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Condensed consolidating guarantor financial information (Tables) | 12 Months Ended
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Dec. 31, 2018
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, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 1,584,650 |  |  | $ | 1,287,944 |  |  | $ | (424,211 | ) |  | $ | 2,448,383 |
Cost of goods sold | — |  |  | 886,161 |  |  | 596,985 |  |  | (419,205 | ) |  | 1,063,941 |
Gross profit | — |  |  | 698,489 |  |  | 690,959 |  |  | (5,006 | ) |  | 1,384,442 |
Selling, general and administrative expenses | 50,866 |  |  | 514,598 |  |  | 313,895 |  |  | (671 | ) |  | 878,688 |
Research and development expenses | 1,482 |  |  | 73,067 |  |  | 31,659 |  |  | — |  |  | 106,208 |
Restructuring and impairment charges | — |  |  | 20,639 |  |  | 58,591 |  |  | — |  |  | 79,230 |
Gain on sale of assets | — |  |  | (1,388 | ) |  | — |  |  | — |  |  | (1,388 | )
(Loss) income from continuing operations before interest and taxes | (52,348 | ) |  | 91,573 |  |  | 286,814 |  |  | (4,335 | ) |  | 321,704 |
Interest, net | 95,173 |  |  | 4,796 |  |  | 2,107 |  |  | — |  |  | 102,076 |
(Loss) income from continuing operations before taxes | (147,521 | ) |  | 86,777 |  |  | 284,707 |  |  | (4,335 | ) |  | 219,628 |
(Benefit) taxes on (loss) income from continuing operations | (53,401 | ) |  | 34,591 |  |  | 42,241 |  |  | (235 | ) |  | 23,196 |
Equity in net income of consolidated subsidiaries | 291,572 |  |  | 220,718 |  |  | 637 |  |  | (512,927 | ) |  | — |
Income from continuing operations | 197,452 |  |  | 272,904 |  |  | 243,103 |  |  | (517,027 | ) |  | 196,432 |
Operating income from discontinued operations | 4,363 |  |  | — |  |  | 1,280 |  |  | — |  |  | 5,643 |
Tax on income from discontinued operations | 1,013 |  |  | — |  |  | 260 |  |  | — |  |  | 1,273 |
Income from discontinued operations | 3,350 |  |  | — |  |  | 1,020 |  |  | — |  |  | 4,370 |
Net income | 200,802 |  |  | 272,904 |  |  | 244,123 |  |  | (517,027 | ) |  | 200,802 |
Other comprehensive loss | (75,994 | ) |  | (80,030 | ) |  | (80,512 | ) |  | 160,542 |  |  | (75,994 | )
Comprehensive income | $ | 124,808 |  |  | $ | 192,874 |  |  | $ | 163,611 |  |  | $ | (356,485 | ) |  | $ | 124,808 |
| 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 | 99,371 |  |  | (21,153 | ) |  | 3,557 |  |  | — |  |  | 81,775 |
Loss on extinguishment of debt | 5,593 |  |  | — |  |  | — |  |  | — |  |  | 5,593 |
(Loss) income from continuing operations before taxes | (153,385 | ) |  | 135,753 |  |  | 303,653 |  |  | (1,110 | ) |  | 284,911 |
(Benefit) taxes on (loss) income from continuing operations | (110,921 | ) |  | (20,333 | ) |  | 261,386 |  |  | (484 | ) |  | 129,648 |
Equity in net income of consolidated subsidiaries | 197,727 |  |  | 25,500 |  |  | (3,135 | ) |  | (220,092 | ) |  | — |
Income from continuing operations | 155,263 |  |  | 181,586 |  |  | 39,132 |  |  | (220,718 | ) |  | 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 |  |  | 181,586 |  |  | 39,132 |  |  | (220,718 | ) |  | 152,530 |
Other comprehensive income | 173,626 |  |  | 158,490 |  |  | 198,453 |  |  | (356,943 | ) |  | 173,626 |
Comprehensive income | $ | 326,156 |  |  | $ | 340,076 |  |  | $ | 237,585 |  |  | $ | (577,661 | ) |  | $ | 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 | 61,374 |  |  | (11,009 | ) |  | 4,102 |  |  | — |  |  | 54,467 |
Loss on extinguishment of debt | 19,261 |  |  | — |  |  | — |  |  | — |  |  | 19,261 |
(Loss) income from continuing operations before taxes | (122,250 | ) |  | 59,660 |  |  | 308,512 |  |  | (197 | ) |  | 245,725 |
(Benefit) taxes on (loss) income from continuing operations | (44,674 | ) |  | 12,954 |  |  | 39,875 |  |  | (81 | ) |  | 8,074 |
