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Condensed consolidating guarantor financial information (Tables) | 12 Months Ended
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Dec. 31, 2017
Condensed Consolidated Guarantor Financial Information [Abstract] |
Condensed Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| Year Ended December 31, 2017
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 1,368,149 |  |  | $ | 1,177,247 |  |  | $ | (399,093 | ) |  | $ | 2,146,303 |
Cost of goods sold | — |  |  | 778,153 |  |  | 594,527 |  |  | (398,179 | ) |  | 974,501 |
Gross profit | — |  |  | 589,996 |  |  | 582,720 |  |  | (914 | ) |  | 1,171,802 |
Selling, general and administrative expenses | 47,412 |  |  | 408,811 |  |  | 243,544 |  |  | 196 |  |  | 699,963 |
Research and development expenses | 1,009 |  |  | 57,614 |  |  | 26,147 |  |  | — |  |  | 84,770 |
Restructuring charges | — |  |  | 8,971 |  |  | 5,819 |  |  | — |  |  | 14,790 |
(Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes | (48,421 | ) |  | 114,600 |  |  | 307,210 |  |  | (1,110 | ) |  | 372,279 |
Interest, net | 195,649 |  |  | (117,431 | ) |  | 3,557 |  |  | — |  |  | 81,775 |
Loss on extinguishment of debt | 5,593 |  |  | — |  |  | — |  |  | — |  |  | 5,593 |
(Loss) income from continuing operations before taxes | (249,663 | ) |  | 232,031 |  |  | 303,653 |  |  | (1,110 | ) |  | 284,911 |
(Benefit) taxes on (loss) income from continuing operations | (146,116 | ) |  | 14,862 |  |  | 261,386 |  |  | (484 | ) |  | 129,648 |
Equity in net income of consolidated subsidiaries | 258,810 |  |  | 25,500 |  |  | (3,135 | ) |  | (281,175 | ) |  | — |
Income from continuing operations | 155,263 |  |  | 242,669 |  |  | 39,132 |  |  | (281,801 | ) |  | 155,263 |
Operating loss from discontinued operations | (4,534 | ) |  | — |  |  | — |  |  | — |  |  | (4,534 | )
Benefit on loss from discontinued operations | (1,801 | ) |  | — |  |  | — |  |  | — |  |  | (1,801 | )
Loss from discontinued operations | (2,733 | ) |  | — |  |  | — |  |  | — |  |  | (2,733 | )
Net income | 152,530 |  |  | 242,669 |  |  | 39,132 |  |  | (281,801 | ) |  | 152,530 |
Other comprehensive income | 173,626 |  |  | 158,490 |  |  | 198,453 |  |  | (356,943 | ) |  | 173,626 |
Comprehensive income | $ | 326,156 |  |  | $ | 401,159 |  |  | $ | 237,585 |  |  | $ | (638,744 | ) |  | $ | 326,156 |
| Year Ended December 31, 2016
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 1,112,464 |  |  | $ | 1,124,958 |  |  | $ | (369,395 | ) |  | $ | 1,868,027 |
Cost of goods sold | — |  |  | 652,442 |  |  | 588,110 |  |  | (368,725 | ) |  | 871,827 |
Gross profit | — |  |  | 460,022 |  |  | 536,848 |  |  | (670 | ) |  | 996,200 |
Selling, general and administrative expenses | 43,602 |  |  | 328,263 |  |  | 191,916 |  |  | (473 | ) |  | 563,308 |
Research and development expenses | 547 |  |  | 33,080 |  |  | 24,952 |  |  | — |  |  | 58,579 |
Restructuring and impairment charges | 173 |  |  | 50,183 |  |  | 8,871 |  |  | — |  |  | 59,227 |
Gain on sale of assets | (2,707 | ) |  | (155 | ) |  | (1,505 | ) |  | — |  |  | (4,367 | )
(Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes | (41,615 | ) |  | 48,651 |  |  | 312,614 |  |  | (197 | ) |  | 319,453 |
Interest, net | 153,830 |  |  | (103,465 | ) |  | 4,102 |  |  | — |  |  | 54,467 |
Loss on extinguishment of debt | 19,261 |  |  | — |  |  | — |  |  | — |  |  | 19,261 |
(Loss) income from continuing operations before taxes | (214,706 | ) |  | 152,116 |  |  | 308,512 |  |  | (197 | ) |  | 245,725 |
(Benefit) taxes on (loss) income from continuing operations | (78,478 | ) |  | 46,758 |  |  | 39,875 |  |  | (81 | ) |  | 8,074 |
