Condensed Consolidated Guarantor Financial Information (Tables)

6 Months Ended

Jul. 01, 2012

Schedule Of Condensed Consolidating Statements Of Income

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Three Months Ended July 1, 2012
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	235,051		$	204,785		$	(56,504	)	$	383,332
Cost of goods sold		—			137,054			118,186			(56,272	)		198,968
Gross profit		—			97,997			86,599			(232	)		184,364
Selling, general and administrative expenses		12,929			59,789			32,580			653			105,951
Research and development expenses		—			12,012			1,690			—			13,702
Restructuring and other impairment charges		—			280			41			—			321
Gain on sales of businesses and assets		(116,194	)		—			(332	)		116,194			(332	)
Income from continuing operations before interest and taxes		103,265			25,916			52,620			(117,079	)		64,722
Interest expense		36,626			(20,054	)		1,668			—			18,240
Interest income		(128	)		—			(378	)		—			(506	)
Income from continuing operations before taxes		66,767			45,970			51,330			(117,079	)		46,988
Taxes (benefit) on income from continuing operations		(17,209	)		16,829			723			(621	)		(278	)
Equity in net income of consolidated subsidiaries		(40,616	)		47,764			—			(7,148	)		—
Income from continuing operations		43,360			76,905			50,607			(123,606	)		47,266
Operating income (loss) from discontinued operations		(1,037	)		(9,265	)		2,253			—			(8,049	)
Taxes (benefit) on income (loss) from discontinued operations		(290	)		(3,521	)		129			—			(3,682	)
Income (loss) from discontinued operations		(747	)		(5,744	)		2,124			—			(4,367	)
Net income		42,613			71,161			52,731			(123,606	)		42,899
Less: Income from continuing operations attributable to noncontrolling interests		—			—			286			—			286
Net income attributable to common shareholders		42,613			71,161			52,445			(123,606	)		42,613
Other comprehensive loss attributable to common shareholders		(62,945	)		(76,659	)		(62,453	)		139,112			(62,945	)
Comprehensive loss attributable to common shareholders	$	(20,332	)	$	(5,498	)	$	(10,008	)	$	15,506		$	(20,332	)

	Three Months Ended June 26, 2011
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	236,923		$	207,603		$	(63,358	)	$	381,168
Cost of goods sold		—			145,465			115,389			(61,037	)		199,817
Gross profit		—			91,458			92,214			(2,321	)		181,351
Selling, general and administrative expenses		9,943			61,286			38,671			(62	)		109,838
Research and development expenses		—			10,056			2,399			—			12,455
Restructuring and other impairment charges		11			1,270			1,895			—			3,176
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes		(9,954	)		18,846			49,249			(2,259	)		55,882
Interest expense		27,879			(12,231	)		137			—			15,785
Interest income		(112	)		(18	)		(123	)		—			(253	)
Loss on extinguishments of debt		816			—			—			—			816
Income (loss) from continuing operations before taxes		(38,537	)		31,095			49,235			(2,259	)		39,534
Taxes (benefit) on income (loss) from continuing operations		(15,850	)		11,211			12,753			322			8,436
Equity in net income of consolidated subsidiaries		61,383			39,081			—			(100,464	)		—
Income from continuing operations		38,696			58,965			36,482			(103,045	)		31,098
Operating income (loss) from discontinued operations		(13,374	)		(569	)		10,350			—			(3,593	)
Taxes (benefit) on income (loss) from discontinued operations		(8,748	)		(1,032	)		2,798			—			(6,982	)
Income (loss) from discontinued operations		(4,626	)		463			7,552			—			3,389
Net income		34,070			59,428			44,034			(103,045	)		34,487
Less: Income from continuing operations attributable to noncontrolling interests		—			—			258			—			258
Income from discontinued operations attributable to noncontrolling interest		—			—			159			—			159
Net income attributable to common shareholders		34,070			59,428			43,617			(103,045	)		34,070
Other comprehensive income (loss) attributable to common shareholders		16,164			(10,275	)		12,477			(2,202	)		16,164
Comprehensive income attributable to common shareholders	$	50,234		$	49,153		$	56,094		$	(105,247	)	$	50,234

