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Condensed consolidating guarantor financial information | 12 Months Ended
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Dec. 31, 2015
Condensed Consolidated Guarantor Financial Information [Abstract] |
Condensed consolidating guarantor financial information | Condensed consolidating guarantor financial information In April 2015, pursuant to an exchange offer registered under the Securities Act of 1933, Teleflex Incorporated (referred to below as “Parent Company”) exchanged $250 million of its 5.25% Senior Notes due 2024 for a like principal amount of substantially identical notes that it issued in a private placement in May 2014. 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 income and condensed consolidating statements of cash flows for the years ended December 31, 2015, 2014 and 2013 and condensed consolidating balance sheets as of December 31, 2015 and 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 are used by the Parent Company and each of its subsidiaries in connection with 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 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. The condensed consolidating statement of cash flows for the Non-Guarantor Subsidiaries and eliminations for the years ended December 31, 2014 and 2013 have been revised to properly reflect the intercompany dividends paid and intercompany dividends received between Non-Guarantor Subsidiaries. Previously, intercompany dividends paid and received among Non-Guarantor Subsidiaries were presented on a gross basis resulting in the overstatement or understatement of cash flows from operations, investing and financing activities. To correct this error, the condensed consolidating statement of cash flows for the year ended December 31, 2014 has been revised as follows: In the Non-Guarantor Subsidiaries column, net cash provided by (used in) operating activities from continuing operations has been changed from $123,545 to $52,634, intercompany dividends received (within cash flows from investing activities of continuing operations) has been changed from $229,782 to $0 (and the intercompany dividends received line item was removed) and intercompany dividends paid (within cash flows from financing activities of continuing operations) changed from $(305,122) to $(4,429). In the eliminations column, net cash provided by (used in) operating activities from continuing operations changed from $(75,340) to $(4,429), intercompany dividends received, which is included in cash flows from investing activities of continuing operations, changed from $(229,782) to $0 (and the intercompany dividends received line item was removed) and intercompany dividends paid, which is included in cash flows from financing activities of continuing operations, changed from $305,122 to $4,429. The condensed consolidating statement of cash flows for the year ended December 31, 2013 has been revised as follows: In the Non-Guarantor Subsidiaries column, net cash provided by (used in) operating activities from continuing operations has been changed from $304,278 to $240,640 and intercompany dividends paid (within cash flows from financing activities of continuing operations) changed from $(130,502) to $(66,866). In the eliminations column, net cash provided by (used in) operating activities from continuing operations changed from $(147,902) to $(66,866) and intercompany dividends paid, which is included in cash flows from financing activities of continuing operations changed from $147,902 to $66,866. The Company also made revisions to the classification of certain balances related to