Condensed consolidating guarantor financial information (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Consolidated Guarantor Financial Information [Abstract]

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

CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Year Ended December 31, 2018
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	1,584,650		$	1,287,944		$	(424,211	)	$	2,448,383
Cost of goods sold	—			886,161			596,985			(419,205		)	1,063,941
Gross profit	—			698,489			690,959			(5,006		)	1,384,442
Selling, general and administrative expenses	50,866			514,598			313,895			(671		)	878,688
Research and development expenses	1,482			73,067			31,659			—			106,208
Restructuring and impairment charges	—			20,639			58,591			—			79,230
Gain on sale of assets	—			(1,388		)	—			—			(1,388		)
(Loss) income from continuing operations before   interest and taxes	(52,348		)	91,573			286,814			(4,335		)	321,704
Interest, net	95,173			4,796			2,107			—			102,076
(Loss) income from continuing operations before taxes	(147,521		)	86,777			284,707			(4,335		)	219,628
(Benefit) taxes on (loss) income from continuing operations	(53,401		)	34,591			42,241			(235		)	23,196
Equity in net income of consolidated subsidiaries	291,572			220,718			637			(512,927		)	—
Income from continuing operations	197,452			272,904			243,103			(517,027		)	196,432
Operating income from discontinued operations	4,363			—			1,280			—			5,643
Tax on income from discontinued operations	1,013			—			260			—			1,273
Income from discontinued operations	3,350			—			1,020			—			4,370
Net income	200,802			272,904			244,123			(517,027		)	200,802
Other comprehensive loss	(75,994		)	(80,030		)	(80,512		)	160,542			(75,994		)
Comprehensive income	$	124,808		$	192,874		$	163,611		$	(356,485	)	$	124,808

	Year Ended December 31, 2017
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	1,368,149		$	1,177,247		$	(399,093	)	$	2,146,303
Cost of goods sold	—			778,153			594,527			(398,179		)	974,501
Gross profit	—			589,996			582,720			(914		)	1,171,802
Selling, general and administrative expenses	47,412			408,811			243,544			196			699,963
Research and development expenses	1,009			57,614			26,147			—			84,770
Restructuring charges	—			8,971			5,819			—			14,790
(Loss) income from continuing operations before   interest, loss on extinguishment of debt and taxes	(48,421		)	114,600			307,210			(1,110		)	372,279
Interest, net	99,371			(21,153		)	3,557			—			81,775
Loss on extinguishment of debt	5,593			—			—			—			5,593
(Loss) income from continuing operations before taxes	(153,385		)	135,753			303,653			(1,110		)	284,911
(Benefit) taxes on (loss) income from continuing operations	(110,921		)	(20,333		)	261,386			(484		)	129,648
Equity in net income of consolidated subsidiaries	197,727			25,500			(3,135		)	(220,092		)	—
Income from continuing operations	155,263			181,586			39,132			(220,718		)	155,263
Operating loss from discontinued operations	(4,534		)	—			—			—			(4,534		)
Benefit on loss from discontinued operations	(1,801		)	—			—			—			(1,801		)
Loss from discontinued operations	(2,733		)	—			—			—			(2,733		)
Net income	152,530			181,586			39,132			(220,718		)	152,530
Other comprehensive income	173,626			158,490			198,453			(356,943		)	173,626
Comprehensive income	$	326,156		$	340,076		$	237,585		$	(577,661	)	$	326,156

	Year Ended December 31, 2016
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net revenues	$	—		$	1,112,464		$	1,124,958		$	(369,395	)	$	1,868,027
Cost of goods sold	—			652,442			588,110			(368,725		)	871,827
Gross profit	—			460,022			536,848			(670		)	996,200
Selling, general and administrative expenses	43,602			328,263			191,916			(473		)	563,308
Research and development expenses	547			33,080			24,952			—			58,579
Restructuring and impairment charges	173			50,183			8,871			—			59,227
Gain on sale of assets	(2,707		)	(155		)	(1,505		)	—			(4,367		)
(Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes	(41,615		)	48,651			312,614			(197		)	319,453
Interest, net	61,374			(11,009		)	4,102			—			54,467
Loss on extinguishment of debt	19,261			—			—			—			19,261
(Loss) income from continuing operations before taxes	(122,250		)	59,660			308,512			(197		)	245,725
(Benefit) taxes on (loss) income from continuing operations	(44,674		)	12,954			39,875			(81		)	8,074
Equity in net income of consolidated subsidiaries	315,396			243,987			528			(559,911		)	—
Income from continuing operations	237,820			290,693			269,165			(560,027		)	237,651
Operating (loss) income from discontinued operations	(1,300		)	—			378			—			(922		)
Tax benefit on (loss) income from discontinued operations	(857		)	—			(255		)	—			(1,112		)
(Loss) income from discontinued operations	(443		)	—			633			—			190
Net income	237,377			290,693			269,798			(560,027		)	237,841
Less: Income from continuing operations attributable to noncontrolling interests	—			—			464			—			464
Net income attributable to common shareholders	237,377			290,693			269,334			(560,027		)	237,377
Other comprehensive loss attributable to common shareholders	(66,761		)	(76,098		)	(80,700		)	156,798			(66,761		)
Comprehensive income attributable to common shareholders	$	170,616		$	214,595		$	188,634		$	(403,229	)	$	170,616

