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Condensed consolidating guarantor financial information (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 398,961 |  |  | $ | 322,010 |  |  | $ | (111,299 | ) |  | $ | 609,672 |
Cost of goods sold | — |  |  | 232,209 |  |  | 146,301 |  |  | (111,411 | ) |  | 267,099 |
Gross profit | — |  |  | 166,752 |  |  | 175,709 |  |  | 112 |  |  | 342,573 |
Selling, general and administrative expenses | 11,347 |  |  | 130,773 |  |  | 72,796 |  |  | (22 | ) |  | 214,894 |
Research and development expenses | 378 |  |  | 19,482 |  |  | 6,505 |  |  | — |  |  | 26,365 |
Restructuring charges | — |  |  | 17,128 |  |  | 2,081 |  |  | — |  |  | 19,209 |
(Loss) income from continuing operations before interest and taxes | (11,725 | ) |  | (631 | ) |  | 94,327 |  |  | 134 |  |  | 82,105 |
Interest, net | 25,191 |  |  | 1,057 |  |  | 603 |  |  | — |  |  | 26,851 |
(Loss) income from continuing operations before taxes | (36,916 | ) |  | (1,688 | ) |  | 93,724 |  |  | 134 |  |  | 55,254 |
(Benefit) taxes on (loss) income from continuing operations | (13,449 | ) |  | (2,562 | ) |  | 14,712 |  |  | 13 |  |  | (1,286 | )
Equity in net income of consolidated subsidiaries | 80,007 |  |  | 68,943 |  |  | 372 |  |  | (149,322 | ) |  | — |
Income from continuing operations | 56,540 |  |  | 69,817 |  |  | 79,384 |  |  | (149,201 | ) |  | 56,540 |
Operating loss from discontinued operations | (83 | ) |  | — |  |  | — |  |  | — |  |  | (83 | )
Tax benefit on loss from discontinued operations | (67 | ) |  | — |  |  | — |  |  | — |  |  | (67 | )
Loss from discontinued operations | (16 | ) |  | — |  |  | — |  |  | — |  |  | (16 | )
Net income | 56,524 |  |  | 69,817 |  |  | 79,384 |  |  | (149,201 | ) |  | 56,524 |
Other comprehensive income | 17,253 |  |  | 14,107 |  |  | 16,947 |  |  | (31,054 | ) |  | 17,253 |
Comprehensive income | $ | 73,777 |  |  | $ | 83,924 |  |  | $ | 96,331 |  |  | $ | (180,255 | ) |  | $ | 73,777 |
| Three Months Ended October 1, 2017
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 335,051 |  |  | $ | 303,676 |  |  | $ | (104,024 | ) |  | $ | 534,703 |
Cost of goods sold | — |  |  | 194,262 |  |  | 149,302 |  |  | (104,088 | ) |  | 239,476 |
Gross profit | — |  |  | 140,789 |  |  | 154,374 |  |  | 64 |  |  | 295,227 |
Selling, general and administrative expenses | 10,536 |  |  | 89,315 |  |  | 64,046 |  |  | (126 | ) |  | 163,771 |
Research and development expenses | 220 |  |  | 14,788 |  |  | 6,186 |  |  | — |  |  | 21,194 |
Restructuring charges | — |  |  | 552 |  |  | (644 | ) |  | — |  |  | (92 | )
(Loss) income from continuing operations before interest, extinguishment of debt and taxes | (10,756 | ) |  | 36,134 |  |  | 84,786 |  |  | 190 |  |  | 110,354 |
Interest, net | 29,231 |  |  | (9,102 | ) |  | 849 |  |  | — |  |  | 20,978 |
(Loss) income from continuing operations before taxes | (39,987 | ) |  | 45,236 |  |  | 83,937 |  |  | 190 |  |  | 89,376 |
(Benefit) taxes on (loss) income from continuing operations | (21,968 | ) |  | 14,576 |  |  | 17,364 |  |  | 6 |  |  | 9,978 |
Equity in net income of consolidated subsidiaries | 97,417 |  |  | 61,027 |  |  | 257 |  |  | (158,701 | ) |  | — |
