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Condensed consolidating guarantor financial information | 9 Months Ended
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Sep. 29, 2019
Condensed Consolidated Guarantor Financial Information [Abstract] |
Condensed consolidating guarantor financial information | Condensed consolidating guarantor financial information The Company’s $250 million principal amount of 5.25% Senior Notes due 2024 (the “2024 Notes”), $400 million principal amount of 4.875% Senior Notes due 2026 (the “2026 Notes”) and $500 million principal amount of 4.625% Senior Notes due 2027 (the “2027 Notes," and collectively with the 2024 Notes and the 2026 Notes, the "Senior Notes") are issued by Teleflex Incorporated (the “Parent Company”), and payment of the Parent Company's obligations under the Senior Notes is guaranteed, jointly and severally, by certain of the Parent Company’s subsidiaries (each, a “Guarantor Subsidiary” and collectively, the “Guarantor Subsidiaries”). The 2024 Notes, 2026 Notes and 2027 Notes are guaranteed by the same Guarantor Subsidiaries. The guarantees are full and unconditional, subject to certain customary release provisions. Each Guarantor Subsidiary is directly or indirectly 100% owned by the Parent Company. The Company’s condensed consolidating statements of income and comprehensive income for the three and nine months ended September 29, 2019 and September 30, 2018, condensed consolidating balance sheets as of September 29, 2019 and December 31, 2018 and condensed consolidating statements of cash flows for the nine months ended September 29, 2019 and September 30, 2018, provide consolidated information for:
a. | Parent Company, the issuer of the guaranteed obligations;
b. | Guarantor Subsidiaries, on a combined basis;
c. | Non-Guarantor Subsidiaries (i.e., those subsidiaries of the Parent Company that have not guaranteed payment of the Senior Notes), on a combined basis; and
d. | Parent Company and its subsidiaries on a consolidated basis.
In connection with the Company's entry into the Credit Agreement on April 5, 2019 (as described in Note 9), a subsidiary of the Company (the "Released Subsidiary") that was a guarantor of Parent Company’s obligations under the previously outstanding credit agreement and under the Senior Notes was removed as a guarantor of Parent Company’s obligations under the Credit Agreement. Under the indentures governing the Senior Notes, the removal of the Released Subsidiary as a guarantor under the Credit Agreement automatically resulted in the release of the Released Subsidiary from its guarantees of the Senior Notes. Therefore, as of the date of the Credit Agreement, the Released Subsidiary is no longer a Guarantor Subsidiary. The condensed consolidating statements of income and comprehensive income for the three and nine months ended September 30, 2018, the condensed consolidating balance sheet as of December 31, 2018 and the condensed consolidating statement of cash flows for the nine months ended September 30, 2018 have been restated to exclude the Released Subsidiary from the information relating to the Guarantor Subsidiaries and to include the Released Subsidiary in the information relating to Non-Guarantor Subsidiaries. The same accounting policies as described in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 are used by the Parent Company and each of its subsidiaries in connection with the condensed consolidating financial information, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries, which are eliminated upon consolidation. Consolidating entries and eliminations in the following condensed consolidated financial statements represent adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, (b) eliminate the investments in subsidiaries and (c) record consolidating entries. TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| Three Months Ended September 29, 2019 |  |  |  |  |  |  |  |
