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Condensed Consolidated Guarantor Financial Information | 3 Months Ended
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Apr. 01, 2012
Condensed Consolidated Guarantor Financial Information [Abstract] |
Condensed Consolidated Guarantor Financial Information | Note 14 — Condensed consolidated guarantor financial information 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 consolidating statements of cash flows for the three month periods ended April 1, 2012 and March 27, 2011 and condensed consolidating balance sheets as of April 1, 2012 and December 31, 2011, 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
|  | Three Months Ended April 1, 2012 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Condensed Consolidated |
|  |  | (Dollars in thousands) |
Net revenues |  | $ | — |  |  | $ | 245,687 |  |  | $ | 204,921 |  |  | $ | (62,851 | ) |  | $ | 387,757 |
Cost of goods sold |  |  | — |  |  |  | 147,525 |  |  |  | 115,287 |  |  |  | (60,890 | ) |  |  | 201,922 |
Gross profit |  |  | — |  |  |  | 98,162 |  |  |  | 89,634 |  |  |  | (1,961 | ) |  |  | 185,835 |
Selling, general and administrative expenses |  |  | 15,582 |  |  |  | 63,168 |  |  |  | 34,971 |  |  |  | (343 | ) |  |  | 113,378 |
Research and development expenses |  |  | — |  |  |  | 9,916 |  |  |  | 1,646 |  |  |  | — |  |  |  | 11,562 |
Goodwill impairment |  |  | — |  |  |  | 331,779 |  |  |  | 349 |  |  |  | — |  |  |  | 332,128 |
Restructuring and other impairment charges |  |  | — |  |  |  | (1,443 | ) |  |  | 605 |  |  |  | — |  |  |  | (838 | )
Income (loss) from continuing operations before interest and taxes |  |  | (15,582 | ) |  |  | (305,258 | ) |  |  | 52,063 |  |  |  | (1,618 | ) |  |  | (270,395 | )
Interest expense |  |  | 36,749 |  |  |  | (20,451 | ) |  |  | 1,913 |  |  |  | — |  |  |  | 18,211 |
Interest income |  |  | (125 | ) |  |  | (8 | ) |  |  | (345 | ) |  |  | — |  |  |  | (478 | )
Income (loss) from continuing operations before taxes |  |  | (52,206 | ) |  |  | (284,799 | ) |  |  | 50,495 |  |  |  | (1,618 | ) |  |  | (288,128 | )
Taxes (benefit) on income from continuing operations |  |  | (17,921 | ) |  |  | 287 |  |  |  | 13,897 |  |  |  | (282 | ) |  |  | (4,019 | )
Equity in net income of consolidated subsidiaries |  |  | (250,051 | ) |  |  | 30,996 |  |  |  | — |  |  |  | 219,055 |  |  |  | — |
Income (loss) from continuing operations |  |  | (284,336 | ) |  |  | (254,090 | ) |  |  | 36,598 |  |  |  | 217,719 |  |  |  | (284,109 | )
Operating income from discontinued operations |  |  | 946 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 946 |
Taxes on income from discontinued operations |  |  | 345 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 345 |
Income from discontinued operations |  |  | 601 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 601 |
Net income (loss) |  |  | (283,735 | ) |  |  | (254,090 | ) |  |  | 36,598 |  |  |  | 217,719 |  |  |  | (283,508 | )
Less: Income from continuing operations attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 227 |  |  |  | — |  |  |  | 227 |
Net income (loss) attributable to common shareholders |  | $ | (283,735 | ) |  | $ | (254,090 | ) |  | $ | 36,371 |  |  | $ | 217,719 |  |  | $ | (283,735 | )
|  | Three Months Ended March 27, 2011 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
Net revenues |  | $ | — |  |  | $ | 226,826 |  |  | $ | 181,858 |  |  | $ | (54,680 | ) |  | $ | 354,004 |
Cost of goods sold |  |  | — |  |  |  | 137,422 |  |  |  | 106,534 |  |  |  | (54,456 | ) |  |  | 189,500 |
Gross profit |  |  | — |  |  |  | 89,404 |  |  |  | 75,324 |  |  |  | (224 | ) |  |  | 164,504 |
