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v3.19.1

Condensed consolidating guarantor financial information (Tables) | 3 Months Ended
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Mar. 31, 2019
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 March 31, 2019
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 415,143 |  |  | $ | 320,993 |  |  | $ | (122,552 | ) |  | $ | 613,584 |
Cost of goods sold | — |  |  | 234,217 |  |  | 147,857 |  |  | (113,232 | ) |  | 268,842 |
Gross profit | — |  |  | 180,926 |  |  | 173,136 |  |  | (9,320 | ) |  | 344,742 |
Selling, general and administrative expenses | 16,167 |  |  | 131,702 |  |  | 79,466 |  |  | 358 |  |  | 227,693 |
Research and development expenses | 484 |  |  | 20,121 |  |  | 6,545 |  |  | — |  |  | 27,150 |
Restructuring and impairment charges | — |  |  | 5,973 |  |  | 11,422 |  |  | — |  |  | 17,395 |
Gain on sale of assets | — |  |  | — |  |  | (2,739 | ) |  | — |  |  | (2,739 | )
(Loss) income from continuing operations before interest and taxes | (16,651 | ) |  | 23,130 |  |  | 78,442 |  |  | (9,678 | ) |  | 75,243 |
Interest, net | 4,065 |  |  | 18,597 |  |  | (309 | ) |  | — |  |  | 22,353 |
(Loss) income from continuing operations before taxes | (20,716 | ) |  | 4,533 |  |  | 78,751 |  |  | (9,678 | ) |  | 52,890 |
(Benefit) taxes on (loss) income from continuing operations | (8,872 | ) |  | 6,892 |  |  | 14,387 |  |  | (1,435 | ) |  | 10,972 |
Equity in net income of consolidated subsidiaries | 53,762 |  |  | 59,631 |  |  | — |  |  | (113,393 | ) |  | — |
Income from continuing operations | 41,918 |  |  | 57,272 |  |  | 64,364 |  |  | (121,636 | ) |  | 41,918 |
Operating loss from discontinued operations | (1,343 | ) |  | — |  |  | — |  |  | — |  |  | (1,343 | )
Tax benefit on loss from discontinued operations | (322 | ) |  | — |  |  | — |  |  | — |  |  | (322 | )
Loss from discontinued operations | (1,021 | ) |  | — |  |  | — |  |  | — |  |  | (1,021 | )
Net income | 40,897 |  |  | 57,272 |  |  | 64,364 |  |  | (121,636 | ) |  | 40,897 |
Other comprehensive income | 396 |  |  | (1,501 | ) |  | (4,994 | ) |  | 6,495 |  |  | 396 |
Comprehensive income | $ | 41,293 |  |  | $ | 55,771 |  |  | $ | 59,370 |  |  | $ | (115,141 | ) |  | $ | 41,293 |
| Three Months Ended April 1, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net revenues | $ | — |  |  | $ | 379,419 |  |  | $ | 320,009 |  |  | $ | (112,198 | ) |  | $ | 587,230 |
Cost of goods sold | — |  |  | 217,604 |  |  | 142,008 |  |  | (103,652 | ) |  | 255,960 |
Gross profit | — |  |  | 161,815 |  |  | 178,001 |  |  | (8,546 | ) |  | 331,270 |
Selling, general and administrative expenses | 9,181 |  |  | 130,914 |  |  | 75,771 |  |  | (529 | ) |  | 215,337 |
Research and development expenses | 227 |  |  | 19,368 |  |  | 6,432 |  |  | — |  |  | 26,027 |
Restructuring charges | — |  |  | 908 |  |  | 2,155 |  |  | — |  |  | 3,063 |
(Loss) income from continuing operations before interest and taxes | (9,408 | ) |  | 10,625 |  |  | 93,643 |  |  | (8,017 | ) |  | 86,843 |
Interest, net | 22,141 |  |  | 2,931 |  |  | 598 |  |  | — |  |  | 25,670 |
(Loss) income from continuing operations before taxes | (31,549 | ) |  | 7,694 |  |  | 93,045 |  |  | (8,017 | ) |  | 61,173 |
(Benefit) taxes on (loss) income from continuing operations | (13,192 | ) |  | 6,423 |  |  | 14,177 |  |  | (1,166 | ) |  | 6,242 |
Equity in net income of consolidated subsidiaries | 74,567 |  |  | 76,876 |  |  | 293 |  |  | (151,736 | ) |  | — |
Income from continuing operations | 56,210 |  |  | 78,147 |  |  | 79,161 |  |  | (158,587 | ) |  | 54,931 |
Operating (loss) income from discontinued operations | (44 | ) |  | — |  |  | 1,279 |  |  | — |  |  | 1,235 |
Tax benefit on loss from discontinued operations | (18 | ) |  | — |  |  | — |  |  | — |  |  | (18 | )
(Loss) income from discontinued operations | (26 | ) |  | — |  |  | 1,279 |  |  | — |  |  | 1,253 |
Net income | 56,184 |  |  | 78,147 |  |  | 80,440 |  |  | (158,587 | ) |  | 56,184 |
Other comprehensive income | 82,690 |  |  | 70,119 |  |  | 87,227 |  |  | (157,346 | ) |  | 82,690 |
