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Condensed consolidating guarantor financial information | 6 Months Ended
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Jul. 02, 2017
Condensed Consolidated Guarantor Financial Information [Abstract] |
Condensed consolidating guarantor financial information | Note 15 — Condensed consolidating guarantor financial information Teleflex Incorporated (the "Parent Company") is the issuer of its 5.25% Senior Notes due 2024 (the "2024 Notes") and 4.875% Senior Notes due 2026 (the "2026 Notes"). Payment of the Parent Company's obligations under the 2024 Notes and 2026 Notes is 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 for the three and six months ended July 2, 2017 and June 26, 2016, condensed consolidating balance sheets as of July 2, 2017 and December 31, 2016 and condensed consolidating statements of cash flows for the six months ended July 2, 2017 and June 26, 2016, provide consolidated information for:
a. | Parent Company, the issuer of the guaranteed obligations;
b. | Guarantor Subsidiaries, on a combined basis;
c. | Non-Guarantor Subsidiaries (i.e., those subsidiaries of the Parent Company that have not guaranteed payment of the 2024 Notes and 2026 Notes), 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, 2016 are used by the Parent Company and each of its subsidiaries in connection with the condensed consolidating financial information, except for the use 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 INCOME
| Three Months Ended July 2, 2017
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 338,620 |  |  | $ | 296,977 |  |  | $ | (106,984 | ) |  | $ | 528,613 |
Cost of goods sold | — |  |  | 190,202 |  |  | 152,440 |  |  | (104,313 | ) |  | 238,329 |
Gross profit | — |  |  | 148,418 |  |  | 144,537 |  |  | (2,671 | ) |  | 290,284 |
Selling, general and administrative expenses | 7,468 |  |  | 95,171 |  |  | 56,334 |  |  | (39 | ) |  | 158,934 |
Research and development expenses | 264 |  |  | 13,594 |  |  | 6,420 |  |  | — |  |  | 20,278 |
Restructuring charges | — |  |  | 1,335 |  |  | (465 | ) |  | — |  |  | 870 |
(Loss) income from continuing operations before interest, extinguishment of debt and taxes | (7,732 | ) |  | 38,318 |  |  | 82,248 |  |  | (2,632 | ) |  | 110,202 |
Interest, net | 51,073 |  |  | (32,421 | ) |  | 1,081 |  |  | — |  |  | 19,733 |
Loss on extinguishment of debt | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |
(Loss) income from continuing operations before taxes | (58,816 | ) |  | 70,739 |  |  | 81,167 |  |  | (2,632 | ) |  | 90,458 |
(Benefit) taxes on (loss) income from continuing operations | (23,115 | ) |  | 22,123 |  |  | 14,210 |  |  | (1,123 | ) |  | 12,095 |
Equity in net income of consolidated subsidiaries | 114,064 |  |  | 58,861 |  |  | 240 |  |  | (173,165 | ) |  | — |
Income from continuing operations | 78,363 |  |  | 107,477 |  |  | 67,197 |  |  | (174,674 | ) |  | 78,363 |
Operating loss from discontinued operations | (566 | ) |  | — |  |  | — |  |  | — |  |  | (566 | )
Benefit on loss from discontinued operations | (206 | ) |  | — |  |  | — |  |  | — |  |  | (206 | )
Loss from discontinued operations | (360 | ) |  | — |  |  | — |  |  | — |  |  | (360 | )
Net income | 78,003 |  |  | 107,477 |  |  | 67,197 |  |  | (174,674 | ) |  | 78,003 |
Other comprehensive income | 69,822 |  |  | 68,127 |  |  | 69,374 |  |  | (137,501 | ) |  | 69,822 |
Comprehensive income | $ | 147,825 |  |  | $ | 175,604 |  |  | $ | 136,571 |  |  | $ | (312,175 | ) |  | $ | 147,825 |
| Three Months Ended June 26, 2016
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 280,430 |  |  | $ | 290,784 |  |  | $ | (97,661 | ) |  | $ | 473,553 |
