Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2014 | Oct. 20, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'TFX | ' |
Entity Registrant Name | 'TELEFLEX INC | ' |
Entity Central Index Key | '0000096943 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 41,413,981 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenues | $457,173 | $413,796 | $1,363,824 | $1,245,732 |
Cost of goods sold | 221,007 | 209,804 | 662,411 | 631,730 |
Gross profit | 236,166 | 203,992 | 701,413 | 614,002 |
Selling, general and administrative expenses | 138,252 | 115,228 | 425,392 | 358,431 |
Research and development expenses | 14,871 | 15,638 | 43,803 | 47,169 |
Restructuring and other impairment charges | 1,108 | 7,084 | 16,511 | 29,205 |
Income from continuing operations before interest, loss on extingushments of debt and taxes | 81,935 | 66,042 | 215,707 | 179,197 |
Interest expense | 17,184 | 13,948 | 48,650 | 42,566 |
Interest income | -161 | -144 | -494 | -458 |
Loss on extinguishments of debt | 0 | 1,250 | 0 | 1,250 |
Income from continuing operations before taxes | 64,912 | 50,988 | 167,551 | 135,839 |
Taxes on income from continuing operations | 9,684 | 5,209 | 28,224 | 18,958 |
Income from continuing operations | 55,228 | 45,779 | 139,327 | 116,881 |
Operating income (loss) from discontinued operations | -247 | 38 | -1,866 | -1,746 |
Taxes (benefit) on income (loss) from discontinued operations | 24 | -991 | -345 | -1,547 |
Income (loss) from discontinued operations | -271 | 1,029 | -1,521 | -199 |
Net income | 54,957 | 46,808 | 137,806 | 116,682 |
Less: Income from continuing operations attributable to noncontrolling interest | 126 | 234 | 765 | 629 |
Net income attributable to common shareholders | 54,831 | 46,574 | 137,041 | 116,053 |
Basic: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $1.33 | $1.11 | $3.35 | $2.83 |
Income (loss) from discontinued operations (in dollars per share) | ($0.01) | $0.02 | ($0.04) | ($0.01) |
Net income (in dollars per share) | $1.32 | $1.13 | $3.31 | $2.82 |
Diluted: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $1.18 | $1.05 | $3 | $2.69 |
Income (loss) from discontinued operations (in dollars per share) | $0 | $0.03 | ($0.04) | ($0.01) |
Net income (in dollars per share) | $1.18 | $1.08 | $2.96 | $2.68 |
Dividends per share | $0.34 | $0.34 | $1.02 | $1.02 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic (in shares) | 41,399 | 41,132 | 41,347 | 41,087 |
Diluted (in shares) | 46,628 | 43,264 | 46,256 | 43,246 |
Amounts attributable to common shareholders: | ' | ' | ' | ' |
Income from continuing operations, net of tax | 55,102 | 45,545 | 138,562 | 116,252 |
Income (loss) from discontinued operations, net of tax | -271 | 1,029 | -1,521 | -199 |
Net income attributable to common shareholders | $54,831 | $46,574 | $137,041 | $116,053 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $54,957 | $46,808 | $137,806 | $116,682 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation, net of tax of $12,721, $(6,520), $13,252 and $(5,167) for the three and nine month periods, respectively | -46,395 | 23,530 | -41,105 | -9,275 |
Pension and other postretirement benefit plans adjustment, net of tax of $(526), $(502), $(1,235) and $(1,525) for the three and nine month periods, respectively | 1,094 | 779 | 2,336 | 2,735 |
Derivatives qualifying as hedges, net of tax of $(34), $23, $(117) and $30 for the three and nine month periods, respectively | 60 | -40 | 203 | -52 |
Other comprehensive income (loss), net of tax: | -45,241 | 24,269 | -38,566 | -6,592 |
Comprehensive income | 9,716 | 71,077 | 99,240 | 110,090 |
Less: comprehensive income attributable to non-controlling interest | 86 | 128 | 793 | 372 |
Comprehensive income attributable to common shareholders | $9,630 | $70,949 | $98,447 | $109,718 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Foreign Currency translation tax | $12,721 | ($6,520) | $13,252 | ($5,167) |
Pension and other postretirement benefits plans adjustment, tax | -526 | -502 | -1,235 | -1,525 |
Derivatives qualifying as hedges, tax | ($34) | $23 | ($117) | $30 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $286,382 | $431,984 |
Accounts receivable, net | 287,179 | 295,290 |
Inventories, net | 353,227 | 333,621 |
Prepaid expenses and other current assets | 43,283 | 39,810 |
Prepaid taxes | 51,319 | 36,504 |
Deferred tax assets | 48,141 | 52,917 |
Assets held for sale | 7,672 | 10,428 |
Total current assets | 1,077,203 | 1,200,554 |
Property, plant and equipment, net | 347,233 | 325,900 |
Goodwill | 1,352,045 | 1,354,203 |
Intangible assets, net | 1,208,252 | 1,255,597 |
Investments in affiliates | 1,079 | 1,715 |
Deferred tax assets | 1,706 | 943 |
Other assets | 70,274 | 70,095 |
Total assets | 4,057,792 | 4,209,007 |
Current liabilities | ' | ' |
Current borrowings | 365,356 | 356,287 |
Accounts payable | 71,034 | 71,967 |
Accrued expenses | 77,333 | 74,868 |
Current portion of contingent consideration | 2,957 | 4,131 |
Payroll and benefit-related liabilities | 76,781 | 73,090 |
Accrued interest | 13,848 | 8,725 |
Income taxes payable | 26,735 | 23,821 |
Other current liabilities | 42,272 | 22,231 |
Total current liabilities | 676,316 | 635,120 |
Long-term borrowings | 700,000 | 930,000 |
Deferred tax liabilities | 494,884 | 514,715 |
Pension and postretirement benefit liabilities | 97,007 | 109,498 |
Noncurrent liability for uncertain tax provisions | 56,448 | 55,152 |
Other liabilities | 49,221 | 48,506 |
Total liabilities | 2,073,876 | 2,292,991 |
Commitments and contingencies | ' | ' |
Total common shareholders' equity | 1,981,728 | 1,913,527 |
Noncontrolling interest | 2,188 | 2,489 |
Total equity | 1,983,916 | 1,916,016 |
Total liabilities and equity | $4,057,792 | $4,209,007 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Cash Flows from Operating Activities of Continuing Operations | ' | ' |
Net income | $137,806 | $116,682 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Loss from discontinued operations | 1,521 | 199 |
Depreciation expense | 37,409 | 30,735 |
Amortization expense of intangible assets | 47,053 | 37,072 |
Amortization expense of deferred financing costs and debt discount | 11,792 | 11,228 |
Loss on extinguishments of debt | 0 | 1,250 |
Impairment of long-lived assets | 0 | 3,354 |
Changes in contingent consideration | -7,670 | -12,927 |
Stock-based compensation | 9,125 | 8,426 |
Deferred income taxes, net | -2,808 | -1,286 |
Other | -4,310 | -8,223 |
Changes in operating assets and liabilities, net of effects of acquisitions and disposals: | ' | ' |
Accounts receivable | 2,442 | -12,395 |
Inventories | -23,084 | -23,576 |
Prepaid expenses and other current assets | -4,087 | -5,420 |
Accounts payable and accrued expenses | 14,258 | 1,573 |
Income taxes receivable and payable, net | -10,649 | -10,820 |
Net cash provided by operating activities from continuing operations | 208,798 | 135,872 |
Cash Flows from Investing Activities of Continuing Operations: | ' | ' |
Expenditures for property, plant and equipment | -48,220 | -54,640 |
Proceeds from sale of assets and investments | 5,251 | 0 |
Payments for businesses and intangibles acquired, net of cash acquired | -28,535 | -40,450 |
Investment in affiliates | -40 | -50 |
Net cash used in investing activities from continuing operations | -71,544 | -95,140 |
Cash Flows from Financing Activities of Continuing Operations: | ' | ' |
Proceeds from long-term borrowings | 250,000 | 382,000 |
Repayment of long-term borrowings | -480,009 | -375,000 |
Debt extinguishment, issuance and amendment fees | -3,689 | -6,365 |
Proceeds from share based compensation plans and the related tax impacts | 2,936 | 4,740 |
Payments to noncontrolling interest shareholders | -1,094 | -736 |
Payments for contingent consideration | 0 | -16,367 |
Dividends | -42,174 | -41,915 |
Net cash used in financing activities from continuing operations | -274,030 | -53,643 |
Cash Flows from Discontinued Operations: | ' | ' |
Net cash used in operating activities | -1,946 | -2,167 |
Net cash used in discontinued operations | -1,946 | -2,167 |
Effect of exchange rate changes on cash and cash equivalents | -6,880 | 4,476 |
Net increase (decrease) in cash and cash equivalents | -145,602 | -10,602 |
Cash and cash equivalents at the beginning of the period | 431,984 | 337,039 |
Cash and cash equivalents at the end of the period | $286,382 | $326,437 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2012 | $1,781,537 | $43,102 | $394,384 | $1,601,460 | ($132,048) | ($127,948) | $2,587 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 43,102 | ' | ' | ' | 2,130 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 116,682 | ' | ' | 116,053 | ' | ' | 629 |
Cash dividends ($1.02 per share) | -41,915 | ' | ' | -41,915 | ' | ' | ' |
Other comprehensive income (loss) | -6,592 | ' | ' | ' | -6,335 | ' | -257 |
Distributions to noncontrolling interest shareholders | -736 | ' | ' | ' | ' | ' | -736 |
Shares issued under compensation plans (in shares) | ' | 116 | ' | ' | ' | 55 | ' |
Shares issued under compensation plans | 13,240 | 116 | 10,416 | ' | ' | 2,708 | ' |
Deferred compensation (in shares) | ' | ' | ' | ' | ' | -1 | ' |
Deferred compensation | 46 | ' | -9 | ' | ' | 55 | ' |
Ending Balance at Sep. 29, 2013 | 1,862,262 | 43,218 | 404,791 | 1,675,598 | -138,383 | -125,185 | 2,223 |
Ending Balance (in shares) at Sep. 29, 2013 | ' | 43,218 | ' | ' | ' | 2,074 | ' |
Beginning Balance at Dec. 31, 2013 | 1,916,016 | 43,243 | 409,338 | 1,696,424 | -110,855 | -124,623 | 2,489 |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 43,243 | ' | ' | ' | 2,064 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 137,806 | ' | ' | 137,041 | ' | ' | 765 |
Cash dividends ($1.02 per share) | -42,174 | ' | ' | -42,174 | ' | ' | ' |
Other comprehensive income (loss) | -38,566 | ' | ' | ' | -38,594 | ' | 28 |
Distributions to noncontrolling interest shareholders | -1,094 | ' | ' | ' | ' | ' | -1,094 |
Settlements of convertible notes | 0 | ' | 4 | ' | ' | -4 | ' |
Settlements of note hedges associated with convertible notes | -1 | ' | -7 | ' | ' | 6 | ' |
Shares issued under compensation plans (in shares) | ' | 158 | ' | ' | ' | 75 | ' |
Shares issued under compensation plans | 11,843 | 158 | 9,001 | ' | ' | 2,684 | ' |
Deferred compensation (in shares) | ' | ' | ' | ' | ' | -2 | ' |
Deferred compensation | 86 | ' | ' | ' | ' | 86 | ' |
Ending Balance at Sep. 28, 2014 | $1,983,916 | $43,401 | $418,336 | $1,791,291 | ($149,449) | ($121,851) | $2,188 |
Ending Balance (in shares) at Sep. 28, 2014 | ' | 43,401 | ' | ' | ' | 1,987 | ' |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.34 | $0.34 | $1.02 | $1.02 |
Basis_of_presentation
Basis of presentation | 9 Months Ended |
Sep. 28, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation | |
The accompanying unaudited condensed consolidated financial statements of Teleflex Incorporated are prepared on the same basis as the Company's annual consolidated financial statements. | |
In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for the fair presentation of financial statements for interim periods in accordance with U.S. generally accepted accounting principles (GAAP) and with Rule 10-01 of SEC Regulation S-X, which sets forth the instructions for financial statements included in Form 10-Q. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
In accordance with applicable accounting standards, the accompanying condensed consolidated financial statements do not include all of the information and footnote disclosures that are required to be included in the Company's annual consolidated financial statements. The year-end condensed balance sheet data was derived from the Company's audited financial statements, but, as permitted by Rule 10-01 of SEC Regulation S-X, does not include all disclosures required by GAAP for complete financial statements. Accordingly, the Company's quarterly condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. | |
Effective January 1, 2014, the Company realigned its operating segments to reflect changes in the Company’s internal financial reporting structure. See Note 14 for additional information on the Company’s changed reporting structure. | |
The Company’s share-based compensation plan permits employees to elect to have shares withheld by the Company to satisfy their minimum statutory tax withholding obligations arising from the exercise or vesting of share-based awards. The Company then remits, in cash, the withholding taxes to the appropriate tax authorities on behalf of the employee. For the nine months ended September 28, 2014, the Company has classified such payments as a cash outflow from financing activities under the line item “Proceeds from share-based compensation plans and the related tax impacts” within the condensed consolidated statement of cash flows (i.e., the payment by the Company of the withholding taxes offsets, in part, increases in cash flow from financing activities resulting from the proceeds of the exercise and vesting of share-based awards and tax benefits related to such exercise and vesting). The Company views the activity as, in effect, a repurchase of the employee’s shares. The Company’s payments were previously reported as a cash outflow from operating activities; therefore, the Company reclassified the cash outflow for the nine months ended September 29, 2013 of $2.5 million to conform to the presentation for the nine months ended September 28, 2014 within the condensed consolidated statement of cash flows as well as the condensed consolidating statement of cash flows included in Note 15. The Company’s future filings incorporating financial periods prior to 2014 will also reflect this reclassification. | |
Additionally, the Company made certain revisions to the prior year condensed consolidating statements of cash flows included in the condensed consolidated guarantor financial information included in Note 15 to correct errors identified in the fourth quarter 2013. | |
As used in this report, the terms “we,” “us,” “our,” “Teleflex” and the “Company” mean Teleflex Incorporated and its subsidiaries, unless the context indicates otherwise. The results of operations for the periods reported are not necessarily indicative of those that may be expected for a full year. |
New_accounting_standards
New accounting standards | 9 Months Ended |
Sep. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New accounting standards | ' |
New accounting standards | |
In April 2014, the Financial Accounting Standards Board (FASB) issued guidance for the reporting of discontinued operations. Under the new guidance, only those disposals of components of an entity that represent a strategic shift that has or will have a major effect on an entity's operations and financial results will be reported as discontinued operations in an entity's financial statements. In addition, the new guidance requires additional disclosures for discontinued operations designed to provide users of financial statements with more information about the assets, liabilities, revenues and expenses of discontinued operations. The new guidance also requires disclosures regarding disposals of a significant component of an entity that does not qualify for discontinued operations reporting.This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014 with early adoption permitted. The Company does not believe the adoption of this guidance will have a material impact on the Company’s results of operations, cash flows or financial position. | |
In May 2014, the FASB, in a joint effort with the International Accounting Standards Board, issued new accounting guidance to clarify the principles for recognizing revenue. The new guidance is designed to enhance the comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, and will affect any entity that enters into contracts with customers or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The new guidance establishes principles for reporting information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity's contracts with customers. The core principle of the new guidance is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance is effective prospectively for annual periods beginning after December 15, 2016, and interim periods within those years. Early application is not permitted. The Company is currently evaluating this guidance to determine the impact on the Company’s results of operations, cash flows, and financial position. | |
From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date or, in some cases where early adoption is permitted, in advance of the specified effective date. The Company has assessed the recently issued standards that are not yet effective and, unless otherwise discussed, believes these standards will not have a material impact on the Company’s results of operations, cash flows or financial position. |
Acquisitions
Acquisitions | 9 Months Ended | |||
Sep. 28, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
On February 3, 2014, the Company acquired Mayo Healthcare Pty Limited, (“Mayo Healthcare”), a distributor of medical devices and supplies primarily in the Australian market. The total fair value of consideration for the Mayo Healthcare acquisition was $28.5 million, which included an initial payment of $29.0 million in cash, partially offset by a $0.5 million favorable working capital adjustment. Transaction expenses associated with the acquisition, which are included in selling, general and administrative expenses on the condensed consolidated statements of income were $0.3 million for the nine months ended September 28, 2014. The results of operations of the Mayo Healthcare business are included in the condensed consolidated statements of income from the acquisition date. For the three months ended September 28, 2014, the Company recorded revenue and loss from continuing operations before taxes related to the Mayo Healthcare business of $6.5 million and $0.7 million, respectively. For the nine months ended September 28, 2014, the Company recorded revenue and income from continuing operations before taxes related to the Mayo Healthcare business of $19.9 million and $3.1 million, respectively. Pro forma information is not presented as the Mayo Healthcare operations are not significant to the overall operations of the Company. | ||||
The following table presents the preliminary fair value determination of the assets acquired and liabilities assumed in the Mayo Healthcare acquisition. | ||||
(Dollars in thousands) | ||||
Assets | ||||
Current assets | $ | 10,393 | ||
Property, plant and equipment | 306 | |||
Customer lists intangible asset | 9,335 | |||
Goodwill | 15,986 | |||
Total assets acquired | 36,020 | |||
Liabilities | ||||
Current liabilities | 4,685 | |||
Deferred tax liabilities | 2,800 | |||
Liabilities assumed | 7,485 | |||
Net assets acquired | $ | 28,535 | ||
The Company is continuing to evaluate the Mayo Healthcare acquisition. Further adjustments to the fair value determination may be necessary as a result of the Company’s assessment of additional information related to the fair values of assets acquired and liabilities assumed, primarily with respect to deferred tax assets and liabilities and goodwill. | ||||
Among the acquired assets, customer lists have a useful life of 10 years. The goodwill resulting from the acquisition primarily reflects the synergies expected to be realized from integration of the acquired business. Goodwill and the increase in carrying value resulting from the step-up in basis of the intangible assets in connection with stock acquisitions such as the Mayo Healthcare acquisition are not deductible for tax purposes. | ||||
The Company made the following acquisitions during 2013, all of which were accounted for as business combinations: | ||||
• | On December 2, 2013, the Company acquired Vidacare Corporation, (“Vidacare”), a provider of intraosseous, or inside the bone, access devices. This acquisition complements the Company’s vascular access and specialty product portfolios. | |||
• | On June 11, 2013, the Company acquired the assets of Ultimate Medical Pty. Ltd. and its affiliates (“Ultimate”), a supplier of airway management devices and related products. This acquisition complements the Company’s anesthesia product portfolio. | |||
• | On June 6, 2013, the Company acquired Eon Surgical, Ltd. (“Eon”), a developer of a minimally invasive microlaparoscopy surgical platform technology designed to enhance a surgeon’s ability to perform scarless surgery while producing better patient outcomes. This technology complements the Company’s surgical product portfolio. | |||
The total fair value of consideration for the 2013 acquisitions was $307.0 million. The results of operations of the acquired businesses and assets are included in the consolidated statements of income from their respective acquisition dates. Pro forma information is not presented as the operations of the acquired businesses are not significant to the overall operations of the Company. |
Restructuring_and_other_impair
Restructuring and other impairment charges | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring and other impairment charges | ' | |||||||||||||||||||
Restructuring and other impairment charges | ||||||||||||||||||||
2014 Manufacturing Footprint Realignment Plan | ||||||||||||||||||||
On April 28, 2014, the Board of Directors approved a restructuring plan (the “2014 Manufacturing Footprint Realignment Plan”) involving the consolidation of operations and a related reduction in workforce at certain of the Company’s facilities, and the relocation of manufacturing operations from certain higher-cost locations to existing lower-cost locations. These actions commenced in the quarter ended June 29, 2014 and are expected to be substantially completed by the end of 2017. | ||||||||||||||||||||
The Company estimates that it will incur aggregate pre-tax charges in connection with these restructuring activities of approximately $42 to $53 million, most of which are expected to be incurred prior to the end of 2016. In addition, the Company estimates that $32 million to $40 million of the aggregate pre-tax charges will result in future cash outlays, most of which are expected to be incurred prior to the end of 2016. | ||||||||||||||||||||
The following table provides a summary of the Company’s current cost estimates by major type of cost associated with the 2014 Manufacturing Footprint Realignment Plan: | ||||||||||||||||||||
Type of cost | Total estimated amount expected to be incurred | |||||||||||||||||||
Termination benefits | $12 million to $15 million | |||||||||||||||||||
Facility closure and other exit costs(1) | $2 million to $5 million | |||||||||||||||||||
Accelerated depreciation charges | $10 million to $12 million | |||||||||||||||||||
Other (2) | $18 million to $21 million | |||||||||||||||||||
$42 million to $53 million | ||||||||||||||||||||
-1 | Includes costs to transfer product lines among facilities and outplacement and employee relocation costs. | |||||||||||||||||||
-2 | Consists of other costs directly related to the Plan, including project management, legal and regulatory costs. | |||||||||||||||||||
The Company recorded expenses of $2.1 million and $11.6 million for the three and nine months ended September 28, 2014, respectively, related to the 2014 Manufacturing Footprint Realignment Plan. Of these amounts, $0.2 million and $8.7 million were recorded as restructuring expense for the three and nine months ended September 28, 2014, respectively, and $1.9 million and $2.9 million, which related to accelerated depreciation and other costs resulting from the plan for the three and nine months ended September 28, 2014, respectively, were recorded as cost of sales. As of September 28, 2014, the Company has a restructuring reserve of $8.7 million in connection with the 2014 Manufacturing Footprint Realignment Plan all of which relates to termination benefits. | ||||||||||||||||||||
As the 2014 Manufacturing Footprint Realignment Plan progresses, management will reevaluate the estimated costs set forth above, and may revise its estimates and the accounting charges relating to these actions, as appropriate, consistent with generally accepted accounting principles. | ||||||||||||||||||||
2014 European Restructuring Plan | ||||||||||||||||||||
On February 27, 2014, the Company committed to a restructuring plan (the “2014 European Restructuring Plan”), which impacts certain administrative functions in Europe and involves the consolidation of operations and a related reduction in workforce at certain of the Company’s European facilities. | ||||||||||||||||||||
The Company estimates that it will record pre-tax charges of approximately $9 million in connection with implementation of the 2014 European Restructuring Plan, of which $8.7 million was incurred through September 28, 2014, primarily related to termination benefits. As of September 28, 2014, the Company had a reserve of $3.2 million in connection with the 2014 European Restructuring Plan. The Company expects to complete this plan in 2014. | ||||||||||||||||||||
Other 2014 Restructuring Programs | ||||||||||||||||||||
In June 2014, the Company initiated programs to consolidate locations in Australia and terminate certain European distributor agreements in an effort to reduce costs. As a result of these actions, the Company estimates that it will incur an aggregate of approximately $3 million in restructuring and other impairment charges over the term of these restructuring programs, of which $2.1 million was incurred through September 28, 2014. These programs include costs related to termination benefits, contract termination costs and other exit costs. As of September 28, 2014, the Company has a reserve of $0.4 million in connection with these programs. The Company expects to complete the programs in 2014. | ||||||||||||||||||||
LMA Restructuring Program | ||||||||||||||||||||
In connection with the acquisition of substantially all of the assets of LMA International N.V. (the “LMA business”) in 2012, the Company commenced a program (the "LMA Restructuring Program") related to the integration of the LMA business and the Company’s other businesses. The program focuses on the closure of the LMA business’ corporate functions and the consolidation of manufacturing, sales, marketing, and distribution functions in North America, Europe and Asia. | ||||||||||||||||||||
A reconciliation of the changes in accrued liabilities associated with the LMA Restructuring Program from December 31, 2013 through September 28, 2014 is set forth in the following table: | ||||||||||||||||||||
Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 552 | $ | 427 | $ | 3,686 | $ | 16 | $ | 4,681 | ||||||||||
Subsequent accruals (reversals) | (29 | ) | (112 | ) | (3,211 | ) | — | (3,352 | ) | |||||||||||
Cash payments | (533 | ) | (317 | ) | (104 | ) | — | (954 | ) | |||||||||||
Foreign currency translation | 10 | 2 | (14 | ) | — | (2 | ) | |||||||||||||
Balance at September 28, 2014 | $ | — | $ | — | $ | 357 | $ | 16 | $ | 373 | ||||||||||
During the nine months ended September 28, 2014, the Company reversed approximately $3.2 million in contract termination costs related to the favorable settlement of a terminated distributor agreement. | ||||||||||||||||||||
The Company expects future restructuring expenses associated with this program, if any, to be nominal. The Company expects to complete the program in 2015. | ||||||||||||||||||||
2013 Restructuring Programs | ||||||||||||||||||||
In 2013, the Company initiated programs to consolidate manufacturing facilities in North America and warehouse facilities in Europe and terminate certain European distributor agreements in an effort to reduce costs. As a result of these actions, the Company estimates that it will incur an aggregate of up to $11.0 million in restructuring and other impairment charges over the term of these restructuring programs, of which $10.9 million was incurred through September 28, 2014. These programs entail costs related to termination benefits, contract termination costs and charges related to post-closing obligations associated with its acquired businesses. As of September 28, 2014, the Company has a reserve of $1.3 million in connection with these programs. The Company expects to complete the programs in 2015. | ||||||||||||||||||||
2012 Restructuring Program | ||||||||||||||||||||
In 2012, the Company identified opportunities to improve its supply chain strategy by consolidating its three North American warehouses into one centralized warehouse; and lower costs and improve operating efficiencies through the termination of certain distributor agreements in Europe, the closure of certain North American facilities and workforce reductions. The Company expects future restructuring expenses associated with this program, if any, to be nominal. As of September 28, 2014, the Company has a reserve of $0.6 million in connection with these projects. The Company expects to complete this program in 2015. | ||||||||||||||||||||
Impairment Charges | ||||||||||||||||||||