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands) |  |  |  |  |  |  |  |
Net revenues | $ | — |  |  | $ | 449,753 |  |  | $ | 338,889 |  |  | $ | (140,323) |  |  | $ | 648,319 |
Cost of goods sold | — |  |  | 290,466 |  |  | 112,090 |  |  | (129,917) |  |  | 272,639 |
Gross profit | — |  |  | 159,287 |  |  | 226,799 |  |  | (10,406) |  |  | 375,680 |
Selling, general and administrative expenses | 14,919 |  |  | 140,053 |  |  | 75,421 |  |  | (497) |  |  | 229,896 |
Research and development expenses | 334 |  |  | 20,321 |  |  | 7,329 |  |  | — |  |  | 27,984 |
Restructuring and impairment charges | — |  |  | 661 |  |  | 607 |  |  | — |  |  | 1,268 |
Gain on sale of assets | — |  |  | — |  |  | (1,089) |  |  | — |  |  | (1,089) |
(Loss) income from continuing operations before interest and taxes | (15,253) |  |  | (1,748) |  |  | 144,531 |  |  | (9,909) |  |  | 117,621 |
Interest, net | 25,367 |  |  | (20,911) |  |  | 14,619 |  |  | — |  |  | 19,075 |
(Loss) income from continuing operations before taxes | (40,620) |  |  | 19,163 |  |  | 129,912 |  |  | (9,909) |  |  | 98,546 |
(Benefit) taxes on (loss) income from continuing operations | (13,374) |  |  | 4,393 |  |  | (119,578) |  |  | (1,824) |  |  | (130,383) |
Equity in net income of consolidated subsidiaries | 256,175 |  |  | 229,630 |  |  | — |  |  | (485,805) |  |  | — |
Income from continuing operations | 228,929 |  |  | 244,400 |  |  | 249,490 |  |  | (493,890) |  |  | 228,929 |
Operating loss from discontinued operations | (9) |  |  | — |  |  | — |  |  | — |  |  | (9) |
Tax benefit on loss from discontinued operations | (9) |  |  | — |  |  | — |  |  | — |  |  | (9) |
Income from discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income | 228,929 |  |  | 244,400 |  |  | 249,490 |  |  | (493,890) |  |  | 228,929 |
Other comprehensive income | (38,594) |  |  | (58,995) |  |  | (62,882) |  |  | 121,877 |  |  | (38,594) |
Comprehensive income | $ | 190,335 |  |  | $ | 185,405 |  |  | $ | 186,608 |  |  | $ | (372,013) |  |  | $ | 190,335 |
| 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 |  |  | 130,769 |  |  | 72,800 |  |  | (22) |  |  | 214,894 |
Research and development expenses | 378 |  |  | 19,482 |  |  | 6,505 |  |  | — |  |  | 26,365 |
Restructuring and impairment charges | — |  |  | 17,128 |  |  | 2,081 |  |  | — |  |  | 19,209 |
(Loss) income from continuing operations before interest and taxes | (11,725) |  |  | (627) |  |  | 94,323 |  |  | 134 |  |  | 82,105 |
Interest, net | 25,191 |  |  | (15,391) |  |  | 17,051 |  |  | — |  |  | 26,851 |
(Loss) income from continuing operations before taxes | (36,916) |  |  | 14,764 |  |  | 77,272 |  |  | 134 |  |  | 55,254 |
(Benefit) taxes on (loss) income from continuing operations | (13,449) |  |  | 1,765 |  |  | 10,385 |  |  | 13 |  |  | (1,286) |
Equity in net income of consolidated subsidiaries | 80,007 |  |  | 56,818 |  |  | 372 |  |  | (137,197) |  |  | — |
