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Condensed consolidating guarantor financial information | 3 Months Ended
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Mar. 29, 2015
Condensed Consolidated Guarantor Financial Information [Abstract] |
Condensed consolidating guarantor financial information | Condensed consolidating guarantor financial information In June 2011, Teleflex Incorporated (referred to below as “Parent Company”) issued $250 million of its 6.875% senior subordinated notes due 2019 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 directly or indirectly 100% owned by the Parent Company. The Company’s condensed consolidating statements of income and comprehensive (loss) income for the three months ended March 29, 2015 and March 30, 2014, condensed consolidating balance sheets as of March 29, 2015 and December 31, 2014 and condensed consolidating statements of cash flows for the three months ended March 29, 2015 and March 30, 2014, provide consolidated 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 Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 are used by the Parent Company and each of its subsidiaries in connection with the condensed consolidated 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 condensed consolidated 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 AND COMPREHENSIVE (LOSS) INCOME
| Three Months Ended March 29, 2015
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 264,161 |  |  | $ | 258,901 |  |  | $ | (93,632 | ) |  | $ | 429,430 |
Cost of goods sold | — |  |  | 158,326 |  |  | 137,618 |  |  | (89,151 | ) |  | 206,793 |
Gross profit | — |  |  | 105,835 |  |  | 121,283 |  |  | (4,481 | ) |  | 222,637 |
Selling, general and administrative expenses | 11,452 |  |  | 84,268 |  |  | 43,817 |  |  | 160 |  |  | 139,697 |
Research and development expenses | — |  |  | 11,127 |  |  | 1,757 |  |  | — |  |  | 12,884 |
Restructuring and impairment charges | — |  |  | 3,739 |  |  | 709 |  |  | — |  |  | 4,448 |
Income (loss) from continuing operations before interest, and taxes | (11,452 | ) |  | 6,701 |  |  | 75,000 |  |  | (4,641 | ) |  | 65,608 |
Interest expense | 34,360 |  |  | (18,569 | ) |  | 1,381 |  |  | — |  |  | 17,172 |
Interest income | — |  |  | — |  |  | (169 | ) |  | — |  |  | (169 | )
Income (loss) from continuing operations before taxes | (45,812 | ) |  | 25,270 |  |  | 73,788 |  |  | (4,641 | ) |  | 48,605 |
Taxes (benefit) on income from continuing operations | (15,293 | ) |  | 10,992 |  |  | 10,804 |  |  | 2,829 |  |  | 9,332 |
Equity in net income of consolidated subsidiaries | 69,538 |  |  | 63,233 |  |  | 97 |  |  | (132,868 | ) |  | — |
Income from continuing operations | 39,019 |  |  | 77,511 |  |  | 63,081 |  |  | (140,338 | ) |  | 39,273 |
Operating (loss) income from discontinued operations | (503 | ) |  | — |  |  | 4 |  |  | — |  |  | (499 | )
Taxes on loss from discontinued operations | 164 |  |  | — |  |  | 40 |  |  | — |  |  | 204 |
Loss from discontinued operations | (667 | ) |  | — |  |  | (36 | ) |  | — |  |  | (703 | )
Net income | 38,352 |  |  | 77,511 |  |  | 63,045 |  |  | (140,338 | ) |  | 38,570 |
Less: Income from continuing operations attributable to noncontrolling interests | — |  |  | — |  |  | 218 |  |  | — |  |  | 218 |
Net income attributable to common shareholders | 38,352 |  |  | 77,511 |  |  | 62,827 |  |  | (140,338 | ) |  | 38,352 |
Other comprehensive loss attributable to common shareholders | (81,201 | ) |  | (106,761 | ) |  | (76,290 | ) |  | 183,051 |  |  | (81,201 | )