In the first quarter 2013, the Company recorded a $4.5 million in-process research and development (IPR&D) charge pertaining to a research and development project associated with the May 2012 acquisition of the assets of Axiom Technology Partners LLP because technological feasibility had not yet been achieved and the Company determined that the subject technology had no future alternative use. | ||||||||||||||||||||
In the third quarter of 2013, the Company recorded $3.4 million in impairment charges related to assets held for sale that had a carrying value in excess of their appraised fair value. | ||||||||||||||||||||
There were no impairment charges recorded for the three and nine months ended September 28, 2014. | ||||||||||||||||||||
The restructuring and other impairment charges recognized for the three and nine months ended September 28, 2014 and September 29, 2013 consisted of the following: | ||||||||||||||||||||
Three Months Ended September 28, 2014 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
2014 Manufacturing footprint realignment plan | $ | 129 | $ | — | $ | — | $ | 42 | $ | 171 | ||||||||||
2014 European restructuring plan | 537 | 1 | 1 | 27 | 566 | |||||||||||||||
Other 2014 restructuring programs | 25 | — | 202 | 62 | 289 | |||||||||||||||
LMA restructuring program | — | — | 20 | — | 20 | |||||||||||||||
2013 Restructuring programs | (124 | ) | — | 186 | — | 62 | ||||||||||||||
Total restructuring and other impairment charges | $ | 567 | $ | 1 | $ | 409 | $ | 131 | $ | 1,108 | ||||||||||
Three Months Ended September 29, 2013 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
Closure | ||||||||||||||||||||
Costs | ||||||||||||||||||||
LMA restructuring program | $ | 492 | $ | 162 | $ | 1,097 | $ | 17 | $ | 1,768 | ||||||||||
2013 Restructuring programs | 891 | — | (65 | ) | — | 826 | ||||||||||||||
2012 Restructuring program | 559 | 539 | — | — | 1,098 | |||||||||||||||
2007 Arrow integration program | — | 38 | — | — | 38 | |||||||||||||||
1,942 | 739 | 1,032 | 17 | 3,730 | ||||||||||||||||
Impairment charges | — | — | — | 3,354 | 3,354 | |||||||||||||||
Total restructuring and other impairment charges | $ | 1,942 | $ | 739 | $ | 1,032 | $ | 3,371 | $ | 7,084 | ||||||||||
Nine Months Ended September 28, 2014 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
Closure | ||||||||||||||||||||
Costs | ||||||||||||||||||||
2014 Manufacturing footprint realignment plan | $ | 8,706 | $ | — | $ | — | $ | 42 | $ | 8,748 | ||||||||||
2014 European restructuring plan | 8,289 | 1 | 306 | 76 | 8,672 | |||||||||||||||
Other 2014 restructuring programs | 501 | — | 1,376 | 193 | 2,070 | |||||||||||||||
LMA restructuring program | (29 | ) | (112 | ) | (3,211 | ) | — | (3,352 | ) | |||||||||||
2013 Restructuring programs | 361 | — | 243 | 22 | 626 | |||||||||||||||
2012 Restructuring program | (619 | ) | 354 | — | — | (265 | ) | |||||||||||||
2011 Restructuring program | — | 12 | — | — | 12 | |||||||||||||||
Total restructuring and other impairment charges | $ | 17,209 | $ | 255 | $ | (1,286 | ) | $ | 333 | $ | 16,511 | |||||||||
Nine Months Ended September 29, 2013 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
LMA restructuring program | $ | 3,318 | $ | 536 | $ | 4,378 | $ | 132 | $ | 8,364 | ||||||||||
2013 Restructuring programs | 2,443 | — | 3,326 | 2,887 | 8,656 | |||||||||||||||
2012 Restructuring program | 3,225 | 641 | 293 | 5 | 4,164 | |||||||||||||||
2007 Arrow integration program | — | 173 | — | — | 173 | |||||||||||||||
8,986 | 1,350 | 7,997 | 3,024 | 21,357 | ||||||||||||||||
Impairment charges | — | — | — | 7,848 | 7,848 | |||||||||||||||
Total restructuring and other impairment charges | $ | 8,986 | $ | 1,350 | $ | 7,997 | $ | 10,872 | $ | 29,205 | ||||||||||
Termination benefits include employee retention payments and severance payments and benefits for terminated employees. | ||||||||||||||||||||
Facility closure costs include general operating costs incurred subsequent to production shut-down as well as equipment relocation and other associated costs. | ||||||||||||||||||||
Contract termination costs include costs associated with terminating existing leases and distributor agreements. | ||||||||||||||||||||
Other costs include legal, outplacement and employee relocation costs and other employee-related costs. | ||||||||||||||||||||
Restructuring and other impairment charges by reportable segment for the three and nine months ended September 28, 2014 and September 29, 2013 are set forth in the following table: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Restructuring and other impairment charges | ||||||||||||||||||||
Vascular North America | $ | (54 | ) | $ | 2,233 | $ | 5,908 | $ | 2,860 | |||||||||||
Anesthesia/Respiratory North America | 15 | 332 | 1,193 | 3,001 | ||||||||||||||||
Surgical North America | — | — | — | 7,294 | ||||||||||||||||
EMEA | 849 | 2,221 | 7,164 | 11,428 | ||||||||||||||||
Asia | 111 | 202 | 708 | 447 | ||||||||||||||||
OEM | — | — | — | 588 | ||||||||||||||||
All other | 187 | 2,096 | 1,538 | 3,587 | ||||||||||||||||
Total restructuring and other impairment charges | $ | 1,108 | $ | 7,084 | $ | 16,511 | $ | 29,205 | ||||||||||||
Inventories_net
Inventories, net | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories, net | ' | |||||||
Inventories, net | ||||||||
Inventories as of September 28, 2014 and December 31, 2013 consisted of the following: | ||||||||
28-Sep-14 | 31-Dec-13 | |||||||
(Dollars in thousands) | ||||||||
Raw materials | $ | 73,170 | $ | 70,209 | ||||
Work-in-process | 59,282 | 53,672 | ||||||
Finished goods | 254,120 | 242,113 | ||||||
386,572 | 365,994 | |||||||
Less: Inventory reserve | (33,345 | ) | (32,373 | ) | ||||
Inventories, net | $ | 353,227 | $ | 333,621 | ||||
Goodwill_and_other_intangible_
Goodwill and other intangible assets, net | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Goodwill and other intangible assets, net | ' | |||||||||||||||||||||||||||
Goodwill and other intangible assets, net | ||||||||||||||||||||||||||||
The following table provides information relating to changes in the carrying amount of goodwill by reportable segment for the nine months ended September 28, 2014: | ||||||||||||||||||||||||||||
Vascular | Anesthesia/ | Surgical | EMEA | Asia | All | Total | ||||||||||||||||||||||
North America | Respiratory | North America | Other | |||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||||||||||
Goodwill | $ | 474,044 | $ | 167,195 | $ | 250,506 | $ | 373,417 | $ | 136,946 | $ | 284,223 | $ | 1,686,331 | ||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
254,517 | 60,122 | 250,506 | 373,417 | 136,946 | 278,695 | 1,354,203 | ||||||||||||||||||||||
Goodwill related to acquisitions | — | — | — | — | 15,986 | — | 15,986 | |||||||||||||||||||||
Translation adjustment | — | (300 | ) | — | (17,467 | ) | (585 | ) | 208 | (18,144 | ) | |||||||||||||||||
Balance at September 28, 2014 | ||||||||||||||||||||||||||||
Goodwill | 474,044 | 166,895 | 250,506 | 355,950 | 152,347 | 284,431 | 1,684,173 | |||||||||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
$ | 254,517 | $ | 59,822 | $ | 250,506 | $ | 355,950 | $ | 152,347 | $ | 278,903 | $ | 1,352,045 | |||||||||||||||
The following table provides information as of September 28, 2014 and December 31, 2013 regarding the gross carrying amount of, and accumulated amortization relating to, intangible assets, net: | ||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||||||
September 28, | 31-Dec-13 | September 28, | 31-Dec-13 | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Customer relationships | $ | 631,983 | $ | 628,020 | $ | (188,261 | ) | $ | (168,223 | ) | ||||||||||||||||||
In-process research and development | 68,766 | 68,786 | — | — | ||||||||||||||||||||||||
Intellectual property | 433,227 | 435,869 | (140,606 | ) | (118,086 | ) | ||||||||||||||||||||||
Distribution rights | 16,406 | 16,797 | (14,466 | ) | (14,592 | ) | ||||||||||||||||||||||
Trade names | 403,460 | 407,879 | (2,425 | ) | (1,148 | ) | ||||||||||||||||||||||
Noncompete agreements | 337 | 337 | (169 | ) | (42 | ) | ||||||||||||||||||||||
$ | 1,554,179 | $ | 1,557,688 | $ | (345,927 | ) | $ | (302,091 | ) | |||||||||||||||||||
During the first quarter 2013, the Company recorded an IPR&D charge of $4.5 million. See Note 4 for additional information. | ||||||||||||||||||||||||||||
In May 2012, the Company acquired Semprus BioSciences, a biomedical research and development company that developed a polymer surface treatment technology intended to reduce thrombus related complications. The Company experienced unexpected difficulties with respect to the development of the Semprus technology, which the Company is currently attempting to resolve through further research and testing. Failure to resolve these issues may result in a reduction of the expected future cash flows related to the Semprus technology and could result in the recognition of impairment charges with respect to the related assets, which could be material. As of September 28, 2014, the Company has recorded assets at risk of approximately $41.0 million related to this investment. | ||||||||||||||||||||||||||||
Amortization expense related to intangible assets was $15.0 million and $12.5 million for the three months ended September 28, 2014 and September 29, 2013, respectively, and 47.1 million and 37.1 million for the nine months ended September 28, 2014 and September 29, 2013, respectively. Estimated annual amortization expense for the remainder of 2014 and the next five succeeding years is as follows (dollars in thousands): | ||||||||||||||||||||||||||||
2014 | $ | 13,700 | ||||||||||||||||||||||||||
2015 | 54,100 | |||||||||||||||||||||||||||
2016 | 53,700 | |||||||||||||||||||||||||||
2017 | 53,300 | |||||||||||||||||||||||||||
2018 | 53,000 | |||||||||||||||||||||||||||
2019 | 52,600 | |||||||||||||||||||||||||||
Borrowings
Borrowings | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Borrowings | ' | |||||||
Borrowings | ||||||||
The components of long-term debt at September 28, 2014 and December 31, 2013 are as follows: | ||||||||
28-Sep-14 | 31-Dec-13 | |||||||
(Dollars in thousands) | ||||||||
Senior Credit Facility: | ||||||||
Revolving credit facility, at a rate of 1.90% at September 28, 2014, due 7/16/2018 | $ | 200,000 | $ | 680,000 | ||||
3.875% Convertible Senior Subordinated Notes due 2017 | 399,991 | 400,000 | ||||||
6.875% Senior Subordinated Notes due 2019 | 250,000 | 250,000 | ||||||
5.25% Senior Notes due 2024 | 250,000 | — | ||||||
Total borrowings | 1,099,991 | 1,330,000 | ||||||
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes | (39,335 | ) | (48,413 | ) | ||||
1,060,656 | 1,281,587 | |||||||
Current portion of borrowings | (360,656 | ) | (351,587 | ) | ||||
$ | 700,000 | $ | 930,000 | |||||
5.25% Senior Notes due 2024 | ||||||||
On May 21, 2014, the Company issued $250 million of 5.25% Senior Notes due 2024 (the “2024 Notes”). The Company will pay interest on the 2024 Notes semi-annually on June 15 and December 15, commencing on December 15, 2014, at a rate of 5.25% per year. The 2024 Notes will mature on June 15, 2024, unless earlier redeemed or purchased by the Company at the holder’s option under specified circumstances following a Change of Control or Asset Sale (each as defined in the Indenture related to the 2024 Notes) or upon the Company’s election to exercise its optional redemption rights, as described below. The Company incurred transaction fees of approximately $4.5 million, including underwriters’ discounts and commissions, in connection with the offering of the 2024 Notes, which were recorded as a deferred asset and are being amortized over the term of the 2024 Notes. The Company used $245.0 million of the proceeds to repay borrowings under its revolving credit facility. | ||||||||
The Company's obligations under the 2024 Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Company’s existing and future wholly-owned domestic subsidiaries that is a guarantor or other obligor under the Company’s revolving credit facility and by certain of the Company’s other wholly-owned domestic subsidiaries. | ||||||||
At any time on or after June 15, 2019, the Company may, on one or more occasions, redeem some or all of the 2024 Notes at a redemption price of 102.625% of the principal amount of the 2024 Notes subject to redemption, declining, in annual increments of 0.875%, to 100% of the principal amount on June 15, 2022, plus accrued and unpaid interest. In addition, at any time prior to June 15, 2019, the Company may, on one or more occasions, redeem some or all of the 2024 Notes at a redemption price equal to 100% of the principal amount of the 2024 Notes redeemed, plus a “make-whole” premium and any accrued and unpaid interest. The “make-whole” premium is the greater of (a) 1.0% of the principal amount of the 2024 Notes subject to redemption or (b) the excess, if any, over the principal amount of the 2024 Notes of the present value, on the redemption date, of the sum of (i) the June 15, 2019 optional redemption price plus (ii) all required interest payments on the 2024 Notes through June 15, 2019 (other than accrued and unpaid interest to the redemption date), calculated based on a specified Treasury rate, generally for the period most nearly equal to the period from the redemption date to June 15, 2019, plus 50 basis points. | ||||||||
In addition, at any time prior to June 15, 2017, the Company may, on one or more occasions, redeem up to 35% of the aggregate principal amount of the 2024 Notes, using the proceeds of specified types of Company equity offerings and subject to specified conditions, at a redemption price equal to 105.25% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. | ||||||||
The 2024 Notes contain covenants that, among other things, limit or restrict the Company’s ability, and the ability of its subsidiaries, to incur debt, create liens, consolidate, merge or dispose of certain assets, make certain investments, engage in acquisitions, pay dividends on, repurchase or make distributions in respect of capital stock and enter into swap agreements. | ||||||||
Classification of 3.875% Convertible Notes as a Current Liability | ||||||||
The Company’s 3.875% Convertible Senior Subordinated Notes due 2017 (the “Convertible Notes”) are convertible under certain circumstances, including in any fiscal quarter following an immediately preceding fiscal quarter in which the last reported sales price per share of our common stock for at least 20 days during a period of 30 consecutive trading days ending on the last day of such fiscal quarter exceeds 130% of the $61.32 per share conversion price of the Convertible Notes (approximately $79.72). Since the fourth quarter of 2013, the Company’s closing stock price has exceeded the 130% threshold described above and, accordingly, the Convertible Notes have been classified as a current liability as of September 28, 2014 and December 31, 2013. The determination of whether or not the Convertible Notes are convertible under such circumstances is made each quarter until maturity or conversion. Consequently, the Convertible Notes may not be convertible in one or more future quarters if the common stock price-based contingent conversion threshold is not met in such quarters, in which case the Convertible Notes would again be classified as long-term debt unless another conversion event set forth in the Convertible Notes has occurred. The Company has elected a net settlement method to satisfy the conversion obligation, under which it may settle the principal amount of the Convertible Notes in cash and settle the excess of the conversion value of the Convertible Notes over the principal amount of the notes in shares; however, cash will be paid in lieu of fractional shares. While the Company believes it has sufficient liquidity to repay the principal amounts due through a combination of its existing cash on hand and borrowings under its credit facility, the Company’s use of these funds could adversely affect its results of operations and liquidity. The classification of the Convertible Notes as a current liability had no impact on the Company's financial covenants. | ||||||||
Fair Value of Long-Term Debt | ||||||||
The carrying amount of long-term debt reported in the consolidated balance sheet as of September 28, 2014 is $1,060.7 million. The Company uses quoted market prices to estimate the fair value of its publicly traded debt. To estimate the fair value of debt for which there are no quoted market prices, the Company uses a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration, optionality and risk profile. The Company’s implied credit rating is a factor in determining the market interest yield curve. The following table provides the fair value of the Company’s debt as of September 28, 2014, categorized by fair value hierarchy level (see Note 10, “Fair value measurement,” in the Company’s annual report on Form 10-K for the year ended December 31, 2013 for further information): | ||||||||
Fair value of debt | ||||||||
(Dollars in thousands) | ||||||||
Level 1 | $ | 955,567 | ||||||
Level 2 | 442,337 | |||||||
Total | $ | 1,397,904 | ||||||
Financial_instruments
Financial instruments | 9 Months Ended | |||||||||||||||
Sep. 28, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Financial instruments | ' | |||||||||||||||
Financial instruments | ||||||||||||||||
The Company uses derivative instruments for risk management purposes. Foreign currency forward contracts are used to manage foreign currency transaction exposure. These derivative instruments are designated as cash flow hedges and are recorded on the balance sheet at fair market value. The effective portion of the gains or losses on derivatives is reported as a component of other comprehensive income and thereafter is recognized in the condensed consolidated statement of income in the period or periods during which the hedged transaction affects earnings. Gains and losses on the derivatives representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in the condensed consolidated statement of earnings in the period in which such gains and losses occur. | ||||||||||||||||
The following table presents the location and fair values of derivative instruments designated as hedging instruments in the condensed consolidated balance sheet as of September 28, 2014 and December 31, 2013: | ||||||||||||||||
September 28, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Asset derivatives: | ||||||||||||||||
Foreign currency forward contracts: | ||||||||||||||||
Prepaid expenses and other current assets | $ | 959 | $ | — | ||||||||||||
Total asset derivatives | $ | 959 | $ | — | ||||||||||||
Liability derivatives: | ||||||||||||||||
Foreign currency forward contracts: | ||||||||||||||||
Other current liabilities | $ | 471 | $ | — | ||||||||||||
Total liability derivatives | $ | 471 | $ | — | ||||||||||||
The total notional amount for all open foreign currency forward contracts as of September 28, 2014 is approximately $20.5 million. As of December 31, 2013, the Company had no open foreign currency forward contracts. | ||||||||||||||||
The following table provides information as to the gains and losses attributable to derivatives in cash flow hedging relationships that were reported in other comprehensive income (“OCI”) for the three and nine months ended September 28, 2014 and September 29, 2013: | ||||||||||||||||
After Tax Gain/(Loss) | ||||||||||||||||
Recognized in OCI | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Foreign currency forward contracts | $ | 60 | $ | (40 | ) | $ | 203 | $ | (52 | ) | ||||||
Total | $ | 60 | $ | (40 | ) | $ | 203 | $ | (52 | ) | ||||||
See Note 10 for information on the location and amount of gains and losses attributable to derivatives that were reclassified from accumulated other comprehensive income (“AOCI”) to expense (income), net of tax. | ||||||||||||||||
There was no ineffectiveness related to the Company’s derivatives used during the three and nine months ended September 28, 2014 and September 29, 2013. | ||||||||||||||||
Based on exchange rates at September 28, 2014, approximately $0.2 million of unrealized gains, net of tax, within AOCI are expected to be reclassified from AOCI to the condensed consolidated statement of income during the remainder of 2014. However, the actual amount reclassified from AOCI could vary due to future changes in exchange rates. | ||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||
Concentrations of credit risk with respect to trade accounts receivable is generally limited due to the Company’s large number of customers and their diversity across many geographic areas. A portion of the Company’s trade accounts receivable outside the United States, however, include sales to government-owned or supported healthcare systems in several countries which are subject to payment delays. Payment is dependent upon the financial stability and creditworthiness of those countries’ economies. | ||||||||||||||||
In the ordinary course of business, the Company grants non-interest bearing trade credit to its customers on normal credit terms. In an effort to reduce its credit risk, the Company (i) establishes credit limits for all of its customer relationships, (ii) performs ongoing credit evaluations of its customers’ financial condition, (iii) monitors the payment history and aging of its customers’ receivables, and (iv) monitors open orders against an individual customer’s outstanding receivable balance. | ||||||||||||||||
An allowance for doubtful accounts is maintained for accounts receivable based on the Company’s historical collection experience and expected collectability of the accounts receivable, considering the period an account is outstanding, the financial position of the customer and information provided by credit rating services. The adequacy of this allowance is reviewed each reporting period and adjusted as necessary. The allowance for doubtful accounts was $10.4 million and $10.7 million at September 28, 2014 and December 31, 2013, respectively. | ||||||||||||||||
In light of the disruptions in global economic markets in recent years, the Company instituted enhanced measures, within countries where the Company has collectability concerns, to facilitate customer-by-customer risk assessment when estimating the allowance for doubtful accounts. Such measures include, among others, monthly credit control committee meetings, at which customer credit risks are identified after review of, among other things, accounts that exceed specified credit limits, payment delinquencies and other customer issues. In addition, for some of the Company’s non-government customers, the Company instituted measures designed to reduce its risk exposures, including issuing dunning letters, reducing credit limits, requiring that payments accompany orders and instituting legal action with respect to delinquent accounts. With respect to government customers, the Company evaluates receivables for potential collection risks associated with the availability of government funding and reimbursement practices. | ||||||||||||||||
Some of the Company’s customers, particularly in Europe, have extended or delayed payments for products and services already provided. Collectability concerns regarding the Company’s accounts receivable from these customers, for the most part in Greece, Italy, Spain and Portugal, resulted in an increase in the allowance for doubtful accounts related to these countries. If the financial condition of these customers or the healthcare systems in these countries deteriorate such that the ability of an increasing number of customers to make payments is uncertain, additional allowances may be required in future periods. The aggregate net current and long-term accounts receivable for Spain, Italy, Greece and Portugal as a percentage of the Company’s net current and long-term accounts receivable at September 28, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
September 28, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Current and long-term accounts receivable (net of allowances of $8.9 million and $7.9 million at September 28, 2014 and December 31, 2013, respectively) in Spain, Italy, Greece and Portugal (1) | $ | 87,733 | $ | 97,852 | ||||||||||||
Percentage of total net current and long-term accounts receivable | 29.4 | % | 31 | % | ||||||||||||
(1)The long-term portion of accounts receivable, net at September 28, 2014 and December 31, 2013 was $15.5 million and $17.6 million, respectively. | ||||||||||||||||
For the nine months ended September 28, 2014 and September 29, 2013, net revenues from customers in Spain, Italy, Greece and Portugal were $114.8 million and $106.3 million, respectively. |
Fair_value_measurement
Fair value measurement | 9 Months Ended | |||||||||||||||
Sep. 28, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value measurement | ' | |||||||||||||||
Fair value measurement | ||||||||||||||||
For a description of the fair value hierarchy, see Note 10 to the Company’s 2013 consolidated financial statements included in its annual report on Form 10-K for the year ended December 31, 2013. | ||||||||||||||||
The following tables provide information regarding the financial assets and liabilities measured at fair value on a recurring basis as of September 28, 2014 and December 31, 2013: | ||||||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | |||||||||||||
value at | active markets | observable | unobservable | |||||||||||||
September 28, | (Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||
2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Investments in marketable securities | $ | 6,540 | $ | 6,540 | $ | — | $ | — | ||||||||
Derivative assets | 959 | — | 959 | — | ||||||||||||
Derivative liabilities | 471 | — | 471 | — | ||||||||||||
Contingent consideration liabilities | 12,643 | — | — | 12,643 | ||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | |||||||||||||
value at | active markets | observable | unobservable | |||||||||||||
December 31, 2013 | (Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Investments in marketable securities | $ | 6,150 | $ | 6,150 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 20,313 | — | — | 20,313 | ||||||||||||
There were no transfers of financial assets or liabilities carried at fair value among Level 1, Level 2 or Level 3 within the fair value hierarchy during the nine months ended September 28, 2014. | ||||||||||||||||
The following table provides information regarding changes in Level 3 financial liabilities related to contingent consideration in connection with various Company acquisitions during the nine months ended September 28, 2014: | ||||||||||||||||
Contingent consideration | ||||||||||||||||
2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance - December 31, 2013 | $ | 20,313 | ||||||||||||||
Revaluations | (7,670 | ) | ||||||||||||||
Balance - September 28, 2014 | $ | 12,643 | ||||||||||||||
For the three and nine months ended September 28, 2014, the Company recorded net reductions to contingent consideration liabilities of $1.5 million and $8.2 million, respectively, and for the three and nine months ended September 29, 2013, the Company recorded reductions to contingent consideration liabilities of $4.4 million and $12.4 million, respectively. These reductions were the result of changes in probabilities associated with certain regulatory and sales milestones. | ||||||||||||||||
Valuation Techniques | ||||||||||||||||
The Company’s financial assets valued based upon Level 1 inputs are comprised of investments in marketable securities held in trust, which are available to pay benefits under certain deferred compensation plans and other compensatory arrangements. The investment assets of the trust are valued using quoted market prices. | ||||||||||||||||
The Company’s financial assets and financial liabilities valued based upon Level 2 inputs are comprised of foreign currency forward contracts. The Company uses foreign currency forward contracts to manage currency transaction exposure. The fair value of the foreign currency forward contracts represents the amount required to enter into offsetting contracts with similar remaining maturities based on quoted market prices. The Company has taken into account the creditworthiness of the counterparties in measuring fair value. | ||||||||||||||||
The Company’s financial liabilities valued based upon Level 3 inputs are comprised of contingent consideration arrangements pertaining to the Company’s acquisitions. The Company accounts for contingent consideration in accordance with applicable accounting guidance related to business combinations. In connection with several of its acquisitions, the Company agreed to pay contingent consideration upon the achievement of specified objectives, including receipt of regulatory approvals, achievement of sales targets and, in some instances, the passage of time (collectively, “milestone payments”), and therefore recorded contingent consideration liabilities at the time of the acquisitions. The Company is required to reevaluate the fair value of contingent consideration each reporting period based on new developments and record changes in fair value until such consideration is satisfied through payment upon the achievement of the specified objectives or is no longer payable due to failure to achieve the specified objectives. | ||||||||||||||||