Comprehensive income | $ | 138,874 |  |  | $ | 148,266 |  |  | $ | 167,667 |  |  | $ | (315,933 | ) |  | $ | 138,874 |
Condensed Consolidating Balance Sheets | TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
| March 31, 2019
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 39,022 |  |  | $ | 622 |  |  | $ | 231,568 |  |  | $ | — |  |  | $ | 271,212 |
Accounts receivable, net | 4,286 |  |  | 62,457 |  |  | 304,037 |  |  | 4,976 |  |  | 375,756 |
Accounts receivable from consolidated subsidiaries | 35,052 |  |  | 228,267 |  |  | 388,737 |  |  | (652,056 | ) |  | — |
Inventories, net | — |  |  | 274,038 |  |  | 211,781 |  |  | (40,253 | ) |  | 445,566 |
Prepaid expenses and other current assets | 38,633 |  |  | 10,243 |  |  | 26,606 |  |  | 4,113 |  |  | 79,595 |
Prepaid taxes | 4,631 |  |  | — |  |  | 5,854 |  |  | — |  |  | 10,485 |
Total current assets | 121,624 |  |  | 575,627 |  |  | 1,168,583 |  |  | (683,220 | ) |  | 1,182,614 |
Property, plant and equipment, net | 3,167 |  |  | 230,983 |  |  | 175,813 |  |  | — |  |  | 409,963 |
Operating lease assets | 14,679 |  |  | 62,027 |  |  | 35,572 |  |  | — |  |  | 112,278 |
Goodwill | — |  |  | 1,255,350 |  |  | 992,418 |  |  | — |  |  | 2,247,768 |
Intangibles assets, net | 85 |  |  | 1,255,965 |  |  | 1,018,438 |  |  | — |  |  | 2,274,488 |
Investments in affiliates | 6,043,371 |  |  | 1,771,617 |  |  | — |  |  | (7,814,988 | ) |  | — |
Deferred tax assets | — |  |  | — |  |  | 4,885 |  |  | (2,385 | ) |  | 2,500 |
Notes receivable and other amounts due from consolidated subsidiaries | 1,976,376 |  |  | 2,722,166 |  |  | 284,413 |  |  | (4,982,955 | ) |  | — |
Other assets | 16,956 |  |  | 11,593 |  |  | 9,909 |  |  | — |  |  | 38,458 |
Total assets | $ | 8,176,258 |  |  | $ | 7,885,328 |  |  | $ | 3,690,031 |  |  | $ | (13,483,548 | ) |  | $ | 6,268,069 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | 36,625 |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 86,625 |
Accounts payable | 3,446 |  |  | 61,327 |  |  | 38,759 |  |  | — |  |  | 103,532 |
Accounts payable to consolidated subsidiaries | 235,100 |  |  | 315,782 |  |  | 101,174 |  |  | (652,056 | ) |  | — |
Accrued expenses | 8,034 |  |  | 34,673 |  |  | 50,942 |  |  | — |  |  | 93,649 |
Current portion of contingent consideration | — |  |  | 98,622 |  |  | 1,064 |  |  | — |  |  | 99,686 |
Payroll and benefit-related liabilities | 14,092 |  |  | 19,557 |  |  | 42,612 |  |  | — |  |  | 76,261 |
Accrued interest | 23,200 |  |  | — |  |  | 45 |  |  | — |  |  | 23,245 |
Income taxes payable | — |  |  | — |  |  | 8,076 |  |  | (1,435 | ) |  | 6,641 |
Other current liabilities | 4,414 |  |  | 14,425 |  |  | 12,438 |  |  | — |  |  | 31,277 |
Total current liabilities | 324,911 |  |  | 544,386 |  |  | 305,110 |  |  | (653,491 | ) |  | 520,916 |
Long-term borrowings | 2,072,939 |  |  | — |  |  | — |  |  | — |  |  | 2,072,939 |
Deferred tax liabilities | 90,195 |  |  | 258,470 |  |  | 264,326 |  |  | (2,385 | ) |  | 610,606 |
Pension and postretirement benefit liabilities | 46,154 |  |  | 27,162 |  |  | 15,971 |  |  | — |  |  | 89,287 |
Noncurrent liability for uncertain tax positions | 912 |  |  | 7,267 |  |  | 2,654 |  |  | — |  |  | 10,833 |
Notes payable and other amounts due to consolidated subsidiaries | 2,920,820 |  |  | 1,879,068 |  |  | 183,067 |  |  | (4,982,955 | ) |  | — |
Noncurrent contingent consideration | — |  |  | 42,717 |  |  | 37,959 |  |  | — |  |  | 80,676 |
Noncurrent operating lease liabilities | 12,218 |  |  | 61,390 |  |  | 27,100 |  |  | — |  |  | 100,708 |
Other liabilities | 138,231 |  |  | 9,497 |  |  | 64,498 |  |  | — |  |  | 212,226 |
Total liabilities | 5,606,380 |  |  | 2,829,957 |  |  | 900,685 |  |  | (5,638,831 | ) |  | 3,698,191 |
Total shareholders' equity | 2,569,878 |  |  | 5,055,371 |  |  | 2,789,346 |  |  | (7,844,717 | ) |  | 2,569,878 |
Total liabilities and shareholders' equity | $ | 8,176,258 |  |  | $ | 7,885,328 |  |  | $ | 3,690,031 |  |  | $ | (13,483,548 | ) |  | $ | 6,268,069 |
| 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 |
Condensed Consolidating Statements of Cash Flows | TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, 2019
