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Condensed Consolidated Guarantor Financial Information | 12 Months Ended
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Dec. 31, 2011
Condensed Consolidated Guarantor Financial Information [Abstract] |
Condensed Consolidated Guarantor Financial Information | Note 17 — Condensed consolidated guarantor financial information As described in Note 8, "Borrowings," 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 100% owned by the Parent Company. The Company's condensed consolidating statements of income and condensed consolidated statements of cash flows for the years ended December 31, 2011, December 31, 2010 and December 31, 2009 and condensed consolidating balance sheets as of December 31, 2011 and December 31, 2010, each of which are set forth below, provide consolidating 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 the consolidated financial statements are used by each entity in the condensed consolidating 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 consolidating 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. TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME
|  | Year Ended December 31, 2011 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
Net revenues |  | $ | — |  |  | $ | 959,383 |  |  | $ | 804,867 |  |  | $ | (235,339 | ) |  | $ | 1,528,911 |
Cost of goods sold |  |  | — |  |  |  | 579,768 |  |  |  | 466,869 |  |  |  | (236,567 | ) |  |  | 810,070 |
Gross profit |  |  | — |  |  |  | 379,615 |  |  |  | 337,998 |  |  |  | 1,228 |  |  |  | 718,841 |
Selling, general and administrative expenses |  |  | 39,516 |  |  |  | 238,330 |  |  |  | 151,184 |  |  |  | 232 |  |  |  | 429,262 |
Research and development expenses |  |  | — |  |  |  | 41,668 |  |  |  | 7,064 |  |  |  | — |  |  |  | 48,732 |
Restructuring and other impairment charges |  |  | 11 |  |  |  | 5,702 |  |  |  | 1,379 |  |  |  | — |  |  |  | 7,092 |
Net loss on sales of businesses and assets |  |  | — |  |  |  | — |  |  |  | 582 |  |  |  | — |  |  |  | 582 |
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes |  |  | (39,527 | ) |  |  | 93,915 |  |  |  | 177,789 |  |  |  | 996 |  |  |  | 233,173 |
Interest expense |  |  | 139,803 |  |  |  | (70,248 | ) |  |  | 762 |  |  |  | — |  |  |  | 70,317 |
Interest income |  |  | (384 | ) |  |  | (67 | ) |  |  | (809 | ) |  |  | — |  |  |  | (1,260 | )
Loss on extinguishments of debt |  |  | 15,413 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,413 |
Income (loss) from continuing operations before taxes |  |  | (194,359 | ) |  |  | 164,230 |  |  |  | 177,836 |  |  |  | 996 |  |  |  | 148,703 |
Taxes (benefit) on income from continuing operations |  |  | (73,608 | ) |  |  | 53,653 |  |  |  | 47,280 |  |  |  | (325 | ) |  |  | 27,000 |
Equity in net income of consolidated subsidiaries |  |  | 474,556 |  |  |  | 397,131 |  |  |  | — |  |  |  | (871,687 | ) |  |  | — |
Income from continuing operations |  |  | 353,805 |  |  |  | 507,708 |  |  |  | 130,556 |  |  |  | (870,336 | ) |  |  | 121,703 |
Operating (loss) income from discontinued operations |  |  | (55,872 | ) |  |  | 37,525 |  |  |  | 307,427 |  |  |  | — |  |  |  | 289,080 |
Taxes on income from discontinued operations |  |  | (25,396 | ) |  |  | 87,596 |  |  |  | 23,616 |  |  |  | — |  |  |  | 85,816 |