Income from continuing operations | 79,398 |  |  | 91,687 |  |  | 66,830 |  |  | (158,517 | ) |  | 79,398 |
Operating loss from discontinued operations | (3,749 | ) |  | — |  |  | — |  |  | — |  |  | (3,749 | )
Tax benefit on loss from discontinued operations | (1,366 | ) |  | — |  |  | — |  |  | — |  |  | (1,366 | )
Loss from discontinued operations | (2,383 | ) |  | — |  |  | — |  |  | — |  |  | (2,383 | )
Net income | 77,015 |  |  | 91,687 |  |  | 66,830 |  |  | (158,517 | ) |  | 77,015 |
Other comprehensive income | 43,845 |  |  | 30,196 |  |  | 56,286 |  |  | (86,482 | ) |  | 43,845 |
Comprehensive income | $ | 120,860 |  |  | $ | 121,883 |  |  | $ | 123,116 |  |  | $ | (244,999 | ) |  | $ | 120,860 |
| Nine Months Ended September 30, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 1,169,684 |  |  | $ | 968,298 |  |  | $ | (331,214 | ) |  | $ | 1,806,768 |
Cost of goods sold | — |  |  | 681,300 |  |  | 431,841 |  |  | (324,994 | ) |  | 788,147 |
Gross profit | — |  |  | 488,384 |  |  | 536,457 |  |  | (6,220 | ) |  | 1,018,621 |
Selling, general and administrative expenses | 32,958 |  |  | 401,252 |  |  | 226,290 |  |  | (352 | ) |  | 660,148 |
Research and development expenses | 1,094 |  |  | 57,668 |  |  | 19,648 |  |  | — |  |  | 78,410 |
Restructuring and impairment charges | — |  |  | 20,581 |  |  | 57,044 |  |  | — |  |  | 77,625 |
(Loss) income from continuing operations before interest and taxes | (34,052 | ) |  | 8,883 |  |  | 233,475 |  |  | (5,868 | ) |  | 202,438 |
Interest, net | 72,120 |  |  | 5,066 |  |  | 1,801 |  |  | — |  |  | 78,987 |
(Loss) income from continuing operations before taxes | (106,172 | ) |  | 3,817 |  |  | 231,674 |  |  | (5,868 | ) |  | 123,451 |
(Benefit) taxes on (loss) income from continuing operations | (39,859 | ) |  | 11,347 |  |  | 44,134 |  |  | (1,090 | ) |  | 14,532 |
Equity in net income of consolidated subsidiaries | 176,511 |  |  | 170,276 |  |  | 1,007 |  |  | (347,794 | ) |  | — |
Income from continuing operations | 110,198 |  |  | 162,746 |  |  | 188,547 |  |  | (352,572 | ) |  | 108,919 |
Operating (loss) income from discontinued operations | (33 | ) |  | — |  |  | 1,279 |  |  | — |  |  | 1,246 |
Tax benefit on loss from discontinued operations | (47 | ) |  | — |  |  | — |  |  | — |  |  | (47 | )
Income from discontinued operations | 14 |  |  | — |  |  | 1,279 |  |  | — |  |  | 1,293 |
Net income | 110,212 |  |  | 162,746 |  |  | 189,826 |  |  | (352,572 | ) |  | 110,212 |
Other comprehensive loss | (24,076 | ) |  | (30,691 | ) |  | (26,551 | ) |  | 57,242 |  |  | (24,076 | )
Comprehensive income | $ | 86,136 |  |  | $ | 132,055 |  |  | $ | 163,275 |  |  | $ | (295,330 | ) |  | $ | 86,136 |
| Nine Months Ended October 1, 2017
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 989,314 |  |  | $ | 876,968 |  |  | $ | (315,085 | ) |  | $ | 1,551,197 |
Cost of goods sold | — |  |  | 576,465 |  |  | 445,638 |  |  | (311,977 | ) |  | 710,126 |
Gross profit | — |  |  | 412,849 |  |  | 431,330 |  |  | (3,108 | ) |  | 841,071 |
Selling, general and administrative expenses | 38,523 |  |  | 278,529 |  |  | 169,224 |  |  | 398 |  |  | 486,674 |
Research and development expenses | 719 |  |  | 39,568 |  |  | 19,012 |  |  | — |  |  | 59,299 |
