Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 13, 2015 | Jun. 27, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TFX | ||
Entity Registrant Name | TELEFLEX INC | ||
Entity Central Index Key | 96943 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 41,442,707 | ||
Entity Public Float | $3,447,755,823 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net revenues | $1,839,832 | $1,696,271 | $1,551,009 |
Cost of goods sold | 897,404 | 857,326 | 802,784 |
Gross profit | 942,428 | 838,945 | 748,225 |
Selling, general and administrative expenses | 578,657 | 502,187 | 454,489 |
Research and development expenses | 61,040 | 65,045 | 56,278 |
Goodwill impairment | 0 | 0 | 332,128 |
Restructuring and other impairment charges | 17,869 | 38,452 | 3,037 |
Net gain on sales of businesses and assets | 0 | 0 | -332 |
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | 284,862 | 233,261 | -97,375 |
Interest expense | 65,458 | 56,905 | 69,565 |
Interest income | -706 | -624 | -1,571 |
Loss on extinguishments of debt | 0 | 1,250 | 0 |
Income (loss) from continuing operations before taxes | 220,110 | 175,730 | -165,369 |
Taxes on income (loss) from continuing operations | 28,650 | 23,547 | 16,413 |
Income (loss) from continuing operations | 191,460 | 152,183 | -181,782 |
Operating loss from discontinued operations (including gain on disposal of $2,205 for 2012) | -3,407 | -2,205 | -9,207 |
Tax benefit on loss from discontinued operations | -698 | -1,770 | -1,887 |
Loss from discontinued operations | -2,709 | -435 | -7,320 |
Net income (loss) | 188,751 | 151,748 | -189,102 |
Less: Income from continuing operations attributable to noncontrolling interest | 1,072 | 867 | 955 |
Net income (loss) | 187,679 | 150,881 | -190,057 |
Basic: | |||
Income (loss) from continuing operations, basic (in dollars per share) | $4.60 | $3.68 | ($4.47) |
Loss from discontinued operations, basic (in dollars per share) | ($0.06) | ($0.01) | ($0.18) |
Net income (loss) (in dollars per share) | $4.54 | $3.67 | ($4.65) |
Diluted: | |||
Income (loss) from continuing operations, diluted (in dollars per share) | $4.10 | $3.46 | ($4.47) |
Loss from discontinued operations, diluted (in dollars per share) | ($0.06) | ($0.01) | ($0.18) |
Net income (loss) (in dollars per share) | $4.04 | $3.45 | ($4.65) |
Dividends per share | $1.36 | $1.36 | $1.36 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 41,366 | 41,105 | 40,859 |
Diluted (in shares) | 46,470 | 43,693 | 40,859 |
Amounts attributable to common shareholders: | |||
Income (loss) from continuing operations, net of tax | 190,388 | 151,316 | -182,737 |
Loss from discontinued operations, net of tax | -2,709 | -435 | -7,320 |
Net income (loss) | $187,679 | $150,881 | ($190,057) |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Parenthetical) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Statement [Abstract] | ||||||
Gain (loss) on disposal of discontinued operations | $0 | [1] | $0 | [1] | $2,205 | [1] |
[1] | The $2.2 million pre-tax gain on disposition during 2012 primarily reflects the gain recognized on the working capital adjustment related to the sale of the Company's former cargo systems and cargo container businesses. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $188,751 | $151,748 | ($189,102) |
Foreign currency: | |||
Foreign currency translation continuing operations adjustments, net of tax of $24,818, $(8,086) and $(1,210), respectively | -105,410 | -9,637 | 13,071 |
Foreign currency translation, net of tax | -105,410 | -9,637 | 13,071 |
Pension and other postretirement benefits plans: | |||
Prior service cost recognized in net periodic cost, net of tax of $9, $9 and $8, respectively | -12 | -12 | -12 |
Transition obligation recognized in net periodic cost, net of tax of $(2) and $(35) in 2013 and 2012, respectively | 0 | 3 | 62 |
Unamortized (loss) gain arising during the period, net of tax of $26,624, $(14,638) and $(2,399), respectively | -48,245 | 25,641 | 2,796 |
Net loss recognized in net periodic cost, net of tax of $(1,544), $(2,446) and $(2,537), respectively | 2,841 | 4,765 | 4,621 |
Settlement, net of tax of $(40) in 2012 | 0 | 0 | 66 |
Curtailment, net of tax of $44 in 2012 | 0 | 0 | -74 |
Foreign currency translation, net of tax of $(265), $(66) and $58, respectively | 709 | -177 | -168 |
Pension and other postretirement benefits plans adjustment, net of tax | -44,707 | 30,220 | 7,291 |
Derivatives qualifying as hedges: | |||
Unrealized gain (loss) on derivatives arising during the period, net of tax $(111), $(265) and $(102), respectively | 594 | -549 | 515 |
Reclassification adjustment on derivatives included in net income, net of tax of $111, $46 and $(3,832), respectively | -594 | 930 | 6,361 |
Derivatives qualifying as hedges, net of tax | 0 | 381 | 6,876 |
Other comprehensive (loss) income, net of tax | -150,117 | 20,964 | 27,238 |
Comprehensive income (loss) | 38,634 | 172,712 | -161,864 |
Less: comprehensive income attributable to noncontrolling interest | 995 | 638 | 888 |
Comprehensive income (loss) attributable to common shareholders | $37,639 | $172,074 | ($162,752) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation, tax | $24,818 | ($8,086) | ($1,210) |
Prior service cost recognized in net periodic cost, tax | 9 | 9 | 8 |
Transition obligation recognized in net periodic cost, tax | -2 | -35 | |
Unamortized (loss) gain arising during the period, tax | 26,624 | -14,638 | -2,399 |
Net loss recognized in net periodic cost, tax | -1,544 | -2,446 | -2,537 |
Settlement, tax | 0 | 0 | -40 |
Curtailment, tax | 0 | 0 | 44 |
Foreign currency translation, tax | 265 | 66 | -58 |
Unrealized gain (loss) on derivatives arising during the period, tax | -111 | -265 | -102 |
Reclassification adjustment on derivatives included in net income, tax | $111 | $46 | ($3,832) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||||
Cash and cash equivalents | $303,236 | $431,984 | $303,236 | $431,984 |
Accounts receivable, net | 273,704 | 295,290 | 273,704 | 295,290 |
Inventories, net | 335,593 | 333,621 | 335,593 | 333,621 |
Prepaid expenses and other current assets | 35,697 | 39,810 | 35,697 | 39,810 |
Prepaid taxes | 40,256 | 36,504 | 40,256 | 36,504 |
Deferred tax assets | 57,301 | 52,917 | 57,301 | 52,917 |
Assets held for sale | 7,422 | 10,428 | 7,422 | 10,428 |
Total current assets | 1,053,209 | 1,200,554 | 1,053,209 | 1,200,554 |
Property, plant and equipment, net | 317,435 | 325,900 | 317,435 | 325,900 |
Goodwill | 1,323,553 | 1,354,203 | 1,323,553 | 1,354,203 |
Intangibles assets, net | 1,216,720 | 1,255,597 | 1,216,720 | 1,255,597 |
Investments in affiliates | 1,150 | 1,715 | 1,150 | 1,715 |
Deferred tax assets | 1,178 | 943 | 1,178 | 943 |
Other assets | 64,010 | 70,095 | 64,010 | 70,095 |
Total assets | 3,977,255 | 4,209,007 | 3,977,255 | 4,209,007 |
Debt, Current | 368,401 | 356,287 | 368,401 | 356,287 |
Current liabilities | ||||
Accounts payable | 64,100 | 71,967 | 64,100 | 71,967 |
Accrued expenses | 72,383 | 74,868 | 72,383 | 74,868 |
Current portion of contingent consideration | 11,276 | 4,131 | 11,276 | 4,131 |
Payroll and benefit-related liabilities | 85,442 | 73,090 | 85,442 | 73,090 |
Accrued interest | 9,169 | 8,725 | 9,169 | 8,725 |
Income taxes payable | 13,768 | 23,821 | 13,768 | 23,821 |
Other current liabilities | 10,360 | 22,231 | 10,360 | 22,231 |
Total current liabilities | 634,899 | 635,120 | 634,899 | 635,120 |
Long-term borrowings | 700,000 | 930,000 | 700,000 | 930,000 |
Deferred tax liabilities | 451,541 | 514,715 | 451,541 | 514,715 |
Pension and postretirement benefit liabilities | 167,241 | 109,498 | 167,241 | 109,498 |
Noncurrent liability for uncertain tax positions | 50,884 | 55,152 | 50,884 | 55,152 |
Other liabilities | 58,991 | 48,506 | 58,991 | 48,506 |
Total liabilities | 2,063,556 | 2,292,991 | 2,063,556 | 2,292,991 |
Commitments and contingencies (See Note 15) | ||||
Common shareholders’ equity | ||||
Common shares, $1 par value Issued: 2014 — 43,420 shares; 2013 — 43,243 shares | 43,420 | 43,243 | 43,420 | 43,243 |
Additional paid-in capital | 422,394 | 409,338 | 422,394 | 409,338 |
Retained earnings | 1,827,845 | 1,696,424 | 1,827,845 | 1,696,424 |
Accumulated other comprehensive loss | -260,895 | -110,855 | -260,895 | -110,855 |
Shareholders equity before treasury stock, total | 2,032,764 | 2,038,150 | 2,032,764 | 2,038,150 |
Less: Treasury stock, at cost | 121,455 | 124,623 | 121,455 | 124,623 |
Total common shareholders’ equity | 1,911,309 | 1,913,527 | 1,911,309 | 1,913,527 |
Noncontrolling interest | 2,390 | 2,489 | 2,390 | 2,489 |
Total equity | 1,913,699 | 1,916,016 | 1,913,699 | 1,916,016 |
Total liabilities and equity | 3,977,255 | 4,209,007 | 3,977,255 | 4,209,007 |
Net revenues | $476,008 | $450,539 | $1,839,832 | $1,696,271 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common shares, par value | $1 | $1 |
Common shares, shares Issued | 43,420,000 | 43,243,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities of Continuing Operations: | |||
Net income (loss) | $188,751 | $151,748 | ($189,102) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Loss from discontinued operations | 2,709 | 435 | 7,320 |
Depreciation expense | 50,207 | 42,368 | 36,204 |
Amortization expense of intangible assets | 60,926 | 50,608 | 44,264 |
Amortization expense of deferred financing costs and debt discount | 15,897 | 14,959 | 14,416 |
Loss on extinguishments of debt | 0 | 1,250 | 0 |
Changes in contingent consideration | -7,418 | -12,642 | 263 |
Impairment of long-lived assets | 0 | 3,460 | 0 |
Stock-based compensation | 12,227 | 11,871 | 8,623 |
Net gain on sales of businesses and assets | 0 | 0 | -332 |
Goodwill impairment | 0 | 0 | 332,128 |
Deferred income taxes, net | -14,153 | -10,182 | -39,980 |
Other | -8,968 | -1,319 | -3,776 |
Changes in operating assets and liabilities, net of effects of acquisitions and disposals: | |||
Accounts receivable | 9,394 | -1,294 | -2,932 |
Inventories | -15,531 | -8,931 | -1,970 |
Prepaid expenses and other current assets | 1,422 | -5,926 | 9,595 |
Accounts payable and accrued expenses | 9,818 | 2,001 | 155 |
Income taxes receivable and payable, net | -15,040 | -7,107 | -20,258 |
Net cash provided by operating activities from continuing operations | 290,241 | 231,299 | 194,618 |
Cash Flows from Investing Activities of Continuing Operations: | |||
Expenditures for property, plant and equipment | -67,571 | -63,580 | -65,394 |
Payments for businesses and intangibles acquired, net of cash acquired | -45,777 | -309,008 | -369,444 |
Proceeds from sales of businesses and assets | 5,251 | 0 | 66,660 |
Investments in affiliates | -40 | -50 | -80 |
Net cash used in investing activities from continuing operations | -108,137 | -372,638 | -368,258 |
Cash Flows from Financing Activities of Continuing Operations: | |||
Proceeds from new borrowings | 250,000 | 680,000 | 0 |
Repayment of long-term borrowings | -480,102 | -375,000 | 0 |
Debt extinguishment, issuance and amendment fees | -4,494 | -6,400 | 0 |
Decrease in notes payable and current borrowings | 0 | 0 | -706 |
Proceeds from share based compensation plans and the related tax impacts | 4,245 | 6,181 | 8,238 |
Payments to noncontrolling shareholders | -1,094 | -736 | 0 |
Payments for contingent consideration | 0 | -16,958 | -17,596 |
Dividends | -56,258 | -55,917 | -55,589 |
Net cash (used in) provided by financing activities from continuing operations | -287,703 | 231,170 | -65,653 |
Cash Flows from Discontinued Operations: | |||
Net cash used in operating activities | -3,676 | -3,327 | -7,799 |
Net cash used in investing activities | 0 | 0 | -2,351 |
Net cash used in discontinued operations | -3,676 | -3,327 | -10,150 |
Effect of exchange rate changes on cash and cash equivalents | -19,473 | 8,441 | 2,394 |
Net (decrease) increase in cash and cash equivalents | -128,748 | 94,945 | -247,049 |
Cash and cash equivalents at the beginning of the year | 431,984 | 337,039 | 584,088 |
Cash and cash equivalents at the end of the year | 303,236 | 431,984 | 337,039 |
Supplemental Cash Flow Information: | |||
Cash interest paid | 49,797 | 43,581 | 46,683 |
Income taxes paid, net of refunds | $52,869 | $43,975 | $74,908 |
CONSOLIDATED_STATEMENTS_OF_CHA
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, 2011 | $1,982,783 | $42,923 | $380,965 | $1,847,106 | ($159,353) | ($131,053) | $2,195 |
Beginning Balance (in shares) at Dec. 31, 2011 | 42,923 | 2,183 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | -189,102 | -190,057 | 955 | ||||
Cash dividends ($1.36 per share) | -55,589 | -55,589 | |||||
Other comprehensive income | 27,238 | 27,305 | -67 | ||||
Distributions to noncontrolling interest shareholders | -496 | -496 | |||||
Shares issued under compensation plans (in shares) | 179 | 49 | |||||
Shares issued under compensation plans | 16,597 | 179 | 13,429 | 2,989 | |||
Deferred compensation (in shares) | -4 | ||||||
Deferred compensation | 106 | -10 | 116 | ||||
Ending Balance at Dec. 31, 2012 | 1,781,537 | 43,102 | 394,384 | 1,601,460 | -132,048 | -127,948 | 2,587 |
Ending Balance (in shares) at Dec. 31, 2012 | 43,102 | 2,130 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 151,748 | 150,881 | 867 | ||||
Cash dividends ($1.36 per share) | -55,917 | -55,917 | |||||
Other comprehensive income | 20,964 | 21,193 | -229 | ||||
Distributions to noncontrolling interest shareholders | -736 | -736 | |||||
Shares issued under compensation plans (in shares) | 141 | 65 | |||||
Shares issued under compensation plans | 18,374 | 141 | 14,963 | 3,270 | |||
Deferred compensation (in shares) | -1 | ||||||
Deferred compensation | 46 | -9 | 55 | ||||
Ending Balance at Dec. 31, 2013 | 1,916,016 | 43,243 | 409,338 | 1,696,424 | -110,855 | -124,623 | 2,489 |
Ending Balance (in shares) at Dec. 31, 2013 | 43,243 | 2,064 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 188,751 | 187,679 | 1,072 | ||||
Cash dividends ($1.36 per share) | -56,258 | -56,258 | |||||
Other comprehensive income | -150,117 | -150,040 | -77 | ||||
Distributions to noncontrolling interest shareholders | -1,094 | -1,094 | |||||
Settlement of convertible notes (in shares) | -1 | ||||||
Settlement of convertible notes | 1 | -42 | 43 | ||||
Settlement of note hedges associated with convertible notes (in shares) | 1 | ||||||
Settlement of note hedges associated with convertible notes | 2 | 79 | -77 | ||||
Shares issued under compensation plans (in shares) | 177 | 81 | |||||
Shares issued under compensation plans | 16,277 | 177 | 13,019 | 3,081 | |||
Deferred compensation (in shares) | -2 | ||||||
Deferred compensation | 121 | 121 | |||||
Ending Balance at Dec. 31, 2014 | $1,913,699 | $43,420 | $422,394 | $1,827,845 | ($260,895) | ($121,455) | $2,390 |
Ending Balance (in shares) at Dec. 31, 2014 | 43,420 | 1,981 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per common share | $1.36 | $1.36 | $1.36 |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies |
Consolidation: The consolidated financial statements include the accounts of Teleflex Incorporated and its subsidiaries (the “Company”). Intercompany transactions are eliminated in consolidation. Investments in affiliates over which the Company has significant influence but not a controlling equity interest, including variable interest entities where the Company is not the primary beneficiary, are accounted for using the equity method. Investments in affiliates over which the Company does not have significant influence are accounted for using the cost method of accounting. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and include management’s estimates and assumptions that affect the recorded amounts. | |
Effective January 1, 2014, the Company realigned its operating segments to reflect changes in the Company's internal financial reporting structure. All prior comparative periods have been restated to reflect these changes. Refer to Note 16 to the consolidated financial statements 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 year ended December 31, 2014, the Company 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 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 outflows of $2.7 million and $1.6 million from operating to financing activities for the years ended December 31, 2013 and 2012, respectively, to conform to the presentation for the year ended December 31, 2014 within the consolidated statement of cash flows and within the condensed consolidating statement of cash flows included in Note 17. | |
Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 and the reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and cash equivalents: All highly liquid debt instruments with an original maturity of three months or less are classified as cash equivalents. The carrying value of cash equivalents approximates their current market value. | |
Accounts receivable: Accounts receivable represents amounts due from customers related to the sale of products and provision of services. An allowance for doubtful accounts is maintained and represents the Company’s estimate of the amount of uncollectible receivables. The allowance is provided at such time as management believes reasonable doubt exists that such balances will be collected within a reasonable period of time. The allowance is based on the Company’s historical experience, the length of time an account is outstanding, the financial position of the customer and information provided by credit rating services. In addition, the Company maintains a reserve for returns and allowances based on its historical experience. See Note 9 to the consolidated financial statements for information on the Company’s concentration of credit risk. | |
Inventories: Inventories are valued at the lower of cost or market. The cost of the Company’s inventories is determined using the average cost method. Elements of cost in inventory include raw materials, direct labor, and manufacturing overhead. In estimating market value, the Company evaluates inventory for excess and obsolete quantities based on estimated usage and sales. | |
Property, plant and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation. Costs incurred to develop internal-use computer software during the application development stage generally are capitalized. Costs of enhancements to internal-use computer software are capitalized, provided that these enhancements result in additional functionality. Other additions and those improvements which increase the capacity or lengthen the useful lives of the assets are also capitalized. With minor exceptions, composite useful lives for property, plant and equipment, which are depreciated on a straight-line basis are as follows: land improvements — 5 years; buildings — 30 years; machinery and equipment — 3 to 10 years; computer equipment and software — 3 to 10 years. Leasehold improvements are depreciated over the lesser of the useful lives of the leasehold improvements or the remaining lease periods. Repairs and maintenance costs are expensed as incurred. | |
Goodwill and other intangible assets: Goodwill and other intangible assets with indefinite lives are not amortized but are tested for impairment annually during the fourth quarter or more frequently if events or changes in circumstances indicate that an impairment may exist. Impairment losses, if any, are included in income from operations. The goodwill impairment test is applied to each of the Company’s reporting units whose assets include goodwill. For purposes of this assessment, a reporting unit is an operating segment, or a business one level below that operating segment (also known as a component) if discrete financial information is prepared and regularly reviewed by segment management. However, separate components are aggregated as a single reporting unit if they have similar economic characteristics. | |
In applying the goodwill impairment test, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, and entity specific factors such as strategies and financial performance. If, after completing such assessment, it is determined more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to a two-step quantitative impairment test. Alternatively, the Company may proceed directly to testing goodwill for impairment through the two-step quantitative impairment test, described below, without conducting the qualitative analysis. In the fourth quarter of 2014, the Company performed a qualitative assessment on five of its reporting units whose assets include goodwill and determined, based on the assessment, that the fair value of each of the reporting units was more likely than not higher than its carrying value. For the three remaining reporting units whose assets include goodwill, the Company elected to forego the qualitative assessment and apply the two-step quantitative impairment test. | |
The first step of the two-step impairment test is to quantitatively compare the fair value of a reporting unit, including goodwill, to its carrying value. In performing the first step, the Company calculates the fair value of the reporting unit using equal weighting of two methods; one which estimates the discounted cash flows of the reporting unit based on projected earnings in the future (the Income Approach) and one which is based on sales of similar businesses or assets to those of the reporting unit in actual transactions (the Market Approach). If the reporting unit fair value exceeds the carrying value, there is no impairment. If the reporting unit carrying value exceeds the fair value, the Company would perform the second step of the goodwill impairment test, in which the Company would recognize an impairment loss if the carrying value of goodwill exceeds its implied fair value. The implied fair value of goodwill is determined by deducting the fair value of a reporting unit's identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the fair value of the individual assets acquired and liabilities assumed were being determined initially. The Company performed the quantitative goodwill impairment test during the fourth quarter of 2014, on three of its reporting units whose assets include goodwill, and determined that the fair value of each of the reporting units exceeded the carrying value. As a result, no impairment in the carrying value of any of the Company’s reporting units was evident. | |
The Company’s intangible assets consist of customer lists, intellectual property, distribution rights and trade names. The Company tests its indefinite-lived intangible assets for impairment annually, and more frequently if events or changes in circumstances indicate that an impairment may have occurred. Similar to the goodwill impairment test process, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If, after completing the qualitative assessment, the Company determines it is more likely than not that the fair value of the indefinite-lived intangible asset is greater than its carrying amount, the asset is not impaired. If the Company concludes it is more likely than not that the fair value of the indefinite-lived intangible assets is less than the carrying value, the Company then proceeds to a quantitative impairment test, which consists of a comparison of the fair value of the intangible assets to their carrying amounts. Alternatively, the Company may elect to forgo the qualitative analysis and proceed directly to testing the indefinite-lived intangible asset for impairment through the quantitative impairment test. In the fourth quarter of 2014, the Company performed a qualitative assessment on all of its indefinite lived assets, except for two trade names, and determined, based on its assessment, that their fair values were more likely than not higher than their carrying values. For the remaining two trade names, the Company elected to test impairment through the quantitative test and determined that the fair value of the trade names exceeded the respective carrying values. As a result, no impairment in the carrying value of any of the Company's intangible assets was evident. The Company recorded in process research and development (IPR&D) impairment charges of $7.4 million in 2013, following its decision to abandon certain IPR&D projects. See Note 4 to the consolidated financial statements for further information related to these charges. | |
Intangible assets consisting of intellectual property, customer lists, distribution rights and trade names that do not have indefinite lives are being amortized over their estimated useful lives, which are as follows: intellectual property, 3 to 20 years; customer lists, 5 to 30 years; distribution rights, 3 to 22 years; trade names, 1 to 30 years. The weighted average amortization period is approximately 13 years. The Company periodically evaluates the reasonableness of the useful lives of these assets. | |
Long-lived assets: The Company assesses the remaining useful life and recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The evaluation is based on various analyses, including undiscounted cash flow and profitability projections that incorporate, as applicable, the impact on the existing business. Therefore, the evaluation involves significant management judgment. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. | |
Foreign currency translation: Assets and liabilities of subsidiaries with non-United States dollar denominated functional currencies are translated into United States dollars at the rates of exchange at the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the year. The translation adjustments are reported as a component of accumulated other comprehensive income. | |
Derivative financial instruments: The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates. All instruments are entered into for other than trading purposes. All derivatives are recognized on the balance sheet at fair value. Changes in the fair value of derivatives are recorded in the consolidated statement of comprehensive income (loss) as other comprehensive income, based on whether the instrument is designated as part of a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in other comprehensive income are reclassified to the consolidated statement of income (loss) in the period in which earnings are affected by the underlying hedged item. The ineffective portion of all hedges is recognized in the current period consolidated statement of income (loss). If the hedging relationship ceases to be highly effective or it becomes probable that an expected transaction will no longer occur, gains or losses on the derivative are recorded in the current period consolidated statement of income (loss). | |
Share-based compensation: The Company estimates the fair value of share-based awards on the date of grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. Share-based compensation expense related to stock options is measured using a Black-Scholes option pricing model that takes into account highly subjective and complex assumptions. The expected life of options granted is derived from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that options granted are expected to be outstanding. Expected volatility is based on a blend of historical volatility and implied volatility derived from publicly traded options to purchase the Company’s common stock, which the Company believes is more reflective of the market conditions and a better indicator of expected volatility than would be the case if the Company only used historical volatility. The risk-free interest rate is the implied yield currently available on United States Treasury zero-coupon issues with a remaining term equal to the expected life of the option. | |
Share-based compensation expense recognized is based on the value of the portion of stock-based awards that is ultimately expected to vest during the period less estimated forfeitures. Forfeitures are required to be estimated at the time of grant. To minimize fluctuations in share-based compensation expense, management reviews and revises the estimate of forfeitures for all share-based awards on a quarterly basis based on management’s expectation of the awards that will ultimately vest. | |
As previously noted, the Company modified the presentation of payments made by the Company to tax authorities for employee tax withholding obligations related to share-based compensation. | |
Income taxes: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases, and to reflect operating loss and tax credit carryforwards. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except for subsidiaries in which earnings are deemed to be permanently reinvested. | |
Significant judgment is required in determining income tax provisions and in evaluating tax positions. The Company establishes additional provisions for income taxes when, despite the belief that tax positions are supportable, there remain certain positions that do not meet the minimum probability threshold, which is a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority. In the normal course of business, the Company and its subsidiaries are examined by various federal, state and foreign tax authorities. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of its provision for income taxes. Interest accrued with respect to unrecognized tax benefits and income tax related penalties are both included in taxes on income from continuing operations. The Company periodically assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to an adjustment become known. | |
Pensions and other postretirement benefits: The Company provides a range of benefits to eligible employees and retired employees, including pensions and postretirement healthcare. The Company records annual amounts relating to these plans based on calculations which include various actuarial assumptions such as discount rates, expected rates of return on plan assets, compensation increases, turnover rates and healthcare cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when appropriate. The effect of the modifications is generally amortized over future periods. | |
Restructuring costs: Restructuring costs, which include termination benefits, facility closure costs, contract termination costs and other restructuring costs are recorded at estimated fair value. Key assumptions in calculating the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations and the timing of reductions in force. | |
Contingent consideration related to business acquisitions: In connection with business acquisitions, the Company may be required to pay future consideration that is contingent upon the achievement of specified objectives such as receipt of regulatory approval, commercialization of a product, achievement of sales targets, or the passage of time (collectively, "milestone payments"). As of the acquisition date, the Company records a contingent liability representing the estimated fair value of the contingent consideration that it expects to pay. 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 the contingent consideration obligation either is satisfied through payment upon the achievement of the specified objectives or is no longer payable due to the failure to achieve the specified objectives. The change in the fair value is recorded in the consolidated statement of income (loss). A contingent payment is classified as a financing activity in the consolidated statement of cash flows to the extent it was recorded as a liability as of the acquisition date. Any additional amount paid in excess of the amount initially accrued is classified as an operating activity in the consolidated statement of cash flows. | |
Revenue recognition: The Company recognizes revenues from product sales, including sales to distributors, or services provided when the following revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. This generally occurs when products are shipped, when services are rendered or upon customers’ acceptance. Revenues are net of estimated returns and other allowances including rebates. | |
The Company’s normal policy is to accept returns only in cases in which the product is defective and covered under the Company’s standard warranty provisions. However, in the limited cases where an arrangement provides a right of return to the customer, including a distributor, the Company believes it has the ability to reasonably estimate the amount of returns based on its substantial historical experience with respect to these arrangements. The Company accrues any costs or losses that may be expected in connection with any returns in accordance with FASB Accounting Standards Codification (“ASC”) Topic 450, “Contingencies.” Revenues and cost of goods sold are reduced to reflect estimated returns. The reserve for returns and allowances was $4.1 million and $3.3 million as of December 31, 2014 and 2013, respectively. | |
Allowances related to customer incentive programs, which include discounts or rebates, are estimated and provided for in the period that the related sales are recorded. These allowances are recorded as a reduction of revenue. The Company also offers rebates to certain distributors and records the estimated rebate as a reduction of revenue at the time of sale. In estimating rebates, the Company considers the lag time between the point of sale and the payment of the distributor’s rebate claim, distributor-specific trend analyses, contractual commitments, including stated rebate rates, historical experience with respect to specific customers and other relevant information. The Company adjusts estimated rebates based on actual experience and records the adjustment as a reduction of sales in the period of adjustment. The estimated reserve for the customer incentive programs, including distributor rebates, was $10.4 million and $7.8 million at December 31, 2014 and 2013, respectively. The Company expects the estimated rebates as of December 31, 2014 to be paid within 90 days subsequent to year-end. |
New_accounting_standards
New accounting standards | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
New accounting standards | New accounting standards |
Recently issued not yet effective | |
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. The Company has assessed these recently issued standards that are not yet effective and believes the new standards will not have a material impact on the Company’s results of operations, cash flows or financial position. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Acquisitions | Acquisitions | |||
The Company made the following acquisitions during 2014, which were accounted for as business combinations: | ||||
• | 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. | |||
• | On December 2, 2014, the Company acquired the assets of Mini-Lap Technologies, Inc. ("Mini-Lap"), a developer of micro-laparoscopic instrumentation, which complements the Company's surgical product portfolio. | |||
The aggregate total fair value of consideration for the 2014 acquisitions is estimated at $66.3 million, which included initial payments of $46.3 million in cash and $20.5 million in estimated fair value of contingent consideration (see Note 10 for additional information), partially offset by $0.5 million in favorable working capital adjustments. Transaction expenses associated with the acquisitions, which are included in selling, general and administrative expenses in the consolidated statements of income (loss) were $0.5 million for the twelve months ended December 31, 2014. For the twelve month period ended December 31, 2014, the Company recorded revenue and operating profit of $27.2 million and $3.6 million, respectively, related to the businesses acquired in 2014. The results of operations and assets of the acquired businesses are included in the consolidated statements of income (loss) 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. | ||||
The following table presents the preliminary fair value determination of the assets acquired and liabilities assumed in the acquisitions that occurred during 2014: | ||||
(Dollars in thousands) | ||||
Assets | ||||
Current assets | $ | 10,512 | ||
Property, plant and equipment | 344 | |||
Intangible assets: | ||||
Intellectual property | 37,000 | |||
Trade name | 300 | |||
Customer list | 9,335 | |||
Goodwill | 16,392 | |||
Total assets acquired | 73,883 | |||
Less: | ||||
Current liabilities | 4,769 | |||
Deferred tax liabilities | 2,800 | |||
Liabilities assumed | 7,569 | |||
Net assets acquired | $ | 66,314 | ||
The Company is continuing to evaluate the 2014 acquisitions. Further adjustments 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 related to deferred tax assets and liabilities and goodwill. | ||||
Among the acquired assets, intellectual property and the trade name have useful lives of 15 years and the customer list has a useful life of 10 years. The goodwill resulting from the acquisitions primarily reflects the synergies expected to be realized from the integration of the acquired business. Goodwill and the step-up in basis of the intangible assets in connection with stock acquisitions are not deductible for tax purposes. | ||||
The Company made the following acquisitions during 2013, which were accounted for as business combinations: | ||||
• | On December 2, 2013, the Company acquired Vidacare Corporation, 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 with a related portfolio of patented 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 estimated at $307.0 million. The results of operations of the acquired businesses and assets are included in the consolidated statements of income (loss) 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 | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 the 2014 Manufacturing Footprint Realignment Plan of approximately $37 million to $44 million, of which an estimated $26 million to $31 million are expected to result in future cash outlays. Most of these charges 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 expense associated with the 2014 Manufacturing Footprint Realignment Plan: | ||||||||||||||||||||
Type of expense | Total estimated amount expected to be incurred | |||||||||||||||||||
Termination benefits | $11 million to $13 million | |||||||||||||||||||
Facility closure and other exit costs (1) | $2 million to $3 million | |||||||||||||||||||
Accelerated depreciation charges | $10 million to $11 million | |||||||||||||||||||
Other (2) | $14 million to $17 million | |||||||||||||||||||
$37 million to $44 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. | |||||||||||||||||||
For the twelve months ended December 31, 2014, the Company recorded expenses of $14.2 million related to the 2014 Manufacturing Footprint Realignment Plan. Of this amount, $9.3 million related to termination benefits and was included in restructuring expense and $4.9 million related to accelerated depreciation and certain other costs resulting from the plan and was included in cost of goods sold. As of December 31, 2014, the Company had a restructuring reserve of $9.1 million in connection with this plan, all of which relates to termination benefits. | ||||||||||||||||||||
As the 2014 Manufacturing Footprint Realignment Plan progresses, management will reevaluate the estimated expenses and charges set forth above, and may revise its estimates, 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 recorded charges of $7.8 million for the twelve months ended December 31, 2014 related to this program, primarily pertaining to termination benefits. The Company expects future restructuring expenses associated with the 2014 European Restructuring Plan, if any, to be nominal. As of December 31, 2014, the Company had a reserve of $0.4 million in connection with the 2014 European Restructuring Plan. The Company expects to complete this plan in 2015. | ||||||||||||||||||||
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 expects to incur an aggregate of approximately $4 million in restructuring and other impairment charges over the term of these programs, of which $3.6 million has been incurred through December 31, 2014. These programs include costs related to termination benefits, contract termination costs and other exit costs. As of December 31, 2014, the Company has a reserve of $0.9 million in connection with these programs. The Company expects to complete the programs in 2015. | ||||||||||||||||||||
2013 Restructuring Charges | ||||||||||||||||||||
In 2013, the Company initiated restructuring programs to consolidate administrative and 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 approximately $11 to $12 million in restructuring and other impairment charges over the term of these programs, of which $11.0 million was incurred through December 31, 2014. These programs entail costs related to termination benefits, contract termination costs and post-closing obligations associated with acquired businesses. As of December 31, 2014, the Company had a reserve of $0.9 million in connection with these projects. The Company expects to complete the programs in 2015. | ||||||||||||||||||||
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's 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, 2012 through December 31, 2014 is set forth in the following table: | ||||||||||||||||||||
Termination | Facility Closure Costs | Contract | Other | Total | ||||||||||||||||
benefits | Termination | Restructuring | ||||||||||||||||||
Costs | Costs | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 1,744 | $ | — | $ | 277 | $ | 12 | $ | 2,033 | ||||||||||
Subsequent accruals | 3,282 | 788 | 7,906 | 176 | 12,152 | |||||||||||||||
Cash payments | (4,461 | ) | (362 | ) | (4,560 | ) | (164 | ) | (9,547 | ) | ||||||||||
Foreign currency translation | (13 | ) | 1 | 63 | (8 | ) | 43 | |||||||||||||
Balance at December 31, 2013 | 552 | 427 | 3,686 | 16 | 4,681 | |||||||||||||||
Subsequent accruals (reversals) | (29 | ) | (112 | ) | (3,188 | ) | — | (3,329 | ) | |||||||||||
Cash payments | (503 | ) | (317 | ) | (260 | ) | (4 | ) | (1,084 | ) | ||||||||||
Foreign currency translation | (20 | ) | 2 | (26 | ) | — | (44 | ) | ||||||||||||
Balance at December 31, 2014 | $ | — | $ | — | $ | 212 | $ | 12 | $ | 224 | ||||||||||
During the twelve months ended December 31, 2014, the Company reversed $3.2 million in contract termination costs due to the favorable settlement of a terminated distributor agreement. | ||||||||||||||||||||
As of December 31, 2014, the Company incurred net aggregate restructuring and other impairment charges over the term of this program of $11.4 million. The Company expects future restructuring expenses associated with this program, if any, to be nominal. The Company expects to complete the program in 2015. | ||||||||||||||||||||
2012 Restructuring Charges | ||||||||||||||||||||
In 2012, the Company initiated a program to improve the effectiveness of its supply chain by consolidating its three North American warehouses into one centralized warehouse and to 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 has incurred an aggregate of approximately $6.3 million over the term of this program. The Company expects future restructuring expenses associated with this program, if any, to be nominal. As of December 31, 2014, the Company had a reserve of $0.6 million in connection with the program. The Company expects to complete this program in 2015. | ||||||||||||||||||||
2011 Restructuring Program | ||||||||||||||||||||
In 2011, the Company initiated a restructuring program at three facilities to consolidate operations and reduce costs. In connection with this program, the Company recorded contract termination costs of approximately $2.6 million associated with a lease termination, as the Company had vacated 50% of the premises during 2011. In addition, the Company recorded approximately $0.4 million for employee termination benefits in connection with workforce consolidations. In 2013, the Company recorded an additional $0.8 million in contract termination costs and has completely exited the leased facility. This program was completed in 2013. | ||||||||||||||||||||
2007 Arrow Integration Program | ||||||||||||||||||||
In connection with the Company’s acquisition of Arrow International, Inc. (“Arrow”) in 2007, the Company implemented a program in 2007 to integrate Arrow’s businesses into the Company’s other businesses. The aspects of this program that affected legacy Teleflex employees and facilities were charged to earnings and classified as restructuring and other impairment charges. A net credit of $1.9 million with respect to the program was recorded during the year ended December 31, 2012, primarily due to a settlement of a dispute involving the termination of a European distributor agreement that was established in connection with the Company's acquisition of Arrow. This program was completed in 2013. | ||||||||||||||||||||
Impairment Charges | ||||||||||||||||||||
The Company incurred the following asset impairment charges during the twelve months ended December 31, 2013. These asset impairments were measured at fair value using significant unobservable inputs that are categorized as Level 3 under the fair value hierarchy, which is described in Note 10 to the consolidated financial statements. | ||||||||||||||||||||
• | During the fourth quarter 2013, the Company recorded a $2.9 million IPR&D charge following its decision to abandon a research and development project associated with the Company’s vascular business. | |||||||||||||||||||
• | During the third quarter 2013, the Company recorded $3.5 million in impairment charges related to assets held for sale that had a carrying value in excess of their appraised fair value. | |||||||||||||||||||
• | During the first quarter 2013, the Company recorded a $4.5 million IPR&D charge pertaining to a research and development project associated with the Company's acquisition of substantially all of the assets of Axiom Technology Partners LLC because technological feasibility had not yet been achieved and the Company determined that the subject technology had no future alternative use. | |||||||||||||||||||
There were no impairment charges recorded for the twelve months ended December 31, 2014 or 2012. | ||||||||||||||||||||
The restructuring and other impairment charges recognized for the twelve months ended December 31, 2014, 2013 and 2012 consisted of the following: | ||||||||||||||||||||
2014 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
2014 Manufacturing footprint realignment plan | $ | 9,200 | $ | — | $ | — | $ | 60 | $ | 9,260 | ||||||||||
2014 European restructuring plan | 7,237 | 1 | 345 | 225 | 7,808 | |||||||||||||||
Other 2014 restructuring programs | 552 | — | 2,754 | 244 | 3,550 | |||||||||||||||
2013 Restructuring programs | 562 | — | 249 | 22 | 833 | |||||||||||||||
LMA restructuring program | (29 | ) | (112 | ) | (3,188 | ) | — | (3,329 | ) | |||||||||||
2012 Restructuring program | (619 | ) | 354 | — | — | (265 | ) | |||||||||||||
2011 Restructuring program | — | 12 | — | — | 12 | |||||||||||||||
Total restructuring and other impairment charges | $ | 16,903 | $ | 255 | $ | 160 | $ | 551 | $ | 17,869 | ||||||||||
2013 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
2013 Restructuring programs | 4,787 | — | 3,326 | 2,117 | 10,230 | |||||||||||||||