In connection with the Company's contingent consideration arrangements, the Company estimates that it will make payments in 2015 and may make payments until 2018 or later. As of September 28, 2014, the range of undiscounted amounts the Company could be required to pay under contingent consideration arrangements is between zero and $56.5 million. The Company determines the fair value of the liabilities for the contingent consideration based on a probability-weighted discounted cash flow analysis. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The fair value of the contingent consideration liability associated with future payments under contingent consideration arrangements is based on several factors including: | ||||||||||||||||
l | estimated cash flows projected from the success of market launches; | |||||||||||||||
l | the estimated time and resources needed to complete the development of acquired technologies; | |||||||||||||||
l | the uncertainty of obtaining regulatory approvals within the required time periods; and | |||||||||||||||
l | the risk adjusted discount rate for fair value measurement. | |||||||||||||||
The following table provides information regarding the valuation techniques and inputs used in determining the fair value of assets or liabilities categorized as Level 3 measurements as of September 28, 2014: | ||||||||||||||||
Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||
Contingent consideration | Discounted cash flow | Discount rate | 2.3% - 10% (8.6%) | |||||||||||||
Probability of payment | 0% - 100% (28.3%) | |||||||||||||||
As of September 28, 2014, of the $12.6 million of total recorded liabilities for contingent consideration, the Company has recorded approximately $3.0 million of contingent consideration as a current liability, and the remaining $9.6 million within other liabilities. |
Changes_in_shareholders_equity
Changes in shareholders' equity Changes in shareholders' equity | 9 Months Ended | |||||||||||||||
Sep. 28, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Changes in shareholders' equity | ' | |||||||||||||||
Changes in shareholders’ equity | ||||||||||||||||
In 2007, the Company’s Board of Directors authorized the repurchase of up to $300 million of outstanding Company common stock. Repurchases of Company stock under the Board authorization may be made from time to time in the open market and may include privately-negotiated transactions as market conditions warrant and subject to regulatory considerations. The stock repurchase program has no expiration date and the Company’s ability to execute on the program will depend on, among other factors, cash requirements for acquisitions, cash generated from operations, debt repayment obligations, market conditions and regulatory requirements. In addition, under the Company’s senior credit agreements, the Company is subject to certain restrictions relating to its ability to repurchase shares in the event the Company’s consolidated leverage ratio (generally, the ratio of Consolidated Total Indebtedness to Consolidated EBITDA, as defined in the senior credit agreements) exceeds certain levels, which may limit the Company’s ability to repurchase shares under this Board authorization. Through September 28, 2014, no shares have been purchased under this Board authorization. | ||||||||||||||||
The following table provides a reconciliation of basic to diluted weighted average shares outstanding: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
(Shares in thousands) | ||||||||||||||||
Basic | 41,399 | 41,132 | 41,347 | 41,087 | ||||||||||||
Dilutive effect of share-based awards | 440 | 383 | 441 | 383 | ||||||||||||
Dilutive effect of 3.875% Convertible Notes and warrants | 4,789 | 1,749 | 4,468 | 1,776 | ||||||||||||
Diluted | 46,628 | 43,264 | 46,256 | 43,246 | ||||||||||||
Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were approximately 6.3 million and 6.4 million for the three and nine months ended September 28, 2014 respectively, and approximately 8.0 million and 7.9 million for the three and nine months ended September 29, 2013, respectively. | ||||||||||||||||
The Convertible Notes are included in the diluted net income per share calculation during periods in which the average market price of the Company's common stock is above the applicable conversion price of the Convertible Notes, or $61.32 per share, and, therefore, the impact of conversion would be dilutive. In these periods, under the treasury stock method, we calculate the number of shares issuable under the terms of the Convertible Notes based on the average market price of the stock during the period, and include that number in the total diluted shares outstanding for the period. | ||||||||||||||||
In connection with the issuance of the Convertible Notes, the Company entered into convertible note hedge and warrant agreements. The convertible note hedge economically reduces the dilutive impact of the Convertible Notes. However, because applicable accounting guidance requires the Company to separately analyze the impact of the convertible note hedge agreements and the impact of the warrant agreements on diluted weighted average shares outstanding, the impact of the convertible note hedge agreements are excluded from the calculation of earnings per share because it would be anti-dilutive. The anti-dilutive shares associated with the convertible note hedges are 2.8 million and 2.7 million for the three and nine months ended September 28, 2014, respectively and 1.4 million for both the three and nine months ended September 29, 2013. The treasury stock method is applied when the warrants are in-the-money and assumes the proceeds from the exercise of the warrants are used to repurchase shares based on the average stock price during the period. The strike price of the warrants is approximately $74.65 per share of common stock. Shares issuable upon exercise of the warrants that were included in the total diluted shares outstanding were 2.0 million and 1.8 million for the three and nine months ended September 28, 2014, respectively and 0.3 million or both the three and nine months ended September 29, 2013. | ||||||||||||||||
For additional information regarding the convertible notes and convertible note hedge and warrant agreements see Note 8 to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2013. | ||||||||||||||||
The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the nine months ended September 28, 2014 and September 29, 2013: | ||||||||||||||||
Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | (97,037 | ) | $ | (13,818 | ) | $ | (110,855 | ) | |||||
Other comprehensive income (loss) before reclassifications | 641 | 131 | (41,133 | ) | (40,361 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (438 | ) | 2,205 | — | 1,767 | |||||||||||
Net current-period other comprehensive income (loss) | 203 | 2,336 | (41,133 | ) | (38,594 | ) | ||||||||||
Balance at September 28, 2014 | $ | 203 | $ | (94,701 | ) | $ | (54,951 | ) | $ | (149,449 | ) | |||||
Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2012 | $ | (381 | ) | $ | (127,257 | ) | $ | (4,410 | ) | $ | (132,048 | ) | ||||
Other comprehensive income (loss) before reclassifications | (370 | ) | (762 | ) | (9,018 | ) | (10,150 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 318 | 3,497 | — | 3,815 | ||||||||||||
Net current-period other comprehensive income (loss) | (52 | ) | 2,735 | (9,018 | ) | (6,335 | ) | |||||||||
Balance at September 29, 2013 | $ | (433 | ) | $ | (124,522 | ) | $ | (13,428 | ) | $ | (138,383 | ) | ||||
The following table provides information relating to the reclassifications of losses/(gain) in accumulated other comprehensive income into expense/(income), net of tax, for the three and nine months ended September 28, 2014 and September 29, 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Gains) losses on foreign exchange contracts: | ||||||||||||||||
Cost of goods sold | $ | (397 | ) | $ | 850 | $ | (526 | ) | $ | 154 | ||||||
Total before tax | (397 | ) | 850 | (526 | ) | 154 | ||||||||||
Tax benefit | 49 | (158 | ) | 88 | 164 | |||||||||||
Net of tax | $ | (348 | ) | $ | 692 | $ | (438 | ) | $ | 318 | ||||||
Amortization of pension and other postretirement benefit items: | ||||||||||||||||
Actuarial losses/(gains) (1) | $ | 1,090 | $ | 1,696 | $ | 3,295 | $ | 5,460 | ||||||||
Prior-service costs(1) | (5 | ) | (4 | ) | (16 | ) | (15 | ) | ||||||||
Transition obligation(1) | — | 1 | — | 4 | ||||||||||||
Total before tax | 1,085 | 1,693 | 3,279 | 5,449 | ||||||||||||
Tax expense | (378 | ) | (604 | ) | (1,074 | ) | (1,952 | ) | ||||||||
Net of tax | $ | 707 | $ | 1,089 | $ | 2,205 | $ | 3,497 | ||||||||
Total reclassifications, net of tax | $ | 359 | $ | 1,781 | $ | 1,767 | $ | 3,815 | ||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 12 for additional information). |
Taxes_on_income_from_continuin
Taxes on income from continuing operations | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Taxes on income from continuing operations | ' | |||||||
Taxes on income from continuing operations | ||||||||
Three Months Ended | Nine Months Ended | |||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||
Effective income tax rate | 14.90% | 10.20% | 16.80% | 14.00% | ||||
The effective income tax rate for the three and nine months ended September 28, 2014 was 14.9% and 16.8%, respectively, and 10.2% and 14.0% for the three and nine months ended September 29, 2013, respectively. The effective tax rate for the three and nine months ended September 28, 2014 benefited from a shift in the mix of taxable income to jurisdictions that have lower statutory rates. Nevertheless, the effective tax rate for the three and nine months ended September 29, 2013 was lower than the effective income tax rate in the 2014 periods, reflecting the realization of net tax benefits resulting from the resolution of a foreign tax matter and the expiration of statutes of limitation for U.S. federal and state matters. |
Pension_and_other_postretireme
Pension and other postretirement benefits | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Pension and other postretirement benefits | ' | |||||||||||||||||||||||||||||||
Pension and other postretirement benefits | ||||||||||||||||||||||||||||||||
The Company has a number of defined benefit pension and postretirement plans covering eligible U.S. and non-U.S. employees. The defined benefit pension plans are noncontributory. The benefits under these plans are based primarily on years of service and employees’ pay near retirement. The Company’s funding policy for U.S. plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations. Obligations under non-U.S. plans are systematically provided for by depositing funds with trustees or by book reserves. As of September 28, 2014, the Company’s U.S. defined benefit pension plans and the Company’s other postretirement benefit plans, except certain postretirement benefit plans covering employees subject to a collective bargaining agreement, are frozen. | ||||||||||||||||||||||||||||||||
The Company and certain of its subsidiaries provide medical, dental and life insurance benefits to pensioners and survivors. The associated plans are unfunded and approved claims are paid from Company funds. | ||||||||||||||||||||||||||||||||
Net benefit cost of pension and postretirement benefit plans consisted of the following: | ||||||||||||||||||||||||||||||||
Pension | Other Postretirement Benefits | Pension | Other Postretirement Benefits | |||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Service cost | $ | 453 | $ | 432 | $ | 42 | $ | 176 | $ | 1,350 | $ | 1,361 | $ | 318 | $ | 501 | ||||||||||||||||
Interest cost | 4,548 | 4,333 | 434 | 543 | 13,517 | 12,614 | 1,627 | 2,084 | ||||||||||||||||||||||||
Expected return on plan assets | (6,240 | ) | (5,784 | ) | — | — | (18,764 | ) | (17,328 | ) | — | — | ||||||||||||||||||||
Net amortization and deferral | 1,143 | 1,556 | (58 | ) | 137 | 3,284 | 4,380 | (5 | ) | 1,069 | ||||||||||||||||||||||
Net benefit expense (income) | $ | (96 | ) | $ | 537 | $ | 418 | $ | 856 | $ | (613 | ) | $ | 1,027 | $ | 1,940 | $ | 3,654 | ||||||||||||||
The Company’s pension contributions are expected to be approximately $9.4 million during 2014, of which $2.7 million and $7.4 million were made during the three and nine months ended September 28, 2014, respectively. |
Commitments_and_contingent_lia
Commitments and contingent liabilities | 9 Months Ended |
Sep. 28, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and contingent liabilities | ' |
Commitments and contingent liabilities | |
Operating leases: The Company uses various leased facilities and equipment in its operations. The terms for these leased assets vary depending on the terms of the applicable lease agreement. At September 28, 2014, the Company had no residual value guarantee obligations related to its operating leases. | |
As of September 28, 2014, the Company recorded $28.2 million in property, plant and equipment representing the estimated fair value of the Company’s percentage of the costs to construct a building under a build-to-suit lease. The build-to-suit lease, which relates to a U.S. operating facility, was entered into in August 2013 and amended in March of 2014. Construction on the build-to-suit facility commenced in September 2013 and is expected to be completed in the fourth quarter of 2014. The estimated fair value of the Company’s percentage of the construction costs to complete the build-to-suit lease is approximately $28.3 million. For accounting purposes, the Company is deemed the owner of the asset during the construction period and is required to record the estimated fair value of the Company’s percentage of the construction costs as construction in progress during the construction period and a related liability in the same amount. This noncash activity is not reflective of the Company’s cash obligations, but represent the landlord’s costs to construct the Company’s portion of the building and tenant improvements. Based on current expectations, the Company believes that there are no continuing involvement requirements that would prohibit the Company from derecognizing the assets and related liabilities upon the completion of the construction period. | |
Environmental: The Company is subject to contingencies as a result of environmental laws and regulations that in the future may require the Company to take further action to correct the effects on the environment of prior disposal practices or releases of chemical or petroleum substances by the Company or other parties. Much of this liability results from the U.S. Comprehensive Environmental Response, Compensation and Liability Act, often referred to as Superfund, the U.S. Resource Conservation and Recovery Act and similar state laws. These laws require the Company to undertake certain investigative and remedial activities at sites where the Company conducts or once conducted operations or at sites where Company-generated waste was disposed. | |
Remediation activities vary substantially in duration and cost from site to site. These activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, the regulatory agencies involved and their enforcement policies, as well as the presence or absence of other potentially responsible parties. At September 28, 2014 and December 31, 2013, the Company has recorded $2.2 million and $2.5 million, respectively, in accrued liabilities and $5.3 million and $5.8 million, respectively, in other liabilities relating to these matters. Considerable uncertainty exists with respect to these liabilities and, if adverse changes in circumstances occur, the potential liability may exceed the amount accrued as of September 28, 2014. The time frame, over which the accrued amounts may be paid out, based on past history, is estimated to be 15-20 years. | |
Litigation: The Company is a party to various lawsuits and claims arising in the normal course of business. These lawsuits and claims include actions involving product liability, intellectual property, employment and environmental matters. As of September 28, 2014 and December 31, 2013, the Company has recorded reserves of approximately $4.2 million and $6.8 million, respectively, in connection with such contingencies, representing what it believes to be a better estimate of the cost than any other amount within the range of estimated possible losses that will be incurred to resolve these matters. Based on information currently available, advice of counsel, established reserves and other resources, the Company does not believe that any such actions likely will have, individually or in the aggregate, a material adverse effect on its business, financial condition, results of operations or liquidity. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may have such a material adverse effect. | |
Tax audits and examinations: The Company and its subsidiaries are routinely subject to tax examinations by various taxing authorities. As of September 28, 2014, the most significant tax examinations in process are in Austria, Canada, the Czech Republic, Germany and the United States. In conjunction with these examinations and as a regular and routine practice, the Company may establish reserves or adjust existing reserves with respect to uncertain tax positions. Accordingly, developments occurring with respect to these examinations, including resolution of uncertain tax positions, could result in increases or decreases to the Company’s recorded tax liabilities, which could impact the Company’s financial results. | |
Other: The Company has various purchase commitments for materials, supplies and items of permanent investment incident to the ordinary conduct of its business. On average, such commitments are not at prices in excess of current market prices. |
Business_segment_information_B
Business segment information Business segment information | 9 Months Ended | |||||||||||||||
Sep. 28, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business segment information | ' | |||||||||||||||
Business segment information | ||||||||||||||||
An operating segment is a component of the Company (a) that engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance, and (c) for which discrete financial information is available. The Company does not evaluate its operating segments using discrete asset information. | ||||||||||||||||
Effective January 1, 2014, the Company realigned its operating segments due to changes in the Company’s internal financial reporting structure. The Company’s North American Vascular, Anesthesia/Respiratory and Surgical businesses, which previously comprised much of the former Americas reportable segment, are now separate reportable segments. As a result, the Company now has six reportable segments: Vascular North America, Anesthesia/Respiratory North America, Surgical North America, EMEA, Asia and OEM. Certain operating segments are not material and are therefore included in the “All other” line item in tabular presentations of segment information. Additionally, the Company changed the allocation methodology of certain corporate costs, including manufacturing variances and research and development costs, among its businesses to improve accountability, which resulted in changes to the previously reported segment profitability. All prior comparative periods have been restated to reflect these changes. | ||||||||||||||||
The Company’s Vascular North America, Anesthesia/Respiratory North America, Surgical North America, EMEA and Asia reportable segments design, manufacture and distribute medical devices primarily used in critical care, surgical applications and cardiac care and generally serve two end markets: hospitals and healthcare providers, and home health. The products of these segments are most widely used in the acute care setting for a range of diagnostic and therapeutic procedures and in general and specialty surgical applications. The Company’s OEM segment designs, manufactures and supplies devices and instruments for other medical device manufacturers. | ||||||||||||||||
The following tables present the Company’s segment results for the three and nine months ended September 28, 2014 and September 29, 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Revenue | ||||||||||||||||
Vascular North America | $ | 63,792 | $ | 55,058 | $ | 190,485 | $ | 168,478 | ||||||||
Anesthesia/Respiratory North America | 54,699 | 53,842 | 164,462 | 170,532 | ||||||||||||
Surgical North America | 36,127 | 34,147 | 109,327 | 108,584 | ||||||||||||
EMEA | 141,146 | 132,265 | 446,061 | 412,525 | ||||||||||||
Asia | 62,035 | 55,263 | 174,176 | 148,040 | ||||||||||||
OEM | 39,174 | 33,774 | 108,966 | 97,222 | ||||||||||||
All other | 60,200 | 49,447 | 170,347 | 140,351 | ||||||||||||
Consolidated net revenues | $ | 457,173 | $ | 413,796 | $ | 1,363,824 | $ | 1,245,732 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Operating Profit | ||||||||||||||||
Vascular North America | $ | 11,870 | $ | 6,042 | $ | 31,250 | $ | 17,394 | ||||||||
Anesthesia/Respiratory North America | 9,421 | 3,541 | 21,401 | 18,483 | ||||||||||||
Surgical North America | 12,394 | 10,333 | 37,308 | 37,646 | ||||||||||||
EMEA | 28,810 | 21,074 | 85,771 | 65,542 | ||||||||||||
Asia | 14,785 | 18,894 | 44,718 | 44,961 | ||||||||||||
OEM | 9,651 | 6,684 | 24,551 | 20,778 | ||||||||||||
All other | 12,441 | 11,071 | 32,564 | 22,593 | ||||||||||||
Total segment operating profit (1) | 99,372 | 77,639 | 277,563 | 227,397 | ||||||||||||
Unallocated expenses (2) | (17,437 | ) | (11,597 | ) | (61,856 | ) | (48,200 | ) | ||||||||
Income from continuing operations before interest, loss on extinguishments of debt and taxes | $ | 81,935 | $ | 66,042 | $ | 215,707 | $ | 179,197 | ||||||||
-1 | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for fixed manufacturing cost absorption variances, selling, general and administrative expenses, research and development expenses and an allocation of corporate expenses. Corporate expenses are allocated among the segments in proportion to the respective amounts of one of several items (such as sales, numbers of employees, and amount of time spent), depending on the category of expense involved. | |||||||||||||||
-2 | Unallocated expenses primarily include manufacturing variances, with the exception of fixed manufacturing cost absorption variances, and restructuring and other impairment charges. | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Depreciation and Amortization | ||||||||||||||||
Vascular North America | $ | 7,921 | $ | 7,222 | $ | 23,842 | $ | 20,656 | ||||||||
Anesthesia/Respiratory North America | 5,321 | 3,948 | 13,457 | 10,663 | ||||||||||||
Surgical North America | 909 | 2,476 | 4,944 | 7,708 | ||||||||||||
EMEA | 9,688 | 7,035 | 28,298 | 20,666 | ||||||||||||
Asia | 2,003 | 1,134 | 6,146 | 3,506 | ||||||||||||
OEM | 1,651 | 1,123 | 4,715 | 3,370 | ||||||||||||
All other | 4,946 | 4,137 | 14,852 | 12,466 | ||||||||||||
Consolidated depreciation and amortization | $ | 32,439 | $ | 27,075 | $ | 96,254 | $ | 79,035 | ||||||||
Geographic Data | ||||||||||||||||
The following table provides total net revenues for the three and nine months ended September 28, 2014 and September 29, 2013 and total net property, plant and equipment by geographic region as of September 28, 2014 and December 31, 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Net revenue (based on selling location) | ||||||||||||||||
United States | $ | 231,278 | $ | 205,049 | $ | 676,088 | $ | 623,397 | ||||||||
Other Americas | 14,440 | 12,108 | 44,399 | 40,786 | ||||||||||||
Europe | 157,797 | 137,848 | 500,763 | 419,062 | ||||||||||||
All other | 53,658 | 58,791 | 142,574 | 162,487 | ||||||||||||
$ | 457,173 | $ | 413,796 | $ | 1,363,824 | $ | 1,245,732 | |||||||||
28-Sep-14 | 31-Dec-13 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Net property, plant and equipment | ||||||||||||||||
United States | $ | 201,045 | $ | 203,985 | ||||||||||||
Czech Republic | 38,728 | 41,607 | ||||||||||||||
Malaysia | 35,972 | 29,313 | ||||||||||||||
All other | 71,488 | 50,995 | ||||||||||||||
$ | 347,233 | $ | 325,900 | |||||||||||||
Condensed_consolidated_guarant
Condensed consolidated guarantor financial information | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||
Condensed Consolidated Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||
Condensed consolidated guarantor financial information | ' | |||||||||||||||||||
Condensed consolidated guarantor financial information | ||||||||||||||||||||
In June 2011, Teleflex Incorporated (referred to below as “Parent Company”) issued $250 million of 6.875% senior subordinated notes through a registered public offering. The notes are guaranteed, jointly and severally, by certain of the Parent Company’s subsidiaries (each, a “Guarantor Subsidiary” and collectively, the “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 (loss) for the three and nine months ended September 28, 2014 and September 29, 2013, condensed consolidating balance sheets as of September 28, 2014 and December 31, 2013 and condensed consolidating statements of cash flows for the nine months ended September 28, 2014 and September 29, 2013, provide consolidated information for: | ||||||||||||||||||||
a. | Parent Company, the issuer of the guaranteed obligations; | |||||||||||||||||||
b. | Guarantor Subsidiaries, on a combined basis; | |||||||||||||||||||
c. | Non-guarantor subsidiaries, on a combined basis; and | |||||||||||||||||||
d. | Parent Company and its subsidiaries on a consolidated basis. | |||||||||||||||||||
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, 2013 are used by the Parent Company and each of its subsidiaries in connection with the condensed consolidated financial information, except for the use by the Parent Company and Guarantor Subsidiaries 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. | ||||||||||||||||||||
The Company adjusted the 2013 condensed consolidating statement of cash flows included within the guarantor financial information to correctly present dividends received from subsidiaries as an operating activity. The corrections had no impact on the consolidated financial information, but resulted only in reclassifications among the parent, guarantor subsidiaries, non-guarantor subsidiaries and eliminations. The Company does not consider the errors to be material to the previously issued consolidated financial statements. | ||||||||||||||||||||
The following table illustrates the increase/(decrease) to the previously reported amounts for the nine months ended September 29, 2013: | ||||||||||||||||||||
Nine Months Ended September 29, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Cash Flows from Operating Activities of Continuing Operations | $ | 1,200 | $ | 61,134 | $ | 3,737 | $ | (66,071 | ) | $ | — | |||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Intercompany transactions | (1,200 | ) | (43,734 | ) | 44,934 | — | — | |||||||||||||
Intercompany dividends paid | — | (17,400 | ) | (48,671 | ) | 66,071 | — | |||||||||||||
Cash Flows from Financing Activities of Continuing Operations | $ | (1,200 | ) | $ | (61,134 | ) | $ | (3,737 | ) | $ | 66,071 | $ | — | |||||||
TELEFLEX INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||
Three Months Ended September 28, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 261,346 | $ | 272,083 | $ | (76,256 | ) | $ | 457,173 | |||||||||
Cost of goods sold | — | 161,298 | 136,526 | (76,817 | ) | 221,007 | ||||||||||||||
Gross profit | — | 100,048 | 135,557 | 561 | 236,166 | |||||||||||||||
Selling, general and administrative expenses | 8,978 | 77,352 | 52,002 | (80 | ) | 138,252 | ||||||||||||||
Research and development expenses | — | 12,871 | 2,000 | — | 14,871 | |||||||||||||||
Restructuring and other impairment charges | — | 148 | 960 | — | 1,108 | |||||||||||||||
Income (loss) from continuing operations before interest, and taxes | (8,978 | ) | 9,677 | 80,595 | 641 | 81,935 | ||||||||||||||
Interest expense | 37,913 | (22,346 | ) | 1,617 | — | 17,184 | ||||||||||||||
Interest income | — | — | (161 | ) | — | (161 | ) | |||||||||||||
Income (loss) from continuing operations before taxes | (46,891 | ) | 32,023 | 79,139 | 641 | 64,912 | ||||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (16,761 | ) | 13,984 | 10,505 | 1,956 | 9,684 | ||||||||||||||
Equity in net income of consolidated subsidiaries | 85,187 | 60,295 | 96 | (145,578 | ) | — | ||||||||||||||
Income from continuing operations | 55,057 | 78,334 | 68,730 | (146,893 | ) | 55,228 | ||||||||||||||
Operating loss from discontinued operations | (247 | ) | — | — | — | (247 | ) | |||||||||||||
Taxes (benefit) on loss from discontinued operations | (21 | ) | — | 45 | — | 24 | ||||||||||||||
Loss from discontinued operations | (226 | ) | — | (45 | ) | — | (271 | ) | ||||||||||||
Net income | 54,831 | 78,334 | 68,685 | (146,893 | ) | 54,957 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 126 | — | 126 | |||||||||||||||
