| Condensed consolidating guarantor financial information |
Condensed consolidating guarantor financial information The 2024 Notes, 2026 Notes and 2027 Notes (collectively, the "Senior Notes") are issued by Teleflex Incorporated (the “Parent Company”), and payment of the Parent Company's obligations under the Senior Notes are guaranteed, jointly and severally, by certain of the Parent Company’s subsidiaries (each, a “Guarantor Subsidiary” and collectively, the “Guarantor Subsidiaries”). The 2024 Notes, 2026 Notes and 2027 Notes are guaranteed by the same Guarantor Subsidiaries. The guarantees are full and unconditional, subject to certain customary release provisions. Each Guarantor Subsidiary is directly or indirectly 100% owned by the Parent Company. The Company’s condensed consolidating statements of income and comprehensive income and condensed consolidating statements of cash flows for the years ended December 31, 2017, 2016 and 2015 and condensed consolidating balance sheets as of December 31, 2017 and 2016 provide consolidated information for: | | | a. | Parent Company, the issuer of the guaranteed obligations; |
| | | b. | Guarantor Subsidiaries, on a combined basis; |
| | | c. | Non-Guarantor Subsidiaries (i.e., those subsidiaries of the Parent Company that have not guaranteed payment of the Senior Notes), on a combined basis; and |
| | | d. | Parent Company and its subsidiaries on a consolidated basis. |
The same accounting policies as described in Note 1 are used by the Parent Company and each of its subsidiaries in connection with the condensed consolidating financial information, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries, which are eliminated upon consolidation. Consolidating entries and eliminations in the following condensed consolidated financial statements represent adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, (b) eliminate the investments in subsidiaries and (c) record consolidating entries.
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2017 | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Condensed Consolidated | | (Dollars in thousands) | Net revenues | $ | — |
| | $ | 1,368,149 |
| | $ | 1,177,247 |
| | $ | (399,093 | ) | | $ | 2,146,303 |
| Cost of goods sold | — |
| | 778,153 |
| | 594,527 |
| | (398,179 | ) | | 974,501 |
| Gross profit | — |
| | 589,996 |
| | 582,720 |
| | (914 | ) | | 1,171,802 |
| Selling, general and administrative expenses | 47,412 |
| | 408,811 |
| | 243,544 |
| | 196 |
| | 699,963 |
| Research and development expenses | 1,009 |
| | 57,614 |
| | 26,147 |
| | — |
| | 84,770 |
| Restructuring charges | — |
| | 8,971 |
| | 5,819 |
| | — |
| | 14,790 |
| (Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes | (48,421 | ) | | 114,600 |
| | 307,210 |
| | (1,110 | ) | | 372,279 |
| Interest, net | 195,649 |
| | (117,431 | ) | | 3,557 |
| | — |
| | 81,775 |
| Loss on extinguishment of debt | 5,593 |
| | — |
| | — |
| | — |
| | 5,593 |
| (Loss) income from continuing operations before taxes | (249,663 | ) | | 232,031 |
| | 303,653 |
| | (1,110 | ) | | 284,911 |
| (Benefit) taxes on (loss) income from continuing operations | (146,116 | ) | | 14,862 |
| | 261,386 |
| | (484 | ) | | 129,648 |
| Equity in net income of consolidated subsidiaries | 258,810 |
| | 25,500 |
| | (3,135 | ) | | (281,175 | ) | | — |
| Income from continuing operations | 155,263 |
| | 242,669 |
| | 39,132 |
| | (281,801 | ) | | 155,263 |
| Operating loss from discontinued operations | (4,534 | ) | | — |
| | — |
| | — |