Selling, general and administrative expenses |  |  | 9,389 |  |  |  | 59,465 |  |  |  | 33,696 |  |  |  | 656 |  |  |  | 103,206 |
Research and development expenses |  |  | — |  |  |  | 9,384 |  |  |  | 1,654 |  |  |  | — |  |  |  | 11,038 |
Restructuring and other impairment charges |  |  | — |  |  |  | 588 |  |  |  | 7 |  |  |  | — |  |  |  | 595 |
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes |  |  | (9,389 | ) |  |  | 19,967 |  |  |  | 39,967 |  |  |  | (880 | ) |  |  | 49,665 |
Interest expense |  |  | 31,084 |  |  |  | (15,013 | ) |  |  | 75 |  |  |  | — |  |  |  | 16,146 |
Interest income |  |  | (2 | ) |  |  | (23 | ) |  |  | (80 | ) |  |  | — |  |  |  | (105 | )
Loss on extinguishments of debt |  |  | 14,597 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,597 |
Income (loss) from continuing operations before taxes |  |  | (55,068 | ) |  |  | 35,003 |  |  |  | 39,972 |  |  |  | (880 | ) |  |  | 19,027 |
Taxes (benefit) on income from continuing operations |  |  | (19,067 | ) |  |  | 13,861 |  |  |  | 11,475 |  |  |  | (1,354 | ) |  |  | 4,915 |
Equity in net income of consolidated subsidiaries |  |  | 135,081 |  |  |  | 73,039 |  |  |  | — |  |  |  | (208,120 | ) |  |  | — |
Income from continuing operations |  |  | 99,080 |  |  |  | 94,181 |  |  |  | 28,497 |  |  |  | (207,646 | ) |  |  | 14,112 |
Operating (loss) income from discontinued operations |  |  | (37,944 | ) |  |  | 39,411 |  |  |  | 62,289 |  |  |  | — |  |  |  | 63,756 |
Taxes (benefit) on income from discontinued operations |  |  | (16,676 | ) |  |  | 6,331 |  |  |  | 10,019 |  |  |  | — |  |  |  | (326 | )
Income (loss) from discontinued operations |  |  | (21,268 | ) |  |  | 33,080 |  |  |  | 52,270 |  |  |  | — |  |  |  | 64,082 |
Net income |  |  | 77,812 |  |  |  | 127,261 |  |  |  | 80,767 |  |  |  | (207,646 | ) |  |  | 78,194 |
Less: Income from continuing operations attributable to noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 223 |  |  |  | — |  |  |  | 223 |
Less: Income from discontinued operations attributable to noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 159 |  |  |  | — |  |  |  | 159 |
Net income attributable to common shareholders |  | $ | 77,812 |  |  | $ | 127,261 |  |  | $ | 80,385 |  |  | $ | (207,646 | ) |  | $ | 77,812 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 94,646 |  |  | $ | — |  |  | $ | 496,275 |  |  | $ | — |  |  | $ | 590,921 |
Accounts receivable, net |  |  | 555 |  |  |  | 303,839 |  |  |  | 494,396 |  |  |  | (487,864 | ) |  |  | 310,926 |
Inventories, net |  |  | — |  |  |  | 194,630 |  |  |  | 115,861 |  |  |  | (11,520 | ) |  |  | 298,971 |
Prepaid expenses and other current assets |  |  | 7,600 |  |  |  | 4,294 |  |  |  | 25,045 |  |  |  | — |  |  |  | 36,939 |
Prepaid taxes |  |  | 27,510 |  |  |  | — |  |  |  | 10,167 |  |  |  | — |  |  |  | 37,677 |
Deferred tax assets |  |  | 7,300 |  |  |  | 26,269 |  |  |  | 6,163 |  |  |  | (420 | ) |  |  | 39,312 |
Assets held for sale |  |  | — |  |  |  | 2,738 |  |  |  | 5,288 |  |  |  | — |  |  |  | 8,026 |
Total current assets |  |  | 137,611 |  |  |  | 531,770 |  |  |  | 1,153,195 |  |  |  | (499,804 | ) |  |  | 1,322,772 |
Property, plant and equipment, net |  |  | 11,460 |  |  |  | 151,221 |  |  |  | 100,734 |  |  |  | — |  |  |  | 263,415 |
Goodwill |  |  | — |  |  |  | 670,260 |  |  |  | 449,436 |  |  |  | — |  |  |  | 1,119,696 |
Intangibles assets, net |  |  | — |  |  |  | 702,768 |  |  |  | 168,943 |  |  |  | — |  |  |  | 871,711 |
Investments in affiliates |  |  | 5,019,605 |  |  |  | 983,656 |  |  |  | 20,292 |  |  |  | (6,021,706 | ) |  |  | 1,847 |