Net income attributable to common shareholders | 54,831 | 78,334 | 68,559 | (146,893 | ) | 54,831 | ||||||||||||||
Other comprehensive loss attributable to common shareholders | (45,201 | ) | (58,947 | ) | (43,438 | ) | 102,385 | (45,201 | ) | |||||||||||
Comprehensive income attributable to common shareholders | $ | 9,630 | $ | 19,387 | $ | 25,121 | $ | (44,508 | ) | $ | 9,630 | |||||||||
Three Months Ended September 29, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 237,949 | $ | 238,254 | $ | (62,407 | ) | $ | 413,796 | |||||||||
Cost of goods sold | — | 139,501 | 130,825 | (60,522 | ) | 209,804 | ||||||||||||||
Gross profit | — | 98,448 | 107,429 | (1,885 | ) | 203,992 | ||||||||||||||
Selling, general and administrative expenses | 14,088 | 62,701 | 38,167 | 272 | 115,228 | |||||||||||||||
Research and development expenses | — | 13,161 | 2,477 | — | 15,638 | |||||||||||||||
Restructuring and other impairment charges | 828 | 3,834 | 2,422 | — | 7,084 | |||||||||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | (14,916 | ) | 18,752 | 64,363 | (2,157 | ) | 66,042 | |||||||||||||
Interest expense | 33,492 | (21,204 | ) | 1,660 | — | 13,948 | ||||||||||||||
Interest income | 3 | (3 | ) | (144 | ) | — | (144 | ) | ||||||||||||
Loss on extinguishments of debt | 1,250 | — | — | — | 1,250 | |||||||||||||||
Income (loss) from continuing operations before taxes | (49,661 | ) | 39,959 | 62,847 | (2,157 | ) | 50,988 | |||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (18,446 | ) | 14,261 | 9,962 | (568 | ) | 5,209 | |||||||||||||
Equity in net income of consolidated subsidiaries | 76,448 | 48,367 | 319 | (125,134 | ) | — | ||||||||||||||
Income from continuing operations | 45,233 | 74,065 | 53,204 | (126,723 | ) | 45,779 | ||||||||||||||
Operating income (loss) from discontinued operations | 364 | — | (326 | ) | — | 38 | ||||||||||||||
Taxes (benefit) on income (loss) from discontinued operations | (977 | ) | (170 | ) | 156 | — | (991 | ) | ||||||||||||
Income (loss) from discontinued operations | 1,341 | 170 | (482 | ) | — | 1,029 | ||||||||||||||
Net income (loss) | 46,574 | 74,235 | 52,722 | (126,723 | ) | 46,808 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 234 | — | 234 | |||||||||||||||
Net income (loss) attributable to common shareholders | 46,574 | 74,235 | 52,488 | (126,723 | ) | 46,574 | ||||||||||||||
Other comprehensive income attributable to common shareholders | 24,375 | 30,034 | 21,442 | (51,476 | ) | 24,375 | ||||||||||||||
Comprehensive income attributable to common shareholders | $ | 70,949 | $ | 104,269 | $ | 73,930 | $ | (178,199 | ) | $ | 70,949 | |||||||||
Nine Months Ended September 28, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 814,051 | $ | 838,171 | $ | (288,398 | ) | $ | 1,363,824 | |||||||||
Cost of goods sold | — | 489,694 | 451,408 | (278,691 | ) | 662,411 | ||||||||||||||
Gross profit | — | 324,357 | 386,763 | (9,707 | ) | 701,413 | ||||||||||||||
Selling, general and administrative expenses | 30,781 | 235,322 | 159,058 | 231 | 425,392 | |||||||||||||||
Research and development expenses | — | 37,766 | 6,037 | — | 43,803 | |||||||||||||||
Restructuring and other impairment charges | — | 8,639 | 7,872 | — | 16,511 | |||||||||||||||
Income (loss) from continuing operations before interest, and taxes | (30,781 | ) | 42,630 | 213,796 | (9,938 | ) | 215,707 | |||||||||||||
Interest expense | 106,794 | (62,993 | ) | 4,849 | — | 48,650 | ||||||||||||||
Interest income | — | — | (494 | ) | — | (494 | ) | |||||||||||||
Income (loss) from continuing operations before taxes | (137,575 | ) | 105,623 | 209,441 | (9,938 | ) | 167,551 | |||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (47,891 | ) | 44,737 | 33,681 | (2,303 | ) | 28,224 | |||||||||||||
Equity in net income of consolidated subsidiaries | 228,113 | 160,653 | 288 | (389,054 | ) | — | ||||||||||||||
Income from continuing operations | 138,429 | 221,539 | 176,048 | (396,689 | ) | 139,327 | ||||||||||||||
Operating loss from discontinued operations | (1,866 | ) | — | — | — | (1,866 | ) | |||||||||||||
Taxes (benefit) on loss from discontinued operations | (478 | ) | — | 133 | — | (345 | ) | |||||||||||||
Loss from discontinued operations | (1,388 | ) | — | (133 | ) | — | (1,521 | ) | ||||||||||||
Net income | 137,041 | 221,539 | 175,915 | (396,689 | ) | 137,806 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 765 | — | 765 | |||||||||||||||
Net income attributable to common shareholders | 137,041 | 221,539 | 175,150 | (396,689 | ) | 137,041 | ||||||||||||||
Other comprehensive loss attributable to common shareholders | (38,594 | ) | (54,326 | ) | (37,179 | ) | 91,505 | (38,594 | ) | |||||||||||
Comprehensive income attributable to common shareholders | $ | 98,447 | $ | 167,213 | $ | 137,971 | $ | (305,184 | ) | $ | 98,447 | |||||||||
Nine Months Ended September 29, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 740,817 | $ | 708,206 | $ | (203,291 | ) | $ | 1,245,732 | |||||||||
Cost of goods sold | — | 435,937 | 398,720 | (202,927 | ) | 631,730 | ||||||||||||||
Gross profit | — | 304,880 | 309,486 | (364 | ) | 614,002 | ||||||||||||||
Selling, general and administrative expenses | 45,915 | 189,193 | 123,257 | 66 | 358,431 | |||||||||||||||
Research and development expenses | — | 40,250 | 6,919 | — | 47,169 | |||||||||||||||
Restructuring and other impairment charges | 828 | 13,112 | 15,265 | — | 29,205 | |||||||||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | (46,743 | ) | 62,325 | 164,045 | (430 | ) | 179,197 | |||||||||||||
Interest expense | 100,682 | (63,348 | ) | 5,232 | — | 42,566 | ||||||||||||||
Interest income | — | (3 | ) | (455 | ) | — | (458 | ) | ||||||||||||
Loss on extinguishments of debt | 1,250 | — | — | — | 1,250 | |||||||||||||||
Income (loss) from continuing operations before taxes | (148,675 | ) | 125,676 | 159,268 | (430 | ) | 135,839 | |||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (54,192 | ) | 42,241 | 30,701 | 208 | 18,958 | ||||||||||||||
Equity in net income of consolidated subsidiaries | 210,701 | 114,116 | 319 | (325,136 | ) | — | ||||||||||||||
Income from continuing operations | 116,218 | 197,551 | 128,886 | (325,774 | ) | 116,881 | ||||||||||||||
Operating income (loss) from discontinued operations | (1,788 | ) | — | 42 | — | (1,746 | ) | |||||||||||||
Taxes (benefit) on income (loss) from discontinued operations | (1,623 | ) | (170 | ) | 246 | — | (1,547 | ) | ||||||||||||
Income (loss) from discontinued operations | (165 | ) | 170 | (204 | ) | — | (199 | ) | ||||||||||||
Net income (loss) | 116,053 | 197,721 | 128,682 | (325,774 | ) | 116,682 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 629 | — | 629 | |||||||||||||||
Net income (loss) attributable to common shareholders | 116,053 | 197,721 | 128,053 | (325,774 | ) | 116,053 | ||||||||||||||
Other comprehensive income attributable to common shareholders | (6,335 | ) | (3,316 | ) | (5,930 | ) | 9,246 | (6,335 | ) | |||||||||||
Comprehensive income attributable to common shareholders | $ | 109,718 | $ | 194,405 | $ | 122,123 | $ | (316,528 | ) | $ | 109,718 | |||||||||
TELEFLEX INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
September 28, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 59,555 | $ | 1,662 | $ | 225,165 | $ | — | $ | 286,382 | ||||||||||
Accounts receivable, net | 1,921 | 11,630 | 270,387 | 3,241 | 287,179 | |||||||||||||||
Accounts receivable from consolidated subsidiaries | 39,604 | 2,782,391 | 270,488 | (3,092,483 | ) | — | ||||||||||||||
Inventories, net | — | 210,427 | 168,218 | (25,418 | ) | 353,227 | ||||||||||||||
Prepaid expenses and other current assets | 15,587 | 6,826 | 20,870 | — | 43,283 | |||||||||||||||
Prepaid taxes | 34,406 | — | 16,913 | — | 51,319 | |||||||||||||||
Deferred tax assets | 19,912 | 19,516 | 8,933 | (220 | ) | 48,141 | ||||||||||||||
Assets held for sale | 2,901 | — | 4,771 | — | 7,672 | |||||||||||||||
Total current assets | 173,886 | 3,032,452 | 985,745 | (3,114,880 | ) | 1,077,203 | ||||||||||||||
Property, plant and equipment, net | 3,648 | 196,101 | 147,484 | — | 347,233 | |||||||||||||||
Goodwill | — | 704,210 | 647,835 | — | 1,352,045 | |||||||||||||||
Intangibles assets, net | — | 713,854 | 494,398 | — | 1,208,252 | |||||||||||||||
Investments in affiliates | 5,676,862 | 1,356,773 | 21,252 | (7,053,808 | ) | 1,079 | ||||||||||||||
Deferred tax assets | 34,525 | — | 5,109 | (37,928 | ) | 1,706 | ||||||||||||||
Notes receivable and other amounts due from consolidated subsidiaries | 975,641 | 992,775 | — | (1,968,416 | ) | — | ||||||||||||||
Other assets | 28,795 | 7,435 | 34,044 | — | 70,274 | |||||||||||||||
Total assets | $ | 6,893,357 | $ | 7,003,600 | $ | 2,335,867 | $ | (12,175,032 | ) | $ | 4,057,792 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current borrowings | $ | 360,656 | $ | — | $ | 4,700 | $ | — | $ | 365,356 | ||||||||||
Accounts payable | 4,291 | 35,293 | 31,450 | — | 71,034 | |||||||||||||||
Accounts payable to consolidated subsidiaries | 2,730,852 | 197,409 | 164,222 | (3,092,483 | ) | — | ||||||||||||||
Accrued expenses | 18,088 | 17,056 | 42,189 | — | 77,333 | |||||||||||||||
Current portion of contingent consideration | — | 2,957 | — | — | 2,957 | |||||||||||||||
Payroll and benefit-related liabilities | 17,358 | 20,742 | 38,681 | — | 76,781 | |||||||||||||||
Accrued interest | 13,831 | — | 17 | — | 13,848 | |||||||||||||||
Income taxes payable | — | — | 26,735 | — | 26,735 | |||||||||||||||
Other current liabilities | 475 | 33,450 | 8,567 | (220 | ) | 42,272 | ||||||||||||||
Total current liabilities | 3,145,551 | 306,907 | 316,561 | (3,092,703 | ) | 676,316 | ||||||||||||||
Long-term borrowings | 700,000 | — | — | — | 700,000 | |||||||||||||||
Deferred tax liabilities | — | 477,101 | 55,710 | (37,927 | ) | 494,884 | ||||||||||||||
Pension and other postretirement benefit liabilities | 46,618 | 33,962 | 16,427 | — | 97,007 | |||||||||||||||
Noncurrent liability for uncertain tax positions | 13,355 | 17,476 | 25,617 | — | 56,448 | |||||||||||||||
Notes payable and other amounts due from consolidated subsidiaries | 986,769 | 897,634 | 89,801 | (1,974,204 | ) | — | ||||||||||||||
Other liabilities | 19,336 | 17,142 | 12,743 | — | 49,221 | |||||||||||||||
Total liabilities | 4,911,629 | 1,750,222 | 516,859 | (5,104,834 | ) | 2,073,876 | ||||||||||||||
Total common shareholders' equity | 1,981,728 | 5,253,378 | 1,816,820 | (7,070,198 | ) | 1,981,728 | ||||||||||||||
Noncontrolling interest | — | — | 2,188 | — | 2,188 | |||||||||||||||
Total equity | 1,981,728 | 5,253,378 | 1,819,008 | (7,070,198 | ) | 1,983,916 | ||||||||||||||
Total liabilities and equity | $ | 6,893,357 | $ | 7,003,600 | $ | 2,335,867 | $ | (12,175,032 | ) | $ | 4,057,792 | |||||||||
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 42,749 | $ | 14,500 | $ | 374,735 | $ | — | $ | 431,984 | ||||||||||
Accounts receivable, net | 1,822 | 10,948 | 279,048 | 3,472 | 295,290 | |||||||||||||||
Accounts receivable from consolidated subsidiaries | 42,865 | 2,623,314 | 214,469 | (2,880,648 | ) | — | ||||||||||||||
Inventories, net | — | 211,165 | 138,165 | (15,709 | ) | 333,621 | ||||||||||||||
Prepaid expenses and other current assets | 15,200 | 6,870 | 17,740 | — | 39,810 | |||||||||||||||
Prepaid taxes | 27,487 | — | 9,017 | — | 36,504 | |||||||||||||||
Deferred tax assets | 20,218 | 22,472 | 10,230 | (3 | ) | 52,917 | ||||||||||||||
Assets held for sale | 1,669 | 3,503 | 5,256 | — | 10,428 | |||||||||||||||
Total current assets | 152,010 | 2,892,772 | 1,048,660 | (2,892,888 | ) | 1,200,554 | ||||||||||||||
Property, plant and equipment, net | 14,189 | 188,455 | 123,256 | — | 325,900 | |||||||||||||||
Goodwill | — | 797,671 | 556,532 | — | 1,354,203 | |||||||||||||||
Intangibles assets, net | — | 962,243 | 293,354 | — | 1,255,597 | |||||||||||||||
Investments in affiliates | 5,489,676 | 1,478,429 | 21,382 | (6,987,772 | ) | 1,715 | ||||||||||||||
Deferred tax assets | 35,877 | — | 4,476 | (39,410 | ) | 943 | ||||||||||||||
Notes receivable and other amounts due from consolidated subsidiaries | 1,049,344 | 873,105 | 14,169 | (1,936,618 | ) | — | ||||||||||||||
Other assets | 24,574 | 7,447 | 38,074 | — | 70,095 | |||||||||||||||
Total assets | $ | 6,765,670 | $ | 7,200,122 | $ | 2,099,903 | $ | (11,856,688 | ) | $ | 4,209,007 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Notes payable | $ | 351,587 | $ | — | $ | 4,700 | $ | — | $ | 356,287 | ||||||||||
Accounts payable | 2,194 | 45,802 | 23,971 | — | 71,967 | |||||||||||||||
Accounts payable to consolidated subsidiaries | 2,644,296 | 147,957 | 88,395 | (2,880,648 | ) | — | ||||||||||||||
Accrued expenses | 15,569 | 21,120 | 38,179 | — | 74,868 | |||||||||||||||
Current portion of contingent consideration | — | 4,131 | — | — | 4,131 | |||||||||||||||
Payroll and benefit-related liabilities | 15,976 | 21,818 | 35,296 | — | 73,090 | |||||||||||||||
Accrued interest | 8,720 | — | 5 | — | 8,725 | |||||||||||||||
Income taxes payable | — | — | 23,821 | — | 23,821 | |||||||||||||||
Other current liabilities | 9,646 | 7,517 | 5,072 | (4 | ) | 22,231 | ||||||||||||||
Total current liabilities | 3,047,988 | 248,345 | 219,439 | (2,880,652 | ) | 635,120 | ||||||||||||||
Long-term borrowings | 930,000 | — | — | — | 930,000 | |||||||||||||||
Deferred tax liabilities | — | 496,228 | 57,896 | (39,409 | ) | 514,715 | ||||||||||||||
Pension and other postretirement benefit liabilities | 57,406 | 33,777 | 18,315 | — | 109,498 | |||||||||||||||
Noncurrent liability for uncertain tax positions | 11,389 | 17,241 | 26,522 | — | 55,152 | |||||||||||||||
Notes payable and other amounts due from consolidated subsidiaries | 785,476 | 957,451 | 197,173 | (1,940,100 | ) | — | ||||||||||||||
Other liabilities | 19,884 | 16,221 | 12,401 | — | 48,506 | |||||||||||||||
Total liabilities | 4,852,143 | 1,769,263 | 531,746 | (4,860,161 | ) | 2,292,991 | ||||||||||||||
Total common shareholders' equity | 1,913,527 | 5,430,859 | 1,565,668 | (6,996,527 | ) | 1,913,527 | ||||||||||||||
Noncontrolling interest | — | — | 2,489 | — | 2,489 | |||||||||||||||
Total equity | 1,913,527 | 5,430,859 | 1,568,157 | (6,996,527 | ) | 1,916,016 | ||||||||||||||
Total liabilities and equity | $ | 6,765,670 | $ | 7,200,122 | $ | 2,099,903 | $ | (11,856,688 | ) | $ | 4,209,007 | |||||||||
TELEFLEX INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 28, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (80,537 | ) | $ | 300,960 | $ | 63,715 | $ | (75,340 | ) | $ | 208,798 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (2,146 | ) | (22,578 | ) | (23,496 | ) | — | (48,220 | ) | |||||||||||
Proceeds from sale of assets and investments | 1,669 | 3,421 | 161 | — | 5,251 | |||||||||||||||
Payments for businesses and intangibles acquired, net of cash acquired | — | — | (28,535 | ) | — | (28,535 | ) | |||||||||||||
Investments in affiliates | (60 | ) | 20 | — | — | (40 | ) | |||||||||||||
Intercompany dividends received | — | — | 229,782 | (229,782 | ) | — | ||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (537 | ) | (19,137 | ) | 177,912 | (229,782 | ) | (71,544 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Proceeds from long-term borrowings | 250,000 | — | — | — | 250,000 | |||||||||||||||
Repayment of long-term borrowings | (480,009 | ) | — | — | — | (480,009 | ) | |||||||||||||
Debt issuance fees | (3,689 | ) | — | — | — | (3,689 | ) | |||||||||||||
Proceeds from share based compensation plans and the related tax impacts | 2,936 | — | — | — | 2,936 | |||||||||||||||
Payments to noncontrolling interest shareholders | — | — | (1,094 | ) | — | (1,094 | ) | |||||||||||||
Dividends | (42,174 | ) | — | — | — | (42,174 | ) | |||||||||||||
Intercompany transactions | 372,762 | (294,661 | ) | (78,101 | ) | — | — | |||||||||||||
Intercompany dividends paid | — | — | (305,122 | ) | 305,122 | — | ||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 99,826 | (294,661 | ) | (384,317 | ) | 305,122 | (274,030 | ) | ||||||||||||
Cash Flows from Discontinued Operations: | ||||||||||||||||||||
Net cash used in operating activities | (1,946 | ) | — | — | — | (1,946 | ) | |||||||||||||
Net cash used in discontinued operations | (1,946 | ) | — | — | — | (1,946 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (6,880 | ) | — | (6,880 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 16,806 | (12,838 | ) | (149,570 | ) | — | (145,602 | ) | ||||||||||||
Cash and cash equivalents at the beginning of the period | 42,749 | 14,500 | 374,735 | — | 431,984 | |||||||||||||||
Cash and cash equivalents at the end of the period | $ | 59,555 | $ | 1,662 | $ | 225,165 | $ | — | $ | 286,382 | ||||||||||
Nine Months Ended September 29, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (85,753 | ) | $ | 147,461 | $ | 140,235 | $ | (66,071 | ) | $ | 135,872 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (799 | ) | (42,854 | ) | (10,987 | ) | — | (54,640 | ) | |||||||||||
Payments for business intangibles acquired, net of cash acquired | — | (1,820 | ) | (38,630 | ) | — | (40,450 | ) | ||||||||||||
Investments in affiliates | (50 | ) | — | — | — | (50 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | (849 | ) | (44,674 | ) | (49,617 | ) | — | (95,140 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Proceeds from long-term borrowings | 382,000 | — | — | — | 382,000 | |||||||||||||||
Repayment of long-term borrowings | (375,000 | ) | — | — | — | (375,000 | ) | |||||||||||||
Debt extinguishment, issuance and amendment fees | (6,365 | ) | — | — | — | (6,365 | ) | |||||||||||||
Proceeds from share based compensation plans and the related tax impacts | 4,740 | — | — | — | 4,740 | |||||||||||||||
Payments to noncontrolling interest shareholders | — | — | (736 | ) | — | (736 | ) | |||||||||||||
Payments for contingent consideration | — | (14,802 | ) | (1,565 | ) | — | (16,367 | ) | ||||||||||||
Dividends | (41,915 | ) | — | — | — | (41,915 | ) | |||||||||||||
Intercompany transactions | 70,932 | (72,574 | ) | 1,642 | — | — | ||||||||||||||
Intercompany dividends paid | — | (17,400 | ) | (48,671 | ) | 66,071 | — | |||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 34,392 | (104,776 | ) | (49,330 | ) | 66,071 | (53,643 | ) | ||||||||||||
Cash Flows from Discontinued Operations: | — | |||||||||||||||||||
Net cash used in operating activities | (1,567 | ) | — | (600 | ) | — | (2,167 | ) | ||||||||||||
Net cash used in discontinued operations | (1,567 | ) | — | (600 | ) | — | (2,167 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 4,476 | — | 4,476 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (53,777 | ) | (1,989 | ) | 45,164 | — | (10,602 | ) | ||||||||||||
Cash and cash equivalents at the beginning of the period | 70,860 | 1,989 | 264,190 | — | 337,039 | |||||||||||||||
Cash and cash equivalents at the end of the period | $ | 17,083 | $ | — | $ | 309,354 | $ | — | $ | 326,437 | ||||||||||
New_accounting_standards_Polic
New accounting standards (Policies) | 9 Months Ended |
Sep. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New accounting standards | ' |
New accounting standards | |
In April 2014, the Financial Accounting Standards Board (FASB) issued guidance for the reporting of discontinued operations. Under the new guidance, only those disposals of components of an entity that represent a strategic shift that has or will have a major effect on an entity's operations and financial results will be reported as discontinued operations in an entity's financial statements. In addition, the new guidance requires additional disclosures for discontinued operations designed to provide users of financial statements with more information about the assets, liabilities, revenues and expenses of discontinued operations. The new guidance also requires disclosures regarding disposals of a significant component of an entity that does not qualify for discontinued operations reporting.This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014 with early adoption permitted. The Company does not believe the adoption of this guidance will have a material impact on the Company’s results of operations, cash flows or financial position. | |
In May 2014, the FASB, in a joint effort with the International Accounting Standards Board, issued new accounting guidance to clarify the principles for recognizing revenue. The new guidance is designed to enhance the comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, and will affect any entity that enters into contracts with customers or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The new guidance establishes principles for reporting information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity's contracts with customers. The core principle of the new guidance is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance is effective prospectively for annual periods beginning after December 15, 2016, and interim periods within those years. Early application is not permitted. The Company is currently evaluating this guidance to determine the impact on the Company’s results of operations, cash flows, and financial position. | |
From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date or, in some cases where early adoption is permitted, in advance of the specified effective date. The Company has assessed the recently issued standards that are not yet effective and, unless otherwise discussed, believes these standards will not have a material impact on the Company’s results of operations, cash flows or financial position. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||
Sep. 28, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Fair Values Determination of Assets Acquired and Liabilities Assumed in Acquisition | ' | |||
The following table presents the preliminary fair value determination of the assets acquired and liabilities assumed in the Mayo Healthcare acquisition. | ||||
(Dollars in thousands) | ||||
Assets | ||||
Current assets | $ | 10,393 | ||
Property, plant and equipment | 306 | |||
Customer lists intangible asset | 9,335 | |||
Goodwill | 15,986 | |||
Total assets acquired | 36,020 | |||
Liabilities | ||||
Current liabilities | 4,685 | |||
Deferred tax liabilities | 2,800 | |||
Liabilities assumed | 7,485 | |||
Net assets acquired | $ | 28,535 | ||
Restructuring_and_other_impair1
Restructuring and other impairment charges (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||
Summary of Current Cost Estimates by Major Type of Cost Associated with 2014 Manufacturing Footprint Realignment Plan | ' | |||||||||||||||||||
The following table provides a summary of the Company’s current cost estimates by major type of cost associated with the 2014 Manufacturing Footprint Realignment Plan: | ||||||||||||||||||||
Type of cost | Total estimated amount expected to be incurred | |||||||||||||||||||
Termination benefits | $12 million to $15 million | |||||||||||||||||||
Facility closure and other exit costs(1) | $2 million to $5 million | |||||||||||||||||||
Accelerated depreciation charges | $10 million to $12 million | |||||||||||||||||||
Other (2) | $18 million to $21 million | |||||||||||||||||||
$42 million to $53 million | ||||||||||||||||||||
-1 | Includes costs to transfer product lines among facilities and outplacement and employee relocation costs. | |||||||||||||||||||
-2 | Consists of other costs directly related to the Plan, including project management, legal and regulatory costs. | |||||||||||||||||||
Restructuring and Other Impairment Charges | ' | |||||||||||||||||||
The restructuring and other impairment charges recognized for the three and nine months ended September 28, 2014 and September 29, 2013 consisted of the following: | ||||||||||||||||||||
Three Months Ended September 28, 2014 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
2014 Manufacturing footprint realignment plan | $ | 129 | $ | — | $ | — | $ | 42 | $ | 171 | ||||||||||
2014 European restructuring plan | 537 | 1 | 1 | 27 | 566 | |||||||||||||||
Other 2014 restructuring programs | 25 | — | 202 | 62 | 289 | |||||||||||||||
LMA restructuring program | — | — | 20 | — | 20 | |||||||||||||||
2013 Restructuring programs | (124 | ) | — | 186 | — | 62 | ||||||||||||||
Total restructuring and other impairment charges | $ | 567 | $ | 1 | $ | 409 | $ | 131 | $ | 1,108 | ||||||||||
Three Months Ended September 29, 2013 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
Closure | ||||||||||||||||||||
Costs | ||||||||||||||||||||
LMA restructuring program | $ | 492 | $ | 162 | $ | 1,097 | $ | 17 | $ | 1,768 | ||||||||||
2013 Restructuring programs | 891 | — | (65 | ) | — | 826 | ||||||||||||||
2012 Restructuring program | 559 | 539 | — | — | 1,098 | |||||||||||||||
2007 Arrow integration program | — | 38 | — | — | 38 | |||||||||||||||
1,942 | 739 | 1,032 | 17 | 3,730 | ||||||||||||||||
Impairment charges | — | — | — | 3,354 | 3,354 | |||||||||||||||
Total restructuring and other impairment charges | $ | 1,942 | $ | 739 | $ | 1,032 | $ | 3,371 | $ | 7,084 | ||||||||||
Nine Months Ended September 28, 2014 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
Closure | ||||||||||||||||||||
Costs | ||||||||||||||||||||
2014 Manufacturing footprint realignment plan | $ | 8,706 | $ | — | $ | — | $ | 42 | $ | 8,748 | ||||||||||
2014 European restructuring plan | 8,289 | 1 | 306 | 76 | 8,672 | |||||||||||||||
Other 2014 restructuring programs | 501 | — | 1,376 | 193 | 2,070 | |||||||||||||||
LMA restructuring program | (29 | ) | (112 | ) | (3,211 | ) | — | (3,352 | ) | |||||||||||
2013 Restructuring programs | 361 | — | 243 | 22 | 626 | |||||||||||||||
2012 Restructuring program | (619 | ) | 354 | — | — | (265 | ) | |||||||||||||
2011 Restructuring program | — | 12 | — | — | 12 | |||||||||||||||
Total restructuring and other impairment charges | $ | 17,209 | $ | 255 | $ | (1,286 | ) | $ | 333 | $ | 16,511 | |||||||||
Nine Months Ended September 29, 2013 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
LMA restructuring program | $ | 3,318 | $ | 536 | $ | 4,378 | $ | 132 | $ | 8,364 | ||||||||||
2013 Restructuring programs | 2,443 | — | 3,326 | 2,887 | 8,656 | |||||||||||||||
2012 Restructuring program | 3,225 | 641 | 293 | 5 | 4,164 | |||||||||||||||
2007 Arrow integration program | — | 173 | — | — | 173 | |||||||||||||||
8,986 | 1,350 | 7,997 | 3,024 | 21,357 | ||||||||||||||||
Impairment charges | — | — | — | 7,848 | 7,848 | |||||||||||||||
Total restructuring and other impairment charges | $ | 8,986 | $ | 1,350 | $ | 7,997 | $ | 10,872 | $ | 29,205 | ||||||||||
Reporting Segment | ' | |||||||||||||||||||
Restructuring and Other Impairment Charges | ' | |||||||||||||||||||
Restructuring and other impairment charges by reportable segment for the three and nine months ended September 28, 2014 and September 29, 2013 are set forth in the following table: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Restructuring and other impairment charges | ||||||||||||||||||||
Vascular North America | $ | (54 | ) | $ | 2,233 | $ | 5,908 | $ | 2,860 | |||||||||||
Anesthesia/Respiratory North America | 15 | 332 | 1,193 | 3,001 | ||||||||||||||||
Surgical North America | — | — | — | 7,294 | ||||||||||||||||
EMEA | 849 | 2,221 | 7,164 | 11,428 | ||||||||||||||||
Asia | 111 | 202 | 708 | 447 | ||||||||||||||||
OEM | — | — | — | 588 | ||||||||||||||||
All other | 187 | 2,096 | 1,538 | 3,587 | ||||||||||||||||
Total restructuring and other impairment charges | $ | 1,108 | $ | 7,084 | $ | 16,511 | $ | 29,205 | ||||||||||||
LMA Restructuring Program | ' | |||||||||||||||||||
Changes in Accrued Liability Associated with Restructuring Program | ' | |||||||||||||||||||
A reconciliation of the changes in accrued liabilities associated with the LMA Restructuring Program from December 31, 2013 through September 28, 2014 is set forth in the following table: | ||||||||||||||||||||
Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 552 | $ | 427 | $ | 3,686 | $ | 16 | $ | 4,681 | ||||||||||
Subsequent accruals (reversals) | (29 | ) | (112 | ) | (3,211 | ) | — | (3,352 | ) | |||||||||||
Cash payments | (533 | ) | (317 | ) | (104 | ) | — | (954 | ) | |||||||||||
Foreign currency translation | 10 | 2 | (14 | ) | — | (2 | ) | |||||||||||||
Balance at September 28, 2014 | $ | — | $ | — | $ | 357 | $ | 16 | $ | 373 | ||||||||||
Inventories_net_Tables
Inventories, net (Tables) | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories, net | ' | |||||||
Inventories as of September 28, 2014 and December 31, 2013 consisted of the following: | ||||||||
28-Sep-14 | 31-Dec-13 | |||||||
(Dollars in thousands) | ||||||||
Raw materials | $ | 73,170 | $ | 70,209 | ||||
Work-in-process | 59,282 | 53,672 | ||||||
Finished goods | 254,120 | 242,113 | ||||||
386,572 | 365,994 | |||||||
Less: Inventory reserve | (33,345 | ) | (32,373 | ) | ||||
Inventories, net | $ | 353,227 | $ | 333,621 | ||||
Goodwill_and_other_intangible_1
Goodwill and other intangible assets, net (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill, by Reporting Segment | ' | |||||||||||||||||||||||||||
The following table provides information relating to changes in the carrying amount of goodwill by reportable segment for the nine months ended September 28, 2014: | ||||||||||||||||||||||||||||
