Condensed consolidating guarantor financial information (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	415,143		$	320,993		$	(122,552	)	$	613,584
Cost of goods sold	—			234,217			147,857			(113,232		)	268,842
Gross profit	—			180,926			173,136			(9,320		)	344,742
Selling, general and administrative expenses	16,167			131,702			79,466			358			227,693
Research and development expenses	484			20,121			6,545			—			27,150
Restructuring and impairment charges	—			5,973			11,422			—			17,395
Gain on sale of assets	—			—			(2,739		)	—			(2,739		)
(Loss) income from continuing operations before interest and taxes	(16,651		)	23,130			78,442			(9,678		)	75,243
Interest, net	4,065			18,597			(309		)	—			22,353
(Loss) income from continuing operations before taxes	(20,716		)	4,533			78,751			(9,678		)	52,890
(Benefit) taxes on (loss) income from continuing operations	(8,872		)	6,892			14,387			(1,435		)	10,972
Equity in net income of consolidated subsidiaries	53,762			59,631			—			(113,393		)	—
Income from continuing operations	41,918			57,272			64,364			(121,636		)	41,918
Operating loss from discontinued operations	(1,343		)	—			—			—			(1,343		)
Tax benefit on loss from discontinued operations	(322		)	—			—			—			(322		)
Loss from discontinued operations	(1,021		)	—			—			—			(1,021		)
Net income	40,897			57,272			64,364			(121,636		)	40,897
Other comprehensive income	396			(1,501		)	(4,994		)	6,495			396
Comprehensive income	$	41,293		$	55,771		$	59,370		$	(115,141	)	$	41,293

	Three Months Ended April 1, 2018
	Parent Company			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	379,419	$	320,009	$	(112,198	)	$	587,230
Cost of goods sold	—			217,604		142,008		(103,652		)	255,960
Gross profit	—			161,815		178,001		(8,546		)	331,270
Selling, general and administrative expenses	9,181			130,914		75,771		(529		)	215,337
Research and development expenses	227			19,368		6,432		—			26,027
Restructuring charges	—			908		2,155		—			3,063
(Loss) income from continuing operations before interest and taxes	(9,408		)	10,625		93,643		(8,017		)	86,843
Interest, net	22,141			2,931		598		—			25,670
(Loss) income from continuing operations before taxes	(31,549		)	7,694		93,045		(8,017		)	61,173
(Benefit) taxes on (loss) income from continuing operations	(13,192		)	6,423		14,177		(1,166		)	6,242
Equity in net income of consolidated subsidiaries	74,567			76,876		293		(151,736		)	—
Income from continuing operations	56,210			78,147		79,161		(158,587		)	54,931
Operating (loss) income from discontinued operations	(44		)	—		1,279		—			1,235
Tax benefit on loss from discontinued operations	(18		)	—		—		—			(18		)
(Loss) income from discontinued operations	(26		)	—		1,279		—			1,253
Net income	56,184			78,147		80,440		(158,587		)	56,184
Other comprehensive income	82,690			70,119		87,227		(157,346		)	82,690
Comprehensive income	$	138,874		$	148,266	$	167,667	$	(315,933	)	$	138,874

