Condensed consolidated guarantor financial information (Tables)

3 Months Ended

Mar. 31, 2013

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE

INCOME (LOSS)

	Three Months Ended March 31, 2013
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	254,856		$	230,805		$	(73,784	)	$	411,877
Cost of goods sold		—			152,704			131,573			(72,920	)		211,357
Gross profit		—			102,152			99,232			(864	)		200,520
Selling, general and administrative expenses		16,928			67,156			42,672			194			126,950
Research and development expenses		—			13,007			2,000			—			15,007
Restructuring and other impairment charges		—			7,767			1,392			—			9,159
Income (loss) from continuing operations before interest and taxes		(16,928	)		14,222			53,168			(1,058	)		49,404
Interest expense		33,535			(21,127	)		1,785			—			14,193
Interest income		(6	)		—			(151	)		—			(157	)
Income (loss) from continuing operations before taxes		(50,457	)		35,349			51,534			(1,058	)		35,368
Taxes (benefit) on income (loss) from continuing operations		(18,459	)		14,251			11,224			651			7,667
Equity in net income of consolidated subsidiaries		59,820			34,150			—			(93,970	)		—
Income from continuing operations		27,822			55,248			40,310			(95,679	)		27,701
Operating income (loss) from discontinued operations		(1,126	)		—			368			—			(758	)
Taxes (benefit) on income (loss) from discontinued operations		(342	)		—			46			—			(296	)
Income (loss) from discontinued operations		(784	)		—			322			—			(462	)
Net income		27,038			55,248			40,632			(95,679	)		27,239
Less: Income from continuing operations attributable to noncontrolling interests		—			—			201			—			201
Net income attributable to common shareholders		27,038			55,248			40,431			(95,679	)		27,038
Other comprehensive income (loss) attributable to common shareholders		(25,476	)		(32,126	)		(23,813	)		55,939			(25,476	)
Comprehensive income attributable to common shareholders	$	1,562		$	23,122		$	16,618		$	(39,740	)	$	1,562

	Three Months Ended April 1, 2012
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	238,497		$	204,921		$	(62,851	)	$	380,567
Cost of goods sold		—			141,907			115,436			(60,890	)		196,453
Gross profit		—			96,590			89,485			(1,961	)		184,114
Selling, general and administrative expenses		15,640			61,588			35,251			(343	)		112,136
Research and development expenses		—			9,907			1,646			—			11,553
Goodwill impairment		—			331,779			349			—			332,128
Restructuring and other impairment charges		—			(1,930	)		605			—			(1,325	)
Income (loss) from continuing operations before interest and taxes		(15,640	)		(304,754	)		51,634			(1,618	)		(270,378	)
Interest expense		36,475			(20,186	)		1,922			—			18,211
Interest income		(125	)		(8	)		(345	)		—			(478	)
Income (loss) from continuing operations before taxes		(51,990	)		(284,560	)		50,057			(1,618	)		(288,111	)
Taxes (benefit) on income (loss) from continuing operations		(17,852	)		364			13,772			(282	)		(3,998	)
Equity in net income (loss) of consolidated subsidiaries		(250,198	)		30,996			—			219,202			—
Income (loss) from continuing operations		(284,336	)		(253,928	)		36,285			217,866			(284,113	)
Operating income (loss) from discontinued operations		946			(164	)		147			—			929
Taxes (benefit) on income (loss) from discontinued operations		345			(63	)		42			—			324
Income (loss) from discontinued operations		601			(101	)		105			—			605
Net income (loss)		(283,735	)		(254,029	)		36,390			217,866			(283,508	)
Less: Income from continuing operations attributable to noncontrolling interests		—			—			227			—			227
Net income (loss) attributable to common shareholders		(283,735	)		(254,029	)		36,163			217,866			(283,735	)
Other comprehensive income attributable to common shareholders		34,043			33,402			27,688			(61,090	)		34,043
Comprehensive income (loss) attributable to common shareholders	$	(249,692	)	$	(220,627	)	$	63,851		$	156,776		$	(249,692	)