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations | $ | (417 | ) |  | $ | 57,823 |  |  | $ | 95,215 |  |  | $ | (92,455 | ) |  | $ | 60,166 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (222 | ) |  | (17,784 | ) |  | (5,488 | ) |  | — |  |  | (23,494 | )
Proceeds from sale of assets and investments | 2,362 |  |  | 991 |  |  | — |  |  | (2,362 | ) |  | 991 |
Payments for businesses and intangibles acquired, net of cash acquired | — |  |  | (1,025 | ) |  | — |  |  | — |  |  | (1,025 | )
Net cash provided by (used in) investing activities from continuing operations | 2,140 |  |  | (17,818 | ) |  | (5,488 | ) |  | (2,362 | ) |  | (23,528 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Net proceeds from share based compensation plans and the related tax impacts | 2,242 |  |  | — |  |  | — |  |  | — |  |  | 2,242 |
Payments for contingent consideration | — |  |  | (81,977 | ) |  | (28,976 | ) |  | — |  |  | (110,953 | )
Dividends paid | (15,650 | ) |  | — |  |  | — |  |  | — |  |  | (15,650 | )
Intercompany transactions | (2,426 | ) |  | 40,837 |  |  | (40,773 | ) |  | 2,362 |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (92,455 | ) |  | 92,455 |  |  | — |
Net cash (used in) provided by financing activities from continuing operations | (15,834 | ) |  | (41,140 | ) |  | (162,204 | ) |  | 94,817 |  |  | (124,361 | )
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | 3,610 |  |  | — |  |  | — |  |  | — |  |  | 3,610 |
Net cash provided by discontinued operations | 3,610 |  |  | — |  |  | — |  |  | — |  |  | 3,610 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (1,836 | ) |  | — |  |  | (1,836 | )
Net decrease in cash and cash equivalents | (10,501 | ) |  | (1,135 | ) |  | (74,313 | ) |  | — |  |  | (85,949 | )
Cash and cash equivalents at the beginning of the period | 49,523 |  |  | 1,757 |  |  | 305,881 |  |  | — |  |  | 357,161 |
Cash and cash equivalents at the end of the period | $ | 39,022 |  |  | $ | 622 |  |  | $ | 231,568 |  |  | $ | — |  |  | $ | 271,212 |
| Three Months Ended April 1, 2018
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Condensed Consolidated
| (Dollars in thousands)
Net cash (used in) provided by operating activities from continuing operations | $ | (108,377 | ) |  | $ | 134,198 |  |  | $ | 61,027 |  |  | $ | 86,848 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (159 | ) |  | (5,015 | ) |  | (10,573 | ) |  | (15,747 | )
Payments for businesses and intangibles acquired, net of cash acquired | — |  |  | — |  |  | (3,684 | ) |  | (3,684 | )
Net cash used in investing activities from continuing operations | (159 | ) |  | (5,015 | ) |  | (14,257 | ) |  | (19,431 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Reduction in borrowings | (18,500 | ) |  | — |  |  | — |  |  | (18,500 | )
Debt extinguishment, issuance and amendment fees | (74 | ) |  | — |  |  | — |  |  | (74 | )
Net proceeds from share based compensation plans and the related tax impacts | 1,400 |  |  | — |  |  | — |  |  | 1,400 |
Payments for contingent consideration | — |  |  | (91 | ) |  | — |  |  | (91 | )
Dividends paid | (15,447 | ) |  | — |  |  | — |  |  | (15,447 | )
Intercompany transactions | 131,967 |  |  | (127,825 | ) |  | (4,142 | ) |  | — |
Net cash provided by (used in) financing activities from continuing operations | 99,346 |  |  | (127,916 | ) |  | (4,142 | ) |  | (32,712 | )
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |  |
Net cash used in operating activities | (206 | ) |  | — |  |  | — |  |  | (206 | )
Net cash used in discontinued operations | (206 | ) |  | — |  |  | — |  |  | (206 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 10,815 |  |  | 10,815 |
Net (decrease) increase in cash and cash equivalents | (9,396 | ) |  | 1,267 |  |  | 53,443 |  |  | 45,314 |
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 | $ | 28,407 |  |  | $ | 10,200 |  |  | $ | 340,265 |  |  | $ | 378,872 |

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Condensed Consolidated Guarantor Financial Information [Abstract] + References No definition available. + Details
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