intercompany transactions in the condensed consolidating statements of income and comprehensive income for the year ended December 31, 2014 and the condensed consolidating balance sheet at December 31, 2014 as well as the condensed consolidating statement of cash flows for the year ended December 31, 2014. These revisions, individually and in the aggregate, had no impact on the consolidated results of the Company and are not material to the condensed consolidating guarantor financial information for any of the periods subject to previously filed condensed consolidating guarantor financial information. The Company will revise its condensed consolidated guarantor financial information for the interim period ended March 29, 2015 in its quarterly report on Form 10-Q to be filed for the fiscal quarter ending March 27, 2016. TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| Year Ended December 31, 2015
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 1,079,180 |  |  | $ | 1,107,565 |  |  | $ | (377,055 | ) |  | $ | 1,809,690 |
Cost of goods sold | — |  |  | 646,427 |  |  | 593,855 |  |  | (374,995 | ) |  | 865,287 |
Gross profit | — |  |  | 432,753 |  |  | 513,710 |  |  | (2,060 | ) |  | 944,403 |
Selling, general and administrative expenses | 42,435 |  |  | 336,049 |  |  | 191,029 |  |  | (531 | ) |  | 568,982 |
Research and development expenses | — |  |  | 30,359 |  |  | 21,760 |  |  | — |  |  | 52,119 |
Restructuring charges | — |  |  | 6,731 |  |  | 1,088 |  |  | — |  |  | 7,819 |
Gain on sale of assets | — |  |  | — |  |  | (408 | ) |  | — |  |  | (408 | )
(Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes | (42,435 | ) |  | 59,614 |  |  | 300,241 |  |  | (1,529 | ) |  | 315,891 |
Interest, net | 132,711 |  |  | (76,873 | ) |  | 4,953 |  |  | — |  |  | 60,791 |
Loss on extinguishment of debt | 10,454 |  |  | — |  |  | — |  |  | — |  |  | 10,454 |
(Loss) income from continuing operations before taxes | (185,600 | ) |  | 136,487 |  |  | 295,288 |  |  | (1,529 | ) |  | 244,646 |
(Benefit) taxes on (loss) income from continuing operations | (66,264 | ) |  | 27,260 |  |  | 46,804 |  |  | 38 |  |  | 7,838 |
Equity in net income of consolidated subsidiaries | 355,138 |  |  | 235,810 |  |  | 1,086 |  |  | (592,034 | ) |  | — |
Income from continuing operations | 235,802 |  |  | 345,037 |  |  | 249,570 |  |  | (593,601 | ) |  | 236,808 |
Operating (loss) income from discontinued operations | (1,734 | ) |  | — |  |  | 4 |  |  | — |  |  | (1,730 | )
(Benefit) taxes on (loss) income from discontinued operations | (10,795 | ) |  | — |  |  | 160 |  |  | — |  |  | (10,635 | )
Income (loss) from discontinued operations | 9,061 |  |  | — |  |  | (156 | ) |  | — |  |  | 8,905 |
Net income | 244,863 |  |  | 345,037 |  |  | 249,414 |  |  | (593,601 | ) |  | 245,713 |
Less: Income from continuing operations attributable to noncontrolling interest | — |  |  | — |  |  | 850 |  |  | — |  |  | 850 |
Net income attributable to common shareholders | 244,863 |  |  | 345,037 |  |  | 248,564 |  |  | (593,601 | ) |  | 244,863 |
Other comprehensive loss attributable to common shareholders | (110,229 | ) |  | (110,604 | ) |  | (120,439 | ) |  | 231,043 |  |  | (110,229 | )
Comprehensive income attributable to common shareholders | $ | 134,634 |  |  | $ | 234,433 |  |  | $ | 128,125 |  |  | $ | (362,558 | ) |  | $ | 134,634 |
| Year Ended December 31, 2014
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 1,078,851 |  |  | $ | 1,132,152 |  |  | $ | (371,171 | ) |  | $ | 1,839,832 |
Cost of goods sold | — |  |  | 652,742 |  |  | 608,256 |  |  | (363,594 | ) |  | 897,404 |
Gross profit | — |  |  | 426,109 |  |  | 523,896 |  |  | (7,577 | ) |  | 942,428 |