	Six Months Ended July 1, 2012
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	473,548		$	409,706		$	(119,355	)	$	763,899
Cost of goods sold		—			278,961			233,622			(117,162	)		395,421
Gross profit		—			194,587			176,084			(2,193	)		368,478
Selling, general and administrative expenses		28,569			121,377			67,831			310			218,087
Research and development expenses		—			21,919			3,336			—			25,255
Goodwill impairment		—			331,779			349			—			332,128
Restructuring and other impairment charges		—			(1,650	)		646			—			(1,004	)
Gain on sales of businesses and assets		(116,194	)		—			(332	)		116,194			(332	)
Income (loss) from continuing operations before interest and taxes		87,625			(278,838	)		104,254			(118,697	)		(205,656	)
Interest expense		73,101			(40,240	)		3,590			—			36,451
Interest income		(253	)		(8	)		(723	)		—			(984	)
Income (loss) from continuing operations before taxes		14,777			(238,590	)		101,387			(118,697	)		(241,123	)
Taxes (benefit) on income (loss) from continuing operations		(35,061	)		17,193			14,495			(903	)		(4,276	)
Equity in net income of consolidated subsidiaries		(290,814	)		78,760			—			212,054			—
Income (loss) from continuing operations		(240,976	)		(177,023	)		86,892			94,260			(236,847	)
Operating income (loss) from discontinued operations		(91	)		(9,429	)		2,400			—			(7,120	)
Taxes (benefit) on income (loss) from discontinued operations		55			(3,584	)		171			—			(3,358	)
Income (loss) from discontinued operations		(146	)		(5,845	)		2,229			—			(3,762	)
Net income (loss)		(241,122	)		(182,868	)		89,121			94,260			(240,609	)
Less: Income from continuing operations attributable to noncontrolling interests		—			—			513			—			513
Net income (loss) attributable to common shareholders		(241,122	)		(182,868	)		88,608			94,260			(241,122	)
Other comprehensive loss attributable to common shareholders		(28,902	)		(43,257	)		(34,766	)		78,023			(28,902	)
Comprehensive income (loss) attributable to common shareholders	$	(270,024	)	$	(226,125	)	$	53,842		$	172,283		$	(270,024	)

	Six Months Ended June 26, 2011
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	455,326		$	389,461		$	(118,038	)	$	726,749
Cost of goods sold		—			276,719			222,125			(115,493	)		383,351
Gross profit		—			178,607			167,336			(2,545	)		343,398
Selling, general and administrative expenses		19,324			118,947			72,683			594			211,548
Research and development expenses		—			19,433			4,053			—			23,486
Restructuring and other impairment charges		11			1,858			1,902			—			3,771
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes		(19,335	)		38,369			88,698			(3,139	)		104,593
Interest expense		58,084			(26,370	)		217			—			31,931
Interest income		(114	)		(41	)		(203	)		—			(358	)
Loss on extinguishments of debt		15,413			—			—			—			15,413
Income (loss) from continuing operations before taxes		(92,718	)		64,780			88,684			(3,139	)		57,607
Taxes (benefit) on income (loss) from continuing operations		(34,621	)		24,589			24,073			(1,032	)		13,009
Equity in net income of consolidated subsidiaries		195,873			112,120			—			(307,993	)		—
Income from continuing operations		137,776			152,311			64,611			(310,100	)		44,598
Operating income (loss) from discontinued operations		(51,318	)		39,589			72,846			—			61,117
Taxes (benefit) on income (loss) from discontinued operations		(25,424	)		5,583			12,875			—			(6,966	)
Income (loss) from discontinued operations		(25,894	)		34,006			59,971			—			68,083
Net income		111,882			186,317			124,582			(310,100	)		112,681
Less: Income from continuing operations attributable to noncontrolling interests		—			—			481			—			481
Income from discontinued operations attributable to noncontrolling interest		—			—			318			—			318
Net income attributable to common shareholders		111,882			186,317			123,783			(310,100	)		111,882
Other comprehensive income attributable to common shareholders		48,254			(23,420	)		28,912			(5,492	)		48,254
Comprehensive income (loss) attributable to common shareholders	$	160,136		$	162,897		$	152,695		$	(315,592	)	$	160,136

