Condensed consolidating guarantor financial information (Tables)

9 Months Ended

Oct. 01, 2017

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

	Three Months Ended October 1, 2017
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	335,051		$	303,676		$	(104,024	)	$	534,703
Cost of goods sold	—			194,262			149,302			(104,088		)	239,476
Gross profit	—			140,789			154,374			64			295,227
Selling, general and administrative expenses	10,536			89,315			64,046			(126		)	163,771
Research and development expenses	220			14,788			6,186			—			21,194
Restructuring charges (credits)	—			552			(644		)	—			(92		)
(Loss) income from continuing operations before interest and taxes	(10,756		)	36,134			84,786			190			110,354
Interest, net	53,521			(33,392		)	849			—			20,978
(Loss) income from continuing operations before taxes	(64,277		)	69,526			83,937			190			89,376
(Benefit) taxes on (loss) income from continuing operations	(30,845		)	23,453			17,364			6			9,978
Equity in net income of consolidated subsidiaries	112,830			61,027			257			(174,114		)	—
Income from continuing operations	79,398			107,100			66,830			(173,930		)	79,398
Operating loss from discontinued operations	(3,749		)	—			—			—			(3,749		)
Benefit on loss from discontinued operations	(1,366		)	—			—			—			(1,366		)
Loss from discontinued operations	(2,383		)	—			—			—			(2,383		)
Net income	77,015			107,100			66,830			(173,930		)	77,015
Other comprehensive income	43,845			30,196			56,286			(86,482		)	43,845
Comprehensive income	$	120,860		$	137,296		$	123,116		$	(260,412	)	$	120,860

	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) loss 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
Taxes on income from discontinued operations	95			—			43			—			138
Income (loss) from discontinued operations	165			—			(43		)	—			122
Net income attributable to common shareholders	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

	Nine Months Ended October 1, 2017
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	989,314		$	876,968	$	(315,085	)	$	1,551,197
Cost of goods sold	—			576,465			445,638		(311,977		)	710,126
Gross profit	—			412,849			431,330		(3,108		)	841,071
Selling, general and administrative expenses	38,523			278,529			169,224		398			486,674
Research and development expenses	719			39,568			19,012		—			59,299
Restructuring charges	—			7,261			6,462		—			13,723
(Loss) income from continuing operations before interest, extinguishment of debt and taxes	(39,242		)	87,491			236,632		(3,506		)	281,375
Interest, net	152,268			(96,776		)	2,776		—			58,268
Loss on extinguishment of debt	5,593			—			—		—			5,593
(Loss) income from continuing operations before taxes	(197,103		)	184,267			233,856		(3,506		)	217,514
(Benefit) taxes on (loss) income from continuing operations	(83,867		)	60,061			43,803		(593		)	19,404
Equity in net income of consolidated subsidiaries	311,346			175,690			713		(487,749		)	—
Income from continuing operations	198,110			299,896			190,766		(490,662		)	198,110
Operating loss from discontinued operations	(4,597		)	—			—		—			(4,597		)
Benefit on loss from discontinued operations	(1,675		)	—			—		—			(1,675		)
Loss from discontinued operations	(2,922		)	—			—		—			(2,922		)
Net income	195,188			299,896			190,766		(490,662		)	195,188
Other comprehensive income	163,267			147,727			179,561		(327,288		)	163,267
Comprehensive income	$	358,455		$	447,623		$	370,327	$	(817,950	)	$	358,455

	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

Condensed Consolidating Balance Sheets

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

	October 1, 2017
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	45,189	$	748,412	$	223,972	$	—		$	1,017,573
Accounts receivable, net	2,232		36,055		263,725		4,460			306,472
Accounts receivable from consolidated subsidiaries	9,095		2,273,240		359,560		(2,641,895		)	—
Inventories, net	—		236,355		174,561		(28,499		)	382,417
Prepaid expenses and other current assets	15,492		8,722		24,048		3,337			51,599
Prepaid taxes	—		—		8,690		—			8,690
Total current assets	72,008		3,302,784		1,054,556		(2,662,597		)	1,766,751
Property, plant and equipment, net	2,247		209,966		162,248		—			374,461
Goodwill	—		902,429		983,728		—			1,886,157
Intangibles assets, net	—		612,745		994,198		—			1,606,943
Investments in consolidated subsidiaries	7,245,740		1,801,602		23,546		(9,070,888		)	—
Deferred tax assets	—		—		5,496		(3,476		)	2,020
Notes receivable and other amounts due from consolidated subsidiaries	2,082,206		2,256,368		—		(4,338,574		)	—
Other assets	29,378		6,308		8,715		—			44,401
Total assets	$	9,431,579	$	9,092,202	$	3,232,487	$	(16,075,535	)	$	5,680,733
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	27,250	$	—	$	50,000	$	—		$	77,250
Accounts payable	2,343		47,014		36,062		—			85,419
Accounts payable to consolidated subsidiaries	2,307,797		275,465		58,633		(2,641,895		)	—
Accrued expenses	20,127		24,398		43,570		—			88,095
Current portion of contingent consideration	—		591		—		—			591
Payroll and benefit-related liabilities	19,973		28,011		40,107		—			88,091
Accrued interest	13,402		—		28		—			13,430
Income taxes payable	2,168		—		11,282		(593		)	12,857
Other current liabilities	344		5,335		3,233		—			8,912
Total current liabilities	2,393,404		380,814		242,915		(2,642,488		)	374,645
Long-term borrowings	2,172,805		—		—		—			2,172,805
Deferred tax liabilities	118,891		314,168		42,084		(3,476		)	471,667
Pension and postretirement benefit liabilities	67,836		30,928		17,677		—			116,441
Noncurrent liability for uncertain tax positions	2,035		9,175		3,028		—			14,238
Notes payable and other amounts due to consolidated subsidiaries	2,178,181		1,954,051		206,342		(4,338,574		)	—
Other liabilities	25,950		13,943		18,567		—			58,460
Total liabilities	6,959,102		2,703,079		530,613		(6,984,538		)	3,208,256
Total shareholders' equity	2,472,477		6,389,123		2,701,874		(9,090,997		)	2,472,477
Total liabilities and shareholders' equity	$	9,431,579	$	9,092,202	$	3,232,487	$	(16,075,535	)	$	5,680,733

