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Guarantor Financial Statements | 12 Months Ended
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Dec. 31, 2010
Guarantor Financial Statements [Abstract] |
Guarantor financial statements | Note 17 —Guarantor financial statements In connection with a proposed issuance of senior subordinated notes by Teleflex Incorporated (“Parent Company”), it is anticipated that certain of the Parent Company’s subsidiaries (“Guarantor Subsidiaries”) will jointly, fully, severally and unconditionally guarantee such senior subordinated notes. Each Guarantor Subsidiary is 100% owned by the Parent Company. The following presents the condensed consolidating financial information separately for:
| i. |  | Parent Company, the issuer of the guaranteed obligations;
| ii. |  | Guarantor Subsidiaries, on a combined basis, as specified in the Indenture;
| iii. |  | Non-guarantor subsidiaries, on a combined basis, as specified in the Indenture;
| iv. |  | Consolidating entries and eliminations representing 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; and
| v. |  | Parent Company and its subsidiaries on a consolidated basis.
Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, 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. The following tables present the Company’s condensed consolidating statements of income and cash flows for the years ended December 31, 2010, 2009 and 2008, respectively, and the Company’s condensed consolidating balance sheets as of December 31, 2010 and 2009, respectively. GUARANTOR SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME
|  | Year Ended December 31, 2010 |
|  |  |  |  |  | Guarantor |  |  | Non-Guarantor |  |  |  |  |  |  | Condensed |
|  | Issuer |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Consolidated |
|  | (Dollars in thousands) |
Net revenues |  | $ | — |  |  | $ | 926,940 |  |  | $ | 886,845 |  |  | $ | (252,466 | ) |  | $ | 1,561,319 |
Cost of goods sold |  |  | — |  |  |  | 529,410 |  |  |  | 545,104 |  |  |  | (245,617 | ) |  |  | 828,897 |
Gross profit |  |  | — |  |  |  | 397,530 |  |  |  | 341,741 |  |  |  | (6,849 | ) |  |  | 732,422 |
Selling, general and administrative expenses |  |  | 42,874 |  |  |  | 240,338 |  |  |  | 147,722 |  |  |  | 170 |  |  |  | 431,104 |
Research and development expenses |  |  | — |  |  |  | 37,333 |  |  |  | 5,288 |  |  |  | — |  |  |  | 42,621 |
Net (gain) loss on sales of businesses and assets |  |  | (420 | ) |  |  | 262 |  |  |  | (183 | ) |  |  | — |  |  |  | (341 | )
Restructuring and other impairment charges |  |  | 458 |  |  |  | 2,098 |  |  |  | 319 |  |  |  | — |  |  |  | 2,875 |
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes |  |  | (42,912 | ) |  |  | 117,499 |  |  |  | 188,595 |  |  |  | (7,019 | ) |  |  | 256,163 |
Interest expense, net |  |  | 137,636 |  |  |  | (78,689 | ) |  |  | 20,203 |  |  |  | — |  |  |  | 79,150 |
Loss on extinguishments of debt |  |  | 46,630 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 46,630 |
Income (loss) from continuing operations before taxes |  |  | (227,178 | ) |  |  | 196,188 |  |  |  | 168,392 |  |  |  | (7,019 | ) |  |  | 130,383 |
Taxes on income from continuing operations |  |  | (85,049 | ) |  |  | 51,507 |  |  |  | 61,018 |  |  |  | (2,251 | ) |  |  | 25,225 |
Equity in net income of consolidated subsidiaries |  |  | 327,809 |  |  |  | 135,392 |  |  |  | — |  |  |  | (463,201 | ) |  |  | — |
Income from continuing operations |  |  | 185,680 |  |  |  | 280,073 |  |  |  | 107,374 |  |  |  | (467,969 | ) |  |  | 105,158 |
Operating income from discontinued operations |  |  | 13,999 |  |  |  | 13,007 |  |  |  | 116,030 |  |  |  | — |  |  |  | 143,036 |
