Condensed consolidating guarantor financial information (Tables)

6 Months Ended

Jul. 02, 2017

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 July 2, 2017
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	338,620		$	296,977		$	(106,984	)	$	528,613
Cost of goods sold	—			190,202			152,440			(104,313		)	238,329
Gross profit	—			148,418			144,537			(2,671		)	290,284
Selling, general and administrative expenses	7,468			95,171			56,334			(39		)	158,934
Research and development expenses	264			13,594			6,420			—			20,278
Restructuring charges	—			1,335			(465		)	—			870
(Loss) income from continuing operations before interest, extinguishment of debt and taxes	(7,732		)	38,318			82,248			(2,632		)	110,202
Interest, net	51,073			(32,421		)	1,081			—			19,733
Loss on extinguishment of debt	11			—			—			—			11
(Loss) income from continuing operations before taxes	(58,816		)	70,739			81,167			(2,632		)	90,458
(Benefit) taxes on (loss) income from continuing operations	(23,115		)	22,123			14,210			(1,123		)	12,095
Equity in net income of consolidated subsidiaries	114,064			58,861			240			(173,165		)	—
Income from continuing operations	78,363			107,477			67,197			(174,674		)	78,363
Operating loss from discontinued operations	(566		)	—			—			—			(566		)
Benefit on loss from discontinued operations	(206		)	—			—			—			(206		)
Loss from discontinued operations	(360		)	—			—			—			(360		)
Net income	78,003			107,477			67,197			(174,674		)	78,003
Other comprehensive income	69,822			68,127			69,374			(137,501		)	69,822
Comprehensive income	$	147,825		$	175,604		$	136,571		$	(312,175	)	$	147,825

	Three Months Ended June 26, 2016
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	280,430		$	290,784		$	(97,661	)	$	473,553
Cost of goods sold	—			170,700			146,997			(100,543		)	217,154
Gross profit	—			109,730			143,787			2,882			256,399
Selling, general and administrative expenses	10,285			86,385			46,297			16			142,983
Research and development expenses	140			8,644			6,688			—			15,472
Restructuring charges	—			557			(676		)	—			(119		)
Gain on sale of assets	—			(378		)	—			—			(378		)
(Loss) income from continuing operations before interest, extinguishment of debt and taxes	(10,425		)	14,522			91,478			2,866			98,441
Interest, net	33,146			(22,437		)	1,069			—			11,778
Loss on extinguishment of debt	19,261			—			—			—			19,261
(Loss) income from continuing operations before taxes	(62,832		)	36,959			90,409			2,866			67,402
(Benefit) taxes on (loss) income from continuing operations	(23,077		)	14,504			15,909			671			8,007
Equity in net income of consolidated subsidiaries	99,295			63,605			175			(163,075		)	—
Income from continuing operations	59,540			86,060			74,675			(160,880		)	59,395
Operating (loss) income from discontinued operations	(373		)	—			379			—			6
Benefit on (loss) income from discontinued operations	(136		)	—			(51		)	—			(187		)
(Loss) income from discontinued operations	(237		)	—			430			—			193
Net income	59,303			86,060			75,105			(160,880		)	59,588
Less: Income from continuing operations attributable to noncontrolling interest	—			—			285			—			285
Net income attributable to common shareholders	59,303			86,060			74,820			(160,880		)	59,303
Other comprehensive loss attributable to common shareholders	(8,441		)	(9,685		)	(11,378		)	21,063			(8,441		)
Comprehensive income attributable to common shareholders	$	50,862		$	76,375		$	63,442		$	(139,817	)	$	50,862