LMA restructuring program | 3,282 | 788 | 7,906 | 176 | 12,152 | |||||||||||||||
2012 Restructuring program | 2,993 | 935 | 296 | 5 | 4,229 | |||||||||||||||
2011 Restructuring | — | 42 | 728 | — | 770 | |||||||||||||||
2007 Arrow integration program | — | 230 | — | — | 230 | |||||||||||||||
11,062 | 1,995 | 12,256 | 2,298 | 27,611 | ||||||||||||||||
Impairment charges | — | — | — | 10,841 | 10,841 | |||||||||||||||
Total restructuring and other impairment charges | $ | 11,062 | $ | 1,995 | $ | 12,256 | $ | 13,139 | $ | 38,452 | ||||||||||
2012 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
LMA restructuring program | $ | 2,229 | $ | — | $ | 274 | $ | 12 | 2,515 | |||||||||||
2012 Restructuring program | 1,681 | — | 758 | 20 | 2,459 | |||||||||||||||
2007 Arrow integration program | 20 | 230 | (2,166 | ) | (21 | ) | (1,937 | ) | ||||||||||||
Total restructuring and other impairment charges | $ | 3,930 | $ | 230 | $ | (1,134 | ) | $ | 11 | $ | 3,037 | |||||||||
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 twelve months ended December 31, 2014, 2013, and 2012 are set forth in the following table: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Restructuring and other impairment charges | ||||||||||||||||||||
Vascular North America | $ | 7,069 | $ | 5,348 | $ | (1,120 | ) | |||||||||||||
Anesthesia/Respiratory North America | 1,379 | 3,207 | 983 | |||||||||||||||||
Surgical North America | — | 6,525 | 278 | |||||||||||||||||
EMEA | 6,375 | 16,122 | 1,995 | |||||||||||||||||
Asia | 1,305 | 603 | 442 | |||||||||||||||||
OEM | — | 588 | 83 | |||||||||||||||||
All other | 1,741 | 6,059 | 376 | |||||||||||||||||
Total restructuring and other impairment charges | $ | 17,869 | $ | 38,452 | $ | 3,037 | ||||||||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories at December 31, 2014 and 2013 consisted of the following: | ||||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Raw materials | $ | 68,191 | $ | 70,209 | ||||
Work-in-process | 58,526 | 53,672 | ||||||
Finished goods | 242,750 | 242,113 | ||||||
369,467 | 365,994 | |||||||
Less: Inventory reserves | (33,874 | ) | (32,373 | ) | ||||
Inventories, net | $ | 335,593 | $ | 333,621 | ||||
Property_plant_and_equipment
Property, plant and equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment | Property, plant and equipment | |||||||
The major classes of property, plant and equipment, at cost, at December 31, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Land, buildings and leasehold improvements | $ | 194,923 | $ | 199,741 | ||||
Machinery and equipment | 320,999 | 322,060 | ||||||
Computer equipment and software | 107,743 | 102,527 | ||||||
Construction in progress | 51,834 | 55,092 | ||||||
675,499 | 679,420 | |||||||
Less: Accumulated depreciation | (358,064 | ) | (353,520 | ) | ||||
Property, plant and equipment, net | $ | 317,435 | $ | 325,900 | ||||
Goodwill_and_other_intangible_
Goodwill and other intangible assets | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Goodwill and other intangible assets | Goodwill and other intangible assets | |||||||||||||||||||||||||||
Changes in the carrying amount of goodwill, by reporting segment, for the twelve months ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
Vascular North America | Anesthesia/Respiratory North America | Surgical North America | EMEA | Asia | All Other | Total | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||||||||||
Goodwill | $ | 459,696 | $ | 167,195 | $ | 250,506 | $ | 373,417 | $ | 136,946 | $ | 298,571 | $ | 1,686,331 | ||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
240,169 | 60,122 | 250,506 | 373,417 | 136,946 | 293,043 | 1,354,203 | ||||||||||||||||||||||
Goodwill related to acquisitions | — | — | 406 | 15,986 | — | $ | 16,392 | |||||||||||||||||||||
Translation adjustment | — | (681 | ) | — | (34,388 | ) | (8,220 | ) | (3,753 | ) | (47,042 | ) | ||||||||||||||||
Balance as of December 31, 2014 | ||||||||||||||||||||||||||||
Goodwill | 459,696 | 166,514 | 250,912 | 339,029 | 144,712 | 294,818 | 1,655,681 | |||||||||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
$ | 240,169 | $ | 59,441 | $ | 250,912 | $ | 339,029 | $ | 144,712 | $ | 289,290 | $ | 1,323,553 | |||||||||||||||
Vascular North America | Anesthesia/Respiratory North America | Surgical North America | EMEA | Asia | All Other | Total | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||||||||||||||
Goodwill | $ | 407,090 | $ | 167,942 | $ | 245,794 | $ | 353,282 | $ | 139,469 | $ | 257,003 | 1,570,580 | |||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
187,563 | 60,869 | 245,794 | 353,282 | 139,469 | 251,475 | 1,238,452 | ||||||||||||||||||||||
Goodwill related to acquisitions | 52,606 | — | 4,712 | 17,922 | 6,394 | 41,650 | 123,284 | |||||||||||||||||||||
Translation adjustment | — | (747 | ) | — | 2,213 | (8,917 | ) | (82 | ) | (7,533 | ) | |||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||||||||||
Goodwill | 459,696 | 167,195 | 250,506 | 373,417 | 136,946 | 298,571 | 1,686,331 | |||||||||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
$ | 240,169 | $ | 60,122 | $ | 250,506 | $ | 373,417 | $ | 136,946 | $ | 293,043 | $ | 1,354,203 | |||||||||||||||
Intangible assets at December 31, 2014 and 2013 consisted of the following: | ||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Customer lists | $ | 624,574 | $ | 628,020 | $ | (192,876 | ) | $ | (168,223 | ) | ||||||||||||||||||
In-process research and development | 68,694 | 68,786 | — | — | ||||||||||||||||||||||||
Intellectual property | 467,068 | 435,869 | (146,131 | ) | (118,086 | ) | ||||||||||||||||||||||
Distribution rights | 16,101 | 16,797 | (14,243 | ) | (14,592 | ) | ||||||||||||||||||||||
Trade names | 396,269 | 407,879 | (2,764 | ) | (1,148 | ) | ||||||||||||||||||||||
Noncompete agreements | 337 | 337 | (309 | ) | (42 | ) | ||||||||||||||||||||||
$ | 1,573,043 | $ | 1,557,688 | $ | (356,323 | ) | $ | (302,091 | ) | |||||||||||||||||||
As of December 31, 2014, trade names of $359.3 million and all of the IPR&D are considered indefinite lived. Acquired in-process research and development is indefinite-lived until the completion of the associated efforts, at which point amortization of the carrying value of the technology will commence. | ||||||||||||||||||||||||||||
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. As previously disclosed, the Company experienced difficulties with respect to the development of the Semprus technology and was devoting further research and testing towards attempting to resolve the issue. As a result of these efforts, the Company believes it has resolved the issue and is focused on seeking regulatory approval and engaging in additional research and development efforts to achieve commercialization of this technology. Despite this progress, significant challenges to commercialization of the Semprus technology remain, and the Company ultimately may find it necessary to recognize future impairment charges with respect to the related assets, which could be material. As of December 31, 2014, the Company has recorded IPR&D intangible assets of approximately $41.0 million related to this investment which are recorded in intangible assets, net. | ||||||||||||||||||||||||||||
Amortization expense related to intangible assets was $60.9 million, $50.6 million, and $44.3 million for the twelve months ended December 31, 2014, 2013 and 2012, respectively. Estimated annual amortization expense for each of the five succeeding years is as follows: | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
2015 | $ | 55,750 | ||||||||||||||||||||||||||
2016 | 55,400 | |||||||||||||||||||||||||||
2017 | 54,950 | |||||||||||||||||||||||||||
2018 | 54,700 | |||||||||||||||||||||||||||
2019 | 54,500 | |||||||||||||||||||||||||||
Borrowings
Borrowings | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Borrowings | Borrowings | |||||||||||
The Company's debt obligations at December 31, 2014 and 2013 are set forth in the following table: | ||||||||||||
2014 | 2013 | |||||||||||
(Dollars in thousands) | ||||||||||||
Senior Credit Facility: | ||||||||||||
Revolving credit facility, at a rate of 1.92% at December 31, 2014 and 2013, due July 16, 2018 | $ | 200,000 | $ | 680,000 | ||||||||
3.875% Convertible Senior Subordinated Notes due 2017 | 399,898 | 400,000 | ||||||||||
6.875% Senior Subordinated Notes due 2019 | 250,000 | 250,000 | ||||||||||
5.25% Senior Notes due 2024 | 250,000 | — | ||||||||||
Securitization program, at a rate of 0.92% at December 31, 2014 and 2013 | 4,700 | 4,700 | ||||||||||
1,104,598 | 1,334,700 | |||||||||||
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes due 2017 | (36,197 | ) | (48,413 | ) | ||||||||
1,068,401 | 1,286,287 | |||||||||||
Current borrowings | (368,401 | ) | (356,287 | ) | ||||||||
Long-term borrowings | $ | 700,000 | $ | 930,000 | ||||||||
Senior Credit Facility | ||||||||||||
On July 16, 2013, the Company replaced its $775 million senior credit facility comprised of a $375 million term loan and a $400 million revolving credit facility with a new $850 million senior credit facility consisting solely of a revolving credit facility. In connection with this transaction, the Company incurred transaction fees of $6.4 million, which were recorded as a deferred asset and are being amortized over the term of the facility. Additionally, during the third quarter 2013, in connection with the early repayment of its $375 million term loan, the Company recognized expense of approximately $1.3 million resulting from the write-off of unamortized debt issuance costs. The Company borrowed $382.0 million at the inception of the new $850 million senior credit facility and an additional $298.0 million under the senior credit facility to fund the purchase of the Vidacare business. In 2014, the Company used $245 million of the proceeds from the issuance of the 5.25% Senior Notes due 2024 (the “2024 Notes”) to repay borrowings under its revolving credit facility. See Note 3 to the consolidated financial statements. | ||||||||||||
The new $850 million senior credit facility bears interest at an applicable rate elected by the Company generally equal to either the “base rate” (the greater of either the federal funds effective rate plus 0.5%, the prime rate or one month LIBOR plus 1.0%) plus an applicable margin of 0.25% to 1.00%, or a “LIBOR rate” for the period corresponding to the applicable interest period of the borrowings plus an applicable margin of 1.25% to 2.00%. As of December 31, 2014, the interest rate on the $850 million senior credit facility was 1.92% (comprised of the LIBOR rate of 0.17% plus a margin of 1.75%). The obligations under the senior credit facility are guaranteed (subject to certain exceptions) by substantially all of the material domestic subsidiaries of the Company and (subject to certain exceptions and limitations) secured by a pledge on substantially all of the equity interests owned by the Company and each guarantor. | ||||||||||||
As of December 31, 2014, the Company had outstanding irrevocable standby letters of credit of approximately $6.0 million with various third parties. The letters of credit, which expire in 2015, reduce the amount of available funds under our revolving credit facility by an equal amount. | ||||||||||||
Convertible Notes | ||||||||||||
On August 9, 2010, the Company issued $400.0 million of its 3.875% Convertible Senior Subordinated Notes due 2017 (the “Convertible Notes”). The Company pays interest on the Convertible Notes semi-annually on February 1 and August 1 of each year at a rate of 3.875% per year. The Convertible Notes mature on August 1, 2017. The Convertible Notes are the Company’s unsecured senior subordinated obligations and are (i) not guaranteed by any of the Company’s subsidiaries; (ii) subordinated in right of payment to all of the Company’s existing and future senior indebtedness; and (iii) junior to the Company’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. | ||||||||||||
The Convertible Notes are convertible at the option of the holder upon the occurrence of any of the following circumstances (i) during any fiscal quarter, if the last reported sale price of the Company’s common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter exceeds 130% of the conversion price on each applicable trading day; or (ii) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of Convertible Notes is less than 98% of the product of the last reported sale price of the common stock and the applicable conversion rate on each trading day during the measurement period; or (iii) upon the occurrence of specified corporate events; or (iv) at any time on or after May 1, 2017 up to and including July 28, 2017. The Convertible Notes are convertible at a conversion rate of 16.3084 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of approximately $61.32. The conversion rate is subject to adjustment upon certain events. Upon conversion, the Company’s conversion obligation may be satisfied, at the Company’s option, in shares of common stock, cash or a combination of cash and shares of common stock. The Company has elected a net-settlement method to satisfy its conversion obligation. Under the net-settlement method, the Company will settle the $1,000 principal amount of the Convertible Notes in cash and settle the excess conversion value in shares, plus cash in lieu of fractional shares. | ||||||||||||
Since the fourth quarter 2013, the Company's last reported sale price has exceeded the 130% threshold described above and accordingly the Convertible Notes have been classified as a current liability as of December 31, 2014 and 2013. The determination of whether or not the Convertible Notes are convertible as described above is made each quarter until maturity, conversion or repurchase. Consequently, it is possible that the Convertible Notes may not be convertible in one or more future quarters, in which case the Convertible Notes would again be classified as long-term debt, unless one of the other conversion contingencies described above were to be satisfied. While the Company believes it has sufficient liquidity to repay the principal amount due through a combination of utilizing its existing cash on hand and accessing its credit facility, the Company's use of these funds could adversely affect its results of operations and liquidity. | ||||||||||||
In connection with the issuance of the Convertible Notes, the Company entered into convertible note hedge transactions with two counterparties pursuant to which it purchased call options for $88.0 million ($56.0 million net of tax) in private transactions. The call options enable the Company to receive, in effect for no additional consideration, shares of the Company’s common stock and/or cash from counterparties equal to the amounts of common stock and/or cash related to the excess value over the conversion price that it would pay to the holders of the Convertible Notes upon conversion. These call options will terminate upon the earlier of July 28, 2017 or the first day all of the related Convertible Notes are no longer outstanding due to conversion or otherwise. | ||||||||||||
The Company also entered into privately negotiated warrant transactions with the same counterparties generally relating to the same number of shares of common stock with each of the option counterparties. Under certain circumstances, the Company may be required under the terms of the warrant transactions to issue up to 7,981,422 shares of common stock (subject to adjustments). The warrants have been divided into components that expire ratably over a 180 day period commencing November 1, 2017. The strike price of the warrants is approximately $74.65 per share of common stock, subject to customary anti-dilution adjustments. Proceeds received from the issuance of the warrants totaled approximately $59.4 million. | ||||||||||||
The convertible note hedge and warrant transactions described above are intended to reduce the potential dilution with respect to the Company’s common stock and/or reduce the Company’s exposure to potential cash payments that the Company may be required to make upon conversion of the Convertible Notes by, in effect, increasing the conversion price, from the Company’s economic standpoint, to $74.65 per share. However, the warrant transactions could have a dilutive effect with respect to the common stock or, if the Company so elects, obligate the Company to make cash payments to the extent that the market price per share of common stock exceeds $74.65 per share on any expiration date of the warrants. | ||||||||||||
The Company allocated the proceeds of the Convertible Notes between the liability and equity components of the debt. The initial $316.3 million liability component was determined based on the fair value of a similar debt instrument excluding the conversion feature. The initial $83.7 million ($53.3 million net of tax) equity component represented the difference between the fair value or carrying value of $316.3 million of the debt and the $400.0 million of proceeds. The related debt discount of $83.7 million is being amortized under the interest method over the remaining life of the Convertible Notes, which, at December 31, 2014, is approximately 2.6 years. An effective interest rate of 7.814% was used to calculate the debt discount on the Convertible Notes. The following table provides interest expense amounts related to the Convertible Notes for the periods presented: | ||||||||||||
(in millions) | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||
Interest cost related to contractual interest coupon | $ | 15.5 | $ | 15.5 | $ | 15.5 | ||||||
Interest cost related to amortization of the discount | $ | 12.2 | $ | 11.3 | $ | 10.5 | ||||||
The following table provides the carrying value of the Convertible Notes as of December 31, 2014 and 2013: | ||||||||||||
(in millions) | 31-Dec-14 | 31-Dec-13 | ||||||||||
Principal amount of the Convertible Notes | $ | 399.9 | $ | 400 | ||||||||
Unamortized discount | (36.2 | ) | (48.4 | ) | ||||||||
Net carrying amount | $ | 363.7 | $ | 351.6 | ||||||||
6.875% Senior Subordinated Notes | ||||||||||||
On June 13, 2011, the Company issued $250.0 million of 6.875% Senior Subordinated Notes due 2019 (the “2019 Notes”). The Company pays interest on the 2019 Notes semi-annually on June 1 and December 1. The 2019 Notes will mature on June 1, 2019, unless earlier redeemed by the Company at its option, as described below, 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 relating to the 2019 Notes). | ||||||||||||
The 2019 Notes constitute the Company’s general unsecured senior subordinated obligations and are subordinated in right of payment to all of the Company’s existing and future senior indebtedness, including the Company’s indebtedness under its senior credit facilities, and are equal in right of payment with all of the Company’s existing and future senior subordinated indebtedness, including the Company’s Convertible Notes. The obligations under the 2019 Notes are guaranteed, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is a guarantor or other obligor under the Company’s senior credit facilities and by certain of the Company’s other domestic subsidiaries. The guarantees are full and unconditional, subject to certain customary automatic release provisions. The guarantees of the 2019 Notes are subordinated in right of payment to all of the existing and future senior indebtedness of such Guarantors and are equal in right of payment with all of the future senior subordinated indebtedness of such Guarantors. The 2019 Notes and the guarantees are junior to the existing and future secured indebtedness of the Company and the Guarantors to the extent of the value of the assets securing such indebtedness and will be structurally subordinated to all of the existing and future indebtedness and other liabilities of the Company’s non-guarantor subsidiaries. | ||||||||||||
At any time on or after June 1, 2015, the Company may redeem some or all of the 2019 Notes at a redemption price of 103.438% of the principal amount of the 2019 Notes subject to redemption, declining, in annual increments of 1.719%%, to 100% of the principal amount on June 1, 2017, plus accrued and unpaid interest. In addition, at any time prior to June 1, 2015, the Company may, on one or more occasions, redeem some or all of the 2019 Notes at a redemption price equal to 100% of the principal amount of the 2019 Notes redeemed plus a “make-whole” premium and any accrued and unpaid interest. The “make-whole” premium is the greater of (i) 1.0% of the principal amount of the 2019 Notes subject to redemption or (ii) the excess, if any, over the principal amount of the 2019 Notes of the present value, on the redemption date, of the sum of (a) the June 1, 2015 optional redemption price, plus (b) all required interest payments on the 2019 Notes through June 1, 2015 (other than accrued and unpaid interest to the redemption date), calculated based on a specified Treasury rate for the period most closely corresponding to the period from the redemption date to June 1, 2015, plus 50 basis points. | ||||||||||||
The 2019 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, and pay dividends on, repurchase or make distributions in respect of capital stock. | ||||||||||||
5.25% Senior Notes | ||||||||||||
On May 21, 2014, the Company issued $250 million of its 2024 Notes. The Company pays interest on the 2024 Notes semi-annually on June 15 and December 15, at a rate of 5.25% per year. The 2024 Notes will mature on June 15, 2024, unless earlier redeemed by the Company at its option, as described below, 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). 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. As previously mentioned, 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 100% 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 100% owned domestic subsidiaries. The guarantees are subject to certain customary automatic release provisions. | ||||||||||||
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 indenture relating to the 2024 Notes contains 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, and pay dividends on, repurchase or make distributions in respect of capital stock. | ||||||||||||
Securitization Program | ||||||||||||
The Company has an accounts receivable securitization facility under which accounts receivable of certain domestic subsidiaries are sold on a non-recourse basis to a special purpose entity (“SPE”), which is a bankruptcy-remote, consolidated subsidiary of Teleflex. Accordingly, the assets of the SPE are not available to satisfy the obligations of Teleflex or any of its subsidiaries. The SPE sells undivided interests in those receivables to an asset backed commercial paper conduit for consideration of up to $50.0 million. As of December 31, 2014, the maximum amount available for borrowing under this facility was $45.3 million. This facility is utilized from time to time for increased flexibility in funding short term working capital requirements. The agreement governing the accounts receivable securitization facility contains certain covenants and termination events. An occurrence of an event of default or a termination event under this facility may give rise to the right of its counterparty to terminate this facility. As of December 31, 2014 and 2013, the Company had $4.7 million of outstanding borrowings under its accounts receivable securitization facility. | ||||||||||||
Fair Value of Long-Term Debt | ||||||||||||
The carrying amount of long-term debt reported in the consolidated balance sheet as of December 31, 2014 is $1,068.4 million. The Company uses a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration, optionality, and risk profile to determine the fair value of its debt. 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 by fair value hierarchy level (see Note 10 to the consolidated financial statements for further information) as of December 31, 2014 and 2013: | ||||||||||||
Fair value of debt | ||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||
(Dollars in thousands) | ||||||||||||
Level 1 | $ | 1,024,806 | $ | 899,390 | ||||||||
Level 2 | 455,222 | 648,712 | ||||||||||
Total | $ | 1,480,028 | $ | 1,548,102 | ||||||||
Debt Maturities | ||||||||||||
As of December 31, 2014, the aggregate amounts of long-term debt, demand loans and debt under the Company’s securitization program that will mature during each of the next four fiscal years and thereafter were as follows: | ||||||||||||
(Dollars in thousands) | ||||||||||||
2015(1) | $ | 404,598 | ||||||||||
2016 | — | |||||||||||
2017 | — | |||||||||||
2018 | 200,000 | |||||||||||
2019 and thereafter | 500,000 | |||||||||||
-1 | The Convertible Notes are included in amounts that will mature in 2015 because, at December 31, 2014, they were convertible in accordance with their terms, which are described in more detail above in this section under “Convertible Notes.” |
Financial_instruments
Financial instruments | 12 Months Ended | |||||||||||
Dec. 31, 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 consolidated statement of income (loss) 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 consolidated statement of income (loss) in the period in which such gains and losses occur. As of December 31, 2014 and 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 years ended December 31, 2014, 2013 and 2012: | ||||||||||||
After Tax Gain/(Loss) | ||||||||||||
Recognized in OCI | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Interest rate swap | $ | — | $ | — | $ | 7,032 | ||||||
Foreign currency exchange contracts | — | 381 | (156 | ) | ||||||||
Total | $ | — | $ | 381 | $ | 6,876 | ||||||
See Note 11 to the consolidated financial statements 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. | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, there was no ineffectiveness related to the Company’s derivatives. | ||||||||||||
During 2012, the Company entered into forward exchange contracts for Singapore dollars and U.S. dollars in anticipation of its acquisition of the LMA business. In accordance with applicable accounting guidance, a forecasted transaction is not eligible for hedge accounting if the forecasted transaction involves a business combination. Therefore, gains and losses relating to this arrangement were recognized as incurred. The Company realized a pre-tax loss of $7.6 million upon settlement of the forward exchange contracts in 2012. | ||||||||||||
In 2011, the Company terminated its interest rate swap covering a notional amount of $350 million designated as a hedge against the variability of the cash flows in the interest payments under the Company's previously outstanding term loan. During 2012, all remaining losses associated with this interest rate swap were reclassified from AOCI to the consolidated statement of income. | ||||||||||||
Concentration of Credit Risk | ||||||||||||
Concentration 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 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 $8.8 million and $10.7 million at December 31, 2014 and 2013, respectively. The current portion of the allowance for doubtful accounts at December 31, 2014 and 2013 of $2.4 million and $5.2 million, respectively, is presented as part of accounts receivable, net. The allowance for doubtful accounts on receivables outstanding for greater than one year at December 31, 2014 and 2013 of $6.4 million and $5.5 million, respectively, is presented as part of other assets. | ||||||||||||
In light of the disruptions in global economic markets, the Company instituted enhanced measures, within countries for which the Company has collectability concerns, to facilitate customer-by-customer risk assessment when estimating the allowance for doubtful accounts. Such measures included, 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, with respect to certain 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 any limitations on the availability of government funding and reimbursement practices. | ||||||||||||
Certain of the Company’s customers, particularly in Europe, have extended or delayed payments for products and services already provided, resulting in potential collectability concerns regarding the Company's accounts receivable from these customers, for the most part in Greece, Italy, Spain and Portugal. If the financial condition of these customers or the healthcare systems in these countries deteriorate to the extent 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 customers in Spain, Italy, Greece and Portugal and the percentage of the Company’s total net current and long-term accounts receivable represented by the net current and long-term accounts receivables for customers in those countries at December 31, 2014 and 2013 are as follows: | ||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||
(Dollars in thousands) | ||||||||||||
Current and long-term accounts receivable (net of allowances of $8.1 million and $7.9 million in 2014 and 2013, respectively) in Spain, Italy, Greece and Portugal (1) | $ | 76,190 | $ | 97,852 | ||||||||
Percentage of total net current and long-term accounts receivables | 27.3 | % | 31 | % | ||||||||
(1) The long-term portion of accounts receivable, net from customers in Spain, Italy, Greece and Portugal at December 31, 2014 and 2013 was $11.3 million and $17.6 million, respectively, and is reported in other assets. | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, net revenues from customers in Spain, Italy, Greece and Portugal were $150.5 million, $142.6 million and $132.5 million, respectively. |
Fair_value_measurement
Fair value measurement | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair value measurement | Fair value measurement | |||||||||||||||
Fair value is defined as the exit price that would be received from the sale of an asset or paid to transfer a liability, using assumptions that market participants would use in pricing an asset or liability. The FASB's fair value guidance establishes a three-level hierarchy of the inputs (i.e., assumptions that market participants would use in pricing an asset or liability) used to measure fair value, which is designed to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. The levels within the hierarchy are as follows: | ||||||||||||||||
Level 1 inputs — quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | ||||||||||||||||
Level 2 inputs — inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include: | ||||||||||||||||
1 | Quoted prices for similar assets or liabilities in active markets. | |||||||||||||||
2 | Quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||
3 | Inputs other than quoted prices that are observable for the asset or liability. | |||||||||||||||
4 | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||||||||||
Level 3 inputs — unobservable inputs for the asset or liability. Unobservable inputs may be used to measure fair value only when observable inputs are not available. Unobservable inputs reflect the Company’s views about the assumptions market participants would use in pricing the asset or liability in achieving the fair value measurement objective of an exit price perspective. An exit price is the price that would be received to sell an asset or paid to transfer a liability. | ||||||||||||||||
The following tables provide information regarding the financial assets and liabilities reported at fair value and measured on a recurring basis as of December 31, 2014 and 2013: | ||||||||||||||||
Total carrying | Quoted prices in | Significant | Significant | |||||||||||||
value at | active markets | other | unobservable | |||||||||||||
December 31, | (Level 1) | observable | inputs (Level 3) | |||||||||||||
2014 | inputs (Level 2) | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Investments in marketable securities | $ | 6,863 | $ | 6,863 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 33,433 | — | — | 33,433 | ||||||||||||
Total carrying | Quoted prices in | Significant | Significant | |||||||||||||
value at | active markets | other | unobservable | |||||||||||||
December 31, | (Level 1) | observable | inputs (Level 3) | |||||||||||||
2013 | inputs (Level 2) | |||||||||||||||
(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 inputs within the valuation hierarchy during the twelve months ended December 31, 2014 or 2013. | ||||||||||||||||
The following table provides information regarding changes in financial liabilities, the fair value of which is based on Level 3 inputs, related to contingent consideration in connection with various Company acquisitions, including those described in Note 3 to the consolidated financial statements, during the twelve months ended December 31, 2014 and 2013: | ||||||||||||||||
Contingent consideration | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Beginning balance – January 1 | $ | 20,313 | $ | 51,196 | ||||||||||||
Initial estimate upon acquisition | 20,538 | — | ||||||||||||||
Payment | — | (18,880 | ) | |||||||||||||
Revaluations | (7,418 | ) | (11,982 | ) | ||||||||||||
Translation adjustment | — | (21 | ) | |||||||||||||
Ending balance – December 31 | $ | 33,433 | $ | 20,313 | ||||||||||||
The Company reduced contingent consideration liabilities and selling, general and administrative expense by $8.2 million and $12.3 million for the years ended December 31, 2014 and 2013, respectively. These reductions were the result of changes in the estimated probability that specified objectives on which the contingent consideration is conditioned will be achieved. | ||||||||||||||||
See Note 8 to the consolidated financial statements for a discussion of the fair value of the Company’s long-term debt. | ||||||||||||||||
Valuation Techniques Used to Determine Fair Value | ||||||||||||||||
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 satisfy benefit obligations under Company benefit plans and other arrangements. The investment assets of the trust are valued using quoted market prices. | ||||||||||||||||
The Company’s financial assets and 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. As of December 31, 2014 and 2013, there are no open forward contracts. See Note 9 to the consolidated financial statements for additional information. | ||||||||||||||||
The Company’s financial liabilities valued based upon Level 3 inputs are contingent consideration arrangements pertaining to the Company’s acquisitions. The Company estimates that contingent consideration payments will occur in 2015 and extend until 2029. As of December 31, 2014, the range of undiscounted amounts the Company could be required to pay under contingent consideration arrangements is between $15.0 million and $83.0 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, which therefore constitute Level 3 inputs within the valuation hierarchy. The fair value of the contingent consideration liability associated with possible future payments of contingent consideration is based on several factors including: | ||||||||||||||||
• | estimated cash flows projected from the success of market launches; | |||||||||||||||
• | the estimated time and resources needed to complete the development of acquired technologies; | |||||||||||||||
• | the uncertainty of obtaining regulatory approvals within the required time periods; and | |||||||||||||||
• | 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 the contingent consideration liabilities measured by Level 3 inputs: | ||||||||||||||||
Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||
Contingent consideration | Discounted cash flow | Discount rate | 2.3% - 10% (7.0%) | |||||||||||||
Probability of payment | 0% - 100% (52.6%) | |||||||||||||||
As of December 31, 2014, the Company recorded $33.4 million of total liabilities for contingent consideration, of which $11.3 million and $22.1 million were recorded as the current portion of contingent consideration and Other liabilities, respectively, in the consolidated balance sheet. |
Shareholders_equity
Shareholders' equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Shareholders' equity | Shareholders' equity | |||||||||||||||
The authorized capital of the Company is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last four years. | ||||||||||||||||
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 generation 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 agreement) exceeds certain levels, which may limit the Company’s ability to repurchase shares under this Board authorization. Through December 31, 2014, no shares have been purchased under this Board authorization. | ||||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased for dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(Shares in thousands) | ||||||||||||||||
Basic | 41,366 | 41,105 | 40,859 | |||||||||||||
Dilutive effect of share based awards | 450 | 410 | — | |||||||||||||
Dilutive effect of 3.875% Convertible Notes and warrants | 4,654 | 2,178 | — | |||||||||||||
Diluted | 46,470 | 43,693 | 40,859 | |||||||||||||
Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were approximately 6.3 million, 7.7 million and 9.0 million for the twelve months ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
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, the impact of conversion would be dilutive and the dilutive effect of conversion of the Convertibles Notes is reflected in diluted earnings per share. As previously noted in Note 8, the Company has elected the net settlement method of accounting for these conversions and as a result, in these periods, under the treasury stock method, the Company calculates the number of shares issuable under the terms of these notes based on the average market price of the stock during the period, and includes 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 the Company separately analyzes the impact of the convertible note hedge and the impact of the warrant agreements on diluted weighted average shares outstanding, the effect of the convertible note hedges are disregarded because their impact would be anti-dilutive. The reductions in diluted shares that would result from the convertible note hedges are 2.7 million, 1.6 million, and 0.3 million for the twelve month periods ended December 31, 2014, 2013 and 2012, respectively. The treasury stock method is applied when the warrants are in-the-money, assuming 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 1.9 million and 0.6 million for the twelve month periods ended December 31, 2014 and 2013, respectively. The warrants had no dilutive impact for the twelve month period ended December 31, 2012. For additional information regarding the convertible notes and convertible note hedge and warrant agreements, see Note 8 to the consolidated financial statements. | ||||||||||||||||
The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the twelve months ended December 31, 2014 and 2013: | ||||||||||||||||
Cash Flow | Pension and | Foreign | Accumulated | |||||||||||||
Hedges | Other | Currency | Other | |||||||||||||
Postretirement | Translation | Comprehensive | ||||||||||||||
Benefit Plans | Adjustment | Income (Loss) | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2012 | $ | (381 | ) | $ | (127,257 | ) | $ | (4,410 | ) | $ | (132,048 | ) | ||||
Other comprehensive income (loss) before reclassifications | (549 | ) | 25,464 | (9,408 | ) | 15,507 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 930 | 4,756 | — | 5,686 | ||||||||||||
Net current-period other comprehensive income (loss) | 381 | 30,220 | (9,408 | ) | 21,193 | |||||||||||
Balance at December 31, 2013 | — | (97,037 | ) | (13,818 | ) | (110,855 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 594 | (47,536 | ) | (105,333 | ) | (152,275 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (594 | ) | 2,829 | — | 2,235 | |||||||||||
Net current-period other comprehensive loss | — | (44,707 | ) | (105,333 | ) | (150,040 | ) | |||||||||
Balance at December 31, 2014 | $ | — | $ | (141,744 | ) | $ | (119,151 | ) | $ | (260,895 | ) | |||||
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 twelve months ended December 31, 2014 and 2013: | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Gains and losses on foreign exchange contracts: | ||||||||||||||||
Cost of goods sold | (705 | ) | 884 | |||||||||||||
Total before tax | (705 | ) | 884 | |||||||||||||
Taxes | 111 | 46 | ||||||||||||||
Net of tax | $ | (594 | ) | $ | 930 | |||||||||||
Amortization of pension and other postretirement benefits items (1): | ||||||||||||||||
Actuarial losses | $ | 4,385 | $ | 7,211 | ||||||||||||
Prior-service costs | (21 | ) | (21 | ) | ||||||||||||
Transition obligation | — | 5 | ||||||||||||||
Total before tax | 4,364 | 7,195 | ||||||||||||||
Tax benefit | (1,535 | ) | (2,439 | ) | ||||||||||||
Net of tax | $ | 2,829 | $ | 4,756 | ||||||||||||
Total reclassifications, net of tax | $ | 2,235 | $ | 5,686 | ||||||||||||
-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 14 to the consolidated financial statements for additional information). |
Stock_compensation_plans
Stock compensation plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share-based Compensation [Abstract] | |||||||||||||
Stock compensation plans | Stock compensation plans | ||||||||||||
In May of 2014, the shareholders of the Company approved the Teleflex Incorporated 2014 Stock Incentive Plan (the "2014 Plan") which replaced the Company's 2008 Stock Incentive Plan and 2000 Stock Compensation Plan (the "Prior Plans"), under which stock options and restricted stock awards previously were granted. The 2014 Plan provides for several different kinds of awards, including stock options, stock appreciation rights, stock awards and other stock-based awards to directors, officers and key employees. Under the 2014 Plan, the Company is authorized to issue up to 5.3 million shares of common stock, subject to adjustment in accordance with special share counting rules in the 2014 Plan that, among other things, (i) count shares underlying a stock option or stock appreciation right (each, an "option award") as one share and each share underlying any other type of award (a "stock award") as 1.8 shares, (ii) increases the shares the Company is authorized to issue by one or 1.8 shares for each share underlying an option award or stock award, respectively, under the Prior Plans that have been cancelled, expired, settled in cash or forfeited after December 31, 2013 and (iii) decrease the number of shares the Company is authorized to issue by one share and 1.8 shares for each share underlying an option award or stock award, respectively, granted under the Prior Plans between January 1, 2014 and the May 2, 2014 adoption of the 2014 Plan by the Company's stockholders. Options granted under the 2014 Plan have an exercise price equal to the closing price of the Company's common stock on the date of the grant. In 2014, the Company granted incentive and non-qualified options to purchase 343,580 shares of common stock and granted restricted stock units representing 116,258 shares of common stock under the 2014 Plan. The unrecognized compensation expense for these awards as of the grant date was $17.6 million, which will be recognized over the vesting period of the awards. As of December 31, 2014, 4,903,018 shares were available for future grants under the 2014 Plan. | |||||||||||||
Share-based compensation expense for 2014, 2013 and 2012 was $12.2 million, $11.9 million and $8.6 million, respectively, and is included in selling, general and administrative expenses. The total income tax benefit recognized for share-based compensation arrangements for 2014, 2013 and 2012 was $3.3 million, $3.8 million and $2.7 million, respectively. The higher share-based compensation expense in 2014 and 2013 is primarily due to the increase in the market price of the Company’s common stock. | |||||||||||||
The fair value of options granted in 2014, 2013 and 2012 was estimated at the date of grant using a multiple point Black-Scholes option pricing model. The following weighted-average assumptions were used: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 1.45 | % | 0.75 | % | 0.81 | % | |||||||
Expected life of option | 4.89 years | 4.87 years | 4.85 years | ||||||||||
Expected dividend yield | 1.34 | % | 1.73 | % | 2.28 | % | |||||||
Expected volatility | 21.44 | % | 24.65 | % | 28.46 | % | |||||||
The fair value for non-vested equity awards granted in 2014, 2013 and 2012 was estimated at the date of grant based on the market price for the underlying stock on the grant date discounted for the risk free interest rate and the present value of expected dividends over the vesting period. The following weighted-average assumptions were used: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 0.65 | % | 0.36 | % | 0.37 | % | |||||||
Expected dividend yield | 1.34 | % | 1.71 | % | 2.24 | % | |||||||
The Company applied a simplified method to establish the beginning balance of the additional paid-in capital pool (“APIC Pool”) related to the tax effects of employee stock-based compensation and to determine the subsequent impact on the APIC Pool and consolidated statements of cash flows of the tax effects of employee stock-based compensation awards that are outstanding. | |||||||||||||
The following table summarizes the option activity during 2014: | |||||||||||||
Shares Subject to Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life In Years | Aggregate | ||||||||||
Intrinsic | |||||||||||||
Value | |||||||||||||
(Dollars in thousands) | |||||||||||||
Outstanding, beginning of the year | 1,279,480 | $ | 65.05 | ||||||||||
Granted | 343,580 | 101.45 | |||||||||||
Exercised | (362,719 | ) | 60.86 | ||||||||||
Forfeited or expired | (26,669 | ) | 87.37 | ||||||||||
Outstanding, end of the year | 1,233,672 | 75.93 | 7.3 | $ | 47,974 | ||||||||
Exercisable, end of the year | 647,425 | $ | 64.82 | 6.1 | $ | 32,373 | |||||||
The weighted average grant date fair value for options granted during 2014, 2013 and 2012 was $18.01, $14.30 and $11.78, respectively. The total intrinsic value of options exercised was $15.4 million, $4.1 million and $2.7 million during 2014, 2013 and 2012, respectively. As of December 31, 2014, the unamortized share-based compensation cost related to non-vested stock options, net of expected forfeitures, was $5.4 million, which is expected to be recognized over a weighted-average period of 1.8 years. New shares of the Company’s common stock are issued upon exercises of options. | |||||||||||||
The Company recorded $4.6 million of expense related to the portion of the shares underlying options that vested during 2014, which is included in selling, general and administrative expenses. | |||||||||||||
The following table summarizes the non-vested restricted stock unit activity during 2014: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Non-Vested | Average | Average | Intrinsic | ||||||||||
Shares | Grant-Date | Remaining | Value | ||||||||||
Fair Value | Contractual | ||||||||||||
Life In Years | |||||||||||||
(Dollars in thousands) | |||||||||||||
Outstanding, beginning of the year | 353,357 | $ | 62.49 | ||||||||||
Granted | 116,258 | 97.87 | |||||||||||