Vascular | Anesthesia/ | Surgical | EMEA | Asia | All | Total | ||||||||||||||||||||||
North America | Respiratory | North America | Other | |||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||||||||||
Goodwill | $ | 474,044 | $ | 167,195 | $ | 250,506 | $ | 373,417 | $ | 136,946 | $ | 284,223 | $ | 1,686,331 | ||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
254,517 | 60,122 | 250,506 | 373,417 | 136,946 | 278,695 | 1,354,203 | ||||||||||||||||||||||
Goodwill related to acquisitions | — | — | — | — | 15,986 | — | 15,986 | |||||||||||||||||||||
Translation adjustment | — | (300 | ) | — | (17,467 | ) | (585 | ) | 208 | (18,144 | ) | |||||||||||||||||
Balance at September 28, 2014 | ||||||||||||||||||||||||||||
Goodwill | 474,044 | 166,895 | 250,506 | 355,950 | 152,347 | 284,431 | 1,684,173 | |||||||||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
$ | 254,517 | $ | 59,822 | $ | 250,506 | $ | 355,950 | $ | 152,347 | $ | 278,903 | $ | 1,352,045 | |||||||||||||||
Components of Intangible Assets | ' | |||||||||||||||||||||||||||
The following table provides information as of September 28, 2014 and December 31, 2013 regarding the gross carrying amount of, and accumulated amortization relating to, intangible assets, net: | ||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||||||
September 28, | 31-Dec-13 | September 28, | 31-Dec-13 | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Customer relationships | $ | 631,983 | $ | 628,020 | $ | (188,261 | ) | $ | (168,223 | ) | ||||||||||||||||||
In-process research and development | 68,766 | 68,786 | — | — | ||||||||||||||||||||||||
Intellectual property | 433,227 | 435,869 | (140,606 | ) | (118,086 | ) | ||||||||||||||||||||||
Distribution rights | 16,406 | 16,797 | (14,466 | ) | (14,592 | ) | ||||||||||||||||||||||
Trade names | 403,460 | 407,879 | (2,425 | ) | (1,148 | ) | ||||||||||||||||||||||
Noncompete agreements | 337 | 337 | (169 | ) | (42 | ) | ||||||||||||||||||||||
$ | 1,554,179 | $ | 1,557,688 | $ | (345,927 | ) | $ | (302,091 | ) | |||||||||||||||||||
Estimated Annual Amortization Expense | ' | |||||||||||||||||||||||||||
stimated annual amortization expense for the remainder of 2014 and the next five succeeding years is as follows (dollars in thousands): | ||||||||||||||||||||||||||||
2014 | $ | 13,700 | ||||||||||||||||||||||||||
2015 | 54,100 | |||||||||||||||||||||||||||
2016 | 53,700 | |||||||||||||||||||||||||||
2017 | 53,300 | |||||||||||||||||||||||||||
2018 | 53,000 | |||||||||||||||||||||||||||
2019 | 52,600 | |||||||||||||||||||||||||||
Borrowings_Tables
Borrowings (Tables) | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components of Long-Term Debt | ' | |||||||
The components of long-term debt at September 28, 2014 and December 31, 2013 are as follows: | ||||||||
28-Sep-14 | 31-Dec-13 | |||||||
(Dollars in thousands) | ||||||||
Senior Credit Facility: | ||||||||
Revolving credit facility, at a rate of 1.90% at September 28, 2014, due 7/16/2018 | $ | 200,000 | $ | 680,000 | ||||
3.875% Convertible Senior Subordinated Notes due 2017 | 399,991 | 400,000 | ||||||
6.875% Senior Subordinated Notes due 2019 | 250,000 | 250,000 | ||||||
5.25% Senior Notes due 2024 | 250,000 | — | ||||||
Total borrowings | 1,099,991 | 1,330,000 | ||||||
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes | (39,335 | ) | (48,413 | ) | ||||
1,060,656 | 1,281,587 | |||||||
Current portion of borrowings | (360,656 | ) | (351,587 | ) | ||||
$ | 700,000 | $ | 930,000 | |||||
Fair Value of Long-Term Debt | ' | |||||||
The following table provides the fair value of the Company’s debt as of September 28, 2014, categorized by fair value hierarchy level (see Note 10, “Fair value measurement,” in the Company’s annual report on Form 10-K for the year ended December 31, 2013 for further information): | ||||||||
Fair value of debt | ||||||||
(Dollars in thousands) | ||||||||
Level 1 | $ | 955,567 | ||||||
Level 2 | 442,337 | |||||||
Total | $ | 1,397,904 | ||||||
Financial_instruments_Tables
Financial instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Fair Values of Derivative Instruments Designated as Hedging Instruments | ' | |||||||||||||||
The following table presents the location and fair values of derivative instruments designated as hedging instruments in the condensed consolidated balance sheet as of September 28, 2014 and December 31, 2013: | ||||||||||||||||
September 28, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Asset derivatives: | ||||||||||||||||
Foreign currency forward contracts: | ||||||||||||||||
Prepaid expenses and other current assets | $ | 959 | $ | — | ||||||||||||
Total asset derivatives | $ | 959 | $ | — | ||||||||||||
Liability derivatives: | ||||||||||||||||
Foreign currency forward contracts: | ||||||||||||||||
Other current liabilities | $ | 471 | $ | — | ||||||||||||
Total liability derivatives | $ | 471 | $ | — | ||||||||||||
After Tax Gain/(Loss) Recognized in OCI | ' | |||||||||||||||
The following table provides information as to the gains and losses attributable to derivatives in cash flow hedging relationships that were reported in other comprehensive income (“OCI”) for the three and nine months ended September 28, 2014 and September 29, 2013: | ||||||||||||||||
After Tax Gain/(Loss) | ||||||||||||||||
Recognized in OCI | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Foreign currency forward contracts | $ | 60 | $ | (40 | ) | $ | 203 | $ | (52 | ) | ||||||
Total | $ | 60 | $ | (40 | ) | $ | 203 | $ | (52 | ) | ||||||
Aggregate Accounts Receivable, Net of Allowance for Doubtful Accounts | ' | |||||||||||||||
The aggregate net current and long-term accounts receivable for Spain, Italy, Greece and Portugal as a percentage of the Company’s net current and long-term accounts receivable at September 28, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
September 28, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Current and long-term accounts receivable (net of allowances of $8.9 million and $7.9 million at September 28, 2014 and December 31, 2013, respectively) in Spain, Italy, Greece and Portugal (1) | $ | 87,733 | $ | 97,852 | ||||||||||||
Percentage of total net current and long-term accounts receivable | 29.4 | % | 31 | % | ||||||||||||
(1)The long-term portion of accounts receivable, net at September 28, 2014 and December 31, 2013 was $15.5 million and $17.6 million, respectively. |
Fair_value_measurement_Tables
Fair value measurement (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | ' | |||||||||||||||
The following tables provide information regarding the financial assets and liabilities measured at fair value on a recurring basis as of September 28, 2014 and December 31, 2013: | ||||||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | |||||||||||||
value at | active markets | observable | unobservable | |||||||||||||
September 28, | (Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||
2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Investments in marketable securities | $ | 6,540 | $ | 6,540 | $ | — | $ | — | ||||||||
Derivative assets | 959 | — | 959 | — | ||||||||||||
Derivative liabilities | 471 | — | 471 | — | ||||||||||||
Contingent consideration liabilities | 12,643 | — | — | 12,643 | ||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | |||||||||||||
value at | active markets | observable | unobservable | |||||||||||||
December 31, 2013 | (Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Investments in marketable securities | $ | 6,150 | $ | 6,150 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 20,313 | — | — | 20,313 | ||||||||||||
Reconciliation of Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||||
The following table provides information regarding changes in Level 3 financial liabilities related to contingent consideration in connection with various Company acquisitions during the nine months ended September 28, 2014: | ||||||||||||||||
Contingent consideration | ||||||||||||||||
2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance - December 31, 2013 | $ | 20,313 | ||||||||||||||
Revaluations | (7,670 | ) | ||||||||||||||
Balance - September 28, 2014 | $ | 12,643 | ||||||||||||||
Valuation Technique and Inputs Used to Determine Fair Value of Assets or Liabilities | ' | |||||||||||||||
The following table provides information regarding the valuation techniques and inputs used in determining the fair value of assets or liabilities categorized as Level 3 measurements as of September 28, 2014: | ||||||||||||||||
Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||
Contingent consideration | Discounted cash flow | Discount rate | 2.3% - 10% (8.6%) | |||||||||||||
Probability of payment | 0% - 100% (28.3%) |
Changes_in_shareholders_equity1
Changes in shareholders' equity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Reconciliation of Basic to Diluted Weighted Average Common Shares Outstanding | ' | |||||||||||||||
The following table provides a reconciliation of basic to diluted weighted average shares outstanding: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, 2014 | September 29, 2013 | September 28, 2014 | September 29, 2013 | |||||||||||||
(Shares in thousands) | ||||||||||||||||
Basic | 41,399 | 41,132 | 41,347 | 41,087 | ||||||||||||
Dilutive effect of share-based awards | 440 | 383 | 441 | 383 | ||||||||||||
Dilutive effect of 3.875% Convertible Notes and warrants | 4,789 | 1,749 | 4,468 | 1,776 | ||||||||||||
Diluted | 46,628 | 43,264 | 46,256 | 43,246 | ||||||||||||
Change in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the nine months ended September 28, 2014 and September 29, 2013: | ||||||||||||||||
Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | (97,037 | ) | $ | (13,818 | ) | $ | (110,855 | ) | |||||
Other comprehensive income (loss) before reclassifications | 641 | 131 | (41,133 | ) | (40,361 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (438 | ) | 2,205 | — | 1,767 | |||||||||||
Net current-period other comprehensive income (loss) | 203 | 2,336 | (41,133 | ) | (38,594 | ) | ||||||||||
Balance at September 28, 2014 | $ | 203 | $ | (94,701 | ) | $ | (54,951 | ) | $ | (149,449 | ) | |||||
Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2012 | $ | (381 | ) | $ | (127,257 | ) | $ | (4,410 | ) | $ | (132,048 | ) | ||||
Other comprehensive income (loss) before reclassifications | (370 | ) | (762 | ) | (9,018 | ) | (10,150 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 318 | 3,497 | — | 3,815 | ||||||||||||
Net current-period other comprehensive income (loss) | (52 | ) | 2,735 | (9,018 | ) | (6,335 | ) | |||||||||
Balance at September 29, 2013 | $ | (433 | ) | $ | (124,522 | ) | $ | (13,428 | ) | $ | (138,383 | ) | ||||
Reclassification of Gain/Losses into Income/Expense, Net of Tax | ' | |||||||||||||||
The following table provides information relating to the reclassifications of losses/(gain) in accumulated other comprehensive income into expense/(income), net of tax, for the three and nine months ended September 28, 2014 and September 29, 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Gains) losses on foreign exchange contracts: | ||||||||||||||||
Cost of goods sold | $ | (397 | ) | $ | 850 | $ | (526 | ) | $ | 154 | ||||||
Total before tax | (397 | ) | 850 | (526 | ) | 154 | ||||||||||
Tax benefit | 49 | (158 | ) | 88 | 164 | |||||||||||
Net of tax | $ | (348 | ) | $ | 692 | $ | (438 | ) | $ | 318 | ||||||
Amortization of pension and other postretirement benefit items: | ||||||||||||||||
Actuarial losses/(gains) (1) | $ | 1,090 | $ | 1,696 | $ | 3,295 | $ | 5,460 | ||||||||
Prior-service costs(1) | (5 | ) | (4 | ) | (16 | ) | (15 | ) | ||||||||
Transition obligation(1) | — | 1 | — | 4 | ||||||||||||
Total before tax | 1,085 | 1,693 | 3,279 | 5,449 | ||||||||||||
Tax expense | (378 | ) | (604 | ) | (1,074 | ) | (1,952 | ) | ||||||||
Net of tax | $ | 707 | $ | 1,089 | $ | 2,205 | $ | 3,497 | ||||||||
Total reclassifications, net of tax | $ | 359 | $ | 1,781 | $ | 1,767 | $ | 3,815 | ||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 12 for additional information). |
Taxes_on_income_from_continuin1
Taxes on income from continuing operations (Tables) | 9 Months Ended | |||||||
Sep. 28, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Effective Income Tax Rate | ' | |||||||
Taxes on income from continuing operations | ||||||||
Three Months Ended | Nine Months Ended | |||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||
Effective income tax rate | 14.90% | 10.20% | 16.80% | 14.00% |
Pension_and_other_postretireme1
Pension and other postretirement benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Net Benefit Cost of Pension and Postretirement Benefit Plans | ' | |||||||||||||||||||||||||||||||
Net benefit cost of pension and postretirement benefit plans consisted of the following: | ||||||||||||||||||||||||||||||||
Pension | Other Postretirement Benefits | Pension | Other Postretirement Benefits | |||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Service cost | $ | 453 | $ | 432 | $ | 42 | $ | 176 | $ | 1,350 | $ | 1,361 | $ | 318 | $ | 501 | ||||||||||||||||
Interest cost | 4,548 | 4,333 | 434 | 543 | 13,517 | 12,614 | 1,627 | 2,084 | ||||||||||||||||||||||||
Expected return on plan assets | (6,240 | ) | (5,784 | ) | — | — | (18,764 | ) | (17,328 | ) | — | — | ||||||||||||||||||||
Net amortization and deferral | 1,143 | 1,556 | (58 | ) | 137 | 3,284 | 4,380 | (5 | ) | 1,069 | ||||||||||||||||||||||
Net benefit expense (income) | $ | (96 | ) | $ | 537 | $ | 418 | $ | 856 | $ | (613 | ) | $ | 1,027 | $ | 1,940 | $ | 3,654 | ||||||||||||||
Business_segment_information_T
Business segment information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Results | ' | |||||||||||||||
The following tables present the Company’s segment results for the three and nine months ended September 28, 2014 and September 29, 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Revenue | ||||||||||||||||
Vascular North America | $ | 63,792 | $ | 55,058 | $ | 190,485 | $ | 168,478 | ||||||||
Anesthesia/Respiratory North America | 54,699 | 53,842 | 164,462 | 170,532 | ||||||||||||
Surgical North America | 36,127 | 34,147 | 109,327 | 108,584 | ||||||||||||
EMEA | 141,146 | 132,265 | 446,061 | 412,525 | ||||||||||||
Asia | 62,035 | 55,263 | 174,176 | 148,040 | ||||||||||||
OEM | 39,174 | 33,774 | 108,966 | 97,222 | ||||||||||||
All other | 60,200 | 49,447 | 170,347 | 140,351 | ||||||||||||
Consolidated net revenues | $ | 457,173 | $ | 413,796 | $ | 1,363,824 | $ | 1,245,732 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Operating Profit | ||||||||||||||||
Vascular North America | $ | 11,870 | $ | 6,042 | $ | 31,250 | $ | 17,394 | ||||||||
Anesthesia/Respiratory North America | 9,421 | 3,541 | 21,401 | 18,483 | ||||||||||||
Surgical North America | 12,394 | 10,333 | 37,308 | 37,646 | ||||||||||||
EMEA | 28,810 | 21,074 | 85,771 | 65,542 | ||||||||||||
Asia | 14,785 | 18,894 | 44,718 | 44,961 | ||||||||||||
OEM | 9,651 | 6,684 | 24,551 | 20,778 | ||||||||||||
All other | 12,441 | 11,071 | 32,564 | 22,593 | ||||||||||||
Total segment operating profit (1) | 99,372 | 77,639 | 277,563 | 227,397 | ||||||||||||
Unallocated expenses (2) | (17,437 | ) | (11,597 | ) | (61,856 | ) | (48,200 | ) | ||||||||
Income from continuing operations before interest, loss on extinguishments of debt and taxes | $ | 81,935 | $ | 66,042 | $ | 215,707 | $ | 179,197 | ||||||||
-1 | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for fixed manufacturing cost absorption variances, selling, general and administrative expenses, research and development expenses and an allocation of corporate expenses. Corporate expenses are allocated among the segments in proportion to the respective amounts of one of several items (such as sales, numbers of employees, and amount of time spent), depending on the category of expense involved. | |||||||||||||||
-2 | Unallocated expenses primarily include manufacturing variances, with the exception of fixed manufacturing cost absorption variances, and restructuring and other impairment charges. | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Depreciation and Amortization | ||||||||||||||||
Vascular North America | $ | 7,921 | $ | 7,222 | $ | 23,842 | $ | 20,656 | ||||||||
Anesthesia/Respiratory North America | 5,321 | 3,948 | 13,457 | 10,663 | ||||||||||||
Surgical North America | 909 | 2,476 | 4,944 | 7,708 | ||||||||||||
EMEA | 9,688 | 7,035 | 28,298 | 20,666 | ||||||||||||
Asia | 2,003 | 1,134 | 6,146 | 3,506 | ||||||||||||
OEM | 1,651 | 1,123 | 4,715 | 3,370 | ||||||||||||
All other | 4,946 | 4,137 | 14,852 | 12,466 | ||||||||||||
Consolidated depreciation and amortization | $ | 32,439 | $ | 27,075 | $ | 96,254 | $ | 79,035 | ||||||||
Schedule Of Revenues And Property Plant Equipment By Geographic Region | ' | |||||||||||||||
The following table provides total net revenues for the three and nine months ended September 28, 2014 and September 29, 2013 and total net property, plant and equipment by geographic region as of September 28, 2014 and December 31, 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Net revenue (based on selling location) | ||||||||||||||||
United States | $ | 231,278 | $ | 205,049 | $ | 676,088 | $ | 623,397 | ||||||||
Other Americas | 14,440 | 12,108 | 44,399 | 40,786 | ||||||||||||
Europe | 157,797 | 137,848 | 500,763 | 419,062 | ||||||||||||
All other | 53,658 | 58,791 | 142,574 | 162,487 | ||||||||||||
$ | 457,173 | $ | 413,796 | $ | 1,363,824 | $ | 1,245,732 | |||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | ' | |||||||||||||||
28-Sep-14 | 31-Dec-13 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Net property, plant and equipment | ||||||||||||||||
United States | $ | 201,045 | $ | 203,985 | ||||||||||||
Czech Republic | 38,728 | 41,607 | ||||||||||||||
Malaysia | 35,972 | 29,313 | ||||||||||||||
All other | 71,488 | 50,995 | ||||||||||||||
$ | 347,233 | $ | 325,900 | |||||||||||||
Condensed_consolidated_guarant1
Condensed consolidated guarantor financial information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||
Condensed Consolidated Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Statement Adjustments | ' | |||||||||||||||||||
The following table illustrates the increase/(decrease) to the previously reported amounts for the nine months ended September 29, 2013: | ||||||||||||||||||||
Nine Months Ended September 29, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Cash Flows from Operating Activities of Continuing Operations | $ | 1,200 | $ | 61,134 | $ | 3,737 | $ | (66,071 | ) | $ | — | |||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Intercompany transactions | (1,200 | ) | (43,734 | ) | 44,934 | — | — | |||||||||||||
Intercompany dividends paid | — | (17,400 | ) | (48,671 | ) | 66,071 | — | |||||||||||||
Cash Flows from Financing Activities of Continuing Operations | $ | (1,200 | ) | $ | (61,134 | ) | $ | (3,737 | ) | $ | 66,071 | $ | — | |||||||
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 28, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 261,346 | $ | 272,083 | $ | (76,256 | ) | $ | 457,173 | |||||||||
Cost of goods sold | — | 161,298 | 136,526 | (76,817 | ) | 221,007 | ||||||||||||||
Gross profit | — | 100,048 | 135,557 | 561 | 236,166 | |||||||||||||||
Selling, general and administrative expenses | 8,978 | 77,352 | 52,002 | (80 | ) | 138,252 | ||||||||||||||
Research and development expenses | — | 12,871 | 2,000 | — | 14,871 | |||||||||||||||
Restructuring and other impairment charges | — | 148 | 960 | — | 1,108 | |||||||||||||||
Income (loss) from continuing operations before interest, and taxes | (8,978 | ) | 9,677 | 80,595 | 641 | 81,935 | ||||||||||||||
Interest expense | 37,913 | (22,346 | ) | 1,617 | — | 17,184 | ||||||||||||||
Interest income | — | — | (161 | ) | — | (161 | ) | |||||||||||||
Income (loss) from continuing operations before taxes | (46,891 | ) | 32,023 | 79,139 | 641 | 64,912 | ||||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (16,761 | ) | 13,984 | 10,505 | 1,956 | 9,684 | ||||||||||||||
Equity in net income of consolidated subsidiaries | 85,187 | 60,295 | 96 | (145,578 | ) | — | ||||||||||||||
Income from continuing operations | 55,057 | 78,334 | 68,730 | (146,893 | ) | 55,228 | ||||||||||||||
Operating loss from discontinued operations | (247 | ) | — | — | — | (247 | ) | |||||||||||||
Taxes (benefit) on loss from discontinued operations | (21 | ) | — | 45 | — | 24 | ||||||||||||||
Loss from discontinued operations | (226 | ) | — | (45 | ) | — | (271 | ) | ||||||||||||
Net income | 54,831 | 78,334 | 68,685 | (146,893 | ) | 54,957 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 126 | — | 126 | |||||||||||||||
Net income attributable to common shareholders | 54,831 | 78,334 | 68,559 | (146,893 | ) | 54,831 | ||||||||||||||
Other comprehensive loss attributable to common shareholders | (45,201 | ) | (58,947 | ) | (43,438 | ) | 102,385 | (45,201 | ) | |||||||||||
Comprehensive income attributable to common shareholders | $ | 9,630 | $ | 19,387 | $ | 25,121 | $ | (44,508 | ) | $ | 9,630 | |||||||||
Three Months Ended September 29, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 237,949 | $ | 238,254 | $ | (62,407 | ) | $ | 413,796 | |||||||||
Cost of goods sold | — | 139,501 | 130,825 | (60,522 | ) | 209,804 | ||||||||||||||
Gross profit | — | 98,448 | 107,429 | (1,885 | ) | 203,992 | ||||||||||||||
Selling, general and administrative expenses | 14,088 | 62,701 | 38,167 | 272 | 115,228 | |||||||||||||||
Research and development expenses | — | 13,161 | 2,477 | — | 15,638 | |||||||||||||||
Restructuring and other impairment charges | 828 | 3,834 | 2,422 | — | 7,084 | |||||||||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | (14,916 | ) | 18,752 | 64,363 | (2,157 | ) | 66,042 | |||||||||||||
Interest expense | 33,492 | (21,204 | ) | 1,660 | — | 13,948 | ||||||||||||||
Interest income | 3 | (3 | ) | (144 | ) | — | (144 | ) | ||||||||||||
Loss on extinguishments of debt | 1,250 | — | — | — | 1,250 | |||||||||||||||
Income (loss) from continuing operations before taxes | (49,661 | ) | 39,959 | 62,847 | (2,157 | ) | 50,988 | |||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (18,446 | ) | 14,261 | 9,962 | (568 | ) | 5,209 | |||||||||||||
Equity in net income of consolidated subsidiaries | 76,448 | 48,367 | 319 | (125,134 | ) | — | ||||||||||||||
Income from continuing operations | 45,233 | 74,065 | 53,204 | (126,723 | ) | 45,779 | ||||||||||||||
Operating income (loss) from discontinued operations | 364 | — | (326 | ) | — | 38 | ||||||||||||||
Taxes (benefit) on income (loss) from discontinued operations | (977 | ) | (170 | ) | 156 | — | (991 | ) | ||||||||||||
Income (loss) from discontinued operations | 1,341 | 170 | (482 | ) | — | 1,029 | ||||||||||||||
Net income (loss) | 46,574 | 74,235 | 52,722 | (126,723 | ) | 46,808 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 234 | — | 234 | |||||||||||||||
Net income (loss) attributable to common shareholders | 46,574 | 74,235 | 52,488 | (126,723 | ) | 46,574 | ||||||||||||||
Other comprehensive income attributable to common shareholders | 24,375 | 30,034 | 21,442 | (51,476 | ) | 24,375 | ||||||||||||||
Comprehensive income attributable to common shareholders | $ | 70,949 | $ | 104,269 | $ | 73,930 | $ | (178,199 | ) | $ | 70,949 | |||||||||
Nine Months Ended September 28, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 814,051 | $ | 838,171 | $ | (288,398 | ) | $ | 1,363,824 | |||||||||
Cost of goods sold | — | 489,694 | 451,408 | (278,691 | ) | 662,411 | ||||||||||||||
Gross profit | — | 324,357 | 386,763 | (9,707 | ) | 701,413 | ||||||||||||||
Selling, general and administrative expenses | 30,781 | 235,322 | 159,058 | 231 | 425,392 | |||||||||||||||
Research and development expenses | — | 37,766 | 6,037 | — | 43,803 | |||||||||||||||
Restructuring and other impairment charges | — | 8,639 | 7,872 | — | 16,511 | |||||||||||||||
Income (loss) from continuing operations before interest, and taxes | (30,781 | ) | 42,630 | 213,796 | (9,938 | ) | 215,707 | |||||||||||||
Interest expense | 106,794 | (62,993 | ) | 4,849 | — | 48,650 | ||||||||||||||
Interest income | — | — | (494 | ) | — | (494 | ) | |||||||||||||
Income (loss) from continuing operations before taxes | (137,575 | ) | 105,623 | 209,441 | (9,938 | ) | 167,551 | |||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (47,891 | ) | 44,737 | 33,681 | (2,303 | ) | 28,224 | |||||||||||||
Equity in net income of consolidated subsidiaries | 228,113 | 160,653 | 288 | (389,054 | ) | — | ||||||||||||||
Income from continuing operations | 138,429 | 221,539 | 176,048 | (396,689 | ) | 139,327 | ||||||||||||||
Operating loss from discontinued operations | (1,866 | ) | — | — | — | (1,866 | ) | |||||||||||||
Taxes (benefit) on loss from discontinued operations | (478 | ) | — | 133 | — | (345 | ) | |||||||||||||
Loss from discontinued operations | (1,388 | ) | — | (133 | ) | — | (1,521 | ) | ||||||||||||
Net income | 137,041 | 221,539 | 175,915 | (396,689 | ) | 137,806 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 765 | — | 765 | |||||||||||||||
Net income attributable to common shareholders | 137,041 | 221,539 | 175,150 | (396,689 | ) | 137,041 | ||||||||||||||
Other comprehensive loss attributable to common shareholders | (38,594 | ) | (54,326 | ) | (37,179 | ) | 91,505 | (38,594 | ) | |||||||||||
Comprehensive income attributable to common shareholders | $ | 98,447 | $ | 167,213 | $ | 137,971 | $ | (305,184 | ) | $ | 98,447 | |||||||||
Nine Months Ended September 29, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 740,817 | $ | 708,206 | $ | (203,291 | ) | $ | 1,245,732 | |||||||||
Cost of goods sold | — | 435,937 | 398,720 | (202,927 | ) | 631,730 | ||||||||||||||
Gross profit | — | 304,880 | 309,486 | (364 | ) | 614,002 | ||||||||||||||
Selling, general and administrative expenses | 45,915 | 189,193 | 123,257 | 66 | 358,431 | |||||||||||||||
Research and development expenses | — | 40,250 | 6,919 | — | 47,169 | |||||||||||||||
Restructuring and other impairment charges | 828 | 13,112 | 15,265 | — | 29,205 | |||||||||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | (46,743 | ) | 62,325 | 164,045 | (430 | ) | 179,197 | |||||||||||||
Interest expense | 100,682 | (63,348 | ) | 5,232 | — | 42,566 | ||||||||||||||
Interest income | — | (3 | ) | (455 | ) | — | (458 | ) | ||||||||||||
Loss on extinguishments of debt | 1,250 | — | — | — | 1,250 | |||||||||||||||
Income (loss) from continuing operations before taxes | (148,675 | ) | 125,676 | 159,268 | (430 | ) | 135,839 | |||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (54,192 | ) | 42,241 | 30,701 | 208 | 18,958 | ||||||||||||||
Equity in net income of consolidated subsidiaries | 210,701 | 114,116 | 319 | (325,136 | ) | — | ||||||||||||||
Income from continuing operations | 116,218 | 197,551 | 128,886 | (325,774 | ) | 116,881 | ||||||||||||||
Operating income (loss) from discontinued operations | (1,788 | ) | — | 42 | — | (1,746 | ) | |||||||||||||
Taxes (benefit) on income (loss) from discontinued operations | (1,623 | ) | (170 | ) | 246 | — | (1,547 | ) | ||||||||||||
Income (loss) from discontinued operations | (165 | ) | 170 | (204 | ) | — | (199 | ) | ||||||||||||
Net income (loss) | 116,053 | 197,721 | 128,682 | (325,774 | ) | 116,682 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 629 | — | 629 | |||||||||||||||
Net income (loss) attributable to common shareholders | 116,053 | 197,721 | 128,053 | (325,774 | ) | 116,053 | ||||||||||||||
Other comprehensive income attributable to common shareholders | (6,335 | ) | (3,316 | ) | (5,930 | ) | 9,246 | (6,335 | ) | |||||||||||
Comprehensive income attributable to common shareholders | $ | 109,718 | $ | 194,405 | $ | 122,123 | $ | (316,528 | ) | $ | 109,718 | |||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
TELEFLEX INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
September 28, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 59,555 | $ | 1,662 | $ | 225,165 | $ | — | $ | 286,382 | ||||||||||
Accounts receivable, net | 1,921 | 11,630 | 270,387 | 3,241 | 287,179 | |||||||||||||||
Accounts receivable from consolidated subsidiaries | 39,604 | 2,782,391 | 270,488 | (3,092,483 | ) | — | ||||||||||||||
Inventories, net | — | 210,427 | 168,218 | (25,418 | ) | 353,227 | ||||||||||||||
Prepaid expenses and other current assets | 15,587 | 6,826 | 20,870 | — | 43,283 | |||||||||||||||
Prepaid taxes | 34,406 | — | 16,913 | — | 51,319 | |||||||||||||||
Deferred tax assets | 19,912 | 19,516 | 8,933 | (220 | ) | 48,141 | ||||||||||||||
Assets held for sale | 2,901 | — | 4,771 | — | 7,672 | |||||||||||||||
Total current assets | 173,886 | 3,032,452 | 985,745 | (3,114,880 | ) | 1,077,203 | ||||||||||||||
Property, plant and equipment, net | 3,648 | 196,101 | 147,484 | — | 347,233 | |||||||||||||||
Goodwill | — | 704,210 | 647,835 | — | 1,352,045 | |||||||||||||||
Intangibles assets, net | — | 713,854 | 494,398 | — | 1,208,252 | |||||||||||||||
Investments in affiliates | 5,676,862 | 1,356,773 | 21,252 | (7,053,808 | ) | 1,079 | ||||||||||||||
Deferred tax assets | 34,525 | — | 5,109 | (37,928 | ) | 1,706 | ||||||||||||||
Notes receivable and other amounts due from consolidated subsidiaries | 975,641 | 992,775 | — | (1,968,416 | ) | — | ||||||||||||||
