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Condensed consolidating guarantor financial information (Tables) | 3 Months Ended
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Apr. 02, 2017
Condensed Consolidated Guarantor Financial Information [Abstract] |
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) | TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
| Three Months Ended April 2, 2017
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 315,643 |  |  | $ | 276,315 |  |  | $ | (104,077 | ) |  | $ | 487,881 |
Cost of goods sold | — |  |  | 192,001 |  |  | 143,896 |  |  | (103,576 | ) |  | 232,321 |
Gross profit | — |  |  | 123,642 |  |  | 132,419 |  |  | (501 | ) |  | 255,560 |
Selling, general and administrative expenses | 20,519 |  |  | 94,043 |  |  | 48,844 |  |  | 563 |  |  | 163,969 |
Research and development expenses | 235 |  |  | 11,186 |  |  | 6,406 |  |  | — |  |  | 17,827 |
Restructuring charges | — |  |  | 5,374 |  |  | 7,571 |  |  | — |  |  | 12,945 |
(Loss) income from continuing operations before interest, extinguishment of debt and taxes | (20,754 | ) |  | 13,039 |  |  | 69,598 |  |  | (1,064 | ) |  | 60,819 |
Interest, net | 47,674 |  |  | (30,963 | ) |  | 846 |  |  | — |  |  | 17,557 |
Loss on extinguishment of debt | 5,582 |  |  | — |  |  | — |  |  | — |  |  | 5,582 |
(Loss) income from continuing operations before taxes | (74,010 | ) |  | 44,002 |  |  | 68,752 |  |  | (1,064 | ) |  | 37,680 |
(Benefit) taxes on (loss) income from continuing operations | (29,907 | ) |  | 14,485 |  |  | 12,229 |  |  | 524 |  |  | (2,669 | )
Equity in net income of consolidated subsidiaries | 84,452 |  |  | 55,802 |  |  | 216 |  |  | (140,470 | ) |  | — |
Income from continuing operations | 40,349 |  |  | 85,319 |  |  | 56,739 |  |  | (142,058 | ) |  | 40,349 |
Operating loss from discontinued operations | (282 | ) |  | — |  |  | — |  |  | — |  |  | (282 | )
Benefit on loss from discontinued operations | (103 | ) |  | — |  |  | — |  |  | — |  |  | (103 | )
Loss from discontinued operations | (179 | ) |  | — |  |  | — |  |  | — |  |  | (179 | )
Net income | 40,170 |  |  | 85,319 |  |  | 56,739 |  |  | (142,058 | ) |  | 40,170 |
Other comprehensive income | 49,600 |  |  | 49,404 |  |  | 53,901 |  |  | (103,305 | ) |  | 49,600 |
Comprehensive income | $ | 89,770 |  |  | $ | 134,723 |  |  | $ | 110,640 |  |  | $ | (245,363 | ) |  | $ | 89,770 |
| Three Months Ended March 27, 2016
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 258,911 |  |  | $ | 261,348 |  |  | $ | (95,366 | ) |  | $ | 424,893 |
Cost of goods sold | — |  |  | 155,541 |  |  | 132,963 |  |  | (88,758 | ) |  | 199,746 |
Gross profit | — |  |  | 103,370 |  |  | 128,385 |  |  | (6,608 | ) |  | 225,147 |
Selling, general and administrative expenses | 9,329 |  |  | 81,477 |  |  | 45,059 |  |  | 483 |  |  | 136,348 |
Research and development expenses | — |  |  | 6,435 |  |  | 5,918 |  |  | — |  |  | 12,353 |
Restructuring charges | — |  |  | 4,758 |  |  | 5,210 |  |  | — |  |  | 9,968 |
Gain on sale of assets | — |  |  | — |  |  | (1,019 | ) |  | — |  |  | (1,019 | )
(Loss) income from continuing operations before interest and taxes | (9,329 | ) |  | 10,700 |  |  | 73,217 |  |  | (7,091 | ) |  | 67,497 |