| | (4,534 | ) | Benefit on loss from discontinued operations | (1,801 | ) | | — |
| | — |
| | — |
| | (1,801 | ) | Loss from discontinued operations | (2,733 | ) | | — |
| | — |
| | — |
| | (2,733 | ) | Net income | 152,530 |
| | 242,669 |
| | 39,132 |
| | (281,801 | ) | | 152,530 |
| Other comprehensive income | 173,626 |
| | 158,490 |
| | 198,453 |
| | (356,943 | ) | | 173,626 |
| Comprehensive income | $ | 326,156 |
| | $ | 401,159 |
| | $ | 237,585 |
| | $ | (638,744 | ) | | $ | 326,156 |
|
| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2016 | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Condensed Consolidated | | (Dollars in thousands) | Net revenues | $ | — |
| | $ | 1,112,464 |
| | $ | 1,124,958 |
| | $ | (369,395 | ) | | $ | 1,868,027 |
| Cost of goods sold | — |
| | 652,442 |
| | 588,110 |
| | (368,725 | ) | | 871,827 |
| Gross profit | — |
| | 460,022 |
| | 536,848 |
| | (670 | ) | | 996,200 |
| Selling, general and administrative expenses | 43,602 |
| | 328,263 |
| | 191,916 |
| | (473 | ) | | 563,308 |
| Research and development expenses | 547 |
| | 33,080 |
| | 24,952 |
| | — |
| | 58,579 |
| Restructuring and impairment charges | 173 |
| | 50,183 |
| | 8,871 |
| | — |
| | 59,227 |
| Gain on sale of assets | (2,707 | ) | | (155 | ) | | (1,505 | ) | | — |
| | (4,367 | ) | (Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes | (41,615 | ) | | 48,651 |
| | 312,614 |
| | (197 | ) | | 319,453 |
| Interest, net | 153,830 |
| | (103,465 | ) | | 4,102 |
| | — |
| | 54,467 |
| Loss on extinguishment of debt | 19,261 |
| | — |
| | — |
| | — |
| | 19,261 |
| (Loss) income from continuing operations before taxes | (214,706 | ) | | 152,116 |
| | 308,512 |
| | (197 | ) | | 245,725 |
| (Benefit) taxes on (loss) income from continuing operations | (78,478 | ) | | 46,758 |
| | 39,875 |
| | (81 | ) | | 8,074 |
| Equity in net income of consolidated subsidiaries | 374,048 |
| | 243,987 |
| | 528 |
| | (618,563 | ) | | — |
| Income from continuing operations | 237,820 |
| | 349,345 |
| | 269,165 |
| | (618,679 | ) | | 237,651 |
| Operating (loss) income from discontinued operations | (1,300 | ) | | — |
| | 378 |
| | — |
| | (922 | ) | Tax benefit on (loss) income from discontinued operations | (857 | ) | | — |
| | (255 | ) | | — |
| | (1,112 | ) | (Loss) income from discontinued operations | (443 | ) | | — |
| | 633 |
| | — |
| | 190 |
| Net income | 237,377 |
| | 349,345 |
| | 269,798 |
| | (618,679 | ) | | 237,841 |
| Less: Income from continuing operations attributable to noncontrolling interests | — |
| | — |
| | 464 |
| | — |
| | 464 |
| Net income attributable to common shareholders | 237,377 |
| | 349,345 |
| | 269,334 |
| | (618,679 | ) | | 237,377 |
| Other comprehensive loss attributable to common shareholders | (66,761 | ) | | (76,098 | ) | | (80,700 | ) | | 156,798 |
| | (66,761 | ) | Comprehensive income attributable to common shareholders | $ | 170,616 |
| | $ | 273,247 |
| | $ | 188,634 |
| | $ | (461,881 | ) | | $ | 170,616 |
|
| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2015 | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Condensed Consolidated | | (Dollars in thousands) | Net revenues | $ | — |
| | $ | 1,079,180 |
| | $ | 1,107,565 |
| | $ | (377,055 | ) | | $ | 1,809,690 |
| Cost of goods sold | — |
| | 646,427 |
| | 593,855 |
| | (374,995 | ) | | 865,287 |
| Gross profit | — |
| | 432,753 |
| | 513,710 |
| | (2,060 | ) | | 944,403 |
| Selling, general and administrative expenses | 42,435 |
| | 336,049 |
| | 191,029 |