Comprehensive loss attributable to common shareholders | $ | (42,849 | ) |  | $ | (29,250 | ) |  | $ | (13,463 | ) |  | $ | 42,713 |  |  | $ | (42,849 | )
| Three Months Ended March 30, 2014
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 262,425 |  |  | $ | 248,437 |  |  | $ | (72,316 | ) |  | $ | 438,546 |
Cost of goods sold | — |  |  | 152,368 |  |  | 137,873 |  |  | (72,854 | ) |  | 217,387 |
Gross profit | — |  |  | 110,057 |  |  | 110,564 |  |  | 538 |  |  | 221,159 |
Selling, general and administrative expenses | 10,778 |  |  | 81,395 |  |  | 47,921 |  |  | 203 |  |  | 140,297 |
Research and development expenses | — |  |  | 12,010 |  |  | 2,052 |  |  | — |  |  | 14,062 |
Restructuring and impairment charges | — |  |  | (188 | ) |  | 7,968 |  |  | — |  |  | 7,780 |
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | (10,778 | ) |  | 16,840 |  |  | 52,623 |  |  | 335 |  |  | 59,020 |
Interest expense | 33,726 |  |  | (19,907 | ) |  | 1,585 |  |  | — |  |  | 15,404 |
Interest income | — |  |  | — |  |  | (187 | ) |  | — |  |  | (187 | )
Income (loss) from continuing operations before taxes | (44,504 | ) |  | 36,747 |  |  | 51,225 |  |  | 335 |  |  | 43,803 |
Taxes (benefit) on income from continuing operations | (15,420 | ) |  | 17,218 |  |  | 8,832 |  |  | (2,096 | ) |  | 8,534 |
Equity in net income of consolidated subsidiaries | 64,124 |  |  | 43,108 |  |  | 94 |  |  | (107,326 | ) |  | — |
Income from continuing operations | 35,040 |  |  | 62,637 |  |  | 42,487 |  |  | (104,895 | ) |  | 35,269 |
Operating loss from discontinued operations | (25 | ) |  | — |  |  | — |  |  | — |  |  | (25 | )
Taxes on loss from discontinued operations | 57 |  |  | — |  |  | 43 |  |  | — |  |  | 100 |
Loss from discontinued operations | (82 | ) |  | — |  |  | (43 | ) |  | — |  |  | (125 | )
Net income | 34,958 |  |  | 62,637 |  |  | 42,444 |  |  | (104,895 | ) |  | 35,144 |
Less: Income from continuing operations attributable to noncontrolling interests | — |  |  | — |  |  | 186 |  |  | — |  |  | 186 |
Net income attributable to common shareholders | 34,958 |  |  | 62,637 |  |  | 42,258 |  |  | (104,895 | ) |  | 34,958 |
Other comprehensive income attributable to common shareholders | 4,745 |  |  | 7,228 |  |  | 8,523 |  |  | (15,751 | ) |  | 4,745 |
Comprehensive income attributable to common shareholders | $ | 39,703 |  |  | $ | 69,865 |  |  | $ | 50,781 |  |  | $ | (120,646 | ) |  | $ | 39,703 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
| March 29, 2015
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 28,102 |  |  | $ | — |  |  | $ | 280,657 |  |  | $ | — |  |  | $ | 308,759 |
Accounts receivable, net | 3,893 |  |  | 5,176 |  |  | 272,063 |  |  | 3,695 |  |  | 284,827 |
Accounts receivable from consolidated subsidiaries | 10,159 |  |  | 2,197,884 |  |  | 266,150 |  |  | (2,474,193 | ) |  | — |
Inventories, net | — |  |  | 206,295 |  |  | 159,769 |  |  | (27,328 | ) |  | 338,736 |
Prepaid expenses and other current assets | 14,965 |  |  | 7,262 |  |  | 18,708 |  |  | — |  |  | 40,935 |
Prepaid taxes | 21,149 |  |  | — |  |  | 12,844 |  |  | — |  |  | 33,993 |
Deferred tax assets | 30,248 |  |  | 16,856 |  |  | 9,458 |  |  | — |  |  | 56,562 |
Assets held for sale | 2,901 |  |  | — |  |  | 4,058 |  |  | — |  |  | 6,959 |
Total current assets | 111,417 |  |  | 2,433,473 |  |  | 1,023,707 |  |  | (2,497,826 | ) |  | 1,070,771 |
Property, plant and equipment, net | 3,329 |  |  | 172,767 |  |  | 134,010 |  |  | — |  |  | 310,106 |
Goodwill | — |  |  | 703,664 |  |  | 589,842 |  |  | — |  |  | 1,293,506 |
Intangibles assets, net | — |  |  | 734,111 |  |  | 449,438 |  |  | — |  |  | 1,183,549 |