Taxes on income from discontinued operations |  |  | (1,415 | ) |  |  | 5,534 |  |  |  | 41,620 |  |  |  | — |  |  |  | 45,739 |
Income from discontinued operations |  |  | 15,414 |  |  |  | 7,473 |  |  |  | 74,410 |  |  |  | — |  |  |  | 97,297 |
Net income |  |  | 201,094 |  |  |  | 287,546 |  |  |  | 181,784 |  |  |  | (467,969 | ) |  |  | 202,455 |
Less: Net income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 1,361 |  |  |  | — |  |  |  | 1,361 |
Net income attributable to common shareholders |  | $ | 201,094 |  |  | $ | 287,546 |  |  | $ | 180,423 |  |  | $ | (467,969 | ) |  | $ | 201,094 |
|  | Year Ended December 31, 2009 |
|  |  |  |  |  | Guarantor |  |  | Non-Guarantor |  |  |  |  |  |  | Condensed |
|  | Issuer |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Consolidated |
|  | (Dollars in thousands) |
Net revenues |  | $ | — |  |  | $ | 909,765 |  |  | $ | 863,847 |  |  | $ | (214,264 | ) |  | $ | 1,559,348 |
Cost of goods sold |  |  | — |  |  |  | 537,262 |  |  |  | 514,965 |  |  |  | (214,092 | ) |  |  | 838,135 |
Gross profit |  |  | — |  |  |  | 372,503 |  |  |  | 348,882 |  |  |  | (172 | ) |  |  | 721,213 |
Selling, general and administrative expenses |  |  | 39,172 |  |  |  | 217,859 |  |  |  | 153,036 |  |  |  | 73 |  |  |  | 410,140 |
Research and development expenses |  |  | — |  |  |  | 32,947 |  |  |  | 3,738 |  |  |  | — |  |  |  | 36,685 |
Restructuring and other impairment charges |  |  | 975 |  |  |  | 1,596 |  |  |  | 7,776 |  |  |  | — |  |  |  | 10,347 |
Income (loss) from continuing operations before interest and taxes |  |  | (40,147 | ) |  |  | 120,101 |  |  |  | 184,332 |  |  |  | (245 | ) |  |  | 264,041 |
Interest expense, net |  |  | 135,849 |  |  |  | (66,818 | ) |  |  | 17,735 |  |  |  | — |  |  |  | 86,766 |
Income (loss) from continuing operations before taxes |  |  | (175,996 | ) |  |  | 186,919 |  |  |  | 166,597 |  |  |  | (245 | ) |  |  | 177,275 |
Taxes on income from continuing operations |  |  | (76,666 | ) |  |  | 67,773 |  |  |  | 49,641 |  |  |  | (65 | ) |  |  | 40,683 |
Equity in net income of consolidated subsidiaries |  |  | 412,843 |  |  |  | 395,039 |  |  |  | — |  |  |  | (807,882 | ) |  |  | — |
Income from continuing operations |  |  | 313,513 |  |  |  | 514,185 |  |  |  | 116,956 |  |  |  | (808,062 | ) |  |  | 136,592 |
Operating income from discontinued operations |  |  | (19,523 | ) |  |  | (17,669 | ) |  |  | 311,549 |  |  |  | 436 |  |  |  | 274,793 |
Taxes on income from discontinued operations |  |  | (9,004 | ) |  |  | 99,365 |  |  |  | 6,848 |  |  |  | 165 |  |  |  | 97,374 |
Income from discontinued operations |  |  | (10,519 | ) |  |  | (117,034 | ) |  |  | 304,701 |  |  |  | 271 |  |  |  | 177,419 |
Net income |  |  | 302,994 |  |  |  | 397,151 |  |  |  | 421,657 |  |  |  | (807,791 | ) |  |  | 314,011 |
Less: Net income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 1,157 |  |  |  | — |  |  |  | 1,157 |
Income from discontinued operations attributable to noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 9,860 |  |  |  | — |  |  |  | 9,860 |
Net income attributable to common shareholders |  | $ | 302,994 |  |  | $ | 397,151 |  |  | $ | 410,640 |  |  | $ | (807,791 | ) |  | $ | 302,994 |
|  | Year Ended December 31, 2008 |
|  |  |  |  |  | Guarantor |  |  | Non-Guarantor |  |  |  |  |  |  | Condensed |
|  | Issuer |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Consolidated |
|  | (Dollars in thousands) |
Net revenues |  | $ | — |  |  | $ | 989,523 |  |  | $ | 924,772 |  |  | $ | (289,222 | ) |  | $ | 1,625,073 |
Cost of goods sold |  |  | — |  |  |  | 594,244 |  |  |  | 584,854 |  |  |  | (293,022 | ) |  |  | 886,076 |
