Condensed consolidating guarantor financial information (Tables)

9 Months Ended

Sep. 30, 2018

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 September 30, 2018
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	398,961		$	322,010	$	(111,299	)	$	609,672
Cost of goods sold	—			232,209			146,301		(111,411		)	267,099
Gross profit	—			166,752			175,709		112			342,573
Selling, general and administrative expenses	11,347			130,773			72,796		(22		)	214,894
Research and development expenses	378			19,482			6,505		—			26,365
Restructuring charges	—			17,128			2,081		—			19,209
(Loss) income from continuing operations before interest and taxes	(11,725		)	(631		)	94,327		134			82,105
Interest, net	25,191			1,057			603		—			26,851
(Loss) income from continuing operations before taxes	(36,916		)	(1,688		)	93,724		134			55,254
(Benefit) taxes on (loss) income from continuing operations	(13,449		)	(2,562		)	14,712		13			(1,286		)
Equity in net income of consolidated subsidiaries	80,007			68,943			372		(149,322		)	—
Income from continuing operations	56,540			69,817			79,384		(149,201		)	56,540
Operating loss from discontinued operations	(83		)	—			—		—			(83		)
Tax benefit on loss from discontinued operations	(67		)	—			—		—			(67		)
Loss from discontinued operations	(16		)	—			—		—			(16		)
Net income	56,524			69,817			79,384		(149,201		)	56,524
Other comprehensive income	17,253			14,107			16,947		(31,054		)	17,253
Comprehensive income	$	73,777		$	83,924		$	96,331	$	(180,255	)	$	73,777

	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	—			552			(644		)	—			(92		)
(Loss) income from continuing operations before interest, extinguishment of debt and taxes	(10,756		)	36,134			84,786			190			110,354
Interest, net	29,231			(9,102		)	849			—			20,978
(Loss) income from continuing operations before taxes	(39,987		)	45,236			83,937			190			89,376
(Benefit) taxes on (loss) income from continuing operations	(21,968		)	14,576			17,364			6			9,978
Equity in net income of consolidated subsidiaries	97,417			61,027			257			(158,701		)	—
Income from continuing operations	79,398			91,687			66,830			(158,517		)	79,398
Operating loss from discontinued operations	(3,749		)	—			—			—			(3,749		)
Tax benefit on loss from discontinued operations	(1,366		)	—			—			—			(1,366		)
Loss from discontinued operations	(2,383		)	—			—			—			(2,383		)
Net income	77,015			91,687			66,830			(158,517		)	77,015
Other comprehensive income	43,845			30,196			56,286			(86,482		)	43,845
Comprehensive income	$	120,860		$	121,883		$	123,116		$	(244,999	)	$	120,860

	Nine Months Ended September 30, 2018
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	1,169,684		$	968,298		$	(331,214	)	$	1,806,768
Cost of goods sold	—			681,300			431,841			(324,994		)	788,147
Gross profit	—			488,384			536,457			(6,220		)	1,018,621
Selling, general and administrative expenses	32,958			401,252			226,290			(352		)	660,148
Research and development expenses	1,094			57,668			19,648			—			78,410
Restructuring and impairment charges	—			20,581			57,044			—			77,625
(Loss) income from continuing operations before interest and taxes	(34,052		)	8,883			233,475			(5,868		)	202,438
Interest, net	72,120			5,066			1,801			—			78,987
(Loss) income from continuing operations before taxes	(106,172		)	3,817			231,674			(5,868		)	123,451
(Benefit) taxes on (loss) income from continuing operations	(39,859		)	11,347			44,134			(1,090		)	14,532
Equity in net income of consolidated subsidiaries	176,511			170,276			1,007			(347,794		)	—
Income from continuing operations	110,198			162,746			188,547			(352,572		)	108,919
Operating (loss) income from discontinued operations	(33		)	—			1,279			—			1,246
Tax benefit on loss from discontinued operations	(47		)	—			—			—			(47		)
Income from discontinued operations	14			—			1,279			—			1,293
Net income	110,212			162,746			189,826			(352,572		)	110,212
Other comprehensive loss	(24,076		)	(30,691		)	(26,551		)	57,242			(24,076		)
Comprehensive income	$	86,136		$	132,055		$	163,275		$	(295,330	)	$	86,136

	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	80,737			(25,245		)	2,776		—			58,268
Loss on extinguishment of debt	5,593			—			—		—			5,593
(Loss) income from continuing operations before taxes	(125,572		)	112,736			233,856		(3,506		)	217,514
(Benefit) taxes on (loss) income from continuing operations	(57,679		)	33,873			43,803		(593		)	19,404
Equity in net income of consolidated subsidiaries	266,003			175,690			713		(442,406		)	—
Income from continuing operations	198,110			254,553			190,766		(445,319		)	198,110
Operating loss from discontinued operations	(4,597		)	—			—		—			(4,597		)
Tax benefit on loss from discontinued operations	(1,675		)	—			—		—			(1,675		)
Loss from discontinued operations	(2,922		)	—			—		—			(2,922		)
Net income	195,188			254,553			190,766		(445,319		)	195,188
Other comprehensive income	163,267			147,727			179,561		(327,288		)	163,267
Comprehensive income	$	358,455		$	402,280		$	370,327	$	(772,607	)	$	358,455