Equity in net income of consolidated subsidiaries | 374,048 |  |  | 243,987 |  |  | 528 |  |  | (618,563 | ) |  | — |
Income from continuing operations | 237,820 |  |  | 349,345 |  |  | 269,165 |  |  | (618,679 | ) |  | 237,651 |
Operating (loss) income from discontinued operations | (1,300 | ) |  | — |  |  | 378 |  |  | — |  |  | (922 | )
Tax benefit on (loss) income from discontinued operations | (857 | ) |  | — |  |  | (255 | ) |  | — |  |  | (1,112 | )
(Loss) income from discontinued operations | (443 | ) |  | — |  |  | 633 |  |  | — |  |  | 190 |
Net income | 237,377 |  |  | 349,345 |  |  | 269,798 |  |  | (618,679 | ) |  | 237,841 |
Less: Income from continuing operations attributable to noncontrolling interests | — |  |  | — |  |  | 464 |  |  | — |  |  | 464 |
Net income attributable to common shareholders | 237,377 |  |  | 349,345 |  |  | 269,334 |  |  | (618,679 | ) |  | 237,377 |
Other comprehensive loss attributable to common shareholders | (66,761 | ) |  | (76,098 | ) |  | (80,700 | ) |  | 156,798 |  |  | (66,761 | )
Comprehensive income attributable to common shareholders | $ | 170,616 |  |  | $ | 273,247 |  |  | $ | 188,634 |  |  | $ | (461,881 | ) |  | $ | 170,616 |
| 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 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 interests | — |  |  | — |  |  | 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 |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS
| December 31, 2017
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 37,803 |  |  | $ | 8,933 |  |  | $ | 286,822 |  |  | $ | — |  |  | $ | 333,558 |
Accounts receivable, net | 2,414 |  |  | 57,818 |  |  | 280,980 |  |  | 4,663 |  |  | 345,875 |
Accounts receivable from consolidated subsidiaries | 14,478 |  |  | 2,276,248 |  |  | 343,115 |  |  | (2,633,841 | ) |  | — |
Inventories, net | — |  |  | 245,533 |  |  | 176,490 |  |  | (26,279 | ) |  | 395,744 |
Prepaid expenses and other current assets | 14,874 |  |  | 9,236 |  |  | 19,790 |  |  | 3,982 |  |  | 47,882 |
Prepaid taxes | — |  |  | — |  |  | 5,748 |  |  | — |  |  | 5,748 |
Total current assets | 69,569 |  |  | 2,597,768 |  |  | 1,112,945 |  |  | (2,651,475 | ) |  | 1,128,807 |
Property, plant and equipment, net | 2,088 |  |  | 213,663 |  |  | 167,248 |  |  | — |  |  | 382,999 |
Goodwill | — |  |  | 1,246,144 |  |  | 989,448 |  |  | — |  |  | 2,235,592 |
Intangibles assets, net | — |  |  | 1,355,275 |  |  | 1,028,473 |  |  | — |  |  | 2,383,748 |
Investments in affiliates | 7,203,175 |  |  | 1,674,077 |  |  | 19,620 |  |  | (8,896,872 | ) |  | — |
Deferred tax assets | — |  |  | — |  |  | 6,071 |  |  | (2,261 | ) |  | 3,810 |
Notes receivable and other amounts due from consolidated subsidiaries | 2,154,172 |  |  | 2,231,832 |  |  | — |  |  | (4,386,004 | ) |  | — |
Other assets | 31,173 |  |  | 6,397 |  |  | 8,966 |  |  | — |  |  | 46,536 |
Total assets | $ | 9,460,177 |  |  | $ | 9,325,156 |  |  | $ | 3,332,771 |  |  | $ | (15,936,612 | ) |  | $ | 6,181,492 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 36,625 |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 86,625 |
Accounts payable | 4,269 |  |  | 46,992 |  |  | 40,766 |  |  | — |  |  | 92,027 |
Accounts payable to consolidated subsidiaries | 2,310,570 |  |  | 261,121 |  |  | 62,150 |  |  | (2,633,841 | ) |  | — |
Accrued expenses | 17,957 |  |  | 31,827 |  |  | 47,069 |  |  | — |  |  | 96,853 |
Current portion of contingent consideration | — |  |  | 74,224 |  |  | — |  |  | — |  |  | 74,224 |
Payroll and benefit-related liabilities | 21,145 |  |  | 44,009 |  |  | 42,261 |  |  | — |  |  | 107,415 |
Accrued interest | 6,133 |  |  | — |  |  | 32 |  |  | — |  |  | 6,165 |
Income taxes payable | 4,352 |  |  | — |  |  | 7,162 |  |  | — |  |  | 11,514 |