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

	December 31, 2018
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	49,523	$	1,757	$	305,881	$	—		$	357,161
Accounts receivable, net	5,885		54,013		301,054		5,334			366,286
Accounts receivable from consolidated subsidiaries	32,036		1,043,573		350,162		(1,425,771		)	—
Inventories, net	—		266,073		192,659		(30,954		)	427,778
Prepaid expenses and other current assets	30,458		9,673		28,237		4,113			72,481
Prepaid taxes	7,029		—		5,434		—			12,463
Total current assets	124,931		1,375,089		1,183,427		(1,447,278		)	1,236,169
Property, plant and equipment, net	3,385		253,037		176,344		—			432,766
Goodwill	—		1,254,848		991,731		—			2,246,579
Intangibles assets, net	90		1,277,462		1,047,500		—			2,325,052
Investments in affiliates	5,984,566		1,672,908		20,257		(7,677,731		)	—
Deferred tax assets	—		—		4,822		(2,376		)	2,446
Notes receivable and other amounts due from consolidated subsidiaries	2,337,737		2,523,156		13,242		(4,874,135		)	—
Other assets	17,180		5,776		12,023		—			34,979
Total assets	$	8,467,889	$	8,362,276	$	3,449,346	$	(14,001,520	)	$	6,277,991
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	36,625	$	—	$	50,000	$	—		$	86,625
Accounts payable	3,448		62,764		40,497		—			106,709
Accounts payable to consolidated subsidiaries	1,058,008		278,715		89,048		(1,425,771		)	—
Accrued expenses	5,659		41,883		50,009		—			97,551
Current portion of contingent consideration	—		106,514		30,363		—			136,877
Payroll and benefit-related liabilities	17,156		44,982		42,532		—			104,670
Accrued interest	5,995		—		36		—			6,031
Income taxes payable	—		—		5,943		—			5,943
Other current liabilities	843		34,916		2,291		—			38,050
Total current liabilities	1,127,734		569,774		310,719		(1,425,771		)	582,456
Long-term borrowings	2,072,200		—		—		—			2,072,200
Deferred tax liabilities	87,671		257,522		265,404		(2,376		)	608,221
Pension and postretirement benefit liabilities	49,290		27,454		16,170		—			92,914
Noncurrent liability for uncertain tax positions	801		7,212		2,705		—			10,718
Notes payable and other amounts due to consolidated subsidiaries	2,451,784		2,222,580		199,771		(4,874,135		)	—
Noncurrent contingent consideration	—		131,563		35,807		—			167,370
Other liabilities	138,431		8,204		57,499					204,134
Total liabilities	5,927,911		3,224,309		888,075		(6,302,282		)	3,738,013
Total shareholders' equity	2,539,978		5,137,967		2,561,271		(7,699,238		)	2,539,978
Total liabilities and shareholders' equity	$	8,467,889	$	8,362,276	$	3,449,346	$	(14,001,520	)	$	6,277,991