Condensed Consolidating Balance Sheets

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

	March 31, 2019
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	39,022	$	622	$	231,568	$	—		$	271,212
Accounts receivable, net	4,286		62,457		304,037		4,976			375,756
Accounts receivable from consolidated subsidiaries	35,052		228,267		388,737		(652,056		)	—
Inventories, net	—		274,038		211,781		(40,253		)	445,566
Prepaid expenses and other current assets	38,633		10,243		26,606		4,113			79,595
Prepaid taxes	4,631		—		5,854		—			10,485
Total current assets	121,624		575,627		1,168,583		(683,220		)	1,182,614
Property, plant and equipment, net	3,167		230,983		175,813		—			409,963
Operating lease assets	14,679		62,027		35,572		—			112,278
Goodwill	—		1,255,350		992,418		—			2,247,768
Intangibles assets, net	85		1,255,965		1,018,438		—			2,274,488
Investments in affiliates	6,043,371		1,771,617		—		(7,814,988		)	—
Deferred tax assets	—		—		4,885		(2,385		)	2,500
Notes receivable and other amounts due from consolidated subsidiaries	1,976,376		2,722,166		284,413		(4,982,955		)	—
Other assets	16,956		11,593		9,909		—			38,458
Total assets	$	8,176,258	$	7,885,328	$	3,690,031	$	(13,483,548	)	$	6,268,069
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	36,625	$	—	$	50,000	$	—		$	86,625
Accounts payable	3,446		61,327		38,759		—			103,532
Accounts payable to consolidated subsidiaries	235,100		315,782		101,174		(652,056		)	—
Accrued expenses	8,034		34,673		50,942		—			93,649
Current portion of contingent consideration	—		98,622		1,064		—			99,686
Payroll and benefit-related liabilities	14,092		19,557		42,612		—			76,261
Accrued interest	23,200		—		45		—			23,245
Income taxes payable	—		—		8,076		(1,435		)	6,641
Other current liabilities	4,414		14,425		12,438		—			31,277
Total current liabilities	324,911		544,386		305,110		(653,491		)	520,916
Long-term borrowings	2,072,939		—		—		—			2,072,939
Deferred tax liabilities	90,195		258,470		264,326		(2,385		)	610,606
Pension and postretirement benefit liabilities	46,154		27,162		15,971		—			89,287
Noncurrent liability for uncertain tax positions	912		7,267		2,654		—			10,833
Notes payable and other amounts due to consolidated subsidiaries	2,920,820		1,879,068		183,067		(4,982,955		)	—
Noncurrent contingent consideration	—		42,717		37,959		—			80,676
Noncurrent operating lease liabilities	12,218		61,390		27,100		—			100,708
Other liabilities	138,231		9,497		64,498		—			212,226
Total liabilities	5,606,380		2,829,957		900,685		(5,638,831		)	3,698,191
Total shareholders' equity	2,569,878		5,055,371		2,789,346		(7,844,717		)	2,569,878
Total liabilities and shareholders' equity	$	8,176,258	$	7,885,328	$	3,690,031	$	(13,483,548	)	$	6,268,069

	December 31, 2018
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	49,523	$	1,757	$	305,881	$	—		$	357,161
Accounts receivable, net	5,885		54,013		301,054		5,334			366,286
Accounts receivable from consolidated subsidiaries	32,036		1,043,573		350,162		(1,425,771		)	—
Inventories, net	—		266,073		192,659		(30,954		)	427,778
Prepaid expenses and other current assets	30,458		9,673		28,237		4,113			72,481
Prepaid taxes	7,029		—		5,434		—			12,463
Total current assets	124,931		1,375,089		1,183,427		(1,447,278		)	1,236,169
Property, plant and equipment, net	3,385		253,037		176,344		—			432,766
Goodwill	—		1,254,848		991,731		—			2,246,579
Intangibles assets, net	90		1,277,462		1,047,500		—			2,325,052
Investments in affiliates	5,984,566		1,672,908		20,257		(7,677,731		)	—
Deferred tax assets	—		—		4,822		(2,376		)	2,446
Notes receivable and other amounts due from consolidated subsidiaries	2,337,737		2,523,156		13,242		(4,874,135		)	—
Other assets	17,180		5,776		12,023		—			34,979
Total assets	$	8,467,889	$	8,362,276	$	3,449,346	$	(14,001,520	)	$	6,277,991
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	36,625	$	—	$	50,000	$	—		$	86,625
Accounts payable	3,448		62,764		40,497		—			106,709
Accounts payable to consolidated subsidiaries	1,058,008		278,715		89,048		(1,425,771		)	—
Accrued expenses	5,659		41,883		50,009		—			97,551
Current portion of contingent consideration	—		106,514		30,363		—			136,877
Payroll and benefit-related liabilities	17,156		44,982		42,532		—			104,670
Accrued interest	5,995		—		36		—			6,031
Income taxes payable	—		—		5,943		—			5,943
Other current liabilities	843		34,916		2,291		—			38,050
Total current liabilities	1,127,734		569,774		310,719		(1,425,771		)	582,456
Long-term borrowings	2,072,200		—		—		—			2,072,200
Deferred tax liabilities	87,671		257,522		265,404		(2,376		)	608,221
Pension and postretirement benefit liabilities	49,290		27,454		16,170		—			92,914
Noncurrent liability for uncertain tax positions	801		7,212		2,705		—			10,718
Notes payable and other amounts due to consolidated subsidiaries	2,451,784		2,222,580		199,771		(4,874,135		)	—
Noncurrent contingent consideration	—		131,563		35,807		—			167,370
Other liabilities	138,431		8,204		57,499					204,134
Total liabilities	5,927,911		3,224,309		888,075		(6,302,282		)	3,738,013
Total shareholders' equity	2,539,978		5,137,967		2,561,271		(7,699,238		)	2,539,978
Total liabilities and shareholders' equity	$	8,467,889	$	8,362,276	$	3,449,346	$	(14,001,520	)	$	6,277,991

