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Acquisitions | 3 Months Ended
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Apr. 02, 2017
Business Combinations [Abstract] |
Acquisitions | Note 3 — Acquisitions On February 17, 2017, the Company completed the acquisition of Vascular Solutions, Inc. (“Vascular Solutions”) pursuant to the terms of an Agreement and Plan of Merger, dated as of December 1, 2016 (the "Merger Agreement"). Vascular Solutions is a medical device company that develops and markets products for use in minimally invasive coronary and peripheral vascular procedures. At the effective time of the Merger (the “Effective Time”), each share of common stock of Vascular Solutions (the “Shares”), other than Shares held by Vascular Solutions, Teleflex, or their respective subsidiaries, and Shares then held by a holder who has properly asserted dissenters’ rights under applicable law, was converted into the right to receive $56.00 per Share in cash, without interest and subject to applicable withholding tax (the “Merger Consideration”). In addition, each outstanding option or similar right to purchase Shares (other than pursuant to the employee stock purchase program of Vascular Solutions) issued under the Vascular Solutions’ Stock Option and Stock Award Plan (the "Company Options") was cancelled and converted into the right to receive an amount in cash, without interest, equal to the product of (i) the total number of Shares subject to such Company Option immediately prior to the Effective Time and (ii) the excess, if any, of the Merger Consideration over the exercise price of such Company Option, subject to applicable withholding tax. The aggregate consideration transferred was approximately $975.5 million, net of cash acquired. Transaction expenses associated with the Vascular Solutions acquisition, which are included in selling, general and administrative expenses in the condensed consolidated statement of income were $8.9 million for the three months ended April 2, 2017. For the period from February 18, 2017 through April 2, 2017, the Company recorded post acquisition revenue and operating loss of $21.6 million and $14.8 million, respectively, related to Vascular Solutions. Financial information of Vascular Solutions is presented within the "All Other" category in the Company's presentation of segment information. The transaction was financed utilizing borrowings under the Amended and Restated Credit Agreement, dated January 20, 2017 (the "Credit Agreement"), which is described in Note 7. The following table presents the preliminary fair value determination of the assets acquired and liabilities assumed as of February 17, 2017 with respect to the Vascular Solutions acquisition, which was accounted for as a business combination:
| (Dollars in thousands)
Assets |  |
Current assets | $ | 64,232 |
Property, plant and equipment | 46,886 |
Intangible assets | 539,250 |
Goodwill | 521,396 |
Other assets | 728 |
Total assets acquired | 1,172,492 |
Less: |  |
Current liabilities | 13,470 |
Deferred tax liabilities | 183,498 |
Liabilities assumed | 196,968 |
Net assets acquired | $ | 975,524 |
The Company is continuing to evaluate the initial purchase price allocation, and further adjustments may be necessary as a result of the Company's assessment of additional information related to the fair values of the assets acquired and liabilities assumed, primarily deferred tax liabilities, certain intangible assets and goodwill. The goodwill resulting from the acquisition primarily reflects synergies currently expected to be realized from the integration of the acquired business. The following table sets forth the components of identifiable intangible assets acquired and the ranges of the useful lives as of the date of acquisition:
| Fair value |  | Useful life range
| (Dollars in thousands) |  | (Years)
Intellectual property | 248,200 |  |  | 10- 20
In-process research and development ("IPR&D") | 15,600 |  |  | Indefinite
Trade names | 16,650 |  |  | 20
Customer lists | 258,800 |  |  | 25
Pro forma combined financial information The following unaudited pro forma combined financial information for the three months ended April 2, 2017 and March 27, 2016, respectively, gives effect to the Vascular Solutions acquisition as if it was completed at the beginning of each of the respective periods.
| Three Months Ended
| April 2, 2017 |  | March 27, 2016
| (Dollars and shares in thousands, except per share)
Net revenue | $ | 510,705 |  |  | $ | 464,124 |
Net income | $ | 26,247 |  |  | $ | 36,186 |
Basic earnings per common share: |  |  |
Net income | $ | 0.58 |  |  | $ | 0.87 |
Diluted earnings per common share: |  |  |
Net income | $ | 0.56 |  |  | $ | 0.74 |
Weighted average common shares outstanding: |  |  |
Basic | 44,893 |  |  | 41,647 |
Diluted | 46,615 |  |  | 48,782 |
The unaudited pro forma combined financial information presented above includes the accounting effects of the business combination, including amortization charges from acquired intangible assets, adjustments for depreciation of property plant and equipment, interest expense, the revaluation of inventory and the related tax effects. The unaudited pro forma financial information for the three months ended April 2, 2017 includes non-recurring charges specifically related to the acquisition, including $23.8 million in combined acquisition costs of the Company and Vascular Solutions and $2.1 million in interest expense associated with a bridge loan facility that was put in place on December 1, 2016 to, among other things, assist the Company in financing the acquisition of Vascular Solutions. The bridge facility was not utilized, as the required financing was provided under the Credit Agreement. The unaudited pro forma combined financial information for the three months ended March 27, 2016 reflects the historical results of Vascular Solutions based upon their respective reporting period for the three months ended March 31, 2016 and the effects of the pro forma adjustments listed above. 2016 acquisitions The Company made the following acquisitions during 2016 (the "2016 acquisitions"), which, with the exception of its acquisition of the outstanding noncontrolling interest in Teleflex Medical Private Limited, were accounted for as business combinations:
• | On September 2, 2016, the Company acquired certain assets of CarTika Medical, Inc., ("CarTika"), an original equipment manufacturer (OEM) of catheters and other medical devices that complement the Company's OEM product portfolio.
• | On July 1, 2016, the Company, which previously owned a 74% controlling interest in its Indian affiliate, Teleflex Medical Private Limited, acquired the remaining 26% ownership interest from the noncontrolling shareholders. Teleflex Medical Private Limited is part of the Company's Asia reportable operating segment. As this acquisition did not result in a change in the Company's control of the entity, the Company recognized the $7.5 million excess of the purchase price of the noncontrolling interest over its carrying value as equity.
• | During the second quarter 2016, the Company acquired certain assets of two medical device and supplies distributors in New Zealand.
The aggregate purchase price paid in connection with the 2016 acquisitions was $22.8 million. The results of operations of the acquired businesses and assets are included in the condensed consolidated statements of income from their respective acquisition dates. Pro forma information is not presented, as the operations of the acquired businesses are not significant to the overall operations of the Company.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1490-128463 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1524-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4934-128472 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4926-128472 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1383-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479 + Details
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