| | (531 | ) | | 568,982 |
| Research and development expenses | — |
| | 30,359 |
| | 21,760 |
| | — |
| | 52,119 |
| Restructuring charges | — |
| | 6,731 |
| | 1,088 |
| | — |
| | 7,819 |
| Gain on sale of assets | — |
| | — |
| | (408 | ) | | — |
| | (408 | ) | (Loss) income from continuing operations before interest and taxes | (42,435 | ) | | 59,614 |
| | 300,241 |
| | (1,529 | ) | | 315,891 |
| Interest, net | 132,711 |
| | (76,873 | ) | | 4,953 |
| | — |
| | 60,791 |
| Loss on extinguishment of debt | 10,454 |
| | — |
| | — |
| | — |
| | 10,454 |
| (Loss) income from continuing operations before taxes | (185,600 | ) | | 136,487 |
| | 295,288 |
| | (1,529 | ) | | 244,646 |
| (Benefit) taxes on (loss) income from continuing operations | (66,264 | ) | | 27,260 |
| | 46,804 |
| | 38 |
| | 7,838 |
| Equity in net income of consolidated subsidiaries | 355,138 |
| | 235,810 |
| | 1,086 |
| | (592,034 | ) | | — |
| Income from continuing operations | 235,802 |
| | 345,037 |
| | 249,570 |
| | (593,601 | ) | | 236,808 |
| Operating (loss) income from discontinued operations | (1,734 | ) | | — |
| | 4 |
| | — |
| | (1,730 | ) | (Benefit) taxes on (loss) income from discontinued operations | (10,795 | ) | | — |
| | 160 |
| | — |
| | (10,635 | ) | Income (loss) from discontinued operations | 9,061 |
| | — |
| | (156 | ) | | — |
| | 8,905 |
| Net income | 244,863 |
| | 345,037 |
| | 249,414 |
| | (593,601 | ) | | 245,713 |
| Less: Income from continuing operations attributable to noncontrolling interests | — |
| | — |
| | 850 |
| | — |
| | 850 |
| Net income attributable to common shareholders | 244,863 |
| | 345,037 |
| | 248,564 |
| | (593,601 | ) | | 244,863 |
| Other comprehensive loss attributable to common shareholders | (110,229 | ) | | (110,604 | ) | | (120,439 | ) | | 231,043 |
| | (110,229 | ) | Comprehensive income attributable to common shareholders | $ | 134,634 |
| | $ | 234,433 |
| | $ | 128,125 |
| | $ | (362,558 | ) | | $ | 134,634 |
|
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Condensed Consolidated | | (Dollars in thousands) | ASSETS | | | | | | | | | | Current assets | | | | | | | | | | Cash and cash equivalents | $ | 37,803 |
| | $ | 8,933 |
| | $ | 286,822 |
| | $ | — |
| | $ | 333,558 |
| Accounts receivable, net | 2,414 |
| | 57,818 |
| | 280,980 |
| | 4,663 |
| | 345,875 |
| Accounts receivable from consolidated subsidiaries | 14,478 |
| | 2,276,248 |
| | 343,115 |
| | (2,633,841 | ) | | — |
| Inventories, net | — |
| | 245,533 |
| | 176,490 |
| | (26,279 | ) | | 395,744 |
| Prepaid expenses and other current assets | 14,874 |
| | 9,236 |
| | 19,790 |
| | 3,982 |
| | 47,882 |
| Prepaid taxes | — |
| | — |
| | 5,748 |
| | — |
| | 5,748 |
| Total current assets | 69,569 |
| | 2,597,768 |
| | 1,112,945 |
| | (2,651,475 | ) | | 1,128,807 |
| Property, plant and equipment, net | 2,088 |
| | 213,663 |
| | 167,248 |
| | — |
| | 382,999 |
| Goodwill | — |
| | 1,246,144 |
| | 989,448 |
| | — |
| | 2,235,592 |
| Intangibles assets, net | — |
| | 1,355,275 |
| | 1,028,473 |
| | — |
| | 2,383,748 |
| Investments in affiliates | 7,203,175 |
| | 1,674,077 |
| | 19,620 |
| | (8,896,872 | ) | | — |
| Deferred tax assets | — |
| | — |
| | 6,071 |
| | (2,261 | ) | | 3,810 |
| Notes receivable and other amounts due from consolidated subsidiaries | 2,154,172 |
| | 2,231,832 |
| | — |
| | (4,386,004 | ) | | — |
| Other assets | 31,173 |
| | 6,397 |
| | 8,966 |
| | — |
| | 46,536 |
| Total assets | $ | 9,460,177 |
| | $ | 9,325,156 |
| | $ | 3,332,771 |