Cost of goods sold | — |  |  | 170,700 |  |  | 146,997 |  |  | (100,543 | ) |  | 217,154 |
Gross profit | — |  |  | 109,730 |  |  | 143,787 |  |  | 2,882 |  |  | 256,399 |
Selling, general and administrative expenses | 10,285 |  |  | 86,385 |  |  | 46,297 |  |  | 16 |  |  | 142,983 |
Research and development expenses | 140 |  |  | 8,644 |  |  | 6,688 |  |  | — |  |  | 15,472 |
Restructuring charges | — |  |  | 557 |  |  | (676 | ) |  | — |  |  | (119 | )
Gain on sale of assets | — |  |  | (378 | ) |  | — |  |  | — |  |  | (378 | )
(Loss) income from continuing operations before interest, extinguishment of debt and taxes | (10,425 | ) |  | 14,522 |  |  | 91,478 |  |  | 2,866 |  |  | 98,441 |
Interest, net | 33,146 |  |  | (22,437 | ) |  | 1,069 |  |  | — |  |  | 11,778 |
Loss on extinguishment of debt | 19,261 |  |  | — |  |  | — |  |  | — |  |  | 19,261 |
(Loss) income from continuing operations before taxes | (62,832 | ) |  | 36,959 |  |  | 90,409 |  |  | 2,866 |  |  | 67,402 |
(Benefit) taxes on (loss) income from continuing operations | (23,077 | ) |  | 14,504 |  |  | 15,909 |  |  | 671 |  |  | 8,007 |
Equity in net income of consolidated subsidiaries | 99,295 |  |  | 63,605 |  |  | 175 |  |  | (163,075 | ) |  | — |
Income from continuing operations | 59,540 |  |  | 86,060 |  |  | 74,675 |  |  | (160,880 | ) |  | 59,395 |
Operating (loss) income from discontinued operations | (373 | ) |  | — |  |  | 379 |  |  | — |  |  | 6 |
Benefit on (loss) income from discontinued operations | (136 | ) |  | — |  |  | (51 | ) |  | — |  |  | (187 | )
(Loss) income from discontinued operations | (237 | ) |  | — |  |  | 430 |  |  | — |  |  | 193 |
Net income | 59,303 |  |  | 86,060 |  |  | 75,105 |  |  | (160,880 | ) |  | 59,588 |
Less: Income from continuing operations attributable to noncontrolling interest | — |  |  | — |  |  | 285 |  |  | — |  |  | 285 |
Net income attributable to common shareholders | 59,303 |  |  | 86,060 |  |  | 74,820 |  |  | (160,880 | ) |  | 59,303 |
Other comprehensive loss attributable to common shareholders | (8,441 | ) |  | (9,685 | ) |  | (11,378 | ) |  | 21,063 |  |  | (8,441 | )
Comprehensive income attributable to common shareholders | $ | 50,862 |  |  | $ | 76,375 |  |  | $ | 63,442 |  |  | $ | (139,817 | ) |  | $ | 50,862 |
| Six Months Ended July 2, 2017
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 654,263 |  |  | $ | 573,292 |  |  | $ | (211,061 | ) |  | $ | 1,016,494 |
Cost of goods sold | — |  |  | 382,203 |  |  | 296,336 |  |  | (207,889 | ) |  | 470,650 |
Gross profit | — |  |  | 272,060 |  |  | 276,956 |  |  | (3,172 | ) |  | 545,844 |
Selling, general and administrative expenses | 27,987 |  |  | 189,214 |  |  | 105,178 |  |  | 524 |  |  | 322,903 |
Research and development expenses | 499 |  |  | 24,780 |  |  | 12,826 |  |  | — |  |  | 38,105 |
Restructuring charges | — |  |  | 6,709 |  |  | 7,106 |  |  | — |  |  | 13,815 |
(Loss) income from continuing operations before interest, extinguishment of debt and taxes | (28,486 | ) |  | 51,357 |  |  | 151,846 |  |  | (3,696 | ) |  | 171,021 |
Interest, net | 98,747 |  |  | (63,384 | ) |  | 1,927 |  |  | — |  |  | 37,290 |
Loss on extinguishment of debt | 5,593 |  |  | — |  |  | — |  |  | — |  |  | 5,593 |
(Loss) income from continuing operations before taxes | (132,826 | ) |  | 114,741 |  |  | 149,919 |  |  | (3,696 | ) |  | 128,138 |
(Benefit) taxes on (loss) income from continuing operations | (53,022 | ) |  | 36,608 |  |  | 26,439 |  |  | (599 | ) |  | 9,426 |
Equity in net income of consolidated subsidiaries | 198,516 |  |  | 114,663 |  |  | 456 |  |  | (313,635 | ) |  | — |