Restructuring charges | — |  |  | 7,261 |  |  | 6,462 |  |  | — |  |  | 13,723 |
(Loss) income from continuing operations before interest, extinguishment of debt and taxes | (39,242 | ) |  | 87,491 |  |  | 236,632 |  |  | (3,506 | ) |  | 281,375 |
Interest, net | 80,737 |  |  | (25,245 | ) |  | 2,776 |  |  | — |  |  | 58,268 |
Loss on extinguishment of debt | 5,593 |  |  | — |  |  | — |  |  | — |  |  | 5,593 |
(Loss) income from continuing operations before taxes | (125,572 | ) |  | 112,736 |  |  | 233,856 |  |  | (3,506 | ) |  | 217,514 |
(Benefit) taxes on (loss) income from continuing operations | (57,679 | ) |  | 33,873 |  |  | 43,803 |  |  | (593 | ) |  | 19,404 |
Equity in net income of consolidated subsidiaries | 266,003 |  |  | 175,690 |  |  | 713 |  |  | (442,406 | ) |  | — |
Income from continuing operations | 198,110 |  |  | 254,553 |  |  | 190,766 |  |  | (445,319 | ) |  | 198,110 |
Operating loss from discontinued operations | (4,597 | ) |  | — |  |  | — |  |  | — |  |  | (4,597 | )
Tax benefit on loss from discontinued operations | (1,675 | ) |  | — |  |  | — |  |  | — |  |  | (1,675 | )
Loss from discontinued operations | (2,922 | ) |  | — |  |  | — |  |  | — |  |  | (2,922 | )
Net income | 195,188 |  |  | 254,553 |  |  | 190,766 |  |  | (445,319 | ) |  | 195,188 |
Other comprehensive income | 163,267 |  |  | 147,727 |  |  | 179,561 |  |  | (327,288 | ) |  | 163,267 |
Comprehensive income | $ | 358,455 |  |  | $ | 402,280 |  |  | $ | 370,327 |  |  | $ | (772,607 | ) |  | $ | 358,455 |
Condensed Consolidating Balance Sheets | TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
| September 30, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 47,766 |  |  | $ | 1,288 |  |  | $ | 307,222 |  |  | $ | — |  |  | $ | 356,276 |
Accounts receivable, net | 2,932 |  |  | 55,452 |  |  | 310,942 |  |  | 5,015 |  |  | 374,341 |
Accounts receivable from consolidated subsidiaries | 24,606 |  |  | 994,236 |  |  | 351,740 |  |  | (1,370,582 | ) |  | — |
Inventories, net | — |  |  | 245,600 |  |  | 197,784 |  |  | (32,318 | ) |  | 411,066 |
Prepaid expenses and other current assets | 14,379 |  |  | 12,409 |  |  | 24,403 |  |  | 3,982 |  |  | 55,173 |
Prepaid taxes | 33,766 |  |  | — |  |  | 6,949 |  |  | — |  |  | 40,715 |
Assets held for sale | — |  |  | 3,239 |  |  | — |  |  | — |  |  | 3,239 |
Total current assets | 123,449 |  |  | 1,312,224 |  |  | 1,199,040 |  |  | (1,393,903 | ) |  | 1,240,810 |
Property, plant and equipment, net | 3,177 |  |  | 238,079 |  |  | 180,009 |  |  | — |  |  | 421,265 |
Goodwill | — |  |  | 1,245,455 |  |  | 977,974 |  |  | — |  |  | 2,223,429 |
Intangibles assets, net | 95 |  |  | 1,274,994 |  |  | 987,729 |  |  | — |  |  | 2,262,818 |
Investments in consolidated subsidiaries | 5,929,366 |  |  | 1,673,596 |  |  | 20,625 |  |  | (7,623,587 | ) |  | — |
Deferred tax assets | — |  |  | — |  |  | 4,589 |  |  | (2,284 | ) |  | 2,305 |
Notes receivable and other amounts due from consolidated subsidiaries | 2,265,457 |  |  | 2,445,390 |  |  | — |  |  | (4,710,847 | ) |  | — |
Other assets | 30,226 |  |  | 6,057 |  |  | 13,810 |  |  | — |  |  | 50,093 |