	Six Months Ended July 2, 2017
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	654,263		$	573,292	$	(211,061	)	$	1,016,494
Cost of goods sold	—			382,203			296,336		(207,889		)	470,650
Gross profit	—			272,060			276,956		(3,172		)	545,844
Selling, general and administrative expenses	27,987			189,214			105,178		524			322,903
Research and development expenses	499			24,780			12,826		—			38,105
Restructuring charges	—			6,709			7,106		—			13,815
(Loss) income from continuing operations before interest, extinguishment of debt and taxes	(28,486		)	51,357			151,846		(3,696		)	171,021
Interest, net	98,747			(63,384		)	1,927		—			37,290
Loss on extinguishment of debt	5,593			—			—		—			5,593
(Loss) income from continuing operations before taxes	(132,826		)	114,741			149,919		(3,696		)	128,138
(Benefit) taxes on (loss) income from continuing operations	(53,022		)	36,608			26,439		(599		)	9,426
Equity in net income of consolidated subsidiaries	198,516			114,663			456		(313,635		)	—
Income from continuing operations	118,712			192,796			123,936		(316,732		)	118,712
Operating loss from discontinued operations	(848		)	—			—		—			(848		)
Benefit on loss from discontinued operations	(309		)	—			—		—			(309		)
Loss from discontinued operations	(539		)	—			—		—			(539		)
Net income	118,173			192,796			123,936		(316,732		)	118,173
Other comprehensive income	119,422			117,531			123,275		(240,806		)	119,422
Comprehensive income	$	237,595		$	310,327		$	247,211	$	(557,538	)	$	237,595

	Six Months Ended June 26, 2016
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	539,341		$	552,132		$	(193,027	)	$	898,446
Cost of goods sold	—			326,241			279,960			(189,301		)	416,900
Gross profit	—			213,100			272,172			(3,726		)	481,546
Selling, general and administrative expenses	19,614			167,862			91,356			499			279,331
Research and development expenses	140			15,079			12,606			—			27,825
Restructuring charges	—			5,315			4,534			—			9,849
Gain on sale of assets	—			(378		)	(1,019		)	—			(1,397		)
(Loss) income from continuing operations before interest, extinguishment of debt and taxes	(19,754		)	25,222			164,695			(4,225		)	165,938
Interest, net	66,190			(42,755		)	2,047			—			25,482
Loss on extinguishment of debt	19,261			—			—			—			19,261
(Loss) income from continuing operations before taxes	(105,205		)	67,977			162,648			(4,225		)	121,195
(Benefit) taxes on (loss) income from continuing operations	(38,925		)	26,181			23,773			(409		)	10,620
Equity in net income of consolidated subsidiaries	176,752			121,505			343			(298,600		)	—
Income from continuing operations	110,472			163,301			139,218			(302,416		)	110,575
Operating (loss) income from discontinued operations	(755		)	—			379			—			(376		)
(Benefit) taxes on (loss) income from discontinued operations	(275		)	—			18			—			(257		)
(Loss) income from discontinued operations	(480		)	—			361			—			(119		)
Net income	109,992			163,301			139,579			(302,416		)	110,456
Less: Income from continuing operations attributable to noncontrolling interest	—			—			464			—			464
Net income attributable to common shareholders	109,992			163,301			139,115			(302,416		)	109,992
Other comprehensive income attributable to common shareholders	14,753			8,888			11,034			(19,922		)	14,753
Comprehensive income attributable to common shareholders	$	124,745		$	172,189		$	150,149		$	(322,338	)	$	124,745