Income from continuing operations | 56,540 |  |  | 69,817 |  |  | 67,259 |  |  | (137,076) |  |  | 56,540 |
Operating loss from discontinued operations | (83) |  |  | — |  |  | — |  |  | — |  |  | (83) |
Tax benefit on loss from discontinued operations | (67) |  |  | — |  |  | — |  |  | — |  |  | (67) |
Income from discontinued operations | (16) |  |  | — |  |  | — |  |  | — |  |  | (16) |
Net income | 56,524 |  |  | 69,817 |  |  | 67,259 |  |  | (137,076) |  |  | 56,524 |
Other comprehensive loss | 17,253 |  |  | 14,107 |  |  | 16,947 |  |  | (31,054) |  |  | 17,253 |
Comprehensive income | $ | 73,777 |  |  | $ | 83,924 |  |  | $ | 84,206 |  |  | $ | (168,130) |  |  | $ | 73,777 |
| Nine Months Ended September 29, 2019 |  |  |  |  |  |  |  |
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands) |  |  |  |  |  |  |  |
Net revenues | $ | — |  |  | $ | 1,304,385 |  |  | $ | 987,478 |  |  | $ | (377,453) |  |  | $ | 1,914,410 |
Cost of goods sold | — |  |  | 769,639 |  |  | 411,370 |  |  | (359,945) |  |  | 821,064 |
Gross profit | — |  |  | 534,746 |  |  | 576,108 |  |  | (17,508) |  |  | 1,093,346 |
Selling, general and administrative expenses | 45,398 |  |  | 413,380 |  |  | 235,402 |  |  | (405) |  |  | 693,775 |
Research and development expenses | 1,414 |  |  | 60,773 |  |  | 20,542 |  |  | — |  |  | 82,729 |
Restructuring and impairment charges | — |  |  | 6,742 |  |  | 13,606 |  |  | — |  |  | 20,348 |
Gain on sale of assets | — |  |  | — |  |  | (3,828) |  |  | — |  |  | (3,828) |
(Loss) income from continuing operations before interest and taxes | (46,812) |  |  | 53,851 |  |  | 310,386 |  |  | (17,103) |  |  | 300,322 |
Interest, net | 58,782 |  |  | (42,756) |  |  | 45,688 |  |  | — |  |  | 61,714 |
(Loss) income from continuing operations before taxes | (105,594) |  |  | 96,607 |  |  | 264,698 |  |  | (17,103) |  |  | 238,608 |
(Benefit) taxes on (loss) income from continuing operations | (41,765) |  |  | 31,643 |  |  | (102,388) |  |  | (3,057) |  |  | (115,567) |
Equity in net income of consolidated subsidiaries | 418,004 |  |  | 330,627 |  |  | — |  |  | (748,631) |  |  | — |
Income from continuing operations | 354,175 |  |  | 395,591 |  |  | 367,086 |  |  | (762,677) |  |  | 354,175 |
Operating loss from discontinued operations | (1,291) |  |  | — |  |  | — |  |  | — |  |  | (1,291) |
Tax benefit on loss from discontinued operations | (317) |  |  | — |  |  | — |  |  | — |  |  | (317) |
Loss from discontinued operations | (974) |  |  | — |  |  | — |  |  | — |  |  | (974) |
Net income | 353,201 |  |  | 395,591 |  |  | 367,086 |  |  | (762,677) |  |  | 353,201 |
Other comprehensive income | (23,416) |  |  | (43,389) |  |  | (48,419) |  |  | 91,808 |  |  | (23,416) |
Comprehensive income | $ | 329,785 |  |  | $ | 352,202 |  |  | $ | 318,667 |  |  | $ | (670,869) |  |  | $ | 329,785 |
| 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 |  |  | 400,987 |  |  | 226,555 |  |  | (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) |  |  | 9,148 |  |  | 233,210 |  |  | (5,868) |  |  | 202,438 |
Interest, net | 72,120 |  |  | (41,406) |  |  | 48,273 |  |  | — |  |  | 78,987 |
(Loss) income from continuing operations before taxes | (106,172) |  |  | 50,554 |  |  | 184,937 |  |  | (5,868) |  |  | 123,451 |
(Benefit) taxes on (loss) income from continuing operations | (39,859) |  |  | 23,233 |  |  | 32,248 |  |  | (1,090) |  |  | 14,532 |
Equity in net income of consolidated subsidiaries | 176,511 |  |  | 135,425 |  |  | 1,007 |  |  | (312,943) |  |  | — |