Other assets | 28,795 | 7,435 | 34,044 | — | 70,274 | |||||||||||||||
Total assets | $ | 6,893,357 | $ | 7,003,600 | $ | 2,335,867 | $ | (12,175,032 | ) | $ | 4,057,792 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current borrowings | $ | 360,656 | $ | — | $ | 4,700 | $ | — | $ | 365,356 | ||||||||||
Accounts payable | 4,291 | 35,293 | 31,450 | — | 71,034 | |||||||||||||||
Accounts payable to consolidated subsidiaries | 2,730,852 | 197,409 | 164,222 | (3,092,483 | ) | — | ||||||||||||||
Accrued expenses | 18,088 | 17,056 | 42,189 | — | 77,333 | |||||||||||||||
Current portion of contingent consideration | — | 2,957 | — | — | 2,957 | |||||||||||||||
Payroll and benefit-related liabilities | 17,358 | 20,742 | 38,681 | — | 76,781 | |||||||||||||||
Accrued interest | 13,831 | — | 17 | — | 13,848 | |||||||||||||||
Income taxes payable | — | — | 26,735 | — | 26,735 | |||||||||||||||
Other current liabilities | 475 | 33,450 | 8,567 | (220 | ) | 42,272 | ||||||||||||||
Total current liabilities | 3,145,551 | 306,907 | 316,561 | (3,092,703 | ) | 676,316 | ||||||||||||||
Long-term borrowings | 700,000 | — | — | — | 700,000 | |||||||||||||||
Deferred tax liabilities | — | 477,101 | 55,710 | (37,927 | ) | 494,884 | ||||||||||||||
Pension and other postretirement benefit liabilities | 46,618 | 33,962 | 16,427 | — | 97,007 | |||||||||||||||
Noncurrent liability for uncertain tax positions | 13,355 | 17,476 | 25,617 | — | 56,448 | |||||||||||||||
Notes payable and other amounts due from consolidated subsidiaries | 986,769 | 897,634 | 89,801 | (1,974,204 | ) | — | ||||||||||||||
Other liabilities | 19,336 | 17,142 | 12,743 | — | 49,221 | |||||||||||||||
Total liabilities | 4,911,629 | 1,750,222 | 516,859 | (5,104,834 | ) | 2,073,876 | ||||||||||||||
Total common shareholders' equity | 1,981,728 | 5,253,378 | 1,816,820 | (7,070,198 | ) | 1,981,728 | ||||||||||||||
Noncontrolling interest | — | — | 2,188 | — | 2,188 | |||||||||||||||
Total equity | 1,981,728 | 5,253,378 | 1,819,008 | (7,070,198 | ) | 1,983,916 | ||||||||||||||
Total liabilities and equity | $ | 6,893,357 | $ | 7,003,600 | $ | 2,335,867 | $ | (12,175,032 | ) | $ | 4,057,792 | |||||||||
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 42,749 | $ | 14,500 | $ | 374,735 | $ | — | $ | 431,984 | ||||||||||
Accounts receivable, net | 1,822 | 10,948 | 279,048 | 3,472 | 295,290 | |||||||||||||||
Accounts receivable from consolidated subsidiaries | 42,865 | 2,623,314 | 214,469 | (2,880,648 | ) | — | ||||||||||||||
Inventories, net | — | 211,165 | 138,165 | (15,709 | ) | 333,621 | ||||||||||||||
Prepaid expenses and other current assets | 15,200 | 6,870 | 17,740 | — | 39,810 | |||||||||||||||
Prepaid taxes | 27,487 | — | 9,017 | — | 36,504 | |||||||||||||||
Deferred tax assets | 20,218 | 22,472 | 10,230 | (3 | ) | 52,917 | ||||||||||||||
Assets held for sale | 1,669 | 3,503 | 5,256 | — | 10,428 | |||||||||||||||
Total current assets | 152,010 | 2,892,772 | 1,048,660 | (2,892,888 | ) | 1,200,554 | ||||||||||||||
Property, plant and equipment, net | 14,189 | 188,455 | 123,256 | — | 325,900 | |||||||||||||||
Goodwill | — | 797,671 | 556,532 | — | 1,354,203 | |||||||||||||||
Intangibles assets, net | — | 962,243 | 293,354 | — | 1,255,597 | |||||||||||||||
Investments in affiliates | 5,489,676 | 1,478,429 | 21,382 | (6,987,772 | ) | 1,715 | ||||||||||||||
Deferred tax assets | 35,877 | — | 4,476 | (39,410 | ) | 943 | ||||||||||||||
Notes receivable and other amounts due from consolidated subsidiaries | 1,049,344 | 873,105 | 14,169 | (1,936,618 | ) | — | ||||||||||||||
Other assets | 24,574 | 7,447 | 38,074 | — | 70,095 | |||||||||||||||
Total assets | $ | 6,765,670 | $ | 7,200,122 | $ | 2,099,903 | $ | (11,856,688 | ) | $ | 4,209,007 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Notes payable | $ | 351,587 | $ | — | $ | 4,700 | $ | — | $ | 356,287 | ||||||||||
Accounts payable | 2,194 | 45,802 | 23,971 | — | 71,967 | |||||||||||||||
Accounts payable to consolidated subsidiaries | 2,644,296 | 147,957 | 88,395 | (2,880,648 | ) | — | ||||||||||||||
Accrued expenses | 15,569 | 21,120 | 38,179 | — | 74,868 | |||||||||||||||
Current portion of contingent consideration | — | 4,131 | — | — | 4,131 | |||||||||||||||
Payroll and benefit-related liabilities | 15,976 | 21,818 | 35,296 | — | 73,090 | |||||||||||||||
Accrued interest | 8,720 | — | 5 | — | 8,725 | |||||||||||||||
Income taxes payable | — | — | 23,821 | — | 23,821 | |||||||||||||||
Other current liabilities | 9,646 | 7,517 | 5,072 | (4 | ) | 22,231 | ||||||||||||||
Total current liabilities | 3,047,988 | 248,345 | 219,439 | (2,880,652 | ) | 635,120 | ||||||||||||||
Long-term borrowings | 930,000 | — | — | — | 930,000 | |||||||||||||||
Deferred tax liabilities | — | 496,228 | 57,896 | (39,409 | ) | 514,715 | ||||||||||||||
Pension and other postretirement benefit liabilities | 57,406 | 33,777 | 18,315 | — | 109,498 | |||||||||||||||
Noncurrent liability for uncertain tax positions | 11,389 | 17,241 | 26,522 | — | 55,152 | |||||||||||||||
Notes payable and other amounts due from consolidated subsidiaries | 785,476 | 957,451 | 197,173 | (1,940,100 | ) | — | ||||||||||||||
Other liabilities | 19,884 | 16,221 | 12,401 | — | 48,506 | |||||||||||||||
Total liabilities | 4,852,143 | 1,769,263 | 531,746 | (4,860,161 | ) | 2,292,991 | ||||||||||||||
Total common shareholders' equity | 1,913,527 | 5,430,859 | 1,565,668 | (6,996,527 | ) | 1,913,527 | ||||||||||||||
Noncontrolling interest | — | — | 2,489 | — | 2,489 | |||||||||||||||
Total equity | 1,913,527 | 5,430,859 | 1,568,157 | (6,996,527 | ) | 1,916,016 | ||||||||||||||
Total liabilities and equity | $ | 6,765,670 | $ | 7,200,122 | $ | 2,099,903 | $ | (11,856,688 | ) | $ | 4,209,007 | |||||||||
Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||
TELEFLEX INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended September 28, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (80,537 | ) | $ | 300,960 | $ | 63,715 | $ | (75,340 | ) | $ | 208,798 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (2,146 | ) | (22,578 | ) | (23,496 | ) | — | (48,220 | ) | |||||||||||
Proceeds from sale of assets and investments | 1,669 | 3,421 | 161 | — | 5,251 | |||||||||||||||
Payments for businesses and intangibles acquired, net of cash acquired | — | — | (28,535 | ) | — | (28,535 | ) | |||||||||||||
Investments in affiliates | (60 | ) | 20 | — | — | (40 | ) | |||||||||||||
Intercompany dividends received | — | — | 229,782 | (229,782 | ) | — | ||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (537 | ) | (19,137 | ) | 177,912 | (229,782 | ) | (71,544 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Proceeds from long-term borrowings | 250,000 | — | — | — | 250,000 | |||||||||||||||
Repayment of long-term borrowings | (480,009 | ) | — | — | — | (480,009 | ) | |||||||||||||
Debt issuance fees | (3,689 | ) | — | — | — | (3,689 | ) | |||||||||||||
Proceeds from share based compensation plans and the related tax impacts | 2,936 | — | — | — | 2,936 | |||||||||||||||
Payments to noncontrolling interest shareholders | — | — | (1,094 | ) | — | (1,094 | ) | |||||||||||||
Dividends | (42,174 | ) | — | — | — | (42,174 | ) | |||||||||||||
Intercompany transactions | 372,762 | (294,661 | ) | (78,101 | ) | — | — | |||||||||||||
Intercompany dividends paid | — | — | (305,122 | ) | 305,122 | — | ||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 99,826 | (294,661 | ) | (384,317 | ) | 305,122 | (274,030 | ) | ||||||||||||
Cash Flows from Discontinued Operations: | ||||||||||||||||||||
Net cash used in operating activities | (1,946 | ) | — | — | — | (1,946 | ) | |||||||||||||
Net cash used in discontinued operations | (1,946 | ) | — | — | — | (1,946 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (6,880 | ) | — | (6,880 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 16,806 | (12,838 | ) | (149,570 | ) | — | (145,602 | ) | ||||||||||||
Cash and cash equivalents at the beginning of the period | 42,749 | 14,500 | 374,735 | — | 431,984 | |||||||||||||||
Cash and cash equivalents at the end of the period | $ | 59,555 | $ | 1,662 | $ | 225,165 | $ | — | $ | 286,382 | ||||||||||
Nine Months Ended September 29, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (85,753 | ) | $ | 147,461 | $ | 140,235 | $ | (66,071 | ) | $ | 135,872 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (799 | ) | (42,854 | ) | (10,987 | ) | — | (54,640 | ) | |||||||||||
Payments for business intangibles acquired, net of cash acquired | — | (1,820 | ) | (38,630 | ) | — | (40,450 | ) | ||||||||||||
Investments in affiliates | (50 | ) | — | — | — | (50 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | (849 | ) | (44,674 | ) | (49,617 | ) | — | (95,140 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Proceeds from long-term borrowings | 382,000 | — | — | — | 382,000 | |||||||||||||||
Repayment of long-term borrowings | (375,000 | ) | — | — | — | (375,000 | ) | |||||||||||||
Debt extinguishment, issuance and amendment fees | (6,365 | ) | — | — | — | (6,365 | ) | |||||||||||||
Proceeds from share based compensation plans and the related tax impacts | 4,740 | — | — | — | 4,740 | |||||||||||||||
Payments to noncontrolling interest shareholders | — | — | (736 | ) | — | (736 | ) | |||||||||||||
Payments for contingent consideration | — | (14,802 | ) | (1,565 | ) | — | (16,367 | ) | ||||||||||||
Dividends | (41,915 | ) | — | — | — | (41,915 | ) | |||||||||||||
Intercompany transactions | 70,932 | (72,574 | ) | 1,642 | — | — | ||||||||||||||
Intercompany dividends paid | — | (17,400 | ) | (48,671 | ) | 66,071 | — | |||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 34,392 | (104,776 | ) | (49,330 | ) | 66,071 | (53,643 | ) | ||||||||||||
Cash Flows from Discontinued Operations: | — | |||||||||||||||||||
Net cash used in operating activities | (1,567 | ) | — | (600 | ) | — | (2,167 | ) | ||||||||||||
Net cash used in discontinued operations | (1,567 | ) | — | (600 | ) | — | (2,167 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 4,476 | — | 4,476 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (53,777 | ) | (1,989 | ) | 45,164 | — | (10,602 | ) | ||||||||||||
Cash and cash equivalents at the beginning of the period | 70,860 | 1,989 | 264,190 | — | 337,039 | |||||||||||||||
Cash and cash equivalents at the end of the period | $ | 17,083 | $ | — | $ | 309,354 | $ | — | $ | 326,437 | ||||||||||
Basis_of_presentation_addition
Basis of presentation - additional information (Detail) (Reclassifications, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 |
Reclassifications | ' |
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | ' |
Tax withholding obligations for share based compensation | $2.50 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | Feb. 03, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Feb. 03, 2014 | Sep. 28, 2014 | |
Mayo Healthcare Pty Limited | Mayo Healthcare Pty Limited | Mayo Healthcare Pty Limited | Mayo Healthcare Pty Limited | Mayo Healthcare Pty Limited | ||||||
Customer Lists | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the consideration at the date of acquisition | ' | ' | ' | ' | $307,000,000 | ' | ' | ' | $28,500,000 | ' |
Initial payment | ' | ' | ' | ' | ' | 29,000,000 | ' | ' | ' | ' |
Working capital adjustment related to acquisition | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' |
Transaction expenses | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Net revenues | 457,173,000 | 413,796,000 | 1,363,824,000 | 1,245,732,000 | ' | ' | 6,500,000 | 19,900,000 | ' | ' |
Income (loss) from continuing operations before taxes | $64,912,000 | $50,988,000 | $167,551,000 | $135,839,000 | ' | ' | ($700,000) | $3,100,000 | ' | ' |
Useful life of intangible assets acquired, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years |
Acquisitions_Fair_Values_Deter
Acquisitions Fair Values Determination of Assets Acquired and Liabilities Assumed in Acquisition (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | Feb. 03, 2014 |
In Thousands, unless otherwise specified | Mayo Healthcare Pty Limited | ||
Assets | ' | ' | ' |
Current assets | ' | ' | $10,393 |
Property, plant and equipment | ' | ' | 306 |
Customer lists intangible asset | ' | ' | 9,335 |
Goodwill | 1,352,045 | 1,354,203 | 15,986 |
Total assets acquired | ' | ' | 36,020 |
Liabilities | ' | ' | ' |
Current liabilities | ' | ' | 4,685 |
Deferred tax liabilities | ' | ' | 2,800 |
Liabilities assumed | ' | ' | 7,485 |
Net assets acquired | ' | ' | $28,535 |
Restructuring_and_other_impair2
Restructuring and other impairment charges - additional information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 21 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Mar. 31, 2013 | |||||
Termination benefits | Termination benefits | Contract Termination Costs | Contract Termination Costs | Facility Closure Costs | Facility Closure Costs | Other | Other | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 Manufacturing Footprint Realignment | 2014 European Restructuring Plan | 2014 European Restructuring Plan | 2014 European Restructuring Plan | 2014 European Restructuring Plan | 2014 European Restructuring Plan | 2014 European Restructuring Plan | 2014 European Restructuring Plan | 2014 European Restructuring Plan | 2014 European Restructuring Plan | 2014 European Restructuring Plan | 2014 Restructuring Program | 2014 Restructuring Program | 2014 Restructuring Program | 2014 Restructuring Program | 2014 Restructuring Program | 2014 Restructuring Program | 2014 Restructuring Program | 2014 Restructuring Program | 2014 Restructuring Program | 2014 Restructuring Program | 2014 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2013 Restructuring Program | 2012 Restructuring Charges | In Process Research and Development | |||||||||
Accelerated Depreciation And Other Costs | Accelerated Depreciation And Other Costs | Termination benefits | Termination benefits | Contract Termination Costs | Contract Termination Costs | Facility Closure Costs | Facility Closure Costs | Other | Other | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | Termination benefits | Termination benefits | Contract Termination Costs | Contract Termination Costs | Facility Closure Costs | Facility Closure Costs | Other | Other | Termination benefits | Termination benefits | Contract Termination Costs | Contract Termination Costs | Facility Closure Costs | Facility Closure Costs | Other | Other | Maximum | Termination benefits | Termination benefits | Termination benefits | Termination benefits | Contract Termination Costs | Contract Termination Costs | Contract Termination Costs | Contract Termination Costs | Facility Closure Costs | Facility Closure Costs | Facility Closure Costs | Facility Closure Costs | Other | Other | Other | Other | Axiom | |||||||||||||||||||||||||||||
Termination benefits | Facility Closure Costs | Accelerated Depreciation Charges | Other | Termination benefits | Facility Closure Costs | Accelerated Depreciation Charges | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Expected restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42,000,000 | $12,000,000 | $2,000,000 | [1] | $10,000,000 | $18,000,000 | [2] | $53,000,000 | $15,000,000 | $5,000,000 | [1] | $12,000,000 | $21,000,000 | [2] | ' | $9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | ' | ' | $11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring costs expected cash payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Restructuring expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Restructuring charges | ' | 3,730,000 | ' | 21,357,000 | 1,942,000 | 8,986,000 | 1,032,000 | 7,997,000 | 739,000 | 1,350,000 | 17,000 | 3,024,000 | 171,000 | 8,748,000 | 1,900,000 | 2,900,000 | 129,000 | 8,706,000 | 0 | 0 | 0 | 0 | 42,000 | 42,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 566,000 | 8,672,000 | 537,000 | 8,289,000 | 1,000 | 306,000 | 1,000 | 1,000 | 27,000 | 76,000 | 289,000 | 2,070,000 | 25,000 | 501,000 | 202,000 | 1,376,000 | 0 | 0 | 62,000 | 193,000 | ' | 62,000 | 826,000 | 626,000 | 8,656,000 | ' | -124,000 | 891,000 | 361,000 | 2,443,000 | 186,000 | -65,000 | 243,000 | 3,326,000 | 0 | 0 | 0 | 0 | 0 | 0 | 22,000 | 2,887,000 | ' | ' | ||||
Restructuring reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,700,000 | 8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | 1,300,000 | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ||||
Restructuring charges cumulative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Impairment charges | $0 | $3,354,000 | $0 | $7,848,000 | $0 | $0 | $0 | $0 | $0 | $0 | $3,354,000 | $7,848,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,500,000 | ||||
[1] | Includes costs to transfer product lines among facilities and outplacement and employee relocation costs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Consists of other costs directly related to the Plan, including project management, legal and regulatory costs. |
Restructuring_and_other_impair3
Restructuring and other impairment charges Reconciliation of changes in accrued liabilities associated with restructuring program (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Subsequent accruals (reversals) | ' | $3,730 | ' | $21,357 |
LMA Restructuring Program | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | ' | 4,681 | ' |
Subsequent accruals (reversals) | 20 | 1,768 | -3,352 | 8,364 |
Cash payments | ' | ' | -954 | ' |
Foreign currency translation | ' | ' | -2 | ' |
Balance, ending | 373 | ' | 373 | ' |
Termination Benefits | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Subsequent accruals (reversals) | ' | 1,942 | ' | 8,986 |
Termination Benefits | LMA Restructuring Program | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | ' | 552 | ' |
Subsequent accruals (reversals) | 0 | 492 | -29 | 3,318 |
Cash payments | ' | ' | -533 | ' |
Foreign currency translation | ' | ' | 10 | ' |
Balance, ending | 0 | ' | 0 | ' |
Facility Closure Costs | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Subsequent accruals (reversals) | ' | 739 | ' | 1,350 |
Facility Closure Costs | LMA Restructuring Program | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | ' | 427 | ' |
Subsequent accruals (reversals) | 0 | 162 | -112 | 536 |
Cash payments | ' | ' | -317 | ' |
Foreign currency translation | ' | ' | 2 | ' |
Balance, ending | 0 | ' | 0 | ' |
Contract Termination Costs | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Subsequent accruals (reversals) | ' | 1,032 | ' | 7,997 |
Contract Termination Costs | LMA Restructuring Program | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | ' | 3,686 | ' |
Subsequent accruals (reversals) | 20 | 1,097 | -3,211 | 4,378 |
Cash payments | ' | ' | -104 | ' |
Foreign currency translation | ' | ' | -14 | ' |
Balance, ending | 357 | ' | 357 | ' |
Other Exit Costs | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Subsequent accruals (reversals) | ' | 17 | ' | 3,024 |
Other Exit Costs | LMA Restructuring Program | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning | ' | ' | 16 | ' |
Subsequent accruals (reversals) | 0 | 17 | 0 | 132 |
Cash payments | ' | ' | 0 | ' |
Foreign currency translation | ' | ' | 0 | ' |
Balance, ending | $16 | ' | $16 | ' |
Restructuring_and_other_impair4
Restructuring and other impairment charges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | $3,730,000 | ' | $21,357,000 |
Impairment charges | 0 | 3,354,000 | 0 | 7,848,000 |
Total restructuring and other impairment charges | 1,108,000 | 7,084,000 | 16,511,000 | 29,205,000 |
Termination Benefits | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 1,942,000 | ' | 8,986,000 |
Impairment charges | ' | 0 | ' | 0 |
Total restructuring and other impairment charges | 567,000 | 1,942,000 | 17,209,000 | 8,986,000 |
Facility Closure Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 739,000 | ' | 1,350,000 |
Impairment charges | ' | 0 | ' | 0 |
Total restructuring and other impairment charges | 1,000 | 739,000 | 255,000 | 1,350,000 |
Contract Termination Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 1,032,000 | ' | 7,997,000 |
Impairment charges | ' | 0 | ' | 0 |
Total restructuring and other impairment charges | 409,000 | 1,032,000 | -1,286,000 | 7,997,000 |
Other Exit Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 17,000 | ' | 3,024,000 |
Impairment charges | ' | 3,354,000 | ' | 7,848,000 |
Total restructuring and other impairment charges | 131,000 | 3,371,000 | 333,000 | 10,872,000 |
2014 Manufacturing Footprint Realignment | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 171,000 | ' | 8,748,000 | ' |
2014 Manufacturing Footprint Realignment | Termination Benefits | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 129,000 | ' | 8,706,000 | ' |
2014 Manufacturing Footprint Realignment | Facility Closure Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | ' | 0 | ' |
2014 Manufacturing Footprint Realignment | Contract Termination Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | ' | 0 | ' |
2014 Manufacturing Footprint Realignment | Other Exit Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 42,000 | ' | 42,000 | ' |
2014 European Restructuring Plan | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 566,000 | ' | 8,672,000 | ' |
2014 European Restructuring Plan | Termination Benefits | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 537,000 | ' | 8,289,000 | ' |
2014 European Restructuring Plan | Facility Closure Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 1,000 | ' | 1,000 | ' |
2014 European Restructuring Plan | Contract Termination Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 1,000 | ' | 306,000 | ' |
2014 European Restructuring Plan | Other Exit Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 27,000 | ' | 76,000 | ' |
2014 Restructuring Program | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 289,000 | ' | 2,070,000 | ' |
2014 Restructuring Program | Termination Benefits | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 25,000 | ' | 501,000 | ' |
2014 Restructuring Program | Facility Closure Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | ' | 0 | ' |
2014 Restructuring Program | Contract Termination Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 202,000 | ' | 1,376,000 | ' |
2014 Restructuring Program | Other Exit Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 62,000 | ' | 193,000 | ' |
LMA Restructuring Program | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 20,000 | 1,768,000 | -3,352,000 | 8,364,000 |
LMA Restructuring Program | Termination Benefits | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | 492,000 | -29,000 | 3,318,000 |
LMA Restructuring Program | Facility Closure Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | 162,000 | -112,000 | 536,000 |
LMA Restructuring Program | Contract Termination Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 20,000 | 1,097,000 | -3,211,000 | 4,378,000 |
LMA Restructuring Program | Other Exit Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | 17,000 | 0 | 132,000 |
2013 Restructuring Program | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 62,000 | 826,000 | 626,000 | 8,656,000 |
2013 Restructuring Program | Termination Benefits | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | -124,000 | 891,000 | 361,000 | 2,443,000 |
2013 Restructuring Program | Facility Closure Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | 0 | 0 | 0 |
2013 Restructuring Program | Contract Termination Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 186,000 | -65,000 | 243,000 | 3,326,000 |
2013 Restructuring Program | Other Exit Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | 0 | 22,000 | 2,887,000 |
2012 Restructuring Program | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 1,098,000 | -265,000 | 4,164,000 |
2012 Restructuring Program | Termination Benefits | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 559,000 | -619,000 | 3,225,000 |
2012 Restructuring Program | Facility Closure Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 539,000 | 354,000 | 641,000 |
2012 Restructuring Program | Contract Termination Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 0 | 0 | 293,000 |
2012 Restructuring Program | Other Exit Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 0 | 0 | 5,000 |
2011 Restructuring Plan | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | ' | 12,000 | ' |
2011 Restructuring Plan | Termination Benefits | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | ' | 0 | ' |
2011 Restructuring Plan | Facility Closure Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | ' | 12,000 | ' |
2011 Restructuring Plan | Contract Termination Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | ' | 0 | ' |
2011 Restructuring Plan | Other Exit Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | ' | 0 | ' |
2007 Arrow Integration Program | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 38,000 | ' | 173,000 |
2007 Arrow Integration Program | Termination Benefits | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 0 | ' | 0 |
2007 Arrow Integration Program | Facility Closure Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 38,000 | ' | 173,000 |
2007 Arrow Integration Program | Contract Termination Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 0 | ' | 0 |
2007 Arrow Integration Program | Other Exit Costs | ' | ' | ' | ' |
Restructuring Cost And Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | $0 | ' | $0 |
Restructuring_and_other_impair5
Restructuring and other impairment charges by segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Restructuring and other impairment charges | ' | ' | ' | ' |
Total restructuring and other impairment charges | $1,108 | $7,084 | $16,511 | $29,205 |
Vascular North America | ' | ' | ' | ' |
Restructuring and other impairment charges | ' | ' | ' | ' |
Total restructuring and other impairment charges | -54 | 2,233 | 5,908 | 2,860 |
Anesthesia Respiratory North America | ' | ' | ' | ' |
Restructuring and other impairment charges | ' | ' | ' | ' |
Total restructuring and other impairment charges | 15 | 332 | 1,193 | 3,001 |
Surgical North America | ' | ' | ' | ' |
Restructuring and other impairment charges | ' | ' | ' | ' |
Total restructuring and other impairment charges | 0 | 0 | 0 | 7,294 |
EMEA | ' | ' | ' | ' |
Restructuring and other impairment charges | ' | ' | ' | ' |
Total restructuring and other impairment charges | 849 | 2,221 | 7,164 | 11,428 |
Asia | ' | ' | ' | ' |
Restructuring and other impairment charges | ' | ' | ' | ' |
Total restructuring and other impairment charges | 111 | 202 | 708 | 447 |
OEM | ' | ' | ' | ' |
Restructuring and other impairment charges | ' | ' | ' | ' |
Total restructuring and other impairment charges | 0 | 0 | 0 | 588 |
All Other | ' | ' | ' | ' |
Restructuring and other impairment charges | ' | ' | ' | ' |
Total restructuring and other impairment charges | $187 | $2,096 | $1,538 | $3,587 |
Summary_of_Current_Cost_Estima
Summary of Current Cost Estimates by Major Type of Cost Associated with 2014 Manufacturing Footprint Realignment Plan (Detail) (2014 Manufacturing Footprint Realignment, USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2014 | |
Minimum | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Total estimated amount expected to be incurred | $42 | |
Maximum | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Total estimated amount expected to be incurred | 53 | |
Termination benefits | Minimum | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Total estimated amount expected to be incurred | 12 | |
Termination benefits | Maximum | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Total estimated amount expected to be incurred | 15 | |
Facility closure and other exit costs | Minimum | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Total estimated amount expected to be incurred | 2 | [1] |
Facility closure and other exit costs | Maximum | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Total estimated amount expected to be incurred | 5 | [1] |
Accelerated Depreciation Charges | Minimum | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Total estimated amount expected to be incurred | 10 | |
Accelerated Depreciation Charges | Maximum | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Total estimated amount expected to be incurred | 12 | |
Other | Minimum | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Total estimated amount expected to be incurred | 18 | [2] |
Other | Maximum | ' | |
Restructuring Cost And Reserve [Line Items] | ' | |
Total estimated amount expected to be incurred | $21 | [2] |
[1] | Includes costs to transfer product lines among facilities and outplacement and employee relocation costs. | |
[2] | Consists of other costs directly related to the Plan, including project management, legal and regulatory costs. |
Inventories_net_Detail
Inventories, net (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $73,170 | $70,209 |
Work-in-process | 59,282 | 53,672 |
Finished goods | 254,120 | 242,113 |
Inventories, gross | 386,572 | 365,994 |
Less: Inventory reserve | -33,345 | -32,373 |
Inventories, net | $353,227 | $333,621 |