Selling, general and administrative expenses | 42,829 |  |  | 326,282 |  |  | 209,930 |  |  | (384 | ) |  | 578,657 |
Research and development expenses | — |  |  | 40,546 |  |  | 20,494 |  |  | — |  |  | 61,040 |
Restructuring charges | — |  |  | 10,189 |  |  | 7,680 |  |  | — |  |  | 17,869 |
(Loss) income from continuing operations before interest and taxes | (42,829 | ) |  | 49,092 |  |  | 285,792 |  |  | (7,193 | ) |  | 284,862 |
Interest, net | 144,869 |  |  | (85,886 | ) |  | 5,769 |  |  | — |  |  | 64,752 |
(Loss) income from continuing operations before taxes | (187,698 | ) |  | 134,978 |  |  | 280,023 |  |  | (7,193 | ) |  | 220,110 |
(Benefit) taxes on (loss) income from continuing operations | (68,307 | ) |  | 68,690 |  |  | 28,159 |  |  | 108 |  |  | 28,650 |
Equity in net income of consolidated subsidiaries | 308,396 |  |  | 233,827 |  |  | 252 |  |  | (542,475 | ) |  | — |
Income from continuing operations | 189,005 |  |  | 300,115 |  |  | 252,116 |  |  | (549,776 | ) |  | 191,460 |
Operating loss from discontinued operations | (2,196 | ) |  | — |  |  | (1,211 | ) |  | — |  |  | (3,407 | )
(Benefit) taxes on loss from discontinued operations | (870 | ) |  | — |  |  | 172 |  |  | — |  |  | (698 | )
Loss from discontinued operations | (1,326 | ) |  | — |  |  | (1,383 | ) |  | — |  |  | (2,709 | )
Net income | 187,679 |  |  | 300,115 |  |  | 250,733 |  |  | (549,776 | ) |  | 188,751 |
Less: Income from continuing operations attributable to noncontrolling interests | — |  |  | — |  |  | 1,072 |  |  | — |  |  | 1,072 |
Net income attributable to common shareholders | 187,679 |  |  | 300,115 |  |  | 249,661 |  |  | (549,776 | ) |  | 187,679 |
Other comprehensive loss attributable to common shareholders | (150,040 | ) |  | (105,872 | ) |  | (126,317 | ) |  | 232,189 |  |  | (150,040 | )
Comprehensive income attributable to common shareholders | $ | 37,639 |  |  | $ | 194,243 |  |  | $ | 123,344 |  |  | $ | (317,587 | ) |  | $ | 37,639 |
| Year Ended December 31, 2013
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 1,001,404 |  |  | $ | 963,184 |  |  | $ | (268,317 | ) |  | $ | 1,696,271 |
Cost of goods sold | — |  |  | 582,110 |  |  | 543,717 |  |  | (268,501 | ) |  | 857,326 |
Gross profit | — |  |  | 419,294 |  |  | 419,467 |  |  | 184 |  |  | 838,945 |
Selling, general and administrative expenses | 39,176 |  |  | 284,960 |  |  | 178,358 |  |  | (307 | ) |  | 502,187 |
Research and development expenses | — |  |  | 55,694 |  |  | 9,351 |  |  | — |  |  | 65,045 |
Restructuring and other impairment charges | 935 |  |  | 15,288 |  |  | 22,229 |  |  | — |  |  | 38,452 |
(Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes | (40,111 | ) |  | 63,352 |  |  | 209,529 |  |  | 491 |  |  | 233,261 |
Interest, net | 134,864 |  |  | (85,063 | ) |  | 6,480 |  |  | — |  |  | 56,281 |
Loss on extinguishment of debt | 1,250 |  |  | — |  |  | — |  |  | — |  |  | 1,250 |
(Loss) income from continuing operations before taxes | (176,225 | ) |  | 148,415 |  |  | 203,049 |  |  | 491 |  |  | 175,730 |
(Benefit) taxes on (loss) income from continuing operations | (63,857 | ) |  | 42,804 |  |  | 45,354 |  |  | (754 | ) |  | 23,547 |
Equity in net income of consolidated subsidiaries | 263,469 |  |  | 141,773 |  |  | 288 |  |  | (405,530 | ) |  | — |
Income from continuing operations | 151,101 |  |  | 247,384 |  |  | 157,983 |  |  | (404,285 | ) |  | 152,183 |
Operating loss from discontinued operations | (1,947 | ) |  | — |  |  | (258 | ) |  | — |  |  | (2,205 | )
(Benefit) taxes on loss from discontinued operations | (1,727 | ) |  | (170 | ) |  | 127 |  |  | — |  |  | (1,770 | )