Vested | (128,101 | ) | 57.57 | ||||||||||
Forfeited | (27,811 | ) | 71.63 | ||||||||||
Outstanding, end of the year | 313,703 | 76.8 | 1.2 | $ | 36,019 | ||||||||
The Company issued 116,258, 148,191 and 178,690 of non-vested restricted stock units in 2014, 2013 and 2012, respectively, the majority of which vest on the third anniversary of the grant date (cliff vesting). The weighted average grant-date fair value for non-vested restricted stock units granted during 2014, 2013 and 2012 was $97.87, $75.60 and $56.95, respectively. The unamortized share-based compensation cost related to non-vested restricted stock units, net of expected forfeitures, was $10.4 million, which is expected to be recognized over a weighted-average period of 1.8 years. The Company delivers shares of treasury stock upon vesting of the restricted stock award. | |||||||||||||
The Company recorded $7.6 million of expense related to the portion of the restricted stock units that vested during 2014, which is included in selling, general and administrative expenses. |
Income_taxes
Income taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income taxes | Income taxes | |||||||||||
The following table summarizes the components of the provision for income taxes from continuing operations: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 12,348 | $ | (2,996 | ) | $ | 21,046 | |||||
State | 1,912 | 1,736 | 3,623 | |||||||||
Foreign | 30,748 | 36,422 | 30,389 | |||||||||
Deferred: | ||||||||||||
Federal | (6,593 | ) | (9,565 | ) | (34,629 | ) | ||||||
State | 3,435 | (1,825 | ) | (720 | ) | |||||||
Foreign | (13,200 | ) | (225 | ) | (3,296 | ) | ||||||
$ | 28,650 | $ | 23,547 | $ | 16,413 | |||||||
At December 31, 2014, the cumulative unremitted earnings of subsidiaries outside the United States, which are considered non-permanently reinvested and for which U.S. taxes have been provided, approximated $545.5 million. At December 31, 2014, the cumulative unremitted earnings of subsidiaries outside the United States that are considered permanently reinvested, and, accordingly, for which no income or withholding taxes have been provided, approximated $966.2 million. Earnings considered permanently reinvested are expected to be reinvested indefinitely and, as a result, no deferred tax liability has been recognized with regard to these earnings. It is not practical to determine the deferred income tax liability on these earnings if, in the future, they are remitted to the United States because the income tax liability to be incurred, if any, is dependent on circumstances existing when remittance occurs. | ||||||||||||
The following table summarizes the United States and non-United States components of income from continuing operations before taxes: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
United States | $ | (23,875 | ) | $ | (3,323 | ) | $ | (315,707 | ) | |||
Other | 243,985 | 179,053 | 150,338 | |||||||||
$ | 220,110 | $ | 175,730 | $ | (165,369 | ) | ||||||
Reconciliations between the statutory federal income tax rate and the effective income tax rate are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Goodwill impairment | — | — | (60.84 | ) | ||||||||
Tax effect of International items | (22.54 | ) | (14.83 | ) | 11.28 | |||||||
State taxes, net of federal benefit | 2.1 | (0.32 | ) | (0.90 | ) | |||||||
Uncertain tax contingencies | (0.83 | ) | (4.06 | ) | 4.85 | |||||||
Contingent consideration reversals | (1.18 | ) | (2.04 | ) | — | |||||||
Other, net | 0.47 | (0.35 | ) | 0.68 | ||||||||
13.02 | % | 13.4 | % | (9.93 | )% | |||||||
The effective income tax rate for 2014 was 13.0% compared to 13.4% for 2013. The effective income tax rate for 2014 was impacted by a benefit from a shift in the mix of income to jurisdictions with lower statutory tax rates, tax benefits associated with U.S. federal tax return filings and, although to a lesser extent than 2013, the realization of net tax benefits resulting from the expiration of statutes of limitation for U.S. state and foreign matters. | ||||||||||||
The effective income tax rate for 2013 was impacted by the realization of net tax benefits resulting from the expiration of statutes of limitation for U.S. federal and state and for foreign matters, tax benefits associated with U.S. and foreign tax return filings and the realization of tax benefits resulting from the resolution of a foreign tax matter. | ||||||||||||
The Company and its subsidiaries are routinely subject to examinations by various taxing authorities. In conjunction with these examinations and as a regular practice, the Company establishes and adjusts reserves with respect to its uncertain tax positions to address developments related to those positions. The Company realized a net benefit of approximately $1.8 million, $7.1 million and $8.0 million in 2014, 2013 and 2012, respectively, as a result of reducing its reserves with respect to uncertain tax positions. These reductions principally resulted from the expiration of a number of applicable statutes of limitations. | ||||||||||||
The following table summarizes significant components of the Company’s deferred tax assets and liabilities at December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | |||||||||||
(Dollars in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Tax loss and credit carryforwards | $ | 112,796 | $ | 104,043 | ||||||||
Pension | 63,669 | 39,310 | ||||||||||
Reserves and accruals | 42,296 | 38,684 | ||||||||||
Other | 28,416 | 27,886 | ||||||||||
Less: valuation allowances | (99,141 | ) | (86,510 | ) | ||||||||
Total deferred tax assets | 148,036 | 123,413 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | 31,143 | 26,550 | ||||||||||
Intangibles — stock acquisitions | 384,734 | 400,297 | ||||||||||
Unremitted foreign earnings | 116,595 | 147,326 | ||||||||||
Other | 10,756 | 12,030 | ||||||||||
Total deferred tax liabilities | 543,228 | 586,203 | ||||||||||
Net deferred tax liability | $ | (395,192 | ) | $ | (462,790 | ) | ||||||
Under the tax laws of various jurisdictions in which the Company operates, deductions or credits that cannot be fully utilized for tax purposes during the current year may be carried forward, subject to statutory limitations, to reduce taxable income or taxes payable in a future tax year. At December 31, 2014, the tax effect of such carryforwards approximated $112.8 million. Of this amount, $12.6 million has no expiration date, $0.3 million expires after 2014 but before the end of 2019 and $99.9 million expires after 2019. A portion of these carryforwards consists of tax losses and credits obtained by the Company as a result of acquisitions; the utilization of these carryforwards are subject to an annual limitation imposed by Section 382 of the Internal Revenue Code, which limits a company’s ability to deduct prior net operating losses following a more than 50 percent change in ownership. It is not expected that the Section 382 limitation will prevent the Company from utilizing its loss carryforwards. The determination of state net operating loss carryforwards is dependent upon the United States subsidiaries’ taxable income or loss, the state’s proportion of taxable net income and the application of state laws, which can change from year to year and impact the amount of such carryforward. | ||||||||||||
The valuation allowance for deferred tax assets of $99.1 million and $86.5 million at December 31, 2014 and 2013, respectively, relates principally to the uncertainty of the Company’s ability to utilize certain deferred tax assets, primarily tax loss and credit carryforwards in various jurisdictions. The valuation allowance was calculated in accordance with applicable accounting standards, which require that a valuation allowance be established and maintained when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. | ||||||||||||
Uncertain Tax Positions: The following table is a reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the twelve month periods ending December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance at January 1 | $ | 55,771 | $ | 62,108 | $ | 75,026 | ||||||
Increase in unrecognized tax benefits related to prior years | — | — | 1,110 | |||||||||
Decrease in unrecognized tax benefits related to prior years | — | — | (6,134 | ) | ||||||||
Unrecognized tax benefits related to the current year | 910 | 1,838 | 4,256 | |||||||||
Reductions in unrecognized tax benefits due to settlements | (132 | ) | — | (8,816 | ) | |||||||
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations | (3,235 | ) | (8,433 | ) | (3,503 | ) | ||||||
Increase (decrease) in unrecognized tax benefits due to foreign currency translation | (2,230 | ) | 258 | 169 | ||||||||
Balance at December 31 | $ | 51,084 | $ | 55,771 | $ | 62,108 | ||||||
The total liabilities associated with the unrecognized tax benefits that, if recognized would impact the effective tax rate for continuing operations, were $21.6 million at December 31, 2014. | ||||||||||||
The Company accrues interest and penalties associated with unrecognized tax benefits in income tax expense in the consolidated statements of operations, and the corresponding liability is included in the consolidated balance sheets. The interest (benefit) expense (net of related tax benefits where applicable) and penalties reflected in income from continuing operations for the year ended December 31, 2014 was $1.0 million and $(0.8) million, respectively; for the year ended December 31, 2013 was $1.3 million and $(0.8) million, respectively; and for the year ended December 31, 2012 was $0.8 million and $0.2 million, respectively. The corresponding liabilities in the consolidated balance sheets for interest and penalties at December 31, 2014 were $6.2 million and $5.0 million, respectively, and at December 31, 2013 were $5.7 million and $6.0 million, respectively. | ||||||||||||
The taxable years that remain subject to examination by major tax jurisdictions are as follows: | ||||||||||||
Beginning | Ending | |||||||||||
United States | 2010 | 2014 | ||||||||||
Canada | 2005 | 2014 | ||||||||||
China | 2009 | 2014 | ||||||||||
Czech Republic | 2011 | 2014 | ||||||||||
France | 2012 | 2014 | ||||||||||
Germany | 2007 | 2014 | ||||||||||
India | 2008 | 2014 | ||||||||||
Ireland | 2010 | 2014 | ||||||||||
Italy | 2010 | 2014 | ||||||||||
Malaysia | 2010 | 2014 | ||||||||||
Singapore | 2010 | 2014 | ||||||||||
The Company and its subsidiaries are routinely subject to income tax examinations by various taxing authorities. As of December 31, 2014, the most significant tax examinations in process are in the jurisdictions of Austria, Canada, Germany and the United States. The date at which these examinations may be concluded and the ultimate outcome of such examinations is uncertain. As a result of the uncertain outcome of these ongoing examinations, future examinations or the expiration of statutes of limitation, it is reasonably possible that the related unrecognized tax benefits for tax positions taken could materially change from those recorded as liabilities at December 31, 2014. Due to the potential for resolution of certain examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s unrecognized tax benefits may change within the next twelve months by a range of zero to $2.6 million. |
Pension_and_other_postretireme
Pension and other postretirement benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||
Pension and other postretirement benefits | Pension and other postretirement benefits | |||||||||||||||||||||||
The Company has a number of defined benefit pension and other 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 December 31, 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. | ||||||||||||||||||||||||
The following table provides information regarding the net benefit cost of pension and postretirement benefit plans for continuing operations: | ||||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Service cost | $ | 1,794 | $ | 1,819 | $ | 2,331 | $ | 424 | $ | 663 | $ | 704 | ||||||||||||
Interest cost | 18,000 | 16,842 | 16,561 | 2,169 | 2,707 | 2,122 | ||||||||||||||||||
Expected return on plan assets | (25,006 | ) | (23,122 | ) | (20,245 | ) | — | — | — | |||||||||||||||
Net amortization and deferral | 4,371 | 5,847 | 6,474 | (7 | ) | 1,348 | 761 | |||||||||||||||||
Curtailment gain | — | — | (197 | ) | — | — | — | |||||||||||||||||
Settlement loss | — | — | 106 | — | — | — | ||||||||||||||||||
Net benefit cost | $ | (841 | ) | $ | 1,386 | $ | 5,030 | $ | 2,586 | $ | 4,718 | $ | 3,587 | |||||||||||
The following table provides the weighted average assumptions for United States and foreign plans used in determining net benefit cost: | ||||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 5 | % | 4.3 | % | 4.3 | % | 4.7 | % | 3.8 | % | 4 | % | ||||||||||||
Rate of return | 8.3 | % | 8.3 | % | 8.3 | % | — | % | — | % | — | % | ||||||||||||
Initial healthcare trend rate | — | % | — | % | — | % | 7.5 | % | 8.2 | % | 8.5 | % | ||||||||||||
Ultimate healthcare trend rate | — | % | — | % | — | % | 5 | % | 5 | % | 5 | % | ||||||||||||
The following table provides summarized information with respect to the Company’s pension and postretirement benefit plans, measured as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Under Funded | Under Funded | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 367,731 | $ | 397,184 | $ | 52,448 | $ | 55,609 | ||||||||||||||||
Service cost | 1,794 | 1,819 | 424 | 663 | ||||||||||||||||||||
Interest cost | 18,000 | 16,842 | 2,169 | 2,707 | ||||||||||||||||||||
Actuarial loss (gain) | 82,922 | (30,755 | ) | 1,273 | (3,833 | ) | ||||||||||||||||||
Currency translation | (2,973 | ) | 861 | — | — | |||||||||||||||||||
Benefits paid | (17,988 | ) | (17,004 | ) | (3,287 | ) | (2,860 | ) | ||||||||||||||||
Medicare Part D reimbursement | — | — | 127 | 162 | ||||||||||||||||||||
Administrative costs | (1,522 | ) | (1,216 | ) | — | — | ||||||||||||||||||
Projected benefit obligation, end of year | 447,964 | 367,731 | 53,154 | 52,448 | ||||||||||||||||||||
Fair value of plan assets, beginning of year | 305,481 | 276,863 | — | — | ||||||||||||||||||||
Actual return on plan assets | 34,332 | 28,813 | — | — | ||||||||||||||||||||
Contributions | 9,539 | 17,724 | — | — | ||||||||||||||||||||
Benefits paid | (17,988 | ) | (17,004 | ) | — | — | ||||||||||||||||||
Settlements paid | — | — | — | — | ||||||||||||||||||||
Administrative costs | (1,522 | ) | (1,216 | ) | — | — | ||||||||||||||||||
Currency translation | (1,012 | ) | 301 | — | — | |||||||||||||||||||
Fair value of plan assets, end of year | 328,830 | 305,481 | — | — | ||||||||||||||||||||
Funded status, end of year | $ | (119,134 | ) | $ | (62,250 | ) | $ | (53,154 | ) | $ | (52,448 | ) | ||||||||||||
The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the plans: | ||||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Payroll and benefit-related liabilities | $ | (1,779 | ) | $ | (1,819 | ) | $ | (3,268 | ) | $ | (3,381 | ) | ||||||||||||
Pension and postretirement benefit liabilities | (117,355 | ) | (60,431 | ) | (49,886 | ) | (49,067 | ) | ||||||||||||||||
Accumulated other comprehensive loss | 213,117 | 144,866 | 8,353 | 7,073 | ||||||||||||||||||||
$ | 93,983 | $ | 82,616 | $ | (44,801 | ) | $ | (45,375 | ) | |||||||||||||||
The following tables set forth the amounts recognized in accumulated other comprehensive income (loss) with respect to the plans: | ||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||
Prior Service | Net (Gain) | Deferred | Accumulated | |||||||||||||||||||||
Cost (Credit) | or Loss | Taxes | Other | |||||||||||||||||||||
Comprehensive | ||||||||||||||||||||||||
(Income) Loss, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 216 | $ | 186,700 | $ | (67,567 | ) | $ | 119,349 | |||||||||||||||
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: | ||||||||||||||||||||||||
Net amortization and deferral | (34 | ) | (5,813 | ) | 1,947 | (3,900 | ) | |||||||||||||||||
Amounts arising during the period: | ||||||||||||||||||||||||
Actuarial changes in benefit obligation | — | (36,446 | ) | 13,206 | (23,240 | ) | ||||||||||||||||||
Impact of currency translation | — | 243 | (66 | ) | 177 | |||||||||||||||||||
Balance at December 31, 2013 | 182 | 144,684 | (52,480 | ) | 92,386 | |||||||||||||||||||
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: | ||||||||||||||||||||||||
Net amortization and deferral | (34 | ) | (4,337 | ) | 1,539 | (2,832 | ) | |||||||||||||||||
Amounts arising during the period: | ||||||||||||||||||||||||
Actuarial changes in benefit obligation | — | 73,596 | (26,131 | ) | 47,465 | |||||||||||||||||||
Impact of currency translation | — | (974 | ) | 265 | (709 | ) | ||||||||||||||||||
Balance at December 31, 2014 | $ | 148 | $ | 212,969 | $ | (76,807 | ) | $ | 136,310 | |||||||||||||||
Other Benefits | ||||||||||||||||||||||||
Prior Service | Initial | Net (Gain) or | Deferred | Accumulated | ||||||||||||||||||||
Cost (Credit) | Obligation | Loss | Taxes | Other | ||||||||||||||||||||
Comprehensive | ||||||||||||||||||||||||
(Income) Loss, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31, 2012 | $ | (38 | ) | $ | 5 | $ | 12,287 | $ | (4,346 | ) | $ | 7,908 | ||||||||||||
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: | ||||||||||||||||||||||||
Net Amortization and deferral | 55 | (5 | ) | (1,398 | ) | 492 | (856 | ) | ||||||||||||||||
Amounts Arising During the period: | ||||||||||||||||||||||||
Actuarial changes in benefit obligation | — | — | (3,833 | ) | 1,432 | (2,401 | ) | |||||||||||||||||
Balance at December 31, 2013 | 17 | — | 7,056 | (2,422 | ) | 4,651 | ||||||||||||||||||
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: | ||||||||||||||||||||||||
Net Amortization and deferral | 55 | — | (48 | ) | (4 | ) | 3 | |||||||||||||||||
Amounts Arising During the period: | ||||||||||||||||||||||||
Actuarial changes in benefit obligation | — | — | 1,273 | (493 | ) | 780 | ||||||||||||||||||
Balance at December 31, 2014 | $ | 72 | $ | — | $ | 8,281 | $ | (2,919 | ) | $ | 5,434 | |||||||||||||
The following table provides the weighted average assumptions for United States and foreign plans used in determining benefit obligations: | ||||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4.1 | % | 5 | % | 4 | % | 4.7 | % | ||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | — | — | ||||||||||||||||||
Initial healthcare trend rate | — | — | 7.3 | % | 7 | % | ||||||||||||||||||
Ultimate healthcare trend rate | — | — | 5 | % | 5 | % | ||||||||||||||||||
The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle the Company’s pension and other benefit obligations. The weighted average discount rates for United States pension plans and other benefit plans of 4.24% and 3.97%, respectively, were established by comparing the projection of expected benefit payments to the AA Above Median yield curve as of December 31, 2014. The expected benefit payments are discounted by each corresponding discount rate on the yield curve. For payments beyond 30 years, the Company extends the curve assuming that the discount rate derived in year 30 is extended to the end of the plan’s payment expectations. Once the present value of the string of benefit payments is established, the Company determines the single rate on the yield curve that, when applied to all obligations of the plan, will exactly match the previously determined present value. | ||||||||||||||||||||||||
As part of the evaluation of pension and other postretirement assumptions, the Company applied assumptions for mortality and healthcare cost trends that incorporate generational white and blue collar mortality trends. In determining its benefit obligations, the Company used generational tables that take into consideration increases in plan participant longevity. During 2014, the Society of Actuaries published new mortality tables (RP-2014), which generally reflect longer life expectancy than was projected by past tables (RP-2000). The Company used the new mortality tables when applying mortality assumptions to the calculation of its projected benefit obligations as of December 31, 2014, which resulted in a 9% increase to the Company’s projected benefit obligation. | ||||||||||||||||||||||||
The Company’s assumption for the Expected Return on Plan Assets is primarily based on the determination of an expected return for its current portfolio. This determination is made using assumptions for return and volatility of the portfolio. Asset class assumptions are set using a combination of empirical and forward-looking analysis. To the extent historical results have been affected by unsustainable trends or events, the effects of those trends are quantified and removed. The Company applies a variety of models for filtering historical data and isolating the fundamental characteristics of asset classes. These models provide empirical return estimates for each asset class, which are then reviewed and combined with a qualitative assessment of long term relationships between asset classes before a return estimate is finalized. The qualitative analysis is intended to provide an additional means for addressing the effect of unrealistic or unsustainable short-term valuations or trends, resulting in return levels and behavior the Company believes are more likely to prevail over long periods. Effective in 2015, the Company changed its Expected Return on Plan Assets of the United States pension plans from 8.50% to 8.25% to reflect modifications to assumptions resulting from the analysis described above. This change had no impact on the results for the year ended December 31, 2014. | ||||||||||||||||||||||||
Increasing the assumed healthcare trend rate by 1% would increase the benefit obligation at December 31, 2014 by $4.4 million and would increase the 2014 benefit expense by $0.2 million. Decreasing the trend rate by 1% would decrease the benefit obligation at December 31, 2014 by $3.8 million and would decrease the 2014 benefit expense by $0.2 million. | ||||||||||||||||||||||||
The accumulated benefit obligation for all United States and foreign defined benefit pension plans was $447.4 million and $367.3 million for 2014 and 2013, respectively. All of our pension plans had accumulated benefit obligations in excess of their respective plan assets as of December 31, 2014 and 2013. | ||||||||||||||||||||||||
The Company’s investment objective is to achieve an enhanced long-term rate of return on plan assets, subject to a prudent level of portfolio risk, for the purpose of enhancing the availability of benefits for participants. These investments are held primarily in equity and fixed income mutual funds. The Company’s other investments are largely comprised of a hedge fund of funds and a structured credit fund. The equity funds are diversified in terms of domestic and international equity securities, as well as small, middle and large capitalization stocks. The domestic mutual funds held in the plans are subject to the diversification standards and industry limitations on concentration of holdings set forth in the Investment Company Act of 1940, as amended, and SEC staff guidance. The Company’s target allocation percentage is as follows: equity securities (45%); fixed-income securities (35%) and other securities (20%). Equity funds are held for their expected return over inflation. Fixed-income funds are held for diversification relative to equities and as a partial hedge of interest rate risk to plan liabilities. The other investments are held to further diversify assets within the plans and are designed to provide a mix of equity and bond like return with a bond like risk profile. The plans may also hold cash to meet liquidity requirements. Actual performance may not be consistent with the respective investment strategies. Investment risks and returns are measured and monitored on an ongoing basis through annual liability measurements and investment portfolio reviews to determine whether the asset allocation targets continue to represent an appropriate balance of expected risk and reward. | ||||||||||||||||||||||||
The following table provides the fair values of the Company’s pension plan assets at December 31, 2014 by asset category: | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Asset Category (a) | Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Cash | $ | 659 | $ | 659 | $ | — | $ | — | ||||||||||||||||
Money market funds | 31 | 31 | — | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Managed volatility (b) | 83,068 | 83,068 | — | — | ||||||||||||||||||||
United States small/mid-cap equity (c) | 20,312 | 20,312 | — | — | ||||||||||||||||||||
World Equity (excluding United States) (d) | 26,064 | 26,064 | — | — | ||||||||||||||||||||
Common Equity Securities – Teleflex Incorporated | 13,422 | 13,422 | — | — | ||||||||||||||||||||
Diversified United Kingdom Equity | 875 | 875 | — | — | ||||||||||||||||||||
Diversified Global | 2,884 | 2,884 | — | — | ||||||||||||||||||||
Emerging Markets | 1,266 | 1,266 | — | — | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Long duration bond fund (e) | 92,553 | 92,553 | — | — | ||||||||||||||||||||
UK corporate bond fund | 2,719 | 2,719 | — | — | ||||||||||||||||||||
UK Government bond fund | 5,078 | 5,078 | — | — | ||||||||||||||||||||
High yield bond fund (f) | 11,618 | 11,618 | — | — | ||||||||||||||||||||
Emerging markets debt fund (g) | 8,531 | 8,531 | — | |||||||||||||||||||||
Corporate, government and foreign bonds | 81 | 81 | — | |||||||||||||||||||||
Asset backed – home loans | 782 | 782 | — | |||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||
Structured credit (h) | 31,176 | — | 31,176 | |||||||||||||||||||||
Hedge fund of funds (i) | 23,171 | — | 23,171 | |||||||||||||||||||||
UK Property Fund (j) | 1,549 | 1,549 | — | |||||||||||||||||||||
Multi asset fund (k) | 2,986 | 2,986 | — | — | ||||||||||||||||||||
Other | 5 | — | — | 5 | ||||||||||||||||||||
Total | $ | 328,830 | $ | 263,535 | $ | 10,943 | $ | 54,352 | ||||||||||||||||
The following table provides the fair values of the Company’s pension plan assets at December 31, 2013 by asset category: | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Asset Category (a) | Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Cash | $ | 472 | $ | 472 | $ | — | $ | — | ||||||||||||||||
Money market funds | 310 | 310 | — | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Managed volatility (b) | 77,140 | 77,140 | — | — | ||||||||||||||||||||
United States small/mid-cap equity (c) | 19,760 | 19,760 | — | — | ||||||||||||||||||||
World Equity (excluding United States) (d) | 30,183 | 30,183 | — | — | ||||||||||||||||||||
Common Equity Securities – Teleflex Incorporated | 10,972 | 10,972 | — | — | ||||||||||||||||||||
Diversified United Kingdom Equity | 928 | 928 | — | — | ||||||||||||||||||||
Diversified Global | 2,319 | 2,319 | — | — | ||||||||||||||||||||
Emerging Markets | 1,270 | 1,270 | — | — | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Long duration bond fund (e) | 76,608 | 76,608 | — | — | ||||||||||||||||||||
UK corporate bond fund | 2,569 | 2,569 | — | — | ||||||||||||||||||||
UK Government bond fund | 4,455 | 4,455 | — | — | ||||||||||||||||||||
High yield bond fund (f) | 12,754 | 12,754 | — | — | ||||||||||||||||||||
Emerging markets debt fund (g) | 9,003 | — | 9,003 | — | ||||||||||||||||||||
Corporate, government and foreign bonds | 87 | — | 87 | — | ||||||||||||||||||||
Asset backed – home loans | 847 | — | 847 | — | ||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||
Structured credit (h) | 29,109 | — | — | 29,109 | ||||||||||||||||||||
Hedge fund of funds (i) | 22,540 | — | — | 22,540 | ||||||||||||||||||||
UK Property Fund (j) | 1,402 | — | 1,402 | — | ||||||||||||||||||||
Multi asset fund (k) | 2,748 | 2,748 | — | — | ||||||||||||||||||||
Other | 5 | — | — | 5 | ||||||||||||||||||||
Total | $ | 305,481 | $ | 242,488 | $ | 11,339 | $ | 51,654 | ||||||||||||||||
(a) | Information on asset categories described in notes (b)-(k) is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories. | |||||||||||||||||||||||
(b) | This category comprises mutual funds that invest in securities of United States and non-United States companies of all capitalization ranges that exhibit relatively low volatility. | |||||||||||||||||||||||
(c) | This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of small and mid-sized companies. The fund invests in common stocks or exchange traded funds holding common stock of United States companies with market capitalizations in the range of companies in the Russell 2500 Index. | |||||||||||||||||||||||
(d) | This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of foreign companies. These securities may include common stocks, preferred stocks, warrants, exchange traded funds based on an international equity index and derivative instruments whose value is based on an international equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests in securities of foreign issuers located in developed and emerging market countries. However, the fund will not invest more than 30% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. | |||||||||||||||||||||||
(e) | This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including securities issued or guaranteed by the United States Government and its agencies and instrumentalities, corporate bonds, asset-backed securities, exchange traded funds, mortgage-backed securities and collateralized mortgage-backed securities. The fund invests primarily in long duration government and corporate fixed income securities, and uses derivative instruments, including interest rate swap agreements and Treasury futures contracts, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities. | |||||||||||||||||||||||
(f) | This category comprises a mutual fund that invests at least 80% of its net assets in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. | |||||||||||||||||||||||
(g) | This category comprises a mutual fund that invests at least 80% of its net assets in fixed income securities of emerging market issuers, primarily in United States dollar-denominated debt of foreign governments, government-related and corporate issuers in emerging market countries and entities organized to restructure the debt of those issuers. | |||||||||||||||||||||||
(h) | This category comprises a fund that invests primarily in collateralized debt obligations (“CDOs”) and other structured credit vehicles. The fund investments may include fixed income securities, loan participants, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments. | |||||||||||||||||||||||
(i) | This category comprises a hedge fund that invests in various other hedge funds. As of December 31, 2014 and 2013: | |||||||||||||||||||||||
• | approximately 33% and 28%, respectively, of the assets of the hedge fund were invested in equity hedge based funds, including equity long/short and equity market neutral strategies; | |||||||||||||||||||||||
• | approximately 10% and 18%, respectively, of the assets were held in tactical/directional based funds, including global macro, long/short equity, commodity and systematic quantitative strategies; | |||||||||||||||||||||||
• | approximately 24% and 25%, respectively, of the assets were held in relative value based funds, including convertible and fixed income arbitrage, credit long/short and volatility arbitrage strategies; | |||||||||||||||||||||||
• | approximately 33% and 23%, respectively, of the assets were held in funds with an event driven strategy; and | |||||||||||||||||||||||
• | approximately 6% of the assets were held in cash as of December 31, 2013. | |||||||||||||||||||||||
(j) | This category comprises a fund that invests primarily in UK freehold and leasehold property. The fund does not invest in higher risk activities such as developments. The fund may invest in indirect vehicles and property derivatives. | |||||||||||||||||||||||
(k) | This category comprises a mutual fund that invests primarily in equities, bonds and alternatives. | |||||||||||||||||||||||
The following table provides a reconciliation of changes in pension assets measured at fair value on a recurring basis, using Level 3 inputs, from December 31, 2012 through December 31, 2014: | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 48,198 | ||||||||||||||||||||||
Unrealized gain on assets | 3,456 | |||||||||||||||||||||||
Balance at December 31, 2013 | 51,654 | |||||||||||||||||||||||
Unrealized gain on assets | 2,698 | |||||||||||||||||||||||
Balance at December 31, 2014 | $ | 54,352 | ||||||||||||||||||||||
The Company’s contributions to United States and foreign pension plans during 2015 are expected to be approximately $2.9 million. Contributions to postretirement healthcare plans during 2015 are expected to be approximately $3.3 million. | ||||||||||||||||||||||||
The following table provides information about the Company’s expected benefit payments for U.S. and foreign plans for each of the five succeeding years and the aggregate of the five years thereafter, net of the annual average Medicare Part D subsidy of approximately $0.2 million: | ||||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
2015 | $ | 17,841 | $ | 3,268 | ||||||||||||||||||||
2016 | 18,449 | 3,362 | ||||||||||||||||||||||
2017 | 19,023 | 3,334 | ||||||||||||||||||||||
2018 | 19,653 | 3,367 | ||||||||||||||||||||||
2019 | 20,472 | 3,416 | ||||||||||||||||||||||
Years 2020 — 2024 | 114,185 | 18,229 | ||||||||||||||||||||||
The Company maintains a number of defined contribution savings plans covering eligible United States and non-United States employees. The Company partially matches employee contributions. Costs related to these plans were $11.5 million, $12.1 million and $10.1 million for 2014, 2013 and 2012, respectively. |
Commitments_and_contingent_lia
Commitments and contingent liabilities | 12 Months Ended | |||
Dec. 31, 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 lease terms for these leased assets vary depending on the terms of the applicable lease agreement. At December 31, 2014, the Company had no residual value guarantees related to its operating leases. | ||||
Future minimum lease payments as of December 31, 2014 under noncancelable operating leases are as follows: | ||||
Future Lease Payments | ||||
(Dollars in thousands) | ||||
2015 | $ | 27,706 | ||
2016 | 23,292 | |||
2017 | 18,846 | |||
2018 | 15,474 | |||
2019 and thereafter | 32,182 | |||
Rental expense under operating leases was $29.4 million, $26.4 million and $24.0 million in 2014, 2013 and 2012, respectively. | ||||
The Company entered into a build-to-suit lease pertaining to a U.S. operating facility in August 2013, and construction on the facility commenced in September 2013. The estimated fair value of the Company’s percentage of the construction costs to complete the build-to-suit lease was approximately $28.3 million. For accounting purposes, the Company was deemed the owner of the asset during the construction period and was 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 represents the landlord’s costs to construct the Company’s portion of the building and tenant improvements. The construction pertaining to the build-to-suit leased facility was completed in the fourth quarter 2014, at which point the Company derecognized the assets and related liabilities pertaining to the leased operating facility. | ||||
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 United States Comprehensive Environmental Response, Compensation and Liability Act, often referred to as Superfund, the United States 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 December 31, 2014 and 2013, the Company has recorded discounted liabilities of $1.3 million and $2.5 million, respectively, in accrued liabilities and $6.5 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, potential liability may exceed the amount accrued as of December 31, 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 December 31, 2014 and 2013, the Company has accrued liabilities of approximately $6.0 million and $6.8 million, respectively, in connection with these matters, representing its best estimate of the cost within the range of estimated possible loss that will be incurred to resolve these matters. Of the amounts accrued as of December 31, 2014 and 2013, $2.4 million and $1.4 million, respectively, pertain to discontinued operations. | ||||
In 2006, the Company was named as a defendant in a wrongful death product liability lawsuit filed in the Louisiana State District Court for the Parish of Calcasieu, involving a product manufactured by the Company’s former marine business. In September 2014, the case was tried before a jury, which returned a verdict in favor of the Company. The plaintiff subsequently filed a motion for a new trial, which was granted, and the case was re-tried before a jury in December 2014. On December 5, 2014, the jury returned a verdict in favor of the plaintiff, awarding $125,000 in compensatory damages and $23 million in punitive damages, plus pre- and post-judgment interest on the compensatory damages and post-judgment interest on the punitive damages. The Company has filed post-trial motions seeking to overturn the verdict or reduce the amount of damages, which the Company believes are excessive. If the Court denies the motions, the Company intends to pursue an appeal. As of December 31, 2014, the Company has accrued a liability representing its best estimate of any probable loss associated with this matter which, is included in the Company’s accrued liabilities relating to discontinued operations discussed in the preceding paragraph. The Company believes that any liability arising from this matter in excess of $10 million will be covered by the Company’s product liability insurance. | ||||
Based on information currently available, advice of counsel, established reserves and other resources, the Company does not believe that the outcome of any outstanding litigation and claims is likely to be, individually or in the aggregate, material to its business, financial condition, results of operations or liquidity. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to the Company’s business, financial condition, results of operations or liquidity. Legal costs such as outside counsel fees and expenses are charged to selling, general and administrative expenses in the period incurred. | ||||
Tax audits and examinations: The Company and its subsidiaries are routinely subject to tax examinations by various taxing authorities. As of December 31, 2014, the most significant tax examinations in process were in Austria, Canada, 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 business. On average, such commitments are not at prices in excess of current market prices. |
Business_segments_and_other_in
Business segments and other information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business segments and other information | The following tables present the Company’s segment results for the twelve months ended December 31, 2014, 2013 and 2012: | |||||||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Revenue | ||||||||||||
Vascular North America | $ | 259,227 | $ | 231,112 | $ | 222,749 | ||||||
Anesthesia/Respiratory North America | 222,650 | 228,485 | 180,363 | |||||||||
Surgical North America | 150,121 | 146,058 | 143,875 | |||||||||
EMEA | 593,065 | 557,427 | 510,248 | |||||||||
Asia | 237,696 | 207,207 | 173,721 | |||||||||
OEM | 143,966 | 131,173 | 140,230 | |||||||||
All other | 233,107 | 194,809 | 179,823 | |||||||||
Consolidated net revenues | $ | 1,839,832 | $ | 1,696,271 | $ | 1,551,009 | ||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Operating Profit | ||||||||||||
Vascular North America | $ | 41,079 | $ | 23,798 | $ | 26,048 | ||||||
Anesthesia/Respiratory North America | 26,574 | 21,910 | 14,048 | |||||||||
Surgical North America | 49,592 | 50,334 | 50,615 | |||||||||
EMEA | 114,650 | 87,902 | 65,822 | |||||||||
Asia | 62,152 | 63,822 | 52,541 | |||||||||
OEM | 30,635 | 27,328 | 31,664 | |||||||||
All other | 40,482 | 27,191 | 18,759 | |||||||||
Total segment operating profit (1) | 365,164 | 302,285 | 259,497 | |||||||||
Unallocated expenses (2) | (80,302 | ) | (69,024 | ) | (356,872 | ) | ||||||
Income from continuing operations before interest, loss on extinguishments of debt and taxes | $ | 284,862 | $ | 233,261 | $ | (97,375 | ) | |||||
-1 | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for certain manufacturing 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 and fixed manufacturing costs, with the exception of certain manufacturing variances allocated to the segments as noted above, as well as net gain on sales of assets, goodwill impairment and restructuring and other impairment charges. | |||||||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Depreciation and Amortization | ||||||||||||
Vascular North America | $ | 31,782 | $ | 28,719 | $ | 23,063 | ||||||
Anesthesia/Respiratory North America | 17,109 | 13,162 | 7,955 | |||||||||
Surgical North America | 6,316 | 10,549 | 3,646 | |||||||||
EMEA | 38,062 | 29,947 | 22,975 | |||||||||
Asia | 8,515 | 4,960 | 3,653 | |||||||||
OEM | 6,175 | 4,876 | 4,083 | |||||||||
All other | 19,071 | 15,722 | 29,509 | |||||||||
Consolidated depreciation and amortization | $ | 127,030 | $ | 107,935 | $ | 94,884 | ||||||
Business segments and other 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 for 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 operating profit. All prior comparative periods have been restated to reflect these changes. | ||||||||||||
The Company’s reportable segments other than the OEM segment 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 twelve months ended December 31, 2014, 2013 and 2012: | ||||||||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Revenue | ||||||||||||
Vascular North America | $ | 259,227 | $ | 231,112 | $ | 222,749 | ||||||
Anesthesia/Respiratory North America | 222,650 | 228,485 | 180,363 | |||||||||
Surgical North America | 150,121 | 146,058 | 143,875 | |||||||||
EMEA | 593,065 | 557,427 | 510,248 | |||||||||
Asia | 237,696 | 207,207 | 173,721 | |||||||||
OEM | 143,966 | 131,173 | 140,230 | |||||||||
All other | 233,107 | 194,809 | 179,823 | |||||||||
Consolidated net revenues | $ | 1,839,832 | $ | 1,696,271 | $ | 1,551,009 | ||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Operating Profit | ||||||||||||
Vascular North America | $ | 41,079 | $ | 23,798 | $ | 26,048 | ||||||
Anesthesia/Respiratory North America | 26,574 | 21,910 | 14,048 | |||||||||
Surgical North America | 49,592 | 50,334 | 50,615 | |||||||||
EMEA | 114,650 | 87,902 | 65,822 | |||||||||
Asia | 62,152 | 63,822 | 52,541 | |||||||||
OEM | 30,635 | 27,328 | 31,664 | |||||||||
All other | 40,482 | 27,191 | 18,759 | |||||||||
Total segment operating profit (1) | 365,164 | 302,285 | 259,497 | |||||||||
Unallocated expenses (2) | (80,302 | ) | (69,024 | ) | (356,872 | ) | ||||||
Income from continuing operations before interest, loss on extinguishments of debt and taxes | $ | 284,862 | $ | 233,261 | $ | (97,375 | ) | |||||
-1 | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for certain manufacturing 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 and fixed manufacturing costs, with the exception of certain manufacturing variances allocated to the segments as noted above, as well as net gain on sales of assets, goodwill impairment and restructuring and other impairment charges. | |||||||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Depreciation and Amortization | ||||||||||||
Vascular North America | $ | 31,782 | $ | 28,719 | $ | 23,063 | ||||||
Anesthesia/Respiratory North America | 17,109 | 13,162 | 7,955 | |||||||||
Surgical North America | 6,316 | 10,549 | 3,646 | |||||||||
EMEA | 38,062 | 29,947 | 22,975 | |||||||||
Asia | 8,515 | 4,960 | 3,653 | |||||||||
OEM | 6,175 | 4,876 | 4,083 | |||||||||
All other | 19,071 | 15,722 | 29,509 | |||||||||
Consolidated depreciation and amortization | $ | 127,030 | $ | 107,935 | $ | 94,884 | ||||||
The following table provides total net revenues and total net property, plant and equipment by geographic region for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net revenues (based on the Company's selling location): | ||||||||||||
United States | $ | 916,619 | $ | 844,884 | $ | 789,771 | ||||||
Other Americas | 60,736 | 57,098 | 53,665 | |||||||||
Europe | 664,982 | 568,559 | 516,982 | |||||||||
All Other | 197,495 | 225,730 | 190,591 | |||||||||
$ | 1,839,832 | $ | 1,696,271 | $ | 1,551,009 | |||||||
Net property, plant and equipment: | ||||||||||||
United States | $ | 174,893 | $ | 203,985 | $ | 180,833 | ||||||
Malaysia | 36,427 | 29,313 | 27,764 | |||||||||
Czech Republic | 35,655 | 41,607 | 45,884 | |||||||||
All Other | 70,460 | 50,995 | 43,464 | |||||||||
$ | 317,435 | $ | 325,900 | $ | 297,945 | |||||||
Condensed_consolidating_guaran
Condensed consolidating guarantor financial information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Consolidated Guarantor Financial Information [Abstract] | ||||||||||||||||||||
Condensed consolidating guarantor financial information | Condensed consolidating 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 (loss) and comprehensive income (loss) and condensed consolidating statements of cash flows for the years ended December 31, 2014, 2013 and 2012 and condensed consolidating balance sheets as of December 31, 2014 and 2013, each of which are set forth below, provide condensed consolidating 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 consolidating basis. | ||||||||||||||||||||
The same accounting policies as described in Note 1 to the consolidated financial statements are used by the Parent Company and each of its subsidiaries in connection with the condensed consolidating financial information set forth below, with the exception that the Parent Company and Guarantor Subsidiaries use the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation. | ||||||||||||||||||||
Consolidating entries and eliminations in the following condensed consolidating financial statements represent adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the Guarantor Subsidiaries and the Non-guarantor subsidiaries, (b) eliminate the investments in subsidiaries and (c) record consolidating entries. | ||||||||||||||||||||
TELEFLEX INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 1,078,851 | $ | 1,132,152 | $ | (371,171 | ) | $ | 1,839,832 | |||||||||
Cost of goods sold | — | 652,742 | 608,256 | (363,594 | ) | 897,404 | ||||||||||||||
Gross profit | — | 426,109 | 523,896 | (7,577 | ) | 942,428 | ||||||||||||||
Selling, general and administrative expenses | 42,829 | 326,282 | 209,930 | (384 | ) | 578,657 | ||||||||||||||
Research and development expenses | — | 40,546 | 20,494 | — | 61,040 | |||||||||||||||
Restructuring and other impairment charges | — | 10,189 | 7,680 | — | 17,869 | |||||||||||||||
Income (loss) from continuing operations before interest and taxes | (42,829 | ) | 49,092 | 285,792 | (7,193 | ) | 284,862 | |||||||||||||
Interest expense | 144,869 | (85,885 | ) | 6,474 | — | 65,458 | ||||||||||||||
Interest income | — | (1 | ) | (705 | ) | — | (706 | ) | ||||||||||||