Investments in affiliates | 5,448,202 |  |  | 1,321,811 |  |  | 20,940 |  |  | (6,790,219 | ) |  | 734 |
Deferred tax assets | 51,316 |  |  | — |  |  | 3,968 |  |  | (54,165 | ) |  | 1,119 |
Notes receivable and other amounts due from consolidated subsidiaries | 1,206,846 |  |  | 1,566,089 |  |  | 189 |  |  | (2,773,124 | ) |  | — |
Other assets | 29,392 |  |  | 6,836 |  |  | 27,582 |  |  | — |  |  | 63,810 |
Total assets | $ | 6,850,502 |  |  | $ | 6,938,751 |  |  | $ | 2,249,676 |  |  | $ | (12,115,334 | ) |  | $ | 3,923,595 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 366,865 |  |  | $ | — |  |  | $ | 34,700 |  |  | $ | — |  |  | $ | 401,565 |
Accounts payable | 1,645 |  |  | 38,619 |  |  | 35,046 |  |  | — |  |  | 75,310 |
Accounts payable to consolidated subsidiaries | 2,245,622 |  |  | 185,006 |  |  | 43,568 |  |  | (2,474,196 | ) |  | — |
Accrued expenses | 18,174 |  |  | 24,052 |  |  | 29,679 |  |  | — |  |  | 71,905 |
Current portion of contingent consideration | — |  |  | 7,462 |  |  | — |  |  | — |  |  | 7,462 |
Payroll and benefit-related liabilities | 16,836 |  |  | 15,766 |  |  | 33,722 |  |  | — |  |  | 66,324 |
Accrued interest | 12,792 |  |  | — |  |  | 63 |  |  | — |  |  | 12,855 |
Income taxes payable | — |  |  | — |  |  | 17,558 |  |  | — |  |  | 17,558 |
Other current liabilities | 1,672 |  |  | 5,089 |  |  | 4,685 |  |  | — |  |  | 11,446 |
Total current liabilities | 2,663,606 |  |  | 275,994 |  |  | 199,021 |  |  | (2,474,196 | ) |  | 664,425 |
Long-term borrowings | 700,000 |  |  | — |  |  | — |  |  | — |  |  | 700,000 |
Deferred tax liabilities | — |  |  | 438,571 |  |  | 42,362 |  |  | (54,165 | ) |  | 426,768 |
Pension and other postretirement benefit liabilities | 108,627 |  |  | 34,881 |  |  | 19,087 |  |  | — |  |  | 162,595 |
Noncurrent liability for uncertain tax positions | 11,716 |  |  | 15,630 |  |  | 21,988 |  |  | — |  |  | 49,334 |
Notes payable and other amounts due from consolidated subsidiaries | 1,486,644 |  |  | 1,129,731 |  |  | 157,293 |  |  | (2,773,668 | ) |  | — |
Other liabilities | 21,976 |  |  | 25,204 |  |  | 12,691 |  |  | — |  |  | 59,871 |
Total liabilities | 4,992,569 |  |  | 1,920,011 |  |  | 452,442 |  |  | (5,302,029 | ) |  | 2,062,993 |
Total common shareholders' equity | 1,857,933 |  |  | 5,018,740 |  |  | 1,794,565 |  |  | (6,813,305 | ) |  | 1,857,933 |
Noncontrolling interest | — |  |  | — |  |  | 2,669 |  |  | — |  |  | 2,669 |
Total equity | 1,857,933 |  |  | 5,018,740 |  |  | 1,797,234 |  |  | (6,813,305 | ) |  | 1,860,602 |
Total liabilities and equity | $ | 6,850,502 |  |  | $ | 6,938,751 |  |  | $ | 2,249,676 |  |  | $ | (12,115,334 | ) |  | $ | 3,923,595 |
| December 31, 2014
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 27,996 |  |  | $ | — |  |  | $ | 275,240 |  |  | $ | — |  |  | $ | 303,236 |
Accounts receivable, net | 2,346 |  |  | 2,422 |  |  | 265,081 |  |  | 3,855 |  |  | 273,704 |
Accounts receivable from consolidated subsidiaries | 37,378 |  |  | 2,303,284 |  |  | 272,811 |  |  | (2,613,473 | ) |  | — |
Inventories, net | — |  |  | 204,335 |  |  | 154,544 |  |  | (23,286 | ) |  | 335,593 |
Prepaid expenses and other current assets | 14,301 |  |  | 4,786 |  |  | 16,610 |  |  | — |  |  | 35,697 |
Prepaid taxes | 23,493 |  |  | — |  |  | 16,763 |  |  | — |  |  | 40,256 |
Deferred tax assets | 30,248 |  |  | 17,387 |  |  | 9,666 |  |  | — |  |  | 57,301 |
Assets held for sale | 2,901 |  |  | — |  |  | 4,521 |  |  | — |  |  | 7,422 |
Total current assets | 138,663 |  |  | 2,532,214 |  |  | 1,015,236 |  |  | (2,632,904 | ) |  | 1,053,209 |
