Note 15 —Condensed consolidated guarantor financial information

In June 2011, Teleflex Incorporated (referred to below as “Parent Company”) issued $250 million of 6.875% senior subordinated notes through a registered public offering. The notes are guaranteed, jointly and severally, by certain of the Parent Company’s subsidiaries (each, a “Guarantor Subsidiary” and collectively, the “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 (loss) for the three months ended March 30, 2014 and March 31, 2013, condensed consolidating balance sheets as of March 30, 2014 and December 31, 2013 and condensed consolidating statements of cash flows for the three months ended March 30, 2014 and March 31, 2013, provide consolidated information for:

a.	Parent Company, the issuer of the guaranteed obligations;

b.	Guarantor Subsidiaries, on a combined basis;

c.	Non-guarantor subsidiaries, on a combined basis; and

d.	Parent Company and its subsidiaries on a consolidated basis.

The same accounting policies as described in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 are used by the Parent Company and each of its subsidiaries in connection with the condensed consolidated financial information, except for the use by the Parent Company and Guarantor Subsidiaries 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.

The Company adjusted the 2013 condensed consolidating statement of cash flows included within the guarantor financial information to correctly present dividends received from subsidiaries as an operating activity. The corrections had no impact on the consolidated financial information, but only resulted in reclassifications among the parent, guarantor subsidiaries, non-guarantor subsidiaries and eliminations. The Company does not consider the errors to be material to the previously issued consolidated financial statements.

The following table illustrates the increase/(decrease) to the previously reported amounts as of March 31, 2013:

	Three Months Ended March 31, 2013
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Cash Flows from Operating Activities of Continuing Operations	$	1,200		$	44,344		$	1,997		$	(47,541	)	$	—
Cash Flows from Financing Activities of Continuing Operations:
Intercompany transactions		(1,200	)		(26,944	)		28,144			—			—
Intercompany dividends paid		—			(17,400	)		(30,141	)		47,541			—

Cash Flows from Financing Activities of Continuing Operations	$	(1,200	)	$	(44,344	)	$	(1,997	)	$	47,541		$	—

The Company will also revise the previously reported interim condensed consolidating statements of cash flows for the six months ended June 30, 2013 and for the nine months ended September 29, 2013 when presented in future filings.

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Three Months Ended March 30, 2014
	Parent			Guarantor			Non-Guarantor						Condensed
	Company			Subsidiaries			Subsidiaries			Eliminations			Consolidated
	(Dollars in thousands)
Net revenues	$	-		$	262,425		$	248,437		$	(72,316	)	$	438,546
Cost of goods sold		-			152,368			137,873			(72,854	)		217,387
Gross profit		-			110,057			110,564			538			221,159
Selling, general and administrative expenses		10,778			81,395			47,921			203			140,297
Research and development expenses		-			12,010			2,052			-			14,062
Restructuring and other impairment charges		-			(188	)		7,968			-			7,780
Income (loss) from continuing operations before interest and taxes		(10,778	)		16,840			52,623			335			59,020
Interest expense		33,726			(19,907	)		1,585			-			15,404
Interest income		-			-			(187	)		-			(187	)
Income (loss) from continuing operations before taxes		(44,504	)		36,747			51,225			335			43,803
Taxes (benefit) on income (loss) from continuing operations		(15,420	)		17,218			8,832			(2,096	)		8,534
Equity in net income of consolidated subsidiaries		64,124			43,108			94			(107,326	)		-
Income from continuing operations		35,040			62,637			42,487			(104,895	)		35,269
Operating loss from discontinued operations		(25	)		-			-			-			(25	)
Taxes on loss from discontinued operations		57			-			43			-			100
Loss from discontinued operations		(82	)		-			(43	)		-			(125	)
Net income		34,958			62,637			42,444			(104,895	)		35,144
Less: Income from continuing operations attributable to noncontrolling interests		-			-			186			-			186
Net income attributable to common shareholders		34,958			62,637			42,258			(104,895	)		34,958
Other comprehensive income attributable to common shareholders		4,745			7,228			8,523			(15,751	)		4,745
Comprehensive income attributable to common shareholders	$	39,703		$	69,865		$	50,781		$	(120,646	)	$	39,703

	Three Months Ended March 31, 2013
	Parent			Guarantor			Non-Guarantor						Condensed
	Company			Subsidiaries			Subsidiaries			Eliminations			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 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