Income (loss) from continuing operations before taxes | (187,698 | ) | 134,978 | 280,023 | (7,193 | ) | 220,110 | |||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (68,307 | ) | 68,690 | 28,159 | 108 | 28,650 | ||||||||||||||
Equity in net income of consolidated subsidiaries | 308,396 | 233,827 | 252 | (542,475 | ) | — | ||||||||||||||
Income from continuing operations | 189,005 | 300,115 | 252,116 | (549,776 | ) | 191,460 | ||||||||||||||
Operating loss from discontinued operations | (2,196 | ) | — | (1,211 | ) | — | (3,407 | ) | ||||||||||||
Taxes (benefit) on loss from discontinued operations | (870 | ) | — | 172 | — | (698 | ) | |||||||||||||
Loss from discontinued operations | (1,326 | ) | — | (1,383 | ) | — | (2,709 | ) | ||||||||||||
Net income | 187,679 | 300,115 | 250,733 | (549,776 | ) | 188,751 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 1,072 | — | 1,072 | |||||||||||||||
Net income attributable to common shareholders | 187,679 | 300,115 | 249,661 | (549,776 | ) | 187,679 | ||||||||||||||
Other comprehensive loss attributable to common shareholders | (150,040 | ) | (130,691 | ) | (126,317 | ) | 257,008 | (150,040 | ) | |||||||||||
Comprehensive income attributable to common shareholders | $ | 37,639 | $ | 169,424 | $ | 123,344 | $ | (292,768 | ) | $ | 37,639 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 1,001,404 | $ | 963,184 | $ | (268,317 | ) | $ | 1,696,271 | |||||||||
Cost of goods sold | — | 582,110 | 543,717 | (268,501 | ) | 857,326 | ||||||||||||||
Gross profit | — | 419,294 | 419,467 | 184 | 838,945 | |||||||||||||||
Selling, general and administrative expenses | 39,176 | 284,960 | 178,358 | (307 | ) | 502,187 | ||||||||||||||
Research and development expenses | — | 55,694 | 9,351 | — | 65,045 | |||||||||||||||
Restructuring and other impairment charges | 935 | 15,288 | 22,229 | — | 38,452 | |||||||||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | (40,111 | ) | 63,352 | 209,529 | 491 | 233,261 | ||||||||||||||
Interest expense | 134,879 | (85,058 | ) | 7,084 | — | 56,905 | ||||||||||||||
Interest income | (15 | ) | (5 | ) | (604 | ) | — | (624 | ) | |||||||||||
Loss on extinguishments of debt | 1,250 | — | — | — | 1,250 | |||||||||||||||
Income (loss) from continuing operations before taxes | (176,225 | ) | 148,415 | 203,049 | 491 | 175,730 | ||||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (63,857 | ) | 42,804 | 45,354 | (754 | ) | 23,547 | |||||||||||||
Equity in net income of consolidated subsidiaries | 263,469 | 141,773 | 288 | (405,530 | ) | — | ||||||||||||||
Income from continuing operations | 151,101 | 247,384 | 157,983 | (404,285 | ) | 152,183 | ||||||||||||||
Operating loss from discontinued operations | (1,947 | ) | — | (258 | ) | — | (2,205 | ) | ||||||||||||
Taxes (benefit) on loss from discontinued operations | (1,727 | ) | (170 | ) | 127 | — | (1,770 | ) | ||||||||||||
Income (loss) from discontinued operations | (220 | ) | 170 | (385 | ) | — | (435 | ) | ||||||||||||
Net income | 150,881 | 247,554 | 157,598 | (404,285 | ) | 151,748 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 867 | — | 867 | |||||||||||||||
Net income attributable to common shareholders | 150,881 | 247,554 | 156,731 | (404,285 | ) | 150,881 | ||||||||||||||
Other comprehensive income attributable to common shareholders | 21,193 | 1,960 | 5,442 | (7,402 | ) | 21,193 | ||||||||||||||
Comprehensive income attributable to common shareholders | $ | 172,074 | $ | 249,514 | $ | 162,173 | $ | (411,687 | ) | $ | 172,074 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 950,888 | $ | 833,903 | $ | (233,782 | ) | $ | 1,551,009 | |||||||||
Cost of goods sold | — | 552,726 | 482,881 | (232,823 | ) | 802,784 | ||||||||||||||
Gross profit | — | 398,162 | 351,022 | (959 | ) | 748,225 | ||||||||||||||
Selling, general and administrative expenses | 34,657 | 259,476 | 160,089 | 267 | 454,489 | |||||||||||||||
Research and development expenses | — | 48,649 | 7,629 | — | 56,278 | |||||||||||||||
Goodwill impairment | — | 331,779 | 349 | — | 332,128 | |||||||||||||||
Restructuring and other impairment charges | — | 598 | 2,439 | — | 3,037 | |||||||||||||||
Net gain on sales of businesses and assets | (116,193 | ) | (149,240 | ) | (332 | ) | 265,433 | (332 | ) | |||||||||||
Income (loss) from continuing operations before interest and taxes | 81,536 | (93,100 | ) | 180,848 | (266,659 | ) | (97,375 | ) | ||||||||||||
Interest expense | 143,653 | (81,328 | ) | 7,240 | — | 69,565 | ||||||||||||||
Interest income | (372 | ) | (23 | ) | (1,176 | ) | — | (1,571 | ) | |||||||||||
Income (loss) from continuing operations before taxes | (61,745 | ) | (11,749 | ) | 174,784 | (266,659 | ) | (165,369 | ) | |||||||||||
Taxes (benefit) on income (loss) from continuing operations | (63,806 | ) | 45,068 | 35,670 | (519 | ) | 16,413 | |||||||||||||
Equity in net income (loss) of consolidated subsidiaries | (190,742 | ) | 124,918 | — | 65,824 | — | ||||||||||||||
Income (loss) from continuing operations | (188,681 | ) | 68,101 | 139,114 | (200,316 | ) | (181,782 | ) | ||||||||||||
Operating income (loss) from discontinued operations | (2,647 | ) | (9,179 | ) | 2,619 | — | (9,207 | ) | ||||||||||||
Tax benefit on income (loss) from discontinued operations | (1,271 | ) | (129 | ) | (487 | ) | — | (1,887 | ) | |||||||||||
Income (loss) from discontinued operations | (1,376 | ) | (9,050 | ) | 3,106 | — | (7,320 | ) | ||||||||||||
Net income (loss) | (190,057 | ) | 59,051 | 142,220 | (200,316 | ) | (189,102 | ) | ||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 955 | — | 955 | |||||||||||||||
Net income (loss) attributable to common shareholders | (190,057 | ) | 59,051 | 141,265 | (200,316 | ) | (190,057 | ) | ||||||||||||
Other comprehensive income attributable to common shareholders | 27,305 | 10,475 | 8,907 | (19,382 | ) | 27,305 | ||||||||||||||
Comprehensive income (loss) attributable to common shareholders | $ | (162,752 | ) | $ | 69,526 | $ | 150,172 | $ | (219,698 | ) | $ | (162,752 | ) | |||||||
TELEFLEX INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 27,996 | $ | — | $ | 275,240 | $ | — | $ | 303,236 | ||||||||||
Accounts receivable, net | 2,346 | 2,422 | 265,081 | 3,855 | 273,704 | |||||||||||||||
Accounts receivable from consolidated subsidiaries | 37,378 | 2,303,284 | 272,811 | (2,613,473 | ) | — | ||||||||||||||
Inventories, net | — | 204,335 | 154,544 | (23,286 | ) | 335,593 | ||||||||||||||
Prepaid expenses and other current assets | 14,301 | 4,786 | 16,610 | — | 35,697 | |||||||||||||||
Prepaid taxes | 23,493 | — | 16,763 | — | 40,256 | |||||||||||||||
Deferred tax assets | 30,248 | 17,387 | 9,666 | — | 57,301 | |||||||||||||||
Assets held for sale | 2,901 | — | 4,521 | — | 7,422 | |||||||||||||||
Total current assets | 138,663 | 2,532,214 | 1,015,236 | (2,632,904 | ) | 1,053,209 | ||||||||||||||
Property, plant and equipment, net | 3,489 | 170,054 | 143,892 | — | 317,435 | |||||||||||||||
Goodwill | — | 703,663 | 619,890 | — | 1,323,553 | |||||||||||||||
Intangibles assets, net | — | 743,222 | 473,498 | — | 1,216,720 | |||||||||||||||
Investments in affiliates | 5,662,773 | 1,359,661 | 21,253 | (7,042,537 | ) | 1,150 | ||||||||||||||
Deferred tax assets | 52,244 | — | 5,535 | (56,601 | ) | 1,178 | ||||||||||||||
Notes receivable and other amounts due from consolidated subsidiaries | 1,025,859 | 1,489,994 | — | (2,515,853 | ) | — | ||||||||||||||
Other assets | 27,999 | 6,801 | 29,210 | — | 64,010 | |||||||||||||||
Total assets | $ | 6,911,027 | $ | 7,005,609 | $ | 2,308,514 | $ | (12,247,895 | ) | $ | 3,977,255 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current borrowings | $ | 363,701 | $ | — | $ | 4,700 | $ | — | $ | 368,401 | ||||||||||
Accounts payable | 1,449 | 32,692 | 29,959 | — | 64,100 | |||||||||||||||
Accounts payable to consolidated subsidiaries | 2,259,891 | 188,908 | 163,291 | (2,612,090 | ) | — | ||||||||||||||
Accrued expenses | 17,149 | 21,479 | 33,755 | — | 72,383 | |||||||||||||||
Current portion of contingent consideration | — | 11,276 | — | — | 11,276 | |||||||||||||||
Payroll and benefit-related liabilities | 20,693 | 27,228 | 37,521 | — | 85,442 | |||||||||||||||
Accrued interest | 9,152 | — | 17 | — | 9,169 | |||||||||||||||
Income taxes payable | — | — | 13,768 | — | 13,768 | |||||||||||||||
Other current liabilities | 5 | 3,065 | 7,290 | — | 10,360 | |||||||||||||||
Total current liabilities | 2,672,040 | 284,648 | 290,301 | (2,612,090 | ) | 634,899 | ||||||||||||||
Long-term borrowings | 700,000 | — | — | — | 700,000 | |||||||||||||||
Deferred tax liabilities | — | 462,274 | 45,867 | (56,600 | ) | 451,541 | ||||||||||||||
Pension and other postretirement benefit liabilities | 110,830 | 35,074 | 21,337 | — | 167,241 | |||||||||||||||
Noncurrent liability for uncertain tax positions | 11,431 | 15,569 | 23,884 | — | 50,884 | |||||||||||||||
Notes payable and other amounts due to consolidated subsidiaries | 1,483,984 | 932,718 | 103,908 | (2,520,610 | ) | — | ||||||||||||||
Other liabilities | 21,433 | 24,900 | 12,658 | — | 58,991 | |||||||||||||||
Total liabilities | 4,999,718 | 1,755,183 | 497,955 | (5,189,300 | ) | 2,063,556 | ||||||||||||||
Total common shareholders' equity | 1,911,309 | 5,250,426 | 1,808,169 | (7,058,595 | ) | 1,911,309 | ||||||||||||||
Noncontrolling interest | — | — | 2,390 | — | 2,390 | |||||||||||||||
Total equity | 1,911,309 | 5,250,426 | 1,810,559 | (7,058,595 | ) | 1,913,699 | ||||||||||||||
Total liabilities and equity | $ | 6,911,027 | $ | 7,005,609 | $ | 2,308,514 | $ | (12,247,895 | ) | $ | 3,977,255 | |||||||||
31-Dec-13 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Current borrowings | $ | 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 to 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 | ||||||||||||||||||||
Year Ended December 31, 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 | $ | (80,651 | ) | $ | 322,687 | $ | 123,545 | $ | (75,340 | ) | $ | 290,241 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (2,273 | ) | (30,586 | ) | (34,712 | ) | — | (67,571 | ) | |||||||||||
Proceeds from sale of assets and investments | 1,669 | 3,421 | 161 | — | 5,251 | |||||||||||||||
Payments for businesses and intangibles acquired, net of cash acquired | — | (17,241 | ) | (28,536 | ) | — | (45,777 | ) | ||||||||||||
Investments in affiliates | (60 | ) | 20 | — | — | (40 | ) | |||||||||||||
Intercompany dividends received | — | — | 229,782 | (229,782 | ) | — | ||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (664 | ) | (44,386 | ) | 166,695 | (229,782 | ) | (108,137 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Proceeds from new borrowings | 250,000 | — | — | — | 250,000 | |||||||||||||||
Repayment of long-term borrowings | (480,102 | ) | — | — | — | (480,102 | ) | |||||||||||||
Debt extinguishment, issuance and amendment fees | (4,494 | ) | — | — | — | (4,494 | ) | |||||||||||||
Proceeds from stock compensation plans and related tax impacts | 4,245 | — | — | — | 4,245 | |||||||||||||||
Dividends | (56,258 | ) | — | — | — | (56,258 | ) | |||||||||||||
Payments to noncontrolling shareholders | — | (1,094 | ) | — | (1,094 | ) | ||||||||||||||
Intercompany transactions | 356,847 | (292,801 | ) | (64,046 | ) | — | — | |||||||||||||
Intercompany dividends paid | — | — | (305,122 | ) | 305,122 | — | ||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 70,238 | (292,801 | ) | (370,262 | ) | 305,122 | (287,703 | ) | ||||||||||||
Cash Flows from Discontinued Operations: | ||||||||||||||||||||
Net cash used in operating activities | (3,676 | ) | — | — | — | (3,676 | ) | |||||||||||||
Net cash used in discontinued operations | (3,676 | ) | — | — | — | (3,676 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (19,473 | ) | — | (19,473 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (14,753 | ) | (14,500 | ) | (99,495 | ) | — | (128,748 | ) | |||||||||||
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 | $ | 27,996 | $ | — | $ | 275,240 | $ | — | $ | 303,236 | ||||||||||
Year Ended December 31, 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 | $ | (131,031 | ) | $ | 205,954 | $ | 304,278 | $ | (147,902 | ) | $ | 231,299 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (1,553 | ) | (47,633 | ) | (14,394 | ) | — | (63,580 | ) | |||||||||||
Payments for businesses and intangibles acquired, net of cash acquired | — | (250,912 | ) | (58,096 | ) | — | (309,008 | ) | ||||||||||||
Investments in affiliates | (50 | ) | — | — | — | (50 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | (1,603 | ) | (298,545 | ) | (72,490 | ) | — | (372,638 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Proceeds from new borrowings | 680,000 | — | — | — | 680,000 | |||||||||||||||
Repayment of long-term borrowings | (375,000 | ) | — | — | — | (375,000 | ) | |||||||||||||
Debt extinguishment, issuance and amendment fees | (6,400 | ) | — | — | — | (6,400 | ) | |||||||||||||
Proceeds from share based compensation plans and the related tax impacts | 6,181 | — | — | — | 6,181 | |||||||||||||||
Dividends | (55,917 | ) | — | — | — | (55,917 | ) | |||||||||||||
Payments to noncontrolling shareholders | — | — | (736 | ) | — | (736 | ) | |||||||||||||
Payments for contingent consideration | — | (14,802 | ) | (2,156 | ) | — | (16,958 | ) | ||||||||||||
Intercompany transactions | (141,614 | ) | 137,304 | 4,310 | — | — | ||||||||||||||
Intercompany dividends paid | — | (17,400 | ) | (130,502 | ) | 147,902 | — | |||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 107,250 | 105,102 | (129,084 | ) | 147,902 | 231,170 | ||||||||||||||
Cash Flows from Discontinued Operations: | ||||||||||||||||||||
Net cash used in operating activities | (2,727 | ) | — | (600 | ) | — | (3,327 | ) | ||||||||||||
Net cash used in discontinued operations | (2,727 | ) | — | (600 | ) | — | (3,327 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 8,441 | — | 8,441 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (28,111 | ) | 12,511 | 110,545 | — | 94,945 | ||||||||||||||
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 | $ | 42,749 | $ | 14,500 | $ | 374,735 | $ | — | $ | 431,984 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (178,017 | ) | $ | 310,736 | $ | 160,802 | $ | (98,903 | ) | $ | 194,618 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (7,352 | ) | (39,118 | ) | (18,924 | ) | — | (65,394 | ) | |||||||||||
Proceeds from sales of businesses and assets, net of cash sold | 4,301 | 45,204 | 17,155 | — | 66,660 | |||||||||||||||
Payments for businesses and intangibles acquired, net of cash acquired | — | (105,195 | ) | (264,249 | ) | — | (369,444 | ) | ||||||||||||
Investments in affiliates | (80 | ) | — | — | — | (80 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | (3,131 | ) | (99,109 | ) | (266,018 | ) | — | (368,258 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Decrease in notes payable and current borrowings | — | (421 | ) | (285 | ) | — | (706 | ) | ||||||||||||
Proceeds from share based compensation plans and the related tax impacts | 8,238 | — | — | — | 8,238 | |||||||||||||||
Dividends | (55,589 | ) | — | — | — | (55,589 | ) | |||||||||||||
Payments for contingent consideration | — | (16,289 | ) | (1,307 | ) | — | (17,596 | ) | ||||||||||||
Intercompany transactions | 196,850 | (177,900 | ) | (18,950 | ) | — | — | |||||||||||||
Intercompany dividends paid | — | (16,900 | ) | (82,003 | ) | 98,903 | — | |||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 149,499 | (211,510 | ) | (102,545 | ) | 98,903 | (65,653 | ) | ||||||||||||
Cash Flows from Discontinued Operations: | ||||||||||||||||||||
Net cash (used in) provided by operating activities | (12,022 | ) | 4,223 | — | — | (7,799 | ) | |||||||||||||
Net cash used in investing activities | — | (2,351 | ) | — | — | (2,351 | ) | |||||||||||||
Net cash (used in) provided by discontinued operations | (12,022 | ) | 1,872 | — | — | (10,150 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2,394 | — | 2,394 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (43,671 | ) | 1,989 | (205,367 | ) | — | (247,049 | ) | ||||||||||||
Cash and cash equivalents at the beginning of the period | 114,531 | — | 469,557 | — | 584,088 | |||||||||||||||
Cash and cash equivalents at the end of the period | $ | 70,860 | $ | 1,989 | $ | 264,190 | $ | — | $ | 337,039 | ||||||||||
Divestiturerelated_activities
Divestiture-related activities | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Divestiture-Related Activities [Abstract] | ||||||||||||
Divestiture-related activities | Divestiture-related activities | |||||||||||
Assets Held for Sale | ||||||||||||
The table below provides information regarding assets held for sale at December 31, 2014 and 2013. At December 31, 2014, these assets consisted of two buildings and other assets, which the Company is actively marketing. | ||||||||||||
2014 | 2013 | |||||||||||
Assets held for sale: | (Dollars in thousands) | |||||||||||
Property, plant and equipment | $ | 7,422 | $ | 10,428 | ||||||||
Total assets held for sale | $ | 7,422 | $ | 10,428 | ||||||||
Discontinued Operations | ||||||||||||
The Company has recorded $3.4 million, $2.2 million and $2.7 million of expense during 2014, 2013 and 2012, respectively, associated with retained liabilities related to businesses that have been divested. | ||||||||||||
On August 26, 2012, the Company completed the sale of the orthopedic business of its OEM segment for $45.2 million in cash and realized a loss of $39 thousand, net of tax, from the sale of this business. | ||||||||||||
The results of the Company’s discontinued operations for the years 2014, 2013 and 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net revenues | $ | — | $ | — | $ | 16,616 | ||||||
Costs and other expenses | 3,407 | 2,205 | 18,328 | |||||||||
Goodwill impairment(1) | — | — | 9,700 | |||||||||
Gain on disposition(2) | — | — | 2,205 | |||||||||
Loss from discontinued operations before income taxes | (3,407 | ) | (2,205 | ) | (9,207 | ) | ||||||
Tax benefit on loss from discontinued operations | (698 | ) | (1,770 | ) | (1,887 | ) | ||||||
Loss from discontinued operations | $ | (2,709 | ) | $ | (435 | ) | $ | (7,320 | ) | |||
-1 | During 2012, the Company recognized a non-cash goodwill impairment charge of $9.7 million to adjust the carrying value of its former orthopedic business to its estimated fair value. | |||||||||||
-2 | The $2.2 million pre-tax gain on disposition during 2012 primarily reflects the gain recognized on the working capital adjustment related to the sale of the Company's former cargo systems and cargo container businesses. |
QUARTERLY_DATA_UNAUDITED
QUARTERLY DATA (UNAUDITED) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information | QUARTERLY DATA (UNAUDITED) | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(Dollars in thousands, except per share) | ||||||||||||||||
2014:00:00 | ||||||||||||||||
Net revenues | $ | 438,546 | $ | 468,105 | $ | 457,173 | $ | 476,008 | ||||||||
Gross profit | 221,159 | 244,088 | 236,166 | 241,015 | ||||||||||||
Income from continuing operations before interest and taxes | 59,020 | 74,752 | 81,935 | 69,155 | ||||||||||||
Income from continuing operations | 35,269 | 48,830 | 55,228 | 52,133 | ||||||||||||
Loss from discontinued operations | (125 | ) | (1,125 | ) | (271 | ) | (1,188 | ) | ||||||||
Net income | 35,144 | 47,705 | 54,957 | 50,945 | ||||||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 186 | 453 | 126 | 307 | ||||||||||||
Net income attributable to common shareholders | 34,958 | 47,252 | 54,831 | 50,638 | ||||||||||||
Earnings per share available to common shareholders — basic(1): | ||||||||||||||||
Income from continuing operations | $ | 0.85 | $ | 1.17 | $ | 1.33 | $ | 1.25 | ||||||||
Loss from discontinued operations | — | (0.03 | ) | (0.01 | ) | (0.03 | ) | |||||||||
Net income | $ | 0.85 | $ | 1.14 | $ | 1.32 | $ | 1.22 | ||||||||
Earnings per share available to common shareholders — diluted(1): | ||||||||||||||||
Income from continuing operations | $ | 0.77 | $ | 1.04 | $ | 1.18 | $ | 1.1 | ||||||||
Loss from discontinued operations | (0.01 | ) | (0.02 | ) | — | (0.03 | ) | |||||||||
Net income | $ | 0.76 | $ | 1.02 | $ | 1.18 | $ | 1.07 | ||||||||
2013:00:00 | ||||||||||||||||
Net revenues | $ | 411,877 | $ | 420,059 | $ | 413,796 | $ | 450,539 | ||||||||
Gross profit | 200,520 | 209,490 | 203,992 | 224,943 | ||||||||||||
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 49,404 | 63,751 | 66,042 | 54,064 | ||||||||||||
Income from continuing operations | 27,701 | 43,401 | 45,779 | 35,302 | ||||||||||||
(Loss) income from discontinued operations | (462 | ) | (766 | ) | 1,029 | (236 | ) | |||||||||
Net income | 27,239 | 42,635 | 46,808 | 35,066 | ||||||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 201 | 194 | 234 | 238 | ||||||||||||
Net income attributable to common shareholders | 27,038 | 42,441 | 46,574 | 34,828 | ||||||||||||
Earnings per share available to common shareholders — basic(1): | ||||||||||||||||
Income from continuing operations | $ | 0.67 | $ | 1.05 | $ | 1.11 | $ | 0.85 | ||||||||
(Loss) income from discontinued operations | (0.01 | ) | (0.02 | ) | 0.02 | — | ||||||||||
Net income | $ | 0.66 | $ | 1.03 | $ | 1.13 | $ | 0.85 | ||||||||
Earnings per share available to common shareholders — diluted(1): | ||||||||||||||||
Income from continuing operations | $ | 0.64 | $ | 0.99 | $ | 1.05 | $ | 0.78 | ||||||||
(Loss) income from discontinued operations | (0.01 | ) | (0.01 | ) | 0.03 | (0.01 | ) | |||||||||
Net income | $ | 0.63 | $ | 0.98 | $ | 1.08 | $ | 0.77 | ||||||||
(1) Each quarter is calculated as a discrete period; the sum of the four quarters may not equal the calculated full year amount. |
SCHEDULE_II_VALUTAION_AND_QUAL
SCHEDULE II - VALUTAION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||
SCHEDULE II - VALUTAION AND QUALIFYING ACCOUNTS | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS | ||||||||||||||||||||||||
Balance at | Dispositions | Additions | Accounts | Translation | Balance at | |||||||||||||||||||
Beginning of | Charged to | Receivable | and Other | End of | ||||||||||||||||||||
Year | Income | Write-offs | Year | |||||||||||||||||||||
31-Dec-14 | $ | 10,722 | $ | — | $ | 1,882 | $ | (2,738 | ) | $ | (1,083 | ) | $ | 8,783 | ||||||||||
31-Dec-13 | $ | 7,818 | $ | — | $ | 4,414 | $ | (1,446 | ) | $ | (64 | ) | $ | 10,722 | ||||||||||
31-Dec-12 | $ | 6,452 | $ | — | $ | 1,730 | $ | (483 | ) | $ | 119 | $ | 7,818 | |||||||||||
INVENTORY RESERVE | ||||||||||||||||||||||||
Balance at | Dispositions | Additions | Inventory | Translation | Balance at | |||||||||||||||||||
Beginning of | Charged to | Write-offs | and Other | End of | ||||||||||||||||||||
Year | Income | Year | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Raw material | $ | 5,687 | $ | — | $ | 1,840 | $ | (2,391 | ) | $ | 1,755 | $ | 6,891 | |||||||||||
Work-in-process | 1,729 | — | 1,239 | (1,720 | ) | (739 | ) | 509 | ||||||||||||||||
Finished goods | 24,957 | — | 10,135 | (7,317 | ) | (1,301 | ) | 26,474 | ||||||||||||||||
$ | 32,373 | $ | — | $ | 13,214 | $ | (11,428 | ) | $ | (285 | ) | $ | 33,874 | |||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Raw material | $ | 9,394 | $ | — | $ | 1,931 | $ | (5,774 | ) | $ | 136 | $ | 5,687 | |||||||||||
Work-in-process | 1,646 | — | 855 | (340 | ) | (432 | ) | 1,729 | ||||||||||||||||
Finished goods | 20,663 | — | 11,440 | (11,663 | ) | 4,517 | 24,957 | |||||||||||||||||
$ | 31,703 | $ | — | $ | 14,226 | $ | (17,777 | ) | $ | 4,221 | $ | 32,373 | ||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Raw material | $ | 9,095 | $ | (504 | ) | $ | 5,206 | $ | (4,346 | ) | $ | (57 | ) | $ | 9,394 | |||||||||
Work-in-process | 2,742 | — | 1,107 | (2,204 | ) | 1 | 1,646 | |||||||||||||||||
Finished goods | 21,082 | — | 13,175 | (12,183 | ) | (1,411 | ) | 20,663 | ||||||||||||||||
$ | 32,919 | $ | (504 | ) | $ | 19,488 | $ | (18,733 | ) | $ | (1,467 | ) | $ | 31,703 | ||||||||||
DEFERRED TAX ASSET VALUATION ALLOWANCE | ||||||||||||||||||||||||
Balance at | Additions | Reductions | Translation | Balance at | ||||||||||||||||||||
Beginning of Year | Charged to | Credited to | and Other | End of Year | ||||||||||||||||||||
Expense | Expense | |||||||||||||||||||||||
31-Dec-14 | $ | 86,510 | $ | 13,331 | $ | (3,741 | ) | $ | 3,041 | $ | 99,141 | |||||||||||||
31-Dec-13 | $ | 69,527 | $ | 21,118 | $ | (1,553 | ) | $ | (2,582 | ) | $ | 86,510 | ||||||||||||
31-Dec-12 | $ | 66,305 | $ | 6,103 | $ | (4,888 | ) | $ | 2,007 | $ | 69,527 | |||||||||||||
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation: The consolidated financial statements include the accounts of Teleflex Incorporated and its subsidiaries (the “Company”). Intercompany transactions are eliminated in consolidation. Investments in affiliates over which the Company has significant influence but not a controlling equity interest, including variable interest entities where the Company is not the primary beneficiary, are accounted for using the equity method. Investments in affiliates over which the Company does not have significant influence are accounted for using the cost method of accounting. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and include management’s estimates and assumptions that affect the recorded amounts. |
Effective January 1, 2014, the Company realigned its operating segments to reflect changes in the Company's internal financial reporting structure. All prior comparative periods have been restated to reflect these changes. Refer to Note 16 to the consolidated financial statements 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 year ended December 31, 2014, the Company 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 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 outflows of $2.7 million and $1.6 million from operating to financing activities for the years ended December 31, 2013 and 2012, respectively, to conform to the presentation for the year ended December 31, 2014 within the consolidated statement of cash flows and within the condensed consolidating statement of cash flows included in Note 17. | |
Use of estimates | Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 and the reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents: All highly liquid debt instruments with an original maturity of three months or less are classified as cash equivalents. The carrying value of cash equivalents approximates their current market value. |
Accounts receivable | Accounts receivable: Accounts receivable represents amounts due from customers related to the sale of products and provision of services. An allowance for doubtful accounts is maintained and represents the Company’s estimate of the amount of uncollectible receivables. The allowance is provided at such time as management believes reasonable doubt exists that such balances will be collected within a reasonable period of time. The allowance is based on the Company’s historical experience, the length of time an account is outstanding, the financial position of the customer and information provided by credit rating services. In addition, the Company maintains a reserve for returns and allowances based on its historical experience. |
Inventories | Inventories: Inventories are valued at the lower of cost or market. The cost of the Company’s inventories is determined using the average cost method. Elements of cost in inventory include raw materials, direct labor, and manufacturing overhead. In estimating market value, the Company evaluates inventory for excess and obsolete quantities based on estimated usage and sales. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation. Costs incurred to develop internal-use computer software during the application development stage generally are capitalized. Costs of enhancements to internal-use computer software are capitalized, provided that these enhancements result in additional functionality. Other additions and those improvements which increase the capacity or lengthen the useful lives of the assets are also capitalized. With minor exceptions, composite useful lives for property, plant and equipment, which are depreciated on a straight-line basis are as follows: land improvements — 5 years; buildings — 30 years; machinery and equipment — 3 to 10 years; computer equipment and software — 3 to 10 years. Leasehold improvements are depreciated over the lesser of the useful lives of the leasehold improvements or the remaining lease periods. Repairs and maintenance costs are expensed as incurred. |
Goodwill and other intangible assets | Goodwill and other intangible assets: Goodwill and other intangible assets with indefinite lives are not amortized but are tested for impairment annually during the fourth quarter or more frequently if events or changes in circumstances indicate that an impairment may exist. Impairment losses, if any, are included in income from operations. The goodwill impairment test is applied to each of the Company’s reporting units whose assets include goodwill. For purposes of this assessment, a reporting unit is an operating segment, or a business one level below that operating segment (also known as a component) if discrete financial information is prepared and regularly reviewed by segment management. However, separate components are aggregated as a single reporting unit if they have similar economic characteristics. |
In applying the goodwill impairment test, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, and entity specific factors such as strategies and financial performance. If, after completing such assessment, it is determined more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to a two-step quantitative impairment test. Alternatively, the Company may proceed directly to testing goodwill for impairment through the two-step quantitative impairment test, described below, without conducting the qualitative analysis. In the fourth quarter of 2014, the Company performed a qualitative assessment on five of its reporting units whose assets include goodwill and determined, based on the assessment, that the fair value of each of the reporting units was more likely than not higher than its carrying value. For the three remaining reporting units whose assets include goodwill, the Company elected to forego the qualitative assessment and apply the two-step quantitative impairment test. | |
The first step of the two-step impairment test is to quantitatively compare the fair value of a reporting unit, including goodwill, to its carrying value. In performing the first step, the Company calculates the fair value of the reporting unit using equal weighting of two methods; one which estimates the discounted cash flows of the reporting unit based on projected earnings in the future (the Income Approach) and one which is based on sales of similar businesses or assets to those of the reporting unit in actual transactions (the Market Approach). If the reporting unit fair value exceeds the carrying value, there is no impairment. If the reporting unit carrying value exceeds the fair value, the Company would perform the second step of the goodwill impairment test, in which the Company would recognize an impairment loss if the carrying value of goodwill exceeds its implied fair value. The implied fair value of goodwill is determined by deducting the fair value of a reporting unit's identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the fair value of the individual assets acquired and liabilities assumed were being determined initially. The Company performed the quantitative goodwill impairment test during the fourth quarter of 2014, on three of its reporting units whose assets include goodwill, and determined that the fair value of each of the reporting units exceeded the carrying value. As a result, no impairment in the carrying value of any of the Company’s reporting units was evident. | |
The Company’s intangible assets consist of customer lists, intellectual property, distribution rights and trade names. The Company tests its indefinite-lived intangible assets for impairment annually, and more frequently if events or changes in circumstances indicate that an impairment may have occurred. Similar to the goodwill impairment test process, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If, after completing the qualitative assessment, the Company determines it is more likely than not that the fair value of the indefinite-lived intangible asset is greater than its carrying amount, the asset is not impaired. If the Company concludes it is more likely than not that the fair value of the indefinite-lived intangible assets is less than the carrying value, the Company then proceeds to a quantitative impairment test, which consists of a comparison of the fair value of the intangible assets to their carrying amounts. Alternatively, the Company may elect to forgo the qualitative analysis and proceed directly to testing the indefinite-lived intangible asset for impairment through the quantitative impairment test. In the fourth quarter of 2014, the Company performed a qualitative assessment on all of its indefinite lived assets, except for two trade names, and determined, based on its assessment, that their fair values were more likely than not higher than their carrying values. For the remaining two trade names, the Company elected to test impairment through the quantitative test and determined that the fair value of the trade names exceeded the respective carrying values. As a result, no impairment in the carrying value of any of the Company's intangible assets was evident. The Company recorded in process research and development (IPR&D) impairment charges of $7.4 million in 2013, following its decision to abandon certain IPR&D projects. See Note 4 to the consolidated financial statements for further information related to these charges. | |
Intangible assets consisting of intellectual property, customer lists, distribution rights and trade names that do not have indefinite lives are being amortized over their estimated useful lives, which are as follows: intellectual property, 3 to 20 years; customer lists, 5 to 30 years; distribution rights, 3 to 22 years; trade names, 1 to 30 years. The weighted average amortization period is approximately 13 years. The Company periodically evaluates the reasonableness of the useful lives of these assets. | |
Long-lived assets | Long-lived assets: The Company assesses the remaining useful life and recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The evaluation is based on various analyses, including undiscounted cash flow and profitability projections that incorporate, as applicable, the impact on the existing business. Therefore, the evaluation involves significant management judgment. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. |
Foreign currency translation | Foreign currency translation: Assets and liabilities of subsidiaries with non-United States dollar denominated functional currencies are translated into United States dollars at the rates of exchange at the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the year. The translation adjustments are reported as a component of accumulated other comprehensive income. |
Derivative financial instruments | Derivative financial instruments: The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates. All instruments are entered into for other than trading purposes. All derivatives are recognized on the balance sheet at fair value. Changes in the fair value of derivatives are recorded in the consolidated statement of comprehensive income (loss) as other comprehensive income, based on whether the instrument is designated as part of a hedge transaction and, if so, the type of hedge transaction. Gains or losses on derivative instruments reported in other comprehensive income are reclassified to the consolidated statement of income (loss) in the period in which earnings are affected by the underlying hedged item. The ineffective portion of all hedges is recognized in the current period consolidated statement of income (loss). If the hedging relationship ceases to be highly effective or it becomes probable that an expected transaction will no longer occur, gains or losses on the derivative are recorded in the current period consolidated statement of income (loss). |
Share-based compensation | Share-based compensation: The Company estimates the fair value of share-based awards on the date of grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. Share-based compensation expense related to stock options is measured using a Black-Scholes option pricing model that takes into account highly subjective and complex assumptions. The expected life of options granted is derived from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that options granted are expected to be outstanding. Expected volatility is based on a blend of historical volatility and implied volatility derived from publicly traded options to purchase the Company’s common stock, which the Company believes is more reflective of the market conditions and a better indicator of expected volatility than would be the case if the Company only used historical volatility. The risk-free interest rate is the implied yield currently available on United States Treasury zero-coupon issues with a remaining term equal to the expected life of the option. |
Share-based compensation expense recognized is based on the value of the portion of stock-based awards that is ultimately expected to vest during the period less estimated forfeitures. Forfeitures are required to be estimated at the time of grant. To minimize fluctuations in share-based compensation expense, management reviews and revises the estimate of forfeitures for all share-based awards on a quarterly basis based on management’s expectation of the awards that will ultimately vest. | |
Income taxes | Income taxes: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases, and to reflect operating loss and tax credit carryforwards. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except for subsidiaries in which earnings are deemed to be permanently reinvested. |
Significant judgment is required in determining income tax provisions and in evaluating tax positions. The Company establishes additional provisions for income taxes when, despite the belief that tax positions are supportable, there remain certain positions that do not meet the minimum probability threshold, which is a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority. In the normal course of business, the Company and its subsidiaries are examined by various federal, state and foreign tax authorities. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of its provision for income taxes. Interest accrued with respect to unrecognized tax benefits and income tax related penalties are both included in taxes on income from continuing operations. The Company periodically assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to an adjustment become known. | |
Pensions and other postretirement benefits | Pensions and other postretirement benefits: The Company provides a range of benefits to eligible employees and retired employees, including pensions and postretirement healthcare. The Company records annual amounts relating to these plans based on calculations which include various actuarial assumptions such as discount rates, expected rates of return on plan assets, compensation increases, turnover rates and healthcare cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when appropriate. The effect of the modifications is generally amortized over future periods. |
Restructuring costs | Restructuring costs: Restructuring costs, which include termination benefits, facility closure costs, contract termination costs and other restructuring costs are recorded at estimated fair value. Key assumptions in calculating the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations and the timing of reductions in force. |
Contingent consideration related to business acquisitions | Contingent consideration related to business acquisitions: In connection with business acquisitions, the Company may be required to pay future consideration that is contingent upon the achievement of specified objectives such as receipt of regulatory approval, commercialization of a product, achievement of sales targets, or the passage of time (collectively, "milestone payments"). As of the acquisition date, the Company records a contingent liability representing the estimated fair value of the contingent consideration that it expects to pay. 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 the contingent consideration obligation either is satisfied through payment upon the achievement of the specified objectives or is no longer payable due to the failure to achieve the specified objectives. The change in the fair value is recorded in the consolidated statement of income (loss). A contingent payment is classified as a financing activity in the consolidated statement of cash flows to the extent it was recorded as a liability as of the acquisition date. Any additional amount paid in excess of the amount initially accrued is classified as an operating activity in the consolidated statement of cash flows. |
Revenue recognition | Revenue recognition: The Company recognizes revenues from product sales, including sales to distributors, or services provided when the following revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. This generally occurs when products are shipped, when services are rendered or upon customers’ acceptance. Revenues are net of estimated returns and other allowances including rebates. |
The Company’s normal policy is to accept returns only in cases in which the product is defective and covered under the Company’s standard warranty provisions. However, in the limited cases where an arrangement provides a right of return to the customer, including a distributor, the Company believes it has the ability to reasonably estimate the amount of returns based on its substantial historical experience with respect to these arrangements. The Company accrues any costs or losses that may be expected in connection with any returns in accordance with FASB Accounting Standards Codification (“ASC”) Topic 450, “Contingencies.” Revenues and cost of goods sold are reduced to reflect estimated returns. The reserve for returns and allowances was $4.1 million and $3.3 million as of December 31, 2014 and 2013, respectively. | |
Allowances related to customer incentive programs, which include discounts or rebates, are estimated and provided for in the period that the related sales are recorded. These allowances are recorded as a reduction of revenue. The Company also offers rebates to certain distributors and records the estimated rebate as a reduction of revenue at the time of sale. In estimating rebates, the Company considers the lag time between the point of sale and the payment of the distributor’s rebate claim, distributor-specific trend analyses, contractual commitments, including stated rebate rates, historical experience with respect to specific customers and other relevant information. The Company adjusts estimated rebates based on actual experience and records the adjustment as a reduction of sales in the period of adjustment. The estimated reserve for the customer incentive programs, including distributor rebates, was $10.4 million and $7.8 million at December 31, 2014 and 2013, respectively. The Company expects the estimated rebates as of December 31, 2014 to be paid within 90 days subsequent to year-end. | |
Recently issued not yet effective | Recently issued not yet effective |
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. The Company has assessed these recently issued standards that are not yet effective and believes the new standards will not have a material impact on the Company’s results of operations, cash flows or financial position. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the preliminary fair value determination of the assets acquired and liabilities assumed in the acquisitions that occurred during 2014: | |||
(Dollars in thousands) | ||||
Assets | ||||
Current assets | $ | 10,512 | ||
Property, plant and equipment | 344 | |||
Intangible assets: | ||||
Intellectual property | 37,000 | |||
Trade name | 300 | |||
Customer list | 9,335 | |||
Goodwill | 16,392 | |||
Total assets acquired | 73,883 | |||
Less: | ||||
Current liabilities | 4,769 | |||
Deferred tax liabilities | 2,800 | |||
Liabilities assumed | 7,569 | |||
Net assets acquired | $ | 66,314 | ||
Restructuring_and_other_impair1
Restructuring and other impairment charges (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Other Impairment Charges | Restructuring and other impairment charges by reportable segment for the twelve months ended December 31, 2014, 2013, and 2012 are set forth in the following table: | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Restructuring and other impairment charges | ||||||||||||||||||||
Vascular North America | $ | 7,069 | $ | 5,348 | $ | (1,120 | ) | |||||||||||||
Anesthesia/Respiratory North America | 1,379 | 3,207 | 983 | |||||||||||||||||
Surgical North America | — | 6,525 | 278 | |||||||||||||||||
EMEA | 6,375 | 16,122 | 1,995 | |||||||||||||||||
Asia | 1,305 | 603 | 442 | |||||||||||||||||
OEM | — | 588 | 83 | |||||||||||||||||
All other | 1,741 | 6,059 | 376 | |||||||||||||||||
Total restructuring and other impairment charges | $ | 17,869 | $ | 38,452 | $ | 3,037 | ||||||||||||||
The following table provides a summary of the Company’s current cost estimates by major type of expense associated with the 2014 Manufacturing Footprint Realignment Plan: | ||||||||||||||||||||
Type of expense | Total estimated amount expected to be incurred | |||||||||||||||||||
Termination benefits | $11 million to $13 million | |||||||||||||||||||
Facility closure and other exit costs (1) | $2 million to $3 million | |||||||||||||||||||
Accelerated depreciation charges | $10 million to $11 million | |||||||||||||||||||
Other (2) | $14 million to $17 million | |||||||||||||||||||
$37 million to $44 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. | |||||||||||||||||||
LMA Restructuring Program | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
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, 2012 through December 31, 2014 is set forth in the following table: | |||||||||||||||||||
Termination | Facility Closure Costs | Contract | Other | Total | ||||||||||||||||
benefits | Termination | Restructuring | ||||||||||||||||||
Costs | Costs | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 1,744 | $ | — | $ | 277 | $ | 12 | $ | 2,033 | ||||||||||
Subsequent accruals | 3,282 | 788 | 7,906 | 176 | 12,152 | |||||||||||||||
Cash payments | (4,461 | ) | (362 | ) | (4,560 | ) | (164 | ) | (9,547 | ) | ||||||||||
Foreign currency translation | (13 | ) | 1 | 63 | (8 | ) | 43 | |||||||||||||
Balance at December 31, 2013 | 552 | 427 | 3,686 | 16 | 4,681 | |||||||||||||||
Subsequent accruals (reversals) | (29 | ) | (112 | ) | (3,188 | ) | — | (3,329 | ) | |||||||||||
Cash payments | (503 | ) | (317 | ) | (260 | ) | (4 | ) | (1,084 | ) | ||||||||||
Foreign currency translation | (20 | ) | 2 | (26 | ) | — | (44 | ) | ||||||||||||