Equity in net income of consolidated subsidiaries | 315,396 |  |  | 243,987 |  |  | 528 |  |  | (559,911 | ) |  | — |
Income from continuing operations | 237,820 |  |  | 290,693 |  |  | 269,165 |  |  | (560,027 | ) |  | 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 |  |  | 290,693 |  |  | 269,798 |  |  | (560,027 | ) |  | 237,841 |
Less: Income from continuing operations attributable to noncontrolling interests | — |  |  | — |  |  | 464 |  |  | — |  |  | 464 |
Net income attributable to common shareholders | 237,377 |  |  | 290,693 |  |  | 269,334 |  |  | (560,027 | ) |  | 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 |  |  | $ | 214,595 |  |  | $ | 188,634 |  |  | $ | (403,229 | ) |  | $ | 170,616 |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS
| December 31, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 49,523 |  |  | $ | 1,757 |  |  | $ | 305,881 |  |  | $ | — |  |  | $ | 357,161 |
Accounts receivable, net | 5,885 |  |  | 54,013 |  |  | 301,054 |  |  | 5,334 |  |  | 366,286 |
Accounts receivable from consolidated subsidiaries | 32,036 |  |  | 1,043,573 |  |  | 350,162 |  |  | (1,425,771 | ) |  | — |
Inventories, net | — |  |  | 266,073 |  |  | 192,659 |  |  | (30,954 | ) |  | 427,778 |
Prepaid expenses and other current assets | 30,458 |  |  | 9,673 |  |  | 28,237 |  |  | 4,113 |  |  | 72,481 |
Prepaid taxes | 7,029 |  |  | — |  |  | 5,434 |  |  | — |  |  | 12,463 |
Total current assets | 124,931 |  |  | 1,375,089 |  |  | 1,183,427 |  |  | (1,447,278 | ) |  | 1,236,169 |
Property, plant and equipment, net | 3,385 |  |  | 253,037 |  |  | 176,344 |  |  | — |  |  | 432,766 |
Goodwill | — |  |  | 1,254,848 |  |  | 991,731 |  |  | — |  |  | 2,246,579 |
Intangibles assets, net | 90 |  |  | 1,277,462 |  |  | 1,047,500 |  |  | — |  |  | 2,325,052 |
Investments in affiliates | 5,984,566 |  |  | 1,672,908 |  |  | 20,257 |  |  | (7,677,731 | ) |  | — |
Deferred tax assets | — |  |  | — |  |  | 4,822 |  |  | (2,376 | ) |  | 2,446 |
Notes receivable and other amounts due from consolidated subsidiaries | 2,337,737 |  |  | 2,523,156 |  |  | 13,242 |  |  | (4,874,135 | ) |  | — |
Other assets | 17,180 |  |  | 5,776 |  |  | 12,023 |  |  | — |  |  | 34,979 |
Total assets | $ | 8,467,889 |  |  | $ | 8,362,276 |  |  | $ | 3,449,346 |  |  | $ | (14,001,520 | ) |  | $ | 6,277,991 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 36,625 |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 86,625 |
Accounts payable | 3,448 |  |  | 62,764 |  |  | 40,497 |  |  | — |  |  | 106,709 |
Accounts payable to consolidated subsidiaries | 1,058,008 |  |  | 278,715 |  |  | 89,048 |  |  | (1,425,771 | ) |  | — |
Accrued expenses | 5,659 |  |  | 41,883 |  |  | 50,009 |  |  | — |  |  | 97,551 |
Current portion of contingent consideration | — |  |  | 106,514 |  |  | 30,363 |  |  | — |  |  | 136,877 |
Payroll and benefit-related liabilities | 17,156 |  |  | 44,982 |  |  | 42,532 |  |  | — |  |  | 104,670 |
Accrued interest | 5,995 |  |  | — |  |  | 36 |  |  | — |  |  | 6,031 |
Income taxes payable | — |  |  | — |  |  | 5,943 |  |  | — |  |  | 5,943 |
Other current liabilities | 843 |  |  | 34,916 |  |  | 2,291 |  |  | — |  |  | 38,050 |
Total current liabilities | 1,127,734 |  |  | 569,774 |  |  | 310,719 |  |  | (1,425,771 | ) |  | 582,456 |
Long-term borrowings | 2,072,200 |  |  | — |  |  | — |  |  | — |  |  | 2,072,200 |
Deferred tax liabilities | 87,671 |  |  | 257,522 |  |  | 265,404 |  |  | (2,376 | ) |  | 608,221 |
Pension and postretirement benefit liabilities | 49,290 |  |  | 27,454 |  |  | 16,170 |  |  | — |  |  | 92,914 |
Noncurrent liability for uncertain tax positions | 801 |  |  | 7,212 |  |  | 2,705 |  |  | — |  |  | 10,718 |