Income (loss) from discontinued operations |  |  | (30,476 | ) |  |  | (50,071 | ) |  |  | 283,811 |  |  |  | — |  |  |  | 203,264 |
Net income |  |  | 323,329 |  |  |  | 457,637 |  |  |  | 414,367 |  |  |  | (870,366 | ) |  |  | 324,967 |
Less: Income from continuing operations attributable to noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 1,021 |  |  |  | — |  |  |  | 1,021 |
Income from discontinued operations attributable to noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 617 |  |  |  | — |  |  |  | 617 |
Net income attributable to common shareholders |  | $ | 323,329 |  |  | $ | 457,637 |  |  | $ | 412,729 |  |  | $ | (870,366 | ) |  | $ | 323,329 |
|  | Year Ended December 31, 2010 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
Net revenues |  | $ | — |  |  | $ | 926,940 |  |  | $ | 758,808 |  |  | $ | (252,466 | ) |  | $ | 1,433,282 |
Cost of goods sold |  |  | — |  |  |  | 529,410 |  |  |  | 461,018 |  |  |  | (245,617 | ) |  |  | 744,811 |
Gross profit |  |  | — |  |  |  | 397,530 |  |  |  | 297,790 |  |  |  | (6,849 | ) |  |  | 688,471 |
Selling, general and administrative expenses |  |  | 42,225 |  |  |  | 240,338 |  |  |  | 127,191 |  |  |  | 170 |  |  |  | 409,924 |
Research and development expenses |  |  | — |  |  |  | 37,333 |  |  |  | 5,288 |  |  |  | — |  |  |  | 42,621 |
Restructuring and other impairment charges |  |  | 458 |  |  |  | 2,098 |  |  |  | 319 |  |  |  | — |  |  |  | 2,875 |
Net (gain) loss on sales of businesses and assets charges |  |  | (420 | ) |  |  | 262 |  |  |  | (183 | ) |  |  | — |  |  |  | (341 | )
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes |  |  | (42,263 | ) |  |  | 117,499 |  |  |  | 165,175 |  |  |  | (7,019 | ) |  |  | 233,392 |
Interest expense |  |  | 136,968 |  |  |  | (78,548 | ) |  |  | 21,369 |  |  |  | — |  |  |  | 79,789 |
Interest income |  |  | (3 | ) |  |  | (141 | ) |  |  | (575 | ) |  |  | — |  |  |  | (719 | )
Loss on extinguishments of debt |  |  | 46,630 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 46,630 |
Income (loss) from continuing operations before taxes |  |  | (225,858 | ) |  |  | 196,188 |  |  |  | 144,381 |  |  |  | (7,019 | ) |  |  | 107,692 |
Taxes (benefit) on income from continuing operations |  |  | (84,729 | ) |  |  | 50,241 |  |  |  | 54,741 |  |  |  | (2,251 | ) |  |  | 18,002 |
Equity in net income of consolidated subsidiaries |  |  | 326,809 |  |  |  | 135,392 |  |  |  | — |  |  |  | (462,201 | ) |  |  | — |
Income from continuing operations |  |  | 185,680 |  |  |  | 281,339 |  |  |  | 89,640 |  |  |  | (466,969 | ) |  |  | 89,690 |
Operating income (loss) from discontinued operations |  |  | 13,999 |  |  |  | 13,007 |  |  |  | 138,721 |  |  |  | — |  |  |  | 165,727 |
Taxes (benefit) on income from discontinued operations |  |  | (1,415 | ) |  |  | 6,800 |  |  |  | 47,577 |  |  |  | — |  |  |  | 52,962 |
Income (loss) from discontinued operations |  |  | 15,415 |  |  |  | 6,207 |  |  |  | 91,144 |  |  |  | — |  |  |  | 112,765 |
Net income |  |  | 201,094 |  |  |  | 287,546 |  |  |  | 180,784 |  |  |  | (466,969 | ) |  |  | 202,455 |
Less: Income from continuing operations attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 861 |  |  |  | — |  |  |  | 861 |