	December 31, 2017
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Condensed Consolidated
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	37,803	$	8,933	$	286,822	$	—		$	333,558
Accounts receivable, net	2,414		57,818		280,980		4,663			345,875
Accounts receivable from consolidated subsidiaries	14,478		1,177,246		343,115		(1,534,839		)	—
Inventories, net	—		245,533		176,490		(26,279		)	395,744
Prepaid expenses and other current assets	14,874		9,236		19,790		3,982			47,882
Prepaid taxes	—		—		5,748		—			5,748
Total current assets	69,569		1,498,766		1,112,945		(1,552,473		)	1,128,807
Property, plant and equipment, net	2,088		213,663		167,248		—			382,999
Goodwill	—		1,246,144		989,448		—			2,235,592
Intangibles assets, net	—		1,355,275		1,028,473		—			2,383,748
Investments in affiliates	5,806,244		1,674,077		19,620		(7,499,941		)	—
Deferred tax assets	—		—		6,071		(2,261		)	3,810
Notes receivable and other amounts due from consolidated subsidiaries	2,452,101		2,231,832		—		(4,683,933		)	—
Other assets	31,173		6,397		8,966		—			46,536
Total assets	$	8,361,175	$	8,226,154	$	3,332,771	$	(13,738,608	)	$	6,181,492
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	36,625	$	—	$	50,000	$	—		$	86,625
Accounts payable	4,269		46,992		40,766		—			92,027
Accounts payable to consolidated subsidiaries	1,211,568		261,121		62,150		(1,534,839		)	—
Accrued expenses	17,957		31,827		47,069		—			96,853
Current portion of contingent consideration	—		74,224		—		—			74,224
Payroll and benefit-related liabilities	21,145		44,009		42,261		—			107,415
Accrued interest	6,133		—		32		—			6,165
Income taxes payable	4,352		—		7,162		—			11,514
Other current liabilities	1,461		3,775		3,817		—			9,053
Total current liabilities	1,303,510		461,948		253,257		(1,534,839		)	483,876
Long-term borrowings	2,162,927		—		—		—			2,162,927
Deferred tax liabilities	88,512		265,426		251,999		(2,261		)	603,676
Pension and postretirement benefit liabilities	70,860		32,750		17,800		—			121,410
Noncurrent liability for uncertain tax positions	1,117		8,196		2,983		—			12,296
Notes payable and other amounts due to consolidated subsidiaries	2,155,146		2,320,611		208,176		(4,683,933		)	—
Noncurrent contingent consideration	—		186,923		10,989		—			197,912
Other liabilities	148,572		7,850		12,442		—			168,864
Total liabilities	5,930,644		3,283,704		757,646		(6,221,033		)	3,750,961
Total shareholders' equity	2,430,531		4,942,450		2,575,125		(7,517,575		)	2,430,531
Total liabilities and shareholders' equity	$	8,361,175	$	8,226,154	$	3,332,771	$	(13,738,608	)	$	6,181,492

Condensed Consolidating Statements of Cash Flows

	Year Ended December 31, 2018
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Condensed Consolidated
	(Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations	$	(196,727	)	$	470,972		$	319,693		$	(158,852	)	$	435,086
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(1,881		)	(40,399		)	(38,515		)	—			(80,795		)
Payments for businesses and intangibles acquired, net of cash acquired	(100		)	(35,606		)	(85,319		)	—			(121,025		)
Proceeds from sale of assets	28,239			3,878			—			(28,239		)	3,878
Net interest proceeds on swaps designated as net investment hedges	1,548			—			—			—			1,548
Investments in affiliates	—			(5,700		)	—			5,700			—
Net cash provided by (used in) investing activities from continuing operations	27,806			(77,827		)	(123,834		)	(22,539		)	(196,394		)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	35,000			—			—			—			35,000
Reduction in borrowings	(128,500		)	—			—			—			(128,500		)
Debt extinguishment, issuance and amendment fees	(188		)	—			—			—			(188		)
Proceeds from share based compensation plans and the related tax impacts	22,655			—			—			—			22,655
Payments for contingent consideration	—			(73,235		)	—			—			(73,235		)
Proceeds from issuance of shares	—			—			5,700			(5,700		)	—
Dividends	(62,165		)	—			—			—			(62,165		)
Intercompany transactions	314,386			(322,363		)	(20,262		)	28,239			—
Intercompany dividends paid	—			(4,723		)	(154,129		)	158,852			—
Net cash provided by (used in) financing activities from continuing operations	181,188			(400,321		)	(168,691		)	181,391			(206,433		)
Cash flows from discontinued operations:
Net cash provided by operating activities	(547		)	—			2,839			—			2,292
Net cash provided by discontinued operations	(547		)	—			2,839			—			2,292
Effect of exchange rate changes on cash and cash equivalents	—			—			(10,948		)	—			(10,948		)
Net increase (decrease) in cash and cash equivalents	11,720			(7,176		)	19,059			—			23,603
Cash and cash equivalents at the beginning of the year	37,803			8,933			286,822			—			333,558
Cash and cash equivalents at the end of the year	$	49,523		$	1,757		$	305,881		$	—		$	357,161

