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Condensed consolidating guarantor financial information (Tables) | 6 Months Ended
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Jul. 01, 2018
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
| Three Months Ended July 1, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 391,304 |  |  | $ | 326,279 |  |  | $ | (107,717 | ) |  | $ | 609,866 |
Cost of goods sold | — |  |  | 231,487 |  |  | 143,532 |  |  | (109,931 | ) |  | 265,088 |
Gross profit | — |  |  | 159,817 |  |  | 182,747 |  |  | 2,214 |  |  | 344,778 |
Selling, general and administrative expenses | 12,430 |  |  | 139,565 |  |  | 77,723 |  |  | 199 |  |  | 229,917 |
Research and development expenses | 489 |  |  | 18,818 |  |  | 6,711 |  |  | — |  |  | 26,018 |
Restructuring and impairment charges | — |  |  | 2,545 |  |  | 52,808 |  |  | — |  |  | 55,353 |
(Loss) income from continuing operations before interest and taxes | (12,919 | ) |  | (1,111 | ) |  | 45,505 |  |  | 2,015 |  |  | 33,490 |
Interest, net | 24,788 |  |  | 1,078 |  |  | 600 |  |  | — |  |  | 26,466 |
(Loss) income from continuing operations before taxes | (37,707 | ) |  | (2,189 | ) |  | 44,905 |  |  | 2,015 |  |  | 7,024 |
(Benefit) taxes on (loss) income from continuing operations | (13,218 | ) |  | 7,486 |  |  | 15,245 |  |  | 63 |  |  | 9,576 |
Equity in net income of consolidated subsidiaries | 21,937 |  |  | 24,457 |  |  | 342 |  |  | (46,736 | ) |  | — |
(Loss) income from continuing operations | (2,552 | ) |  | 14,782 |  |  | 30,002 |  |  | (44,784 | ) |  | (2,552 | )
Operating income from discontinued operations | 94 |  |  | — |  |  | — |  |  | — |  |  | 94 |
Taxes on income from discontinued operations | 38 |  |  | — |  |  | — |  |  | — |  |  | 38 |
Income from discontinued operations | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Net (loss) income | (2,496 | ) |  | 14,782 |  |  | 30,002 |  |  | (44,784 | ) |  | (2,496 | )
Other comprehensive loss | (124,019 | ) |  | (114,917 | ) |  | (130,725 | ) |  | 245,642 |  |  | (124,019 | )
Comprehensive loss | $ | (126,515 | ) |  | $ | (100,135 | ) |  | $ | (100,723 | ) |  | $ | 200,858 |  |  | $ | (126,515 | )
| 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 | 27,233 |  |  | (8,581 | ) |  | 1,081 |  |  | — |  |  | 19,733 |
Loss on extinguishment of debt | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |
(Loss) income from continuing operations before taxes | (34,976 | ) |  | 46,899 |  |  | 81,167 |  |  | (2,632 | ) |  | 90,458 |
(Benefit) taxes on (loss) income from continuing operations | (14,378 | ) |  | 13,386 |  |  | 14,210 |  |  | (1,123 | ) |  | 12,095 |
Equity in net income of consolidated subsidiaries | 98,961 |  |  | 58,861 |  |  | 240 |  |  | (158,062 | ) |  | — |
Income from continuing operations | 78,363 |  |  | 92,374 |  |  | 67,197 |  |  | (159,571 | ) |  | 78,363 |
Operating loss from discontinued operations | (566 | ) |  | — |  |  | — |  |  | — |  |  | (566 | )
Tax benefit on loss from discontinued operations | (206 | ) |  | — |  |  | — |  |  | — |  |  | (206 | )
Loss from discontinued operations | (360 | ) |  | — |  |  | — |  |  | — |  |  | (360 | )
Net income | 78,003 |  |  | 92,374 |  |  | 67,197 |  |  | (159,571 | ) |  | 78,003 |
Other comprehensive income | 69,822 |  |  | 68,127 |  |  | 69,374 |  |  | (137,501 | ) |  | 69,822 |
Comprehensive income | $ | 147,825 |  |  | $ | 160,501 |  |  | $ | 136,571 |  |  | $ | (297,072 | ) |  | $ | 147,825 |
| Six Months Ended July 1, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 770,723 |  |  | $ | 646,288 |  |  | $ | (219,915 | ) |  | $ | 1,197,096 |