(Loss) income from discontinued operations | (220 | ) |  | 170 |  |  | (385 | ) |  | — |  |  | (435 | )
Net income | 150,881 |  |  | 247,554 |  |  | 157,598 |  |  | (404,285 | ) |  | 151,748 |
Less: Income from continuing operations attributable to noncontrolling interests | — |  |  | — |  |  | 867 |  |  | — |  |  | 867 |
Net income attributable to common shareholders | 150,881 |  |  | 247,554 |  |  | 156,731 |  |  | (404,285 | ) |  | 150,881 |
Other comprehensive income (loss) attributable to common shareholders | 21,193 |  |  | (5,304 | ) |  | 5,442 |  |  | (138 | ) |  | 21,193 |
Comprehensive income attributable to common shareholders | $ | 172,074 |  |  | $ | 242,250 |  |  | $ | 162,173 |  |  | $ | (404,423 | ) |  | $ | 172,074 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
| December 31, 2015
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 21,612 |  |  | $ | — |  |  | $ | 316,754 |  |  | $ | — |  |  | $ | 338,366 |
Accounts receivable, net | 2,538 |  |  | 4,326 |  |  | 251,166 |  |  | 4,386 |  |  | 262,416 |
Accounts receivable from consolidated subsidiaries | 5,276 |  |  | 2,412,079 |  |  | 289,697 |  |  | (2,707,052 | ) |  | — |
Inventories, net | — |  |  | 205,163 |  |  | 149,705 |  |  | (24,593 | ) |  | 330,275 |
Prepaid expenses and other current assets | 13,103 |  |  | 4,702 |  |  | 16,037 |  |  | 3,665 |  |  | 37,507 |
Prepaid taxes | 16,686 |  |  | — |  |  | 14,622 |  |  | (413 | ) |  | 30,895 |
Assets held for sale | 2,901 |  |  | — |  |  | 4,071 |  |  | — |  |  | 6,972 |
Total current assets | 62,116 |  |  | 2,626,270 |  |  | 1,042,052 |  |  | (2,724,007 | ) |  | 1,006,431 |
Property, plant and equipment, net | 2,931 |  |  | 174,674 |  |  | 138,518 |  |  | — |  |  | 316,123 |
Goodwill | — |  |  | 705,753 |  |  | 590,099 |  |  | — |  |  | 1,295,852 |
Intangibles assets, net | — |  |  | 762,084 |  |  | 437,891 |  |  | — |  |  | 1,199,975 |
Investments in affiliates | 5,724,226 |  |  | 1,360,045 |  |  | 23,065 |  |  | (7,107,184 | ) |  | 152 |
Deferred tax assets | 91,432 |  |  | — |  |  | 8,042 |  |  | (97,133 | ) |  | 2,341 |
Notes receivable and other amounts due from consolidated subsidiaries | 1,358,446 |  |  | 1,658,092 |  |  | — |  |  | (3,016,538 | ) |  | — |
Other assets | 26,752 |  |  | 6,615 |  |  | 24,275 |  |  | — |  |  | 57,642 |
Total assets | $ | 7,265,903 |  |  | $ | 7,293,533 |  |  | $ | 2,263,942 |  |  | $ | (12,944,862 | ) |  | $ | 3,878,516 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 376,642 |  |  | $ | — |  |  | $ | 43,300 |  |  | $ | — |  |  | $ | 419,942 |
Accounts payable | 1,945 |  |  | 27,527 |  |  | 36,833 |  |  | — |  |  | 66,305 |
Accounts payable to consolidated subsidiaries | 2,478,109 |  |  | 201,400 |  |  | 27,543 |  |  | (2,707,052 | ) |  | — |
Accrued expenses | 15,399 |  |  | 22,281 |  |  | 26,337 |  |  | — |  |  | 64,017 |
Current portion of contingent consideration | — |  |  | 7,291 |  |  | — |  |  | — |  |  | 7,291 |
Payroll and benefit-related liabilities | 21,617 |  |  | 29,305 |  |  | 33,736 |  |  | — |  |  | 84,658 |
Accrued interest | 7,455 |  |  | — |  |  | 25 |  |  | — |  |  | 7,480 |
Income taxes payable | — |  |  | — |  |  | 8,144 |  |  | (85 | ) |  | 8,059 |
Other current liabilities | 1,300 |  |  | 2,679 |  |  | 4,981 |  |  | — |  |  | 8,960 |
Total current liabilities | 2,902,467 |  |  | 290,483 |  |  | 180,899 |  |  | (2,707,137 | ) |  | 666,712 |
Long-term borrowings | 646,000 |  |  | — |  |  | — |  |  | — |  |  | 646,000 |
Deferred tax liabilities | — |  |  | 376,738 |  |  | 36,378 |  |  | (97,133 | ) |  | 315,983 |
Pension and other postretirement benefit liabilities | 100,355 |  |  | 32,274 |  |  | 16,812 |  |  | — |  |  | 149,441 |