Gross profit |  |  | — |  |  |  | 395,279 |  |  |  | 339,918 |  |  |  | 3,800 |  |  |  | 738,997 |
Selling, general and administrative expenses |  |  | 92,446 |  |  |  | 242,440 |  |  |  | 121,764 |  |  |  | (1,238 | ) |  |  | 455,412 |
Research and development expenses |  |  | — |  |  |  | 29,844 |  |  |  | 2,754 |  |  |  | — |  |  |  | 32,598 |
Net (gain) loss on sales of businesses and assets |  |  | (314 | ) |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | (296 | )
Restructuring and other impairment charges |  |  | (825 | ) |  |  | 3,695 |  |  |  | 22,076 |  |  |  | — |  |  |  | 24,946 |
Income (loss) from continuing operations before interest and taxes |  |  | (91,307 | ) |  |  | 119,282 |  |  |  | 193,324 |  |  |  | 5,038 |  |  |  | 226,337 |
Interest expense, net |  |  | 155,750 |  |  |  | (56,557 | ) |  |  | 20,022 |  |  |  | — |  |  |  | 119,215 |
Income (loss) from continuing operations before taxes |  |  | (247,057 | ) |  |  | 175,839 |  |  |  | 173,302 |  |  |  | 5,038 |  |  |  | 107,122 |
Taxes on income from continuing operations |  |  | (92,693 | ) |  |  | 58,443 |  |  |  | 66,080 |  |  |  | 1,915 |  |  |  | 33,745 |
Equity in net income of consolidated subsidiaries |  |  | 298,040 |  |  |  | 118,865 |  |  |  | — |  |  |  | (416,905 | ) |  |  | — |
Income from continuing operations |  |  | 143,676 |  |  |  | 236,261 |  |  |  | 107,222 |  |  |  | (413,782 | ) |  |  | 73,377 |
Operating income from discontinued operations |  |  | (20,234 | ) |  |  | — |  |  |  | 124,760 |  |  |  | 1,091 |  |  |  | 105,617 |
Taxes on income from discontinued operations |  |  | 3,668 |  |  |  | 134 |  |  |  | 20,176 |  |  |  | 414 |  |  |  | 24,392 |
Income from discontinued operations |  |  | (23,902 | ) |  |  | (134 | ) |  |  | 104,584 |  |  |  | 677 |  |  |  | 81,225 |
Net income |  |  | 119,774 |  |  |  | 236,127 |  |  |  | 211,806 |  |  |  | (413,105 | ) |  |  | 154,602 |
Less: Net income attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 747 |  |  |  | — |  |  |  | 747 |
Income from discontinued operations attributable to noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 34,081 |  |  |  | — |  |  |  | 34,081 |
Net income attributable to common shareholders |  | $ | 119,774 |  |  | $ | 236,127 |  |  | $ | 176,978 |  |  | $ | (413,105 | ) |  | $ | 119,774 |
GUARANTOR SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
|  | December 31, 2010 |
|  |  |  |  |  | Guarantor |  |  | Non-Guarantor |  |  |  |  |  |  | Condensed |
|  | Issuer |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Consolidated |
|  | (Dollars in thousands) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 61,344 |  |  | $ | 859,011 |  |  | $ | 865,786 |  |  | $ | (864,908 | ) |  | $ | 921,233 |
Goodwill |  |  | — |  |  |  | 943,656 |  |  |  | 498,755 |  |  |  | — |  |  |  | 1,442,411 |
Intangibles assets, net |  |  | — |  |  |  | 694,186 |  |  |  | 224,336 |  |  |  | — |  |  |  | 918,522 |
Other noncurrent assets |  |  | 4,953,669 |  |  |  | 2,886,002 |  |  |  | 582,859 |  |  |  | (8,061,541 | ) |  |  | 360,989 |
Total assets |  | $ | 5,015,013 |  |  | $ | 5,382,855 |  |  | $ | 2,171,736 |  |  | $ | (8,926,449 | ) |  | $ | 3,643,155 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 152,431 |  |  | $ | 648,628 |  |  | $ | 480,344 |  |  | $ | (860,640 | ) |  | $ | 420,763 |
Long-term borrowings |  |  | 813,409 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 813,409 |
Deferred tax liabilities |  |  | — |  |  |  | 348,603 |  |  |  | 65,676 |  |  |  | (43,460 | ) |  |  | 370,819 |
Other noncurrent liabilities |  |  | 2,265,797 |  |  |  | 51,374 |  |  |  | 461,464 |  |  |  | (2,527,749 | ) |  |  | 250,886 |