Property, plant and equipment, net | 3,489 |  |  | 170,054 |  |  | 143,892 |  |  | — |  |  | 317,435 |
Goodwill | — |  |  | 703,663 |  |  | 619,890 |  |  | — |  |  | 1,323,553 |
Intangibles assets, net | — |  |  | 743,222 |  |  | 473,498 |  |  | — |  |  | 1,216,720 |
Investments in affiliates | 5,662,773 |  |  | 1,359,661 |  |  | 21,253 |  |  | (7,042,537 | ) |  | 1,150 |
Deferred tax assets | 52,244 |  |  | — |  |  | 5,535 |  |  | (56,601 | ) |  | 1,178 |
Notes receivable and other amounts due from consolidated subsidiaries | 1,025,859 |  |  | 1,489,994 |  |  | — |  |  | (2,515,853 | ) |  | — |
Other assets | 27,999 |  |  | 6,801 |  |  | 29,210 |  |  | — |  |  | 64,010 |
Total assets | $ | 6,911,027 |  |  | $ | 7,005,609 |  |  | $ | 2,308,514 |  |  | $ | (12,247,895 | ) |  | $ | 3,977,255 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Notes payable | $ | 363,701 |  |  | $ | — |  |  | $ | 4,700 |  |  | $ | — |  |  | $ | 368,401 |
Accounts payable | 1,449 |  |  | 32,692 |  |  | 29,959 |  |  | — |  |  | 64,100 |
Accounts payable to consolidated subsidiaries | 2,259,891 |  |  | 188,908 |  |  | 163,291 |  |  | (2,612,090 | ) |  | — |
Accrued expenses | 17,149 |  |  | 21,479 |  |  | 33,755 |  |  | — |  |  | 72,383 |
Current portion of contingent consideration | — |  |  | 11,276 |  |  | — |  |  | — |  |  | 11,276 |
Payroll and benefit-related liabilities | 20,693 |  |  | 27,228 |  |  | 37,521 |  |  | — |  |  | 85,442 |
Accrued interest | 9,152 |  |  | — |  |  | 17 |  |  | — |  |  | 9,169 |
Income taxes payable | — |  |  | — |  |  | 13,768 |  |  | — |  |  | 13,768 |
Other current liabilities | 5 |  |  | 3,065 |  |  | 7,290 |  |  | — |  |  | 10,360 |
Total current liabilities | 2,672,040 |  |  | 284,648 |  |  | 290,301 |  |  | (2,612,090 | ) |  | 634,899 |
Long-term borrowings | 700,000 |  |  | — |  |  | — |  |  | — |  |  | 700,000 |
Deferred tax liabilities | — |  |  | 462,274 |  |  | 45,867 |  |  | (56,600 | ) |  | 451,541 |
Pension and other postretirement benefit liabilities | 110,830 |  |  | 35,074 |  |  | 21,337 |  |  | — |  |  | 167,241 |
Noncurrent liability for uncertain tax positions | 11,431 |  |  | 15,569 |  |  | 23,884 |  |  | — |  |  | 50,884 |
Notes payable and other amounts due from consolidated subsidiaries | 1,483,984 |  |  | 932,718 |  |  | 103,908 |  |  | (2,520,610 | ) |  | — |
Other liabilities | 21,433 |  |  | 24,900 |  |  | 12,658 |  |  | — |  |  | 58,991 |
Total liabilities | 4,999,718 |  |  | 1,755,183 |  |  | 497,955 |  |  | (5,189,300 | ) |  | 2,063,556 |
Total common shareholders' equity | 1,911,309 |  |  | 5,250,426 |  |  | 1,808,169 |  |  | (7,058,595 | ) |  | 1,911,309 |
Noncontrolling interest | — |  |  | — |  |  | 2,390 |  |  | — |  |  | 2,390 |
Total equity | 1,911,309 |  |  | 5,250,426 |  |  | 1,810,559 |  |  | (7,058,595 | ) |  | 1,913,699 |
Total liabilities and equity | $ | 6,911,027 |  |  | $ | 7,005,609 |  |  | $ | 2,308,514 |  |  | $ | (12,247,895 | ) |  | $ | 3,977,255 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Three Months Ended March 29, 2015
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations | $ | (55,153 | ) |  | $ | (1,914 | ) |  | $ | 99,425 |  |  | $ | — |  |  | $ | 42,358 |
Cash Flows from Investing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (37 | ) |  | (7,738 | ) |  | (6,670 | ) |  | — |  |  | (14,445 | )
Proceeds from sale of assets and investments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Payments for businesses and intangibles acquired, net of cash acquired | — |  |  | — |  |  | (7,375 | ) |  | — |  |  | (7,375 | )
Net cash used in investing activities from continuing operations | (37 | ) |  | (7,738 | ) |  | (14,045 | ) |  | — |  |  | (21,820 | )