Other current liabilities | 1,461 |  |  | 3,775 |  |  | 3,817 |  |  | — |  |  | 9,053 |
Total current liabilities | 2,402,512 |  |  | 461,948 |  |  | 253,257 |  |  | (2,633,841 | ) |  | 483,876 |
Long-term borrowings | 2,162,927 |  |  | — |  |  | — |  |  | — |  |  | 2,162,927 |
Deferred tax liabilities | 88,512 |  |  | 265,426 |  |  | 251,999 |  |  | (2,261 | ) |  | 603,676 |
Pension and postretirement benefit liabilities | 70,860 |  |  | 32,750 |  |  | 17,800 |  |  | — |  |  | 121,410 |
Noncurrent liability for uncertain tax positions | 1,117 |  |  | 8,196 |  |  | 2,983 |  |  | — |  |  | 12,296 |
Notes payable and other amounts due to consolidated subsidiaries | 2,155,146 |  |  | 2,022,682 |  |  | 208,176 |  |  | (4,386,004 | ) |  | — |
Noncurrent contingent consideration | — |  |  | 186,923 |  |  | 10,989 |  |  | — |  |  | 197,912 |
Other liabilities | 148,572 |  |  | 7,850 |  |  | 12,442 |  |  | — |  |  | 168,864 |
Total liabilities | 7,029,646 |  |  | 2,985,775 |  |  | 757,646 |  |  | (7,022,106 | ) |  | 3,750,961 |
Total shareholders' equity | 2,430,531 |  |  | 6,339,381 |  |  | 2,575,125 |  |  | (8,914,506 | ) |  | 2,430,531 |
Total liabilities and shareholders' equity | $ | 9,460,177 |  |  | $ | 9,325,156 |  |  | $ | 3,332,771 |  |  | $ | (15,936,612 | ) |  | $ | 6,181,492 |
| 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 |
Investments in affiliates | 6,022,042 |  |  | 1,519,031 |  |  | 23,685 |  |  | (7,564,758 | ) |  | — |
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 | 22,295 |  |  | 6,254 |  |  | 6,277 |  |  | — |  |  | 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 | ) |  | — |
Noncurrent contingent consideration | — |  |  | 6,516 |  |  | — |  |  | — |  |  | 6,516 |
Other liabilities | 23,848 |  |  | 9,179 |  |  | 12,472 |  |  | — |  |  | 45,499 |
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 |
| Year Ended December 31, 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 | $ | (50,585 | ) |  | $ | 223,373 |  |  | $ | 315,431 |  |  | $ | (61,918 | ) |  | $ | 426,301 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (240 | ) |  | (34,912 | ) |  | (35,751 | ) |  | — |  |  | (70,903 | )
Payments for businesses and intangibles acquired, net of cash acquired | (975,524 | ) |  | (725,554 | ) |  | (67,206 | ) |  | — |  |  | (1,768,284 | )
Proceeds from sale of assets and investments | 464,982 |  |  | — |  |  | 6,332 |  |  | (464,982 | ) |  | 6,332 |
Investments in affiliates | — |  |  | (5,900 | ) |  | — |  |  | 5,900 |  |  | — |
Net cash used in investing activities from continuing operations | (510,782 | ) |  | (766,366 | ) |  | (96,625 | ) |  | (459,082 | ) |  | (1,832,855 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 2,463,500 |  |  | — |  |  | — |  |  | — |  |  | 2,463,500 |
Reduction in borrowings | (1,239,576 | ) |  | — |  |  | — |  |  | — |  |  | (1,239,576 | )
Debt extinguishment, issuance and amendment fees | (26,664 | ) |  | — |  |  | — |  |  | — |  |  | (26,664 | )
Proceeds from share based compensation plans and the related tax impacts | 5,571 |  |  | — |  |  | — |  |  | — |  |  | 5,571 |
Payments for contingent consideration | — |  |  | (335 | ) |  | — |  |  | — |  |  | (335 | )
Proceeds from issuance of shares | — |  |  | — |  |  | 5,900 |  |  | (5,900 | ) |  | — |
Dividends | (61,237 | ) |  | — |  |  | — |  |  | — |  |  | (61,237 | )
Intercompany transactions | (550,579 | ) |  | 551,230 |  |  | (465,633 | ) |  | 464,982 |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (61,918 | ) |  | 61,918 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 591,015 |  |  | 550,895 |  |  | (521,651 | ) |  | 521,000 |  |  | 1,141,259 |