Schedule Of Condensed Consolidating Balance Sheets

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

	July 1, 2012
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	43,661	$	—	$	501,330		$	—		$	544,991
Accounts receivable, net		298		309,132		441,490			(475,754	)		275,166
Inventories, net		—		184,257		112,050			(11,752	)		284,555
Prepaid expenses and other current assets		5,618		3,985		15,210			—			24,813
Prepaid taxes		24,868		—		4,822			—			29,690
Deferred tax assets		5,974		24,938		6,034			(420	)		36,526
Assets held for sale		—		48,939		4,951			—			53,890
Total current assets		80,419		571,251		1,085,887			(487,926	)		1,249,631
Property, plant and equipment, net		4,814		154,455		94,415			—			253,684
Goodwill		—		668,818		426,773			—			1,095,591
Intangibles assets, net		—		775,299		162,830			—			938,129
Investments in affiliates		5,028,619		1,067,840		20,189			(6,114,979	)		1,669
Deferred tax assets		68,877		—		2,206			(70,808	)		275
Other assets		40,517		2,555,041		161,707			(2,689,422	)		67,843
Total assets	$	5,223,246	$	5,792,704	$	1,954,007		$	(9,363,135	)	$	3,606,822
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	—	$	—	$	4,700		$	—		$	4,700
Accounts payable		80,859		390,475		73,012			(478,875	)		65,471
Accrued expenses		15,650		32,283		35,244			—			83,177
Payroll and benefit-related liabilities		27,847		7,389		23,685			—			58,921
Derivative liabilities		1,669		—		—			—			1,669
Accrued interest		9,149		—		6			—			9,155
Income taxes payable		—		—		12,911			—			12,911
Current liability for uncertain tax positions		—		—		3,910			—			3,910
Deferred tax liabilities		—		—		1,431			(420	)		1,011
Liabilities held for sale		—		1,750		(1	)		—			1,749
Total current liabilities		135,174		431,897		154,898			(479,295	)		242,674
Long-term borrowings		959,945		—		—			—			959,945
Deferred tax liabilities		—		414,573		53,689			(70,808	)		397,454
Pension and other postretirement benefit liabilities		133,478		34,383		14,600			—			182,461
Noncurrent liability for uncertain tax positions		13,869		17,602		28,755			—			60,226
Other liabilities		2,291,310		56,432		416,841			(2,692,535	)		72,048
Total liabilities		3,533,776		954,887		668,783			(3,242,638	)		1,914,808
Total common shareholders’ equity		1,689,470		4,837,817		1,282,680			(6,120,497	)		1,689,470
Noncontrolling interest		—		—		2,544			—			2,544
Total equity		1,689,470		4,837,817		1,285,224			(6,120,497	)		1,692,014
Total liabilities and equity	$	5,223,246	$	5,792,704	$	1,954,007		$	(9,363,135	)	$	3,606,822

	December 31, 2011
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	114,531	$	—	$	469,557	$	—		$	584,088
Accounts receivable, net		269		304,813		464,834		(483,690	)		286,226
Inventories, net		—		201,147		107,188		(9,560	)		298,775
Prepaid expenses and other current assets		7,203		3,675		22,527		—			33,405
Prepaid taxes		24,006		—		4,869		(29	)		28,846
Deferred tax assets		8,659		26,886		5,883		(414	)		41,014
Assets held for sale		—		2,738		5,164		—			7,902
Total current assets		154,668		539,259		1,080,022		(493,693	)		1,280,256
Property, plant and equipment, net		8,208		149,300		94,404		—			251,912
Goodwill		—		1,001,353		437,189		—			1,438,542
Intangibles assets, net		—		711,962		167,825		—			879,787
Investments in affiliates		5,244,275		922,208		20,327		(6,184,802	)		2,008
Deferred tax assets		65,400		—		2,387		(67,509	)		278
Other assets		42,183		2,534,124		164,662		(2,669,649	)		71,320
Total assets	$	5,514,734	$	5,858,206	$	1,966,816	$	(9,415,653	)	$	3,924,103
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	—	$	—	$	4,986	$	—		$	4,986
Accounts payable		101,907		387,612		64,694		(487,121	)		67,092
Accrued expenses		23,208		25,407		29,545		—			78,160
Payroll and benefit-related liabilities		24,031		13,867		26,488		—			64,386
Derivative liabilities		633		—		—		—			633
Accrued interest		10,948		—		12		—			10,960
Income taxes payable		—		—		21,113		(29	)		21,084
Current liability for uncertain tax positions		—		—		22,656		—			22,656
Deferred tax liabilities		—		—		1,465		(415	)		1,050
Total current liabilities		160,727		426,886		170,959		(487,565	)		271,007
Long-term borrowings		954,809		—		—		—			954,809
Deferred tax liabilities		—		433,078		55,264		(67,509	)		420,833
Pension and other postretirement benefit liabilities		145,533		34,034		15,417		—			194,984
Noncurrent liability for uncertain tax positions		12,678		18,437		30,573		—			61,688
Other liabilities		2,260,399		5,583		443,875		(2,671,858	)		37,999
Total liabilities		3,534,146		918,018		716,088		(3,226,932	)		1,941,320
Total common shareholders’ equity		1,980,588		4,940,188		1,248,533		(6,188,721	)		1,980,588
Noncontrolling interest		—		—		2,195		—			2,195
Total equity		1,980,588		4,940,188		1,250,728		(6,188,721	)		1,982,783
Total liabilities and equity	$	5,514,734	$	5,858,206	$	1,966,816	$	(9,415,653	)	$	3,924,103