Interest, net | 33,044 |  |  | (20,318 | ) |  | 978 |  |  | — |  |  | 13,704 |
(Loss) income from continuing operations before taxes | (42,373 | ) |  | 31,018 |  |  | 72,239 |  |  | (7,091 | ) |  | 53,793 |
(Benefit) taxes on (loss) income from continuing operations | (15,848 | ) |  | 11,677 |  |  | 7,864 |  |  | (1,080 | ) |  | 2,613 |
Equity in net income of consolidated subsidiaries | 77,457 |  |  | 57,900 |  |  | 168 |  |  | (135,525 | ) |  | — |
Income from continuing operations | 50,932 |  |  | 77,241 |  |  | 64,543 |  |  | (141,536 | ) |  | 51,180 |
Operating loss from discontinued operations | (382 | ) |  | — |  |  | — |  |  | — |  |  | (382 | )
(Benefit) taxes on loss from discontinued operations | (139 | ) |  | — |  |  | 69 |  |  | — |  |  | (70 | )
Loss from discontinued operations | (243 | ) |  | — |  |  | (69 | ) |  | — |  |  | (312 | )
Net income | 50,689 |  |  | 77,241 |  |  | 64,474 |  |  | (141,536 | ) |  | 50,868 |
Less: Income from continuing operations attributable to noncontrolling interest | — |  |  | — |  |  | 179 |  |  | — |  |  | 179 |
Net income attributable to common shareholders | 50,689 |  |  | 77,241 |  |  | 64,295 |  |  | (141,536 | ) |  | 50,689 |
Other comprehensive income attributable to common shareholders | 23,194 |  |  | 18,573 |  |  | 22,412 |  |  | (40,985 | ) |  | 23,194 |
Comprehensive income attributable to common shareholders | $ | 73,883 |  |  | $ | 95,814 |  |  | $ | 86,707 |  |  | $ | (182,521 | ) |  | $ | 73,883 |
Condensed Consolidating Balance Sheets | TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
| April 2, 2017
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 153,100 |  |  | $ | 7,593 |  |  | $ | 528,436 |  |  | $ | — |  |  | $ | 689,129 |
Accounts receivable, net | 2,215 |  |  | 34,464 |  |  | 241,897 |  |  | 4,296 |  |  | 282,872 |
Accounts receivable from consolidated subsidiaries | 8,025 |  |  | 2,238,256 |  |  | 338,230 |  |  | (2,584,511 | ) |  | — |
Inventories, net | — |  |  | 222,619 |  |  | 158,358 |  |  | (25,688 | ) |  | 355,289 |
Prepaid expenses and other current assets | 14,084 |  |  | 9,477 |  |  | 20,340 |  |  | 3,337 |  |  | 47,238 |
Prepaid taxes | 11,072 |  |  | — |  |  | 9,527 |  |  | — |  |  | 20,599 |
Total current assets | 188,496 |  |  | 2,512,409 |  |  | 1,296,788 |  |  | (2,602,566 | ) |  | 1,395,127 |
Property, plant and equipment, net | 2,517 |  |  | 207,818 |  |  | 144,899 |  |  | — |  |  | 355,234 |
Goodwill | — |  |  | 1,228,353 |  |  | 587,145 |  |  | — |  |  | 1,815,498 |
Intangibles assets, net | — |  |  | 1,167,974 |  |  | 452,480 |  |  | — |  |  | 1,620,454 |
Deferred tax assets | 72,621 |  |  | — |  |  | 5,434 |  |  | (76,092 | ) |  | 1,963 |
Notes receivable and other amounts due from consolidated subsidiaries | 1,321,595 |  |  | 2,151,605 |  |  | — |  |  | (3,473,200 | ) |  | — |
Other assets | 7,203,940 |  |  | 1,578,527 |  |  | 30,859 |  |  | (8,769,166 | ) |  | 44,160 |
Total assets | $ | 8,789,169 |  |  | $ | 8,846,686 |  |  | $ | 2,517,605 |  |  | $ | (14,921,024 | ) |  | $ | 5,232,436 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 81,095 |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 131,095 |