Condensed Consolidating Balance Sheets

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

	July 2, 2017
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	56,699	$	10,963	$	608,552	$	—		$	676,214
Accounts receivable, net	2,236		34,592		262,539		4,335			303,702
Accounts receivable from consolidated subsidiaries	8,333		2,265,552		345,901		(2,619,786		)	—
Inventories, net	—		228,022		168,954		(28,450		)	368,526
Prepaid expenses and other current assets	14,163		9,280		20,518		3,337			47,298
Prepaid taxes	4,490		—		7,760		(372		)	11,878
Total current assets	85,921		2,548,409		1,414,224		(2,640,936		)	1,407,618
Property, plant and equipment, net	2,398		212,907		153,996		—			369,301
Goodwill	—		1,238,551		615,525		—			1,854,076
Intangibles assets, net	—		1,152,095		460,809		—			1,612,904
Deferred tax assets	72,037		—		5,435		(75,509		)	1,963
Notes receivable and other amounts due from consolidated subsidiaries	1,310,464		2,163,757		—		(3,474,221		)	—
Other assets	7,386,675		1,706,244		31,051		(9,079,808		)	44,162
Total assets	$	8,857,495	$	9,021,963	$	2,681,040	$	(15,270,474	)	$	5,290,024
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	62,039	$	—	$	50,000	$	—		$	112,039
Accounts payable	3,136		38,529		40,308		—			81,973
Accounts payable to consolidated subsidiaries	2,306,666		261,263		51,857		(2,619,786		)	—
Accrued expenses	19,284		26,593		39,173		—			85,050
Current portion of contingent consideration	—		584		—		—			584
Payroll and benefit-related liabilities	17,855		26,071		35,025		—			78,951
Accrued interest	5,264		—		30		—			5,294
Income taxes payable	—		—		4,408		(970		)	3,438
Other current liabilities	500		4,250		3,972		—			8,722
Total current liabilities	2,414,744		357,290		224,773		(2,620,756		)	376,051
Long-term borrowings	1,887,716		—		—		—			1,887,716
Deferred tax liabilities	—		508,629		34,914		(75,509		)	468,034
Pension and postretirement benefit liabilities	80,154		31,026		17,155		—			128,335
Noncurrent liability for uncertain tax positions	1,729		13,781		2,868		—			18,378
Notes payable and other amounts due to consolidated subsidiaries	2,089,600		1,185,791		198,830		(3,474,221		)	—
Other liabilities	25,023		13,961		13,997		—			52,981
Total liabilities	6,498,966		2,110,478		492,537		(6,170,486		)	2,931,495
Total shareholders' equity	2,358,529		6,911,485		2,188,503		(9,099,988		)	2,358,529
Total liabilities and shareholders' equity	$	8,857,495	$	9,021,963	$	2,681,040	$	(15,270,474	)	$	5,290,024

	December 31, 2016
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	14,571	$	1,031	$	528,187	$	—		$	543,789
Accounts receivable, net	2,551		8,768		255,815		4,859			271,993
Accounts receivable from consolidated subsidiaries	4,861		2,176,059		309,149		(2,490,069		)	—
Inventories, net	—		200,852		140,406		(25,087		)	316,171
Prepaid expenses and other current assets	14,239		5,332		17,474		3,337			40,382
Prepaid taxes	—		—		7,766		413			8,179
Assets held for sale	—		—		2,879		—			2,879
Total current assets	36,222		2,392,042		1,261,676		(2,506,547		)	1,183,393
Property, plant and equipment, net	2,566		163,847		136,486		—			302,899
Goodwill	—		708,546		568,174		—			1,276,720
Intangibles assets, net	—		640,999		450,664		—			1,091,663
Deferred tax assets	73,051		—		5,185		(76,524		)	1,712
Notes receivable and other amounts due from consolidated subsidiaries	1,387,615		2,085,538		—		(3,473,153		)	—
Other assets	6,044,337		1,525,285		29,962		(7,564,758		)	34,826
Total assets	$	7,543,791	$	7,516,257	$	2,452,147	$	(13,620,982	)	$	3,891,213
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	133,071	$	—	$	50,000	$	—		$	183,071
Accounts payable	4,540		30,924		33,936		—			69,400
Accounts payable to consolidated subsidiaries	2,242,814		214,203		33,052		(2,490,069		)	—
Accrued expenses	16,827		18,126		30,196		—			65,149
Current portion of contingent consideration	—		587		—		—			587
Payroll and benefit-related liabilities	20,610		26,672		35,397		—			82,679
Accrued interest	10,429		—		21		—			10,450
Income taxes payable	1,246		—		6,577		85			7,908
Other current liabilities	2,262		3,643		2,497		—			8,402
Total current liabilities	2,431,799		294,155		191,676		(2,489,984		)	427,646
Long-term borrowings	850,252		—		—		—			850,252
Deferred tax liabilities	—		316,526		31,375		(76,524		)	271,377
Pension and postretirement benefit liabilities	85,645		31,561		15,856		—			133,062
Noncurrent liability for uncertain tax positions	1,169		13,684		2,667		—			17,520
Notes payable and other amounts due to consolidated subsidiaries	2,011,737		1,264,004		197,412		(3,473,153		)	—
Other liabilities	23,848		15,695		12,472		—			52,015
Total liabilities	5,404,450		1,935,625		451,458		(6,039,661		)	1,751,872
Convertible notes - redeemable equity component	1,824		—		—		—			1,824
Mezzanine equity	1,824		—		—		—			1,824
Total shareholders' equity	2,137,517		5,580,632		2,000,689		(7,581,321		)	2,137,517
Total liabilities and shareholders' equity	$	7,543,791	$	7,516,257	$	2,452,147	$	(13,620,982	)	$	3,891,213