Income from continuing operations | 110,198 |  |  | 162,746 |  |  | 153,696 |  |  | (317,721) |  |  | 108,919 |
Operating (loss) income from discontinued operations | (33) |  |  | — |  |  | 1,279 |  |  | — |  |  | 1,246 |
Tax benefit on income (loss) from discontinued operations | (47) |  |  | — |  |  | — |  |  | — |  |  | (47) |
Income from discontinued operations | 14 |  |  | — |  |  | 1,279 |  |  | — |  |  | 1,293 |
Net income | 110,212 |  |  | 162,746 |  |  | 154,975 |  |  | (317,721) |  |  | 110,212 |
Other comprehensive loss | (24,076) |  |  | (30,691) |  |  | (26,551) |  |  | 57,242 |  |  | (24,076) |
Comprehensive income | $ | 86,136 |  |  | $ | 132,055 |  |  | $ | 128,424 |  |  | $ | (260,479) |  |  | $ | 86,136 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS
| September 29, 2019 |  |  |  |  |  |  |  |
| Parent Company |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Condensed Consolidated
| (Dollars in thousands) |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 34,196 |  |  | $ | 518 |  |  | $ | 222,830 |  |  | $ | — |  |  | $ | 257,544 |
Accounts receivable, net | 3,228 |  |  | 69,322 |  |  | 318,375 |  |  | 5,738 |  |  | 396,663 |
Accounts receivable from consolidated subsidiaries | 33,739 |  |  | 469,533 |  |  | 511,784 |  |  | (1,015,056) |  |  | — |
Inventories, net | — |  |  | 296,136 |  |  | 224,660 |  |  | (48,202) |  |  | 472,594 |
Prepaid expenses and other current assets | 40,513 |  |  | 10,387 |  |  | 26,518 |  |  | 4,113 |  |  | 81,531 |
Prepaid taxes | 19,518 |  |  | — |  |  | 9,760 |  |  | — |  |  | 29,278 |
Total current assets | 131,194 |  |  | 845,896 |  |  | 1,313,927 |  |  | (1,053,407) |  |  | 1,237,610 |
Property, plant and equipment, net | 2,889 |  |  | 246,496 |  |  | 180,183 |  |  | — |  |  | 429,568 |
Operating lease assets | 13,136 |  |  | 68,830 |  |  | 33,227 |  |  | — |  |  | 115,193 |
Goodwill | — |  |  | 1,255,976 |  |  | 975,354 |  |  | — |  |  | 2,231,330 |
Intangibles assets, net | 75 |  |  | 1,214,148 |  |  | 961,450 |  |  | — |  |  | 2,175,673 |
Investments in affiliates | 5,824,869 |  |  | 2,138,760 |  |  | 924,448 |  |  | (8,888,077) |  |  | — |
Deferred tax assets | 6,850 |  |  | — |  |  | 5,298 |  |  | (9,196) |  |  | 2,952 |
Notes receivable and other amounts due from consolidated subsidiaries | 1,959,149 |  |  | 3,407,412 |  |  | 287,571 |  |  | (5,654,132) |  |  | — |
Other assets | 42,666 |  |  | 12,017 |  |  | 10,173 |  |  | — |  |  | 64,856 |
Total assets | $ | 7,980,828 |  |  | $ | 9,189,535 |  |  | $ | 4,691,631 |  |  | $ | (15,604,812) |  |  | $ | 6,257,182 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Current borrowings | $ | — |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 50,000 |
Accounts payable | 3,004 |  |  | 61,106 |  |  | 36,520 |  |  | — |  |  | 100,630 |
Accounts payable to consolidated subsidiaries | 284,386 |  |  | 428,967 |  |  | 301,703 |  |  | (1,015,056) |  |  | — |
Accrued expenses | 6,287 |  |  | 33,398 |  |  | 51,884 |  |  | — |  |  | 91,569 |
Current portion of contingent consideration | — |  |  | 124,789 |  |  | 10,379 |  |  | — |  |  | 135,168 |
Payroll and benefit-related liabilities | 19,772 |  |  | 35,171 |  |  | 44,888 |  |  | — |  |  | 99,831 |
Accrued interest | 19,658 |  |  | — |  |  | 28 |  |  | — |  |  | 19,686 |
Income taxes payable | — |  |  | — |  |  | 6,356 |  |  | (3,057) |  |  | 3,299 |
Other current liabilities | 4,049 |  |  | 14,849 |  |  | 11,282 |  |  | — |  |  | 30,180 |