Cost of goods sold | — |  |  | 449,091 |  |  | 285,540 |  |  | (213,583 | ) |  | 521,048 |
Gross profit | — |  |  | 321,632 |  |  | 360,748 |  |  | (6,332 | ) |  | 676,048 |
Selling, general and administrative expenses | 21,611 |  |  | 270,479 |  |  | 153,494 |  |  | (330 | ) |  | 445,254 |
Research and development expenses | 716 |  |  | 38,186 |  |  | 13,143 |  |  | — |  |  | 52,045 |
Restructuring and impairment charges | — |  |  | 3,453 |  |  | 54,963 |  |  | — |  |  | 58,416 |
(Loss) income from continuing operations before interest and taxes | (22,327 | ) |  | 9,514 |  |  | 139,148 |  |  | (6,002 | ) |  | 120,333 |
Interest, net | 46,929 |  |  | 4,009 |  |  | 1,198 |  |  | — |  |  | 52,136 |
(Loss) income from continuing operations before taxes | (69,256 | ) |  | 5,505 |  |  | 137,950 |  |  | (6,002 | ) |  | 68,197 |
(Benefit) taxes on (loss) income from continuing operations | (26,410 | ) |  | 13,909 |  |  | 29,422 |  |  | (1,103 | ) |  | 15,818 |
Equity in net income of consolidated subsidiaries | 96,504 |  |  | 101,333 |  |  | 635 |  |  | (198,472 | ) |  | — |
Income from continuing operations | 53,658 |  |  | 92,929 |  |  | 109,163 |  |  | (203,371 | ) |  | 52,379 |
Operating income from discontinued operations | 50 |  |  | — |  |  | 1,279 |  |  | — |  |  | 1,329 |
Taxes on income from discontinued operations | 20 |  |  | — |  |  | — |  |  | — |  |  | 20 |
Income from discontinued operations | 30 |  |  | — |  |  | 1,279 |  |  | — |  |  | 1,309 |
Net income | 53,688 |  |  | 92,929 |  |  | 110,442 |  |  | (203,371 | ) |  | 53,688 |
Other comprehensive loss | (41,329 | ) |  | (44,798 | ) |  | (43,498 | ) |  | 88,296 |  |  | (41,329 | )
Comprehensive income | $ | 12,359 |  |  | $ | 48,131 |  |  | $ | 66,944 |  |  | $ | (115,075 | ) |  | $ | 12,359 |
| 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 | 51,506 |  |  | (16,143 | ) |  | 1,927 |  |  | — |  |  | 37,290 |
Loss on extinguishment of debt | 5,593 |  |  | — |  |  | — |  |  | — |  |  | 5,593 |
(Loss) income from continuing operations before taxes | (85,585 | ) |  | 67,500 |  |  | 149,919 |  |  | (3,696 | ) |  | 128,138 |
(Benefit) taxes on (loss) income from continuing operations | (35,711 | ) |  | 19,297 |  |  | 26,439 |  |  | (599 | ) |  | 9,426 |
Equity in net income of consolidated subsidiaries | 168,586 |  |  | 114,663 |  |  | 456 |  |  | (283,705 | ) |  | — |
Income from continuing operations | 118,712 |  |  | 162,866 |  |  | 123,936 |  |  | (286,802 | ) |  | 118,712 |
Operating loss from discontinued operations | (848 | ) |  | — |  |  | — |  |  | — |  |  | (848 | )
Tax benefit on loss from discontinued operations | (309 | ) |  | — |  |  | — |  |  | — |  |  | (309 | )
Loss from discontinued operations | (539 | ) |  | — |  |  | — |  |  | — |  |  | (539 | )
Net income | 118,173 |  |  | 162,866 |  |  | 123,936 |  |  | (286,802 | ) |  | 118,173 |
Other comprehensive income | 119,422 |  |  | 117,531 |  |  | 123,275 |  |  | (240,806 | ) |  | 119,422 |
Comprehensive income | $ | 237,595 |  |  | $ | 280,397 |  |  | $ | 247,211 |  |  | $ | (527,608 | ) |  | $ | 237,595 |
Condensed Consolidating Balance Sheets | TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
| July 1, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 50,786 |  |  | $ | 12,626 |  |  | $ | 282,892 |  |  | $ | — |  |  | $ | 346,304 |
Accounts receivable, net | 2,328 |  |  | 49,185 |  |  | 302,614 |  |  | 4,992 |  |  | 359,119 |
Accounts receivable from consolidated subsidiaries | 25,539 |  |  | 1,004,686 |  |  | 359,567 |  |  | (1,389,792 | ) |  | — |
Inventories, net | — |  |  | 246,255 |  |  | 191,580 |  |  | (32,407 | ) |  | 405,428 |
Prepaid expenses and other current assets | 14,657 |  |  | 13,029 |  |  | 20,437 |  |  | 3,982 |  |  | 52,105 |