	December 31, 2016
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	14,571	$	1,031	$	528,187	$	—		$	543,789
Accounts receivable, net	2,551		8,768		255,815		4,859			271,993
Accounts receivable from consolidated subsidiaries	4,861		2,176,059		309,149		(2,490,069		)	—
Inventories, net	—		200,852		140,406		(25,087		)	316,171
Prepaid expenses and other current assets	14,239		5,332		17,474		3,337			40,382
Prepaid taxes	—		—		7,766		413			8,179
Assets held for sale	—		—		2,879		—			2,879
Total current assets	36,222		2,392,042		1,261,676		(2,506,547		)	1,183,393
Property, plant and equipment, net	2,566		163,847		136,486		—			302,899
Goodwill	—		708,546		568,174		—			1,276,720
Intangibles assets, net	—		640,999		450,664		—			1,091,663
Investments in consolidated subsidiaries	6,022,042		1,519,031		23,685		(7,564,758		)	—
Deferred tax assets	73,051		—		5,185		(76,524		)	1,712
Notes receivable and other amounts due from consolidated subsidiaries	1,387,615		2,085,538		—		(3,473,153		)	—
Other assets	22,295		6,254		6,277		—			34,826
Total assets	$	7,543,791	$	7,516,257	$	2,452,147	$	(13,620,982	)	$	3,891,213
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	133,071	$	—	$	50,000	$	—		$	183,071
Accounts payable	4,540		30,924		33,936		—			69,400
Accounts payable to consolidated subsidiaries	2,242,814		214,203		33,052		(2,490,069		)	—
Accrued expenses	16,827		18,126		30,196		—			65,149
Current portion of contingent consideration	—		587		—		—			587
Payroll and benefit-related liabilities	20,610		26,672		35,397		—			82,679
Accrued interest	10,429		—		21		—			10,450
Income taxes payable	1,246		—		6,577		85			7,908
Other current liabilities	2,262		3,643		2,497		—			8,402
Total current liabilities	2,431,799		294,155		191,676		(2,489,984		)	427,646
Long-term borrowings	850,252		—		—		—			850,252
Deferred tax liabilities	—		316,526		31,375		(76,524		)	271,377
Pension and postretirement benefit liabilities	85,645		31,561		15,856		—			133,062
Noncurrent liability for uncertain tax positions	1,169		13,684		2,667		—			17,520
Notes payable and other amounts due to consolidated subsidiaries	2,011,737		1,264,004		197,412		(3,473,153		)	—
Other liabilities	23,848		15,695		12,472		—			52,015
Total liabilities	5,404,450		1,935,625		451,458		(6,039,661		)	1,751,872
Convertible notes - redeemable equity component	1,824		—		—		—			1,824
Mezzanine equity	1,824		—		—		—			1,824
Total shareholders' equity	2,137,517		5,580,632		2,000,689		(7,581,321		)	2,137,517
Total liabilities and shareholders' equity	$	7,543,791	$	7,516,257	$	2,452,147	$	(13,620,982	)	$	3,891,213

Condensed Consolidating Statements of Cash Flows

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Nine Months Ended October 1, 2017
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(156,643	)	$	300,961		$	237,308		$	(61,918	)	$	319,708
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(233		)	(27,527		)	(26,217		)	—			(53,977		)
Proceeds from sale of assets and investments	464,982			—			6,332			(464,982		)	6,332
Payments for businesses and intangibles acquired, net of cash acquired	(975,524		)	—			(35,187		)	—			(1,010,711		)
Net cash used in investing activities from continuing operations	(510,775		)	(27,527		)	(55,072		)	(464,982		)	(1,058,356		)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	1,963,500			—			—			—			1,963,500
Reduction in borrowings	(747,576		)	—			—			—			(747,576		)
Debt extinguishment, issuance and amendment fees	(19,114		)	—			—			—			(19,114		)
Net proceeds from share based compensation plans and the related tax impacts	4,739			—			—			—			4,739
Payments for contingent consideration	—			(245		)	—			—			(245		)
Dividends paid	(45,905		)	—			—			—			(45,905		)
Intercompany transactions	(456,468		)	474,192			(482,706		)	464,982			—
Intercompany dividends paid	—			—			(61,918		)	61,918			—
Net cash provided by (used in) financing activities from continuing operations	699,176			473,947			(544,624		)	526,900			1,155,399
Cash flows from discontinued operations:
Net cash used in operating activities	(1,140		)	—			—			—			(1,140		)
Net cash used in discontinued operations	(1,140		)	—			—			—			(1,140		)
Effect of exchange rate changes on cash and cash equivalents	—			—			58,173			—			58,173
Net increase in cash and cash equivalents	30,618			747,381			(304,215		)	—			473,784
Cash and cash equivalents at the beginning of the period	14,571			1,031			528,187			—			543,789
Cash and cash equivalents at the end of the period	$	45,189		$	748,412		$	223,972		$	—		$	1,017,573

	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 (used in) provided by 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