Deferred tax assets |  |  | 64,488 |  |  |  | — |  |  |  | 2,008 |  |  |  | (66,204 | ) |  |  | 292 |
Other assets |  |  | 41,467 |  |  |  | 2,567,079 |  |  |  | 173,760 |  |  |  | (2,712,153 | ) |  |  | 70,153 |
Total assets |  | $ | 5,274,631 |  |  | $ | 5,606,754 |  |  | $ | 2,068,368 |  |  | $ | (9,299,867 | ) |  | $ | 3,649,886 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current borrowings |  | $ | — |  |  | $ | — |  |  | $ | 4,700 |  |  | $ | — |  |  | $ | 4,700 |
Accounts payable |  |  | 75,815 |  |  |  | 382,174 |  |  |  | 95,283 |  |  |  | (490,942 | ) |  |  | 62,330 |
Accrued expenses |  |  | 22,798 |  |  |  | 26,693 |  |  |  | 35,018 |  |  |  | — |  |  |  | 84,509 |
Payroll and benefit-related liabilities |  |  | 23,690 |  |  |  | 8,280 |  |  |  | 26,397 |  |  |  | — |  |  |  | 58,367 |
Derivative liabilities |  |  | 1,496 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,496 |
Accrued interest |  |  | 11,612 |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 11,618 |
Income taxes payable |  |  | — |  |  |  | — |  |  |  | 27,761 |  |  |  | — |  |  |  | 27,761 |
Current liability for uncertain tax positions |  |  | — |  |  |  | — |  |  |  | 23,484 |  |  |  | — |  |  |  | 23,484 |
Deferred tax liabilities |  |  | — |  |  |  | — |  |  |  | 1,501 |  |  |  | (420 | ) |  |  | 1,081 |
Total current liabilities |  |  | 135,411 |  |  |  | 417,147 |  |  |  | 214,150 |  |  |  | (491,362 | ) |  |  | 275,346 |
Long-term borrowings |  |  | 957,360 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 957,360 |
Deferred tax liabilities |  |  | — |  |  |  | 417,424 |  |  |  | 61,436 |  |  |  | (66,204 | ) |  |  | 412,656 |
Pension and other postretirement benefit liabilities |  |  | 137,539 |  |  |  | 33,907 |  |  |  | 15,618 |  |  |  | — |  |  |  | 187,064 |
Noncurrent liability for uncertain tax positions |  |  | 13,288 |  |  |  | 18,281 |  |  |  | 31,468 |  |  |  | — |  |  |  | 63,037 |
Other liabilities |  |  | 2,311,687 |  |  |  | 183 |  |  |  | 435,352 |  |  |  | (2,714,645 | ) |  |  | 32,577 |
Total liabilities |  |  | 3,555,285 |  |  |  | 886,942 |  |  |  | 758,024 |  |  |  | (3,272,211 | ) |  |  | 1,928,040 |
Total common shareholders' equity |  |  | 1,719,346 |  |  |  | 4,719,812 |  |  |  | 1,307,844 |  |  |  | (6,027,656 | ) |  |  | 1,719,346 |
Noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 2,500 |  |  |  | — |  |  |  | 2,500 |
Total equity |  |  | 1,719,346 |  |  |  | 4,719,812 |  |  |  | 1,310,344 |  |  |  | (6,027,656 | ) |  |  | 1,721,846 |
Total liabilities and equity |  | $ | 5,274,631 |  |  | $ | 5,606,754 |  |  | $ | 2,068,368 |  |  | $ | (9,299,867 | ) |  | $ | 3,649,886 |
|  | 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 |  |  |  | 29,545 |  |  |  | — |  |  |  | 78,160 |
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 |
Current liability for uncertain tax positions |  |  | — |  |  |  | — |  |  |  | 22,656 |  |  |  | — |  |  |  | 22,656 |
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 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
|  | Three Months Ended April 1, 2012 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
Net cash (used in) provided by operating activities from continuing operations |  | $ | (44,812 | ) |  | $ | 72,411 |  |  | $ | (866 | ) |  | $ | 26,733 |
Cash Flows from Investing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment |  |  | (3,588 | ) |  |  | (7,637 | ) |  |  | (3,804 | ) |  |  | (15,029 | )
Net cash used in investing activities from continuing operations |  |  | (3,588 | ) |  |  | (7,637 | ) |  |  | (3,804 | ) |  |  | (15,029 | )