Prepaid taxes | 11,811 |  |  | — |  |  | 7,273 |  |  | — |  |  | 19,084 |
Assets held for sale | — |  |  | 3,239 |  |  | — |  |  | — |  |  | 3,239 |
Total current assets | 105,121 |  |  | 1,329,020 |  |  | 1,164,363 |  |  | (1,413,225 | ) |  | 1,185,279 |
Property, plant and equipment, net | 2,887 |  |  | 233,105 |  |  | 174,987 |  |  | — |  |  | 410,979 |
Goodwill | — |  |  | 1,245,806 |  |  | 975,082 |  |  | — |  |  | 2,220,888 |
Intangibles assets, net | — |  |  | 1,312,928 |  |  | 993,276 |  |  | — |  |  | 2,306,204 |
Investments in consolidated subsidiaries | 5,838,568 |  |  | 1,661,595 |  |  | 20,367 |  |  | (7,520,530 | ) |  | — |
Deferred tax assets | — |  |  | — |  |  | 4,670 |  |  | (2,284 | ) |  | 2,386 |
Notes receivable and other amounts due from consolidated subsidiaries | 2,255,108 |  |  | 2,313,458 |  |  | — |  |  | (4,568,566 | ) |  | — |
Other assets | 30,547 |  |  | 5,880 |  |  | 13,158 |  |  | — |  |  | 49,585 |
Total assets | $ | 8,232,231 |  |  | $ | 8,101,792 |  |  | $ | 3,345,903 |  |  | $ | (13,504,605 | ) |  | $ | 6,175,321 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 36,875 |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 86,875 |
Accounts payable | 4,258 |  |  | 53,913 |  |  | 36,663 |  |  | — |  |  | 94,834 |
Accounts payable to consolidated subsidiaries | 1,033,197 |  |  | 288,217 |  |  | 68,378 |  |  | (1,389,792 | ) |  | — |
Accrued expenses | 18,991 |  |  | 33,421 |  |  | 51,928 |  |  | — |  |  | 104,340 |
Current portion of contingent consideration | — |  |  | 110,454 |  |  | — |  |  | — |  |  | 110,454 |
Payroll and benefit-related liabilities | 15,958 |  |  | 34,341 |  |  | 39,370 |  |  | — |  |  | 89,669 |
Accrued interest | 6,731 |  |  | — |  |  | 40 |  |  | — |  |  | 6,771 |
Income taxes payable | — |  |  | — |  |  | 6,700 |  |  | (1,103 | ) |  | 5,597 |
Other current liabilities | 874 |  |  | 33,609 |  |  | 3,422 |  |  | — |  |  | 37,905 |
Total current liabilities | 1,116,884 |  |  | 553,955 |  |  | 256,501 |  |  | (1,390,895 | ) |  | 536,445 |
Long-term borrowings | 2,145,468 |  |  | — |  |  | — |  |  | — |  |  | 2,145,468 |
Deferred tax liabilities | 89,938 |  |  | 260,624 |  |  | 248,156 |  |  | (2,284 | ) |  | 596,434 |
Pension and postretirement benefit liabilities | 63,481 |  |  | 32,283 |  |  | 17,319 |  |  | — |  |  | 113,083 |
Noncurrent liability for uncertain tax positions | 1,680 |  |  | 8,294 |  |  | 2,791 |  |  | — |  |  | 12,765 |
Notes payable and other amounts due to consolidated subsidiaries | 2,240,361 |  |  | 2,125,535 |  |  | 202,670 |  |  | (4,568,566 | ) |  | — |
Noncurrent contingent consideration | — |  |  | 121,116 |  |  | 11,089 |  |  | — |  |  | 132,205 |
Other liabilities | 140,438 |  |  | 6,763 |  |  | 57,739 |  |  | — |  |  | 204,940 |
Total liabilities | 5,798,250 |  |  | 3,108,570 |  |  | 796,265 |  |  | (5,961,745 | ) |  | 3,741,340 |
Total shareholders' equity | 2,433,981 |  |  | 4,993,222 |  |  | 2,549,638 |  |  | (7,542,860 | ) |  | 2,433,981 |
Total liabilities and shareholders' equity | $ | 8,232,231 |  |  | $ | 8,101,792 |  |  | $ | 3,345,903 |  |  | $ | (13,504,605 | ) |  | $ | 6,175,321 |
| 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 |  |  | 1,177,246 |  |  | 343,115 |  |  | (1,534,839 | ) |  | — |
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 |  |  | 1,498,766 |  |  | 1,112,945 |  |  | (1,552,473 | ) |  | 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 consolidated subsidiaries | 5,806,244 |  |  | 1,674,077 |  |  | 19,620 |  |  | (7,499,941 | ) |  | — |
Deferred tax assets | — |  |  | — |  |  | 6,071 |  |  | (2,261 | ) |  | 3,810 |