Noncurrent liability for uncertain tax positions | 1,151 |  |  | 17,722 |  |  | 21,527 |  |  | — |  |  | 40,400 |
Notes payable and other amounts due to consolidated subsidiaries | 1,585,727 |  |  | 1,253,189 |  |  | 177,622 |  |  | (3,016,538 | ) |  | — |
Other liabilities | 20,931 |  |  | 15,685 |  |  | 12,271 |  |  | — |  |  | 48,887 |
Total liabilities | 5,256,631 |  |  | 1,986,091 |  |  | 445,509 |  |  | (5,820,808 | ) |  | 1,867,423 |
Total common shareholders' equity | 2,009,272 |  |  | 5,307,442 |  |  | 1,816,612 |  |  | (7,124,054 | ) |  | 2,009,272 |
Noncontrolling interest | — |  |  | — |  |  | 1,821 |  |  | — |  |  | 1,821 |
Total equity | 2,009,272 |  |  | 5,307,442 |  |  | 1,818,433 |  |  | (7,124,054 | ) |  | 2,011,093 |
Total liabilities and equity | $ | 7,265,903 |  |  | $ | 7,293,533 |  |  | $ | 2,263,942 |  |  | $ | (12,944,862 | ) |  | $ | 3,878,516 |
| 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 | 35,996 |  |  | 2,303,284 |  |  | 272,810 |  |  | (2,612,090 | ) |  | — |
Inventories, net | — |  |  | 204,335 |  |  | 154,544 |  |  | (23,286 | ) |  | 335,593 |
Prepaid expenses and other current assets | 14,301 |  |  | 4,786 |  |  | 13,102 |  |  | 3,508 |  |  | 35,697 |
Prepaid taxes | 23,493 |  |  | — |  |  | 16,763 |  |  | — |  |  | 40,256 |
Assets held for sale | 2,901 |  |  | — |  |  | 4,521 |  |  | — |  |  | 7,422 |
Total current assets | 107,033 |  |  | 2,514,827 |  |  | 1,002,061 |  |  | (2,628,013 | ) |  | 995,908 |
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 | 5,680,328 |  |  | 1,359,661 |  |  | 21,253 |  |  | (7,060,092 | ) |  | 1,150 |
Deferred tax assets | 82,492 |  |  | — |  |  | 6,867 |  |  | (85,348 | ) |  | 4,011 |
Notes receivable and other amounts due from consolidated subsidiaries | 1,009,686 |  |  | 1,489,994 |  |  | — |  |  | (2,499,680 | ) |  | — |
Other assets | 27,999 |  |  | 6,801 |  |  | 29,210 |  |  | — |  |  | 64,010 |
Total assets | $ | 6,911,027 |  |  | $ | 6,988,222 |  |  | $ | 2,296,671 |  |  | $ | (12,273,133 | ) |  | $ | 3,922,787 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 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 | — |  |  | — |  |  | 13,634 |  |  | 134 |  |  | 13,768 |
Other current liabilities | 5 |  |  | 3,065 |  |  | 5,160 |  |  | — |  |  | 8,230 |
Total current liabilities | 2,672,040 |  |  | 284,648 |  |  | 288,037 |  |  | (2,611,956 | ) |  | 632,769 |
Long-term borrowings | 700,000 |  |  | — |  |  | — |  |  | — |  |  | 700,000 |
Deferred tax liabilities | — |  |  | 444,887 |  |  | 39,663 |  |  | (85,347 | ) |  | 399,203 |
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 to consolidated subsidiaries | 1,483,984 |  |  | 915,163 |  |  | 100,533 |  |  | (2,499,680 | ) |  | — |
Other liabilities | 21,433 |  |  | 24,900 |  |  | 12,658 |  |  | — |  |  | 58,991 |
Total liabilities | 4,999,718 |  |  | 1,720,241 |  |  | 486,112 |  |  | (5,196,983 | ) |  | 2,009,088 |
Total common shareholders' equity | 1,911,309 |  |  | 5,267,981 |  |  | 1,808,169 |  |  | (7,076,150 | ) |  | 1,911,309 |
Noncontrolling interest | — |  |  | — |  |  | 2,390 |  |  | — |  |  | 2,390 |
Total equity | 1,911,309 |  |  | 5,267,981 |  |  | 1,810,559 |  |  | (7,076,150 | ) |  | 1,913,699 |
Total liabilities and equity | $ | 6,911,027 |  |  | $ | 6,988,222 |  |  | $ | 2,296,671 |  |  | $ | (12,273,133 | ) |  | $ | 3,922,787 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Year Ended December 31, 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 | $ | (147,704 | ) |  | $ | 134,817 |  |  | $ | 320,145 |  |  | $ | (3,812 | ) |  | $ | 303,446 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (124 | ) |  | (32,797 | ) |  | (28,527 | ) |  | — |  |  | (61,448 | )