| | $ | (15,936,612 | ) | | $ | 6,181,492 |
| LIABILITIES AND EQUITY | | | | | | | | | | Current liabilities | | | | | | | | | | Current borrowings | $ | 36,625 |
| | $ | — |
| | $ | 50,000 |
| | $ | — |
| | $ | 86,625 |
| Accounts payable | 4,269 |
| | 46,992 |
| | 40,766 |
| | — |
| | 92,027 |
| Accounts payable to consolidated subsidiaries | 2,310,570 |
| | 261,121 |
| | 62,150 |
| | (2,633,841 | ) | | — |
| Accrued expenses | 17,957 |
| | 31,827 |
| | 47,069 |
| | — |
| | 96,853 |
| Current portion of contingent consideration | — |
| | 74,224 |
| | — |
| | — |
| | 74,224 |
| Payroll and benefit-related liabilities | 21,145 |
| | 44,009 |
| | 42,261 |
| | — |
| | 107,415 |
| Accrued interest | 6,133 |
| | — |
| | 32 |
| | — |
| | 6,165 |
| Income taxes payable | 4,352 |
| | — |
| | 7,162 |
| | — |
| | 11,514 |
| Other current liabilities | 1,461 |
| | 3,775 |
| | 3,817 |
| | — |
| | 9,053 |
| Total current liabilities | 2,402,512 |
| | 461,948 |
| | 253,257 |
| | (2,633,841 | ) | | 483,876 |
| Long-term borrowings | 2,162,927 |
| | — |
| | — |
| | — |
| | 2,162,927 |
| Deferred tax liabilities | 88,512 |
| | 265,426 |
| | 251,999 |
| | (2,261 | ) | | 603,676 |
| Pension and postretirement benefit liabilities | 70,860 |
| | 32,750 |
| | 17,800 |
| | — |
| | 121,410 |
| Noncurrent liability for uncertain tax positions | 1,117 |
| | 8,196 |
| | 2,983 |
| | — |
| | 12,296 |
| Notes payable and other amounts due to consolidated subsidiaries | 2,155,146 |
| | 2,022,682 |
| | 208,176 |
| | (4,386,004 | ) | | — |
| Noncurrent contingent consideration | — |
| | 186,923 |
| | 10,989 |
| | — |
| | 197,912 |
| Other liabilities | 148,572 |
| | 7,850 |
| | 12,442 |
| | — |
| | 168,864 |
| Total liabilities | 7,029,646 |
| | 2,985,775 |
| | 757,646 |
| | (7,022,106 | ) | | 3,750,961 |
| Total shareholders' equity | 2,430,531 |
| | 6,339,381 |
| | 2,575,125 |
| | (8,914,506 | ) | | 2,430,531 |
| Total liabilities and shareholders' equity | $ | 9,460,177 |
| | $ | 9,325,156 |
| | $ | 3,332,771 |
| | $ | (15,936,612 | ) | | $ | 6,181,492 |
|
| | | | | | | | | | | | | | | | | | | | | | 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 affiliates | 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 | ) | | — |
| Noncurrent contingent consideration
| — |
| | 6,516 |
| | — |
| | — |
| | 6,516 |
| Other liabilities | 23,848 |
| | 9,179 |
| | 12,472 |
| | — |
| | 45,499 |
| 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 |
|
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 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 | $ | (50,585 | ) | | $ | 223,373 |
| | $ | 315,431 |
| | $ | (61,918 | ) | | $ | 426,301 |
| Cash flows from investing activities of continuing operations: | | | | | | | | | | Expenditures for property, plant and equipment | (240 | ) | | (34,912 | ) | | (35,751 | ) | | — |
| | (70,903 | ) | Payments for businesses and intangibles acquired, net of cash acquired | (975,524 | ) | | (725,554 | ) | | (67,206 | ) | | — |
| | (1,768,284 | ) | Proceeds from sale of assets and investments | 464,982 |
| | — |
| | 6,332 |
| | (464,982 | ) | | 6,332 |
| Investments in affiliates | — |
| | (5,900 | ) | | — |
| | 5,900 |
| | — |
| Net cash used in investing activities from continuing operations | (510,782 | ) | | (766,366 | ) | | (96,625 | ) | | (459,082 | ) | | (1,832,855 | ) | Cash flows from financing activities of continuing operations: | | | | | | | | | | Proceeds from new borrowings | 2,463,500 |
| | — |
| | — |
| | — |
| | 2,463,500 |
| Reduction in borrowings | (1,239,576 | ) | | — |