Total liabilities |  |  | 3,231,637 |  |  |  | 1,048,605 |  |  |  | 1,007,484 |  |  |  | (3,431,849 | ) |  |  | 1,855,877 |
Total equity |  |  | 1,783,376 |  |  |  | 4,334,250 |  |  |  | 1,164,252 |  |  |  | (5,494,600 | ) |  |  | 1,787,278 |
Total liabilities and equity |  | $ | 5,015,013 |  |  | $ | 5,382,855 |  |  | $ | 2,171,736 |  |  | $ | (8,926,449 | ) |  | $ | 3,643,155 |
|  | December 31, 2009 |
|  |  |  |  |  | Guarantor |  |  | Non-Guarantor |  |  |  |  |  |  | Condensed |
|  | Issuer |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Eliminations |  |  | Consolidated |
|  | (Dollars in thousands) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 378,167 |  |  | $ | 267,680 |  |  | $ | 1,123,631 |  |  | $ | (765,544 | ) |  | $ | 1,003,934 |
Goodwill |  |  | — |  |  |  | 943,656 |  |  |  | 515,785 |  |  |  | — |  |  |  | 1,459,441 |
Intangibles assets, net |  |  | — |  |  |  | 728,552 |  |  |  | 243,024 |  |  |  | — |  |  |  | 971,576 |
Other noncurrent assets |  |  | 4,769,149 |  |  |  | 2,780,869 |  |  |  | 709,494 |  |  |  | (7,855,458 | ) |  |  | 404,054 |
Total assets |  | $ | 5,147,316 |  |  | $ | 4,720,757 |  |  | $ | 2,591,934 |  |  | $ | (8,621,002 | ) |  | $ | 3,839,005 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  | $ | 328,593 |  |  | $ | 74,650 |  |  | $ | 699,413 |  |  | $ | (765,549 | ) |  | $ | 337,107 |
Long-term borrowings |  |  | 1,192,370 |  |  |  | — |  |  |  | 121 |  |  |  | — |  |  |  | 1,192,491 |
Deferred tax liabilities |  |  | — |  |  |  | 361,326 |  |  |  | 61,445 |  |  |  | (23,848 | ) |  |  | 398,923 |
Other noncurrent liabilities |  |  | 2,046,112 |  |  |  | 49,443 |  |  |  | 557,851 |  |  |  | (2,327,996 | ) |  |  | 325,410 |
Total liabilities |  |  | 3,567,075 |  |  |  | 485,419 |  |  |  | 1,318,830 |  |  |  | (3,117,393 | ) |  |  | 2,253,931 |
Total equity |  |  | 1,580,241 |  |  |  | 4,235,338 |  |  |  | 1,273,104 |  |  |  | (5,503,609 | ) |  |  | 1,585,074 |
Total liabilities and equity |  | $ | 5,147,316 |  |  | $ | 4,720,757 |  |  | $ | 2,591,934 |  |  | $ | (8,621,002 | ) |  | $ | 3,839,005 |
GUARANTOR SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
|  | Year Ended December 31, 2010 |
|  |  |  |  |  | Guarantor |  |  | Non-Guarantor |  |  | Condensed |
|  | Issuer |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Consolidated |
|  | (Dollars in thousands) |
Net cash (used in) provided by operating activities from continuing operations |  | $ | (110,808 | ) |  | $ | 170,229 |  |  | $ | 125,698 |  |  | $ | 185,119 |
Cash Flows from Investing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment |  |  | (1,422 | ) |  |  | (20,619 | ) |  |  | (9,575 | ) |  |  | (31,616 | )
Proceeds from sales of businesses and assets, net of cash sold |  |  | 53,466 |  |  |  | 33,091 |  |  |  | 94,993 |  |  |  | 181,550 |
Payments for businesses and intangibles acquired, net of cash acquired |  |  | — |  |  |  | (82 | ) |  |  | — |  |  |  | (82 | )
Net cash provided by investing activities from continuing operations |  |  | 52,044 |  |  |  | 12,390 |  |  |  | 85,418 |  |  |  | 149,852 |
Cash Flows from Financing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 490,000 |  |  |  | — |  |  |  | — |  |  |  | 490,000 |
Reduction in long-term borrowings |  |  | (716,570 | ) |  |  | — |  |  |  | — |  |  |  | (716,570 | )
Debt and equity issuance and amendment costs |  |  | (65,226 | ) |  |  | — |  |  |  | — |  |  |  | (65,226 | )
Increase in notes payable and current borrowings |  |  | 29,700 |  |  |  | — |  |  |  | — |  |  |  | 29,700 |
Proceeds from stock compensation plans |  |  | 10,657 |  |  |  | — |  |  |  | — |  |  |  | 10,657 |
Payments to noncontrolling interest shareholders |  |  | — |  |  |  | — |  |  |  | (1,974 | ) |  |  | (1,974 | )