Condensed Consolidating Balance Sheets

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2013
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	47,103	$	—	$	259,451	$	—		$	306,554
Accounts receivable, net		2,126		8,725		423,521		(127,352	)		307,020
Inventories, net		—		204,547		145,029		(16,756	)		332,820
Prepaid expenses and other current assets		8,174		5,406		15,360		—			28,940
Prepaid taxes		13,969		—		14,742		—			28,711
Deferred tax assets		13,824		25,204		6,950		(358	)		45,620
Assets held for sale		—		2,739		5,097		—			7,836
Total current assets		85,196		246,621		870,150		(144,466	)		1,057,501
Property, plant and equipment, net		7,108		174,734		118,988		—			300,830
Goodwill		—		702,949		533,927		—			1,236,876
Intangibles assets, net		—		768,170		266,419		—			1,034,589
Investments in affiliates		5,258,917		1,258,723		21,210		(6,536,903	)		1,947
Deferred tax assets		58,342		—		3,105		(61,243	)		204
Other assets		33,127		3,055,799		20,528		(3,047,674	)		61,780
Total assets	$	5,442,690	$	6,206,996	$	1,834,327	$	(9,790,286	)	$	3,693,727
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	—	$	—	$	4,700	$	—		$	4,700
Accounts payable		80,318		93,566		23,822		(130,323	)		67,383
Accrued expenses		16,655		24,705		32,840		—			74,200
Current portion of contingent consideration		—		21,172		759		—			21,931
Payroll and benefit-related liabilities		23,230		9,509		27,689		—			60,428
Accrued interest		9,570		—		6		—			9,576
Income taxes payable		—		—		17,221		—			17,221
Other current liabilities		662		427		5,298		(358	)		6,029
Total current liabilities		130,435		149,379		112,335		(130,681	)		261,468
Long-term borrowings		968,035		—		—		—			968,035
Deferred tax liabilities		—		417,847		52,685		(61,243	)		409,289
Pension and other postretirement benefit liabilities		103,398		37,131		18,618		—			159,147
Noncurrent liability for uncertain tax positions		13,730		28,556		26,631		—			68,917
Other liabilities		2,454,844		358,989		287,712		(3,049,751	)		51,794
Total liabilities		3,670,442		991,902		497,981		(3,241,675	)		1,918,650
Total common shareholders’ equity		1,772,248		5,215,094		1,333,517		(6,548,611	)		1,772,248
Noncontrolling interest		—		—		2,829		—			2,829
Total equity		1,772,248		5,215,094		1,336,346		(6,548,611	)		1,775,077
Total liabilities and equity	$	5,442,690	$	6,206,996	$	1,834,327	$	(9,790,286	)	$	3,693,727