Condensed Consolidating Balance Sheets

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

	September 30, 2018
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	47,766	$	1,288	$	307,222	$	—		$	356,276
Accounts receivable, net	2,932		55,452		310,942		5,015			374,341
Accounts receivable from consolidated subsidiaries	24,606		994,236		351,740		(1,370,582		)	—
Inventories, net	—		245,600		197,784		(32,318		)	411,066
Prepaid expenses and other current assets	14,379		12,409		24,403		3,982			55,173
Prepaid taxes	33,766		—		6,949		—			40,715
Assets held for sale	—		3,239		—		—			3,239
Total current assets	123,449		1,312,224		1,199,040		(1,393,903		)	1,240,810
Property, plant and equipment, net	3,177		238,079		180,009		—			421,265
Goodwill	—		1,245,455		977,974		—			2,223,429
Intangibles assets, net	95		1,274,994		987,729		—			2,262,818
Investments in consolidated subsidiaries	5,929,366		1,673,596		20,625		(7,623,587		)	—
Deferred tax assets	—		—		4,589		(2,284		)	2,305
Notes receivable and other amounts due from consolidated subsidiaries	2,265,457		2,445,390		—		(4,710,847		)	—
Other assets	30,226		6,057		13,810		—			50,093
Total assets	$	8,351,770	$	8,195,795	$	3,383,776	$	(13,730,621	)	$	6,200,720
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	27,250	$	—	$	50,000	$	—		$	77,250
Accounts payable	4,254		54,791		38,583		—			97,628
Accounts payable to consolidated subsidiaries	1,024,109		280,381		66,092		(1,370,582		)	—
Accrued expenses	17,966		36,206		51,412		—			105,584
Current portion of contingent consideration	—		101,573		1,091		—			102,664
Payroll and benefit-related liabilities	18,184		31,405		44,543		—			94,132
Accrued interest	20,595		—		28		—			20,623
Income taxes payable	—		—		14,437		(1,090		)	13,347
Other current liabilities	1,637		33,589		2,839		—			38,065
Total current liabilities	1,113,995		537,945		269,025		(1,371,672		)	549,293
Long-term borrowings	2,075,834		—		—		—			2,075,834
Deferred tax liabilities	92,270		264,288		251,808		(2,284		)	606,082
Pension and postretirement benefit liabilities	49,853		32,019		17,478		—			99,350
Noncurrent liability for uncertain tax positions	1,986		8,352		2,832		—			13,170
Notes payable and other amounts due to consolidated subsidiaries	2,370,469		2,135,450		204,928		(4,710,847		)	—
Noncurrent contingent consideration	—		131,578		10,332		—			141,910
Other liabilities	140,298		9,026		58,692		—			208,016
Total liabilities	5,844,705		3,118,658		815,095		(6,084,803		)	3,693,655
Total shareholders' equity	2,507,065		5,077,137		2,568,681		(7,645,818		)	2,507,065
Total liabilities and shareholders' equity	$	8,351,770	$	8,195,795	$	3,383,776	$	(13,730,621	)	$	6,200,720

	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		1,177,246		343,115		(1,534,839		)	—
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		1,498,766		1,112,945		(1,552,473		)	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 consolidated subsidiaries	5,806,244		1,674,077		19,620		(7,499,941		)	—
Deferred tax assets	—		—		6,071		(2,261		)	3,810
Notes receivable and other amounts due from consolidated subsidiaries	2,452,101		2,231,832		—		(4,683,933		)	—
Other assets	31,173		6,397		8,966		—			46,536
Total assets	$	8,361,175	$	8,226,154	$	3,332,771	$	(13,738,608	)	$	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	1,211,568		261,121		62,150		(1,534,839		)	—
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	1,303,510		461,948		253,257		(1,534,839		)	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		2,320,611		208,176		(4,683,933		)	—
Noncurrent contingent consideration	—		186,923		10,989		—			197,912
Other liabilities	148,572		7,850		12,442		—			168,864
Total liabilities	5,930,644		3,283,704		757,646		(6,221,033		)	3,750,961
Total shareholders' equity	2,430,531		4,942,450		2,575,125		(7,517,575		)	2,430,531
Total liabilities and shareholders' equity	$	8,361,175	$	8,226,154	$	3,332,771	$	(13,738,608	)	$	6,181,492

Condensed Consolidating Statements of Cash Flows

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30, 2018
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(202,209	)	$	382,389		$	268,390		$	(145,626	)	$	302,944
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(1,524		)	(23,686		)	(30,541		)	—			(55,751		)
Proceeds from sale of investments	28,239			—			—			(28,239		)	—
Payments for businesses and intangibles acquired, net of cash acquired	(100		)	1,404			(23,854		)	—			(22,550		)
Net cash provided by (used in) investing activities from continuing operations	26,615			(22,282		)	(54,395		)	(28,239		)	(78,301		)
Cash flows from financing activities of continuing operations:
Reduction in borrowings	(98,500		)	—			—			—			(98,500		)
Debt extinguishment, issuance and amendment fees	(188		)	—			—			—			(188		)
Net proceeds from share based compensation plans and the related tax impacts	18,666			—			—			—			18,666
Payments for contingent consideration	—			(73,152		)	—			—			(73,152		)
Dividends paid	(46,526		)	—			—			—			(46,526		)
Intercompany transactions	312,806			(294,600		)	(46,445		)	28,239			—
Intercompany dividends paid	—			—			(145,626		)	145,626			—
Net cash provided by (used in) financing activities from continuing operations	186,258			(367,752		)	(192,071		)	173,865			(199,700		)
Cash flows from discontinued operations:
Net cash used in operating activities	(701		)	—			—			—			(701		)
Net cash used in discontinued operations	(701		)	—			—			—			(701		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(1,524		)	—			(1,524		)
Net increase (decrease) in cash and cash equivalents	9,963			(7,645		)	20,400			—			22,718
Cash and cash equivalents at the beginning of the period	37,803			8,933			286,822			—			333,558
Cash and cash equivalents at the end of the period	$	47,766		$	1,288		$	307,222		$	—		$	356,276

	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	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 (decrease) 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