Accounts payable | 4,335 |  |  | 40,095 |  |  | 37,588 |  |  | — |  |  | 82,018 |
Accounts payable to consolidated subsidiaries | 2,290,413 |  |  | 255,530 |  |  | 38,568 |  |  | (2,584,511 | ) |  | — |
Accrued expenses | 19,473 |  |  | 26,116 |  |  | 36,801 |  |  | — |  |  | 82,390 |
Current portion of contingent consideration | — |  |  | 669 |  |  | — |  |  | — |  |  | 669 |
Payroll and benefit-related liabilities | 16,858 |  |  | 15,707 |  |  | 33,362 |  |  | — |  |  | 65,927 |
Accrued interest | 12,657 |  |  | — |  |  | 29 |  |  | — |  |  | 12,686 |
Income taxes payable | — |  |  | — |  |  | 7,519 |  |  | 524 |  |  | 8,043 |
Other current liabilities | 1,926 |  |  | 4,153 |  |  | 3,451 |  |  | — |  |  | 9,530 |
Total current liabilities | 2,426,757 |  |  | 342,270 |  |  | 207,318 |  |  | (2,583,987 | ) |  | 392,358 |
Long-term borrowings | 1,957,797 |  |  | — |  |  | — |  |  | — |  |  | 1,957,797 |
Deferred tax liabilities | — |  |  | 504,454 |  |  | 32,292 |  |  | (76,092 | ) |  | 460,654 |
Pension and postretirement benefit liabilities | 82,623 |  |  | 31,223 |  |  | 16,380 |  |  | — |  |  | 130,226 |
Noncurrent liability for uncertain tax positions | 1,432 |  |  | 13,731 |  |  | 2,776 |  |  | — |  |  | 17,939 |
Notes payable and other amounts due to consolidated subsidiaries | 2,076,792 |  |  | 1,203,358 |  |  | 193,050 |  |  | (3,473,200 | ) |  | — |
Other liabilities | 24,864 |  |  | 15,770 |  |  | 13,924 |  |  | — |  |  | 54,558 |
Total liabilities | 6,570,265 |  |  | 2,110,806 |  |  | 465,740 |  |  | (6,133,279 | ) |  | 3,013,532 |
Total shareholders' equity | 2,218,904 |  |  | 6,735,880 |  |  | 2,051,865 |  |  | (8,787,745 | ) |  | 2,218,904 |
Total liabilities and shareholders' equity | $ | 8,789,169 |  |  | $ | 8,846,686 |  |  | $ | 2,517,605 |  |  | $ | (14,921,024 | ) |  | $ | 5,232,436 |
| December 31, 2016
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 14,571 |  |  | $ | 1,031 |  |  | $ | 528,187 |  |  | $ | — |  |  | $ | 543,789 |
Accounts receivable, net | 2,551 |  |  | 8,768 |  |  | 255,815 |  |  | 4,859 |  |  | 271,993 |
Accounts receivable from consolidated subsidiaries | 4,861 |  |  | 2,176,059 |  |  | 309,149 |  |  | (2,490,069 | ) |  | — |
Inventories, net | — |  |  | 200,852 |  |  | 140,406 |  |  | (25,087 | ) |  | 316,171 |
Prepaid expenses and other current assets | 14,239 |  |  | 5,332 |  |  | 17,474 |  |  | 3,337 |  |  | 40,382 |
Prepaid taxes | — |  |  | — |  |  | 7,766 |  |  | 413 |  |  | 8,179 |
Assets held for sale | — |  |  | — |  |  | 2,879 |  |  | — |  |  | 2,879 |
Total current assets | 36,222 |  |  | 2,392,042 |  |  | 1,261,676 |  |  | (2,506,547 | ) |  | 1,183,393 |
Property, plant and equipment, net | 2,566 |  |  | 163,847 |  |  | 136,486 |  |  | — |  |  | 302,899 |
Goodwill | — |  |  | 708,546 |  |  | 568,174 |  |  | — |  |  | 1,276,720 |
Intangibles assets, net | — |  |  | 640,999 |  |  | 450,664 |  |  | — |  |  | 1,091,663 |
Deferred tax assets | 73,051 |  |  | — |  |  | 5,185 |  |  | (76,524 | ) |  | 1,712 |
Notes receivable and other amounts due from consolidated subsidiaries | 1,387,615 |  |  | 2,085,538 |  |  | — |  |  | (3,473,153 | ) |  | — |