Cash Flows from Financing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | 30,000 |  |  | — |  |  | — |  |  | — |  |  | 30,000 |
Repayment of long-term borrowings | (52 | ) |  | — |  |  | — |  |  | — |  |  | (52 | )
Net proceeds from share based compensation plans and the related tax impacts | (289 | ) |  | — |  |  | — |  |  | — |  |  | (289 | )
Payments for contingent consideration | — |  |  | (3,989 | ) |  | — |  |  | — |  |  | (3,989 | )
Dividends | (14,118 | ) |  | — |  |  | — |  |  | — |  |  | (14,118 | )
Intercompany transactions | 40,057 |  |  | 13,641 |  |  | (53,698 | ) |  | — |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 55,598 |  |  | 9,652 |  |  | (53,698 | ) |  | — |  |  | 11,552 |
Cash Flows from Discontinued Operations: |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (302 | ) |  | — |  |  | (824 | ) |  | — |  |  | (1,126 | )
Net cash used in discontinued operations | (302 | ) |  | — |  |  | (824 | ) |  | — |  |  | (1,126 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (25,441 | ) |  | — |  |  | (25,441 | )
Net increase in cash and cash equivalents | 106 |  |  | — |  |  | 5,417 |  |  | — |  |  | 5,523 |
Cash and cash equivalents at the beginning of the period | 27,996 |  |  | — |  |  | 275,240 |  |  | — |  |  | 303,236 |
Cash and cash equivalents at the end of the period | $ | 28,102 |  |  | $ | — |  |  | $ | 280,657 |  |  | $ | — |  |  | $ | 308,759 |
| Three Months Ended March 30, 2014
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations | $ | (22,185 | ) |  | $ | 24,438 |  |  | $ | 39,665 |  |  | $ | — |  |  | $ | 41,918 |
Cash Flows from Investing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (753 | ) |  | (4,823 | ) |  | (6,533 | ) |  | — |  |  | (12,109 | )
Proceeds from sales of assets and investments | 1,669 |  |  | — |  |  | — |  |  | — |  |  | 1,669 |
Payments for business intangibles acquired, net of cash acquired | — |  |  | — |  |  | (28,991 | ) |  | — |  |  | (28,991 | )
Investments in affiliates | (60 | ) |  | — |  |  | — |  |  | — |  |  | (60 | )
Net cash provided by (used in) investing activities from continuing operations | 856 |  |  | (4,823 | ) |  | (35,524 | ) |  | — |  |  | (39,491 | )
Cash Flows from Financing Activities of Continuing Operations: |  |  |  |  |  |  |  |  |  |  |  |
Debt extinguishment, issuance and amendment fees | (90 | ) |  | — |  |  | — |  |  | — |  |  | (90 | )
Net proceeds from share based compensation plans and the related tax impacts | 323 |  |  | — |  |  | — |  |  | — |  |  | 323 |
Dividends | (14,051 | ) |  | — |  |  | — |  |  | — |  |  | (14,051 | )
Intercompany transactions | 15,776 |  |  | (28,602 | ) |  | 12,826 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 1,958 |  |  | (28,602 | ) |  | 12,826 |  |  | — |  |  | (13,818 | )
Cash Flows from Discontinued Operations: |  |  |  |  |  |  |  |  |  |  |  |  | — |
Net cash used in operating activities | (1,167 | ) |  | — |  |  | — |  |  | — |  |  | (1,167 | )
Net cash used in discontinued operations | (1,167 | ) |  | — |  |  | — |  |  | — |  |  | (1,167 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 2,223 |  |  | — |  |  | 2,223 |
Net (decrease) increase in cash and cash equivalents | (20,538 | ) |  | (8,987 | ) |  | 19,190 |  |  | — |  |  | (10,335 | )
Cash and cash equivalents at the beginning of the period | 42,749 |  |  | 14,500 |  |  | 374,735 |  |  | — |  |  | 431,984 |
Cash and cash equivalents at the end of the period | 22,211 |  |  | 5,513 |  |  | 393,925 |  |  | — |  |  | 421,649 |

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