Balance at December 31, 2014 | $ | — | $ | — | $ | 212 | $ | 12 | $ | 224 | ||||||||||
2014 Restructuring Charges | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Other Impairment Charges | The restructuring and other impairment charges recognized for the twelve months ended December 31, 2014, 2013 and 2012 consisted of the following: | |||||||||||||||||||
2014 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
2014 Manufacturing footprint realignment plan | $ | 9,200 | $ | — | $ | — | $ | 60 | $ | 9,260 | ||||||||||
2014 European restructuring plan | 7,237 | 1 | 345 | 225 | 7,808 | |||||||||||||||
Other 2014 restructuring programs | 552 | — | 2,754 | 244 | 3,550 | |||||||||||||||
2013 Restructuring programs | 562 | — | 249 | 22 | 833 | |||||||||||||||
LMA restructuring program | (29 | ) | (112 | ) | (3,188 | ) | — | (3,329 | ) | |||||||||||
2012 Restructuring program | (619 | ) | 354 | — | — | (265 | ) | |||||||||||||
2011 Restructuring program | — | 12 | — | — | 12 | |||||||||||||||
Total restructuring and other impairment charges | $ | 16,903 | $ | 255 | $ | 160 | $ | 551 | $ | 17,869 | ||||||||||
2013 Restructuring Charges | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Other Impairment Charges | ||||||||||||||||||||
2013 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
2013 Restructuring programs | 4,787 | — | 3,326 | 2,117 | 10,230 | |||||||||||||||
LMA restructuring program | 3,282 | 788 | 7,906 | 176 | 12,152 | |||||||||||||||
2012 Restructuring program | 2,993 | 935 | 296 | 5 | 4,229 | |||||||||||||||
2011 Restructuring | — | 42 | 728 | — | 770 | |||||||||||||||
2007 Arrow integration program | — | 230 | — | — | 230 | |||||||||||||||
11,062 | 1,995 | 12,256 | 2,298 | 27,611 | ||||||||||||||||
Impairment charges | — | — | — | 10,841 | 10,841 | |||||||||||||||
Total restructuring and other impairment charges | $ | 11,062 | $ | 1,995 | $ | 12,256 | $ | 13,139 | $ | 38,452 | ||||||||||
2012 Restructuring Charges | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring and Other Impairment Charges | ||||||||||||||||||||
2012 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
LMA restructuring program | $ | 2,229 | $ | — | $ | 274 | $ | 12 | 2,515 | |||||||||||
2012 Restructuring program | 1,681 | — | 758 | 20 | 2,459 | |||||||||||||||
2007 Arrow integration program | 20 | 230 | (2,166 | ) | (21 | ) | (1,937 | ) | ||||||||||||
Total restructuring and other impairment charges | $ | 3,930 | $ | 230 | $ | (1,134 | ) | $ | 11 | $ | 3,037 | |||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories at December 31, 2014 and 2013 consisted of the following: | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Raw materials | $ | 68,191 | $ | 70,209 | ||||
Work-in-process | 58,526 | 53,672 | ||||||
Finished goods | 242,750 | 242,113 | ||||||
369,467 | 365,994 | |||||||
Less: Inventory reserves | (33,874 | ) | (32,373 | ) | ||||
Inventories, net | $ | 335,593 | $ | 333,621 | ||||
Property_plant_and_equipment_T
Property, plant and equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Major Classes of Property, Plant and Equipment at Cost | The major classes of property, plant and equipment, at cost, at December 31, 2014 and 2013 are as follows: | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Land, buildings and leasehold improvements | $ | 194,923 | $ | 199,741 | ||||
Machinery and equipment | 320,999 | 322,060 | ||||||
Computer equipment and software | 107,743 | 102,527 | ||||||
Construction in progress | 51,834 | 55,092 | ||||||
675,499 | 679,420 | |||||||
Less: Accumulated depreciation | (358,064 | ) | (353,520 | ) | ||||
Property, plant and equipment, net | $ | 317,435 | $ | 325,900 | ||||
Goodwill_and_other_intangible_1
Goodwill and other intangible assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill, by Reporting Segment | Changes in the carrying amount of goodwill, by reporting segment, for the twelve months ended December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||
Vascular North America | Anesthesia/Respiratory North America | Surgical North America | EMEA | Asia | All Other | Total | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||||||||||
Goodwill | $ | 459,696 | $ | 167,195 | $ | 250,506 | $ | 373,417 | $ | 136,946 | $ | 298,571 | $ | 1,686,331 | ||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
240,169 | 60,122 | 250,506 | 373,417 | 136,946 | 293,043 | 1,354,203 | ||||||||||||||||||||||
Goodwill related to acquisitions | — | — | 406 | 15,986 | — | $ | 16,392 | |||||||||||||||||||||
Translation adjustment | — | (681 | ) | — | (34,388 | ) | (8,220 | ) | (3,753 | ) | (47,042 | ) | ||||||||||||||||
Balance as of December 31, 2014 | ||||||||||||||||||||||||||||
Goodwill | 459,696 | 166,514 | 250,912 | 339,029 | 144,712 | 294,818 | 1,655,681 | |||||||||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
$ | 240,169 | $ | 59,441 | $ | 250,912 | $ | 339,029 | $ | 144,712 | $ | 289,290 | $ | 1,323,553 | |||||||||||||||
Vascular North America | Anesthesia/Respiratory North America | Surgical North America | EMEA | Asia | All Other | Total | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||||||||||||||
Goodwill | $ | 407,090 | $ | 167,942 | $ | 245,794 | $ | 353,282 | $ | 139,469 | $ | 257,003 | 1,570,580 | |||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
187,563 | 60,869 | 245,794 | 353,282 | 139,469 | 251,475 | 1,238,452 | ||||||||||||||||||||||
Goodwill related to acquisitions | 52,606 | — | 4,712 | 17,922 | 6,394 | 41,650 | 123,284 | |||||||||||||||||||||
Translation adjustment | — | (747 | ) | — | 2,213 | (8,917 | ) | (82 | ) | (7,533 | ) | |||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||||||||||
Goodwill | 459,696 | 167,195 | 250,506 | 373,417 | 136,946 | 298,571 | 1,686,331 | |||||||||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
$ | 240,169 | $ | 60,122 | $ | 250,506 | $ | 373,417 | $ | 136,946 | $ | 293,043 | $ | 1,354,203 | |||||||||||||||
Components of Intangible Assets | Intangible assets at December 31, 2014 and 2013 consisted of the following: | |||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Customer lists | $ | 624,574 | $ | 628,020 | $ | (192,876 | ) | $ | (168,223 | ) | ||||||||||||||||||
In-process research and development | 68,694 | 68,786 | — | — | ||||||||||||||||||||||||
Intellectual property | 467,068 | 435,869 | (146,131 | ) | (118,086 | ) | ||||||||||||||||||||||
Distribution rights | 16,101 | 16,797 | (14,243 | ) | (14,592 | ) | ||||||||||||||||||||||
Trade names | 396,269 | 407,879 | (2,764 | ) | (1,148 | ) | ||||||||||||||||||||||
Noncompete agreements | 337 | 337 | (309 | ) | (42 | ) | ||||||||||||||||||||||
$ | 1,573,043 | $ | 1,557,688 | $ | (356,323 | ) | $ | (302,091 | ) | |||||||||||||||||||
Estimated Annual Amortization Expense | Amortization expense related to intangible assets was $60.9 million, $50.6 million, and $44.3 million for the twelve months ended December 31, 2014, 2013 and 2012, respectively. Estimated annual amortization expense for each of the five succeeding years is as follows: | |||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
2015 | $ | 55,750 | ||||||||||||||||||||||||||
2016 | 55,400 | |||||||||||||||||||||||||||
2017 | 54,950 | |||||||||||||||||||||||||||
2018 | 54,700 | |||||||||||||||||||||||||||
2019 | 54,500 | |||||||||||||||||||||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Components of Long-Term Debt | The Company's debt obligations at December 31, 2014 and 2013 are set forth in the following table: | |||||||||||
2014 | 2013 | |||||||||||
(Dollars in thousands) | ||||||||||||
Senior Credit Facility: | ||||||||||||
Revolving credit facility, at a rate of 1.92% at December 31, 2014 and 2013, due July 16, 2018 | $ | 200,000 | $ | 680,000 | ||||||||
3.875% Convertible Senior Subordinated Notes due 2017 | 399,898 | 400,000 | ||||||||||
6.875% Senior Subordinated Notes due 2019 | 250,000 | 250,000 | ||||||||||
5.25% Senior Notes due 2024 | 250,000 | — | ||||||||||
Securitization program, at a rate of 0.92% at December 31, 2014 and 2013 | 4,700 | 4,700 | ||||||||||
1,104,598 | 1,334,700 | |||||||||||
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes due 2017 | (36,197 | ) | (48,413 | ) | ||||||||
1,068,401 | 1,286,287 | |||||||||||
Current borrowings | (368,401 | ) | (356,287 | ) | ||||||||
Long-term borrowings | $ | 700,000 | $ | 930,000 | ||||||||
Interest Expense Amounts Related to Convertible Notes | The following table provides interest expense amounts related to the Convertible Notes for the periods presented: | |||||||||||
(in millions) | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||
Interest cost related to contractual interest coupon | $ | 15.5 | $ | 15.5 | $ | 15.5 | ||||||
Interest cost related to amortization of the discount | $ | 12.2 | $ | 11.3 | $ | 10.5 | ||||||
Carrying Value of Convertible Notes | The following table provides the carrying value of the Convertible Notes as of December 31, 2014 and 2013: | |||||||||||
(in millions) | 31-Dec-14 | 31-Dec-13 | ||||||||||
Principal amount of the Convertible Notes | $ | 399.9 | $ | 400 | ||||||||
Unamortized discount | (36.2 | ) | (48.4 | ) | ||||||||
Net carrying amount | $ | 363.7 | $ | 351.6 | ||||||||
Fair Value of Debt | The following table provides the fair value of the Company’s debt by fair value hierarchy level (see Note 10 to the consolidated financial statements for further information) as of December 31, 2014 and 2013: | |||||||||||
Fair value of debt | ||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||
(Dollars in thousands) | ||||||||||||
Level 1 | $ | 1,024,806 | $ | 899,390 | ||||||||
Level 2 | 455,222 | 648,712 | ||||||||||
Total | $ | 1,480,028 | $ | 1,548,102 | ||||||||
Aggregate Amounts of Long-Term Debt | As of December 31, 2014, the aggregate amounts of long-term debt, demand loans and debt under the Company’s securitization program that will mature during each of the next four fiscal years and thereafter were as follows: | |||||||||||
(Dollars in thousands) | ||||||||||||
2015(1) | $ | 404,598 | ||||||||||
2016 | — | |||||||||||
2017 | — | |||||||||||
2018 | 200,000 | |||||||||||
2019 and thereafter | 500,000 | |||||||||||
-1 | The Convertible Notes are included in amounts that will mature in 2015 because, at December 31, 2014, they were convertible in accordance with their terms, which are described in more detail above in this section under “Convertible Notes.” |
Financial_instruments_Tables
Financial instruments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||
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 years ended December 31, 2014, 2013 and 2012: | |||||||||||
After Tax Gain/(Loss) | ||||||||||||
Recognized in OCI | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Interest rate swap | $ | — | $ | — | $ | 7,032 | ||||||
Foreign currency exchange contracts | — | 381 | (156 | ) | ||||||||
Total | $ | — | $ | 381 | $ | 6,876 | ||||||
Aggregate Accounts Receivable, Net of Allowance for Doubtful Accounts | The aggregate net current and long-term accounts receivable for customers in Spain, Italy, Greece and Portugal and the percentage of the Company’s total net current and long-term accounts receivable represented by the net current and long-term accounts receivables for customers in those countries at December 31, 2014 and 2013 are as follows: | |||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||
(Dollars in thousands) | ||||||||||||
Current and long-term accounts receivable (net of allowances of $8.1 million and $7.9 million in 2014 and 2013, respectively) in Spain, Italy, Greece and Portugal (1) | $ | 76,190 | $ | 97,852 | ||||||||
Percentage of total net current and long-term accounts receivables | 27.3 | % | 31 | % | ||||||||
(1) The long-term portion of accounts receivable, net from customers in Spain, Italy, Greece and Portugal at December 31, 2014 and 2013 was $11.3 million and $17.6 million, respectively, and is reported in other assets. |
Fair_value_measurement_Tables
Fair value measurement (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 reported at fair value and measured on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||
Total carrying | Quoted prices in | Significant | Significant | |||||||||||||
value at | active markets | other | unobservable | |||||||||||||
December 31, | (Level 1) | observable | inputs (Level 3) | |||||||||||||
2014 | inputs (Level 2) | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Investments in marketable securities | $ | 6,863 | $ | 6,863 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 33,433 | — | — | 33,433 | ||||||||||||
Total carrying | Quoted prices in | Significant | Significant | |||||||||||||
value at | active markets | other | unobservable | |||||||||||||
December 31, | (Level 1) | observable | inputs (Level 3) | |||||||||||||
2013 | inputs (Level 2) | |||||||||||||||
(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 financial liabilities, the fair value of which is based on Level 3 inputs, related to contingent consideration in connection with various Company acquisitions, including those described in Note 3 to the consolidated financial statements, during the twelve months ended December 31, 2014 and 2013: | |||||||||||||||
Contingent consideration | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Beginning balance – January 1 | $ | 20,313 | $ | 51,196 | ||||||||||||
Initial estimate upon acquisition | 20,538 | — | ||||||||||||||
Payment | — | (18,880 | ) | |||||||||||||
Revaluations | (7,418 | ) | (11,982 | ) | ||||||||||||
Translation adjustment | — | (21 | ) | |||||||||||||
Ending balance – December 31 | $ | 33,433 | $ | 20,313 | ||||||||||||
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 the contingent consideration liabilities measured by Level 3 inputs: | |||||||||||||||
Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||
Contingent consideration | Discounted cash flow | Discount rate | 2.3% - 10% (7.0%) | |||||||||||||
Probability of payment | 0% - 100% (52.6%) |
Shareholders_equity_Tables
Shareholders' equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Schedule of Weighted Average Number of Shares | The following table provides a reconciliation of basic to diluted weighted average shares outstanding: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(Shares in thousands) | ||||||||||||||||
Basic | 41,366 | 41,105 | 40,859 | |||||||||||||
Dilutive effect of share based awards | 450 | 410 | — | |||||||||||||
Dilutive effect of 3.875% Convertible Notes and warrants | 4,654 | 2,178 | — | |||||||||||||
Diluted | 46,470 | 43,693 | 40,859 | |||||||||||||
Schedule of 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 twelve months ended December 31, 2014 and 2013: | |||||||||||||||
Cash Flow | Pension and | Foreign | Accumulated | |||||||||||||
Hedges | Other | Currency | Other | |||||||||||||
Postretirement | Translation | Comprehensive | ||||||||||||||
Benefit Plans | Adjustment | Income (Loss) | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2012 | $ | (381 | ) | $ | (127,257 | ) | $ | (4,410 | ) | $ | (132,048 | ) | ||||
Other comprehensive income (loss) before reclassifications | (549 | ) | 25,464 | (9,408 | ) | 15,507 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 930 | 4,756 | — | 5,686 | ||||||||||||
Net current-period other comprehensive income (loss) | 381 | 30,220 | (9,408 | ) | 21,193 | |||||||||||
Balance at December 31, 2013 | — | (97,037 | ) | (13,818 | ) | (110,855 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 594 | (47,536 | ) | (105,333 | ) | (152,275 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (594 | ) | 2,829 | — | 2,235 | |||||||||||
Net current-period other comprehensive loss | — | (44,707 | ) | (105,333 | ) | (150,040 | ) | |||||||||
Balance at December 31, 2014 | $ | — | $ | (141,744 | ) | $ | (119,151 | ) | $ | (260,895 | ) | |||||
Reclassification out of Accumulated Other Comprehensive Income | 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 twelve months ended December 31, 2014 and 2013: | |||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Gains and losses on foreign exchange contracts: | ||||||||||||||||
Cost of goods sold | (705 | ) | 884 | |||||||||||||
Total before tax | (705 | ) | 884 | |||||||||||||
Taxes | 111 | 46 | ||||||||||||||
Net of tax | $ | (594 | ) | $ | 930 | |||||||||||
Amortization of pension and other postretirement benefits items (1): | ||||||||||||||||
Actuarial losses | $ | 4,385 | $ | 7,211 | ||||||||||||
Prior-service costs | (21 | ) | (21 | ) | ||||||||||||
Transition obligation | — | 5 | ||||||||||||||
Total before tax | 4,364 | 7,195 | ||||||||||||||
Tax benefit | (1,535 | ) | (2,439 | ) | ||||||||||||
Net of tax | $ | 2,829 | $ | 4,756 | ||||||||||||
Total reclassifications, net of tax | $ | 2,235 | $ | 5,686 | ||||||||||||
-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 14 to the consolidated financial statements for additional information). |
Stock_compensation_plans_Table
Stock compensation plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share-based Compensation [Abstract] | |||||||||||||
Weighted-Average Assumptions used to Estimate Fair Value of Options Granted | The fair value of options granted in 2014, 2013 and 2012 was estimated at the date of grant using a multiple point Black-Scholes option pricing model. The following weighted-average assumptions were used: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 1.45 | % | 0.75 | % | 0.81 | % | |||||||
Expected life of option | 4.89 years | 4.87 years | 4.85 years | ||||||||||
Expected dividend yield | 1.34 | % | 1.73 | % | 2.28 | % | |||||||
Expected volatility | 21.44 | % | 24.65 | % | 28.46 | % | |||||||
Weighted-Average Assumptions used to Estimate Fair Value of Non-Vested Shares Granted | The following weighted-average assumptions were used: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 0.65 | % | 0.36 | % | 0.37 | % | |||||||
Expected dividend yield | 1.34 | % | 1.71 | % | 2.24 | % | |||||||
Summary of Stock Option Activity | The following table summarizes the option activity during 2014: | ||||||||||||
Shares Subject to Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life In Years | Aggregate | ||||||||||
Intrinsic | |||||||||||||
Value | |||||||||||||
(Dollars in thousands) | |||||||||||||
Outstanding, beginning of the year | 1,279,480 | $ | 65.05 | ||||||||||
Granted | 343,580 | 101.45 | |||||||||||
Exercised | (362,719 | ) | 60.86 | ||||||||||
Forfeited or expired | (26,669 | ) | 87.37 | ||||||||||
Outstanding, end of the year | 1,233,672 | 75.93 | 7.3 | $ | 47,974 | ||||||||
Exercisable, end of the year | 647,425 | $ | 64.82 | 6.1 | $ | 32,373 | |||||||
Summary of Non-Vested Restricted Stock Unit Activity | The Company recorded $4.6 million of expense related to the portion of the shares underlying options |
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of Provision for Income Taxes from Continuing Operations | The following table summarizes the components of the provision for income taxes from continuing operations: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 12,348 | $ | (2,996 | ) | $ | 21,046 | |||||
State | 1,912 | 1,736 | 3,623 | |||||||||
Foreign | 30,748 | 36,422 | 30,389 | |||||||||
Deferred: | ||||||||||||
Federal | (6,593 | ) | (9,565 | ) | (34,629 | ) | ||||||
State | 3,435 | (1,825 | ) | (720 | ) | |||||||
Foreign | (13,200 | ) | (225 | ) | (3,296 | ) | ||||||
$ | 28,650 | $ | 23,547 | $ | 16,413 | |||||||
Summaries of U.S. and Non-U.S. Components of Income from Continuing Operations Before Taxes | The following table summarizes the United States and non-United States components of income from continuing operations before taxes: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
United States | $ | (23,875 | ) | $ | (3,323 | ) | $ | (315,707 | ) | |||
Other | 243,985 | 179,053 | 150,338 | |||||||||
$ | 220,110 | $ | 175,730 | $ | (165,369 | ) | ||||||
Reconciliations Between Statutory Federal Income Tax Rate and Effective Income Tax Rate | Reconciliations between the statutory federal income tax rate and the effective income tax rate are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Goodwill impairment | — | — | (60.84 | ) | ||||||||
Tax effect of International items | (22.54 | ) | (14.83 | ) | 11.28 | |||||||
State taxes, net of federal benefit | 2.1 | (0.32 | ) | (0.90 | ) | |||||||
Uncertain tax contingencies | (0.83 | ) | (4.06 | ) | 4.85 | |||||||
Contingent consideration reversals | (1.18 | ) | (2.04 | ) | — | |||||||
Other, net | 0.47 | (0.35 | ) | 0.68 | ||||||||
13.02 | % | 13.4 | % | (9.93 | )% | |||||||
Deferred Tax Assets and Liabilities | The following table summarizes significant components of the Company’s deferred tax assets and liabilities at December 31, 2014 and 2013: | |||||||||||
2014 | 2013 | |||||||||||
(Dollars in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Tax loss and credit carryforwards | $ | 112,796 | $ | 104,043 | ||||||||
Pension | 63,669 | 39,310 | ||||||||||
Reserves and accruals | 42,296 | 38,684 | ||||||||||
Other | 28,416 | 27,886 | ||||||||||
Less: valuation allowances | (99,141 | ) | (86,510 | ) | ||||||||
Total deferred tax assets | 148,036 | 123,413 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property, plant and equipment | 31,143 | 26,550 | ||||||||||
Intangibles — stock acquisitions | 384,734 | 400,297 | ||||||||||
Unremitted foreign earnings | 116,595 | 147,326 | ||||||||||
Other | 10,756 | 12,030 | ||||||||||
Total deferred tax liabilities | 543,228 | 586,203 | ||||||||||
Net deferred tax liability | $ | (395,192 | ) | $ | (462,790 | ) | ||||||
Uncertain Tax Positions for Liabilities Associated with Unrecognized Tax Benefits | Uncertain Tax Positions: The following table is a reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the twelve month periods ending December 31, 2014, 2013 and 2012: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance at January 1 | $ | 55,771 | $ | 62,108 | $ | 75,026 | ||||||
Increase in unrecognized tax benefits related to prior years | — | — | 1,110 | |||||||||
Decrease in unrecognized tax benefits related to prior years | — | — | (6,134 | ) | ||||||||
Unrecognized tax benefits related to the current year | 910 | 1,838 | 4,256 | |||||||||
Reductions in unrecognized tax benefits due to settlements | (132 | ) | — | (8,816 | ) | |||||||
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations | (3,235 | ) | (8,433 | ) | (3,503 | ) | ||||||
Increase (decrease) in unrecognized tax benefits due to foreign currency translation | (2,230 | ) | 258 | 169 | ||||||||
Balance at December 31 | $ | 51,084 | $ | 55,771 | $ | 62,108 | ||||||
Examinations by Major Tax Jurisdictions | The taxable years that remain subject to examination by major tax jurisdictions are as follows: | |||||||||||
Beginning | Ending | |||||||||||
United States | 2010 | 2014 | ||||||||||
Canada | 2005 | 2014 | ||||||||||
China | 2009 | 2014 | ||||||||||
Czech Republic | 2011 | 2014 | ||||||||||
France | 2012 | 2014 | ||||||||||
Germany | 2007 | 2014 | ||||||||||
India | 2008 | 2014 | ||||||||||
Ireland | 2010 | 2014 | ||||||||||
Italy | 2010 | 2014 | ||||||||||
Malaysia | 2010 | 2014 | ||||||||||
Singapore | 2010 | 2014 |
Pension_and_other_postretireme1
Pension and other postretirement benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||
Net Benefit Cost of Pension and Postretirement Benefit Plans | The following table provides information regarding the net benefit cost of pension and postretirement benefit plans for continuing operations: | |||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Service cost | $ | 1,794 | $ | 1,819 | $ | 2,331 | $ | 424 | $ | 663 | $ | 704 | ||||||||||||
Interest cost | 18,000 | 16,842 | 16,561 | 2,169 | 2,707 | 2,122 | ||||||||||||||||||
Expected return on plan assets | (25,006 | ) | (23,122 | ) | (20,245 | ) | — | — | — | |||||||||||||||
Net amortization and deferral | 4,371 | 5,847 | 6,474 | (7 | ) | 1,348 | 761 | |||||||||||||||||
Curtailment gain | — | — | (197 | ) | — | — | — | |||||||||||||||||
Settlement loss | — | — | 106 | — | — | — | ||||||||||||||||||
Net benefit cost | $ | (841 | ) | $ | 1,386 | $ | 5,030 | $ | 2,586 | $ | 4,718 | $ | 3,587 | |||||||||||
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table provides the weighted average assumptions for United States and foreign plans used in determining net benefit cost: | |||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 5 | % | 4.3 | % | 4.3 | % | 4.7 | % | 3.8 | % | 4 | % | ||||||||||||
Rate of return | 8.3 | % | 8.3 | % | 8.3 | % | — | % | — | % | — | % | ||||||||||||
Initial healthcare trend rate | — | % | — | % | — | % | 7.5 | % | 8.2 | % | 8.5 | % | ||||||||||||
Ultimate healthcare trend rate | — | % | — | % | — | % | 5 | % | 5 | % | 5 | % | ||||||||||||
The following table provides the weighted average assumptions for United States and foreign plans used in determining benefit obligations: | ||||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4.1 | % | 5 | % | 4 | % | 4.7 | % | ||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | — | — | ||||||||||||||||||
Initial healthcare trend rate | — | — | 7.3 | % | 7 | % | ||||||||||||||||||
Ultimate healthcare trend rate | — | — | 5 | % | 5 | % | ||||||||||||||||||
Pension and Postretirement Benefit Plans | The following table provides summarized information with respect to the Company’s pension and postretirement benefit plans, measured as of December 31, 2014 and 2013: | |||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Under Funded | Under Funded | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 367,731 | $ | 397,184 | $ | 52,448 | $ | 55,609 | ||||||||||||||||
Service cost | 1,794 | 1,819 | 424 | 663 | ||||||||||||||||||||
Interest cost | 18,000 | 16,842 | 2,169 | 2,707 | ||||||||||||||||||||
Actuarial loss (gain) | 82,922 | (30,755 | ) | 1,273 | (3,833 | ) | ||||||||||||||||||
Currency translation | (2,973 | ) | 861 | — | — | |||||||||||||||||||
Benefits paid | (17,988 | ) | (17,004 | ) | (3,287 | ) | (2,860 | ) | ||||||||||||||||
Medicare Part D reimbursement | — | — | 127 | 162 | ||||||||||||||||||||
Administrative costs | (1,522 | ) | (1,216 | ) | — | — | ||||||||||||||||||
Projected benefit obligation, end of year | 447,964 | 367,731 | 53,154 | 52,448 | ||||||||||||||||||||
Fair value of plan assets, beginning of year | 305,481 | 276,863 | — | — | ||||||||||||||||||||
Actual return on plan assets | 34,332 | 28,813 | — | — | ||||||||||||||||||||
Contributions | 9,539 | 17,724 | — | — | ||||||||||||||||||||
Benefits paid | (17,988 | ) | (17,004 | ) | — | — | ||||||||||||||||||
Settlements paid | — | — | — | — | ||||||||||||||||||||
Administrative costs | (1,522 | ) | (1,216 | ) | — | — | ||||||||||||||||||
Currency translation | (1,012 | ) | 301 | — | — | |||||||||||||||||||
Fair value of plan assets, end of year | 328,830 | 305,481 | — | — | ||||||||||||||||||||
Funded status, end of year | $ | (119,134 | ) | $ | (62,250 | ) | $ | (53,154 | ) | $ | (52,448 | ) | ||||||||||||
Amounts Recognized in the Consolidated Balance Sheet | The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the plans: | |||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Payroll and benefit-related liabilities | $ | (1,779 | ) | $ | (1,819 | ) | $ | (3,268 | ) | $ | (3,381 | ) | ||||||||||||
Pension and postretirement benefit liabilities | (117,355 | ) | (60,431 | ) | (49,886 | ) | (49,067 | ) | ||||||||||||||||
Accumulated other comprehensive loss | 213,117 | 144,866 | 8,353 | 7,073 | ||||||||||||||||||||
$ | 93,983 | $ | 82,616 | $ | (44,801 | ) | $ | (45,375 | ) | |||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss | The following tables set forth the amounts recognized in accumulated other comprehensive income (loss) with respect to the plans: | |||||||||||||||||||||||
Pension | ||||||||||||||||||||||||
Prior Service | Net (Gain) | Deferred | Accumulated | |||||||||||||||||||||
Cost (Credit) | or Loss | Taxes | Other | |||||||||||||||||||||
Comprehensive | ||||||||||||||||||||||||
(Income) Loss, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 216 | $ | 186,700 | $ | (67,567 | ) | $ | 119,349 | |||||||||||||||
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: | ||||||||||||||||||||||||
Net amortization and deferral | (34 | ) | (5,813 | ) | 1,947 | (3,900 | ) | |||||||||||||||||
Amounts arising during the period: | ||||||||||||||||||||||||
Actuarial changes in benefit obligation | — | (36,446 | ) | 13,206 | (23,240 | ) | ||||||||||||||||||
Impact of currency translation | — | 243 | (66 | ) | 177 | |||||||||||||||||||
Balance at December 31, 2013 | 182 | 144,684 | (52,480 | ) | 92,386 | |||||||||||||||||||
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: | ||||||||||||||||||||||||
Net amortization and deferral | (34 | ) | (4,337 | ) | 1,539 | (2,832 | ) | |||||||||||||||||
Amounts arising during the period: | ||||||||||||||||||||||||
Actuarial changes in benefit obligation | — | 73,596 | (26,131 | ) | 47,465 | |||||||||||||||||||
Impact of currency translation | — | (974 | ) | 265 | (709 | ) | ||||||||||||||||||
Balance at December 31, 2014 | $ | 148 | $ | 212,969 | $ | (76,807 | ) | $ | 136,310 | |||||||||||||||
Other Benefits | ||||||||||||||||||||||||
Prior Service | Initial | Net (Gain) or | Deferred | Accumulated | ||||||||||||||||||||
Cost (Credit) | Obligation | Loss | Taxes | Other | ||||||||||||||||||||
Comprehensive | ||||||||||||||||||||||||
(Income) Loss, | ||||||||||||||||||||||||
Net of Tax | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31, 2012 | $ | (38 | ) | $ | 5 | $ | 12,287 | $ | (4,346 | ) | $ | 7,908 | ||||||||||||
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: | ||||||||||||||||||||||||
Net Amortization and deferral | 55 | (5 | ) | (1,398 | ) | 492 | (856 | ) | ||||||||||||||||
Amounts Arising During the period: | ||||||||||||||||||||||||
Actuarial changes in benefit obligation | — | — | (3,833 | ) | 1,432 | (2,401 | ) | |||||||||||||||||
Balance at December 31, 2013 | 17 | — | 7,056 | (2,422 | ) | 4,651 | ||||||||||||||||||
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: | ||||||||||||||||||||||||
Net Amortization and deferral | 55 | — | (48 | ) | (4 | ) | 3 | |||||||||||||||||
Amounts Arising During the period: | ||||||||||||||||||||||||
Actuarial changes in benefit obligation | — | — | 1,273 | (493 | ) | 780 | ||||||||||||||||||
Balance at December 31, 2014 | $ | 72 | $ | — | $ | 8,281 | $ | (2,919 | ) | $ | 5,434 | |||||||||||||
Fair Values of Pension Plan Assets | The following table provides the fair values of the Company’s pension plan assets at December 31, 2014 by asset category: | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Asset Category (a) | Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Cash | $ | 659 | $ | 659 | $ | — | $ | — | ||||||||||||||||
Money market funds | 31 | 31 | — | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Managed volatility (b) | 83,068 | 83,068 | — | — | ||||||||||||||||||||
United States small/mid-cap equity (c) | 20,312 | 20,312 | — | — | ||||||||||||||||||||
World Equity (excluding United States) (d) | 26,064 | 26,064 | — | — | ||||||||||||||||||||
Common Equity Securities – Teleflex Incorporated | 13,422 | 13,422 | — | — | ||||||||||||||||||||
Diversified United Kingdom Equity | 875 | 875 | — | — | ||||||||||||||||||||
Diversified Global | 2,884 | 2,884 | — | — | ||||||||||||||||||||
Emerging Markets | 1,266 | 1,266 | — | — | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Long duration bond fund (e) | 92,553 | 92,553 | — | — | ||||||||||||||||||||
UK corporate bond fund | 2,719 | 2,719 | — | — | ||||||||||||||||||||
UK Government bond fund | 5,078 | 5,078 | — | — | ||||||||||||||||||||
High yield bond fund (f) | 11,618 | 11,618 | — | — | ||||||||||||||||||||
Emerging markets debt fund (g) | 8,531 | 8,531 | — | |||||||||||||||||||||
Corporate, government and foreign bonds | 81 | 81 | — | |||||||||||||||||||||
Asset backed – home loans | 782 | 782 | — | |||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||
Structured credit (h) | 31,176 | — | 31,176 | |||||||||||||||||||||
Hedge fund of funds (i) | 23,171 | — | 23,171 | |||||||||||||||||||||
UK Property Fund (j) | 1,549 | 1,549 | — | |||||||||||||||||||||
Multi asset fund (k) | 2,986 | 2,986 | — | — | ||||||||||||||||||||
Other | 5 | — | — | 5 | ||||||||||||||||||||
Total | $ | 328,830 | $ | 263,535 | $ | 10,943 | $ | 54,352 | ||||||||||||||||
The following table provides the fair values of the Company’s pension plan assets at December 31, 2013 by asset category: | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Asset Category (a) | Total | Quoted Prices in | Significant | Significant | ||||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Cash | $ | 472 | $ | 472 | $ | — | $ | — | ||||||||||||||||
Money market funds | 310 | 310 | — | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Managed volatility (b) | 77,140 | 77,140 | — | — | ||||||||||||||||||||
United States small/mid-cap equity (c) | 19,760 | 19,760 | — | — | ||||||||||||||||||||
World Equity (excluding United States) (d) | 30,183 | 30,183 | — | — | ||||||||||||||||||||
Common Equity Securities – Teleflex Incorporated | 10,972 | 10,972 | — | — | ||||||||||||||||||||
Diversified United Kingdom Equity | 928 | 928 | — | — | ||||||||||||||||||||
Diversified Global | 2,319 | 2,319 | — | — | ||||||||||||||||||||
Emerging Markets | 1,270 | 1,270 | — | — | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Long duration bond fund (e) | 76,608 | 76,608 | — | — | ||||||||||||||||||||
UK corporate bond fund | 2,569 | 2,569 | — | — | ||||||||||||||||||||
UK Government bond fund | 4,455 | 4,455 | — | — | ||||||||||||||||||||
High yield bond fund (f) | 12,754 | 12,754 | — | — | ||||||||||||||||||||
Emerging markets debt fund (g) | 9,003 | — | 9,003 | — | ||||||||||||||||||||
Corporate, government and foreign bonds | 87 | — | 87 | — | ||||||||||||||||||||
Asset backed – home loans | 847 | — | 847 | — | ||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||
Structured credit (h) | 29,109 | — | — | 29,109 | ||||||||||||||||||||
Hedge fund of funds (i) | 22,540 | — | — | 22,540 | ||||||||||||||||||||
UK Property Fund (j) | 1,402 | — | 1,402 | — | ||||||||||||||||||||
Multi asset fund (k) | 2,748 | 2,748 | — | — | ||||||||||||||||||||
Other | 5 | — | — | 5 | ||||||||||||||||||||
Total | $ | 305,481 | $ | 242,488 | $ | 11,339 | $ | 51,654 | ||||||||||||||||
(a) | Information on asset categories described in notes (b)-(k) is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories. | |||||||||||||||||||||||
(b) | This category comprises mutual funds that invest in securities of United States and non-United States companies of all capitalization ranges that exhibit relatively low volatility. | |||||||||||||||||||||||
(c) | This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of small and mid-sized companies. The fund invests in common stocks or exchange traded funds holding common stock of United States companies with market capitalizations in the range of companies in the Russell 2500 Index. | |||||||||||||||||||||||
(d) | This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of foreign companies. These securities may include common stocks, preferred stocks, warrants, exchange traded funds based on an international equity index and derivative instruments whose value is based on an international equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests in securities of foreign issuers located in developed and emerging market countries. However, the fund will not invest more than 30% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. | |||||||||||||||||||||||
(e) | This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including securities issued or guaranteed by the United States Government and its agencies and instrumentalities, corporate bonds, asset-backed securities, exchange traded funds, mortgage-backed securities and collateralized mortgage-backed securities. The fund invests primarily in long duration government and corporate fixed income securities, and uses derivative instruments, including interest rate swap agreements and Treasury futures contracts, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities. | |||||||||||||||||||||||
(f) | This category comprises a mutual fund that invests at least 80% of its net assets in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. | |||||||||||||||||||||||
(g) | This category comprises a mutual fund that invests at least 80% of its net assets in fixed income securities of emerging market issuers, primarily in United States dollar-denominated debt of foreign governments, government-related and corporate issuers in emerging market countries and entities organized to restructure the debt of those issuers. | |||||||||||||||||||||||
(h) | This category comprises a fund that invests primarily in collateralized debt obligations (“CDOs”) and other structured credit vehicles. The fund investments may include fixed income securities, loan participants, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments. | |||||||||||||||||||||||
(i) | This category comprises a hedge fund that invests in various other hedge funds. As of December 31, 2014 and 2013: | |||||||||||||||||||||||
• | approximately 33% and 28%, respectively, of the assets of the hedge fund were invested in equity hedge based funds, including equity long/short and equity market neutral strategies; | |||||||||||||||||||||||
• | approximately 10% and 18%, respectively, of the assets were held in tactical/directional based funds, including global macro, long/short equity, commodity and systematic quantitative strategies; | |||||||||||||||||||||||
• | approximately 24% and 25%, respectively, of the assets were held in relative value based funds, including convertible and fixed income arbitrage, credit long/short and volatility arbitrage strategies; | |||||||||||||||||||||||
• | approximately 33% and 23%, respectively, of the assets were held in funds with an event driven strategy; and | |||||||||||||||||||||||
• | approximately 6% of the assets were held in cash as of December 31, 2013. | |||||||||||||||||||||||
(j) | This category comprises a fund that invests primarily in UK freehold and leasehold property. The fund does not invest in higher risk activities such as developments. The fund may invest in indirect vehicles and property derivatives. | |||||||||||||||||||||||
(k) | This category comprises a mutual fund that invests primarily in equities, bonds and alternatives. | |||||||||||||||||||||||
Reconciliation of Changes in Level 3 Pension Assets Measured at Fair Value on Recurring Basis | The following table provides a reconciliation of changes in pension assets measured at fair value on a recurring basis, using Level 3 inputs, from December 31, 2012 through December 31, 2014: | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 48,198 | ||||||||||||||||||||||
Unrealized gain on assets | 3,456 | |||||||||||||||||||||||
Balance at December 31, 2013 | 51,654 | |||||||||||||||||||||||
Unrealized gain on assets | 2,698 | |||||||||||||||||||||||
Balance at December 31, 2014 | $ | 54,352 | ||||||||||||||||||||||
Expected Benefit Payments | The following table provides information about the Company’s expected benefit payments for U.S. and foreign plans for each of the five succeeding years and the aggregate of the five years thereafter, net of the annual average Medicare Part D subsidy of approximately $0.2 million: | |||||||||||||||||||||||
Pension | Other Benefits | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
2015 | $ | 17,841 | $ | 3,268 | ||||||||||||||||||||
2016 | 18,449 | 3,362 | ||||||||||||||||||||||
2017 | 19,023 | 3,334 | ||||||||||||||||||||||
2018 | 19,653 | 3,367 | ||||||||||||||||||||||
2019 | 20,472 | 3,416 | ||||||||||||||||||||||
Years 2020 — 2024 | 114,185 | 18,229 | ||||||||||||||||||||||
Commitments_and_contingent_lia1
Commitments and contingent liabilities (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Future Minimum Lease Payments Under Noncancelable Operating Leases | Future minimum lease payments as of December 31, 2014 under noncancelable operating leases are as follows: | |||
Future Lease Payments | ||||
(Dollars in thousands) | ||||
2015 | $ | 27,706 | ||
2016 | 23,292 | |||
2017 | 18,846 | |||
2018 | 15,474 | |||
2019 and thereafter | 32,182 | |||
Business_segments_and_other_in1
Business segments and other information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business segments and other information | The following tables present the Company’s segment results for the twelve months ended December 31, 2014, 2013 and 2012: | |||||||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Revenue | ||||||||||||
Vascular North America | $ | 259,227 | $ | 231,112 | $ | 222,749 | ||||||
Anesthesia/Respiratory North America | 222,650 | 228,485 | 180,363 | |||||||||
Surgical North America | 150,121 | 146,058 | 143,875 | |||||||||
EMEA | 593,065 | 557,427 | 510,248 | |||||||||
Asia | 237,696 | 207,207 | 173,721 | |||||||||
OEM | 143,966 | 131,173 | 140,230 | |||||||||
All other | 233,107 | 194,809 | 179,823 | |||||||||
Consolidated net revenues | $ | 1,839,832 | $ | 1,696,271 | $ | 1,551,009 | ||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Operating Profit | ||||||||||||
Vascular North America | $ | 41,079 | $ | 23,798 | $ | 26,048 | ||||||
Anesthesia/Respiratory North America | 26,574 | 21,910 | 14,048 | |||||||||
Surgical North America | 49,592 | 50,334 | 50,615 | |||||||||
EMEA | 114,650 | 87,902 | 65,822 | |||||||||
Asia | 62,152 | 63,822 | 52,541 | |||||||||
OEM | 30,635 | 27,328 | 31,664 | |||||||||
All other | 40,482 | 27,191 | 18,759 | |||||||||
Total segment operating profit (1) | 365,164 | 302,285 | 259,497 | |||||||||
Unallocated expenses (2) | (80,302 | ) | (69,024 | ) | (356,872 | ) | ||||||
Income from continuing operations before interest, loss on extinguishments of debt and taxes | $ | 284,862 | $ | 233,261 | $ | (97,375 | ) | |||||
-1 | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for certain manufacturing 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 and fixed manufacturing costs, with the exception of certain manufacturing variances allocated to the segments as noted above, as well as net gain on sales of assets, goodwill impairment and restructuring and other impairment charges. | |||||||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Depreciation and Amortization | ||||||||||||
Vascular North America | $ | 31,782 | $ | 28,719 | $ | 23,063 | ||||||
Anesthesia/Respiratory North America | 17,109 | 13,162 | 7,955 | |||||||||
Surgical North America | 6,316 | 10,549 | 3,646 | |||||||||
EMEA | 38,062 | 29,947 | 22,975 | |||||||||
Asia | 8,515 | 4,960 | 3,653 | |||||||||
OEM | 6,175 | 4,876 | 4,083 | |||||||||
All other | 19,071 | 15,722 | 29,509 | |||||||||
Consolidated depreciation and amortization | $ | 127,030 | $ | 107,935 | $ | 94,884 | ||||||
Business segments and other 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 for 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 operating profit. All prior comparative periods have been restated to reflect these changes. | ||||||||||||
The Company’s reportable segments other than the OEM segment 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 twelve months ended December 31, 2014, 2013 and 2012: | ||||||||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Revenue | ||||||||||||
Vascular North America | $ | 259,227 | $ | 231,112 | $ | 222,749 | ||||||
Anesthesia/Respiratory North America | 222,650 | 228,485 | 180,363 | |||||||||
Surgical North America | 150,121 | 146,058 | 143,875 | |||||||||
EMEA | 593,065 | 557,427 | 510,248 | |||||||||
Asia | 237,696 | 207,207 | 173,721 | |||||||||
OEM | 143,966 | 131,173 | 140,230 | |||||||||
All other | 233,107 | 194,809 | 179,823 | |||||||||
Consolidated net revenues | $ | 1,839,832 | $ | 1,696,271 | $ | 1,551,009 | ||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Operating Profit | ||||||||||||
Vascular North America | $ | 41,079 | $ | 23,798 | $ | 26,048 | ||||||
Anesthesia/Respiratory North America | 26,574 | 21,910 | 14,048 | |||||||||
Surgical North America | 49,592 | 50,334 | 50,615 | |||||||||
EMEA | 114,650 | 87,902 | 65,822 | |||||||||
Asia | 62,152 | 63,822 | 52,541 | |||||||||
OEM | 30,635 | 27,328 | 31,664 | |||||||||
All other | 40,482 | 27,191 | 18,759 | |||||||||
Total segment operating profit (1) | 365,164 | 302,285 | 259,497 | |||||||||
Unallocated expenses (2) | (80,302 | ) | (69,024 | ) | (356,872 | ) | ||||||
Income from continuing operations before interest, loss on extinguishments of debt and taxes | $ | 284,862 | $ | 233,261 | $ | (97,375 | ) | |||||
-1 | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for certain manufacturing 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 and fixed manufacturing costs, with the exception of certain manufacturing variances allocated to the segments as noted above, as well as net gain on sales of assets, goodwill impairment and restructuring and other impairment charges. | |||||||||||
Year Ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Depreciation and Amortization | ||||||||||||
Vascular North America | $ | 31,782 | $ | 28,719 | $ | 23,063 | ||||||
Anesthesia/Respiratory North America | 17,109 | 13,162 | 7,955 | |||||||||
Surgical North America | 6,316 | 10,549 | 3,646 | |||||||||
EMEA | 38,062 | 29,947 | 22,975 | |||||||||
Asia | 8,515 | 4,960 | 3,653 | |||||||||
OEM | 6,175 | 4,876 | 4,083 | |||||||||
All other | 19,071 | 15,722 | 29,509 | |||||||||
Consolidated depreciation and amortization | $ | 127,030 | $ | 107,935 | $ | 94,884 | ||||||
The following table provides total net revenues and total net property, plant and equipment by geographic region for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net revenues (based on the Company's selling location): | ||||||||||||
United States | $ | 916,619 | $ | 844,884 | $ | 789,771 | ||||||
Other Americas | 60,736 | 57,098 | 53,665 | |||||||||
Europe | 664,982 | 568,559 | 516,982 | |||||||||
All Other | 197,495 | 225,730 | 190,591 | |||||||||
$ | 1,839,832 | $ | 1,696,271 | $ | 1,551,009 | |||||||
Net property, plant and equipment: | ||||||||||||
United States | $ | 174,893 | $ | 203,985 | $ | 180,833 | ||||||
Malaysia | 36,427 | 29,313 | 27,764 | |||||||||
Czech Republic | 35,655 | 41,607 | 45,884 | |||||||||
All Other | 70,460 | 50,995 | 43,464 | |||||||||
$ | 317,435 | $ | 325,900 | $ | 297,945 | |||||||
Total Net Revenues and Total Net Property, Plant and Equipment by Geographic Region | The following table provides total net revenues and total net property, plant and equipment by geographic region for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net revenues (based on the Company's selling location): | ||||||||||||
United States | $ | 916,619 | $ | 844,884 | $ | 789,771 | ||||||
Other Americas | 60,736 | 57,098 | 53,665 | |||||||||
Europe | 664,982 | 568,559 | 516,982 | |||||||||
All Other | 197,495 | 225,730 | 190,591 | |||||||||
$ | 1,839,832 | $ | 1,696,271 | $ | 1,551,009 | |||||||
Net property, plant and equipment: | ||||||||||||
United States | $ | 174,893 | $ | 203,985 | $ | 180,833 | ||||||
Malaysia | 36,427 | 29,313 | 27,764 | |||||||||
Czech Republic | 35,655 | 41,607 | 45,884 | |||||||||