Condensed Consolidating Statements of Cash Flows

TELEFLEX INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Six Months Ended July 2, 2017
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(121,726	)	$	232,874		$	148,460		$	(61,918	)	$	197,690
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(173		)	(19,760		)	(16,900		)	—			(36,833		)
Proceeds from sale of assets	—			—			6,332			—			6,332
Payments for businesses and intangibles acquired, net of cash acquired	(975,524		)	—			(17,935		)	—			(993,459		)
Net cash used in investing activities from continuing operations	(975,697		)	(19,760		)	(28,503		)	—			(1,023,960		)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	1,194,500			—			—			—			1,194,500
Reduction in borrowings	(228,273		)	—			—			—			(228,273		)
Debt extinguishment, issuance and amendment fees	(19,114		)	—			—			—			(19,114		)
Net proceeds from share based compensation plans and the related tax impacts	1,305			—			—			—			1,305
Payments for contingent consideration	—			(153		)	—			—			(153		)
Dividends paid	(30,590		)	—			—			—			(30,590		)
Intercompany transactions	222,684			(203,029		)	(19,655		)	—			—
Intercompany dividends paid	—			—			(61,918		)	61,918			—
Net cash provided by (used in) financing activities from continuing operations	1,140,512			(203,182		)	(81,573		)	61,918			917,675
Cash flows from discontinued operations:
Net cash used in operating activities	(961		)	—			—			—			(961		)
Net cash used in discontinued operations	(961		)	—			—			—			(961		)
Effect of exchange rate changes on cash and cash equivalents	—			—			41,981			—			41,981
Net increase in cash and cash equivalents	42,128			9,932			80,365						132,425
Cash and cash equivalents at the beginning of the period	14,571			1,031			528,187			—			543,789
Cash and cash equivalents at the end of the period	$	56,699		$	10,963		$	608,552		$	—		$	676,214

	Six Months Ended June 26, 2016
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(29,648	)	$	69,875		$	141,261		$	—		$	181,488
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(146		)	(9,947		)	(9,442		)	—			(19,535		)
Proceeds from sale of assets	—			20,642			1,251			(17,908		)	3,985
Payments for businesses and intangibles acquired, net of cash acquired	—			—			(21,025		)	17,908			(3,117		)
Net cash (used in) provided by investing activities from continuing operations	(146		)	10,695			(29,216		)	—			(18,667		)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	665,000			—			—			—			665,000
Reduction in borrowings	(656,479		)	—			—			—			(656,479		)
Debt extinguishment, issuance and amendment fees	(8,182		)	—			—			—			(8,182		)
Net proceeds from share based compensation plans and the related tax impacts	6,593			—			—			—			6,593
Payments for contingent consideration	—			(133		)	—			—			(133		)
Dividends paid	(28,998		)	—			—			—			(28,998		)
Intercompany transactions	81,640			(79,348		)	(2,292		)	—			—
Net cash provided by (used in) financing activities from continuing operations	59,574			(79,481		)	(2,292		)	—			(22,199		)
Cash flows from discontinued operations:
Net cash used in operating activities	(1,183		)	—			—			—			(1,183		)
Net cash used in discontinued operations	(1,183		)	—			—			—			(1,183		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(1,315		)	—			(1,315		)
Net increase in cash and cash equivalents	28,597			1,089			108,438			—			138,124
Cash and cash equivalents at the beginning of the period	21,612			—			316,754			—			338,366
Cash and cash equivalents at the end of the period	$	50,209		$	1,089		$	425,192		$	—		$	476,490