,210			(156,437		)	66,200
Operating income from discontinued operations	260			—			—			—			260
Tax on income from discontinued operations	95			—			43			—			138
Income (loss) from discontinued operations	165			—			(43		)	—			122
Net income	66,322			91,270			65,167			(156,437		)	66,322
Other comprehensive income (loss) attributable to common shareholders	1,053			(501		)	1,243			(742		)	1,053
Comprehensive income attributable to common shareholders	$	67,375		$	90,769		$	66,410		$	(157,179	)	$	67,375

	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 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 (loss) 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		)
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 loss 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

	Nine Months Ended September 25, 2016
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	809,951		$	833,390		$	(289,247	)	$	1,354,094
Cost of goods sold	—			489,293			427,200			(285,547		)	630,946
Gross profit	—			320,658			406,190			(3,700		)	723,148
Selling, general and administrative expenses	30,822			248,195			139,641			470			419,128
Research and development expenses	319			23,501			19,072			—			42,892
Restructuring charges	380			7,027			5,469			—			12,876
Gain on sale of assets	(2,707		)	(274		)	(1,192		)	—			(4,173		)
(Loss) income from continuing operations before interest, extinguishment of debt and taxes	(28,814		)	42,209			243,200			(4,170		)	252,425
Interest, net	107,534			(72,367		)	3,088			—			38,255
Loss on extinguishment of debt	19,261			—			—			—			19,261
(Loss) income from continuing operations before taxes	(155,609		)	114,576			240,112			(4,170		)	194,909
(Benefit) taxes on (loss) income from continuing operations	(56,942		)	39,347			36,210			(481		)	18,134
Equity in net income of consolidated subsidiaries	275,296			179,342			526			(455,164		)	—
Income from continuing operations	176,629			254,571			204,428			(458,853		)	176,775
Operating (loss) income from discontinued operations	(495		)	—			379			—			(116		)
(Benefit) taxes on (loss) income from discontinued operations	(180		)	—			61			—			(119		)
(Loss) income from discontinued operations	(315		)	—			318			—			3
Net income	176,314			254,571			204,746			(458,853		)	176,778
Less: Income from continuing operations attributable to noncontrolling interest	—			—			464			—			464
Net income attributable to common shareholders	176,314			254,571			204,282			(458,853		)	176,314
Other comprehensive income attributable to common shareholders	15,806			8,387			12,277			(20,664		)	15,806
Comprehensive income attributable to common shareholders	$	192,120		$	262,958		$	216,559		$	(479,517	)	$	192,120

	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, extinguishment of debt 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 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

Condensed Consolidating Balance Sheets

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

	September 25, 2016
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	33,460	$	1,024	$	464,975	$	—		$	499,459
Accounts receivable, net	2,478		6,249		249,190		3,916			261,833
Accounts receivable from consolidated subsidiaries	4,610		2,167,693		330,802		(2,503,105		)	—
Inventories, net	—		209,912		160,241		(28,323		)	341,830
Prepaid expenses and other current assets	8,929		5,976		15,784		3,665			34,354
Prepaid taxes	5,154		—		17,105		—			22,259
Assets held for sale	—		—		4,137		—			4,137
Total current assets	54,631		2,390,854		1,242,234		(2,523,847		)	1,163,872
Property, plant and equipment, net	2,654		163,396		155,969		—			322,019
Goodwill	—		708,805		596,273		—			1,305,078
Intangibles assets, net	—		691,398		473,246		—			1,164,644
Investments in affiliates	6,005,108		1,544,772		23,335		(7,573,188		)	27
Deferred tax assets	90,853		—		6,947		(95,008		)	2,792
Notes receivable and other amounts due from consolidated subsidiaries	1,362,709		2,067,932		—		(3,430,641		)	—
Other assets	22,446		6,704		14,087		—			43,237
Total assets	$	7,538,401	$	7,573,861	$	2,512,091	$	(13,622,684	)	$	4,001,669
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	131,895	$	—	$	50,000	$	—		$	181,895
Accounts payable	3,960		32,551		33,735		—			70,246
Accounts payable to consolidated subsidiaries	2,232,673		236,780		33,652		(2,503,105		)	—
Accrued expenses	15,920		17,603		35,449		—			68,972
Current portion of contingent consideration	—		7,539		—		—			7,539
Payroll and benefit-related liabilities	18,562		23,679		39,505		—			81,746
Accrued interest	12,592		—		19		—			12,611
Income taxes payable	—		—		11,424		(153		)	11,271
Other current liabilities	2,413		3,042		12,667		—			18,122
Total current liabilities	2,418,015		321,194		216,451		(2,503,258		)	452,402
Long-term borrowings	849,967		—		—		—			849,967
Deferred tax liabilities	—		370,943		35,455		(95,008		)	311,390
Pension and postretirement benefit liabilities	83,905		31,376		15,941		—			131,222
Noncurrent liability for uncertain tax positions	1,749		17,899		7,045		—			26,693
Notes payable and other amounts due to consolidated subsidiaries	1,991,921		1,237,297		201,423		(3,430,641		)	—
Other liabilities	22,922		24,812		12,339		—			60,073
Total liabilities	5,368,479		2,003,521		488,654		(6,028,907		)	1,831,747
Total common shareholders' equity	2,169,922		5,570,340		2,023,437		(7,593,777		)	2,169,922
Total liabilities and equity	$	7,538,401	$	7,573,861	$	2,512,091	$	(13,622,684	)	$	4,001,669