Total current liabilities | 337,156 |  |  | 698,280 |  |  | 513,040 |  |  | (1,018,113) |  |  | 530,363 |
Long-term borrowings | 1,949,068 |  |  | — |  |  | — |  |  | — |  |  | 1,949,068 |
Deferred tax liabilities | — |  |  | 345,670 |  |  | 132,471 |  |  | (9,196) |  |  | 468,945 |
Pension and postretirement benefit liabilities | 30,594 |  |  | 25,887 |  |  | 15,535 |  |  | — |  |  | 72,016 |
Noncurrent liability for uncertain tax positions | 1,162 |  |  | 7,382 |  |  | 2,540 |  |  | — |  |  | 11,084 |
Notes payable and other amounts due to consolidated subsidiaries | 2,673,870 |  |  | 1,860,819 |  |  | 1,119,443 |  |  | (5,654,132) |  |  | — |
Noncurrent contingent consideration | — |  |  | 44,137 |  |  | 27,575 |  |  | — |  |  | 71,712 |
Noncurrent operating lease liabilities | 10,616 |  |  | 68,167 |  |  | 25,353 |  |  | — |  |  | 104,136 |
Other liabilities | 125,386 |  |  | 9,619 |  |  | 61,877 |  |  | — |  |  | 196,882 |
Total liabilities | 5,127,852 |  |  | 3,059,961 |  |  | 1,897,834 |  |  | (6,681,441) |  |  | 3,404,206 |
Total shareholders' equity | 2,852,976 |  |  | 6,129,574 |  |  | 2,793,797 |  |  | (8,923,371) |  |  | 2,852,976 |
Total liabilities and shareholders' equity | $ | 7,980,828 |  |  | $ | 9,189,535 |  |  | $ | 4,691,631 |  |  | $ | (15,604,812) |  |  | $ | 6,257,182 |
| 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 |  |  | $ | 1,701 |  |  | $ | 305,937 |  |  | $ | — |  |  | $ | 357,161 |
Accounts receivable, net | 5,885 |  |  | 54,013 |  |  | 301,054 |  |  | 5,334 |  |  | 366,286 |
Accounts receivable from consolidated subsidiaries | 32,036 |  |  | 1,122,107 |  |  | 366,033 |  |  | (1,520,176) |  |  | — |
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 |  |  | 1,453,567 |  |  | 1,199,354 |  |  | (1,541,683) |  |  | 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 |  |  | 1,625,464 |  |  | 837,899 |  |  | (8,447,929) |  |  | — |
Deferred tax assets | — |  |  | — |  |  | 4,822 |  |  | (2,376) |  |  | 2,446 |
Notes receivable and other amounts due from consolidated subsidiaries | 2,337,737 |  |  | 3,347,815 |  |  | 13,242 |  |  | (5,698,794) |  |  | — |
Other assets | 17,180 |  |  | 5,776 |  |  | 12,023 |  |  | — |  |  | 34,979 |
Total assets | $ | 8,467,889 |  |  | $ | 9,217,969 |  |  | $ | 4,282,915 |  |  | $ | (15,690,782) |  |  | $ | 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 |  |  | 292,093 |  |  | 170,075 |  |  | (1,520,176) |  |  | — |
Accrued expenses | 5,659 |  |  | 41,873 |  |  | 50,019 |  |  | — |  |  | 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 |  |  | 583,142 |  |  | 391,756 |  |  | (1,520,176) |  |  | 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 |  |  | 1,024,430 |  |  | (5,698,794) |  |  | — |
Noncurrent contingent consideration | — |  |  | 131,563 |  |  | 35,807 |  |  | — |  |  | 167,370 |
Other liabilities | 138,431 |  |  | 8,204 |  |  | 57,499 |  |  |  |  |  | 204,134 |
Total liabilities | 5,927,911 |  |  | 3,237,677 |  |  | 1,793,771 |  |  | (7,221,346) |  |  | 3,738,013 |
Total shareholders' equity | 2,539,978 |  |  | 5,980,292 |  |  | 2,489,144 |  |  | (8,469,436) |  |  | 2,539,978 |
Total liabilities and shareholders' equity | $ | 8,467,889 |  |  | $ | 9,217,969 |  |  | $ | 4,282,915 |  |  | $ | (15,690,782) |  |  | $ | 6,277,991 |