Goodwill_and_other_intangible_2
Goodwill and other intangible assets, net - additional information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Mar. 31, 2013 | |
Semprus Technology | Axiom | |||||
In Process Research and Development | ||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
In-process research and development impairment | $0 | $3,354,000 | $0 | $7,848,000 | ' | $4,500,000 |
Net assets | ' | ' | ' | ' | 41,000,000 | ' |
Amortization expense of intangible assets | $15,000,000 | $12,500,000 | $47,053,000 | $37,072,000 | ' | ' |
Goodwill_and_other_intangible_3
Goodwill and other intangible assets, net Changes in carrying amount of goodwill, by reporting segment (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Goodwill | $1,684,173 | $1,686,331 |
Accumulated impairment losses | -332,128 | -332,128 |
Goodwill | 1,352,045 | 1,354,203 |
Goodwill related to acquisitions | 15,986 | ' |
Translation adjustment | -18,144 | ' |
Vascular North America | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 474,044 | 474,044 |
Accumulated impairment losses | -219,527 | -219,527 |
Goodwill | 254,517 | 254,517 |
Goodwill related to acquisitions | 0 | ' |
Translation adjustment | 0 | ' |
Anesthesia Respiratory North America | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 166,895 | 167,195 |
Accumulated impairment losses | -107,073 | -107,073 |
Goodwill | 59,822 | 60,122 |
Goodwill related to acquisitions | 0 | ' |
Translation adjustment | -300 | ' |
Surgical North America | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 250,506 | 250,506 |
Accumulated impairment losses | 0 | 0 |
Goodwill | 250,506 | 250,506 |
Goodwill related to acquisitions | 0 | ' |
Translation adjustment | 0 | ' |
EMEA | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 355,950 | 373,417 |
Accumulated impairment losses | 0 | 0 |
Goodwill | 355,950 | 373,417 |
Goodwill related to acquisitions | 0 | ' |
Translation adjustment | -17,467 | ' |
Asia | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 152,347 | 136,946 |
Accumulated impairment losses | 0 | 0 |
Goodwill | 152,347 | 136,946 |
Goodwill related to acquisitions | 15,986 | ' |
Translation adjustment | -585 | ' |
All Other | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 284,431 | 284,223 |
Accumulated impairment losses | -5,528 | -5,528 |
Goodwill | 278,903 | 278,695 |
Goodwill related to acquisitions | 0 | ' |
Translation adjustment | $208 | ' |
Goodwill_and_other_intangible_4
Goodwill and other intangible assets, net Components of intangible assets (Details) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $1,554,179 | $1,557,688 |
Accumulated amortization | -345,927 | -302,091 |
Customer Relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 631,983 | 628,020 |
Accumulated amortization | -188,261 | -168,223 |
In Process Research and Development | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 68,766 | 68,786 |
Accumulated amortization | 0 | 0 |
Intellectual Property | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 433,227 | 435,869 |
Accumulated amortization | -140,606 | -118,086 |
Distribution Rights | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 16,406 | 16,797 |
Accumulated amortization | -14,466 | -14,592 |
Trade Names | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 403,460 | 407,879 |
Accumulated amortization | -2,425 | -1,148 |
Noncompete Agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 337 | 337 |
Accumulated amortization | ($169) | ($42) |
Goodwill_and_other_intangible_5
Goodwill and other intangible assets, net Annual amortization expense (Details) (USD $) | Sep. 28, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $13,700 |
2015 | 54,100 |
2016 | 53,700 |
2017 | 53,300 |
2018 | 53,000 |
2019 | $52,600 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 28, 2014 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | 21-May-14 | 21-May-14 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 31, 2013 | |
5.25% Senior Notes due 2024 | 5.25% Senior Notes due 2024 | 5.25% Senior Notes due 2024 | 5.25% Senior Notes due 2024 | 5.25% Senior Notes due 2024 | 5.25% Senior Notes due 2024 | 5.25% Senior Notes due 2024 | 5.25% Senior Notes due 2024 | 3.875% Convertible Senior Subordinated Notes | 3.875% Convertible Senior Subordinated Notes | 6.875% Senior Subordinated Notes due 2019 | 6.875% Senior Subordinated Notes due 2019 | |||||
Redemption prior to June 15, 2019 | Redemption prior to June 15, 2017 | Minimum | Maximum | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
5.25% Senior Notes due 2024 | $250,000,000 | $250,000,000 | $0 | ' | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest payment commencing date | ' | ' | ' | ' | ' | 15-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate | 3.88% | 3.88% | 3.88% | 3.88% | ' | 5.25% | 5.25% | 5.25% | ' | ' | ' | ' | 3.88% | 3.88% | 6.88% | 6.88% |
Transaction fees | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceed from senior notes used to repay revolving line of credit | ' | ' | ' | ' | 245,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of redemption price to principal amount any time on or after June 15, 2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 102.63% | ' | ' | ' | ' |
Declining percent of redemption price to principal amount on June 15, 2022 | ' | ' | ' | ' | ' | ' | 0.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, earliest date of redemption | ' | ' | ' | ' | ' | ' | 15-Jun-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price percentage | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 105.25% | ' | ' | ' | ' | ' | ' |
Make-whole premium as percentage of principal amount of 2024 Notes subject to redemption | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Basis spread | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Percent of principal amount of notes redeemable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' |
Convertible notes, threshold number of trading days to trigger conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' |
Convertible notes, threshold consecutive trading days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' |
Convertible notes, threshold percentage of stock price trigger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | 130.00% | ' | ' |
Conversion price, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $61.32 | ' | ' |
Convertible notes, stock price trigger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $79.72 | ' | ' |
Total long-term debt | $1,060,656,000 | $1,060,656,000 | $1,281,587,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility interest rate | 1.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | 16-Jul-18 | ' | ' | ' | 15-Jun-24 | 15-Jun-24 | ' | ' | ' | ' | ' | ' | 1-Aug-17 | 1-Jun-19 | 1-Jun-19 |
Borrowings_Components_of_longt
Borrowings Components of long-term debt (Details) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Revolving credit facility, at a rate of 1.90% at September 28, 2014, due 7/16/2018 | $200,000 | $680,000 |
5.25% Senior Notes due 2024 | 250,000 | 0 |
Total borrowings | 1,099,991 | 1,330,000 |
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes | -39,335 | -48,413 |
Total long-term debt | 1,060,656 | 1,281,587 |
Current portion of borrowings | -360,656 | -351,587 |
Long-term borrowings | 700,000 | 930,000 |
3.875% Convertible Senior Subordinated Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
3.875% Convertible Senior Subordinated Notes due 2017 | 399,991 | 400,000 |
6.875% Senior Subordinated Notes due 2019 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
6.875% Senior Subordinated Notes due 2019 | $250,000 | $250,000 |
Borrowings_Fair_value_of_long_
Borrowings Fair value of long term debt (Details) (USD $) | Sep. 28, 2014 |
In Thousands, unless otherwise specified | |
Fair Value Measurements [Line Items] | ' |
Fair value of debt | $1,397,904 |
Level 1 | ' |
Fair Value Measurements [Line Items] | ' |
Fair value of debt | 955,567 |
Level 2 | ' |
Fair Value Measurements [Line Items] | ' |
Fair value of debt | $442,337 |
Financial_instruments_addition
Financial instruments - additional information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | |
Derivatives Fair Value [Line Items] | ' | ' | ' | ' | ' |
Total notional amount for all open foreign currency forward contracts | $20,500,000 | ' | $20,500,000 | ' | $0 |
Amount of gains in accumulated other comprehensive income to be reclassified as expense to the statement of income | 200,000 | ' | 200,000 | ' | ' |
Allowance for doubtful accounts | 10,400,000 | ' | 10,400,000 | ' | 10,700,000 |
Net revenues | 457,173,000 | 413,796,000 | 1,363,824,000 | 1,245,732,000 | ' |
Spain, Italy, Portugal, and Greece | ' | ' | ' | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' | ' | ' | ' |
Net revenues | ' | ' | $114,800,000 | $106,300,000 | ' |
Financial_instruments_Fair_val
Financial instruments Fair values of derivative instruments designated as hedging instruments (Details) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives Fair Value [Line Items] | ' | ' |
Total asset derivatives | $959 | $0 |
Total liability derivatives | 471 | 0 |
Foreign Currency Forward Contract | Prepaid Expenses and Other Current Assets | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Total asset derivatives | 959 | 0 |
Foreign Currency Forward Contract | Other Current Liabilities | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Total liability derivatives | $471 | $0 |
Financial_instruments_After_ta
Financial instruments After tax (gain)/loss reclassified from accumulated other comprehensive income into income (Details) (Cash Flow Hedging, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivatives qualifying as hedges, net of tax | $60 | ($40) | $203 | ($52) |
Foreign Currency Forward Contract | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivatives qualifying as hedges, net of tax | $60 | ($40) | $203 | ($52) |
Financial_instruments_Aggregat
Financial instruments Aggregate accounts receivable, net of allowance for doubtful accounts (Details) (Spain, Italy, Portugal, and Greece, USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 28, 2014 | Dec. 31, 2013 | |||
Spain, Italy, Portugal, and Greece | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Current and long-term accounts receivable (net of allowances of $8.9 million and $7.9 million at September 28, 2014 and December 31, 2013, respectively) in Spain, Italy, Greece and Portugal (1) | $87,733,000 | [1] | $97,852,000 | [1] |
Percentage of total net current and long-term accounts receivable | 29.40% | 31.00% | ||
Current and long term accounts receivable, allowances | 8,900,000 | 7,900,000 | ||
Long-term portion of accounts receivable, net | $15,500,000 | $17,600,000 | ||
[1] | The long-term portion of accounts receivable, net at SeptemberB 28, 2014 and December 31, 2013 was $15.5 million and $17.6 million, respectively. |
Fair_value_measurement_additio
Fair value measurement - additional information (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Minimum | Maximum | Regulatory and Sales Milestones | Regulatory and Sales Milestones | Regulatory and Sales Milestones | Regulatory and Sales Milestones | |||
Fair Value Measurements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of contingent consideration liabilities | ' | ' | ' | ' | $1,500,000 | $4,400,000 | $8,200,000 | $12,400,000 |
Fair value of contingent consideration liability associated with future milestone | ' | ' | 0 | 56,500,000 | ' | ' | ' | ' |
Fair value measurement with unobservable inputs reconciliations liability value | 12,643,000 | 20,313,000 | ' | ' | ' | ' | ' | ' |
Current Portion Of Contingent Consideration | 2,957,000 | 4,131,000 | ' | ' | ' | ' | ' | ' |
Other liabilities | $9,600,000 | ' | ' | ' | ' | ' | ' | ' |
Fair_value_measurement_Financi
Fair value measurement Financial assets and liabilities carried at fair value measured on recurring basis (Details) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investments in marketable securities | $6,540 | $6,150 |
Derivative assets | 959 | ' |
Derivative liabilities | 471 | ' |
Contingent consideration liabilities | 12,643 | 20,313 |
Level 1 | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investments in marketable securities | 6,540 | 6,150 |
Derivative assets | 0 | ' |
Derivative liabilities | 0 | ' |
Contingent consideration liabilities | 0 | 0 |
Level 2 | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investments in marketable securities | 0 | 0 |
Derivative assets | 959 | ' |
Derivative liabilities | 471 | ' |
Contingent consideration liabilities | 0 | 0 |
Level 3 | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Investments in marketable securities | 0 | 0 |
Derivative assets | 0 | ' |
Derivative liabilities | 0 | ' |
Contingent consideration liabilities | $12,643 | $20,313 |
Fair_value_measurement_Reconci
Fair value measurement Reconciliation of changes in three financial liabilities measured at fair value on recurring basis (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Beginning balance | $20,313 |
Revaluations | -7,670 |
Ending balance | $12,643 |
Fair_value_measurement_Valuati
Fair value measurement Valuation technique and inputs used to determine fair value of assets or liabilities (Details) | 9 Months Ended |
Sep. 28, 2014 | |
Discount Rate | ' |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | ' |
Contingent consideration, weighted average | 8.60% |
Discount Rate | Minimum | ' |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | ' |
Contingent consideration | 2.30% |
Discount Rate | Maximum | ' |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | ' |
Contingent consideration | 10.00% |
Probability Of Payment | ' |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | ' |
Contingent consideration, weighted average | 32.00% |
Probability Of Payment | Minimum | ' |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | ' |
Contingent consideration | 0.00% |
Probability Of Payment | Maximum | ' |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | ' |
Contingent consideration | 100.00% |
Changes_in_shareholders_equity2
Changes in shareholders' equity - additional information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Jun. 30, 2007 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 |
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Repurchase of outstanding common stock, authorized amount | $300,000,000 | ' | ' | ' | ' | ' |
Per share market price of common stock | ' | $61.32 | ' | $61.32 | ' | ' |
Strike price of warrents | ' | ' | ' | $74.65 | $74.65 | ' |
Conversion of convertible notes, shares issued upon conversion | ' | 2 | 0.3 | 1.8 | 0.3 | ' |
Debt instrument, stated interest rate | ' | 3.88% | 3.88% | 3.88% | 3.88% | 3.88% |
Equity Option | ' | ' | ' | ' | ' | ' |
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted average antidilutive which were not included in the calculation of earnings per share | ' | 6.3 | 8 | 6.4 | 7.9 | ' |
Convertible Note | ' | ' | ' | ' | ' | ' |
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted average antidilutive which were not included in the calculation of earnings per share | ' | 2.8 | 1.4 | 2.7 | 1.4 | ' |
Changes_in_shareholders_equity3
Changes in shareholders' equity Reconciliation of basic to diluted weighted average common shares outstanding (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Equity [Abstract] | ' | ' | ' | ' |
Basic (in shares) | 41,399 | 41,132 | 41,347 | 41,087 |
Dilutive effect of share-based awards (in shares) | 440 | 383 | 441 | 383 |
Dilutive effect of 3.875% Convertible Notes and warrants (in shares) | 4,789 | 1,749 | 4,468 | 1,776 |
Diluted (in shares) | 46,628 | 43,264 | 46,256 | 43,246 |
Changes_in_shareholders_equity4
Changes in shareholders' equity Change in accumulated other comprehensive income , net of tax (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning balance, accumulated other comprehensive income (loss) | ($110,855) | ($132,048) |
Other comprehensive income (loss) before reclassifications | -40,361 | -10,150 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,767 | 3,815 |
Net current-period other comprehensive income (loss) | -38,594 | -6,335 |
Ending balance, accumulated other comprehensive income (loss) | -149,449 | -138,383 |
Cash Flow Hedges | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning balance, accumulated other comprehensive income (loss) | 0 | -381 |
Other comprehensive income (loss) before reclassifications | 641 | -370 |
Amounts reclassified from accumulated other comprehensive income (loss) | -438 | 318 |
Net current-period other comprehensive income (loss) | 203 | -52 |
Ending balance, accumulated other comprehensive income (loss) | 203 | -433 |
Pension and Other Postretirement Benefits Plans | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning balance, accumulated other comprehensive income (loss) | -97,037 | -127,257 |
Other comprehensive income (loss) before reclassifications | 131 | -762 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,205 | 3,497 |
Net current-period other comprehensive income (loss) | 2,336 | 2,735 |
Ending balance, accumulated other comprehensive income (loss) | -94,701 | -124,522 |
Foreign Currency Translation Adjustment | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning balance, accumulated other comprehensive income (loss) | -13,818 | -4,410 |
Other comprehensive income (loss) before reclassifications | -41,133 | -9,018 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net current-period other comprehensive income (loss) | -41,133 | -9,018 |
Ending balance, accumulated other comprehensive income (loss) | ($54,951) | ($13,428) |
Changes_in_shareholders_equity5
Changes in shareholders' equity Accumulated other comprehensive income into income expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Cost of goods sold | $221,007 | $209,804 | $662,411 | $631,730 | ||||
Income from continuing operations before taxes | 64,912 | 50,988 | 167,551 | 135,839 | ||||
Tax benefit | -9,684 | -5,209 | -28,224 | -18,958 | ||||
Income from continuing operations | 55,228 | 45,779 | 139,327 | 116,881 | ||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Income from continuing operations | 359 | 1,781 | 1,767 | 3,815 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Income from continuing operations before taxes | -397 | 850 | -526 | 154 | ||||
Tax benefit | 49 | -158 | 88 | 164 | ||||
Income from continuing operations | -348 | 692 | -438 | 318 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Benefits Plans | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Income from continuing operations before taxes | 1,085 | 1,693 | 3,279 | 5,449 | ||||
Tax benefit | -378 | -604 | -1,074 | -1,952 | ||||
Income from continuing operations | 707 | 1,089 | 2,205 | 3,497 | ||||
Actuarial losses/(gains) | 1,090 | [1] | 1,696 | [1] | 3,295 | [1] | 5,460 | [1] |
Prior-service costs | -5 | [1] | -4 | [1] | -16 | [1] | -15 | [1] |
Transition obligation | 0 | [1] | 1 | [1] | 0 | [1] | 4 | [1] |
Reclassification out of Accumulated Other Comprehensive Income | Commodity Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Cost of goods sold | ($397) | $850 | ($526) | $154 | ||||
[1] | These accumulated other comprehensive income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 12 for additional information). |
Taxes_on_income_from_continuin2
Taxes on income from continuing operations- additional information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 14.90% | 10.20% | 16.80% | 14.00% |
Pension_and_other_postretireme2
Pension and other postretirement benefits - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 28, 2014 |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Expected employer contribution for year 2014 | ' | $9.40 |
Employer contribution to pension plan | $2.70 | $7.40 |
Pension_and_other_postretireme3
Pension and other postretirement benefits Net benefit cost of pension and postretirement benefit plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Pension | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $453 | $432 | $1,350 | $1,361 |
Interest cost | 4,548 | 4,333 | 13,517 | 12,614 |
Expected return on plan assets | -6,240 | -5,784 | -18,764 | -17,328 |
Net amortization and deferral | 1,143 | 1,556 | 3,284 | 4,380 |
Net benefit expense (income) | -96 | 537 | -613 | 1,027 |
Other Postretirement Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 42 | 176 | 318 | 501 |
Interest cost | 434 | 543 | 1,627 | 2,084 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Net amortization and deferral | -58 | 137 | -5 | 1,069 |
Net benefit expense (income) | $418 | $856 | $1,940 | $3,654 |
Commitments_and_contingent_lia1
Commitments and contingent liabilities - Additional Information (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Sep. 28, 2014 |
In Millions, unless otherwise specified | Minimum | Maximum | Accrued Liabilities | Accrued Liabilities | Other Liability | Other Liability | Property, Plant and Equipment | Property, Plant and Equipment | ||
Build To Suit Lease | ||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of the costs to construct buildings | ' | ' | ' | ' | ' | ' | ' | ' | $28.20 | $28.30 |
Lease commencement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Sep-13 |
Waste disposed accrued liability | ' | ' | ' | ' | 2.2 | 2.5 | 5.3 | 5.8 | ' | ' |
Time-frame over which the accrued amounts may be paid out, in years | ' | ' | '15 years | '20 years | ' | ' | ' | ' | ' | ' |
Contingency reserve for litigation | $4.20 | $6.80 | ' | ' | ' | ' | ' | ' | ' | ' |
Expected construction completion year | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014-10 |
Business_segment_information_a
Business segment information - additional information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | ||||
segment | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Number of reportable segments | ' | ' | 6 | ' | ' | ||||
Revenue | $457,173 | $413,796 | $1,363,824 | $1,245,732 | ' | ||||
Operating profit | 81,935 | 66,042 | 215,707 | 179,197 | ' | ||||
Depreciation and amortization | 32,439 | 27,075 | 96,254 | 79,035 | ' | ||||
Property, plant and equipment, net | 347,233 | ' | 347,233 | ' | 325,900 | ||||
United States | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 231,278 | 205,049 | 676,088 | 623,397 | ' | ||||
Property, plant and equipment, net | 201,045 | ' | 201,045 | ' | 203,985 | ||||
Other Americas | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 14,440 | 12,108 | 44,399 | 40,786 | ' | ||||
Europe | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 157,797 | 137,848 | 500,763 | 419,062 | ' | ||||
Czech Republic | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Property, plant and equipment, net | 38,728 | ' | 38,728 | ' | 41,607 | ||||
Malaysia | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Property, plant and equipment, net | 35,972 | ' | 35,972 | ' | 29,313 | ||||
All Other | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 53,658 | 58,791 | 142,574 | 162,487 | ' | ||||
Property, plant and equipment, net | 71,488 | ' | 71,488 | ' | 50,995 | ||||
Operating Segments | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Operating profit | 99,372 | [1] | 77,639 | [1] | 277,563 | [1] | 227,397 | [1] | ' |
Unallocated expenses | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Operating profit | -17,437 | [2] | -11,597 | [2] | -61,856 | [2] | -48,200 | [2] | ' |
Vascular North America | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 63,792 | 55,058 | 190,485 | 168,478 | ' | ||||
Depreciation and amortization | 7,921 | 7,222 | 23,842 | 20,656 | ' | ||||
Vascular North America | Operating Segments | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Operating profit | 11,870 | 6,042 | 31,250 | 17,394 | ' | ||||
Anesthesia Respiratory North America | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 54,699 | 53,842 | 164,462 | 170,532 | ' | ||||
Depreciation and amortization | 5,321 | 3,948 | 13,457 | 10,663 | ' | ||||
Anesthesia Respiratory North America | Operating Segments | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Operating profit | 9,421 | 3,541 | 21,401 | 18,483 | ' | ||||
Surgical North America | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 36,127 | 34,147 | 109,327 | 108,584 | ' | ||||
Depreciation and amortization | 909 | 2,476 | 4,944 | 7,708 | ' | ||||
Surgical North America | Operating Segments | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Operating profit | 12,394 | 10,333 | 37,308 | 37,646 | ' | ||||
EMEA | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 141,146 | 132,265 | 446,061 | 412,525 | ' | ||||
Depreciation and amortization | 9,688 | 7,035 | 28,298 | 20,666 | ' | ||||
EMEA | Operating Segments | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Operating profit | 28,810 | 21,074 | 85,771 | 65,542 | ' | ||||
Asia | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 62,035 | 55,263 | 174,176 | 148,040 | ' | ||||
Depreciation and amortization | 2,003 | 1,134 | 6,146 | 3,506 | ' | ||||
Asia | Operating Segments | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Operating profit | 14,785 | 18,894 | 44,718 | 44,961 | ' | ||||
OEM | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 39,174 | 33,774 | 108,966 | 97,222 | ' | ||||
Depreciation and amortization | 1,651 | 1,123 | 4,715 | 3,370 | ' | ||||
OEM | Operating Segments | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Operating profit | 9,651 | 6,684 | 24,551 | 20,778 | ' | ||||
All Other | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Revenue | 60,200 | 49,447 | 170,347 | 140,351 | ' | ||||
Depreciation and amortization | 4,946 | 4,137 | 14,852 | 12,466 | ' | ||||
All Other | Operating Segments | ' | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Operating profit | $12,441 | $11,071 | $32,564 | $22,593 | ' | ||||
[1] | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for fixed manufacturing cost absorption variances, selling, general and administrative expenses, research and development expenses and an allocation of corporate expenses. Corporate expenses are allocated among the segments in proportion to the respective amounts of one of several items (such as sales, numbers of employees, and amount of time spent), depending on the category of expense involved. | ||||||||
[2] | Unallocated expenses primarily include manufacturing variances, with the exception of fixed manufacturing cost absorption variances, and restructuring and other impairment charges. |
Condensed_consolidated_guarant2
Condensed consolidated guarantor financial information - additional information (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 26, 2011 |
In Thousands, unless otherwise specified | 6.875% Senior Subordinated Notes due 2019 | |||
Condensed Financial Statements Captions [Line Items] | ' | ' | ' | ' |
6.875% Senior Subordinated Notes due 2019 | ' | ' | ' | $250,000 |
Debt instrument, stated interest rate | 3.88% | 3.88% | 3.88% | 6.88% |
Ownership percentage of subsidiaries | 100.00% | ' | ' | ' |
Condensed_consolidated_guarant3
Condensed consolidated guarantor financial information Adjustments to condensed consolidating statements of cash flows within guarantor financial information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities from continuing operations | $208,798 | $135,872 |
Intercompany transactions | 0 | 0 |
Intercompany dividends paid | 0 | 0 |
Net cash used in financing activities from continuing operations | -274,030 | -53,643 |
Scenario, Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Intercompany transactions | ' | 0 |
Intercompany dividends paid | ' | 0 |
Scenario, Adjustment | Before Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities from continuing operations | ' | 0 |
Scenario, Adjustment | After Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash used in financing activities from continuing operations | ' | 0 |
Consolidation, Eliminations | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities from continuing operations | -75,340 | -66,071 |
Intercompany transactions | 0 | 0 |
Intercompany dividends paid | -305,122 | -66,071 |
Net cash used in financing activities from continuing operations | 305,122 | 66,071 |
Consolidation, Eliminations | Scenario, Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Intercompany transactions | ' | 0 |
Intercompany dividends paid | ' | 66,071 |
Consolidation, Eliminations | Scenario, Adjustment | Before Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities from continuing operations | ' | -66,071 |
Consolidation, Eliminations | Scenario, Adjustment | After Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash used in financing activities from continuing operations | ' | 66,071 |
Parent Company | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities from continuing operations | -80,537 | -85,753 |
Intercompany transactions | 372,762 | 70,932 |
Intercompany dividends paid | 0 | 0 |
Net cash used in financing activities from continuing operations | 99,826 | 34,392 |
Parent Company | Scenario, Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Intercompany transactions | ' | -1,200 |
Intercompany dividends paid | ' | 0 |