Income from continuing operations | 118,712 |  |  | 192,796 |  |  | 123,936 |  |  | (316,732 | ) |  | 118,712 |
Operating loss from discontinued operations | (848 | ) |  | — |  |  | — |  |  | — |  |  | (848 | )
Benefit on loss from discontinued operations | (309 | ) |  | — |  |  | — |  |  | — |  |  | (309 | )
Loss from discontinued operations | (539 | ) |  | — |  |  | — |  |  | — |  |  | (539 | )
Net income | 118,173 |  |  | 192,796 |  |  | 123,936 |  |  | (316,732 | ) |  | 118,173 |
Other comprehensive income | 119,422 |  |  | 117,531 |  |  | 123,275 |  |  | (240,806 | ) |  | 119,422 |
Comprehensive income | $ | 237,595 |  |  | $ | 310,327 |  |  | $ | 247,211 |  |  | $ | (557,538 | ) |  | $ | 237,595 |
| Six Months Ended June 26, 2016
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 539,341 |  |  | $ | 552,132 |  |  | $ | (193,027 | ) |  | $ | 898,446 |
Cost of goods sold | — |  |  | 326,241 |  |  | 279,960 |  |  | (189,301 | ) |  | 416,900 |
Gross profit | — |  |  | 213,100 |  |  | 272,172 |  |  | (3,726 | ) |  | 481,546 |
Selling, general and administrative expenses | 19,614 |  |  | 167,862 |  |  | 91,356 |  |  | 499 |  |  | 279,331 |
Research and development expenses | 140 |  |  | 15,079 |  |  | 12,606 |  |  | — |  |  | 27,825 |
Restructuring charges | — |  |  | 5,315 |  |  | 4,534 |  |  | — |  |  | 9,849 |
Gain on sale of assets | — |  |  | (378 | ) |  | (1,019 | ) |  | — |  |  | (1,397 | )
(Loss) income from continuing operations before interest, extinguishment of debt and taxes | (19,754 | ) |  | 25,222 |  |  | 164,695 |  |  | (4,225 | ) |  | 165,938 |
Interest, net | 66,190 |  |  | (42,755 | ) |  | 2,047 |  |  | — |  |  | 25,482 |
Loss on extinguishment of debt | 19,261 |  |  | — |  |  | — |  |  | — |  |  | 19,261 |
(Loss) income from continuing operations before taxes | (105,205 | ) |  | 67,977 |  |  | 162,648 |  |  | (4,225 | ) |  | 121,195 |
(Benefit) taxes on (loss) income from continuing operations | (38,925 | ) |  | 26,181 |  |  | 23,773 |  |  | (409 | ) |  | 10,620 |
Equity in net income of consolidated subsidiaries | 176,752 |  |  | 121,505 |  |  | 343 |  |  | (298,600 | ) |  | — |
Income from continuing operations | 110,472 |  |  | 163,301 |  |  | 139,218 |  |  | (302,416 | ) |  | 110,575 |
Operating (loss) income from discontinued operations | (755 | ) |  | — |  |  | 379 |  |  | — |  |  | (376 | )
(Benefit) taxes on (loss) income from discontinued operations | (275 | ) |  | — |  |  | 18 |  |  | — |  |  | (257 | )
(Loss) income from discontinued operations | (480 | ) |  | — |  |  | 361 |  |  | — |  |  | (119 | )
Net income | 109,992 |  |  | 163,301 |  |  | 139,579 |  |  | (302,416 | ) |  | 110,456 |
Less: Income from continuing operations attributable to noncontrolling interest | — |  |  | — |  |  | 464 |  |  | — |  |  | 464 |
Net income attributable to common shareholders | 109,992 |  |  | 163,301 |  |  | 139,115 |  |  | (302,416 | ) |  | 109,992 |
Other comprehensive income attributable to common shareholders | 14,753 |  |  | 8,888 |  |  | 11,034 |  |  | (19,922 | ) |  | 14,753 |
Comprehensive income attributable to common shareholders | $ | 124,745 |  |  | $ | 172,189 |  |  | $ | 150,149 |  |  | $ | (322,338 | ) |  | $ | 124,745 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
| July 2, 2017
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 56,699 |  |  | $ | 10,963 |  |  | $ | 608,552 |  |  | $ | — |  |  | $ | 676,214 |
Accounts receivable, net | 2,236 |  |  | 34,592 |  |  | 262,539 |  |  | 4,335 |  |  | 303,702 |
Accounts receivable from consolidated subsidiaries | 8,333 |  |  | 2,265,552 |  |  | 345,901 |  |  | (2,619,786 | ) |  | — |