Income from discontinued operations attributable to noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 500 |  |  |  | — |  |  |  | 500 |
Net income attributable to common shareholders |  | $ | 201,094 |  |  | $ | 287,546 |  |  | $ | 179,423 |  |  | $ | (466,969 | ) |  | $ | 201,094 |
|  | Year Ended December 31, 2009 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
Net revenues |  | $ | — |  |  | $ | 909,765 |  |  | $ | 739,384 |  |  | $ | (214,264 | ) |  | $ | 1,434,885 |
Cost of goods sold |  |  | — |  |  |  | 537,262 |  |  |  | 426,174 |  |  |  | (214,092 | ) |  |  | 749,344 |
Gross profit |  |  | — |  |  |  | 372,503 |  |  |  | 313,210 |  |  |  | (172 | ) |  |  | 685,541 |
Selling, general and administrative expenses |  |  | 38,657 |  |  |  | 217,859 |  |  |  | 131,692 |  |  |  | 73 |  |  |  | 388,281 |
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, loss on extinguishments of debt and taxes |  |  | (39,632 | ) |  |  | 120,101 |  |  |  | 170,004 |  |  |  | (245 | ) |  |  | 250,228 |
Interest expense |  |  | 135,588 |  |  |  | (65,364 | ) |  |  | 18,919 |  |  |  | — |  |  |  | 89,143 |
Interest income |  |  | (82 | ) |  |  | (1,454 | ) |  |  | (944 | ) |  |  | — |  |  |  | (2,480 | )
Income (loss) from continuing operations before taxes |  |  | (175,138 | ) |  |  | 186,919 |  |  |  | 152,029 |  |  |  | (245 | ) |  |  | 163,565 |
Taxes (benefit) on income from continuing operations |  |  | (76,480 | ) |  |  | 67,970 |  |  |  | 45,551 |  |  |  | (65 | ) |  |  | 36,976 |
Equity in net income of consolidated subsidiaries |  |  | 412,171 |  |  |  | 395,039 |  |  |  | — |  |  |  | (807,210 | ) |  |  | — |
Income from continuing operations |  |  | 313,513 |  |  |  | 513,988 |  |  |  | 106,478 |  |  |  | (807,390 | ) |  |  | 126,589 |
Operating income (loss) from discontinued operations |  |  | (19,523 | ) |  |  | (17,669 | ) |  |  | 325,259 |  |  |  | 436 |  |  |  | 288,503 |
Taxes (benefit) on income from discontinued operations |  |  | (9,004 | ) |  |  | 99,168 |  |  |  | 10,752 |  |  |  | 165 |  |  |  | 101,081 |
Income (loss) from discontinued operations |  |  | (10,519 | ) |  |  | (116,837 | ) |  |  | 314,507 |  |  |  | 271 |  |  |  | 187,422 |
Net income |  |  | 302,994 |  |  |  | 397,151 |  |  |  | 420,985 |  |  |  | (807,119 | ) |  |  | 314,011 |
Less: Income from continuing operations attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 632 |  |  |  | — |  |  |  | 632 |
Income from discontinued operations attributable to noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 10,385 |  |  |  | — |  |  |  | 10,385 |
Net income attributable to common shareholders |  | $ | 302,994 |  |  | $ | 397,151 |  |  | $ | 409,968 |  |  | $ | (807,119 | ) |  | $ | 302,994 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
|  | December 31, 2011 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 114,531 |  |  | $ | — |  |  | $ | 469,557 |  |  | $ | — |  |  | $ | 584,088 |
Accounts receivable, net |  |  | 269 |  |  |  | 304,813 |  |  |  | 464,834 |  |  |  | (483,690 | ) |  |  | 286,226 |
Inventories, net |  |  | — |  |  |  | 201,147 |  |  |  | 107,188 |  |  |  | (9,560 | ) |  |  | 298,775 |
Prepaid expenses and other current assets |  |  | 7,203 |  |  |  | 3,675 |  |  |  | 22,527 |  |  |  | — |  |  |  | 33,405 |
