XML 69 R5.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
OPERATING ACTIVITIES:    
Net income $ 8,384us-gaap_NetIncomeLoss $ 2,206us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,414us-gaap_DepreciationDepletionAndAmortization 13,961us-gaap_DepreciationDepletionAndAmortization
Non-cash impairment charges 409us-gaap_ImpairmentOfIntangibleAssetsFinitelived 600us-gaap_ImpairmentOfIntangibleAssetsFinitelived
Deferred income tax 1,184us-gaap_DeferredIncomeTaxExpenseBenefit 1,563us-gaap_DeferredIncomeTaxExpenseBenefit
Amortization of debt issuance costs 530us-gaap_AmortizationOfFinancingCosts 608us-gaap_AmortizationOfFinancingCosts
Non-cash interest expense 1,859us-gaap_AccretionExpense 1,666us-gaap_AccretionExpense
Gain on disposal of property and equipment (19)us-gaap_GainLossOnDispositionOfAssets 0us-gaap_GainLossOnDispositionOfAssets
Change in fair value of contingent consideration 125us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 128us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
Share-based compensation 2,377us-gaap_ShareBasedCompensation 2,471us-gaap_ShareBasedCompensation
Excess tax benefits from stock-based compensation arrangements (1,121)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities (541)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
Changes in assets and liabilities, net of business acquisitions:    
Accounts receivable 2,100us-gaap_IncreaseDecreaseInAccountsReceivable 5,671us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories (2,789)us-gaap_IncreaseDecreaseInInventories (8,516)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other current assets 6,003us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (1,582)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Other non-current assets (1,730)us-gaap_IncreaseDecreaseInOtherOperatingAssets (127)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable, accrued expenses and other current liabilities (1,885)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (4,438)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Deferred revenue (769)us-gaap_IncreaseDecreaseInDeferredRevenue 21us-gaap_IncreaseDecreaseInDeferredRevenue
Other non-current liabilities 1,547us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities (2,437)us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities
Net cash provided by operating activities 31,619us-gaap_NetCashProvidedByUsedInOperatingActivities 11,254us-gaap_NetCashProvidedByUsedInOperatingActivities
INVESTING ACTIVITIES:    
Purchases of property and equipment (8,901)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (11,335)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Sale of property and equipment 1,438us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 0us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Cash used in business acquisition, net of cash acquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (235,000)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Proceeds from working capital purchase price adjustment 1,831iart_ProceedsfromWorkingCapitalAdjustment 0iart_ProceedsfromWorkingCapitalAdjustment
Net cash used in investing activities (5,632)us-gaap_NetCashProvidedByUsedInInvestingActivities (246,335)us-gaap_NetCashProvidedByUsedInInvestingActivities
FINANCING ACTIVITIES:    
Borrowings under senior credit facility 0us-gaap_ProceedsFromIssuanceOfSecuredDebt 235,000us-gaap_ProceedsFromIssuanceOfSecuredDebt
Repayments under senior credit facility (15,000)us-gaap_RepaymentsOfSecuredDebt 0us-gaap_RepaymentsOfSecuredDebt
Principal payments under capital lease obligations (178)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (122)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations
Proceeds from exercised stock options 231us-gaap_ProceedsFromStockOptionsExercised 7,755us-gaap_ProceedsFromStockOptionsExercised
Excess tax benefits from stock-based compensation arrangements 1,121us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 541us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash (used in) provided by financing activities (13,826)us-gaap_NetCashProvidedByUsedInFinancingActivities 243,174us-gaap_NetCashProvidedByUsedInFinancingActivities
Effect of exchange rate changes on cash and cash equivalents (4,284)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents 331us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net change in cash and cash equivalents 7,877us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 8,424us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 71,994us-gaap_CashAndCashEquivalentsAtCarryingValue 120,614us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period $ 79,871us-gaap_CashAndCashEquivalentsAtCarryingValue $ 129,038us-gaap_CashAndCashEquivalentsAtCarryingValue