Inventories, net | — |  |  | 228,022 |  |  | 168,954 |  |  | (28,450 | ) |  | 368,526 |
Prepaid expenses and other current assets | 14,163 |  |  | 9,280 |  |  | 20,518 |  |  | 3,337 |  |  | 47,298 |
Prepaid taxes | 4,490 |  |  | — |  |  | 7,760 |  |  | (372 | ) |  | 11,878 |
Total current assets | 85,921 |  |  | 2,548,409 |  |  | 1,414,224 |  |  | (2,640,936 | ) |  | 1,407,618 |
Property, plant and equipment, net | 2,398 |  |  | 212,907 |  |  | 153,996 |  |  | — |  |  | 369,301 |
Goodwill | — |  |  | 1,238,551 |  |  | 615,525 |  |  | — |  |  | 1,854,076 |
Intangibles assets, net | — |  |  | 1,152,095 |  |  | 460,809 |  |  | — |  |  | 1,612,904 |
Deferred tax assets | 72,037 |  |  | — |  |  | 5,435 |  |  | (75,509 | ) |  | 1,963 |
Notes receivable and other amounts due from consolidated subsidiaries | 1,310,464 |  |  | 2,163,757 |  |  | — |  |  | (3,474,221 | ) |  | — |
Other assets | 7,386,675 |  |  | 1,706,244 |  |  | 31,051 |  |  | (9,079,808 | ) |  | 44,162 |
Total assets | $ | 8,857,495 |  |  | $ | 9,021,963 |  |  | $ | 2,681,040 |  |  | $ | (15,270,474 | ) |  | $ | 5,290,024 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 62,039 |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 112,039 |
Accounts payable | 3,136 |  |  | 38,529 |  |  | 40,308 |  |  | — |  |  | 81,973 |
Accounts payable to consolidated subsidiaries | 2,306,666 |  |  | 261,263 |  |  | 51,857 |  |  | (2,619,786 | ) |  | — |
Accrued expenses | 19,284 |  |  | 26,593 |  |  | 39,173 |  |  | — |  |  | 85,050 |
Current portion of contingent consideration | — |  |  | 584 |  |  | — |  |  | — |  |  | 584 |
Payroll and benefit-related liabilities | 17,855 |  |  | 26,071 |  |  | 35,025 |  |  | — |  |  | 78,951 |
Accrued interest | 5,264 |  |  | — |  |  | 30 |  |  | — |  |  | 5,294 |
Income taxes payable | — |  |  | — |  |  | 4,408 |  |  | (970 | ) |  | 3,438 |
Other current liabilities | 500 |  |  | 4,250 |  |  | 3,972 |  |  | — |  |  | 8,722 |
Total current liabilities | 2,414,744 |  |  | 357,290 |  |  | 224,773 |  |  | (2,620,756 | ) |  | 376,051 |
Long-term borrowings | 1,887,716 |  |  | — |  |  | — |  |  | — |  |  | 1,887,716 |
Deferred tax liabilities | — |  |  | 508,629 |  |  | 34,914 |  |  | (75,509 | ) |  | 468,034 |
Pension and postretirement benefit liabilities | 80,154 |  |  | 31,026 |  |  | 17,155 |  |  | — |  |  | 128,335 |
Noncurrent liability for uncertain tax positions | 1,729 |  |  | 13,781 |  |  | 2,868 |  |  | — |  |  | 18,378 |
Notes payable and other amounts due to consolidated subsidiaries | 2,089,600 |  |  | 1,185,791 |  |  | 198,830 |  |  | (3,474,221 | ) |  | — |
Other liabilities | 25,023 |  |  | 13,961 |  |  | 13,997 |  |  | — |  |  | 52,981 |
Total liabilities | 6,498,966 |  |  | 2,110,478 |  |  | 492,537 |  |  | (6,170,486 | ) |  | 2,931,495 |
Total shareholders' equity | 2,358,529 |  |  | 6,911,485 |  |  | 2,188,503 |  |  | (9,099,988 | ) |  | 2,358,529 |
Total liabilities and shareholders' equity | $ | 8,857,495 |  |  | $ | 9,021,963 |  |  | $ | 2,681,040 |  |  | $ | (15,270,474 | ) |  | $ | 5,290,024 |
| 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 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Six Months Ended July 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 | $ | (121,726 | ) |  | $ | 232,874 |  |  | $ | 148,460 |  |  | $ | (61,918 | ) |  | $ | 197,690 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (173 | ) |  | (19,760 | ) |  | (16,900 | ) |  | — |  |  | (36,833 | )
Proceeds from sale of assets | — |  |  | — |  |  | 6,332 |  |  | — |  |  | 6,332 |
Payments for businesses and intangibles acquired, net of cash acquired | (975,524 | ) |  | — |  |  | (17,935 | ) |  | — |  |  | (993,459 | )