	December 31, 2012
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	70,860	$	1,989	$	264,190	$	—		$	337,039
Accounts receivable, net		2,147		774,280		511,609		(990,060	)		297,976
Inventories, net		—		202,748		136,492		(15,893	)		323,347
Prepaid expenses and other current assets		7,769		5,294		15,649		—			28,712
Prepaid taxes		11,079		—		19,217		(3,136	)		27,160
Deferred tax assets		13,987		27,130		6,810		(1,045	)		46,882
Assets held for sale		—		2,738		5,225		—			7,963
Total current assets		105,842		1,014,179		959,192		(1,010,134	)		1,069,079
Property, plant and equipment, net		7,258		168,451		122,236		—			297,945
Goodwill		—		702,947		546,509		—			1,249,456
Intangibles assets, net		—		782,631		276,161		—			1,058,792
Investments in affiliates		5,226,567		1,281,201		21,379		(6,527,081	)		2,066
Deferred tax assets		59,644		—		3,197		(62,545	)		296
Other assets		33,937		2,707,264		720,184		(3,399,522	)		61,863
Total assets	$	5,433,248	$	6,656,673	$	2,648,858	$	(10,999,282	)	$	3,739,497
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	—	$	—	$	4,700	$	—		$	4,700
Accounts payable		80,495		873,754		114,140		(993,224	)		75,165
Accrued expenses		11,338		20,471		33,255		—			65,064
Current portion of contingent consideration		—		21,115		2,578		—			23,693
Payroll and benefit-related liabilities		24,633		19,799		30,154		—			74,586
Accrued interest		9,413		—		5		—			9,418
Income taxes payable		—		—		18,709		(3,136	)		15,573
Other current liabilities		598		1,131		5,522		(1,045	)		6,206
Total current liabilities		126,477		936,270		209,063		(997,405	)		274,405
Long-term borrowings		965,280		—		—		—			965,280
Deferred tax liabilities		—		427,146		54,664		(62,544	)		419,266
Pension and other postretirement benefit liabilities		114,257		37,269		19,420		—			170,946
Noncurrent liability for uncertain tax positions		13,131		28,440		26,721		—			68,292
Other liabilities		2,435,153		35,543		991,327		(3,402,252	)		59,771
Total liabilities		3,654,298		1,464,668		1,301,195		(4,462,201	)		1,957,960
Total common shareholders’ equity		1,778,950		5,192,005		1,345,076		(6,537,081	)		1,778,950
Noncontrolling interest		—		—		2,587		—			2,587
Total equity		1,778,950		5,192,005		1,347,663		(6,537,081	)		1,781,537
Total liabilities and equity	$	5,433,248	$	6,656,673	$	2,648,858	$	(10,999,282	)	$	3,739,497

Condensed Consolidating Statements of Cash Flows

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31, 2013
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(37,406	)	$	20,071		$	23,428		$	6,093
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment		(155	)		(12,129	)		(3,351	)		(15,635	)
Payments for businesses and intangibles acquired, net of cash acquired		—			(4,281	)		(1,398	)		(5,679	)
Net cash used in investing activities from continuing operations		(155	)		(16,410	)		(4,749	)		(21,314	)
Cash Flows from Financing Activities of Continuing Operations:
Proceeds from stock compensation plans		4,326			—			—			4,326
Dividends		(13,964	)		—			—			(13,964	)
Intercompany transactions		23,471			(5,650	)		(17,821	)		—
Net cash provided by (used in) financing activities from continuing operations		13,833			(5,650	)		(17,821	)		(9,638	)
Cash Flows from Discontinued Operations:
Net cash used in operating activities		(29	)		—			(600	)		(629	)
Net cash used in discontinued operations		(29	)		—			(600	)		(629	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(4,997	)		(4,997	)
Net decrease in cash and cash equivalents		(23,757	)		(1,989	)		(4,739	)		(30,485	)
Cash and cash equivalents at the beginning of the period		70,860			1,989			264,190			337,039
Cash and cash equivalents at the end of the period	$	47,103		$	—		$	259,451		$	306,554

	Three Months Ended April 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	$	(44,743	)	$	72,221		$	(1,162	)	$	26,316
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment		(3,588	)		(5,938	)		(3,804	)		(13,330	)
Net cash used in investing activities from continuing operations		(3,588	)		(5,938	)		(3,804	)		(13,330	)
Cash Flows from Financing Activities of Continuing Operations:
Decrease in notes payable and current borrowings		—			—			(286	)		(286	)
Proceeds from stock compensation plans		1,594			—			—			1,594
Dividends		(13,866	)		—			—			(13,866	)
Intercompany transactions		43,313			(65,001	)		21,688			—
Net cash provided by (used in) financing activities from continuing operations		31,041			(65,001	)		21,402			(12,558	)
Cash Flows from Discontinued Operations:
Net cash (used in) provided by operating activities		(2,595	)		417			—			(2,178	)
Net cash used in investing activities		—			(1,699	)		—			(1,699	)
Net cash used in discontinued operations		(2,595	)		(1,282	)		—			(3,877	)
Effect of exchange rate changes on cash and cash equivalents		—			—			10,282			10,282
Net (decrease) increase in cash and cash equivalents		(19,885	)		—			26,718			6,833
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	$	94,646		$	—		$	496,275		$	590,921