All Other | 70,460 | 50,995 | 43,464 | |||||||||
$ | 317,435 | $ | 325,900 | $ | 297,945 | |||||||
Condensed_consolidating_guaran1
Condensed consolidating guarantor financial information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Consolidated Guarantor Financial Information [Abstract] | ||||||||||||||||||||
Condensed Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 1,078,851 | $ | 1,132,152 | $ | (371,171 | ) | $ | 1,839,832 | |||||||||
Cost of goods sold | — | 652,742 | 608,256 | (363,594 | ) | 897,404 | ||||||||||||||
Gross profit | — | 426,109 | 523,896 | (7,577 | ) | 942,428 | ||||||||||||||
Selling, general and administrative expenses | 42,829 | 326,282 | 209,930 | (384 | ) | 578,657 | ||||||||||||||
Research and development expenses | — | 40,546 | 20,494 | — | 61,040 | |||||||||||||||
Restructuring and other impairment charges | — | 10,189 | 7,680 | — | 17,869 | |||||||||||||||
Income (loss) from continuing operations before interest and taxes | (42,829 | ) | 49,092 | 285,792 | (7,193 | ) | 284,862 | |||||||||||||
Interest expense | 144,869 | (85,885 | ) | 6,474 | — | 65,458 | ||||||||||||||
Interest income | — | (1 | ) | (705 | ) | — | (706 | ) | ||||||||||||
Income (loss) from continuing operations before taxes | (187,698 | ) | 134,978 | 280,023 | (7,193 | ) | 220,110 | |||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (68,307 | ) | 68,690 | 28,159 | 108 | 28,650 | ||||||||||||||
Equity in net income of consolidated subsidiaries | 308,396 | 233,827 | 252 | (542,475 | ) | — | ||||||||||||||
Income from continuing operations | 189,005 | 300,115 | 252,116 | (549,776 | ) | 191,460 | ||||||||||||||
Operating loss from discontinued operations | (2,196 | ) | — | (1,211 | ) | — | (3,407 | ) | ||||||||||||
Taxes (benefit) on loss from discontinued operations | (870 | ) | — | 172 | — | (698 | ) | |||||||||||||
Loss from discontinued operations | (1,326 | ) | — | (1,383 | ) | — | (2,709 | ) | ||||||||||||
Net income | 187,679 | 300,115 | 250,733 | (549,776 | ) | 188,751 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 1,072 | — | 1,072 | |||||||||||||||
Net income attributable to common shareholders | 187,679 | 300,115 | 249,661 | (549,776 | ) | 187,679 | ||||||||||||||
Other comprehensive loss attributable to common shareholders | (150,040 | ) | (130,691 | ) | (126,317 | ) | 257,008 | (150,040 | ) | |||||||||||
Comprehensive income attributable to common shareholders | $ | 37,639 | $ | 169,424 | $ | 123,344 | $ | (292,768 | ) | $ | 37,639 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 1,001,404 | $ | 963,184 | $ | (268,317 | ) | $ | 1,696,271 | |||||||||
Cost of goods sold | — | 582,110 | 543,717 | (268,501 | ) | 857,326 | ||||||||||||||
Gross profit | — | 419,294 | 419,467 | 184 | 838,945 | |||||||||||||||
Selling, general and administrative expenses | 39,176 | 284,960 | 178,358 | (307 | ) | 502,187 | ||||||||||||||
Research and development expenses | — | 55,694 | 9,351 | — | 65,045 | |||||||||||||||
Restructuring and other impairment charges | 935 | 15,288 | 22,229 | — | 38,452 | |||||||||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | (40,111 | ) | 63,352 | 209,529 | 491 | 233,261 | ||||||||||||||
Interest expense | 134,879 | (85,058 | ) | 7,084 | — | 56,905 | ||||||||||||||
Interest income | (15 | ) | (5 | ) | (604 | ) | — | (624 | ) | |||||||||||
Loss on extinguishments of debt | 1,250 | — | — | — | 1,250 | |||||||||||||||
Income (loss) from continuing operations before taxes | (176,225 | ) | 148,415 | 203,049 | 491 | 175,730 | ||||||||||||||
Taxes (benefit) on income (loss) from continuing operations | (63,857 | ) | 42,804 | 45,354 | (754 | ) | 23,547 | |||||||||||||
Equity in net income of consolidated subsidiaries | 263,469 | 141,773 | 288 | (405,530 | ) | — | ||||||||||||||
Income from continuing operations | 151,101 | 247,384 | 157,983 | (404,285 | ) | 152,183 | ||||||||||||||
Operating loss from discontinued operations | (1,947 | ) | — | (258 | ) | — | (2,205 | ) | ||||||||||||
Taxes (benefit) on loss from discontinued operations | (1,727 | ) | (170 | ) | 127 | — | (1,770 | ) | ||||||||||||
Income (loss) from discontinued operations | (220 | ) | 170 | (385 | ) | — | (435 | ) | ||||||||||||
Net income | 150,881 | 247,554 | 157,598 | (404,285 | ) | 151,748 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 867 | — | 867 | |||||||||||||||
Net income attributable to common shareholders | 150,881 | 247,554 | 156,731 | (404,285 | ) | 150,881 | ||||||||||||||
Other comprehensive income attributable to common shareholders | 21,193 | 1,960 | 5,442 | (7,402 | ) | 21,193 | ||||||||||||||
Comprehensive income attributable to common shareholders | $ | 172,074 | $ | 249,514 | $ | 162,173 | $ | (411,687 | ) | $ | 172,074 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 950,888 | $ | 833,903 | $ | (233,782 | ) | $ | 1,551,009 | |||||||||
Cost of goods sold | — | 552,726 | 482,881 | (232,823 | ) | 802,784 | ||||||||||||||
Gross profit | — | 398,162 | 351,022 | (959 | ) | 748,225 | ||||||||||||||
Selling, general and administrative expenses | 34,657 | 259,476 | 160,089 | 267 | 454,489 | |||||||||||||||
Research and development expenses | — | 48,649 | 7,629 | — | 56,278 | |||||||||||||||
Goodwill impairment | — | 331,779 | 349 | — | 332,128 | |||||||||||||||
Restructuring and other impairment charges | — | 598 | 2,439 | — | 3,037 | |||||||||||||||
Net gain on sales of businesses and assets | (116,193 | ) | (149,240 | ) | (332 | ) | 265,433 | (332 | ) | |||||||||||
Income (loss) from continuing operations before interest and taxes | 81,536 | (93,100 | ) | 180,848 | (266,659 | ) | (97,375 | ) | ||||||||||||
Interest expense | 143,653 | (81,328 | ) | 7,240 | — | 69,565 | ||||||||||||||
Interest income | (372 | ) | (23 | ) | (1,176 | ) | — | (1,571 | ) | |||||||||||
Income (loss) from continuing operations before taxes | (61,745 | ) | (11,749 | ) | 174,784 | (266,659 | ) | (165,369 | ) | |||||||||||
Taxes (benefit) on income (loss) from continuing operations | (63,806 | ) | 45,068 | 35,670 | (519 | ) | 16,413 | |||||||||||||
Equity in net income (loss) of consolidated subsidiaries | (190,742 | ) | 124,918 | — | 65,824 | — | ||||||||||||||
Income (loss) from continuing operations | (188,681 | ) | 68,101 | 139,114 | (200,316 | ) | (181,782 | ) | ||||||||||||
Operating income (loss) from discontinued operations | (2,647 | ) | (9,179 | ) | 2,619 | — | (9,207 | ) | ||||||||||||
Tax benefit on income (loss) from discontinued operations | (1,271 | ) | (129 | ) | (487 | ) | — | (1,887 | ) | |||||||||||
Income (loss) from discontinued operations | (1,376 | ) | (9,050 | ) | 3,106 | — | (7,320 | ) | ||||||||||||
Net income (loss) | (190,057 | ) | 59,051 | 142,220 | (200,316 | ) | (189,102 | ) | ||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 955 | — | 955 | |||||||||||||||
Net income (loss) attributable to common shareholders | (190,057 | ) | 59,051 | 141,265 | (200,316 | ) | (190,057 | ) | ||||||||||||
Other comprehensive income attributable to common shareholders | 27,305 | 10,475 | 8,907 | (19,382 | ) | 27,305 | ||||||||||||||
Comprehensive income (loss) attributable to common shareholders | $ | (162,752 | ) | $ | 69,526 | $ | 150,172 | $ | (219,698 | ) | $ | (162,752 | ) | |||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 27,996 | $ | — | $ | 275,240 | $ | — | $ | 303,236 | ||||||||||
Accounts receivable, net | 2,346 | 2,422 | 265,081 | 3,855 | 273,704 | |||||||||||||||
Accounts receivable from consolidated subsidiaries | 37,378 | 2,303,284 | 272,811 | (2,613,473 | ) | — | ||||||||||||||
Inventories, net | — | 204,335 | 154,544 | (23,286 | ) | 335,593 | ||||||||||||||
Prepaid expenses and other current assets | 14,301 | 4,786 | 16,610 | — | 35,697 | |||||||||||||||
Prepaid taxes | 23,493 | — | 16,763 | — | 40,256 | |||||||||||||||
Deferred tax assets | 30,248 | 17,387 | 9,666 | — | 57,301 | |||||||||||||||
Assets held for sale | 2,901 | — | 4,521 | — | 7,422 | |||||||||||||||
Total current assets | 138,663 | 2,532,214 | 1,015,236 | (2,632,904 | ) | 1,053,209 | ||||||||||||||
Property, plant and equipment, net | 3,489 | 170,054 | 143,892 | — | 317,435 | |||||||||||||||
Goodwill | — | 703,663 | 619,890 | — | 1,323,553 | |||||||||||||||
Intangibles assets, net | — | 743,222 | 473,498 | — | 1,216,720 | |||||||||||||||
Investments in affiliates | 5,662,773 | 1,359,661 | 21,253 | (7,042,537 | ) | 1,150 | ||||||||||||||
Deferred tax assets | 52,244 | — | 5,535 | (56,601 | ) | 1,178 | ||||||||||||||
Notes receivable and other amounts due from consolidated subsidiaries | 1,025,859 | 1,489,994 | — | (2,515,853 | ) | — | ||||||||||||||
Other assets | 27,999 | 6,801 | 29,210 | — | 64,010 | |||||||||||||||
Total assets | $ | 6,911,027 | $ | 7,005,609 | $ | 2,308,514 | $ | (12,247,895 | ) | $ | 3,977,255 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current borrowings | $ | 363,701 | $ | — | $ | 4,700 | $ | — | $ | 368,401 | ||||||||||
Accounts payable | 1,449 | 32,692 | 29,959 | — | 64,100 | |||||||||||||||
Accounts payable to consolidated subsidiaries | 2,259,891 | 188,908 | 163,291 | (2,612,090 | ) | — | ||||||||||||||
Accrued expenses | 17,149 | 21,479 | 33,755 | — | 72,383 | |||||||||||||||
Current portion of contingent consideration | — | 11,276 | — | — | 11,276 | |||||||||||||||
Payroll and benefit-related liabilities | 20,693 | 27,228 | 37,521 | — | 85,442 | |||||||||||||||
Accrued interest | 9,152 | — | 17 | — | 9,169 | |||||||||||||||
Income taxes payable | — | — | 13,768 | — | 13,768 | |||||||||||||||
Other current liabilities | 5 | 3,065 | 7,290 | — | 10,360 | |||||||||||||||
Total current liabilities | 2,672,040 | 284,648 | 290,301 | (2,612,090 | ) | 634,899 | ||||||||||||||
Long-term borrowings | 700,000 | — | — | — | 700,000 | |||||||||||||||
Deferred tax liabilities | — | 462,274 | 45,867 | (56,600 | ) | 451,541 | ||||||||||||||
Pension and other postretirement benefit liabilities | 110,830 | 35,074 | 21,337 | — | 167,241 | |||||||||||||||
Noncurrent liability for uncertain tax positions | 11,431 | 15,569 | 23,884 | — | 50,884 | |||||||||||||||
Notes payable and other amounts due to consolidated subsidiaries | 1,483,984 | 932,718 | 103,908 | (2,520,610 | ) | — | ||||||||||||||
Other liabilities | 21,433 | 24,900 | 12,658 | — | 58,991 | |||||||||||||||
Total liabilities | 4,999,718 | 1,755,183 | 497,955 | (5,189,300 | ) | 2,063,556 | ||||||||||||||
Total common shareholders' equity | 1,911,309 | 5,250,426 | 1,808,169 | (7,058,595 | ) | 1,911,309 | ||||||||||||||
Noncontrolling interest | — | — | 2,390 | — | 2,390 | |||||||||||||||
Total equity | 1,911,309 | 5,250,426 | 1,810,559 | (7,058,595 | ) | 1,913,699 | ||||||||||||||
Total liabilities and equity | $ | 6,911,027 | $ | 7,005,609 | $ | 2,308,514 | $ | (12,247,895 | ) | $ | 3,977,255 | |||||||||
31-Dec-13 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Current borrowings | $ | 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 to 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 | ||||||||||||||||||||
Year Ended December 31, 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 | $ | (80,651 | ) | $ | 322,687 | $ | 123,545 | $ | (75,340 | ) | $ | 290,241 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (2,273 | ) | (30,586 | ) | (34,712 | ) | — | (67,571 | ) | |||||||||||
Proceeds from sale of assets and investments | 1,669 | 3,421 | 161 | — | 5,251 | |||||||||||||||
Payments for businesses and intangibles acquired, net of cash acquired | — | (17,241 | ) | (28,536 | ) | — | (45,777 | ) | ||||||||||||
Investments in affiliates | (60 | ) | 20 | — | — | (40 | ) | |||||||||||||
Intercompany dividends received | — | — | 229,782 | (229,782 | ) | — | ||||||||||||||
Net cash (used in) provided by investing activities from continuing operations | (664 | ) | (44,386 | ) | 166,695 | (229,782 | ) | (108,137 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Proceeds from new borrowings | 250,000 | — | — | — | 250,000 | |||||||||||||||
Repayment of long-term borrowings | (480,102 | ) | — | — | — | (480,102 | ) | |||||||||||||
Debt extinguishment, issuance and amendment fees | (4,494 | ) | — | — | — | (4,494 | ) | |||||||||||||
Proceeds from stock compensation plans and related tax impacts | 4,245 | — | — | — | 4,245 | |||||||||||||||
Dividends | (56,258 | ) | — | — | — | (56,258 | ) | |||||||||||||
Payments to noncontrolling shareholders | — | (1,094 | ) | — | (1,094 | ) | ||||||||||||||
Intercompany transactions | 356,847 | (292,801 | ) | (64,046 | ) | — | — | |||||||||||||
Intercompany dividends paid | — | — | (305,122 | ) | 305,122 | — | ||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 70,238 | (292,801 | ) | (370,262 | ) | 305,122 | (287,703 | ) | ||||||||||||
Cash Flows from Discontinued Operations: | ||||||||||||||||||||
Net cash used in operating activities | (3,676 | ) | — | — | — | (3,676 | ) | |||||||||||||
Net cash used in discontinued operations | (3,676 | ) | — | — | — | (3,676 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (19,473 | ) | — | (19,473 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (14,753 | ) | (14,500 | ) | (99,495 | ) | — | (128,748 | ) | |||||||||||
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 | $ | 27,996 | $ | — | $ | 275,240 | $ | — | $ | 303,236 | ||||||||||
Year Ended December 31, 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 | $ | (131,031 | ) | $ | 205,954 | $ | 304,278 | $ | (147,902 | ) | $ | 231,299 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (1,553 | ) | (47,633 | ) | (14,394 | ) | — | (63,580 | ) | |||||||||||
Payments for businesses and intangibles acquired, net of cash acquired | — | (250,912 | ) | (58,096 | ) | — | (309,008 | ) | ||||||||||||
Investments in affiliates | (50 | ) | — | — | — | (50 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | (1,603 | ) | (298,545 | ) | (72,490 | ) | — | (372,638 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Proceeds from new borrowings | 680,000 | — | — | — | 680,000 | |||||||||||||||
Repayment of long-term borrowings | (375,000 | ) | — | — | — | (375,000 | ) | |||||||||||||
Debt extinguishment, issuance and amendment fees | (6,400 | ) | — | — | — | (6,400 | ) | |||||||||||||
Proceeds from share based compensation plans and the related tax impacts | 6,181 | — | — | — | 6,181 | |||||||||||||||
Dividends | (55,917 | ) | — | — | — | (55,917 | ) | |||||||||||||
Payments to noncontrolling shareholders | — | — | (736 | ) | — | (736 | ) | |||||||||||||
Payments for contingent consideration | — | (14,802 | ) | (2,156 | ) | — | (16,958 | ) | ||||||||||||
Intercompany transactions | (141,614 | ) | 137,304 | 4,310 | — | — | ||||||||||||||
Intercompany dividends paid | — | (17,400 | ) | (130,502 | ) | 147,902 | — | |||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 107,250 | 105,102 | (129,084 | ) | 147,902 | 231,170 | ||||||||||||||
Cash Flows from Discontinued Operations: | ||||||||||||||||||||
Net cash used in operating activities | (2,727 | ) | — | (600 | ) | — | (3,327 | ) | ||||||||||||
Net cash used in discontinued operations | (2,727 | ) | — | (600 | ) | — | (3,327 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 8,441 | — | 8,441 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (28,111 | ) | 12,511 | 110,545 | — | 94,945 | ||||||||||||||
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 | $ | 42,749 | $ | 14,500 | $ | 374,735 | $ | — | $ | 431,984 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (178,017 | ) | $ | 310,736 | $ | 160,802 | $ | (98,903 | ) | $ | 194,618 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (7,352 | ) | (39,118 | ) | (18,924 | ) | — | (65,394 | ) | |||||||||||
Proceeds from sales of businesses and assets, net of cash sold | 4,301 | 45,204 | 17,155 | — | 66,660 | |||||||||||||||
Payments for businesses and intangibles acquired, net of cash acquired | — | (105,195 | ) | (264,249 | ) | — | (369,444 | ) | ||||||||||||
Investments in affiliates | (80 | ) | — | — | — | (80 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | (3,131 | ) | (99,109 | ) | (266,018 | ) | — | (368,258 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Decrease in notes payable and current borrowings | — | (421 | ) | (285 | ) | — | (706 | ) | ||||||||||||
Proceeds from share based compensation plans and the related tax impacts | 8,238 | — | — | — | 8,238 | |||||||||||||||
Dividends | (55,589 | ) | — | — | — | (55,589 | ) | |||||||||||||
Payments for contingent consideration | — | (16,289 | ) | (1,307 | ) | — | (17,596 | ) | ||||||||||||
Intercompany transactions | 196,850 | (177,900 | ) | (18,950 | ) | — | — | |||||||||||||
Intercompany dividends paid | — | (16,900 | ) | (82,003 | ) | 98,903 | — | |||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 149,499 | (211,510 | ) | (102,545 | ) | 98,903 | (65,653 | ) | ||||||||||||
Cash Flows from Discontinued Operations: | ||||||||||||||||||||
Net cash (used in) provided by operating activities | (12,022 | ) | 4,223 | — | — | (7,799 | ) | |||||||||||||
Net cash used in investing activities | — | (2,351 | ) | — | — | (2,351 | ) | |||||||||||||
Net cash (used in) provided by discontinued operations | (12,022 | ) | 1,872 | — | — | (10,150 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2,394 | — | 2,394 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (43,671 | ) | 1,989 | (205,367 | ) | — | (247,049 | ) | ||||||||||||
Cash and cash equivalents at the beginning of the period | 114,531 | — | 469,557 | — | 584,088 | |||||||||||||||
Cash and cash equivalents at the end of the period | $ | 70,860 | $ | 1,989 | $ | 264,190 | $ | — | $ | 337,039 | ||||||||||
Divestiturerelated_activities_
Divestiture-related activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Divestiture-Related Activities [Abstract] | ||||||||||||
Assets Held for Sale | The table below provides information regarding assets held for sale at December 31, 2014 and 2013. At December 31, 2014, these assets consisted of two buildings and other assets, which the Company is actively marketing. | |||||||||||
2014 | 2013 | |||||||||||
Assets held for sale: | (Dollars in thousands) | |||||||||||
Property, plant and equipment | $ | 7,422 | $ | 10,428 | ||||||||
Total assets held for sale | $ | 7,422 | $ | 10,428 | ||||||||
Operating Results of Operations Treated as Discontinued Operations | The results of the Company’s discontinued operations for the years 2014, 2013 and 2012 were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Net revenues | $ | — | $ | — | $ | 16,616 | ||||||
Costs and other expenses | 3,407 | 2,205 | 18,328 | |||||||||
Goodwill impairment(1) | — | — | 9,700 | |||||||||
Gain on disposition(2) | — | — | 2,205 | |||||||||
Loss from discontinued operations before income taxes | (3,407 | ) | (2,205 | ) | (9,207 | ) | ||||||
Tax benefit on loss from discontinued operations | (698 | ) | (1,770 | ) | (1,887 | ) | ||||||
Loss from discontinued operations | $ | (2,709 | ) | $ | (435 | ) | $ | (7,320 | ) | |||
-1 | During 2012, the Company recognized a non-cash goodwill impairment charge of $9.7 million to adjust the carrying value of its former orthopedic business to its estimated fair value. | |||||||||||
-2 | The $2.2 million pre-tax gain on disposition during 2012 primarily reflects the gain recognized on the working capital adjustment related to the sale of the Company's former cargo systems and cargo container businesses. |
Summary_of_significant_account2
Summary of significant accounting policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
tradename | ||||
unit | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of reporting units | 5 | |||
Number of reporting units, two-step quantitative impairment test | 3 | |||
Number of trade names | 2 | |||
Asset Impairment Charges | $10,841,000 | |||
Weighted average amortization period of intangible assets, in years | 13 years | |||
Reserve for returns and allowances | 4,100,000 | 3,300,000 | ||
Reserve for estimated rebates | 10,400,000 | 7,800,000 | ||
In-process Research and Development Asset | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Asset Impairment Charges | 7,400,000 | |||
Minimum | Intellectual property | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of Intangible assets, in years | 3 years | |||
Minimum | Customer Lists | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of Intangible assets, in years | 5 years | |||
Minimum | Distribution rights | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of Intangible assets, in years | 3 years | |||
Minimum | Trade Names | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of Intangible assets, in years | 1 year | |||
Maximum | Intellectual property | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of Intangible assets, in years | 20 years | |||
Maximum | Customer Lists | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of Intangible assets, in years | 30 years | |||
Maximum | Distribution rights | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of Intangible assets, in years | 22 years | |||
Maximum | Trade Names | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of Intangible assets, in years | 30 years | |||
Land Improvements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of plant and equipment, in years | 5 years | |||
Building | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of plant and equipment, in years | 30 years | |||
Machinery and Equipment | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of plant and equipment, in years | 3 years | |||
Machinery and Equipment | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of plant and equipment, in years | 10 years | |||
Computer Equipment and Software | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of plant and equipment, in years | 3 years | |||
Computer Equipment and Software | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life of plant and equipment, in years | 10 years | |||
Previously Reported | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Payments related to tax withholding for share-based compensation | $2,700,000 | $1,600,000 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | |||||||||||
Estimated fair value of contingent consideration | $33,433,000 | $20,313,000 | $33,433,000 | $20,313,000 | |||||||
Revenue | 476,008,000 | 457,173,000 | 468,105,000 | 438,546,000 | 450,539,000 | 413,796,000 | 420,059,000 | 411,877,000 | 1,839,832,000 | 1,696,271,000 | 1,551,009,000 |
Segment operating profit | 69,155,000 | 81,935,000 | 74,752,000 | 59,020,000 | 54,064,000 | 66,042,000 | 63,751,000 | 49,404,000 | 284,862,000 | 233,261,000 | -97,375,000 |
2014 Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 66,314,000 | 66,314,000 | |||||||||
Initial payment | 46,300,000 | ||||||||||
Estimated fair value of contingent consideration | 20,500,000 | 20,500,000 | |||||||||
Working capital adjustment | 500,000 | ||||||||||
Transaction expenses | 500,000 | ||||||||||
Revenue | 27,200,000 | ||||||||||
Segment operating profit | 3,600,000 | ||||||||||
2014 Acquisition | Intellectual property | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Useful life of intangible assets acquired, years | 15 years | ||||||||||
2014 Acquisition | Customer Lists | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Useful life of intangible assets acquired, years | 10 years | ||||||||||
2013 Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of the consideration at the date of acquisition | $307,000,000 | $307,000,000 |
Acquisitions_fair_values_deter
Acquisitions - fair values determination of assets acquired and liabilities assumed in acquisition (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $1,323,553 | $1,354,203 | $1,238,452 |
2014 Acquisition | |||
Business Acquisition [Line Items] | |||
Current assets | 10,512 | ||
Property, plant and equipment | 344 | ||
Goodwill | 16,392 | ||
Total assets acquired | 73,883 | ||
Current liabilities | 4,769 | ||
Deferred tax liabilities | 2,800 | ||
Liabilities assumed | 7,569 | ||
Net assets acquired | 66,314 | ||
2014 Acquisition | Intellectual property | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 37,000 | ||
2014 Acquisition | Trade Names | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 300 | ||
2014 Acquisition | Customer Lists | |||
Business Acquisition [Line Items] | |||
Intangible Assets | $9,335 |
Restructuring_and_other_impair2
Restructuring and other impairment charges - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 24 Months Ended | 12 Months Ended | 3 Months Ended | |||
Sep. 29, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2013 | ||
facility | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | $27,611,000 | ||||||||
Restructuring and other impairment charges | 17,869,000 | 38,452,000 | 3,037,000 | ||||||
Impairment of long-lived assets | 3,500,000 | 0 | 3,460,000 | 0 | |||||
Asset impairment charges | 10,841,000 | ||||||||
Axiom Technology Partners L L C | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
In-process research and development impairment | 4,500,000 | ||||||||
Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 11,062,000 | ||||||||
Restructuring and other impairment charges | 16,903,000 | 11,062,000 | 3,930,000 | ||||||
Asset impairment charges | 0 | ||||||||
Facility Closure Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 1,995,000 | ||||||||
Restructuring and other impairment charges | 255,000 | 1,995,000 | 230,000 | ||||||
Asset impairment charges | 0 | ||||||||
Other | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 2,298,000 | ||||||||
Restructuring and other impairment charges | 551,000 | 13,139,000 | 11,000 | ||||||
Asset impairment charges | 10,841,000 | ||||||||
2014 Manufacturing footprint realignment plan | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring expenses | 14,200,000 | ||||||||
Restructuring charges | 9,260,000 | ||||||||
Restructuring reserve | 9,100,000 | 9,100,000 | |||||||
2014 Manufacturing footprint realignment plan | Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 9,200,000 | ||||||||
2014 Manufacturing footprint realignment plan | Accelerated Depreciation And Other Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 4,900,000 | ||||||||
2014 Manufacturing footprint realignment plan | Facility Closure Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 0 | ||||||||
2014 Manufacturing footprint realignment plan | Other | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 60,000 | ||||||||
2014 Manufacturing footprint realignment plan | Minimum | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 37,000,000 | ||||||||
Restructuring costs expected cash payment | 26,000,000 | ||||||||
2014 Manufacturing footprint realignment plan | Minimum | Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 11,000,000 | ||||||||
2014 Manufacturing footprint realignment plan | Minimum | Facility Closure Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 2,000,000 | [1] | |||||||
2014 Manufacturing footprint realignment plan | Minimum | Accelerated Depreciation Charges | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 10,000,000 | ||||||||
2014 Manufacturing footprint realignment plan | Minimum | Other | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 14,000,000 | [2] | |||||||
2014 Manufacturing footprint realignment plan | Maximum | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 44,000,000 | ||||||||
Restructuring costs expected cash payment | 31,000,000 | ||||||||
2014 Manufacturing footprint realignment plan | Maximum | Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 13,000,000 | ||||||||
2014 Manufacturing footprint realignment plan | Maximum | Facility Closure Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 3,000,000 | [1] | |||||||
2014 Manufacturing footprint realignment plan | Maximum | Accelerated Depreciation Charges | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 11,000,000 | ||||||||
2014 Manufacturing footprint realignment plan | Maximum | Other | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 17,000,000 | [2] | |||||||
2014 European restructuring plan | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 7,808,000 | ||||||||
Restructuring reserve | 400,000 | 400,000 | |||||||
2014 European restructuring plan | Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 7,237,000 | ||||||||
2014 European restructuring plan | Facility Closure Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 1,000 | ||||||||
2014 European restructuring plan | Other | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 225,000 | ||||||||
2014 Restructuring Charges | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 4,000,000 | ||||||||
Restructuring charges | 3,550,000 | ||||||||
Restructuring reserve | 900,000 | 900,000 | |||||||
2014 Restructuring Charges | Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 552,000 | ||||||||
2014 Restructuring Charges | Facility Closure Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 0 | ||||||||
2014 Restructuring Charges | Other | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 244,000 | ||||||||
2013 Restructuring programs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 833,000 | 10,230,000 | |||||||
Restructuring reserve | 900,000 | 900,000 | |||||||
Restructuring charges cumulative | 11,000,000 | ||||||||
2013 Restructuring programs | Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 562,000 | 4,787,000 | |||||||
2013 Restructuring programs | Facility Closure Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 0 | 0 | |||||||
2013 Restructuring programs | Other | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 22,000 | 2,117,000 | |||||||
2013 Restructuring programs | Minimum | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 11,000,000 | ||||||||
2013 Restructuring programs | Maximum | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 12,000,000 | ||||||||
LMA Restructuring Program | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | -3,329,000 | 12,152,000 | 2,515,000 | 11,400,000 | |||||
Restructuring reserve | 224,000 | 4,681,000 | 2,033,000 | 224,000 | 4,681,000 | ||||
Contract termination costs | 3,200,000 | ||||||||
LMA Restructuring Program | Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | -29,000 | 3,282,000 | 2,229,000 | ||||||
Restructuring reserve | 0 | 552,000 | 1,744,000 | 0 | 552,000 | ||||
LMA Restructuring Program | Facility Closure Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | -112,000 | 788,000 | 0 | ||||||
Restructuring reserve | 0 | 427,000 | 0 | 0 | 427,000 | ||||
LMA Restructuring Program | Other | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 0 | 176,000 | 12,000 | ||||||
2012 Restructuring Charges | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected restructuring charges | 6,300,000 | ||||||||
Restructuring reserve | 600,000 | 600,000 | |||||||
Number of facilities under restructuring program | 3 | ||||||||
2011 Restructuring program | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 12,000 | 770,000 | |||||||
Contract termination costs | 800,000 | 2,600,000 | |||||||
Number of facilities under restructuring program | 3 | ||||||||
Percentage of premises eliminated | 50.00% | ||||||||
Termination benefits | 400,000 | ||||||||
2011 Restructuring program | Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 0 | 0 | |||||||
2011 Restructuring program | Facility Closure Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 12,000 | 42,000 | |||||||
2011 Restructuring program | Other | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 0 | 0 | |||||||
2007 Arrow integration program | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 230,000 | -1,937,000 | |||||||
Contract termination costs | 1,900,000 | ||||||||
In-process research and development impairment | 2,900,000 | ||||||||
2007 Arrow integration program | Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 0 | 20,000 | |||||||
2007 Arrow integration program | Facility Closure Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 230,000 | 230,000 | |||||||
2007 Arrow integration program | Other | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | $0 | ($21,000) | |||||||
[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 (Detail) (LMA Restructuring Program, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | $4,681 | $2,033 |
Subsequent accruals | -3,329 | 12,152 |
Cash payments | -1,084 | -9,547 |
Foreign currency translation | -44 | 43 |
Balance, ending | 224 | 4,681 |
Termination Benefits | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 552 | 1,744 |
Subsequent accruals | -29 | 3,282 |
Cash payments | -503 | -4,461 |
Foreign currency translation | -20 | -13 |
Balance, ending | 0 | 552 |
Facility Closure Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 427 | 0 |
Subsequent accruals | -112 | 788 |
Cash payments | -317 | -362 |
Foreign currency translation | 2 | 1 |
Balance, ending | 0 | 427 |
Contract Termination Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 3,686 | 277 |
Subsequent accruals | -3,188 | 7,906 |
Cash payments | -260 | -4,560 |
Foreign currency translation | -26 | 63 |
Balance, ending | 212 | 3,686 |
Other Restructuring Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 16 | 12 |
Subsequent accruals | 0 | 176 |
Cash payments | -4 | -164 |
Foreign currency translation | 0 | -8 |
Balance, ending | $12 | $16 |
Restructuring_and_other_impair4
Restructuring and other impairment charges - restructuring program (Detail) (USD $) | 12 Months Ended | 24 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $27,611 | |||
Asset Impairment Charges | 10,841 | |||
Total restructuring and other impairment charges | 17,869 | 38,452 | 3,037 | |
2014 Manufacturing footprint realignment plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 9,260 | |||
2014 European restructuring plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 7,808 | |||
Other 2014 restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3,550 | |||
2013 Restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 833 | 10,230 | ||
LMA Restructuring Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | -3,329 | 12,152 | 2,515 | 11,400 |
2012 Restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | -265 | 4,229 | 2,459 | |
2011 Restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 12 | 770 | ||
2007 Arrow integration program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 230 | -1,937 | ||
Termination Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 11,062 | |||
Asset Impairment Charges | 0 | |||
Total restructuring and other impairment charges | 16,903 | 11,062 | 3,930 | |
Termination Benefits | 2014 Manufacturing footprint realignment plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 9,200 | |||
Termination Benefits | 2014 European restructuring plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 7,237 | |||
Termination Benefits | Other 2014 restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 552 | |||
Termination Benefits | 2013 Restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 562 | 4,787 | ||
Termination Benefits | LMA Restructuring Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | -29 | 3,282 | 2,229 | |
Termination Benefits | 2012 Restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | -619 | 2,993 | 1,681 | |
Termination Benefits | 2011 Restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | ||
Termination Benefits | 2007 Arrow integration program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 20 | ||
Facility Closure Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,995 | |||
Asset Impairment Charges | 0 | |||
Total restructuring and other impairment charges | 255 | 1,995 | 230 | |
Facility Closure Costs | 2014 Manufacturing footprint realignment plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
Facility Closure Costs | 2014 European restructuring plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1 | |||
Facility Closure Costs | Other 2014 restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
Facility Closure Costs | 2013 Restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | ||
Facility Closure Costs | LMA Restructuring Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | -112 | 788 | 0 | |
Facility Closure Costs | 2012 Restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 354 | 935 | 0 | |
Facility Closure Costs | 2011 Restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 12 | 42 | ||
Facility Closure Costs | 2007 Arrow integration program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 230 | 230 | ||
Contract Termination Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 12,256 | |||
Asset Impairment Charges | 0 | |||
Total restructuring and other impairment charges | 160 | 12,256 | -1,134 | |
Contract Termination Costs | 2014 Manufacturing footprint realignment plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
Contract Termination Costs | 2014 European restructuring plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 345 | |||
Contract Termination Costs | Other 2014 restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 2,754 | |||
Contract Termination Costs | 2013 Restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 249 | 3,326 | ||
Contract Termination Costs | LMA Restructuring Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | -3,188 | 7,906 | 274 | |
Contract Termination Costs | 2012 Restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 296 | 758 | |
Contract Termination Costs | 2011 Restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 728 | ||
Contract Termination Costs | 2007 Arrow integration program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | -2,166 | ||
Other Exit Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 2,298 | |||
Asset Impairment Charges | 10,841 | |||
Total restructuring and other impairment charges | 551 | 13,139 | 11 | |
Other Exit Costs | 2014 Manufacturing footprint realignment plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 60 | |||
Other Exit Costs | 2014 European restructuring plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 225 | |||
Other Exit Costs | Other 2014 restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 244 | |||
Other Exit Costs | 2013 Restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 22 | 2,117 | ||
Other Exit Costs | LMA Restructuring Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 176 | 12 | |
Other Exit Costs | 2012 Restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 5 | 20 | |
Other Exit Costs | 2011 Restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | ||
Other Exit Costs | 2007 Arrow integration program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $0 | ($21) |
Restructuring_and_other_impair5
Restructuring and other impairment charges - by segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment charges | $17,869 | $38,452 | $3,037 |
Vascular North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment charges | 7,069 | 5,348 | -1,120 |
Anesthesia Respiratory North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment charges | 1,379 | 3,207 | 983 |
Surgical North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment charges | 0 | 6,525 | 278 |
EMEA Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment charges | 6,375 | 16,122 | 1,995 |
Asia Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment charges | 1,305 | 603 | 442 |
OEM Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment charges | 0 | 588 | 83 |
All Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other impairment charges | $1,741 | $6,059 | $376 |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $68,191 | $70,209 |
Work-in-process | 58,526 | 53,672 |
Finished goods | 242,750 | 242,113 |
Inventories, gross | 369,467 | 365,994 |
Less: Inventory reserves | -33,874 | -32,373 |
Inventories, net | $335,593 | $333,621 |
Property_plant_equipment_Detai
Property, plant, equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Abstract] | |||
Land, buildings and leasehold improvements | $194,923 | $199,741 | |
Machinery and equipment | 320,999 | 322,060 | |
Computer equipment and software | 107,743 | 102,527 | |
Construction in progress | 51,834 | 55,092 | |
Property, plant and equipment, gross | 675,499 | 679,420 | |
Less: Accumulated depreciation | -358,064 | -353,520 | |
Property, plant and equipment, net | $317,435 | $325,900 | $297,945 |
Goodwill_and_other_intangible_2
Goodwill and other intangible assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense of intangible assets | $60,926,000 | $50,608,000 | $44,264,000 |
Semprus Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net assets | 41,000,000 | ||
Trade Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite lived intangible assets | $359,300,000 |
Goodwill_and_other_intangible_3
Goodwill and other intangible assets - changes in carrying amount by reporting segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | |||
Goodwill gross, beginning balance | $1,686,331 | $1,570,580 | |
Accumulated impairment losses | -332,128 | -332,128 | -332,128 |
Goodwill net | 1,323,553 | 1,354,203 | 1,238,452 |
Goodwill related to acquisitions | 16,392 | 123,284 | |
Translation adjustment | -47,042 | -7,533 | |
Goodwill gross, ending balance | 1,655,681 | 1,686,331 | |
Vascular North America | |||
Goodwill [Roll Forward] | |||
Goodwill gross, beginning balance | 459,696 | 407,090 | |
Accumulated impairment losses | -219,527 | -219,527 | -219,527 |
Goodwill net | 240,169 | 240,169 | 187,563 |
Goodwill related to acquisitions | 0 | 52,606 | |
Translation adjustment | 0 | 0 | |
Goodwill gross, ending balance | 459,696 | 459,696 | |
Anesthesia Respiratory North America | |||
Goodwill [Roll Forward] | |||
Goodwill gross, beginning balance | 167,195 | 167,942 | |
Accumulated impairment losses | -107,073 | -107,073 | -107,073 |
Goodwill net | 59,441 | 60,122 | 60,869 |
Goodwill related to acquisitions | 0 | 0 | |
Translation adjustment | -681 | -747 | |
Goodwill gross, ending balance | 166,514 | 167,195 | |
Surgical North America | |||
Goodwill [Roll Forward] | |||
Goodwill gross, beginning balance | 250,506 | 245,794 | |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill net | 250,912 | 250,506 | 245,794 |
Goodwill related to acquisitions | 406 | 4,712 | |
Translation adjustment | 0 | 0 | |
Goodwill gross, ending balance | 250,912 | 250,506 | |
EMEA Segment | |||
Goodwill [Roll Forward] | |||
Goodwill gross, beginning balance | 373,417 | 353,282 | |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill net | 339,029 | 373,417 | 353,282 |
Goodwill related to acquisitions | 17,922 | ||
Translation adjustment | -34,388 | 2,213 | |
Goodwill gross, ending balance | 339,029 | 373,417 | |
Asia Segment | |||
Goodwill [Roll Forward] | |||
Goodwill gross, beginning balance | 136,946 | 139,469 | |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill net | 144,712 | 136,946 | 139,469 |
Goodwill related to acquisitions | 15,986 | 6,394 | |
Translation adjustment | -8,220 | -8,917 | |
Goodwill gross, ending balance | 144,712 | 136,946 | |
All Other | |||
Goodwill [Roll Forward] | |||
Goodwill gross, beginning balance | 298,571 | 257,003 | |
Accumulated impairment losses | -5,528 | -5,528 | -5,528 |
Goodwill net | 289,290 | 293,043 | 251,475 |
Goodwill related to acquisitions | 0 | 41,650 | |
Translation adjustment | -3,753 | -82 | |
Goodwill gross, ending balance | $294,818 | $298,571 |
Goodwill_and_other_intangible_4
Goodwill and other intangible assets - components of intangible assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $1,573,043 | $1,557,688 |
Accumulated Amortization | -356,323 | -302,091 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 624,574 | 628,020 |
Accumulated Amortization | -192,876 | -168,223 |
In-process Research and Development Asset | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 68,694 | 68,786 |
Accumulated Amortization | 0 | 0 |
Intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 467,068 | 435,869 |
Accumulated Amortization | -146,131 | -118,086 |
Distribution rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,101 | 16,797 |
Accumulated Amortization | -14,243 | -14,592 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 396,269 | 407,879 |
Accumulated Amortization | -2,764 | -1,148 |
Noncompete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 337 | 337 |
Accumulated Amortization | ($309) | ($42) |
Goodwill_and_other_intangible_5
Goodwill and other intangible assets - estimated annual amortization expense (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $55,750 |
2016 | 55,400 |
2017 | 54,950 |
2018 | 54,700 |
2019 | $54,500 |
Borrowings_Components_of_LongT
Borrowings - Components of Long-Term Debt (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 13, 2011 | Dec. 31, 2012 | Aug. 09, 2010 |
Line Of Credit Facility [Line Items] | |||||
Long-term debt, Gross | $1,104,598 | $1,334,700 | |||
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes due 2017 | -36,197 | -48,413 | |||
Total long-term debt | 1,068,401 | 1,286,287 | |||
Debt, Current | 368,401 | 356,287 | |||
Long-term borrowings | 700,000 | 930,000 | |||
Interest rate | 3.88% | 3.88% | 3.88% | ||
Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Revolving credit facility, at a rate of 1.92% at December 31, 2014 and 2013, due July 16, 2018 | 200,000 | 680,000 | |||
Senior credit facility interest rate | 1.92% | 1.92% | |||
Debt maturity date | 16-Jul-18 | ||||
3.875% Convertible Senior Subordinated Notes | |||||
Line Of Credit Facility [Line Items] | |||||
3.875% Convertible Senior Subordinated Notes due 2017 | 399,898 | 400,000 | 400,000 | ||
Interest rate | 3.88% | 3.88% | 3.88% | ||
6.875% Senior Subordinated Notes Due 2019 | |||||
Line Of Credit Facility [Line Items] | |||||
6.875% Senior Subordinated Notes due 2019 | 250,000 | 250,000 | 250,000 | ||
Interest rate | 6.88% | 6.88% | 6.88% | ||
Debt instrument maturity date | 2019 | 2019 | 2019 | ||
5.25% Senior Subordinated Notes Due 2024 | |||||
Line Of Credit Facility [Line Items] | |||||
5.25% Senior Notes due 2024 | 250,000 | 0 | |||
Interest rate | 5.25% | 5.25% | |||
Securitization Program | |||||
Line Of Credit Facility [Line Items] | |||||
Other Short-term Borrowings | $4,700 | $4,700 | |||
Interest rate | 0.92% | 0.92% |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | 21-May-14 | Sep. 28, 2014 | Jul. 16, 2013 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 13, 2011 | Aug. 09, 2010 | |
Debt Instrument [Line Items] | |||||||||||
Amortization of debt issuance costs | $0 | ($1,250,000) | $0 | ||||||||
Interest rate | 3.88% | 3.88% | 3.88% | 3.88% | |||||||
Convertible notes, latest date of termination | 28-Jul-17 | ||||||||||
Convertible note hedge transactions, purchased call options | 88,000,000 | ||||||||||
Convertible note hedge transactions, net of tax | 56,000,000 | ||||||||||
Conversion of convertible notes, shares issued upon conversion | 1,900,000 | 600,000 | 7,981,422 | ||||||||
Warrants expiration period | 180 days | ||||||||||
Warrants expiration date | 1-Nov-17 | ||||||||||
Strike price of warrants | $74.65 | $74.65 | |||||||||
Proceeds from sale of warrants | 59,400,000 | ||||||||||
Convertible debt, fair value | 316,300,000 | ||||||||||
Proceeds from Convertible Debt | 400,000,000 | ||||||||||
Initial equity component | 83,700,000 | ||||||||||
Convertible notes, carrying value, net of tax | 53,300,000 | ||||||||||
Debt discount | 83,700,000 | ||||||||||