Prepaid taxes |  |  | 24,006 |  |  |  | — |  |  |  | 4,869 |  |  |  | (29 | ) |  |  | 28,846 |
Deferred tax assets |  |  | 8,659 |  |  |  | 26,886 |  |  |  | 5,883 |  |  |  | (414 | ) |  |  | 41,014 |
Assets held for sale |  |  | — |  |  |  | 2,738 |  |  |  | 5,164 |  |  |  | — |  |  |  | 7,902 |
Total current assets |  |  | 154,668 |  |  |  | 539,259 |  |  |  | 1,080,022 |  |  |  | (493,693 | ) |  |  | 1,280,256 |
Property, plant and equipment, net |  |  | 8,208 |  |  |  | 149,300 |  |  |  | 94,404 |  |  |  | — |  |  |  | 251,912 |
Goodwill |  |  | — |  |  |  | 1,001,353 |  |  |  | 437,189 |  |  |  | — |  |  |  | 1,438,542 |
Intangibles assets, net |  |  | — |  |  |  | 711,962 |  |  |  | 167,825 |  |  |  | — |  |  |  | 879,787 |
Investments in affiliates |  |  | 5,245,520 |  |  |  | 922,208 |  |  |  | 20,327 |  |  |  | (6,186,047 | ) |  |  | 2,008 |
Deferred tax assets |  |  | 65,400 |  |  |  | — |  |  |  | 2,387 |  |  |  | (67,509 | ) |  |  | 278 |
Other assets |  |  | 42,183 |  |  |  | 2,534,124 |  |  |  | 164,662 |  |  |  | (2,669,649 | ) |  |  | 71,320 |
Total assets |  | $ | 5,515,979 |  |  | $ | 5,858,206 |  |  | $ | 1,966,816 |  |  | $ | (9,416,898 | ) |  | $ | 3,924,103 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current borrowings |  | $ | — |  |  | $ | — |  |  | $ | 4,986 |  |  | $ | — |  |  | $ | 4,986 |
Accounts payable |  |  | 101,907 |  |  |  | 387,612 |  |  |  | 64,694 |  |  |  | (487,121 | ) |  |  | 67,092 |
Accrued expenses |  |  | 23,208 |  |  |  | 25,407 |  |  |  | 52,201 |  |  |  | — |  |  |  | 100,816 |
Payroll and benefit-related liabilities |  |  | 24,031 |  |  |  | 13,867 |  |  |  | 26,488 |  |  |  | — |  |  |  | 64,386 |
Derivative liabilities |  |  | 633 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 633 |
Accrued interest |  |  | 10,948 |  |  |  | — |  |  |  | 12 |  |  |  | — |  |  |  | 10,960 |
Income taxes payable |  |  | — |  |  |  | — |  |  |  | 21,113 |  |  |  | (29 | ) |  |  | 21,084 |
Deferred tax liabilities |  |  | — |  |  |  | — |  |  |  | 1,465 |  |  |  | (415 | ) |  |  | 1,050 |
Total current liabilities |  |  | 160,727 |  |  |  | 426,886 |  |  |  | 170,959 |  |  |  | (487,565 | ) |  |  | 271,007 |
Long-term borrowings |  |  | 954,809 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 954,809 |
Deferred tax liabilities |  |  | — |  |  |  | 433,078 |  |  |  | 55,264 |  |  |  | (67,509 | ) |  |  | 420,833 |
Pension and other postretirement benefit liabilities |  |  | 145,533 |  |  |  | 34,034 |  |  |  | 15,417 |  |  |  | — |  |  |  | 194,984 |
Noncurrent liability for uncertain tax positions |  |  | 12,678 |  |  |  | 18,437 |  |  |  | 30,573 |  |  |  | — |  |  |  | 61,688 |
Other liabilities |  |  | 2,261,644 |  |  |  | 5,749 |  |  |  | 442,464 |  |  |  | (2,671,858 | ) |  |  | 37,999 |
Total liabilities |  |  | 3,535,391 |  |  |  | 918,184 |  |  |  | 714,677 |  |  |  | (3,226,932 | ) |  |  | 1,941,320 |
Total common shareholders' equity |  |  | 1,980,588 |  |  |  | 4,940,022 |  |  |  | 1,249,944 |  |  |  | (6,189,966 | ) |  |  | 1,980,588 |
Noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 2,195 |  |  |  | — |  |  |  | 2,195 |
Total equity |  |  | 1,980,588 |  |  |  | 4,940,022 |  |  |  | 1,252,139 |  |  |  | (6,189,966 | ) |  |  | 1,982,783 |