	December 31, 2015
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	21,612	$	—	$	316,754	$	—		$	338,366
Accounts receivable, net	2,538		4,326		251,166		4,386			262,416
Accounts receivable from consolidated subsidiaries	5,276		2,412,079		289,697		(2,707,052		)	—
Inventories, net	—		205,163		149,705		(24,593		)	330,275
Prepaid expenses and other current assets	10,511		4,702		16,037		3,665			34,915
Prepaid taxes	16,686		—		14,622		(413		)	30,895
Assets held for sale	2,901		—		4,071		—			6,972
Total current assets	59,524		2,626,270		1,042,052		(2,724,007		)	1,003,839
Property, plant and equipment, net	2,931		174,674		138,518		—			316,123
Goodwill	—		705,753		590,099		—			1,295,852
Intangibles assets, net	—		762,084		437,891		—			1,199,975
Investments in affiliates	5,724,226		1,360,045		23,065		(7,107,184		)	152
Deferred tax assets	91,432		—		8,042		(97,133		)	2,341
Notes receivable and other amounts due from consolidated subsidiaries	1,358,446		1,658,092		—		(3,016,538		)	—
Other assets	22,602		6,615		24,275		—			53,492
Total assets	$	7,259,161	$	7,293,533	$	2,263,942	$	(12,944,862	)	$	3,871,774
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	374,050	$	—	$	43,300	$	—		$	417,350
Accounts payable	1,945		27,527		36,833		—			66,305
Accounts payable to consolidated subsidiaries	2,478,109		201,400		27,543		(2,707,052		)	—
Accrued expenses	15,399		22,281		26,337		—			64,017
Current portion of contingent consideration	—		7,291		—		—			7,291
Payroll and benefit-related liabilities	21,617		29,305		33,736		—			84,658
Accrued interest	7,455		—		25		—			7,480
Income taxes payable	—		—		8,144		(85		)	8,059
Other current liabilities	1,300		2,679		4,981		—			8,960
Total current liabilities	2,899,875		290,483		180,899		(2,707,137		)	664,120
Long-term borrowings	641,850		—		—		—			641,850
Deferred tax liabilities	—		376,738		36,378		(97,133		)	315,983
Pension and postretirement benefit liabilities	100,355		32,274		16,812		—			149,441
Noncurrent liability for uncertain tax positions	1,151		17,722		21,527		—			40,400
Notes payable and other amounts due to consolidated subsidiaries	1,585,727		1,253,189		177,622		(3,016,538		)	—
Other liabilities	20,931		15,685		12,271		—			48,887
Total liabilities	5,249,889		1,986,091		445,509		(5,820,808		)	1,860,681
Total common shareholders' equity	2,009,272		5,307,442		1,816,612		(7,124,054		)	2,009,272
Noncontrolling interest	—		—		1,821		—			1,821
Total equity	2,009,272		5,307,442		1,818,433		(7,124,054		)	2,011,093
Total liabilities and equity	$	7,259,161	$	7,293,533	$	2,263,942	$	(12,944,862	)	$	3,871,774

Condensed Consolidating Statements of Cash Flows

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Nine Months Ended September 25, 2016
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(72,542	)	$	123,249		$	253,166		$	(2,275	)	$	301,598
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(191		)	(15,713		)	(20,008		)	—			(35,912		)
Proceeds from sale of assets	5,607			49,571			1,451			(46,837		)	9,792
Payments for businesses and intangibles acquired, net of cash acquired	—			(10,305		)	(50,572		)	46,837			(14,040		)
Net cash provided by (used in) investing activities from continuing operations	5,416			23,553			(69,129		)	—			(40,160		)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	665,000			—			6,700			—			671,700
Reduction in borrowings	(714,487		)	—			—			—			(714,487		)
Debt extinguishment, issuance and amendment fees	(8,958		)	—			—			—			(8,958		)
Net proceeds from share based compensation plans and the related tax impacts	7,647			—			—			—			7,647
Payments to noncontrolling interest shareholders	—			—			(464		)	—			(464		)
Payments for contingent consideration	—			(133		)	—			—			(133		)
Payments for acquisition of noncontrolling interest	—			—			(9,231		)	—			(9,231		)
Dividends paid	(43,980		)	—			—			—			(43,980		)
Intercompany transactions	175,203			(145,645		)	(29,558		)	—			—
Intercompany dividends paid	—			—			(2,275		)	2,275			—
Net cash provided by (used in) financing activities from continuing operations	80,425			(145,778		)	(34,828		)	2,275			(97,906		)
Cash flows from discontinued operations:
Net cash used in operating activities	(1,451		)	—			—			—			(1,451		)
Net cash used in discontinued  operations	(1,451		)	—			—			—			(1,451		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(988		)	—			(988		)
Net increase in cash and cash equivalents	11,848			1,024			148,221			—			161,093
Cash and cash equivalents at the beginning of the period	21,612			—			316,754			—			338,366
Cash and cash equivalents at the end of the period	$	33,460		$	1,024		$	464,975		$	—		$	499,459

	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		)
Proceeds from sales of assets	408			—			—			—			408
Payments for businesses and intangibles acquired, net of cash acquired	—			(30,336		)	(33,115		)	—			(63,451		)
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