| | — |
| | — |
| | (1,239,576 | ) | Debt extinguishment, issuance and amendment fees | (26,664 | ) | | — |
| | — |
| | — |
| | (26,664 | ) | Proceeds from share based compensation plans and the related tax impacts | 5,571 |
| | — |
| | — |
| | — |
| | 5,571 |
| Payments for contingent consideration | — |
| | (335 | ) | | — |
| | — |
| | (335 | ) | Proceeds from issuance of shares | — |
| | — |
| | 5,900 |
| | (5,900 | ) | | — |
| Dividends | (61,237 | ) | | — |
| | — |
| | — |
| | (61,237 | ) | Intercompany transactions | (550,579 | ) | | 551,230 |
| | (465,633 | ) | | 464,982 |
| | — |
| Intercompany dividends paid | — |
| | — |
| | (61,918 | ) | | 61,918 |
| | — |
| Net cash provided by (used in) financing activities from continuing operations | 591,015 |
| | 550,895 |
| | (521,651 | ) |
| 521,000 |
| | 1,141,259 |
| Cash flows from discontinued operations: | | | | | | | | | | Net cash used in operating activities | (6,416 | ) | | — |
| | — |
| | — |
| | (6,416 | ) | Net cash used in discontinued operations | (6,416 | ) | | — |
| | — |
| | — |
| | (6,416 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| | — |
| | 61,480 |
| | — |
| | 61,480 |
| Net increase (decrease) in cash and cash equivalents | 23,232 |
| | 7,902 |
| | (241,365 | ) | | — |
| | (210,231 | ) | Cash and cash equivalents at the beginning of the year | 14,571 |
| | 1,031 |
| | 528,187 |
| | — |
| | 543,789 |
| Cash and cash equivalents at the end of the year | $ | 37,803 |
| | $ | 8,933 |
| | $ | 286,822 |
| | $ | — |
| | $ | 333,558 |
|
| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 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 | $ | (85,088 | ) | | $ | 169,400 |
| | $ | 328,553 |
| | $ | (2,275 | ) | | $ | 410,590 |
| Cash flows from investing activities of continuing operations: | | | | | | | | | | Expenditures for property, plant and equipment | (279 | ) | | (24,753 | ) | | (28,103 | ) | | — |
| | (53,135 | ) | Payments for businesses and intangibles acquired, net of cash acquired | — |
| | (10,305 | ) | | (50,572 | ) | | 46,837 |
| | (14,040 | ) | Proceeds from sale of assets | 5,607 |
| | 49,571 |
| | 1,860 |
| | (46,837 | ) | | 10,201 |
| Investments in affiliates | — |
| | (5,600 | ) | | — |
| | 5,600 |
| | — |
| Net cash provided by (used in) investing activities from continuing operations | 5,328 |
| | 8,913 |
| | (76,815 | ) | | 5,600 |
| | (56,974 | ) | Cash flows from financing activities of continuing operations: |
|
| |
|
| |
|
| |
|
| |
|
| Proceeds from new borrowings | 665,000 |
| | — |
| | 6,700 |
| | — |
| | 671,700 |
| Reduction in borrowings | (714,565 | ) | | — |
| | — |
| | — |
| | (714,565 | ) | Debt extinguishment, issuance and amendment fees | (8,958 | ) | | — |
| | — |
| | — |
| | (8,958 | ) | Proceeds from share based compensation plans and related tax impacts | 9,068 |
| | — |
| | — |
| | — |
| | 9,068 |
| Payments to noncontrolling interest shareholders | — |
| | — |
| | (464 | ) | | — |
| | (464 | ) | Payments for acquisition of noncontrolling interest | — |
| | — |
| | (9,231 | ) | | — |
| | (9,231 | ) | Payments for contingent consideration | — |
| | (7,282 | ) | | — |
| | — |
| | (7,282 | ) | Proceeds from issuance of shares | — |
| | — |
| | 5,600 |
| | (5,600 | ) | | — |
| Dividends | (58,960 | ) | | — |
| | — |
| | — |
| | (58,960 | ) | Intercompany transactions | 183,244 |
| | (170,000 | ) | | (13,244 | ) | | — |
| | — |
| Intercompany dividends paid | — |
| | — |
| | (2,275 | ) | | 2,275 |
| | — |