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Nine Months Ended September 29, 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 | $ | (72,369) |  |  | $ | 342,912 |  |  | $ | 272,115 |  |  | $ | (253,491) |  |  | $ | 289,167 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (460) |  |  | (57,131) |  |  | (26,206) |  |  | — |  |  | (83,797) |
Proceeds from sale of assets and investments | 2,362 |  |  | 2,046 |  |  | 1,089 |  |  | (2,362) |  |  | 3,135 |
Payments for businesses and intangibles acquired, net of cash acquired | — |  |  | (1,025) |  |  | (240) |  |  | — |  |  | (1,265) |
Net interest proceeds on swaps designated as net investment hedges | 8,330 |  |  | — |  |  | — |  |  | — |  |  | 8,330 |
Investments in affiliates | — |  |  | (146) |  |  | — |  |  | 146 |  |  | — |
Net cash provided by (used in) investing activities from continuing operations | 10,232 |  |  | (56,256) |  |  | (25,357) |  |  | (2,216) |  |  | (73,597) |
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |  |
Proceeds from new borrowings | 25,000 |  |  | — |  |  | — |  |  | — |  |  | 25,000 |
Reduction in borrowings | (185,500) |  |  | — |  |  | — |  |  | — |  |  | (185,500) |
Debt extinguishment, issuance and amendment fees | (4,964) |  |  | — |  |  | — |  |  | — |  |  | (4,964) |
Net proceeds from share based compensation plans and the related tax impacts | 14,014 |  |  | — |  |  | — |  |  | — |  |  | 14,014 |
Payments for contingent consideration | — |  |  | (15,122) |  |  | (96,884) |  |  | — |  |  | (112,006) |
Proceeds from issuance of shares | — |  |  | — |  |  | 146 |  |  | (146) |  |  | — |
Dividends paid | (47,071) |  |  | — |  |  | — |  |  | — |  |  | (47,071) |
Intercompany transactions | 242,049 |  |  | (272,773) |  |  | 28,362 |  |  | 2,362 |  |  | — |
Intercompany dividends paid | — |  |  | — |  |  | (253,491) |  |  | 253,491 |  |  | — |
Net cash provided by (used in) financing activities from continuing operations | 43,528 |  |  | (287,895) |  |  | (321,867) |  |  | 255,707 |  |  | (310,527) |
Cash flows from discontinued operations: |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | 3,282 |  |  | — |  |  | (631) |  |  | — |  |  | 2,651 |
Net cash provided by (used in) discontinued operations | 3,282 |  |  | — |  |  | (631) |  |  | — |  |  | 2,651 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (7,311) |  |  | — |  |  | (7,311) |
Net (decrease) increase in cash and cash equivalents | (15,327) |  |  | (1,239) |  |  | (83,051) |  |  | — |  |  | (99,617) |
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 | $ | 34,196 |  |  | $ | 518 |  |  | $ | 222,830 |  |  | $ | — |  |  | $ | 257,544 |
| 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) |  |  | $ | 321,389 |  |  | $ | 329,390 |  |  | $ | (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 assets | 28,239 |  |  | — |  |  | — |  |  | (28,239) |  |  | — |
Payments for businesses and intangibles acquired, net of cash acquired | (100) |  |  | — |  |  | (22,450) |  |  | — |  |  | (22,550) |
Net cash provided by (used in) investing activities from continuing operations | 26,615 |  |  | (23,686) |  |  | (52,991) |  |  | (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 | — |  |  | (10,748) |  |  | (62,404) |  |  | — |  |  | (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 |  |  | (305,348) |  |  | (254,475) |  |  | 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 |

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- Definition Condensed Consolidated Guarantor Financial Information [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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