Notes receivable and other amounts due from consolidated subsidiaries | 2,452,101 |  |  | 2,231,832 |  |  | — |  |  | (4,683,933 | ) |  | — |
Other assets | 31,173 |  |  | 6,397 |  |  | 8,966 |  |  | — |  |  | 46,536 |
Total assets | $ | 8,361,175 |  |  | $ | 8,226,154 |  |  | $ | 3,332,771 |  |  | $ | (13,738,608 | ) |  | $ | 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 | 1,211,568 |  |  | 261,121 |  |  | 62,150 |  |  | (1,534,839 | ) |  | — |
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 | 1,303,510 |  |  | 461,948 |  |  | 253,257 |  |  | (1,534,839 | ) |  | 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 |  |  | 2,320,611 |  |  | 208,176 |  |  | (4,683,933 | ) |  | — |
Noncurrent contingent consideration | — |  |  | 186,923 |  |  | 10,989 |  |  | — |  |  | 197,912 |
Other liabilities | 148,572 |  |  | 7,850 |  |  | 12,442 |  |  | — |  |  | 168,864 |
Total liabilities | 5,930,644 |  |  | 3,283,704 |  |  | 757,646 |  |  | (6,221,033 | ) |  | 3,750,961 |
Total shareholders' equity | 2,430,531 |  |  | 4,942,450 |  |  | 2,575,125 |  |  | (7,517,575 | ) |  | 2,430,531 |
Total liabilities and shareholders' equity | $ | 8,361,175 |  |  | $ | 8,226,154 |  |  | $ | 3,332,771 |  |  | $ | (13,738,608 | ) |  | $ | 6,181,492 |
Condensed Consolidating Statements of Cash Flows | TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Six Months Ended July 1, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations | $ | (165,764 | ) |  | $ | 253,365 |  |  | $ | 164,356 |  |  | $ | (70,373 | ) |  | $ | 181,584 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (795 | ) |  | (16,602 | ) |  | (20,607 | ) |  | — |  |  | (38,004 | )
Proceeds from sale of investments | 22,944 |  |  | — |  |  | — |  |  | (22,944 | ) |  | — |
Payments for businesses and intangibles acquired, net of cash acquired | — |  |  | 1,404 |  |  | (23,854 | ) |  | — |  |  | (22,450 | )
Net cash provided by (used in) investing activities from continuing operations | 22,149 |  |  | (15,198 | ) |  | (44,461 | ) |  | (22,944 | ) |  | (60,454 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Reduction in borrowings | (18,500 | ) |  | — |  |  | — |  |  | — |  |  | (18,500 | )
Debt extinguishment, issuance and amendment fees | (188 | ) |  | — |  |  | — |  |  | — |  |  | (188 | )
Net proceeds from share based compensation plans and the related tax impacts | 9,800 |  |  | — |  |  | — |  |  | — |  |  | 9,800 |
Payments for contingent consideration | — |  |  | (62,574 | ) |  | — |  |  | — |  |  | (62,574 | )
Dividends paid | (30,938 | ) |  | — |  |  | — |  |  | — |  |  | (30,938 | )
Intercompany transactions | 196,888 |  |  | (171,900 | ) |  | (47,932 | ) |  | 22,944 |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (70,373 | ) |  | 70,373 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 157,062 |  |  | (234,474 | ) |  | (118,305 | ) |  | 93,317 |  |  | (102,400 | )
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (464 | ) |  | — |  |  | — |  |  | — |  |  | (464 | )
Net cash used in discontinued operations | (464 | ) |  | — |  |  | — |  |  | — |  |  | (464 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (5,520 | ) |  | — |  |  | (5,520 | )
Net increase (decrease) in cash and cash equivalents | 12,983 |  |  | 3,693 |  |  | (3,930 | ) |  | — |  |  | 12,746 |
Cash and cash equivalents at the beginning of the period | 37,803 |  |  | 8,933 |  |  | 286,822 |  |  | — |  |  | 333,558 |
Cash and cash equivalents at the end of the period | $ | 50,786 |  |  | $ | 12,626 |  |  | $ | 282,892 |  |  | $ | — |  |  | $ | 346,304 |
| 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 |

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