| Net cash provided by (used in) financing activities from continuing operations | 74,829 |
| | (177,282 | ) | | (12,914 | ) | | (3,325 | ) | | (118,692 | ) | Cash flows from discontinued operations: |
| |
| |
| |
| |
| Net cash used in operating activities | (2,110 | ) | | — |
| | — |
| | — |
| | (2,110 | ) | Net cash used in discontinued operations | (2,110 | ) | | — |
| | — |
| | — |
| | (2,110 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| | — |
| | (27,391 | ) | | — |
| | (27,391 | ) | Net (decrease) increase in cash and cash equivalents | (7,041 | ) | | 1,031 |
| | 211,433 |
| | — |
| | 205,423 |
| Cash and cash equivalents at the beginning of the year | 21,612 |
| | — |
| | 316,754 |
| | — |
| | 338,366 |
| Cash and cash equivalents at the end of the year | $ | 14,571 |
| | $ | 1,031 |
| | $ | 528,187 |
| | $ | — |
| | $ | 543,789 |
|
| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 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 | $ | (147,704 | ) | | $ | 134,817 |
| | $ | 320,145 |
| | $ | (3,812 | ) | | $ | 303,446 |
| Cash flows from investing activities of continuing operations: | | | | | | | | | | Expenditures for property, plant and equipment | (124 | ) | | (32,797 | ) | | (28,527 | ) | | — |
| | (61,448 | ) | Payments for businesses and intangibles acquired, net of cash acquired | — |
| | (60,336 | ) | | (33,472 | ) | | — |
| | (93,808 | ) | Proceeds from sale of businesses and assets | 408 |
| | — |
| | — |
| | — |
| | 408 |
| Investments in affiliates | — |
| | — |
| | (121,850 | ) | | 121,850 |
| | — |
| Net cash used in investing activities from continuing operations | 284 |
| | (93,133 | ) | | (183,849 | ) | | 121,850 |
| | (154,848 | ) | Cash flows from financing activities of continuing operations: | | | | | | | | | | Proceeds from new borrowings | 288,100 |
| | — |
| | — |
| | — |
| | 288,100 |
| Reduction in borrowings | (303,757 | ) | | — |
| | — |
| | — |
| | (303,757 | ) | Debt extinguishment, issuance and amendment fees | (9,017 | ) | | — |
| | — |
| | — |
| | (9,017 | ) | Proceeds from share based compensation plans and the related tax impacts | 4,994 |
| | — |
| | — |
| | — |
| | 4,994 |
| Payments to noncontrolling interest shareholders | — |
| | — |
| | (1,343 | ) | | — |
| | (1,343 | ) | Payments for contingent consideration | — |
| | (8,028 | ) | | — |
| | — |
| | (8,028 | ) | Proceeds from issuance of shares | — |
| | 121,850 |
| | — |
| | (121,850 | ) | | — |
| Dividends | (56,532 | ) | | — |
| | — |
| | — |
| | (56,532 | ) | Intercompany transactions | 219,035 |
| | (155,506 | ) | | (63,529 | ) | | — |
| | — |
| Intercompany dividends paid | — |
| | — |
| | (3,812 | ) | | 3,812 |
| | — |
| Net cash provided by (used in) financing activities from continuing operations | 142,823 |
| | (41,684 | ) | | (68,684 | ) | | (118,038 | ) | | (85,583 | ) | Cash flows from discontinued operations: | | | | | | | | | | Net cash used in operating activities | (1,787 | ) | | — |
| | (849 | ) | | — |
| | (2,636 | ) | Net cash used in discontinued operations | (1,787 | ) | | — |
| | (849 | ) | | — |
| | (2,636 | ) | Effect of exchange rate changes on cash and cash equivalents | — |
| | — |
| | (25,249 | ) | | — |
| | (25,249 | ) | Net decrease in cash and cash equivalents | (6,384 | ) | | — |
| | 41,514 |
| | — |
| | 35,130 |
| Cash and cash equivalents at the beginning of the year | 27,996 |
| | — |
| | 275,240 |
| | — |
| | 303,236 |
| Cash and cash equivalents at the end of the year | $ | 21,612 |
| | $ | — |
| | $ | 316,754 |
| | $ | — |
| | $ | 338,366 |
|
|