Dividends |  |  | (54,312 | ) |  |  | — |  |  |  | — |  |  |  | (54,312 | )
Purchase of call options |  |  | (88,000 | ) |  |  | — |  |  |  | — |  |  |  | (88,000 | )
Proceeds from sale of warrants |  |  | 59,400 |  |  |  | — |  |  |  | — |  |  |  | 59,400 |
Intercompany transactions |  |  | 381,539 |  |  |  | (182,619 | ) |  |  | (198,920 | ) |  |  | — |
Net cash provided by (used in) financing activities from continuing operations |  |  | 47,188 |  |  |  | (182,619 | ) |  |  | (200,894 | ) |  |  | (336,325 | )
Cash Flows from Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities |  |  | 2,223 |  |  |  | — |  |  |  | 25,760 |  |  |  | 27,983 |
Net cash provided by (used in) investing activities |  |  | 208 |  |  |  | — |  |  |  | (2,258 | ) |  |  | (2,050 | )
Net cash used in financing activities |  |  | — |  |  |  | — |  |  |  | (302 | ) |  |  | (302 | )
Net cash provided by discontinued operations |  |  | 2,431 |  |  |  | — |  |  |  | 23,200 |  |  |  | 25,631 |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (4,130 | ) |  |  | (4,130 | )
Net (decrease) increase in cash and cash equivalents |  |  | (9,145 | ) |  |  | — |  |  |  | 29,292 |  |  |  | 20,147 |
Cash and cash equivalents at the beginning of the period |  |  | 31,777 |  |  |  | — |  |  |  | 156,528 |  |  |  | 188,305 |
Cash and cash equivalents at the end of the period |  | $ | 22,632 |  |  | $ | — |  |  | $ | 185,820 |  |  | $ | 208,452 |
|  | Year Ended December 31, 2009 |
|  |  |  |  |  | Guarantor |  |  | Non-Guarantor |  |  | Condensed |
|  | Issuer |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Consolidated |
|  | (Dollars in thousands) |
Net cash (used in) provided by operating activities from continuing operations |  | $ | (206,206 | ) |  | $ | 248,395 |  |  | $ | 95,102 |  |  | $ | 137,291 |
Cash Flows from Investing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment |  |  | (1,280 | ) |  |  | (17,877 | ) |  |  | (8,785 | ) |  |  | (27,942 | )
Proceeds from sales of businesses and assets, net of cash sold |  |  | — |  |  |  | 2,864 |  |  |  | 311,349 |  |  |  | 314,213 |
Payments for businesses and intangibles acquired, net of cash acquired |  |  | — |  |  |  | — |  |  |  | (537 | ) |  |  | (537 | )
Net cash (used in) provided by investing activities from continuing operations |  |  | (1,280 | ) |  |  | (15,013 | ) |  |  | 302,027 |  |  |  | 285,734 |
Cash Flows from Financing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 10,000 |  |  |  | — |  |  |  | 18 |  |  |  | 10,018 |
Reduction in long-term borrowings |  |  | (357,590 | ) |  |  | — |  |  |  | (18 | ) |  |  | (357,608 | )
Decrease in notes payable and current borrowings |  |  | — |  |  |  | — |  |  |  | (1,452 | ) |  |  | (1,452 | )
Proceeds from stock compensation plans |  |  | 1,553 |  |  |  | — |  |  |  | — |  |  |  | 1,553 |
Payments to noncontrolling interest shareholders |  |  | — |  |  |  | — |  |  |  | (702 | ) |  |  | (702 | )
Dividends |  |  | (54,022 | ) |  |  | — |  |  |  | — |  |  |  | (54,022 | )
Intercompany transactions |  |  | 627,006 |  |  |  | (233,382 | ) |  |  | (393,624 | ) |  |  | — |
Net cash provided by (used in) financing activities from continuing operations |  |  | 226,947 |  |  |  | (233,382 | ) |  |  | (395,778 | ) |  |  | (402,213 | )
Cash Flows from Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  |  | (4,427 | ) |  |  | — |  |  |  | 71,307 |  |  |  | 66,880 |
Net cash used in investing activities |  |  | (140 | ) |  |  | — |  |  |  | (4,393 | ) |  |  | (4,533 | )
Net cash used in financing activities |  |  | — |  |  |  | — |  |  |  | (11,075 | ) |  |  | (11,075 | )