Payments for businesses and intangibles acquired, net of cash acquired | — |  |  | (60,336 | ) |  | (33,472 | ) |  | — |  |  | (93,808 | )
Proceeds from sale of assets | 408 |  |  | — |  |  | — |  |  | — |  |  | 408 |
Investments in affiliates | — |  |  | — |  |  | (121,850 | ) |  | 121,850 |  |  | — |
Net cash provided by (used in) investing activities from continuing operations | 284 |  |  | (93,133 | ) |  | (183,849 | ) |  | 121,850 |  |  | (154,848 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 288,100 |  |  | — |  |  | — |  |  | — |  |  | 288,100 |
Reduction in borrowings | (303,757 | ) |  | — |  |  | — |  |  | — |  |  | (303,757 | )
Debt extinguishment, issuance and amendment fees | (9,017 | ) |  | — |  |  | — |  |  | — |  |  | (9,017 | )
Proceeds from share based compensation plans and the related tax impacts | 4,994 |  |  | — |  |  | — |  |  | — |  |  | 4,994 |
Payments to noncontrolling interest shareholders | — |  |  | — |  |  | (1,343 | ) |  | — |  |  | (1,343 | )
Payments for contingent consideration | — |  |  | (8,028 | ) |  | — |  |  | — |  |  | (8,028 | )
Proceeds from issuance of shares | — |  |  | 121,850 |  |  | — |  |  | (121,850 | ) |  | — |
Dividends paid | (56,532 | ) |  | — |  |  | — |  |  | — |  |  | (56,532 | )
Intercompany transactions | 219,035 |  |  | (155,506 | ) |  | (63,529 | ) |  | — |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (3,812 | ) |  | 3,812 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 142,823 |  |  | (41,684 | ) |  | (68,684 | ) |  | (118,038 | ) |  | (85,583 | )
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (1,787 | ) |  | — |  |  | (849 | ) |  | — |  |  | (2,636 | )
Net cash used in discontinued operations | (1,787 | ) |  | — |  |  | (849 | ) |  | — |  |  | (2,636 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (25,249 | ) |  | — |  |  | (25,249 | )
Net (decrease) increase in cash and cash equivalents | (6,384 | ) |  | — |  |  | 41,514 |  |  | — |  |  | 35,130 |
Cash and cash equivalents at the beginning of the year | 27,996 |  |  | — |  |  | 275,240 |  |  | — |  |  | 303,236 |
Cash and cash equivalents at the end of the year | $ | 21,612 |  |  | $ | — |  |  | $ | 316,754 |  |  | $ | — |  |  | $ | 338,366 |
| Year Ended December 31, 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 | $ | (105,467 | ) |  | $ | 347,503 |  |  | $ | 52,634 |  |  | $ | (4,429 | ) |  | $ | 290,241 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (2,273 | ) |  | (30,586 | ) |  | (34,712 | ) |  | — |  |  | (67,571 | )
Payments for businesses and intangibles acquired, net of cash acquired | — |  |  | (17,241 | ) |  | (28,536 | ) |  | — |  |  | (45,777 | )
Proceeds from sale of assets and investments | 1,669 |  |  | 3,421 |  |  | 161 |  |  | — |  |  | 5,251 |
Investments in affiliates | (60 | ) |  | 20 |  |  | — |  |  | — |  |  | (40 | )
Net cash used in investing activities from continuing operations | (664 | ) |  | (44,386 | ) |  | (63,087 | ) |  | — |  |  | (108,137 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 250,000 |  |  | — |  |  | — |  |  | — |  |  | 250,000 |
Reduction in borrowings | (480,102 | ) |  | — |  |  | — |  |  | — |  |  | (480,102 | )
Debt issuance and amendment fees | (4,494 | ) |  | — |  |  | — |  |  | — |  |  | (4,494 | )
Proceeds from share based compensation plans and the related tax impacts | 4,245 |  |  | — |  |  | — |  |  | — |  |  | 4,245 |
Payments to noncontrolling interest shareholders | — |  |  | — |  |  | (1,094 | ) |  | — |  |  | (1,094 | )
Dividends paid | (56,258 | ) |  | — |  |  | — |  |  | — |  |  | (56,258 | )