Parent Company | Scenario, Adjustment | Before Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities from continuing operations | ' | 1,200 |
Parent Company | Scenario, Adjustment | After Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash used in financing activities from continuing operations | ' | -1,200 |
Guarantor Subsidiaries | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities from continuing operations | 300,960 | 147,461 |
Intercompany transactions | -294,661 | -72,574 |
Intercompany dividends paid | 0 | 17,400 |
Net cash used in financing activities from continuing operations | -294,661 | -104,776 |
Guarantor Subsidiaries | Scenario, Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Intercompany transactions | ' | -43,734 |
Intercompany dividends paid | ' | -17,400 |
Guarantor Subsidiaries | Scenario, Adjustment | Before Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities from continuing operations | ' | 61,134 |
Guarantor Subsidiaries | Scenario, Adjustment | After Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash used in financing activities from continuing operations | ' | -61,134 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities from continuing operations | 63,715 | 140,235 |
Intercompany transactions | -78,101 | 1,642 |
Intercompany dividends paid | 305,122 | 48,671 |
Net cash used in financing activities from continuing operations | -384,317 | -49,330 |
Non-Guarantor Subsidiaries | Scenario, Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Intercompany transactions | ' | 44,934 |
Intercompany dividends paid | ' | -48,671 |
Non-Guarantor Subsidiaries | Scenario, Adjustment | Before Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities from continuing operations | ' | 3,737 |
Non-Guarantor Subsidiaries | Scenario, Adjustment | After Adjustment | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net cash used in financing activities from continuing operations | ' | ($3,737) |
Condensed_consolidated_guarant4
Condensed consolidated guarantor financial information Condensed consolidating statements of income and comprehensive income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | $457,173 | $413,796 | $1,363,824 | $1,245,732 |
Cost of goods sold | 221,007 | 209,804 | 662,411 | 631,730 |
Gross profit | 236,166 | 203,992 | 701,413 | 614,002 |
Selling, general and administrative expenses | 138,252 | 115,228 | 425,392 | 358,431 |
Research and development expenses | 14,871 | 15,638 | 43,803 | 47,169 |
Restructuring and other impairment charges | 1,108 | 7,084 | 16,511 | 29,205 |
Income from continuing operations before interest, loss on extingushments of debt and taxes | 81,935 | 66,042 | 215,707 | 179,197 |
Interest expense | 17,184 | 13,948 | 48,650 | 42,566 |
Interest income | -161 | -144 | -494 | -458 |
Loss on extinguishments of debt | 0 | 1,250 | 0 | 1,250 |
Income from continuing operations before taxes | 64,912 | 50,988 | 167,551 | 135,839 |
Taxes (benefit) on income (loss) from continuing operations | 9,684 | 5,209 | 28,224 | 18,958 |
Equity in net income of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Income from continuing operations | 55,228 | 45,779 | 139,327 | 116,881 |
Operating loss from discontinued operations | -247 | 38 | -1,866 | -1,746 |
Taxes (benefit) on loss from discontinued operations | 24 | -991 | -345 | -1,547 |
Income (loss) from discontinued operations | -271 | 1,029 | -1,521 | -199 |
Net income | 54,957 | 46,808 | 137,806 | 116,682 |
Less: Income from continuing operations attributable to noncontrolling interests | 126 | 234 | 765 | 629 |
Net income attributable to common shareholders | 54,831 | 46,574 | 137,041 | 116,053 |
Other comprehensive loss attributable to common shareholders | -45,201 | 24,375 | -38,594 | -6,335 |
Comprehensive income attributable to common shareholders | 9,630 | 70,949 | 98,447 | 109,718 |
Consolidation, Eliminations | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | -76,256 | -62,407 | -288,398 | -203,291 |
Cost of goods sold | -76,817 | -60,522 | -278,691 | -202,927 |
Gross profit | 561 | -1,885 | -9,707 | -364 |
Selling, general and administrative expenses | -80 | 272 | 231 | 66 |
Research and development expenses | 0 | 0 | 0 | 0 |
Restructuring and other impairment charges | 0 | 0 | 0 | 0 |
Income from continuing operations before interest, loss on extingushments of debt and taxes | 641 | -2,157 | -9,938 | -430 |
Interest expense | 0 | ' | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Loss on extinguishments of debt | ' | 0 | ' | 0 |
Income from continuing operations before taxes | 641 | -2,157 | -9,938 | -430 |
Taxes (benefit) on income (loss) from continuing operations | 1,956 | -568 | -2,303 | 208 |
Equity in net income of consolidated subsidiaries | -145,578 | -125,134 | -389,054 | -325,136 |
Income from continuing operations | -146,893 | -126,723 | -396,689 | -325,774 |
Operating loss from discontinued operations | 0 | 0 | 0 | 0 |
Taxes (benefit) on loss from discontinued operations | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income | -146,893 | -126,723 | -396,689 | -325,774 |
Less: Income from continuing operations attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to common shareholders | -146,893 | -126,723 | -396,689 | -325,774 |
Other comprehensive loss attributable to common shareholders | 102,385 | -51,476 | 91,505 | 9,246 |
Comprehensive income attributable to common shareholders | -44,508 | -178,199 | -305,184 | -316,528 |
Parent Company | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | 0 | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 8,978 | 14,088 | 30,781 | 45,915 |
Research and development expenses | 0 | 0 | 0 | 0 |
Restructuring and other impairment charges | 0 | 828 | 0 | 828 |
Income from continuing operations before interest, loss on extingushments of debt and taxes | -8,978 | -14,916 | -30,781 | -46,743 |
Interest expense | 37,913 | 33,492 | 106,794 | 100,682 |
Interest income | 0 | 3 | 0 | 0 |
Loss on extinguishments of debt | ' | 1,250 | ' | 1,250 |
Income from continuing operations before taxes | -46,891 | -49,661 | -137,575 | -148,675 |
Taxes (benefit) on income (loss) from continuing operations | -16,761 | -18,446 | -47,891 | -54,192 |
Equity in net income of consolidated subsidiaries | 85,187 | 76,448 | 228,113 | 210,701 |
Income from continuing operations | 55,057 | 45,233 | 138,429 | 116,218 |
Operating loss from discontinued operations | -247 | 364 | -1,866 | -1,788 |
Taxes (benefit) on loss from discontinued operations | -21 | -977 | -478 | -1,623 |
Income (loss) from discontinued operations | -226 | 1,341 | -1,388 | -165 |
Net income | 54,831 | 46,574 | 137,041 | 116,053 |
Less: Income from continuing operations attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to common shareholders | 54,831 | 46,574 | 137,041 | 116,053 |
Other comprehensive loss attributable to common shareholders | -45,201 | 24,375 | -38,594 | -6,335 |
Comprehensive income attributable to common shareholders | 9,630 | 70,949 | 98,447 | 109,718 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | 261,346 | 237,949 | 814,051 | 740,817 |
Cost of goods sold | 161,298 | 139,501 | 489,694 | 435,937 |
Gross profit | 100,048 | 98,448 | 324,357 | 304,880 |
Selling, general and administrative expenses | 77,352 | 62,701 | 235,322 | 189,193 |
Research and development expenses | 12,871 | 13,161 | 37,766 | 40,250 |
Restructuring and other impairment charges | 148 | 3,834 | 8,639 | 13,112 |
Income from continuing operations before interest, loss on extingushments of debt and taxes | 9,677 | 18,752 | 42,630 | 62,325 |
Interest expense | -22,346 | -21,204 | -62,993 | -63,348 |
Interest income | 0 | -3 | 0 | -3 |
Loss on extinguishments of debt | ' | 0 | ' | 0 |
Income from continuing operations before taxes | 32,023 | 39,959 | 105,623 | 125,676 |
Taxes (benefit) on income (loss) from continuing operations | 13,984 | 14,261 | 44,737 | 42,241 |
Equity in net income of consolidated subsidiaries | 60,295 | 48,367 | 160,653 | 114,116 |
Income from continuing operations | 78,334 | 74,065 | 221,539 | 197,551 |
Operating loss from discontinued operations | 0 | 0 | 0 | 0 |
Taxes (benefit) on loss from discontinued operations | 0 | -170 | 0 | -170 |
Income (loss) from discontinued operations | 0 | 170 | 0 | 170 |
Net income | 78,334 | 74,235 | 221,539 | 197,721 |
Less: Income from continuing operations attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to common shareholders | 78,334 | 74,235 | 221,539 | 197,721 |
Other comprehensive loss attributable to common shareholders | -58,947 | 30,034 | -54,326 | -3,316 |
Comprehensive income attributable to common shareholders | 19,387 | 104,269 | 167,213 | 194,405 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | 272,083 | 238,254 | 838,171 | 708,206 |
Cost of goods sold | 136,526 | 130,825 | 451,408 | 398,720 |
Gross profit | 135,557 | 107,429 | 386,763 | 309,486 |
Selling, general and administrative expenses | 52,002 | 38,167 | 159,058 | 123,257 |
Research and development expenses | 2,000 | 2,477 | 6,037 | 6,919 |
Restructuring and other impairment charges | 960 | 2,422 | 7,872 | 15,265 |
Income from continuing operations before interest, loss on extingushments of debt and taxes | 80,595 | 64,363 | 213,796 | 164,045 |
Interest expense | 1,617 | 1,660 | 4,849 | 5,232 |
Interest income | -161 | -144 | -494 | -455 |
Loss on extinguishments of debt | ' | 0 | ' | 0 |
Income from continuing operations before taxes | 79,139 | 62,847 | 209,441 | 159,268 |
Taxes (benefit) on income (loss) from continuing operations | 10,505 | 9,962 | 33,681 | 30,701 |
Equity in net income of consolidated subsidiaries | 96 | 319 | 288 | 319 |
Income from continuing operations | 68,730 | 53,204 | 176,048 | 128,886 |
Operating loss from discontinued operations | 0 | -326 | 0 | 42 |
Taxes (benefit) on loss from discontinued operations | 45 | 156 | 133 | 246 |
Income (loss) from discontinued operations | -45 | -482 | -133 | -204 |
Net income | 68,685 | 52,722 | 175,915 | 128,682 |
Less: Income from continuing operations attributable to noncontrolling interests | 126 | 234 | 765 | 629 |
Net income attributable to common shareholders | 68,559 | 52,488 | 175,150 | 128,053 |
Other comprehensive loss attributable to common shareholders | -43,438 | 21,442 | -37,179 | -5,930 |
Comprehensive income attributable to common shareholders | $25,121 | $73,930 | $137,971 | $122,123 |
Condensed_consolidated_guarant5
Condensed consolidated guarantor financial information Condensed consolidating balance sheets (Details) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $286,382 | $431,984 | $326,437 | $337,039 |
Accounts receivable, net | 287,179 | 295,290 | ' | ' |
Accounts receivable from consolidated subsidiaries | 0 | 0 | ' | ' |
Inventories, net | 353,227 | 333,621 | ' | ' |
Prepaid expenses and other current assets | 43,283 | 39,810 | ' | ' |
Prepaid taxes | 51,319 | 36,504 | ' | ' |
Deferred tax assets | 48,141 | 52,917 | ' | ' |
Assets held for sale | 7,672 | 10,428 | ' | ' |
Total current assets | 1,077,203 | 1,200,554 | ' | ' |
Property, plant and equipment, net | 347,233 | 325,900 | ' | ' |
Goodwill | 1,352,045 | 1,354,203 | ' | ' |
Intangible assets, net | 1,208,252 | 1,255,597 | ' | ' |
Investments in affiliates | 1,079 | 1,715 | ' | ' |
Deferred tax assets | 1,706 | 943 | ' | ' |
Notes receivable and other amounts due from consolidated subsidiaries | 0 | 0 | ' | ' |
Other assets | 70,274 | 70,095 | ' | ' |
Total assets | 4,057,792 | 4,209,007 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current borrowings | 365,356 | 356,287 | ' | ' |
Accounts payable | 71,034 | 71,967 | ' | ' |
Accounts payable to consolidated subsidiaries | 0 | 0 | ' | ' |
Accrued expenses | 77,333 | 74,868 | ' | ' |
Current portion of contingent consideration | 2,957 | 4,131 | ' | ' |
Payroll and benefit-related liabilities | 76,781 | 73,090 | ' | ' |
Accrued interest | 13,848 | 8,725 | ' | ' |
Income taxes payable | 26,735 | 23,821 | ' | ' |
Other current liabilities | 42,272 | 22,231 | ' | ' |
Total current liabilities | 676,316 | 635,120 | ' | ' |
Long-term borrowings | 700,000 | 930,000 | ' | ' |
Deferred tax liabilities | 494,884 | 514,715 | ' | ' |
Pension and other postretirement benefit liabilities | 97,007 | 109,498 | ' | ' |
Noncurrent liability for uncertain tax positions | 56,448 | 55,152 | ' | ' |
Notes payable and other amounts due from consolidated subsidiaries | 0 | 0 | ' | ' |
Other liabilities | 49,221 | 48,506 | ' | ' |
Total liabilities | 2,073,876 | 2,292,991 | ' | ' |
Total common shareholders' equity | 1,981,728 | 1,913,527 | ' | ' |
Noncontrolling interest | 2,188 | 2,489 | ' | ' |
Total equity | 1,983,916 | 1,916,016 | 1,862,262 | 1,781,537 |
Total liabilities and equity | 4,057,792 | 4,209,007 | ' | ' |
Consolidation, Eliminations | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 3,241 | 3,472 | ' | ' |
Accounts receivable from consolidated subsidiaries | -3,092,483 | -2,880,648 | ' | ' |
Inventories, net | -25,418 | -15,709 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Prepaid taxes | 0 | 0 | ' | ' |
Deferred tax assets | -220 | -3 | ' | ' |
Assets held for sale | 0 | 0 | ' | ' |
Total current assets | -3,114,880 | -2,892,888 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Investments in affiliates | -7,053,808 | -6,987,772 | ' | ' |
Deferred tax assets | -37,928 | -39,410 | ' | ' |
Notes receivable and other amounts due from consolidated subsidiaries | -1,968,416 | -1,936,618 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | -12,175,032 | -11,856,688 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current borrowings | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accounts payable to consolidated subsidiaries | -3,092,483 | -2,880,648 | ' | ' |
Accrued expenses | 0 | 0 | ' | ' |
Current portion of contingent consideration | 0 | 0 | ' | ' |
Payroll and benefit-related liabilities | 0 | 0 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Other current liabilities | -220 | -4 | ' | ' |
Total current liabilities | -3,092,703 | -2,880,652 | ' | ' |
Long-term borrowings | 0 | 0 | ' | ' |
Deferred tax liabilities | -37,927 | -39,409 | ' | ' |
Pension and other postretirement benefit liabilities | 0 | 0 | ' | ' |
Noncurrent liability for uncertain tax positions | 0 | 0 | ' | ' |
Notes payable and other amounts due from consolidated subsidiaries | -1,974,204 | -1,940,100 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Total liabilities | -5,104,834 | -4,860,161 | ' | ' |
Total common shareholders' equity | -7,070,198 | -6,996,527 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total equity | -7,070,198 | -6,996,527 | ' | ' |
Total liabilities and equity | -12,175,032 | -11,856,688 | ' | ' |
Parent Company | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 59,555 | 42,749 | 17,083 | 70,860 |
Accounts receivable, net | 1,921 | 1,822 | ' | ' |
Accounts receivable from consolidated subsidiaries | 39,604 | 42,865 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 15,587 | 15,200 | ' | ' |
Prepaid taxes | 34,406 | 27,487 | ' | ' |
Deferred tax assets | 19,912 | 20,218 | ' | ' |
Assets held for sale | 2,901 | 1,669 | ' | ' |
Total current assets | 173,886 | 152,010 | ' | ' |
Property, plant and equipment, net | 3,648 | 14,189 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Investments in affiliates | 5,676,862 | 5,489,676 | ' | ' |
Deferred tax assets | 34,525 | 35,877 | ' | ' |
Notes receivable and other amounts due from consolidated subsidiaries | 975,641 | 1,049,344 | ' | ' |
Other assets | 28,795 | 24,574 | ' | ' |
Total assets | 6,893,357 | 6,765,670 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current borrowings | 360,656 | 351,587 | ' | ' |
Accounts payable | 4,291 | 2,194 | ' | ' |
Accounts payable to consolidated subsidiaries | 2,730,852 | 2,644,296 | ' | ' |
Accrued expenses | 18,088 | 15,569 | ' | ' |
Current portion of contingent consideration | 0 | 0 | ' | ' |
Payroll and benefit-related liabilities | 17,358 | 15,976 | ' | ' |
Accrued interest | 13,831 | 8,720 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Other current liabilities | 475 | 9,646 | ' | ' |
Total current liabilities | 3,145,551 | 3,047,988 | ' | ' |
Long-term borrowings | 700,000 | 930,000 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Pension and other postretirement benefit liabilities | 46,618 | 57,406 | ' | ' |
Noncurrent liability for uncertain tax positions | 13,355 | 11,389 | ' | ' |
Notes payable and other amounts due from consolidated subsidiaries | 986,769 | 785,476 | ' | ' |
Other liabilities | 19,336 | 19,884 | ' | ' |
Total liabilities | 4,911,629 | 4,852,143 | ' | ' |
Total common shareholders' equity | 1,981,728 | 1,913,527 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total equity | 1,981,728 | 1,913,527 | ' | ' |
Total liabilities and equity | 6,893,357 | 6,765,670 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 1,662 | 14,500 | 0 | 1,989 |
Accounts receivable, net | 11,630 | 10,948 | ' | ' |
Accounts receivable from consolidated subsidiaries | 2,782,391 | 2,623,314 | ' | ' |
Inventories, net | 210,427 | 211,165 | ' | ' |
Prepaid expenses and other current assets | 6,826 | 6,870 | ' | ' |
Prepaid taxes | 0 | 0 | ' | ' |
Deferred tax assets | 19,516 | 22,472 | ' | ' |
Assets held for sale | 0 | 3,503 | ' | ' |
Total current assets | 3,032,452 | 2,892,772 | ' | ' |
Property, plant and equipment, net | 196,101 | 188,455 | ' | ' |
Goodwill | 704,210 | 797,671 | ' | ' |
Intangible assets, net | 713,854 | 962,243 | ' | ' |
Investments in affiliates | 1,356,773 | 1,478,429 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Notes receivable and other amounts due from consolidated subsidiaries | 992,775 | 873,105 | ' | ' |
Other assets | 7,435 | 7,447 | ' | ' |
Total assets | 7,003,600 | 7,200,122 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current borrowings | 0 | 0 | ' | ' |
Accounts payable | 35,293 | 45,802 | ' | ' |
Accounts payable to consolidated subsidiaries | 197,409 | 147,957 | ' | ' |
Accrued expenses | 17,056 | 21,120 | ' | ' |
Current portion of contingent consideration | 2,957 | 4,131 | ' | ' |
Payroll and benefit-related liabilities | 20,742 | 21,818 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Other current liabilities | 33,450 | 7,517 | ' | ' |
Total current liabilities | 306,907 | 248,345 | ' | ' |
Long-term borrowings | 0 | 0 | ' | ' |
Deferred tax liabilities | 477,101 | 496,228 | ' | ' |
Pension and other postretirement benefit liabilities | 33,962 | 33,777 | ' | ' |
Noncurrent liability for uncertain tax positions | 17,476 | 17,241 | ' | ' |
Notes payable and other amounts due from consolidated subsidiaries | 897,634 | 957,451 | ' | ' |
Other liabilities | 17,142 | 16,221 | ' | ' |
Total liabilities | 1,750,222 | 1,769,263 | ' | ' |
Total common shareholders' equity | 5,253,378 | 5,430,859 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total equity | 5,253,378 | 5,430,859 | ' | ' |
Total liabilities and equity | 7,003,600 | 7,200,122 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 225,165 | 374,735 | 309,354 | 264,190 |
Accounts receivable, net | 270,387 | 279,048 | ' | ' |
Accounts receivable from consolidated subsidiaries | 270,488 | 214,469 | ' | ' |
Inventories, net | 168,218 | 138,165 | ' | ' |
Prepaid expenses and other current assets | 20,870 | 17,740 | ' | ' |
Prepaid taxes | 16,913 | 9,017 | ' | ' |
Deferred tax assets | 8,933 | 10,230 | ' | ' |
Assets held for sale | 4,771 | 5,256 | ' | ' |
Total current assets | 985,745 | 1,048,660 | ' | ' |
Property, plant and equipment, net | 147,484 | 123,256 | ' | ' |
Goodwill | 647,835 | 556,532 | ' | ' |
Intangible assets, net | 494,398 | 293,354 | ' | ' |
Investments in affiliates | 21,252 | 21,382 | ' | ' |
Deferred tax assets | 5,109 | 4,476 | ' | ' |
Notes receivable and other amounts due from consolidated subsidiaries | 0 | 14,169 | ' | ' |
Other assets | 34,044 | 38,074 | ' | ' |
Total assets | 2,335,867 | 2,099,903 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current borrowings | 4,700 | 4,700 | ' | ' |
Accounts payable | 31,450 | 23,971 | ' | ' |
Accounts payable to consolidated subsidiaries | 164,222 | 88,395 | ' | ' |
Accrued expenses | 42,189 | 38,179 | ' | ' |
Current portion of contingent consideration | 0 | 0 | ' | ' |
Payroll and benefit-related liabilities | 38,681 | 35,296 | ' | ' |
Accrued interest | 17 | 5 | ' | ' |
Income taxes payable | 26,735 | 23,821 | ' | ' |
Other current liabilities | 8,567 | 5,072 | ' | ' |
Total current liabilities | 316,561 | 219,439 | ' | ' |
Long-term borrowings | 0 | 0 | ' | ' |
Deferred tax liabilities | 55,710 | 57,896 | ' | ' |
Pension and other postretirement benefit liabilities | 16,427 | 18,315 | ' | ' |
Noncurrent liability for uncertain tax positions | 25,617 | 26,522 | ' | ' |
Notes payable and other amounts due from consolidated subsidiaries | 89,801 | 197,173 | ' | ' |
Other liabilities | 12,743 | 12,401 | ' | ' |
Total liabilities | 516,859 | 531,746 | ' | ' |
Total common shareholders' equity | 1,816,820 | 1,565,668 | ' | ' |
Noncontrolling interest | 2,188 | 2,489 | ' | ' |
Total equity | 1,819,008 | 1,568,157 | ' | ' |
Total liabilities and equity | $2,335,867 | $2,099,903 | ' | ' |
Condensed_consolidated_guarant6
Condensed consolidated guarantor financial information Condensed consolidating statements of cash flows (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' |
Net cash (used in) provided by operating activities from continuing operations | $208,798 | $135,872 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Expenditures for property, plant and equipment | -48,220 | -54,640 |
Proceeds from sale of assets and investments | 5,251 | 0 |
Payments for businesses and intangibles acquired, net of cash acquired | -28,535 | -40,450 |
Investments in affiliates | -40 | -50 |
Intercompany dividends received | 0 | ' |
Net cash used in investing activities from continuing operations | -71,544 | -95,140 |
Cash Flows from Financing Activities of Continuing Operations: | ' | ' |
Proceeds from long-term borrowings | 250,000 | 382,000 |
Repayment of long-term borrowings | -480,009 | -375,000 |
Debt issuance fees | -3,689 | -6,365 |
Proceeds from share based compensation plans and the related tax impacts | 2,936 | 4,740 |
Payments to Noncontrolling Interests | -1,094 | -736 |
Payments for contingent consideration | 0 | -16,367 |
Dividends | -42,174 | -41,915 |
Intercompany transactions | 0 | 0 |
Intercompany dividends paid | 0 | 0 |
Net cash used in financing activities from continuing operations | -274,030 | -53,643 |
Cash Flows from Discontinued Operations: | ' | ' |
Net cash used in operating activities | -1,946 | -2,167 |
Net cash used in discontinued operations | -1,946 | -2,167 |
Effect of exchange rate changes on cash and cash equivalents | -6,880 | 4,476 |
Net increase (decrease) in cash and cash equivalents | -145,602 | -10,602 |
Cash and cash equivalents at the beginning of the period | 431,984 | 337,039 |
Cash and cash equivalents at the end of the period | 286,382 | 326,437 |
Consolidation, Eliminations | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' |
Net cash (used in) provided by operating activities from continuing operations | -75,340 | -66,071 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Expenditures for property, plant and equipment | 0 | 0 |
Proceeds from sale of assets and investments | 0 | ' |
Payments for businesses and intangibles acquired, net of cash acquired | 0 | 0 |
Investments in affiliates | 0 | 0 |
Intercompany dividends received | -229,782 | ' |
Net cash used in investing activities from continuing operations | -229,782 | 0 |
Cash Flows from Financing Activities of Continuing Operations: | ' | ' |
Proceeds from long-term borrowings | 0 | 0 |
Repayment of long-term borrowings | 0 | 0 |
Debt issuance fees | 0 | 0 |
Proceeds from share based compensation plans and the related tax impacts | 0 | 0 |
Payments to Noncontrolling Interests | 0 | 0 |
Payments for contingent consideration | ' | 0 |
Dividends | 0 | 0 |
Intercompany transactions | 0 | 0 |
Intercompany dividends paid | 305,122 | 66,071 |
Net cash used in financing activities from continuing operations | 305,122 | 66,071 |
Cash Flows from Discontinued Operations: | ' | ' |
Net cash used in operating activities | 0 | 0 |
Net cash used in discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at the beginning of the period | 0 | 0 |
Cash and cash equivalents at the end of the period | 0 | 0 |
Parent Company | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' |
Net cash (used in) provided by operating activities from continuing operations | -80,537 | -85,753 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Expenditures for property, plant and equipment | -2,146 | -799 |
Proceeds from sale of assets and investments | 1,669 | ' |
Payments for businesses and intangibles acquired, net of cash acquired | 0 | 0 |
Investments in affiliates | -60 | -50 |
Intercompany dividends received | 0 | ' |
Net cash used in investing activities from continuing operations | -537 | -849 |
Cash Flows from Financing Activities of Continuing Operations: | ' | ' |
Proceeds from long-term borrowings | 250,000 | 382,000 |
Repayment of long-term borrowings | -480,009 | -375,000 |
Debt issuance fees | -3,689 | -6,365 |
Proceeds from share based compensation plans and the related tax impacts | 2,936 | 4,740 |
Payments to Noncontrolling Interests | 0 | 0 |
Payments for contingent consideration | ' | 0 |
Dividends | -42,174 | -41,915 |
Intercompany transactions | 372,762 | 70,932 |
Intercompany dividends paid | 0 | 0 |
Net cash used in financing activities from continuing operations | 99,826 | 34,392 |
Cash Flows from Discontinued Operations: | ' | ' |
Net cash used in operating activities | -1,946 | -1,567 |
Net cash used in discontinued operations | -1,946 | -1,567 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 16,806 | -53,777 |
Cash and cash equivalents at the beginning of the period | 42,749 | 70,860 |
Cash and cash equivalents at the end of the period | 59,555 | 17,083 |
Guarantor Subsidiaries | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' |
Net cash (used in) provided by operating activities from continuing operations | 300,960 | 147,461 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Expenditures for property, plant and equipment | -22,578 | -42,854 |
Proceeds from sale of assets and investments | 3,421 | ' |
Payments for businesses and intangibles acquired, net of cash acquired | 0 | -1,820 |
Investments in affiliates | 20 | 0 |
Intercompany dividends received | 0 | ' |
Net cash used in investing activities from continuing operations | -19,137 | -44,674 |
Cash Flows from Financing Activities of Continuing Operations: | ' | ' |
Proceeds from long-term borrowings | 0 | 0 |
Repayment of long-term borrowings | 0 | 0 |
Debt issuance fees | 0 | 0 |
Proceeds from share based compensation plans and the related tax impacts | 0 | 0 |
Payments to Noncontrolling Interests | 0 | 0 |
Payments for contingent consideration | ' | -14,802 |
Dividends | 0 | 0 |
Intercompany transactions | -294,661 | -72,574 |
Intercompany dividends paid | 0 | -17,400 |
Net cash used in financing activities from continuing operations | -294,661 | -104,776 |
Cash Flows from Discontinued Operations: | ' | ' |
Net cash used in operating activities | 0 | 0 |
Net cash used in discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -12,838 | -1,989 |
Cash and cash equivalents at the beginning of the period | 14,500 | 1,989 |
Cash and cash equivalents at the end of the period | 1,662 | 0 |
Non-Guarantor Subsidiaries | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' |
Net cash (used in) provided by operating activities from continuing operations | 63,715 | 140,235 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Expenditures for property, plant and equipment | -23,496 | -10,987 |
Proceeds from sale of assets and investments | 161 | ' |
Payments for businesses and intangibles acquired, net of cash acquired | -28,535 | -38,630 |
Investments in affiliates | 0 | 0 |
Intercompany dividends received | 229,782 | ' |
Net cash used in investing activities from continuing operations | 177,912 | -49,617 |
Cash Flows from Financing Activities of Continuing Operations: | ' | ' |
Proceeds from long-term borrowings | 0 | 0 |
Repayment of long-term borrowings | 0 | 0 |
Debt issuance fees | 0 | 0 |
Proceeds from share based compensation plans and the related tax impacts | 0 | 0 |
Payments to Noncontrolling Interests | -1,094 | -736 |
Payments for contingent consideration | ' | -1,565 |
Dividends | 0 | 0 |
Intercompany transactions | -78,101 | 1,642 |
Intercompany dividends paid | -305,122 | -48,671 |
Net cash used in financing activities from continuing operations | -384,317 | -49,330 |
Cash Flows from Discontinued Operations: | ' | ' |
Net cash used in operating activities | 0 | -600 |
Net cash used in discontinued operations | 0 | -600 |
Effect of exchange rate changes on cash and cash equivalents | -6,880 | 4,476 |
Net increase (decrease) in cash and cash equivalents | -149,570 | 45,164 |
Cash and cash equivalents at the beginning of the period | 374,735 | 264,190 |
Cash and cash equivalents at the end of the period | $225,165 | $309,354 |