Total liabilities and equity |  | $ | 5,515,979 |  |  | $ | 5,858,206 |  |  | $ | 1,966,816 |  |  | $ | (9,416,898 | ) |  | $ | 3,924,103 |
|  | December 31, 2010 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 22,632 |  |  | $ | — |  |  | $ | 185,820 |  |  | $ | — |  |  | $ | 208,452 |
Accounts receivable, net |  |  | 16,163 |  |  |  | 643,931 |  |  |  | 484,333 |  |  |  | (850,231 | ) |  |  | 294,196 |
Inventories, net |  |  | 4,007 |  |  |  | 184,620 |  |  |  | 160,646 |  |  |  | (10,675 | ) |  |  | 338,598 |
Prepaid expenses and other current assets |  |  | 7,607 |  |  |  | 3,105 |  |  |  | 15,436 |  |  |  | 2,683 |  |  |  | 28,831 |
Prepaid taxes |  |  | 6,982 |  |  |  | — |  |  |  | 3,591 |  |  |  | (6,685 | ) |  |  | 3,888 |
Deferred tax assets |  |  | 3,953 |  |  |  | 24,610 |  |  |  | 10,746 |  |  |  | — |  |  |  | 39,309 |
Assets held for sale |  |  | — |  |  |  | 2,745 |  |  |  | 5,214 |  |  |  | — |  |  |  | 7,959 |
Total current assets |  |  | 61,344 |  |  |  | 859,011 |  |  |  | 865,786 |  |  |  | (864,908 | ) |  |  | 921,233 |
Property, plant and equipment, net |  |  | 9,511 |  |  |  | 150,139 |  |  |  | 128,055 |  |  |  | — |  |  |  | 287,705 |
Goodwill |  |  | — |  |  |  | 988,528 |  |  |  | 453,883 |  |  |  | — |  |  |  | 1,442,411 |
Intangibles assets, net |  |  | — |  |  |  | 720,985 |  |  |  | 197,537 |  |  |  | — |  |  |  | 918,522 |
Investments in affiliates |  |  | 4,873,508 |  |  |  | 566,489 |  |  |  | 22,561 |  |  |  | (5,457,659 | ) |  |  | 4,899 |
Deferred tax assets |  |  | 41,200 |  |  |  | — |  |  |  | 2,620 |  |  |  | (43,462 | ) |  |  | 358 |
Other assets |  |  | 38,962 |  |  |  | 2,128,048 |  |  |  | 429,623 |  |  |  | (2,528,606 | ) |  |  | 68,027 |
Total assets |  | $ | 5,024,525 |  |  | $ | 5,413,200 |  |  | $ | 2,100,065 |  |  | $ | (8,894,635 | ) |  | $ | 3,643,155 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current borrowings |  | $ | 72,500 |  |  | $ | — |  |  | $ | 31,211 |  |  | $ | — |  |  | $ | 103,711 |
Accounts payable |  |  | 1,664 |  |  |  | 614,494 |  |  |  | 322,582 |  |  |  | (853,894 | ) |  |  | 84,846 |
Accrued expenses |  |  | 20,634 |  |  |  | 22,477 |  |  |  | 74,377 |  |  |  | — |  |  |  | 117,488 |
Payroll and benefit-related liabilities |  |  | 23,752 |  |  |  | 11,657 |  |  |  | 36,009 |  |  |  | — |  |  |  | 71,418 |
Derivative liabilities |  |  | 15,634 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,634 |
Accrued interest |  |  | 18,247 |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | 18,347 |
Income taxes payable |  |  | 320 |  |  |  | — |  |  |  | 11,312 |  |  |  | (6,746 | ) |  |  | 4,886 |
Deferred tax liabilities |  |  | — |  |  |  | — |  |  |  | 4,433 |  |  |  | — |  |  |  | 4,433 |
Liabilities held for sale |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total current liabilities |  |  | 152,751 |  |  |  | 648,628 |  |  |  | 480,024 |  |  |  | (860,640 | ) |  |  | 420,763 |
Long-term borrowings |  |  | 813,409 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 813,409 |
Deferred tax liabilities |  |  | — |  |  |  | 359,164 |  |  |  | 55,115 |  |  |  | (43,460 | ) |  |  | 370,819 |
Pension and other postretirement benefit liabilities |  |  | 90,391 |  |  |  | 31,472 |  |  |  | 19,906 |  |  |  | — |  |  |  | 141,769 |