Net cash used in investing activities from continuing operations | (975,697 | ) |  | (19,760 | ) |  | (28,503 | ) |  | — |  |  | (1,023,960 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 1,194,500 |  |  | — |  |  | — |  |  | — |  |  | 1,194,500 |
Reduction in borrowings | (228,273 | ) |  | — |  |  | — |  |  | — |  |  | (228,273 | )
Debt extinguishment, issuance and amendment fees | (19,114 | ) |  | — |  |  | — |  |  | — |  |  | (19,114 | )
Net proceeds from share based compensation plans and the related tax impacts | 1,305 |  |  | — |  |  | — |  |  | — |  |  | 1,305 |
Payments for contingent consideration | — |  |  | (153 | ) |  | — |  |  | — |  |  | (153 | )
Dividends paid | (30,590 | ) |  | — |  |  | — |  |  | — |  |  | (30,590 | )
Intercompany transactions | 222,684 |  |  | (203,029 | ) |  | (19,655 | ) |  | — |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (61,918 | ) |  | 61,918 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 1,140,512 |  |  | (203,182 | ) |  | (81,573 | ) |  | 61,918 |  |  | 917,675 |
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (961 | ) |  | — |  |  | — |  |  | — |  |  | (961 | )
Net cash used in discontinued operations | (961 | ) |  | — |  |  | — |  |  | — |  |  | (961 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 41,981 |  |  | — |  |  | 41,981 |
Net increase in cash and cash equivalents | 42,128 |  |  | 9,932 |  |  | 80,365 |  |  |  |  |  | 132,425 |
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 | $ | 56,699 |  |  | $ | 10,963 |  |  | $ | 608,552 |  |  | $ | — |  |  | $ | 676,214 |
| Six Months Ended June 26, 2016
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations | $ | (29,648 | ) |  | $ | 69,875 |  |  | $ | 141,261 |  |  | $ | — |  |  | $ | 181,488 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (146 | ) |  | (9,947 | ) |  | (9,442 | ) |  | — |  |  | (19,535 | )
Proceeds from sale of assets | — |  |  | 20,642 |  |  | 1,251 |  |  | (17,908 | ) |  | 3,985 |
Payments for businesses and intangibles acquired, net of cash acquired | — |  |  | — |  |  | (21,025 | ) |  | 17,908 |  |  | (3,117 | )
Net cash (used in) provided by investing activities from continuing operations | (146 | ) |  | 10,695 |  |  | (29,216 | ) |  | — |  |  | (18,667 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 665,000 |  |  | — |  |  | — |  |  | — |  |  | 665,000 |
Reduction in borrowings | (656,479 | ) |  | — |  |  | — |  |  | — |  |  | (656,479 | )
Debt extinguishment, issuance and amendment fees | (8,182 | ) |  | — |  |  | — |  |  | — |  |  | (8,182 | )
Net proceeds from share based compensation plans and the related tax impacts | 6,593 |  |  | — |  |  | — |  |  | — |  |  | 6,593 |
Payments for contingent consideration | — |  |  | (133 | ) |  | — |  |  | — |  |  | (133 | )
Dividends paid | (28,998 | ) |  | — |  |  | — |  |  | — |  |  | (28,998 | )
Intercompany transactions | 81,640 |  |  | (79,348 | ) |  | (2,292 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 59,574 |  |  | (79,481 | ) |  | (2,292 | ) |  | — |  |  | (22,199 | )
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (1,183 | ) |  | — |  |  | — |  |  | — |  |  | (1,183 | )
Net cash used in discontinued operations | (1,183 | ) |  | — |  |  | — |  |  | — |  |  | (1,183 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (1,315 | ) |  | — |  |  | (1,315 | )
Net increase in cash and cash equivalents | 28,597 |  |  | 1,089 |  |  | 108,438 |  |  | — |  |  | 138,124 |
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 | $ | 50,209 |  |  | $ | 1,089 |  |  | $ | 425,192 |  |  | $ | — |  |  | $ | 476,490 |

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