Remaining life of the convertible notes | 2 years 7 months 6 days | ||||||||||
Effective interest rate | 7.81% | ||||||||||
Ownership percentage of subsidiaries | 50.00% | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 50.00% | ||||||||||
Total Long-term Debt | 1,068,401,000 | 1,286,287,000 | 1,286,287,000 | ||||||||
5.25% Senior Subordinated Notes Due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of Debt | 245,000,000 | ||||||||||
Interest rate | 5.25% | 5.25% | 5.25% | ||||||||
Senior notes | 250,000,000 | 0 | 0 | ||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 5.25% | ||||||||||
Senior notes | 250,000,000 | ||||||||||
Fee amount | 4,500,000 | ||||||||||
Proceed from senior notes used to repay revolving line of credit | 245,000,000 | ||||||||||
Ownership percentage of subsidiaries | 100.00% | ||||||||||
Senior Notes | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Declining percent of redemption price to principal amount | 0.88% | ||||||||||
Senior Notes | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percent of redemption price to principal amount | 102.63% | ||||||||||
Declining percent of redemption price to principal amount | 100.00% | ||||||||||
Senior Notes | Debt Instrument Redemption Prior To June 15, 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percent of redemption price to principal amount on redemption | 100.00% | ||||||||||
Make whole premium as percentage of principal amount of notes subject to redemption | 1.00% | ||||||||||
Senior Notes | Debt Instrument Redemption Prior To June Fifteen Twenty Seventeen | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percent of redemption price to principal amount on redemption | 105.25% | ||||||||||
Percent of principal amount of notes redeemable | 35.00% | ||||||||||
Senior Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum amount available for borrowing | 775,000,000 | ||||||||||
Senior Credit Facility | Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum amount available for borrowing | 375,000,000 | 375,000,000 | |||||||||
Senior Credit Facility | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum amount available for borrowing | 400,000,000 | ||||||||||
New Senior Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum amount available for borrowing | 850,000,000 | 850,000,000 | |||||||||
Transaction fees recorded as Deferred asset | 6,400,000 | ||||||||||
Amortization of debt issuance costs | 1,300,000 | ||||||||||
Borrowing under revolving credit | 382,000,000 | 298,000,000 | |||||||||
Federal funds effective rate plus | 0.50% | ||||||||||
Prime rate or one month LIBOR plus | 1.00% | ||||||||||
Senior credit facility interest rate | 1.92% | ||||||||||
New Senior Credit Facility | Prime Rate | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Applicable margin | 0.25% | ||||||||||
New Senior Credit Facility | Prime Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Applicable margin | 1.00% | ||||||||||
New Senior Credit Facility | Libor Rate Plus | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior credit facility interest rate | 0.17% | ||||||||||
New Senior Credit Facility | Libor Rate Plus | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Applicable margin | 1.25% | ||||||||||
New Senior Credit Facility | Libor Rate Plus | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Applicable margin | 2.00% | ||||||||||
New Senior Credit Facility | Rate Spread | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior credit facility interest rate | 1.75% | ||||||||||
Standby Letters of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility amount outstanding | 6,000,000 | ||||||||||
3.875% Convertible Senior Subordinated Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 3.88% | 3.88% | 3.88% | 3.88% | |||||||
Convertible subordinated debt | 399,898,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||
Number of trading days | 20 days | ||||||||||
Number of consecutive trading days | 30 days | ||||||||||
Percentage of conversion price of applicable trading day | 130.00% | ||||||||||
Number of business days | 5 days | ||||||||||
Principal amount of convertible notes | 1,000 | ||||||||||
Percentage of the product of the last reported sale price of the common stock | 98.00% | ||||||||||
Convertible notes conversion rate | 16.3084 | ||||||||||
Conversion price, per share | $61.32 | ||||||||||
6.875% Senior Subordinated Notes Due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 6.88% | 6.88% | 6.88% | 6.88% | |||||||
Senior subordinated notes | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | |||||||
Debt instrument maturity date | 2019 | 2019 | 2019 | ||||||||
Percent of redemption price to principal amount | 103.44% | ||||||||||
Declining percent of redemption price to principal amount | 1.72% | ||||||||||
Debt instrument, earliest date of redemption | 1-Jun-15 | ||||||||||
Percent of redemption price to principal amount on redemption | 100.00% | ||||||||||
Make-whole premium as percentage of principal amount of Notes subject to redemption | 1.00% | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||||
6.875% Senior Subordinated Notes Due 2019 | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percent of redemption price to principal amount | 100.00% | ||||||||||
Securitization Program | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum amount available for borrowing | 45,300,000 | ||||||||||
Other Short-term Borrowings | 4,700,000 | 4,700,000 | 4,700,000 | ||||||||
Interest rate | 0.92% | 0.92% | 0.92% | ||||||||
Maximum amount available under receivable securitization | $50,000,000 |
Borrowings_Interest_Expense_Am
Borrowings - Interest Expense Amounts Related to Convertible Notes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Interest cost related to contractual interest coupon | $15.50 | $15.50 | $15.50 |
Interest cost related to amortization of the discount | $12.20 | $11.30 | $10.50 |
Borrowings_Carrying_Value_of_C
Borrowings - Carrying Value of Convertible Notes (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ||
Principal amount of the Convertible Notes | $399,900,000 | $400,000,000 |
Unamortized discount | -36,197,000 | -48,413,000 |
Net carrying amount | $363,700,000 | $351,600,000 |
Borrowings_Fair_Value_of_Debt_
Borrowings - Fair Value of Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements [Line Items] | ||
Fair value of debt | $1,480,028 | $1,548,102 |
Level 1 | ||
Fair Value Measurements [Line Items] | ||
Fair value of debt | 1,024,806 | 899,390 |
Level 2 | ||
Fair Value Measurements [Line Items] | ||
Fair value of debt | $455,222 | $648,712 |
Borrowings_Aggregate_Amounts_o
Borrowings - Aggregate Amounts of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $404,598 | [1] |
2016 | 0 | |
2017 | 0 | |
2018 | 200,000 | |
2019 and thereafter | $500,000 | |
[1] | The Convertible Notes are included in amounts that will mature in 2015 because, at December 31, 2014, they were convertible in accordance with their terms, which are described in more detail above in this section under bConvertible Notes.b |
Financial_instruments_Addition
Financial instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivatives Fair Value [Line Items] | ||||||||||||
Pre-tax loss on foreign currency forward exchange contracts | $7,600,000 | |||||||||||
Allowance for doubtful accounts | 8,800,000 | 10,700,000 | 8,800,000 | 10,700,000 | ||||||||
Current portion of allowance for doubtful accounts | 2,400,000 | 5,200,000 | 2,400,000 | 5,200,000 | ||||||||
Noncurrent portion of allowance for doubtful accounts | 6,400,000 | 5,500,000 | 6,400,000 | 5,500,000 | ||||||||
Net revenues | 476,008,000 | 457,173,000 | 468,105,000 | 438,546,000 | 450,539,000 | 413,796,000 | 420,059,000 | 411,877,000 | 1,839,832,000 | 1,696,271,000 | 1,551,009,000 | |
Spain, Italy, Portugal, and Greece | ||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||
Current portion of allowance for doubtful accounts | 8,100,000 | 7,900,000 | 8,100,000 | 7,900,000 | ||||||||
Long-term portion of accounts receivable net | 11,300,000 | 17,600,000 | 11,300,000 | 17,600,000 | ||||||||
Net revenues | 150,500,000 | 142,600,000 | 132,500,000 | |||||||||
Interest Rate Swap | Cash Flow Hedging | ||||||||||||
Derivatives Fair Value [Line Items] | ||||||||||||
Total notional amount for all open foreign currency forward contracts | $350,000,000 |
Financial_instruments_after_ta
Financial instruments - after tax (gain)/loss reclassified from accumulated other comprehensive income into income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives Fair Value [Line Items] | |||
Derivatives qualifying as hedges, net of tax | $0 | $381 | $6,876 |
Interest Rate Swap | |||
Derivatives Fair Value [Line Items] | |||
Derivatives qualifying as hedges, net of tax | 0 | 0 | 7,032 |
Foreign Currency Exchange Contracts | |||
Derivatives Fair Value [Line Items] | |||
Derivatives qualifying as hedges, net of tax | $0 | $381 | ($156) |
Financial_instruments_aggregat
Financial instruments - aggregate accounts receivable, net of allowance for doubtful accounts (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivatives Fair Value [Line Items] | ||||
Accounts receivable, net | $273,704 | $295,290 | ||
Spain, Italy, Portugal, and Greece | ||||
Derivatives Fair Value [Line Items] | ||||
Accounts receivable, net | $76,190 | [1] | $97,852 | [1] |
Percentage of total net current and long-term accounts receivables | 27.30% | 31.00% | ||
[1] | The long-term portion of accounts receivable, net from customers in Spain, Italy, Greece and Portugal at DecemberB 31, 2014 and 2013 was $11.3 million and $17.6 million, respectively, and is reported in other assets. |
Fair_value_measurement_Additio
Fair value measurement - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Measurements [Line Items] | |||
Reversal of contingent consideration | $8,200,000 | $12,300,000 | |
Contingent consideration | 33,433,000 | 20,313,000 | 51,196,000 |
Current portion of contingent consideration | 11,276,000 | 4,131,000 | |
Other liabilities | 22,100,000 | ||
Minimum | |||
Fair Value Measurements [Line Items] | |||
Fair value of contingent consideration liability associated with future milestone | 15,000,000 | ||
Maximum | |||
Fair Value Measurements [Line Items] | |||
Fair value of contingent consideration liability associated with future milestone | $83,000,000 |
Fair_value_measurment_financia
Fair value measurment - financial assets and liabilities carried at fair value measured on recurring basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | $6,863 | $6,150 |
Estimated fair value of contingent consideration | 33,433 | 20,313 |
Quoted Prices In Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | 6,863 | 6,150 |
Estimated fair value of contingent consideration | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | 0 | 0 |
Estimated fair value of contingent consideration | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | 0 | 0 |
Estimated fair value of contingent consideration | $33,433 | $20,313 |
Fair_value_measurement_reconci
Fair value measurement - reconciliation of changes in three financial liabilities measured at fair value on recurring (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in Level 3 Financial Liabilities Related to Contingent Consideration [Roll Forward] | ||
Beginning balance | $20,313 | $51,196 |
Initial estimate upon acquisition | 20,538 | 0 |
Payment | 0 | -18,880 |
Revaluations | -7,418 | -11,982 |
Translation adjustment | 0 | -21 |
Ending balance | $33,433 | $20,313 |
Fair_value_measuremnt_valuatio
Fair value measuremnt - valuation technique and inputs used to determine fair value of assets or liabilities (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Discount Rate | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Fair Value Inputs, Discount Rate | 7.00% |
Probability of Payment | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Contingent consideration, weighted average | 52.60% |
Minimum | Discount Rate | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Fair Value Inputs, Discount Rate | 2.30% |
Minimum | Probability of Payment | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Contingent consideration | 0.00% |
Maximum | Discount Rate | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Fair Value Inputs, Discount Rate | 10.00% |
Maximum | Probability of Payment | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Contingent consideration | 100.00% |
Shareholders_equity_Additional
Shareholders' equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2012 | |
Shareholders Equity [Line Items] | |||||
Common shares, authorized | 200,000,000 | ||||
Common shares, par value | $1 | $1 | |||
Preference shares, authorized | 500,000 | ||||
Repurchase of outstanding common stock, authorized amount | $300,000,000 | ||||
Per share market price of common stock | $61.32 | ||||
Strike price of warrants | $74.65 | $74.65 | |||
Conversion of convertible notes, shares issued upon conversion | 1,900,000 | 600,000 | 7,981,422 | ||
Convertible senior notes percentage | 3.88% | 3.88% | 3.88% | ||
Stock Option | |||||
Shareholders Equity [Line Items] | |||||
Weighted average antidilutive which were not included in the calculation of earnings per share | 6,300,000 | 7,700,000 | 9,000,000 | ||
Convertible Note | |||||
Shareholders Equity [Line Items] | |||||
Weighted average antidilutive which were not included in the calculation of earnings per share | 2,700,000 | 1,600,000 | 300,000 |
Shareholders_equity_reconcilia
Shareholders' equity - reconciliation of basic to diluted weighted average common shares outstanding (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Basic (in shares) | 41,366 | 41,105 | 40,859 |
Dilutive effect of share based awards (in shares) | 450 | 410 | 0 |
Dilutive effect of 3.875% Convertible Notes and warrants (in shares) | 4,654 | 2,178 | 0 |
Diluted (in shares) | 46,470 | 43,693 | 40,859 |
Shareholders_equity_change_in_
Shareholders' equity - change in accumulated other comprehensive income (loss), net of tax (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss), net of tax | ($110,855) | ($132,048) |
Other comprehensive income (loss) before reclassifications | -152,275 | 15,507 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,235 | 5,686 |
Net current-period other comprehensive income (loss) | -150,040 | 21,193 |
Ending balance, accumulated other comprehensive income (loss), net of tax | -260,895 | -110,855 |
Cash Flow Hedges | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss), net of tax | 0 | -381 |
Other comprehensive income (loss) before reclassifications | 594 | -549 |
Amounts reclassified from accumulated other comprehensive income (loss) | -594 | 930 |
Net current-period other comprehensive income (loss) | 0 | 381 |
Ending balance, accumulated other comprehensive income (loss), net of tax | 0 | 0 |
Pension and Other Postretirement Benefits Plans | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss), net of tax | -97,037 | -127,257 |
Other comprehensive income (loss) before reclassifications | -47,536 | 25,464 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,829 | 4,756 |
Net current-period other comprehensive income (loss) | -44,707 | 30,220 |
Ending balance, accumulated other comprehensive income (loss), net of tax | -141,744 | -97,037 |
Foreign Currency Translation Adjustment | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss), net of tax | -13,818 | -4,410 |
Other comprehensive income (loss) before reclassifications | -105,333 | -9,408 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net current-period other comprehensive income (loss) | -105,333 | -9,408 |
Ending balance, accumulated other comprehensive income (loss), net of tax | ($119,151) | ($13,818) |
Shareholders_equity_accumulate
Shareholders' equity - accumulated other comprehensive income (loss) into income expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Cost of goods sold | $897,404 | $857,326 | $802,784 | ||||||||||
Total before tax | 220,110 | 175,730 | -165,369 | ||||||||||
Taxes on income (loss) from continuing operations | 28,650 | 23,547 | 16,413 | ||||||||||
Income (loss) from continuing operations | 52,133 | 55,228 | 48,830 | 35,269 | 35,302 | 45,779 | 43,401 | 27,701 | 191,460 | 152,183 | -181,782 | ||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Total reclassifications, net of tax | 2,235 | 5,686 | |||||||||||
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] | |||||||||||||
Total before tax | -705 | 884 | |||||||||||
Taxes on income (loss) from continuing operations | 111 | 46 | |||||||||||
Income (loss) from continuing operations | -594 | 930 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Commodity Contract | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Cost of goods sold | -705 | 884 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Benefits Plans | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Total before tax | 4,364 | 7,195 | |||||||||||
Taxes on income (loss) from continuing operations | -1,535 | -2,439 | |||||||||||
Income (loss) from continuing operations | 2,829 | 4,756 | |||||||||||
Actuarial losses | 4,385 | [1] | 7,211 | [1] | |||||||||
Prior-service costs | -21 | [1] | -21 | [1] | |||||||||
Transition obligation | $0 | [1] | $5 | [1] | |||||||||
[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 14 to the consolidated financial statements for additional information). |
Stock_compensation_plans_Addit
Stock compensation plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of common stock authorized to be issued under plan | 5,300,000 | ||
Number of options granted | 343,580 | ||
Unrecognized compensation expense | $17,600,000 | ||
Shares available for future grants | 4,903,018 | ||
Stock-based compensation | 12,227,000 | 11,871,000 | 8,623,000 |
Tax benefit from compensation expense | 3,300,000 | 3,800,000 | 2,700,000 |
Stock option granted, weighted average grant date fair value | $18.01 | $14.30 | $11.78 |
Stock option granted, weighted average grant date fair value | 15,400,000 | 4,100,000 | 2,700,000 |
Stock option expenses including selling general and administrative expenses | 4,600,000 | ||
Non-vested restricted stock units issued | 116,258 | 148,191 | 178,690 |
Non vested restricted stock expense including selling general and administrative expense | 7,600,000 | ||
Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | 5,400,000 | ||
Period for recognition | 1 year 9 months 29 days | ||
Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of options granted | 343,580 | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards | 116,258 | ||
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $10,400,000 | ||
Period for recognition | 1 year 9 months 11 days | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards | 116,258 | ||
Weighted average grant date fair value | $97.87 | $75.60 | $56.95 |
2014 Plan | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Award Shares | 1 | ||
2014 Plan | Stock Compensation Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Award Shares | 1.8 | ||
Prior Plans Before December 31, 2013 | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Award Shares | 1 | ||
Prior Plans Before December 31, 2013 | Stock Compensation Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Award Shares | 1.8 | ||
Prior Plans After January 1, 2014 | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Award Shares | 1 | ||
Prior Plans After January 1, 2014 | Stock Compensation Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Award Shares | 1.8 |
Stock_compensation_plans_weigh
Stock compensation plans - weighted-average assumptions used to estimate fair value of options granted (Detail) (Stock Options) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Weighted Average Fair Values [Line Items] | |||
Risk-free interest rate | 1.45% | 0.75% | 0.81% |
Expected life of option | 4 years 10 months 21 days | 4 years 10 months 13 days | 4 years 10 months 6 days |
Expected dividend yield | 1.34% | 1.73% | 2.28% |
Expected volatility | 21.44% | 24.65% | 28.46% |
Stock_compensation_plans_weigh1
Stock compensation plans - weighted-average assumptions used to estimate fair value of non-vested shares granted (Detail) (Stock Options) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Weighted Average Fair Values [Line Items] | |||
Risk-free interest rate | 0.65% | 0.36% | 0.37% |
Expected dividend yield | 1.34% | 1.71% | 2.24% |
Stock_compensation_plans_summa
Stock compensation plans- summary of stock option activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options, Outstanding, beginning of year | 1,279,480 |
Number of Options, Granted | 343,580 |
Number of Options, Exercised | -362,719 |
Number of Options, Forfeited or Expired | -26,669 |
Number of Options, Outstanding, ending of year | 1,233,672 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted Average Exercise Price, Outstanding, beginning of year | $65.05 |
Weighted Average Exercise Price, Granted | $101.45 |
Weighted Average Exercise Price, Exercised | $60.86 |
Weighted Average Exercise Price, Forfeited or Expired | $87.37 |
Weighted Average Exercise Price, Outstanding, beginning of year | $75.93 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Number of Options, Exercisable, end of year | 647,425 |
Weighted Average Exercise Price, Exercisable, end of year | $64.82 |
Weighted Average Remaining Contractual Life in Years, Exercisable, end of year | 6 years 1 month 17 days |
Aggregate Intrinsic Value, Exercisable, end of year | $32,373 |
Weighted Average Remaining Contractual Life in Years, Outstanding, end of year | 7 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding, end of year | $47,974 |
Stock_compensation_plans_summa1
Stock compensation plans - summary of non vested restricted stock unit activity (Detail) (Restricted Stock Units, USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Non-Vested Shares, Outstanding, beginning of the year | 353,357 | ||
Number of Non-Vested Shares, Granted | 116,258 | ||
Number of Non-Vested Shares, Vested | -128,101 | ||
Number of Non-Vested Shares, Forfeited | -27,811 | ||
Number of Non-Vested Shares, Outstanding, end of the year | 313,703 | 353,357 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted Average Grant Date Fair Value, Outstanding, beginning of the year | $62.49 | ||
Weighted Average Grant Date Fair Value, Granted | $97.87 | $75.60 | $56.95 |
Weighted Average Grant Date Fair Value, Vested | $57.57 | ||
Weighted Average Grant Date Fair Value, Forfeited | $71.63 | ||
Weighted Average Grant Date Fair Value, Outstanding, end of the year | $76.80 | $62.49 | |
Weighted Average Remaining Contractual Life In Years, Outstanding, end of the year | 1 year 2 months 12 days | ||
Aggregate Intrinsic Value, Outstanding, end of the year | $36,019 |
Income_taxes_Additional_Inform
Income taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||
Cumulative unremitted earnings, non-permanently reinvested | $545,500,000 | ||
Cumulative unremitted earnings | 966,200,000 | ||
Effective income tax rate, total | 13.02% | 13.40% | -9.93% |
Realized net benefit as result of reducing our reserves with respect to uncertain tax positions | 1,800,000 | 7,100,000 | 8,000,000 |
Tax effect, carry forwards | 112,800,000 | ||
Percentage of change in ownership | 50.00% | ||
Deferred tax assets, valuation allowance | 99,141,000 | 86,510,000 | |
Unrecognized tax benefits that would impact effective tax rate | 21,600,000 | ||
Unrecognized tax benefits, interest (benefit) expense | 1,000,000 | 1,300,000 | 800,000 |
Unrecognized tax benefits, penalties | -800,000 | -800,000 | 200,000 |
Unrecognized tax benefits, interest (benefit) expense accrued | 6,200,000 | 5,700,000 | |
Unrecognized tax benefits, penalties accrued | 5,000,000 | 6,000,000 | |
Unrecognized tax benefits change within next twelve months due to potential for resolution of foreign and U.S. examinations | -2,230,000 | 258,000 | 169,000 |
Minimum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits change within next twelve months due to potential for resolution of foreign and U.S. examinations | 0 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits change within next twelve months due to potential for resolution of foreign and U.S. examinations | 2,600,000 | ||
No Expiration Date | |||
Income Tax Contingency [Line Items] | |||
Tax effect, carry forwards | 12,600,000 | ||
After 2013 but before the end of 2018 | |||
Income Tax Contingency [Line Items] | |||
Tax effect, carry forwards | 300,000 | ||
After 2018 | |||
Income Tax Contingency [Line Items] | |||
Tax effect, carry forwards | $99,900,000 | ||
Excess Tax Deductions | |||
Income Tax Contingency [Line Items] | |||
Effective income tax rate, total | 13.00% | 13.40% |
Income_taxes_components_of_pro
Income taxes - components of provision for income taxes from continuing operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal, Current | $12,348 | ($2,996) | $21,046 |
State, Current | 1,912 | 1,736 | 3,623 |
Foreign, Current | 30,748 | 36,422 | 30,389 |
Federal, Deferred | -6,593 | -9,565 | -34,629 |
State, Deferred | 3,435 | -1,825 | -720 |
Foreign, Deferred | -13,200 | -225 | -3,296 |
Provision for income taxes from continuing operations | $28,650 | $23,547 | $16,413 |
Income_taxes_summary_of_US_and
Income taxes - summary of U.S. and non-U.S. components of income from continuing operations before taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | ($23,875) | ($3,323) | ($315,707) |
Other | 243,985 | 179,053 | 150,338 |
Income (loss) from continuing operations before taxes | $220,110 | $175,730 | ($165,369) |
Income_taxes_reconciliations_b
Income taxes - reconciliations between statutory federal income tax rate and effective income tax rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 0.00% | 0.00% | -60.84% |
Tax effect of International items | -22.54% | -14.83% | 11.28% |
State taxes, net of federal benefit | 2.10% | -0.32% | -0.90% |
Uncertain tax contingencies | -0.83% | -4.06% | 4.85% |
Contingent consideration reversals | -1.18% | -2.04% | 0.00% |
Other, net | 0.47% | -0.35% | 0.68% |
Effective income tax rate, total | 13.02% | 13.40% | -9.93% |
Income_taxes_deferred_tax_asse
Income taxes - deferred tax assets and liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Tax loss and credit carryforwards | $112,796 | $104,043 |
Pension | 63,669 | 39,310 |
Reserves and accruals | 42,296 | 38,684 |
Other | 28,416 | 27,886 |
Less: valuation allowances | -99,141 | -86,510 |
Total deferred tax assets | 148,036 | 123,413 |
Deferred tax liabilities: | ||
Property, plant and equipment | 31,143 | 26,550 |
Intangibles b stock acquisitions | 384,734 | 400,297 |
Unremitted foreign earnings | 116,595 | 147,326 |
Other | 10,756 | 12,030 |
Total deferred tax liabilities | 543,228 | 586,203 |
Net deferred tax liability | ($395,192) | ($462,790) |
Income_taxes_uncertain_tax_pos
Income taxes - uncertain tax positions for liabilities associated with unrecognized tax benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $55,771 | $62,108 | $75,026 |
Increase in unrecognized tax benefits related to prior years | 0 | 0 | 1,110 |
Decrease in unrecognized tax benefits related to prior years | 0 | 0 | -6,134 |
Unrecognized tax benefits related to the current year | 910 | 1,838 | 4,256 |
Reductions in unrecognized tax benefits due to settlements | -132 | 0 | -8,816 |
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations | -3,235 | -8,433 | -3,503 |
Increase (decrease) in unrecognized tax benefits due to foreign currency translation | -2,230 | 258 | 169 |
Ending balance | $51,084 | $55,771 | $62,108 |
Income_taxes_examination_by_ma
Income taxes - examination by major tax jurisdictions (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
United States | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2010 |
United States | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
Canada | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2005 |
Canada | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
China | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2009 |
China | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
Czech Republic | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2011 |
Czech Republic | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
France | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2012 |
France | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
Germany | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2007 |
Germany | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
India | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2008 |
India | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
Ireland | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2010 |
Ireland | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
Italy | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2010 |
Italy | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
Malaysia | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2010 |
Malaysia | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
Singapore | Beginning | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2010 |
Singapore | Ending | |
Income Tax Examination [Line Items] | |
Taxable years remain subject to examination | 2014 |
Pension_and_other_postretireme2
Pension and other postretirement benefits - Additional Information (Detail) (USD $) | 12 Months Ended | 2 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 20, 2015 |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Increase in projected benefit obligation | 9.00% | |||
Increase trend rate by 1%, increase the benefit expenses | $4.40 | |||
Increase trend rate by 1%, increase the benefit obligation | 0.2 | |||
Decrease trend rate by 1%, decrease the benefit expenses | 3.8 | |||
Decrease trend rate by 1%, decrease the benefit obligation | 0.2 | |||
Defined benefit plans, annual average Medicare part D subsidy | 0.2 | |||
Defined contribution plans, costs | 11.5 | 12.1 | 10.1 | |
Equity Securities | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of securities | 45.00% | |||
Fixed Income Securities | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of securities | 35.00% | |||
Other Securities | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocation percentage of securities | 20.00% | |||
United States Pension Plan of US Entity, Defined Benefit | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount rate | 4.24% | |||
Rate of return | 8.50% | |||
United States Postretirement Benefit Plans of US Entity, Defined Benefit | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount rate | 3.97% | |||
Pension | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount rate | 4.10% | 5.00% | ||
Rate of return | 8.30% | 8.30% | 8.30% | |
Accumulated benefit obligation | 447.4 | 367.3 | ||
Expected employer contribution for year 2011 | 2.9 | |||
Postretirement Health Care Plans | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount rate | 4.00% | 4.70% | ||
Rate of return | 0.00% | 0.00% | 0.00% | |
Expected employer contribution for year 2011 | $3.30 | |||
Subsequent Event | United States Pension Plan of US Entity, Defined Benefit | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Rate of return | 8.25% |
Pension_and_other_postretireme3
Pension and other postretirement benefits - net benefit cost of pension and postretirement benefit plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $1,794 | $1,819 | $2,331 |
Interest cost | 18,000 | 16,842 | 16,561 |
Expected return on plan assets | -25,006 | -23,122 | -20,245 |
Net amortization and deferral | 4,371 | 5,847 | 6,474 |
Curtailment gain | 0 | 0 | -197 |
Settlement loss (gain) | 0 | 0 | 106 |
Net benefit cost | -841 | 1,386 | 5,030 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 424 | 663 | 704 |
Interest cost | 2,169 | 2,707 | 2,122 |
Expected return on plan assets | 0 | 0 | 0 |
Net amortization and deferral | -7 | 1,348 | 761 |
Curtailment gain | 0 | 0 | 0 |
Settlement loss (gain) | 0 | 0 | 0 |
Net benefit cost | $2,586 | $4,718 | $3,587 |
Pension_and_other_postretireme4
Pension and other postretirement benefits - weighted average assumptions used in determining net periodic benefit cost (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.00% | 4.30% | 4.30% |
Rate of return | 8.30% | 8.30% | 8.30% |
Initial healthcare trend rate | 0.00% | 0.00% | 0.00% |
Ultimate healthcare trend rate | 0.00% | 0.00% | 0.00% |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.70% | 3.80% | 4.00% |
Rate of return | 0.00% | 0.00% | 0.00% |
Initial healthcare trend rate | 7.50% | 8.20% | 8.50% |
Ultimate healthcare trend rate | 5.00% | 5.00% | 5.00% |
Pension_and_other_postretireme5
Pension and other postretirement benefits - (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets, end of year | $328,830 | [1] | $305,481 | [1] | |
Pension | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligation, beginning of year | 367,731 | 397,184 | |||
Service cost | 1,794 | 1,819 | 2,331 | ||
Interest cost | 18,000 | 16,842 | 16,561 | ||
Actuarial loss (gain) | 82,922 | -30,755 | |||
Currency translation, benefit obligation | -2,973 | 861 | |||
Benefits paid | -17,988 | -17,004 | |||
Medicare Part D reimbursement | 0 | 0 | |||
Administrative costs | -1,522 | -1,216 | |||
Projected benefit obligation, end of year | 447,964 | 367,731 | 397,184 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets, beginning of year | 305,481 | 276,863 | |||
Actual return on plan assets | 34,332 | 28,813 | |||
Contributions | 9,539 | 17,724 | |||
Settlements paid | 0 | 0 | |||
Currency translation, fair value of plan assets | -1,012 | 301 | |||
Fair value of plan assets, end of year | 328,830 | 305,481 | 276,863 | ||
Funded status, end of year | -119,134 | -62,250 | |||
Other Benefits | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligation, beginning of year | 52,448 | 55,609 | |||
Service cost | 424 | 663 | 704 | ||
Interest cost | 2,169 | 2,707 | 2,122 | ||
Actuarial loss (gain) | 1,273 | -3,833 | |||
Currency translation, benefit obligation | 0 | 0 | |||
Benefits paid | -3,287 | -2,860 | |||
Defined Benefit Plan Benefits Paid Plan Assets | 0 | 0 | |||
Medicare Part D reimbursement | 127 | 162 | |||
Administrative costs | 0 | 0 | |||
Projected benefit obligation, end of year | 53,154 | 52,448 | 55,609 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets, beginning of year | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Contributions | 0 | 0 | |||
Settlements paid | 0 | 0 | |||
Currency translation, fair value of plan assets | 0 | 0 | |||
Fair value of plan assets, end of year | 0 | 0 | 0 | ||
Funded status, end of year | ($53,154) | ($52,448) | |||
[1] | Information on asset categories described in notes (b)-(k)B is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories. |
Pension_and_other_postretireme6
Pension and other postretirement benefits - amounts recognized in consolidated balance sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Payroll and benefit-related liabilities | ($85,442) | ($73,090) |
Pension and postretirement benefit liabilities | -167,241 | -109,498 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Payroll and benefit-related liabilities | -1,779 | -1,819 |
Pension and postretirement benefit liabilities | -117,355 | -60,431 |
Accumulated other comprehensive loss | 213,117 | 144,866 |
Amounts recognized in balance sheet | 93,983 | 82,616 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Payroll and benefit-related liabilities | -3,268 | -3,381 |
Pension and postretirement benefit liabilities | -49,886 | -49,067 |
Accumulated other comprehensive loss | 8,353 | 7,073 |
Amounts recognized in balance sheet | ($44,801) | ($45,375) |
Pension_and_other_postretireme7
Pension and other postretirement benefits - amounts recognized in accumulated other comprehensive (income) loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, accumulated other comprehensive (income) loss, net of tax | $110,855 | $132,048 | |
Impact of currency translation, accumulated other comprehensive (income) loss, net of tax | 105,410 | 9,637 | -13,071 |
Ending balance, accumulated other comprehensive (income) loss, net of tax | 260,895 | 110,855 | 132,048 |
Pension | |||
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, prior service cost (credit) | 182 | 216 | |
Net Amortization and deferral | -34 | -34 | |
Actuarial gain (loss) obligation, prior service cost (credit) | 0 | 0 | |
Impact of currency translation, prior service cost (credit) | 0 | 0 | |
Ending balance, prior service cost (credit) | 148 | 182 | |
Beginning balance, net (gain) or loss | 144,684 | 186,700 | |
Net amortization and deferral, net (gain) or loss | -4,337 | -5,813 | |
Actuarial changes in benefit obligation, net gain (loss) | 73,596 | -36,446 | |
Impact of currency translation, net (gain) or loss | -974 | 243 | |
Ending balance, net (gain) or loss | 212,969 | 144,684 | |
Beginning balance, deferred taxes | -52,480 | -67,567 | |
Net amortization and deferral, deferred taxes | 1,539 | 1,947 | |
Actuarial changes in benefit obligation, deferred taxes | -26,131 | 13,206 | |
Impact of currency translation, deferred taxes | 265 | -66 | |
Ending balance, deferred taxes | -76,807 | -52,480 | |
Beginning balance, accumulated other comprehensive (income) loss, net of tax | 92,386 | 119,349 | |
Net amortization and deferral, accumulated other comprehensive (income) loss, net of tax | -2,832 | -3,900 | |
Actuarial changes in benefit obligation, accumulated other comprehensive income (loss), net of tax | 47,465 | -23,240 | |
Impact of currency translation, accumulated other comprehensive (income) loss, net of tax | -709 | 177 | |
Ending balance, accumulated other comprehensive (income) loss, net of tax | 136,310 | 92,386 | |
Other Benefits | |||
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, prior service cost (credit) | 17 | -38 | |
Net Amortization and deferral | 55 | 55 | |
Actuarial gain (loss) obligation, prior service cost (credit) | 0 | 0 | |
Ending balance, prior service cost (credit) | 72 | 17 | |
Beginning balance, net (gain) or loss | 7,056 | 12,287 | |
Net amortization and deferral, net (gain) or loss | -48 | -1,398 | |
Actuarial changes in benefit obligation, net gain (loss) | 1,273 | -3,833 | |
Ending balance, net (gain) or loss | 8,281 | 7,056 | |
Beginning balance, deferred taxes | -2,422 | -4,346 | |
Net amortization and deferral, deferred taxes | -4 | 492 | |
Actuarial changes in benefit obligation, deferred taxes | -493 | 1,432 | |
Ending balance, deferred taxes | -2,919 | -2,422 | |
Beginning balance, accumulated other comprehensive (income) loss, net of tax | 4,651 | 7,908 | |
Net amortization and deferral, accumulated other comprehensive (income) loss, net of tax | -3 | 856 | |
Actuarial changes in benefit obligation, accumulated other comprehensive income (loss), net of tax | 780 | -2,401 | |
Ending balance, accumulated other comprehensive (income) loss, net of tax | 5,434 | 4,651 | |
Beginning balance, gain (loss) initial obligation | 0 | 5 | |
Net amortization and deferral, initial obligation | 0 | -5 | |
Actuarial changes in benefit obligation, initial obligation | 0 | 0 | |
Ending balance, gain (loss) initial obligation | $0 | $0 |
Pension_and_other_postretireme8
Pension and other postretirement benefits - weighted average assumptions used in determining benefit obligations (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.10% | 5.00% | |
Rate of compensation increase | 3.00% | 3.00% | |
Initial healthcare trend rate | 0.00% | 0.00% | |
Ultimate healthcare trend rate | 0.00% | 0.00% | 0.00% |
Other Benefits | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.00% | 4.70% | |
Rate of compensation increase | 0.00% | 0.00% | |
Initial healthcare trend rate | 7.30% | 7.00% | |
Ultimate healthcare trend rate | 5.00% | 5.00% | 5.00% |
Pension_and_other_postretireme9
Pension and other postretirement benefits - fair values of pension plan assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | $328,830 | [1] | $305,481 | [1] |
Cash | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 659 | [1] | 472 | [1] |
Money Market Funds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 31 | [1] | 310 | [1] |
Equity Securities | Managed Volatility | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 83,068 | [1],[2] | 77,140 | [1],[2] |
Equity Securities | U.S. Small/Mid-Cap Equity | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 20,312 | [1],[3] | 19,760 | [1],[3] |
Equity Securities | World Equity Exclude United States | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 26,064 | [1],[4] | 30,183 | [1],[4] |
Equity Securities | Common Equity Securities - Teleflex Incorporated | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 13,422 | [1] | 10,972 | [1] |
Equity Securities | Diversified United Kingdom Equity | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 875 | [1] | 928 | [1] |
Equity Securities | Diversified Global Exclude United Kingdom | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 2,884 | [1] | 2,319 | [1] |
Equity Securities | Emerging Markets Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 1,266 | [1] | 1,270 | [1] |
Fixed Income Investments | Emerging Markets Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 8,531 | [1],[5] | 9,003 | [1],[5] |
Fixed Income Investments | Long Duration Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 92,553 | [1],[6] | 76,608 | [1],[6] |
Fixed Income Investments | U K Corporate Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 2,719 | [1] | 2,569 | [1] |
Fixed Income Investments | U K Government Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 5,078 | [1] | 4,455 | [1] |
Fixed Income Investments | High Yield Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 11,618 | [1],[7] | 12,754 | [1],[7] |
Fixed Income Investments | Corporate, Government And Foreign Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 81 | [1] | 87 | [1] |
Fixed Income Investments | Asset Backed - Home Loans | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 782 | [1] | 847 | [1] |
Other Investments | Structured Credit | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 31,176 | [1],[8] | 29,109 | [1],[8] |
Other Investments | Hedge Fund Of Funds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 23,171 | [1],[9] | 22,540 | [1],[9] |
Other Investments | UK Property Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 1,549 | [1],[10] | 1,402 | [1],[10] |
Other Investments | Multi Asset Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 2,986 | [1],[11] | 2,748 | [1],[11] |
Other Investments | Other Credit Derivatives | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 5 | [1] | 5 | [1] |
Quoted Prices In Active Markets (Level 1) | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 263,535 | [1] | 242,488 | [1] |
Quoted Prices In Active Markets (Level 1) | Cash | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 659 | [1] | 472 | [1] |
Quoted Prices In Active Markets (Level 1) | Money Market Funds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 31 | [1] | 310 | [1] |
Quoted Prices In Active Markets (Level 1) | Equity Securities | Managed Volatility | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 83,068 | [1],[2] | 77,140 | [1],[2] |
Quoted Prices In Active Markets (Level 1) | Equity Securities | U.S. Small/Mid-Cap Equity | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 20,312 | [1],[3] | 19,760 | [1],[3] |
Quoted Prices In Active Markets (Level 1) | Equity Securities | World Equity Exclude United States | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 26,064 | [1],[4] | 30,183 | [1],[4] |
Quoted Prices In Active Markets (Level 1) | Equity Securities | Common Equity Securities - Teleflex Incorporated | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 13,422 | [1] | 10,972 | [1] |
Quoted Prices In Active Markets (Level 1) | Equity Securities | Diversified United Kingdom Equity | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 875 | [1] | 928 | [1] |
Quoted Prices In Active Markets (Level 1) | Equity Securities | Diversified Global Exclude United Kingdom | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 2,884 | [1] | 2,319 | [1] |
Quoted Prices In Active Markets (Level 1) | Equity Securities | Emerging Markets Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 1,266 | [1] | 1,270 | [1] |
Quoted Prices In Active Markets (Level 1) | Fixed Income Investments | Emerging Markets Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | [1],[5] | 0 | [1],[5] | |
Quoted Prices In Active Markets (Level 1) | Fixed Income Investments | Long Duration Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 92,553 | [1],[6] | 76,608 | [1],[6] |
Quoted Prices In Active Markets (Level 1) | Fixed Income Investments | U K Corporate Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 2,719 | [1] | 2,569 | [1] |
Quoted Prices In Active Markets (Level 1) | Fixed Income Investments | U K Government Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 5,078 | [1] | 4,455 | [1] |
Quoted Prices In Active Markets (Level 1) | Fixed Income Investments | High Yield Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 11,618 | [1],[7] | 12,754 | [1],[7] |
Quoted Prices In Active Markets (Level 1) | Fixed Income Investments | Corporate, Government And Foreign Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | [1] | 0 | [1] | |
Quoted Prices In Active Markets (Level 1) | Fixed Income Investments | Asset Backed - Home Loans | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | [1] | 0 | [1] | |
Quoted Prices In Active Markets (Level 1) | Other Investments | Structured Credit | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | [1],[8] | 0 | [1],[8] | |
Quoted Prices In Active Markets (Level 1) | Other Investments | Hedge Fund Of Funds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | [1],[9] | 0 | [1],[9] | |
Quoted Prices In Active Markets (Level 1) | Other Investments | UK Property Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | [1],[10] | 0 | [1],[10] | |
Quoted Prices In Active Markets (Level 1) | Other Investments | Multi Asset Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 2,986 | [1],[11] | 2,748 | [1],[11] |
Quoted Prices In Active Markets (Level 1) | Other Investments | Other Credit Derivatives | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 10,943 | [1] | 11,339 | [1] |
Significant Other Observable Inputs (Level 2) | Cash | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | Money Market Funds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | Equity Securities | Managed Volatility | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[2] | 0 | [1],[2] |
Significant Other Observable Inputs (Level 2) | Equity Securities | U.S. Small/Mid-Cap Equity | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[3] | 0 | [1],[3] |
Significant Other Observable Inputs (Level 2) | Equity Securities | World Equity Exclude United States | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[4] | 0 | [1],[4] |