Noncurrent liability for uncertain tax positions |  |  | 9,771 |  |  |  | 19,877 |  |  |  | 32,954 |  |  |  | — |  |  |  | 62,602 |
Other liabilities |  |  | 2,174,827 |  |  |  | 25 |  |  |  | 399,412 |  |  |  | (2,527,749 | ) |  |  | 46,515 |
Total liabilities |  |  | 3,241,149 |  |  |  | 1,059,166 |  |  |  | 987,411 |  |  |  | (3,431,849 | ) |  |  | 1,855,877 |
Total common shareholders' equity |  |  | 1,783,376 |  |  |  | 4,354,034 |  |  |  | 1,108,752 |  |  |  | (5,462,786 | ) |  |  | 1,783,376 |
Noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 3,902 |  |  |  | — |  |  |  | 3,902 |
Total equity |  |  | 1,783,376 |  |  |  | 4,354,034 |  |  |  | 1,112,654 |  |  |  | (5,462,786 | ) |  |  | 1,787,278 |
Total liabilities and equity |  | $ | 5,024,525 |  |  | $ | 5,413,200 |  |  | $ | 2,100,065 |  |  | $ | (8,894,635 | ) |  | $ | 3,643,155 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
|  | Year Ended December 31, 2011 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
Net cash (used in) provided by operating activities from continuing operations |  | $ | (110,088 | ) |  | $ | 156,867 |  |  | $ | 56,351 |  |  | $ | 103,130 |
Cash Flows from Investing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment |  |  | (3,167 | ) |  |  | (26,345 | ) |  |  | (15,575 | ) |  |  | (45,087 | )
Proceeds from sales of businesses and assets, net of cash sold |  |  | — |  |  |  | 58,986 |  |  |  | 317,039 |  |  |  | 376,025 |
Payments for businesses and intangibles acquired, net of cash acquired |  |  | — |  |  |  | (30,570 | ) |  |  | — |  |  |  | (30,570 | )
Investments in affiliates |  |  | (150 | ) |  |  | — |  |  |  | — |  |  |  | (150 | )
Net cash (used in) provided by investing activities from continuing operations |  |  | (3,317 | ) |  |  | 2,071 |  |  |  | 301,464 |  |  |  | 300,218 |
Cash Flows from Financing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 515,000 |  |  |  | — |  |  |  | — |  |  |  | 515,000 |
Repayment of long-term borrowings |  |  | (455,800 | ) |  |  | — |  |  |  | — |  |  |  | (455,800 | )
(Decrease) increase in notes payable and current borrowings |  |  | (25,000 | ) |  |  | — |  |  |  | 286 |  |  |  | (24,714 | )
Proceeds from stock compensation plans |  |  | 34,009 |  |  |  | — |  |  |  | — |  |  |  | 34,009 |
Dividends |  |  | (55,136 | ) |  |  | — |  |  |  | — |  |  |  | (55,136 | )
Debt and equity issuance and amendment costs |  |  | (18,518 | ) |  |  | — |  |  |  | — |  |  |  | (18,518 | )
Intercompany transactions |  |  | 223,065 |  |  |  | (158,938 | ) |  |  | (64,127 | ) |  |  | — |
Net cash provided by (used in) financing activities from continuing operations |  |  | 217,620 |  |  |  | (158,938 | ) |  |  | (63,841 | ) |  |  | (5,159 | )
Cash Flows from Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  |  | (12,313 | ) |  |  | — |  |  |  | 3,661 |  |  |  | (8,652 | )
Net cash used in investing activities |  |  | (3 | ) |  |  | — |  |  |  | (2,367 | ) |  |  | (2,370 | )
Net cash (used in) provided by discontinued operations |  |  | (12,316 | ) |  |  | — |  |  |  | 1,294 |  |  |  | (11,022 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (11,531 | ) |  |  | (11,531 | )
Net increase in cash and cash equivalents |  |  | 91,899 |  |  |  | — |  |  |  | 283,737 |  |  |  | 375,636 |