Other assets | 6,044,337 |  |  | 1,525,285 |  |  | 29,962 |  |  | (7,564,758 | ) |  | 34,826 |
Total assets | $ | 7,543,791 |  |  | $ | 7,516,257 |  |  | $ | 2,452,147 |  |  | $ | (13,620,982 | ) |  | $ | 3,891,213 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 133,071 |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 183,071 |
Accounts payable | 4,540 |  |  | 30,924 |  |  | 33,936 |  |  | — |  |  | 69,400 |
Accounts payable to consolidated subsidiaries | 2,242,814 |  |  | 214,203 |  |  | 33,052 |  |  | (2,490,069 | ) |  | — |
Accrued expenses | 16,827 |  |  | 18,126 |  |  | 30,196 |  |  | — |  |  | 65,149 |
Current portion of contingent consideration | — |  |  | 587 |  |  | — |  |  | — |  |  | 587 |
Payroll and benefit-related liabilities | 20,610 |  |  | 26,672 |  |  | 35,397 |  |  | — |  |  | 82,679 |
Accrued interest | 10,429 |  |  | — |  |  | 21 |  |  | — |  |  | 10,450 |
Income taxes payable | 1,246 |  |  | — |  |  | 6,577 |  |  | 85 |  |  | 7,908 |
Other current liabilities | 2,262 |  |  | 3,643 |  |  | 2,497 |  |  | — |  |  | 8,402 |
Total current liabilities | 2,431,799 |  |  | 294,155 |  |  | 191,676 |  |  | (2,489,984 | ) |  | 427,646 |
Long-term borrowings | 850,252 |  |  | — |  |  | — |  |  | — |  |  | 850,252 |
Deferred tax liabilities | — |  |  | 316,526 |  |  | 31,375 |  |  | (76,524 | ) |  | 271,377 |
Pension and postretirement benefit liabilities | 85,645 |  |  | 31,561 |  |  | 15,856 |  |  | — |  |  | 133,062 |
Noncurrent liability for uncertain tax positions | 1,169 |  |  | 13,684 |  |  | 2,667 |  |  | — |  |  | 17,520 |
Notes payable and other amounts due to consolidated subsidiaries | 2,011,737 |  |  | 1,264,004 |  |  | 197,412 |  |  | (3,473,153 | ) |  | — |
Other liabilities | 23,848 |  |  | 15,695 |  |  | 12,472 |  |  | — |  |  | 52,015 |
Total liabilities | 5,404,450 |  |  | 1,935,625 |  |  | 451,458 |  |  | (6,039,661 | ) |  | 1,751,872 |
Convertible notes - redeemable equity component | 1,824 |  |  | — |  |  | — |  |  | — |  |  | 1,824 |
Mezzanine equity | 1,824 |  |  | — |  |  | — |  |  | — |  |  | 1,824 |
Total shareholders' equity | 2,137,517 |  |  | 5,580,632 |  |  | 2,000,689 |  |  | (7,581,321 | ) |  | 2,137,517 |
Total liabilities and shareholders' equity | $ | 7,543,791 |  |  | $ | 7,516,257 |  |  | $ | 2,452,147 |  |  | $ | (13,620,982 | ) |  | $ | 3,891,213 |
Condensed Consolidating Statements of Cash Flows | TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Three Months Ended April 2, 2017
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations | $ | (86,020 | ) |  | $ | 158,343 |  |  | $ | 80,535 |  |  | $ | (61,918 | ) |  | $ | 90,940 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (155 | ) |  | (2,206 | ) |  | (10,533 | ) |  | — |  |  | (12,894 | )
Proceeds from sale of assets | — |  |  | — |  |  | 6,332 |  |  | — |  |  | 6,332 |
Payments for businesses and intangibles acquired, net of cash acquired | (975,524 | ) |  | — |  |  | — |  |  | — |  |  | (975,524 | )
Net cash used in investing activities from continuing operations | (975,679 | ) |  | (2,206 | ) |  | (4,201 | ) |  | — |  |  | (982,086 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 1,194,500 |  |  | — |  |  | — |  |  | — |  |  | 1,194,500 |