Condensed Consolidating Statements of Cash Flows

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Three Months Ended March 31, 2019
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(417	)	$	57,823		$	95,215		$	(92,455	)	$	60,166
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(222		)	(17,784		)	(5,488		)	—			(23,494		)
Proceeds from sale of assets and investments	2,362			991			—			(2,362		)	991
Payments for businesses and intangibles acquired, net of cash acquired	—			(1,025		)	—			—			(1,025		)
Net cash provided by (used in) investing activities from continuing operations	2,140			(17,818		)	(5,488		)	(2,362		)	(23,528		)
Cash flows from financing activities of continuing operations:
Net proceeds from share based compensation plans and the related tax impacts	2,242			—			—			—			2,242
Payments for contingent consideration	—			(81,977		)	(28,976		)	—			(110,953		)
Dividends paid	(15,650		)	—			—			—			(15,650		)
Intercompany transactions	(2,426		)	40,837			(40,773		)	2,362			—
Intercompany dividends paid	—			—			(92,455		)	92,455			—
Net cash (used in) provided by financing activities from continuing operations	(15,834		)	(41,140		)	(162,204		)	94,817			(124,361		)
Cash flows from discontinued operations:
Net cash provided by operating activities	3,610			—			—			—			3,610
Net cash provided by discontinued operations	3,610			—			—			—			3,610
Effect of exchange rate changes on cash and cash equivalents	—			—			(1,836		)	—			(1,836		)
Net decrease in cash and cash equivalents	(10,501		)	(1,135		)	(74,313		)	—			(85,949		)
Cash and cash equivalents at the beginning of the period	49,523			1,757			305,881			—			357,161
Cash and cash equivalents at the end of the period	$	39,022		$	622		$	231,568		$	—		$	271,212

	Three Months Ended April 1, 2018
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(108,377	)	$	134,198		$	61,027		$	86,848
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(159		)	(5,015		)	(10,573		)	(15,747		)
Payments for businesses and intangibles acquired, net of cash acquired	—			—			(3,684		)	(3,684		)
Net cash used in investing activities from continuing operations	(159		)	(5,015		)	(14,257		)	(19,431		)
Cash flows from financing activities of continuing operations:
Reduction in borrowings	(18,500		)	—			—			(18,500		)
Debt extinguishment, issuance and amendment fees	(74		)	—			—			(74		)
Net proceeds from share based compensation plans and the related tax impacts	1,400			—			—			1,400
Payments for contingent consideration	—			(91		)	—			(91		)
Dividends paid	(15,447		)	—			—			(15,447		)
Intercompany transactions	131,967			(127,825		)	(4,142		)	—
Net cash provided by (used in) financing activities from continuing operations	99,346			(127,916		)	(4,142		)	(32,712		)
Cash flows from discontinued operations:
Net cash used in operating activities	(206		)	—			—			(206		)
Net cash used in discontinued operations	(206		)	—			—			(206		)
Effect of exchange rate changes on cash and cash equivalents	—			—			10,815			10,815
Net (decrease) increase in cash and cash equivalents	(9,396		)	1,267			53,443			45,314
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	$	28,407		$	10,200		$	340,265		$	378,872