Cash Flows from Financing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in notes payable and current borrowings |  |  | — |  |  |  | — |  |  |  | (286 | ) |  |  | (286 | )
Proceeds from stock compensation plans |  |  | 1,594 |  |  |  | — |  |  |  | — |  |  |  | 1,594 |
Dividends |  |  | (13,866 | ) |  |  | — |  |  |  | — |  |  |  | (13,866 | )
Intercompany transactions |  |  | 43,382 |  |  |  | (64,774 | ) |  |  | 21,392 |  |  |  | — |
Net cash provided by (used in) financing activities from continuing operations |  |  | 31,110 |  |  |  | (64,774 | ) |  |  | 21,106 |  |  |  | (12,558 | )
Cash Flows from Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in operating activities |  |  | (2,595 | ) |  |  | — |  |  |  | — |  |  |  | (2,595 | )
Net cash used in discontinued operations |  |  | (2,595 | ) |  |  | — |  |  |  | — |  |  |  | (2,595 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | 10,282 |  |  |  | 10,282 |
Net (decrease) increase in cash and cash equivalents |  |  | (19,885 | ) |  |  | — |  |  |  | 26,718 |  |  |  | 6,833 |
Cash and cash equivalents at the beginning of the period |  |  | 114,531 |  |  |  | — |  |  |  | 469,557 |  |  |  | 584,088 |
Cash and cash equivalents at the end of the period |  | $ | 94,646 |  |  | $ | — |  |  | $ | 496,275 |  |  | $ | 590,921 |
|  | Three Months Ended March 27, 2011 |
|  | Parent Company |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Condensed Consolidated |
|  | (Dollars in thousands) |
Net cash (used in) provided by operating activities from continuing operations |  | $ | (63,122 | ) |  | $ | 48,509 |  |  | $ | 21,873 |  |  | $ | 7,260 |
Cash Flows from Investing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment |  |  | (64 | ) |  |  | (4,110 | ) |  |  | (1,717 | ) |  |  | (5,891 | )
Proceeds from sales of businesses and assets, net of cash sold |  |  | — |  |  |  | 62,728 |  |  |  | 38,872 |  |  |  | 101,600 |
Payments for businesses and intangibles acquired, net of cash acquired |  |  | — |  |  |  | (30,570 | ) |  |  | — |  |  |  | (30,570 | )
Net cash (used in) provided by investing activities from continuing operations |  |  | (64 | ) |  |  | 28,048 |  |  |  | 37,155 |  |  |  | 65,139 |
Cash Flows from Financing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 265,000 |  |  |  | — |  |  |  | — |  |  |  | 265,000 |
Repayment of long-term borrowings |  |  | (330,800 | ) |  |  | — |  |  |  | — |  |  |  | (330,800 | )
Proceeds from stock compensation plans |  |  | 6,764 |  |  |  | — |  |  |  | — |  |  |  | 6,764 |
Dividends |  |  | (13,614 | ) |  |  | — |  |  |  | — |  |  |  | (13,614 | )
Debt and equity issuance and amendment fees |  |  | (14,838 | ) |  |  | — |  |  |  | — |  |  |  | (14,838 | )
Intercompany transactions |  |  | 160,785 |  |  |  | (76,557 | ) |  |  | (84,228 | ) |  |  | — |
Net cash provided by (used in) financing activities from continuing operations |  |  | 73,297 |  |  |  | (76,557 | ) |  |  | (84,228 | ) |  |  | (87,488 | )
Cash Flows from Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  |  | (992 | ) |  |  | — |  |  |  | 2,685 |  |  |  | 1,693 |
Net cash used in investing activities |  |  | (3 | ) |  |  | — |  |  |  | (799 | ) |  |  | (802 | )
Net cash (used in) provided by discontinued operations |  |  | (995 | ) |  |  | — |  |  |  | 1,886 |  |  |  | 891 |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | 8,044 |  |  |  | 8,044 |
Net increase (decrease) in cash and cash equivalents |  |  | 9,116 |  |  |  | — |  |  |  | (15,270 | ) |  |  | (6,154 | )
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 |  | $ | 31,748 |  |  | $ | — |  |  | $ | 170,550 |  |  | $ | 202,298 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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