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

	March 30, 2014
	Parent		Guarantor		Non-Guarantor					Condensed
	Company		Subsidiaries		Subsidiaries		Eliminations			Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	22,211	$	5,513	$	393,925	$	-		$	421,649
Accounts receivable, net		1,282		8,528		282,435		3,269			295,514
Accounts receivable from consolidated subsidiaries		34,246		2,621,175		217,359		(2,872,780	)		-
Inventories, net		-		215,672		149,244		(15,171	)		349,745
Prepaid expenses and other current assets		15,252		6,542		25,749		-			47,543
Prepaid taxes		26,440		-		16,030		-			42,470
Deferred tax assets		20,178		20,346		11,463		(4	)		51,983
Assets held for sale		2,900		3,504		5,310		-			11,714
Total current assets		122,509		2,881,280		1,101,515		(2,884,686	)		1,220,618
Property, plant and equipment, net		2,787		198,893		126,999		-			328,679
Goodwill		-		797,671		574,387		-			1,372,058
Intangibles assets, net		-		949,082		301,451		-			1,250,533
Investments in affiliates		5,557,650		1,533,234		21,342		(7,110,713	)		1,513
Deferred tax assets		33,281		-		4,485		(36,822	)		944
Notes receivable and other amounts due from consolidated subsidiaries		1,240,228		1,543,569		1,149,117		(3,932,914	)		-
Other assets		24,618		7,485		35,686		-			67,789
Total assets	$	6,981,073	$	7,911,214	$	3,314,982	$	(13,965,135	)	$	4,242,134

LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	354,561	$	-	$	4,700	$	-		$	359,261
Accounts payable		3,233		42,935		24,926		-			71,094
Accounts payable to consolidated subsidiaries		2,629,161		144,414		99,205		(2,872,780	)		-
Accrued expenses		15,064		19,821		44,570		-			79,455
Current portion of contingent consideration		-		1,658		-		-			1,658
Payroll and benefit-related liabilities		14,504		12,715		32,966		-			60,185
Accrued interest		9,061		-		5		-			9,066
Income taxes payable		-		-		27,451		-			27,451
Other current liabilities		493		18,465		4,683		(4	)		23,637
Total current liabilities		3,026,077		240,008		238,506		(2,872,784	)		631,807
Long-term borrowings		930,000		-		-		-			930,000
Deferred tax liabilities		-		497,911		62,356		(36,822	)		523,445
Pension and other postretirement benefit liabilities		53,955		33,642		18,495		-			106,092
Noncurrent liability for uncertain tax positions		11,962		17,313		26,681		-			55,956
Notes payable and other amounts due from consolidated subsidiaries		996,004		1,605,977		1,336,512		(3,938,493	)		-
Other liabilities		20,589		16,312		12,706		-			49,607
Total liabilities		5,038,587		2,411,163		1,695,256		(6,848,099	)		2,296,907
Total common shareholders' equity		1,942,486		5,500,051		1,616,985		(7,117,036	)		1,942,486
Noncontrolling interest		-		-		2,741		-			2,741
Total equity		1,942,486		5,500,051		1,619,726		(7,117,036	)		1,945,227
Total liabilities and equity	$	6,981,073	$	7,911,214	$	3,314,982	$	(13,965,135	)	$	4,242,134

	December 31, 2013
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	42,749	$	14,500	$	374,735	$	—		$	431,984
Accounts receivable, net		1,822		10,948		279,048		3,472			295,290
Accounts receivable from consolidated subsidiaries		42,865		2,623,314		214,469		(2,880,648	)		—
Inventories, net		—		211,165		138,165		(15,709	)		333,621
Prepaid expenses and other current assets		15,200		6,870		17,740		—			39,810
Prepaid taxes		27,487		—		9,017		—			36,504
Deferred tax assets		20,218		22,472		10,230		(3	)		52,917
Assets held for sale		1,669		3,503		5,256		—			10,428
Total current assets		152,010		2,892,772		1,048,660		(2,892,888	)		1,200,554
Property, plant and equipment, net		14,189		188,455		123,256		—			325,900
Goodwill		—		797,671		556,532		—			1,354,203
Intangibles assets, net		—		962,243		293,354		—			1,255,597
Investments in affiliates		5,489,676		1,478,429		21,382		(6,987,772	)		1,715
Deferred tax assets		35,877		—		4,476		(39,410	)		943
Notes receivable and other amounts due from consolidated subsidiaries		1,049,344		873,105		14,169		(1,936,618	)		—
Other assets		24,574		7,447		38,074		—			70,095
Total assets	$	6,765,670	$	7,200,122	$	2,099,903	$	(11,856,688	)	$	4,209,007

LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	351,587	$	—	$	4,700	$	—		$	356,287
Accounts payable		2,194		45,802		23,971		—			71,967
Accounts payable to consolidated subsidiaries		2,644,296		147,957		88,395		(2,880,648	)		—
Accrued expenses		15,569		21,120		38,179		—			74,868
Current portion of contingent consideration		—		4,131		—		—			4,131
Payroll and benefit-related liabilities		15,976		21,818		35,296		—			73,090
Accrued interest		8,720		—		5		—			8,725
Income taxes payable		—		—		23,821		—			23,821
Other current liabilities		9,646		7,517		5,072		(4	)		22,231
Total current liabilities		3,047,988		248,345		219,439		(2,880,652	)		635,120
Long-term borrowings		930,000		—		—		—			930,000
Deferred tax liabilities		—		496,228		57,896		(39,409	)		514,715
Pension and other postretirement benefit liabilities		57,406		33,777		18,315		—			109,498
Noncurrent liability for uncertain tax positions		11,389		17,241		26,522		—			55,152
Notes payable and other amounts due from consolidated subsidiaries		785,476		957,451		197,173		(1,940,100	)		—
Other liabilities		19,884		16,221		12,401		—			48,506
Total liabilities		4,852,143		1,769,263		531,746		(4,860,161	)		2,292,991
Total common shareholders' equity		1,913,527		5,430,859		1,565,668		(6,996,527	)		1,913,527
Noncontrolling interest		—		—		2,489		—			2,489
Total equity		1,913,527		5,430,859		1,568,157		(6,996,527	)		1,916,016
Total liabilities and equity	$	6,765,670	$	7,200,122	$	2,099,903	$	(11,856,688	)	$	4,209,007

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Three Months Ended March 30, 2014
	Parent			Guarantor			Non-Guarantor					Condensed
	Company			Subsidiaries			Subsidiaries			Eliminations		Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(30,503	)	$	24,438		$	39,665		$	-	$	33,600
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment		(753	)		(4,823	)		(6,533	)		-		(12,109	)
Proceeds from sales of assets and investments		1,669			-			-			-		1,669
Payments for businesses and intangibles acquired, net of cash acquired		-			-			(28,991	)		-		(28,991	)
Investments in affiliates		(60	)		-			-			-		(60	)
Net cash provided by (used in) investing activities from continuing operations		856			(4,823	)		(35,524	)		-		(39,491	)
Cash Flows from Financing Activities of Continuing Operations:
Proceeds and tax benefits from share based compensation plans		8,641			-			-			-		8,641
Debt issuance and amendment fees		(90	)		-			-			-		(90	)
Dividends		(14,051	)		-			-			-		(14,051	)
Intercompany transactions		15,776			(28,602	)		12,826			-		-
Net cash provided by (used in) financing activities from continuing operations		10,276			(28,602	)		12,826			-		(5,500	)
Cash Flows from Discontinued Operations:
Net cash used in operating activities		(1,167	)		-			-			-		(1,167	)
Net cash used in discontinued operations		(1,167	)		-			-			-		(1,167	)
Effect of exchange rate changes on cash and cash equivalents		-			-			2,223			-		2,223
Net (decrease) increase in cash and cash equivalents		(20,538	)		(8,987	)		19,190			-		(10,335	)
Cash and cash equivalents at the beginning of the period		42,749			14,500			374,735			-		431,984
Cash and cash equivalents at the end of the period	$	22,211		$	5,513		$	393,925		$	-	$	421,649


	Three Months Ended March 31, 2013
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(37,035	)	$	64,415		$	25,425		$	(47,541	)	$	5,264
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		—			1,500			—			—			1,500
Net cash used in investing activities from continuing operations		(155	)		(10,629	)		(3,351	)		—			(14,135	)
Cash Flows from Financing Activities of Continuing Operations:
Proceeds and tax benefits from share based compensation plans		5,155			—			—			—			5,155
Dividends		(13,964	)		—			—			—			(13,964	)
Payments for contingent consideration		—			(5,781	)		(1,398	)		—			(7,179	)
Intercompany transactions		22,271			(32,594	)		10,323			—			—
Intercompany dividends paid		—			(17,400	)		(30,141	)		47,541			—
Net cash provided by (used in) financing activities from continuing operations		13,462			(55,775	)		(21,216	)		47,541			(15,988	)
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