Schedule Of Condensed Consolidating Statements Of Cash Flows

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Six Months Ended July 1, 2012
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(76,757	)	$	109,847		$	56,148		$	89,238
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment		(4,349	)		(15,700	)		(8,844	)		(28,893	)
Proceeds from sales of businesses and assets, net of cash sold		—			—			17,155			17,155
Payments for businesses and intangibles acquired, net of cash acquired		—			(59,334	)		(3,293	)		(62,627	)
Net cash (used in) provided by investing activities from continuing operations		(4,349	)		(75,034	)		5,018			(74,365	)
Cash Flows from Financing Activities of Continuing Operations:
Decrease in notes payable and current borrowings		—			(421	)		(286	)		(707	)
Proceeds from stock compensation plans		4,091			—			—			4,091
Dividends		(27,756	)		—			—			(27,756	)
Intercompany transactions		43,376			(33,555	)		(9,821	)		—
Net cash provided by (used in) financing activities from continuing operations		19,711			(33,976	)		(10,107	)		(24,372	)
Cash Flows from Discontinued Operations:
Net cash (used in) provided by operating activities		(9,475	)		1,284			—			(8,191	)
Net cash used in investing activities		—			(2,121	)		—			(2,121	)
Net cash used in discontinued operations		(9,475	)		(837	)		—			(10,312	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(19,286	)		(19,286	)
Net (decrease) increase in cash and cash equivalents		(70,870	)		—			31,773			(39,097	)
Cash and cash equivalents at the beginning of the period		114,531			—			469,557			584,088
Cash and cash equivalents at the end of the period	$	43,661		$	—		$	501,330		$	544,991

	Six Months Ended June 26, 2011
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(78,062	)	$	78,432		$	37,403		$	37,773
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment		(154	)		(9,982	)		(4,996	)		(15,132	)
Proceeds from sales of businesses and assets, net of cash sold		—			62,044			38,872			100,916
Payments for businesses and intangibles acquired, net of cash acquired		—			(30,570	)		—			(30,570	)
Net cash (used in) provided by investing activities from continuing operations		(154	)		21,492			33,876			55,214
Cash Flows from Financing Activities of Continuing Operations:
Proceeds from long-term borrowings		515,000			—			—			515,000
Repayment in long-term borrowings		(455,800	)		—			—			(455,800	)
Debt and equity issuance and amendment costs		(19,058	)		—			—			(19,058	)
Proceeds from stock compensation plans		30,577			—			—			30,577
Dividends		(27,438	)		—			—			(27,438	)
Intercompany transactions		192,478			(103,847	)		(88,631	)		—
Net cash provided by (used in) financing activities from continuing operations		235,759			(103,847	)		(88,631	)		43,281
Cash Flows from Discontinued Operations:
Net cash (used in) provided by operating activities		(3,199	)		4,068			12,282			13,151
Net cash used in investing activities		(3	)		(145	)		(1,238	)		(1,386	)
Net cash (used in) provided by discontinued operations		(3,202	)		3,923			11,044			11,765
Effect of exchange rate changes on cash and cash equivalents		—			—			9,324			9,324
Net increase in cash and cash equivalents		154,341			—			3,016			157,357
Cash and cash equivalents at the beginning of the period		22,632			—			185,820			208,452
Cash and cash equivalents at the end of the period	$	176,973		$	—		$	188,836		$	365,809