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (6,416 | ) |  | — |  |  | — |  |  | — |  |  | (6,416 | )
Net cash used in discontinued operations | (6,416 | ) |  | — |  |  | — |  |  | — |  |  | (6,416 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 61,480 |  |  | — |  |  | 61,480 |
Net increase (decrease) in cash and cash equivalents | 23,232 |  |  | 7,902 |  |  | (241,365 | ) |  | — |  |  | (210,231 | )
Cash and cash equivalents at the beginning of the year | 14,571 |  |  | 1,031 |  |  | 528,187 |  |  | — |  |  | 543,789 |
Cash and cash equivalents at the end of the year | $ | 37,803 |  |  | $ | 8,933 |  |  | $ | 286,822 |  |  | $ | — |  |  | $ | 333,558 |
| Year Ended December 31, 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 | $ | (85,088 | ) |  | $ | 169,400 |  |  | $ | 328,553 |  |  | $ | (2,275 | ) |  | $ | 410,590 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (279 | ) |  | (24,753 | ) |  | (28,103 | ) |  | — |  |  | (53,135 | )
Payments for businesses and intangibles acquired, net of cash acquired | — |  |  | (10,305 | ) |  | (50,572 | ) |  | 46,837 |  |  | (14,040 | )
Proceeds from sale of assets | 5,607 |  |  | 49,571 |  |  | 1,860 |  |  | (46,837 | ) |  | 10,201 |
Investments in affiliates | — |  |  | (5,600 | ) |  | — |  |  | 5,600 |  |  | — |
Net cash provided by (used in) investing activities from continuing operations | 5,328 |  |  | 8,913 |  |  | (76,815 | ) |  | 5,600 |  |  | (56,974 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 665,000 |  |  | — |  |  | 6,700 |  |  | — |  |  | 671,700 |
Reduction in borrowings | (714,565 | ) |  | — |  |  | — |  |  | — |  |  | (714,565 | )
Debt extinguishment, issuance and amendment fees | (8,958 | ) |  | — |  |  | — |  |  | — |  |  | (8,958 | )
Proceeds from share based compensation plans and related tax impacts | 9,068 |  |  | — |  |  | — |  |  | — |  |  | 9,068 |
Payments to noncontrolling interest shareholders | — |  |  | — |  |  | (464 | ) |  | — |  |  | (464 | )
Payments for acquisition of noncontrolling interest | — |  |  | — |  |  | (9,231 | ) |  | — |  |  | (9,231 | )
Payments for contingent consideration | — |  |  | (7,282 | ) |  | — |  |  | — |  |  | (7,282 | )
Proceeds from issuance of shares | — |  |  | — |  |  | 5,600 |  |  | (5,600 | ) |  | — |
Dividends | (58,960 | ) |  | — |  |  | — |  |  | — |  |  | (58,960 | )
Intercompany transactions | 183,244 |  |  | (170,000 | ) |  | (13,244 | ) |  | — |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (2,275 | ) |  | 2,275 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 74,829 |  |  | (177,282 | ) |  | (12,914 | ) |  | (3,325 | ) |  | (118,692 | )
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (2,110 | ) |  | — |  |  | — |  |  | — |  |  | (2,110 | )
Net cash used in discontinued operations | (2,110 | ) |  | — |  |  | — |  |  | — |  |  | (2,110 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (27,391 | ) |  | — |  |  | (27,391 | )
Net (decrease) increase in cash and cash equivalents | (7,041 | ) |  | 1,031 |  |  | 211,433 |  |  | — |  |  | 205,423 |
Cash and cash equivalents at the beginning of the year | 21,612 |  |  | — |  |  | 316,754 |  |  | — |  |  | 338,366 |
Cash and cash equivalents at the end of the year | $ | 14,571 |  |  | $ | 1,031 |  |  | $ | 528,187 |  |  | $ | — |  |  | $ | 543,789 |
| 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 businesses and assets | 408 |  |  | — |  |  | — |  |  | — |  |  | 408 |
Investments in affiliates | — |  |  | — |  |  | (121,850 | ) |  | 121,850 |  |  | — |
Net cash 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 | (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 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 |

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