Net cash (used in) provided by discontinued operations |  |  | (4,567 | ) |  |  | — |  |  |  | 55,839 |  |  |  | 51,272 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (889 | ) |  |  | — |  |  |  | 9,835 |  |  |  | 8,946 |
Net increase in cash and cash equivalents |  |  | 14,005 |  |  |  | — |  |  |  | 67,025 |  |  |  | 81,030 |
Cash and cash equivalents at the beginning of the period |  |  | 17,772 |  |  |  | — |  |  |  | 89,503 |  |  |  | 107,275 |
Cash and cash equivalents at the end of the period |  | $ | 31,777 |  |  | $ | — |  |  | $ | 156,528 |  |  | $ | 188,305 |
|  | Year Ended December 31, 2008 |
|  |  |  |  |  | Guarantor |  |  | Non-Guarantor |  |  | Condensed |
|  | Issuer |  |  | Subsidiaries |  |  | Subsidiaries |  |  | Consolidated |
|  | (Dollars in thousands) |
Net cash (used in) provided by operating activities from continuing operations |  | $ | (197,673 | ) |  | $ | 271,874 |  |  | $ | (15,008 | ) |  | $ | 59,193 |
Cash Flows from Investing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment |  |  | (1,491 | ) |  |  | (12,048 | ) |  |  | (13,530 | ) |  |  | (27,069 | )
Proceeds from sales of businesses and assets, net of cash sold |  |  | 6,595 |  |  |  | 1,869 |  |  |  | — |  |  |  | 8,464 |
Payments for businesses and intangibles acquired, net of cash acquired |  |  | — |  |  |  | (410 | ) |  |  | — |  |  |  | (410 | )
Investments in affiliates |  |  | (320 | ) |  |  | — |  |  |  | — |  |  |  | (320 | )
Net cash provided by (used in) investing activities from continuing operations |  |  | 4,784 |  |  |  | (10,589 | ) |  |  | (13,530 | ) |  |  | (19,335 | )
Cash Flows from Financing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 92,778 |  |  |  | — |  |  |  | 119 |  |  |  | 92,897 |
Reduction in long-term borrowings |  |  | (226,630 | ) |  |  | — |  |  |  | (57 | ) |  |  | (226,687 | )
Debt amendment costs |  |  | (656 | ) |  |  | — |  |  |  | — |  |  |  | (656 | )
Decrease in notes payable and current borrowings |  |  | — |  |  |  | — |  |  |  | (492 | ) |  |  | (492 | )
Proceeds from stock compensation plans |  |  | 7,955 |  |  |  | — |  |  |  | — |  |  |  | 7,955 |
Payments to noncontrolling interest shareholders |  |  | — |  |  |  | — |  |  |  | (739 | ) |  |  | (739 | )
Dividends |  |  | (53,047 | ) |  |  | — |  |  |  | — |  |  |  | (53,047 | )
Intercompany transactions |  |  | 346,646 |  |  |  | (261,285 | ) |  |  | (85,361 | ) |  |  | — |
Net cash provided by (used in) financing activities from continuing operations |  |  | 167,046 |  |  |  | (261,285 | ) |  |  | (86,530 | ) |  |  | (180,769 | )
Cash Flows from Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  |  | (5,087 | ) |  |  | — |  |  |  | 117,063 |  |  |  | 111,976 |
Net cash used in investing activities |  |  | (867 | ) |  |  | — |  |  |  | (19,249 | ) |  |  | (20,116 | )
Net cash used in financing activities |  |  | — |  |  |  | — |  |  |  | (37,240 | ) |  |  | (37,240 | )
Net cash (used in) provided by discontinued operations |  |  | (5,954 | ) |  |  | — |  |  |  | 60,574 |  |  |  | 54,620 |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (7,776 | ) |  |  | (7,776 | )
Net decrease in cash and cash equivalents |  |  | (31,797 | ) |  |  | — |  |  |  | (62,270 | ) |  |  | (94,067 | )
Cash and cash equivalents at the beginning of the period |  |  | 49,569 |  |  |  | — |  |  |  | 151,773 |  |  |  | 201,342 |
Cash and cash equivalents at the end of the period |  | $ | 17,772 |  |  | $ | — |  |  | $ | 89,503 |  |  | $ | 107,275 |

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- Definition Text block that encapsulates the detailed table comprising the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 + Details
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