Notes payable and other amounts due to consolidated subsidiaries | 2,451,784 |  |  | 2,222,580 |  |  | 199,771 |  |  | (4,874,135 | ) |  | — |
Noncurrent contingent consideration | — |  |  | 131,563 |  |  | 35,807 |  |  | — |  |  | 167,370 |
Other liabilities | 138,431 |  |  | 8,204 |  |  | 57,499 |  |  |  |  |  | 204,134 |
Total liabilities | 5,927,911 |  |  | 3,224,309 |  |  | 888,075 |  |  | (6,302,282 | ) |  | 3,738,013 |
Total shareholders' equity | 2,539,978 |  |  | 5,137,967 |  |  | 2,561,271 |  |  | (7,699,238 | ) |  | 2,539,978 |
Total liabilities and shareholders' equity | $ | 8,467,889 |  |  | $ | 8,362,276 |  |  | $ | 3,449,346 |  |  | $ | (14,001,520 | ) |  | $ | 6,277,991 |
| 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 affiliates | 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 |
| Year Ended December 31, 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 | $ | (196,727 | ) |  | $ | 470,972 |  |  | $ | 319,693 |  |  | $ | (158,852 | ) |  | $ | 435,086 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (1,881 | ) |  | (40,399 | ) |  | (38,515 | ) |  | — |  |  | (80,795 | )
Payments for businesses and intangibles acquired, net of cash acquired | (100 | ) |  | (35,606 | ) |  | (85,319 | ) |  | — |  |  | (121,025 | )
Proceeds from sale of assets | 28,239 |  |  | 3,878 |  |  | — |  |  | (28,239 | ) |  | 3,878 |
Net interest proceeds on swaps designated as net investment hedges | 1,548 |  |  | — |  |  | — |  |  | — |  |  | 1,548 |
Investments in affiliates | — |  |  | (5,700 | ) |  | — |  |  | 5,700 |  |  | — |
Net cash provided by (used in) investing activities from continuing operations | 27,806 |  |  | (77,827 | ) |  | (123,834 | ) |  | (22,539 | ) |  | (196,394 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 35,000 |  |  | — |  |  | — |  |  | — |  |  | 35,000 |
Reduction in borrowings | (128,500 | ) |  | — |  |  | — |  |  | — |  |  | (128,500 | )
Debt extinguishment, issuance and amendment fees | (188 | ) |  | — |  |  | — |  |  | — |  |  | (188 | )
Proceeds from share based compensation plans and the related tax impacts | 22,655 |  |  | — |  |  | — |  |  | — |  |  | 22,655 |
Payments for contingent consideration | — |  |  | (73,235 | ) |  | — |  |  | — |  |  | (73,235 | )
Proceeds from issuance of shares | — |  |  | — |  |  | 5,700 |  |  | (5,700 | ) |  | — |
Dividends | (62,165 | ) |  | — |  |  | — |  |  | — |  |  | (62,165 | )
Intercompany transactions | 314,386 |  |  | (322,363 | ) |  | (20,262 | ) |  | 28,239 |  |  | — |
Intercompany dividends paid | — |  |  | (4,723 | ) |  | (154,129 | ) |  | 158,852 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 181,188 |  |  | (400,321 | ) |  | (168,691 | ) |  | 181,391 |  |  | (206,433 | )
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | (547 | ) |  | — |  |  | 2,839 |  |  | — |  |  | 2,292 |
Net cash provided by discontinued operations | (547 | ) |  | — |  |  | 2,839 |  |  | — |  |  | 2,292 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (10,948 | ) |  | — |  |  | (10,948 | )
Net increase (decrease) in cash and cash equivalents | 11,720 |  |  | (7,176 | ) |  | 19,059 |  |  | — |  |  | 23,603 |
Cash and cash equivalents at the beginning of the year | 37,803 |  |  | 8,933 |  |  | 286,822 |  |  | — |  |  | 333,558 |
Cash and cash equivalents at the end of the year | $ | 49,523 |  |  | $ | 1,757 |  |  | $ | 305,881 |  |  | $ | — |  |  | $ | 357,161 |
| 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 | 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 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 businesses and 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 the 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 |

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