Intercompany transactions | 381,663 |  |  | (317,617 | ) |  | (64,046 | ) |  | — |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (4,429 | ) |  | 4,429 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 95,054 |  |  | (317,617 | ) |  | (69,569 | ) |  | 4,429 |  |  | (287,703 | )
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (3,676 | ) |  | — |  |  | — |  |  | — |  |  | (3,676 | )
Net cash used in discontinued operations | (3,676 | ) |  | — |  |  | — |  |  | — |  |  | (3,676 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (19,473 | ) |  | — |  |  | (19,473 | )
Net decrease in cash and cash equivalents | (14,753 | ) |  | (14,500 | ) |  | (99,495 | ) |  | — |  |  | (128,748 | )
Cash and cash equivalents at the beginning of the year | 42,749 |  |  | 14,500 |  |  | 374,735 |  |  | — |  |  | 431,984 |
Cash and cash equivalents at the end of the year | $ | 27,996 |  |  | $ | — |  |  | $ | 275,240 |  |  | $ | — |  |  | $ | 303,236 |
| Year Ended December 31, 2013
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations | $ | (123,765 | ) |  | $ | 181,290 |  |  | $ | 240,640 |  |  | $ | (66,866 | ) |  | $ | 231,299 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (1,553 | ) |  | (47,633 | ) |  | (14,394 | ) |  | — |  |  | (63,580 | )
Payments for businesses and intangibles acquired, net of cash acquired | — |  |  | (250,912 | ) |  | (58,096 | ) |  | — |  |  | (309,008 | )
Investments in affiliates | (50 | ) |  | — |  |  | — |  |  | — |  |  | (50 | )
Net cash used in investing activities from continuing operations | (1,603 | ) |  | (298,545 | ) |  | (72,490 | ) |  | — |  |  | (372,638 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 680,000 |  |  | — |  |  | — |  |  | — |  |  | 680,000 |
Reduction in borrowings | (375,000 | ) |  | — |  |  | — |  |  | — |  |  | (375,000 | )
Debt extinguishment, issuance and amendment fees | (6,400 | ) |  | — |  |  | — |  |  | — |  |  | (6,400 | )
Proceeds from share based compensation plans and the related tax impacts | 6,181 |  |  | — |  |  | — |  |  | — |  |  | 6,181 |
Payments to noncontrolling interest shareholders | — |  |  | — |  |  | (736 | ) |  | — |  |  | (736 | )
Payments for contingent consideration | — |  |  | (14,802 | ) |  | (2,156 | ) |  | — |  |  | (16,958 | )
Dividends paid | (55,917 | ) |  | — |  |  | — |  |  | — |  |  | (55,917 | )
Intercompany transactions | (148,880 | ) |  | 144,568 |  |  | 4,312 |  |  | — |  |  | — |
Intercompany dividends paid | — |  |  |  |  | (66,866 | ) |  | 66,866 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 99,984 |  |  | 129,766 |  |  | (65,446 | ) |  | 66,866 |  |  | 231,170 |
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (2,727 | ) |  | — |  |  | (600 | ) |  | — |  |  | (3,327 | )
Net cash used in discontinued operations | (2,727 | ) |  | — |  |  | (600 | ) |  | — |  |  | (3,327 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 8,441 |  |  | — |  |  | 8,441 |
Net (decrease) increase in cash and cash equivalents | (28,111 | ) |  | 12,511 |  |  | 110,545 |  |  | — |  |  | 94,945 |
Cash and cash equivalents at the beginning of the year | 70,860 |  |  | 1,989 |  |  | 264,190 |  |  | — |  |  | 337,039 |
Cash and cash equivalents at the end of the year | $ | 42,749 |  |  | $ | 14,500 |  |  | $ | 374,735 |  |  | $ | — |  |  | $ | 431,984 |

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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 FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: 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=26873400&loc=d3e24072-122690 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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