Reduction in borrowings | (138,251 | ) |  | — |  |  | — |  |  | — |  |  | (138,251 | )
Debt extinguishment, issuance and amendment fees | (19,114 | ) |  | — |  |  | — |  |  | — |  |  | (19,114 | )
Net proceeds from share based compensation plans and the related tax impacts | (505 | ) |  | — |  |  | — |  |  | — |  |  | (505 | )
Payments for contingent consideration | — |  |  | (79 | ) |  | — |  |  | — |  |  | (79 | )
Dividends paid | (15,287 | ) |  | — |  |  | — |  |  | — |  |  | (15,287 | )
Intercompany transactions | 179,151 |  |  | (149,496 | ) |  | (29,655 | ) |  | — |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (61,918 | ) |  | 61,918 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 1,200,494 |  |  | (149,575 | ) |  | (91,573 | ) |  | 61,918 |  |  | 1,021,264 |
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (266 | ) |  | — |  |  | — |  |  | — |  |  | (266 | )
Net cash used in discontinued operations | (266 | ) |  | — |  |  | — |  |  | — |  |  | (266 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 15,488 |  |  | — |  |  | 15,488 |
Net increase in cash and cash equivalents | 138,529 |  |  | 6,562 |  |  | 249 |  |  |  |  |  | 145,340 |
Cash and cash equivalents at the beginning of the period | 14,571 |  |  | 1,031 |  |  | 528,187 |  |  | — |  |  | 543,789 |
Cash and cash equivalents at the end of the period | $ | 153,100 |  |  | $ | 7,593 |  |  | $ | 528,436 |  |  | $ | — |  |  | $ | 689,129 |
| Three Months Ended March 27, 2016
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Condensed Consolidated
| (Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations | $ | (18,852 | ) |  | $ | 25,624 |  |  | $ | 60,060 |  |  | $ | 66,832 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (5 | ) |  | (3,470 | ) |  | (4,347 | ) |  | (7,822 | )
Proceeds from sale of assets | — |  |  | — |  |  | 1,251 |  |  | 1,251 |
Net cash used in investing activities from continuing operations | (5 | ) |  | (3,470 | ) |  | (3,096 | ) |  | (6,571 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Reduction in borrowings | (9 | ) |  | — |  |  | — |  |  | (9 | )
Net proceeds from share based compensation plans and the related tax impacts | 3,180 |  |  | — |  |  | — |  |  | 3,180 |
Payments for contingent consideration | — |  |  | (61 | ) |  | — |  |  | (61 | )
Dividends paid | (14,179 | ) |  | — |  |  | — |  |  | (14,179 | )
Intercompany transactions | 32,371 |  |  | (21,088 | ) |  | (11,283 | ) |  | — |
Net cash provided by (used in) financing activities from continuing operations | 21,363 |  |  | (21,149 | ) |  | (11,283 | ) |  | (11,069 | )
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (126 | ) |  | — |  |  | — |  |  | (126 | )
Net cash used in discontinued operations | (126 | ) |  | — |  |  | — |  |  | (126 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 5,126 |  |  | 5,126 |
Net increase in cash and cash equivalents | 2,380 |  |  | 1,005 |  |  | 50,807 |  |  | 54,192 |
Cash and cash equivalents at the beginning of the period | 21,612 |  |  | — |  |  | 316,754 |  |  | 338,366 |
Cash and cash equivalents at the end of the period | $ | 23,992 |  |  | $ | 1,005 |  |  | $ | 367,561 |  |  | $ | 392,558 |

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