Total assets | $ | 8,351,770 |  |  | $ | 8,195,795 |  |  | $ | 3,383,776 |  |  | $ | (13,730,621 | ) |  | $ | 6,200,720 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 27,250 |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 77,250 |
Accounts payable | 4,254 |  |  | 54,791 |  |  | 38,583 |  |  | — |  |  | 97,628 |
Accounts payable to consolidated subsidiaries | 1,024,109 |  |  | 280,381 |  |  | 66,092 |  |  | (1,370,582 | ) |  | — |
Accrued expenses | 17,966 |  |  | 36,206 |  |  | 51,412 |  |  | — |  |  | 105,584 |
Current portion of contingent consideration | — |  |  | 101,573 |  |  | 1,091 |  |  | — |  |  | 102,664 |
Payroll and benefit-related liabilities | 18,184 |  |  | 31,405 |  |  | 44,543 |  |  | — |  |  | 94,132 |
Accrued interest | 20,595 |  |  | — |  |  | 28 |  |  | — |  |  | 20,623 |
Income taxes payable | — |  |  | — |  |  | 14,437 |  |  | (1,090 | ) |  | 13,347 |
Other current liabilities | 1,637 |  |  | 33,589 |  |  | 2,839 |  |  | — |  |  | 38,065 |
Total current liabilities | 1,113,995 |  |  | 537,945 |  |  | 269,025 |  |  | (1,371,672 | ) |  | 549,293 |
Long-term borrowings | 2,075,834 |  |  | — |  |  | — |  |  | — |  |  | 2,075,834 |
Deferred tax liabilities | 92,270 |  |  | 264,288 |  |  | 251,808 |  |  | (2,284 | ) |  | 606,082 |
Pension and postretirement benefit liabilities | 49,853 |  |  | 32,019 |  |  | 17,478 |  |  | — |  |  | 99,350 |
Noncurrent liability for uncertain tax positions | 1,986 |  |  | 8,352 |  |  | 2,832 |  |  | — |  |  | 13,170 |
Notes payable and other amounts due to consolidated subsidiaries | 2,370,469 |  |  | 2,135,450 |  |  | 204,928 |  |  | (4,710,847 | ) |  | — |
Noncurrent contingent consideration | — |  |  | 131,578 |  |  | 10,332 |  |  | — |  |  | 141,910 |
Other liabilities | 140,298 |  |  | 9,026 |  |  | 58,692 |  |  | — |  |  | 208,016 |
Total liabilities | 5,844,705 |  |  | 3,118,658 |  |  | 815,095 |  |  | (6,084,803 | ) |  | 3,693,655 |
Total shareholders' equity | 2,507,065 |  |  | 5,077,137 |  |  | 2,568,681 |  |  | (7,645,818 | ) |  | 2,507,065 |
Total liabilities and shareholders' equity | $ | 8,351,770 |  |  | $ | 8,195,795 |  |  | $ | 3,383,776 |  |  | $ | (13,730,621 | ) |  | $ | 6,200,720 |
| 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
| Nine Months Ended September 30, 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 | $ | (202,209 | ) |  | $ | 382,389 |  |  | $ | 268,390 |  |  | $ | (145,626 | ) |  | $ | 302,944 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (1,524 | ) |  | (23,686 | ) |  | (30,541 | ) |  | — |  |  | (55,751 | )
Proceeds from sale of investments | 28,239 |  |  | — |  |  | — |  |  | (28,239 | ) |  | — |
Payments for businesses and intangibles acquired, net of cash acquired | (100 | ) |  | 1,404 |  |  | (23,854 | ) |  | — |  |  | (22,550 | )
Net cash provided by (used in) investing activities from continuing operations | 26,615 |  |  | (22,282 | ) |  | (54,395 | ) |  | (28,239 | ) |  | (78,301 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Reduction in borrowings | (98,500 | ) |  | — |  |  | — |  |  | — |  |  | (98,500 | )
Debt extinguishment, issuance and amendment fees | (188 | ) |  | — |  |  | — |  |  | — |  |  | (188 | )
Net proceeds from share based compensation plans and the related tax impacts | 18,666 |  |  | — |  |  | — |  |  | — |  |  | 18,666 |