Cash and cash equivalents at the beginning of the period |  |  | 22,632 |  |  |  | — |  |  |  | 185,820 |  |  |  | 208,452 |
Cash and cash equivalents at the end of the period |  | $ | 114,531 |  |  | $ | — |  |  | $ | 469,557 |  |  | $ | 584,088 |
|  | Year Ended December 31, 2010 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
Net cash (used in) provided by operating activities from continuing operations |  | $ | (110,808 | ) |  | $ | 170,229 |  |  | $ | 92,214 |  |  | $ | 151,635 |
Cash Flows from Investing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment |  |  | (1,422 | ) |  |  | (20,619 | ) |  |  | (8,000 | ) |  |  | (30,041 | )
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 |  |  |  | 86,993 |  |  |  | 151,427 |
Cash Flows from Financing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 490,000 |  |  |  | — |  |  |  | — |  |  |  | 490,000 |
Repayment of long-term borrowings |  |  | (716,570 | ) |  |  | — |  |  |  | — |  |  |  | (716,570 | )
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 |  |  | — |  |  |  | — |  |  |  | (1,148 | ) |  |  | (1,148 | )
Dividends |  |  | (54,312 | ) |  |  | — |  |  |  | — |  |  |  | (54,312 | )
Debt and equity issuance and amendment fees |  |  | (65,226 | ) |  |  | — |  |  |  | — |  |  |  | (65,226 | )
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 | ) |  |  | (200,068 | ) |  |  | (335,499 | )
Cash Flows from Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities |  |  | 2,223 |  |  |  | — |  |  |  | 59,244 |  |  |  | 61,467 |
Net cash provided by (used in) investing activities |  |  | 208 |  |  |  | — |  |  |  | (3,833 | ) |  |  | (3,625 | )
Net cash used in financing activities |  |  | — |  |  |  | — |  |  |  | (1,128 | ) |  |  | (1,128 | )
Net cash provided by discontinued operations |  |  | 2,431 |  |  |  | — |  |  |  | 54,283 |  |  |  | 56,714 |
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 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
Net cash (used in) provided by operating activities from continuing operations |  | $ | (206,206 | ) |  | $ | 248,395 |  |  | $ | 77,912 |  |  | $ | 120,101 |
Cash Flows from Investing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment |  |  | (1,280 | ) |  |  | (17,877 | ) |  |  | (7,185 | ) |  |  | (26,342 | )
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 | ) |  |  | 303,627 |  |  |  | 287,334 |
Cash Flows from Financing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 10,000 |  |  |  | — |  |  |  | 18 |  |  |  | 10,018 |
Repayment of 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 |  |  | — |  |  |  | — |  |  |  | (407 | ) |  |  | (407 | )
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 | ) |  |  | (395,483 | ) |  |  | (401,918 | )
Cash Flows from Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  |  | (4,427 | ) |  |  | — |  |  |  | 88,497 |  |  |  | 84,070 |
Net cash used in investing activities |  |  | (140 | ) |  |  | — |  |  |  | (5,993 | ) |  |  | (6,133 | )
Net cash used in financing activities |  |  | — |  |  |  | — |  |  |  | (11,370 | ) |  |  | (11,370 | )
Net cash (used in) provided by discontinued operations |  |  | (4,567 | ) |  |  | — |  |  |  | 71,134 |  |  |  | 66,567 |
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 |

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