	Year Ended December 31, 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	$	(50,585	)	$	223,373		$	315,431		$	(61,918	)	$	426,301
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(240		)	(34,912		)	(35,751		)	—			(70,903		)
Payments for businesses and intangibles acquired, net of cash acquired	(975,524		)	(725,554		)	(67,206		)	—			(1,768,284		)
Proceeds from sale of assets	464,982			—			6,332			(464,982		)	6,332
Investments in affiliates	—			(5,900		)	—			5,900			—
Net cash used in investing activities from continuing operations	(510,782		)	(766,366		)	(96,625		)	(459,082		)	(1,832,855		)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	2,463,500			—			—			—			2,463,500
Reduction in borrowings	(1,239,576		)	—			—			—			(1,239,576		)
Debt extinguishment, issuance and amendment fees	(26,664		)	—			—			—			(26,664		)
Proceeds from share based compensation plans and related tax impacts	5,571			—			—			—			5,571
Payments for contingent consideration	—			(335		)	—			—			(335		)
Proceeds from issuance of shares	—			—			5,900			(5,900		)	—
Dividends	(61,237		)	—			—			—			(61,237		)
Intercompany transactions	(550,579		)	551,230			(465,633		)	464,982			—
Intercompany dividends paid	—			—			(61,918		)	61,918			—
Net cash provided by (used in) financing activities from continuing operations	591,015			550,895			(521,651		)	521,000			1,141,259
Cash flows from discontinued operations:
Net cash used in operating activities	(6,416		)	—			—			—			(6,416		)
Net cash used in discontinued operations	(6,416		)	—			—			—			(6,416		)
Effect of exchange rate changes on cash and cash equivalents	—			—			61,480			—			61,480
Net increase (decrease) in cash and cash equivalents	23,232			7,902			(241,365		)	—			(210,231		)
Cash and cash equivalents at the beginning of the year	14,571			1,031			528,187			—			543,789
Cash and cash equivalents at the end of the year	$	37,803		$	8,933		$	286,822		$	—		$	333,558

	Year Ended December 31, 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	$	(85,088	)	$	169,400		$	328,553		$	(2,275	)	$	410,590
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(279		)	(24,753		)	(28,103		)	—			(53,135		)
Payments for businesses and intangibles acquired, net of cash acquired	—			(10,305		)	(50,572		)	46,837			(14,040		)
Proceeds from sale of businesses and assets	5,607			49,571			1,860			(46,837		)	10,201
Investments in affiliates	—			(5,600		)	—			5,600			—
Net cash provided by (used in) investing activities from continuing operations	5,328			8,913			(76,815		)	5,600			(56,974		)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	665,000			—			6,700			—			671,700
Reduction in borrowings	(714,565		)	—			—			—			(714,565		)
Debt extinguishment, issuance and amendment fees	(8,958		)	—			—			—			(8,958		)
Proceeds from share based compensation plans and the related tax impacts	9,068			—			—			—			9,068
Payments to noncontrolling interest shareholders	—			—			(464		)	—			(464		)
Payments for acquisition of noncontrolling interest	—			—			(9,231		)	—			(9,231		)
Payments for contingent consideration	—			(7,282		)	—			—			(7,282		)
Proceeds from issuance of shares	—			—			5,600			(5,600		)	—
Dividends	(58,960		)	—			—			—			(58,960		)
Intercompany transactions	183,244			(170,000		)	(13,244		)	—			—
Intercompany dividends paid	—			—			(2,275		)	2,275			—
Net cash provided by (used in) financing activities from continuing operations	74,829			(177,282		)	(12,914		)	(3,325		)	(118,692		)
Cash flows from discontinued operations:
Net cash used in operating activities	(2,110		)	—			—			—			(2,110		)
Net cash used in discontinued operations	(2,110		)	—			—			—			(2,110		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(27,391		)	—			(27,391		)
Net (decrease) increase in cash and cash equivalents	(7,041		)	1,031			211,433			—			205,423
Cash and cash equivalents at the beginning of the year	21,612			—			316,754			—			338,366
Cash and cash equivalents at the end of the year	$	14,571		$	1,031		$	528,187		$	—		$	543,789