Payments for contingent consideration | — |  |  | (73,152 | ) |  | — |  |  | — |  |  | (73,152 | )
Dividends paid | (46,526 | ) |  | — |  |  | — |  |  | — |  |  | (46,526 | )
Intercompany transactions | 312,806 |  |  | (294,600 | ) |  | (46,445 | ) |  | 28,239 |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (145,626 | ) |  | 145,626 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 186,258 |  |  | (367,752 | ) |  | (192,071 | ) |  | 173,865 |  |  | (199,700 | )
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (701 | ) |  | — |  |  | — |  |  | — |  |  | (701 | )
Net cash used in discontinued operations | (701 | ) |  | — |  |  | — |  |  | — |  |  | (701 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (1,524 | ) |  | — |  |  | (1,524 | )
Net increase (decrease) in cash and cash equivalents | 9,963 |  |  | (7,645 | ) |  | 20,400 |  |  | — |  |  | 22,718 |
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 | $ | 47,766 |  |  | $ | 1,288 |  |  | $ | 307,222 |  |  | $ | — |  |  | $ | 356,276 |
| Nine Months Ended October 1, 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 | $ | (156,643 | ) |  | $ | 300,961 |  |  | $ | 237,308 |  |  | $ | (61,918 | ) |  | $ | 319,708 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (233 | ) |  | (27,527 | ) |  | (26,217 | ) |  | — |  |  | (53,977 | )
Proceeds from sale of assets | 464,982 |  |  | — |  |  | 6,332 |  |  | (464,982 | ) |  | 6,332 |
Payments for businesses and intangibles acquired, net of cash acquired | (975,524 | ) |  | — |  |  | (35,187 | ) |  | — |  |  | (1,010,711 | )
Net cash used in investing activities from continuing operations | (510,775 | ) |  | (27,527 | ) |  | (55,072 | ) |  | (464,982 | ) |  | (1,058,356 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 1,963,500 |  |  | — |  |  | — |  |  | — |  |  | 1,963,500 |
Reduction in borrowings | (747,576 | ) |  | — |  |  | — |  |  | — |  |  | (747,576 | )
Debt extinguishment, issuance and amendment fees | (19,114 | ) |  | — |  |  | — |  |  | — |  |  | (19,114 | )
Net proceeds from share based compensation plans and the related tax impacts | 4,739 |  |  | — |  |  | — |  |  | — |  |  | 4,739 |
Payments for contingent consideration | — |  |  | (245 | ) |  | — |  |  | — |  |  | (245 | )
Dividends paid | (45,905 | ) |  | — |  |  | — |  |  | — |  |  | (45,905 | )
Intercompany transactions | (456,468 | ) |  | 474,192 |  |  | (482,706 | ) |  | 464,982 |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (61,918 | ) |  | 61,918 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 699,176 |  |  | 473,947 |  |  | (544,624 | ) |  | 526,900 |  |  | 1,155,399 |
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (1,140 | ) |  | — |  |  | — |  |  | — |  |  | (1,140 | )
Net cash used in discontinued operations | (1,140 | ) |  | — |  |  | — |  |  | — |  |  | (1,140 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 58,173 |  |  | — |  |  | 58,173 |
Net increase (decrease) in cash and cash equivalents | 30,618 |  |  | 747,381 |  |  | (304,215 | ) |  | — |  |  | 473,784 |
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 | $ | 45,189 |  |  | $ | 748,412 |  |  | $ | 223,972 |  |  | $ | — |  |  | $ | 1,017,573 |

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