Significant Other Observable Inputs (Level 2) | Equity Securities | Common Equity Securities - Teleflex Incorporated | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | Equity Securities | Diversified United Kingdom Equity | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | Equity Securities | Diversified Global Exclude United Kingdom | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | Equity Securities | Emerging Markets Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | Fixed Income Investments | Emerging Markets Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 8,531 | [1],[5] | 9,003 | [1],[5] |
Significant Other Observable Inputs (Level 2) | Fixed Income Investments | Long Duration Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[6] | 0 | [1],[6] |
Significant Other Observable Inputs (Level 2) | Fixed Income Investments | U K Corporate Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | Fixed Income Investments | U K Government Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Other Observable Inputs (Level 2) | Fixed Income Investments | High Yield Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[7] | 0 | [1],[7] |
Significant Other Observable Inputs (Level 2) | Fixed Income Investments | Corporate, Government And Foreign Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 81 | [1] | 87 | [1] |
Significant Other Observable Inputs (Level 2) | Fixed Income Investments | Asset Backed - Home Loans | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 782 | [1] | 847 | [1] |
Significant Other Observable Inputs (Level 2) | Other Investments | Structured Credit | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[8] | 0 | [1],[8] |
Significant Other Observable Inputs (Level 2) | Other Investments | Hedge Fund Of Funds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[9] | 0 | [1],[9] |
Significant Other Observable Inputs (Level 2) | Other Investments | UK Property Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 1,549 | [1],[10] | 1,402 | [1],[10] |
Significant Other Observable Inputs (Level 2) | Other Investments | Multi Asset Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[11] | 0 | [1],[11] |
Significant Other Observable Inputs (Level 2) | Other Investments | Other Credit Derivatives | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 54,352 | [1] | 51,654 | [1] |
Significant Unobservable Inputs (Level 3) | Cash | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Money Market Funds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Equity Securities | Managed Volatility | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[2] | 0 | [1],[2] |
Significant Unobservable Inputs (Level 3) | Equity Securities | U.S. Small/Mid-Cap Equity | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[3] | 0 | [1],[3] |
Significant Unobservable Inputs (Level 3) | Equity Securities | World Equity Exclude United States | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[4] | 0 | [1],[4] |
Significant Unobservable Inputs (Level 3) | Equity Securities | Common Equity Securities - Teleflex Incorporated | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Equity Securities | Diversified United Kingdom Equity | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Equity Securities | Diversified Global Exclude United Kingdom | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Equity Securities | Emerging Markets Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Emerging Markets Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[5] | 0 | [1],[5] |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Long Duration Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[6] | 0 | [1],[6] |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | U K Corporate Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | U K Government Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | High Yield Bond Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[7] | 0 | [1],[7] |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Corporate, Government And Foreign Bonds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Asset Backed - Home Loans | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Significant Unobservable Inputs (Level 3) | Other Investments | Structured Credit | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 31,176 | [1],[8] | 29,109 | [1],[8] |
Significant Unobservable Inputs (Level 3) | Other Investments | Hedge Fund Of Funds | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 23,171 | [1],[9] | 22,540 | [1],[9] |
Significant Unobservable Inputs (Level 3) | Other Investments | UK Property Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[10] | 0 | [1],[10] |
Significant Unobservable Inputs (Level 3) | Other Investments | Multi Asset Fund | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | 0 | [1],[11] | 0 | [1],[11] |
Significant Unobservable Inputs (Level 3) | Other Investments | Other Credit Derivatives | ||||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||||
Fair value of plan assets | $5 | [1] | $5 | [1] |
[1] | Information on asset categories described in notes (b)-(k)B is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories. | |||
[2] | This category comprises mutual funds that invest in securities of United States and non-United States companies of all capitalization ranges that exhibit relatively low volatility. | |||
[3] | This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of small and mid-sized companies. The fund invests in common stocks or exchange traded funds holding common stock of United States companies with market capitalizations in the range of companies in the Russell 2500 Index. | |||
[4] | This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of foreign companies. These securities may include common stocks, preferred stocks, warrants, exchange traded funds based on an international equity index and derivative instruments whose value is based on an international equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests in securities of foreign issuers located in developed and emerging market countries. However, the fund will not invest more than 30% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. | |||
[5] | This category comprises a mutual fund that invests at least 80% of its net assets in fixed income securities of emerging market issuers, primarily in United States dollar-denominated debt of foreign governments, government-related and corporate issuers in emerging market countries and entities organized to restructure the debt of those issuers. | |||
[6] | This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including securities issued or guaranteed by the United States Government and its agencies and instrumentalities, corporate bonds, asset-backed securities, exchange traded funds, mortgage-backed securities and collateralized mortgage-backed securities. The fund invests primarily in long duration government and corporate fixed income securities, and uses derivative instruments, including interest rate swap agreements and Treasury futures contracts, for the purpose of managing the overall duration and yield curve exposure of the Fundbs portfolio of fixed income securities. | |||
[7] | This category comprises a mutual fund that invests at least 80% of its net assets in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. | |||
[8] | This category comprises a fund that invests primarily in collateralized debt obligations (bCDOsb) and other structured credit vehicles. The fund investments may include fixed income securities, loan participants, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments. | |||
[9] | This category comprises a hedge fund that invests in various other hedge funds.B As of DecemberB 31, 2014 and 2013:b"approximately 33% and 28%, respectively, of the assets of the hedge fund were invested in equity hedge based funds, including equity long/short and equity market neutral strategies;b"approximately 10% and 18%, respectively, of the assets were held in tactical/directional based funds, including global macro, long/short equity, commodity and systematic quantitative strategies;b"approximately 24% and 25%, respectively, of the assets were held in relative value based funds, including convertible and fixed income arbitrage, credit long/short and volatility arbitrage strategies;b"approximately 33% and 23%, respectively, of the assets were held in funds with an event driven strategy; andb"approximately 6% of the assets were held in cash as of December 31, 2013. | |||
[10] | This category comprises a fund that invests primarily in UK freehold and leasehold property. The fund does not invest in higher risk activities such as developments. The fund may invest in indirect vehicles and property derivatives. | |||
[11] | This category comprises a mutual fund that invests primarily in equities, bonds and alternatives. |
Recovered_Sheet1
Pension and other postretirement benefits - fair values of pension plan assets footnote (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Maximum percentage of net assets invested in emerging market | 30.00% | |
Equity Hedge Based Funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in funds | 33.00% | 28.00% |
Tactical Directional Based Funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in funds | 10.00% | 18.00% |
Relative Value Based Funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in funds | 24.00% | 25.00% |
Event Driven Strategy | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in funds | 33.00% | 23.00% |
Foreign Companies | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in foreign equity securities | 80.00% | |
High Yield Fixed Income | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested | 80.00% | |
Fixed Income Securities | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested | 80.00% | |
Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in funds | 6.00% | |
U.S. Russell 2500 Index | Small and Mid-Sized Companies | Equity Securities | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested | 80.00% |
Recovered_Sheet2
Pension and other postretirement benefits - reconciliation of changes in level three pension assets measured at fair value on recurring basis (Detail) (Hedge Fund Of Funds, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Hedge Fund Of Funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of year | $51,654 | $48,198 |
Unrealized gain on assets | 2,698 | 3,456 |
Balance at end of year | $54,352 | $51,654 |
Recovered_Sheet3
Pension and other postretirement benefits - expected benefit payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension | |
Schedule Of Pension Expected Future Benefit Payments [Line Items] | |
2015 | $17,841 |
2016 | 18,449 |
2017 | 19,023 |
2018 | 19,653 |
2019 | 20,472 |
Years 2020 b 2024 | 114,185 |
Other Benefits | |
Schedule Of Pension Expected Future Benefit Payments [Line Items] | |
2015 | 3,268 |
2016 | 3,362 |
2017 | 3,334 |
2018 | 3,367 |
2019 | 3,416 |
Years 2020 b 2024 | $18,229 |
Commitments_and_contingent_lia2
Commitments and contingent liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 05, 2014 | Aug. 31, 2013 | |
Loss Contingencies [Line Items] | |||||
Operating leases, rental expense | $29,400,000 | $26,400,000 | $24,000,000 | ||
Estimated fair value of the costs to construct buildings | 51,834,000 | 55,092,000 | |||
Discontinued Operations | |||||
Loss Contingencies [Line Items] | |||||
Contingency reserve for litigation | 2,400,000 | 1,400,000 | |||
Minimum | |||||
Loss Contingencies [Line Items] | |||||
Time-frame over which the accrued amounts may be paid out, in years | P15Y | ||||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Time-frame over which the accrued amounts may be paid out, in years | P20Y | ||||
Accrued Liabilities | |||||
Loss Contingencies [Line Items] | |||||
Waste disposed accrued liability | 1,300,000 | 2,500,000 | |||
Contingency reserve for litigation | 6,000,000 | 6,800,000 | |||
Other Liability | |||||
Loss Contingencies [Line Items] | |||||
Waste disposed accrued liability | 6,500,000 | 5,800,000 | |||
Property, Plant and Equipment | Build To Suit Lease | |||||
Loss Contingencies [Line Items] | |||||
Estimated fair value of the costs to construct buildings | 28,300,000 | ||||
Parish of Calcasieu | Judicial Ruling | Compensatory Damages | |||||
Loss Contingencies [Line Items] | |||||
Damages awarded to plaintiff | 125,000 | ||||
Parish of Calcasieu | Judicial Ruling | Punitive Damages | |||||
Loss Contingencies [Line Items] | |||||
Damages awarded to plaintiff | 23,000,000 | ||||
Parish of Calcasieu | Judicial Ruling | Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Range of Possible Loss, Maximum | $10,000,000 |
Commitments_and_contingent_lia3
Commitments and contingent liabilities - future minimum lease payments under noncancelable operating leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $27,706 |
2016 | 23,292 |
2017 | 18,846 |
2018 | 15,474 |
2019 and thereafter | $32,182 |
Business_segments_and_other_in2
Business segments and other information - segment result (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
segment | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Number of reportable segments | 6 | |||||||||||||
Revenue | $476,008 | $457,173 | $468,105 | $438,546 | $450,539 | $413,796 | $420,059 | $411,877 | $1,839,832 | $1,696,271 | $1,551,009 | |||
Segment operating profit | 284,862 | 233,261 | -97,375 | |||||||||||
Depreciation and amortization | 127,030 | 107,935 | 94,884 | |||||||||||
Operating Segments | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Segment operating profit | 365,164 | [1] | 302,285 | [1] | 259,497 | [1] | ||||||||
Segment Reconciling Items | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Segment operating profit | -80,302 | [2] | -69,024 | [2] | -356,872 | [2] | ||||||||
Vascular North America | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Revenue | 259,227 | 231,112 | 222,749 | |||||||||||
Depreciation and amortization | 31,782 | 28,719 | 23,063 | |||||||||||
Vascular North America | Operating Segments | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Segment operating profit | 41,079 | 23,798 | 26,048 | |||||||||||
Anesthesia Respiratory North America | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Revenue | 222,650 | 228,485 | 180,363 | |||||||||||
Depreciation and amortization | 17,109 | 13,162 | 7,955 | |||||||||||
Anesthesia Respiratory North America | Operating Segments | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Segment operating profit | 26,574 | 21,910 | 14,048 | |||||||||||
Surgical North America | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Revenue | 150,121 | 146,058 | 143,875 | |||||||||||
Depreciation and amortization | 6,316 | 10,549 | 3,646 | |||||||||||
Surgical North America | Operating Segments | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Segment operating profit | 49,592 | 50,334 | 50,615 | |||||||||||
EMEA Segment | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Revenue | 593,065 | 557,427 | 510,248 | |||||||||||
Depreciation and amortization | 38,062 | 29,947 | 22,975 | |||||||||||
EMEA Segment | Operating Segments | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Segment operating profit | 114,650 | 87,902 | 65,822 | |||||||||||
Asia Segment | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Revenue | 237,696 | 207,207 | 173,721 | |||||||||||
Depreciation and amortization | 8,515 | 4,960 | 3,653 | |||||||||||
Asia Segment | Operating Segments | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Segment operating profit | 62,152 | 63,822 | 52,541 | |||||||||||
OEM Segment | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Revenue | 143,966 | 131,173 | 140,230 | |||||||||||
Depreciation and amortization | 6,175 | 4,876 | 4,083 | |||||||||||
OEM Segment | Operating Segments | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Segment operating profit | 30,635 | 27,328 | 31,664 | |||||||||||
All Other | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Revenue | 233,107 | 194,809 | 179,823 | |||||||||||
Depreciation and amortization | 19,071 | 15,722 | 29,509 | |||||||||||
All Other | Operating Segments | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Segment operating profit | $40,482 | $27,191 | $18,759 | |||||||||||
[1] | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for certain manufacturing 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 and fixed manufacturing costs, with the exception of certain manufacturing variances allocated to the segments as noted above, as well as net gain on sales of assets, goodwill impairment and restructuring and other impairment charges. |
Business_segments_and_other_in3
Business segments and other information - total net revenues and total net property, plant and equipment by geographic region (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $476,008 | $457,173 | $468,105 | $438,546 | $450,539 | $413,796 | $420,059 | $411,877 | $1,839,832 | $1,696,271 | $1,551,009 |
Property, plant and equipment, net | 317,435 | 325,900 | 317,435 | 325,900 | 297,945 | ||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 916,619 | 844,884 | 789,771 | ||||||||
Property, plant and equipment, net | 174,893 | 203,985 | 174,893 | 203,985 | 180,833 | ||||||
Other Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 60,736 | 57,098 | 53,665 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 664,982 | 568,559 | 516,982 | ||||||||
Malaysia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 36,427 | 29,313 | 36,427 | 29,313 | 27,764 | ||||||
Czech Republic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 35,655 | 41,607 | 35,655 | 41,607 | 45,884 | ||||||
All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 197,495 | 225,730 | 190,591 | ||||||||
Property, plant and equipment, net | $70,460 | $50,995 | $70,460 | $50,995 | $43,464 |
Condensed_consolidating_guaran2
Condensed consolidating guarantor financial information - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 26, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Interest rate | 3.88% | 3.88% | 3.88% | |
Ownership percentage of subsidiaries | 100.00% | |||
6.875% Senior Subordinated Notes Due 2019 | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Senior subordinated notes | $250,000 | |||
Interest rate | 6.88% |
Condensed_consolidating_guaran3
Condensed consolidating guarantor financial information - income (loss) and comprehensive income (loss) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | $476,008 | $457,173 | $468,105 | $438,546 | $450,539 | $413,796 | $420,059 | $411,877 | $1,839,832 | $1,696,271 | $1,551,009 |
Cost of goods sold | 897,404 | 857,326 | 802,784 | ||||||||
Gross profit | 241,015 | 236,166 | 244,088 | 221,159 | 224,943 | 203,992 | 209,490 | 200,520 | 942,428 | 838,945 | 748,225 |
Selling, general and administrative expenses | 578,657 | 502,187 | 454,489 | ||||||||
Research and development expenses | 61,040 | 65,045 | 56,278 | ||||||||
Goodwill impairment | 0 | 0 | 332,128 | ||||||||
Restructuring and other impairment charges | 17,869 | 38,452 | 3,037 | ||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | 69,155 | 81,935 | 74,752 | 59,020 | 54,064 | 66,042 | 63,751 | 49,404 | 284,862 | 233,261 | -97,375 |
Net (gain) loss on sales of businesses and assets | 0 | 0 | -332 | ||||||||
Income (loss) from continuing operations before interest and taxes | -97,375 | ||||||||||
Interest expense | 65,458 | 56,905 | 69,565 | ||||||||
Interest income | -706 | -624 | -1,571 | ||||||||
Loss on extinguishments of debt | 0 | 1,250 | 0 | ||||||||
Income (loss) from continuing operations before taxes | 220,110 | 175,730 | -165,369 | ||||||||
Taxes (benefit) on income (loss) from continuing operations | 28,650 | 23,547 | 16,413 | ||||||||
Equity in net income of consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations | 52,133 | 55,228 | 48,830 | 35,269 | 35,302 | 45,779 | 43,401 | 27,701 | 191,460 | 152,183 | -181,782 |
Operating loss from discontinued operations | -3,407 | -2,205 | -9,207 | ||||||||
Taxes (benefit) on income (loss) from discontinued operations | -698 | -1,770 | -1,887 | ||||||||
Loss from discontinued operations | -1,188 | -271 | -1,125 | -125 | -236 | 1,029 | -766 | -462 | -2,709 | -435 | -7,320 |
Net income (loss) | 50,945 | 54,957 | 47,705 | 35,144 | 35,066 | 46,808 | 42,635 | 27,239 | 188,751 | 151,748 | -189,102 |
Less: Income from continuing operations attributable to noncontrolling interest | 307 | 126 | 453 | 186 | 238 | 234 | 194 | 201 | 1,072 | 867 | 955 |
Net income (loss) | 50,638 | 54,831 | 47,252 | 34,958 | 34,828 | 46,574 | 42,441 | 27,038 | 187,679 | 150,881 | -190,057 |
Other comprehensive loss attributable to common shareholders | -150,040 | 21,193 | 27,305 | ||||||||
Comprehensive income attributable to common shareholders | 37,639 | 172,074 | -162,752 | ||||||||
Eliminations | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | -371,171 | -268,317 | -233,782 | ||||||||
Cost of goods sold | -363,594 | -268,501 | -232,823 | ||||||||
Gross profit | -7,577 | 184 | -959 | ||||||||
Selling, general and administrative expenses | -384 | -307 | 267 | ||||||||
Research and development expenses | 0 | 0 | 0 | ||||||||
Goodwill impairment | 0 | ||||||||||
Restructuring and other impairment charges | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | -7,193 | 491 | |||||||||
Net (gain) loss on sales of businesses and assets | 265,433 | ||||||||||
Income (loss) from continuing operations before interest and taxes | -266,659 | ||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Loss on extinguishments of debt | 0 | ||||||||||
Income (loss) from continuing operations before taxes | -7,193 | 491 | -266,659 | ||||||||
Taxes (benefit) on income (loss) from continuing operations | 108 | -754 | -519 | ||||||||
Equity in net income of consolidated subsidiaries | -542,475 | -405,530 | 65,824 | ||||||||
Income (loss) from continuing operations | -549,776 | -404,285 | -200,316 | ||||||||
Operating loss from discontinued operations | 0 | 0 | 0 | ||||||||
Taxes (benefit) on income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||
Loss from discontinued operations | 0 | 0 | 0 | ||||||||
Net income (loss) | -549,776 | -404,285 | -200,316 | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) | -549,776 | -404,285 | -200,316 | ||||||||
Other comprehensive loss attributable to common shareholders | 257,008 | -7,402 | -19,382 | ||||||||
Comprehensive income attributable to common shareholders | -292,768 | -411,687 | -219,698 | ||||||||
Parent Company | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 42,829 | 39,176 | 34,657 | ||||||||
Research and development expenses | 0 | 0 | 0 | ||||||||
Goodwill impairment | 0 | ||||||||||
Restructuring and other impairment charges | 0 | 935 | 0 | ||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | -42,829 | -40,111 | |||||||||
Net (gain) loss on sales of businesses and assets | -116,193 | ||||||||||
Income (loss) from continuing operations before interest and taxes | 81,536 | ||||||||||
Interest expense | 144,869 | 134,879 | 143,653 | ||||||||
Interest income | 0 | -15 | -372 | ||||||||
Loss on extinguishments of debt | 1,250 | ||||||||||
Income (loss) from continuing operations before taxes | -187,698 | -176,225 | -61,745 | ||||||||
Taxes (benefit) on income (loss) from continuing operations | -68,307 | -63,857 | -63,806 | ||||||||
Equity in net income of consolidated subsidiaries | 308,396 | 263,469 | -190,742 | ||||||||
Income (loss) from continuing operations | 189,005 | 151,101 | -188,681 | ||||||||
Operating loss from discontinued operations | -2,196 | -1,947 | -2,647 | ||||||||
Taxes (benefit) on income (loss) from discontinued operations | -870 | -1,727 | -1,271 | ||||||||
Loss from discontinued operations | -1,326 | -220 | -1,376 | ||||||||
Net income (loss) | 187,679 | 150,881 | -190,057 | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) | 187,679 | 150,881 | -190,057 | ||||||||
Other comprehensive loss attributable to common shareholders | -150,040 | 21,193 | 27,305 | ||||||||
Comprehensive income attributable to common shareholders | 37,639 | 172,074 | -162,752 | ||||||||
Guarantor Subsidiaries | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | 1,078,851 | 1,001,404 | 950,888 | ||||||||
Cost of goods sold | 652,742 | 582,110 | 552,726 | ||||||||
Gross profit | 426,109 | 419,294 | 398,162 | ||||||||
Selling, general and administrative expenses | 326,282 | 284,960 | 259,476 | ||||||||
Research and development expenses | 40,546 | 55,694 | 48,649 | ||||||||
Goodwill impairment | 331,779 | ||||||||||
Restructuring and other impairment charges | 10,189 | 15,288 | 598 | ||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | 49,092 | 63,352 | |||||||||
Net (gain) loss on sales of businesses and assets | -149,240 | ||||||||||
Income (loss) from continuing operations before interest and taxes | -93,100 | ||||||||||
Interest expense | -85,885 | -85,058 | -81,328 | ||||||||
Interest income | -1 | -5 | -23 | ||||||||
Loss on extinguishments of debt | 0 | ||||||||||
Income (loss) from continuing operations before taxes | 134,978 | 148,415 | -11,749 | ||||||||
Taxes (benefit) on income (loss) from continuing operations | 68,690 | 42,804 | 45,068 | ||||||||
Equity in net income of consolidated subsidiaries | 233,827 | 141,773 | 124,918 | ||||||||
Income (loss) from continuing operations | 300,115 | 247,384 | 68,101 | ||||||||
Operating loss from discontinued operations | 0 | 0 | -9,179 | ||||||||
Taxes (benefit) on income (loss) from discontinued operations | 0 | -170 | -129 | ||||||||
Loss from discontinued operations | 0 | 170 | -9,050 | ||||||||
Net income (loss) | 300,115 | 247,554 | 59,051 | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) | 300,115 | 247,554 | 59,051 | ||||||||
Other comprehensive loss attributable to common shareholders | -130,691 | 1,960 | 10,475 | ||||||||
Comprehensive income attributable to common shareholders | 169,424 | 249,514 | 69,526 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | 1,132,152 | 963,184 | 833,903 | ||||||||
Cost of goods sold | 608,256 | 543,717 | 482,881 | ||||||||
Gross profit | 523,896 | 419,467 | 351,022 | ||||||||
Selling, general and administrative expenses | 209,930 | 178,358 | 160,089 | ||||||||
Research and development expenses | 20,494 | 9,351 | 7,629 | ||||||||
Goodwill impairment | 349 | ||||||||||
Restructuring and other impairment charges | 7,680 | 22,229 | 2,439 | ||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | 285,792 | 209,529 | |||||||||
Net (gain) loss on sales of businesses and assets | -332 | ||||||||||
Income (loss) from continuing operations before interest and taxes | 180,848 | ||||||||||
Interest expense | 6,474 | 7,084 | 7,240 | ||||||||
Interest income | -705 | -604 | -1,176 | ||||||||
Loss on extinguishments of debt | 0 | ||||||||||
Income (loss) from continuing operations before taxes | 280,023 | 203,049 | 174,784 | ||||||||
Taxes (benefit) on income (loss) from continuing operations | 28,159 | 45,354 | 35,670 | ||||||||
Equity in net income of consolidated subsidiaries | 252 | 288 | 0 | ||||||||
Income (loss) from continuing operations | 252,116 | 157,983 | 139,114 | ||||||||
Operating loss from discontinued operations | -1,211 | -258 | 2,619 | ||||||||
Taxes (benefit) on income (loss) from discontinued operations | 172 | 127 | -487 | ||||||||
Loss from discontinued operations | -1,383 | -385 | 3,106 | ||||||||
Net income (loss) | 250,733 | 157,598 | 142,220 | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 1,072 | 867 | 955 | ||||||||
Net income (loss) | 249,661 | 156,731 | 141,265 | ||||||||
Other comprehensive loss attributable to common shareholders | -126,317 | 5,442 | 8,907 | ||||||||
Comprehensive income attributable to common shareholders | $123,344 | $162,173 | $150,172 |
Condensed_consolidating_guaran4
Condensed consolidating guarantor financial information - balance sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $303,236 | $431,984 | $337,039 | $584,088 |
Accounts receivable, net | 273,704 | 295,290 | ||
Accounts receivable from consolidated subsidiaries | 0 | 0 | ||
Inventories, net | 335,593 | 333,621 | ||
Prepaid expenses and other current assets | 35,697 | 39,810 | ||
Prepaid taxes | 40,256 | 36,504 | ||
Deferred tax assets | 57,301 | 52,917 | ||
Assets held for sale | 7,422 | 10,428 | ||
Total current assets | 1,053,209 | 1,200,554 | ||
Property, plant and equipment, net | 317,435 | 325,900 | 297,945 | |
Goodwill | 1,323,553 | 1,354,203 | 1,238,452 | |
Intangibles assets, net | 1,216,720 | 1,255,597 | ||
Investments in affiliates | 1,150 | 1,715 | ||
Deferred tax assets | 1,178 | 943 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 0 | 0 | ||
Other assets | 64,010 | 70,095 | ||
Total assets | 3,977,255 | 4,209,007 | ||
Current liabilities | ||||
Current borrowings | 368,401 | 356,287 | ||
Accounts payable | 64,100 | 71,967 | ||
Accounts payable to consolidated subsidiaries | 0 | 0 | ||
Accrued expenses | 72,383 | 74,868 | ||
Current portion of contingent consideration | 11,276 | 4,131 | ||
Payroll and benefit-related liabilities | 85,442 | 73,090 | ||
Accrued interest | 9,169 | 8,725 | ||
Income taxes payable | 13,768 | 23,821 | ||
Other current liabilities | 10,360 | 22,231 | ||
Total current liabilities | 634,899 | 635,120 | ||
Long-term borrowings | 700,000 | 930,000 | ||
Deferred tax liabilities | 451,541 | 514,715 | ||
Pension and other postretirement benefit liabilities | 167,241 | 109,498 | ||
Noncurrent liability for uncertain tax positions | 50,884 | 55,152 | ||
Notes payable and other amounts due to consolidated subsidiaries | 0 | 0 | ||
Other liabilities | 58,991 | 48,506 | ||
Total liabilities | 2,063,556 | 2,292,991 | ||
Total common shareholdersb equity | 1,911,309 | 1,913,527 | ||
Noncontrolling interest | 2,390 | 2,489 | ||
Total equity | 1,913,699 | 1,916,016 | 1,781,537 | 1,982,783 |
Total liabilities and equity | 3,977,255 | 4,209,007 | ||
Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 3,855 | 3,472 | ||
Accounts receivable from consolidated subsidiaries | -2,613,473 | -2,880,648 | ||
Inventories, net | -23,286 | -15,709 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Prepaid taxes | 0 | 0 | ||
Deferred tax assets | 0 | -3 | ||
Assets held for sale | 0 | 0 | ||
Total current assets | -2,632,904 | -2,892,888 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangibles assets, net | 0 | 0 | ||
Investments in affiliates | -7,042,537 | -6,987,772 | ||
Deferred tax assets | -56,601 | -39,410 | ||
Notes receivable and other amounts due from consolidated subsidiaries | -2,515,853 | -1,936,618 | ||
Other assets | 0 | 0 | ||
Total assets | -12,247,895 | -11,856,688 | ||
Current liabilities | ||||
Current borrowings | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accounts payable to consolidated subsidiaries | -2,612,090 | -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 | 0 | -4 | ||
Total current liabilities | -2,612,090 | -2,880,652 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | -56,600 | -39,409 | ||
Pension and other postretirement benefit liabilities | 0 | 0 | ||
Noncurrent liability for uncertain tax positions | 0 | 0 | ||
Notes payable and other amounts due to consolidated subsidiaries | -2,520,610 | -1,940,100 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | -5,189,300 | -4,860,161 | ||
Total common shareholdersb equity | -7,058,595 | -6,996,527 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | -7,058,595 | -6,996,527 | ||
Total liabilities and equity | -12,247,895 | -11,856,688 | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 27,996 | 42,749 | 70,860 | 114,531 |
Accounts receivable, net | 2,346 | 1,822 | ||
Accounts receivable from consolidated subsidiaries | 37,378 | 42,865 | ||
Inventories, net | 0 | 0 | ||
Prepaid expenses and other current assets | 14,301 | 15,200 | ||
Prepaid taxes | 23,493 | 27,487 | ||
Deferred tax assets | 30,248 | 20,218 | ||
Assets held for sale | 2,901 | 1,669 | ||
Total current assets | 138,663 | 152,010 | ||
Property, plant and equipment, net | 3,489 | 14,189 | ||
Goodwill | 0 | 0 | ||
Intangibles assets, net | 0 | 0 | ||
Investments in affiliates | 5,662,773 | 5,489,676 | ||
Deferred tax assets | 52,244 | 35,877 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 1,025,859 | 1,049,344 | ||
Other assets | 27,999 | 24,574 | ||
Total assets | 6,911,027 | 6,765,670 | ||
Current liabilities | ||||
Current borrowings | 363,701 | 351,587 | ||
Accounts payable | 1,449 | 2,194 | ||
Accounts payable to consolidated subsidiaries | 2,259,891 | 2,644,296 | ||
Accrued expenses | 17,149 | 15,569 | ||
Current portion of contingent consideration | 0 | 0 | ||
Payroll and benefit-related liabilities | 20,693 | 15,976 | ||
Accrued interest | 9,152 | 8,720 | ||
Income taxes payable | 0 | 0 | ||
Other current liabilities | 5 | 9,646 | ||
Total current liabilities | 2,672,040 | 3,047,988 | ||
Long-term borrowings | 700,000 | 930,000 | ||
Deferred tax liabilities | 0 | 0 | ||
Pension and other postretirement benefit liabilities | 110,830 | 57,406 | ||
Noncurrent liability for uncertain tax positions | 11,431 | 11,389 | ||
Notes payable and other amounts due to consolidated subsidiaries | 1,483,984 | 785,476 | ||
Other liabilities | 21,433 | 19,884 | ||
Total liabilities | 4,999,718 | 4,852,143 | ||
Total common shareholdersb equity | 1,911,309 | 1,913,527 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 1,911,309 | 1,913,527 | ||
Total liabilities and equity | 6,911,027 | 6,765,670 | ||
Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 14,500 | 1,989 | 0 |
Accounts receivable, net | 2,422 | 10,948 | ||
Accounts receivable from consolidated subsidiaries | 2,303,284 | 2,623,314 | ||
Inventories, net | 204,335 | 211,165 | ||
Prepaid expenses and other current assets | 4,786 | 6,870 | ||
Prepaid taxes | 0 | 0 | ||
Deferred tax assets | 17,387 | 22,472 | ||
Assets held for sale | 0 | 3,503 | ||
Total current assets | 2,532,214 | 2,892,772 | ||
Property, plant and equipment, net | 170,054 | 188,455 | ||
Goodwill | 703,663 | 797,671 | ||
Intangibles assets, net | 743,222 | 962,243 | ||
Investments in affiliates | 1,359,661 | 1,478,429 | ||
Deferred tax assets | 0 | 0 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 1,489,994 | 873,105 | ||
Other assets | 6,801 | 7,447 | ||
Total assets | 7,005,609 | 7,200,122 | ||
Current liabilities | ||||
Current borrowings | 0 | 0 | ||
Accounts payable | 32,692 | 45,802 | ||
Accounts payable to consolidated subsidiaries | 188,908 | 147,957 | ||
Accrued expenses | 21,479 | 21,120 | ||
Current portion of contingent consideration | 11,276 | 4,131 | ||
Payroll and benefit-related liabilities | 27,228 | 21,818 | ||
Accrued interest | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Other current liabilities | 3,065 | 7,517 | ||
Total current liabilities | 284,648 | 248,345 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | 462,274 | 496,228 | ||
Pension and other postretirement benefit liabilities | 35,074 | 33,777 | ||
Noncurrent liability for uncertain tax positions | 15,569 | 17,241 | ||
Notes payable and other amounts due to consolidated subsidiaries | 932,718 | 957,451 | ||
Other liabilities | 24,900 | 16,221 | ||
Total liabilities | 1,755,183 | 1,769,263 | ||
Total common shareholdersb equity | 5,250,426 | 5,430,859 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 5,250,426 | 5,430,859 | ||
Total liabilities and equity | 7,005,609 | 7,200,122 | ||
Non-Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 275,240 | 374,735 | 264,190 | 469,557 |
Accounts receivable, net | 265,081 | 279,048 | ||
Accounts receivable from consolidated subsidiaries | 272,811 | 214,469 | ||
Inventories, net | 154,544 | 138,165 | ||
Prepaid expenses and other current assets | 16,610 | 17,740 | ||
Prepaid taxes | 16,763 | 9,017 | ||
Deferred tax assets | 9,666 | 10,230 | ||
Assets held for sale | 4,521 | 5,256 | ||
Total current assets | 1,015,236 | 1,048,660 | ||
Property, plant and equipment, net | 143,892 | 123,256 | ||
Goodwill | 619,890 | 556,532 | ||
Intangibles assets, net | 473,498 | 293,354 | ||
Investments in affiliates | 21,253 | 21,382 | ||
Deferred tax assets | 5,535 | 4,476 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 0 | 14,169 | ||
Other assets | 29,210 | 38,074 | ||
Total assets | 2,308,514 | 2,099,903 | ||
Current liabilities | ||||
Current borrowings | 4,700 | 4,700 | ||
Accounts payable | 29,959 | 23,971 | ||
Accounts payable to consolidated subsidiaries | 163,291 | 88,395 | ||
Accrued expenses | 33,755 | 38,179 | ||
Current portion of contingent consideration | 0 | 0 | ||
Payroll and benefit-related liabilities | 37,521 | 35,296 | ||
Accrued interest | 17 | 5 | ||
Income taxes payable | 13,768 | 23,821 | ||
Other current liabilities | 7,290 | 5,072 | ||
Total current liabilities | 290,301 | 219,439 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | 45,867 | 57,896 | ||
Pension and other postretirement benefit liabilities | 21,337 | 18,315 | ||
Noncurrent liability for uncertain tax positions | 23,884 | 26,522 | ||
Notes payable and other amounts due to consolidated subsidiaries | 103,908 | 197,173 | ||
Other liabilities | 12,658 | 12,401 | ||
Total liabilities | 497,955 | 531,746 | ||
Total common shareholdersb equity | 1,808,169 | 1,565,668 | ||
Noncontrolling interest | 2,390 | 2,489 | ||
Total equity | 1,810,559 | 1,568,157 | ||
Total liabilities and equity | $2,308,514 | $2,099,903 |
Condensed_consolidating_guaran5
Condensed consolidating guarantor financial information - cash flows (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 26, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash (used in) provided by operating activities from continuing operations | $290,241 | $231,299 | $194,618 | |
Cash Flows from Investing Activities of Continuing Operations: | ||||
Expenditures for property, plant and equipment | -67,571 | -63,580 | -65,394 | |
Proceeds from sales of businesses and assets | 45,200 | 5,251 | 0 | 66,660 |
Payments for businesses and intangibles acquired, net of cash acquired | -45,777 | -309,008 | -369,444 | |
Investments in affiliates | -40 | -50 | -80 | |
Intercompany dividends received | 0 | |||
Net cash used in investing activities from continuing operations | -108,137 | -372,638 | -368,258 | |
Cash Flows from Financing Activities of Continuing Operations: | ||||
Proceeds from new borrowings | 250,000 | 680,000 | 0 | |
Repayment of long-term borrowings | -480,102 | -375,000 | 0 | |
Debt issuance and amendment fees | -4,494 | -6,400 | 0 | |
Decrease in notes payable and current borrowings | 0 | 0 | -706 | |
Proceeds from stock compensation plans and related tax impacts | 4,245 | 6,181 | 8,238 | |
Dividends | -56,258 | -55,917 | -55,589 | |
Payments to noncontrolling shareholders | -1,094 | -736 | 0 | |
Payments for contingent consideration | 0 | -16,958 | -17,596 | |
Intercompany transactions | 0 | 0 | 0 | |
Intercompany dividends paid | 0 | 0 | 0 | |
Net cash (used in) provided by financing activities from continuing operations | -287,703 | 231,170 | -65,653 | |
Net cash used in operating activities | -3,676 | -3,327 | -7,799 | |
Net cash used in investing activities | 0 | 0 | -2,351 | |
Net cash used in discontinued operations | -3,676 | -3,327 | -10,150 | |
Effect of exchange rate changes on cash and cash equivalents | -19,473 | 8,441 | 2,394 | |
Net (decrease) increase in cash and cash equivalents | -128,748 | 94,945 | -247,049 | |
Cash and cash equivalents at the beginning of the year | 431,984 | 337,039 | 584,088 | |
Cash and cash equivalents at the end of the year | 303,236 | 431,984 | 337,039 | |
Eliminations | ||||
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash (used in) provided by operating activities from continuing operations | -75,340 | -147,902 | -98,903 | |
Cash Flows from Investing Activities of Continuing Operations: | ||||
Expenditures for property, plant and equipment | 0 | 0 | 0 | |
Proceeds from sales of businesses and assets | 0 | 0 | ||
Payments for businesses and intangibles acquired, net of cash acquired | 0 | 0 | 0 | |
Investments in affiliates | 0 | 0 | 0 | |
Intercompany dividends received | -229,782 | |||
Net cash used in investing activities from continuing operations | -229,782 | 0 | 0 | |
Cash Flows from Financing Activities of Continuing Operations: | ||||
Proceeds from new borrowings | 0 | 0 | ||
Repayment of long-term borrowings | 0 | 0 | ||
Debt issuance and amendment fees | 0 | 0 | ||
Decrease in notes payable and current borrowings | 0 | |||
Proceeds from stock compensation plans and related tax impacts | 0 | 0 | 0 | |
Dividends | 0 | 0 | 0 | |
Payments to noncontrolling shareholders | 0 | 0 | ||
Payments for contingent consideration | 0 | 0 | ||
Intercompany transactions | 0 | 0 | 0 | |
Intercompany dividends paid | 305,122 | 147,902 | 98,903 | |
Net cash (used in) provided by financing activities from continuing operations | 305,122 | 147,902 | 98,903 | |
Net cash used in operating activities | 0 | 0 | 0 | |
Net cash used in investing activities | 0 | |||
Net cash used in discontinued operations | 0 | 0 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at the beginning of the year | 0 | 0 | 0 | |
Cash and cash equivalents at the end of the year | 0 | 0 | 0 | |
Parent Company | ||||
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash (used in) provided by operating activities from continuing operations | -80,651 | -131,031 | -178,017 | |
Cash Flows from Investing Activities of Continuing Operations: | ||||
Expenditures for property, plant and equipment | -2,273 | -1,553 | -7,352 | |
Proceeds from sales of businesses and assets | 1,669 | 4,301 | ||
Payments for businesses and intangibles acquired, net of cash acquired | 0 | 0 | 0 | |
Investments in affiliates | -60 | -50 | -80 | |
Intercompany dividends received | 0 | |||
Net cash used in investing activities from continuing operations | -664 | -1,603 | -3,131 | |
Cash Flows from Financing Activities of Continuing Operations: | ||||
Proceeds from new borrowings | 250,000 | 680,000 | ||
Repayment of long-term borrowings | -480,102 | -375,000 | ||
Debt issuance and amendment fees | -4,494 | -6,400 | ||
Decrease in notes payable and current borrowings | 0 | |||
Proceeds from stock compensation plans and related tax impacts | 4,245 | 6,181 | 8,238 | |
Dividends | -56,258 | -55,917 | -55,589 | |
Payments to noncontrolling shareholders | 0 | |||
Payments for contingent consideration | 0 | 0 | ||
Intercompany transactions | 356,847 | -141,614 | 196,850 | |
Intercompany dividends paid | 0 | 0 | 0 | |
Net cash (used in) provided by financing activities from continuing operations | 70,238 | 107,250 | 149,499 | |
Net cash used in operating activities | -3,676 | -2,727 | -12,022 | |
Net cash used in investing activities | 0 | |||
Net cash used in discontinued operations | -3,676 | -2,727 | -12,022 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | -14,753 | -28,111 | -43,671 | |
Cash and cash equivalents at the beginning of the year | 42,749 | 70,860 | 114,531 | |
Cash and cash equivalents at the end of the year | 27,996 | 42,749 | 70,860 | |
Guarantor Subsidiaries | ||||
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash (used in) provided by operating activities from continuing operations | 322,687 | 205,954 | 310,736 | |
Cash Flows from Investing Activities of Continuing Operations: | ||||
Expenditures for property, plant and equipment | -30,586 | -47,633 | -39,118 | |
Proceeds from sales of businesses and assets | 3,421 | 45,204 | ||
Payments for businesses and intangibles acquired, net of cash acquired | -17,241 | -250,912 | -105,195 | |
Investments in affiliates | 20 | 0 | 0 | |
Intercompany dividends received | 0 | |||
Net cash used in investing activities from continuing operations | -44,386 | -298,545 | -99,109 | |
Cash Flows from Financing Activities of Continuing Operations: | ||||
Proceeds from new borrowings | 0 | 0 | ||
Repayment of long-term borrowings | 0 | 0 | ||
Debt issuance and amendment fees | 0 | 0 | ||
Decrease in notes payable and current borrowings | -421 | |||
Proceeds from stock compensation plans and related tax impacts | 0 | 0 | 0 | |
Dividends | 0 | 0 | 0 | |
Payments to noncontrolling shareholders | 0 | 0 | ||
Payments for contingent consideration | -14,802 | -16,289 | ||
Intercompany transactions | -292,801 | 137,304 | -177,900 | |
Intercompany dividends paid | 0 | -17,400 | -16,900 | |
Net cash (used in) provided by financing activities from continuing operations | -292,801 | 105,102 | -211,510 | |
Net cash used in operating activities | 0 | 0 | 4,223 | |
Net cash used in investing activities | -2,351 | |||
Net cash used in discontinued operations | 0 | 0 | 1,872 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | -14,500 | 12,511 | 1,989 | |
Cash and cash equivalents at the beginning of the year | 14,500 | 1,989 | 0 | |
Cash and cash equivalents at the end of the year | 0 | 14,500 | 1,989 | |
Non-Guarantor Subsidiaries | ||||
Condensed Cash Flow Statements Captions [Line Items] | ||||
Net cash (used in) provided by operating activities from continuing operations | 123,545 | 304,278 | 160,802 | |
Cash Flows from Investing Activities of Continuing Operations: | ||||
Expenditures for property, plant and equipment | -34,712 | -14,394 | -18,924 | |
Proceeds from sales of businesses and assets | 161 | 17,155 | ||
Payments for businesses and intangibles acquired, net of cash acquired | -28,536 | -58,096 | -264,249 | |
Investments in affiliates | 0 | 0 | 0 | |
Intercompany dividends received | 229,782 | |||
Net cash used in investing activities from continuing operations | 166,695 | -72,490 | -266,018 | |
Cash Flows from Financing Activities of Continuing Operations: | ||||
Proceeds from new borrowings | 0 | 0 | ||
Repayment of long-term borrowings | 0 | 0 | ||
Debt issuance and amendment fees | 0 | 0 | ||
Decrease in notes payable and current borrowings | -285 | |||
Proceeds from stock compensation plans and related tax impacts | 0 | 0 | 0 | |
Dividends | 0 | 0 | 0 | |
Payments to noncontrolling shareholders | -1,094 | -736 | ||
Payments for contingent consideration | -2,156 | -1,307 | ||
Intercompany transactions | -64,046 | 4,310 | -18,950 | |
Intercompany dividends paid | -305,122 | -130,502 | -82,003 | |
Net cash (used in) provided by financing activities from continuing operations | -370,262 | -129,084 | -102,545 | |
Net cash used in operating activities | 0 | -600 | 0 | |
Net cash used in investing activities | 0 | |||
Net cash used in discontinued operations | 0 | -600 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | -19,473 | 8,441 | 2,394 | |
Net (decrease) increase in cash and cash equivalents | -99,495 | 110,545 | -205,367 | |
Cash and cash equivalents at the beginning of the year | 374,735 | 264,190 | 469,557 | |
Cash and cash equivalents at the end of the year | $275,240 | $374,735 | $264,190 |
Divestiturerelated_activities_1
Divestiture-related activities - asset held for sale (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | building | |
Divestiture-Related Activities [Abstract] | ||
Number of buildings | 2 | |
Property, plant and equipment | $7,422 | $10,428 |
Total assets held for sale | $7,422 | $10,428 |
Divestiturerelated_activities_2
Divestiture-related activities - schedule of operating results of operations treated as discontinued operations (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Aug. 26, 2012 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Divestiture-Related Activities [Abstract] | |||||||||||||||
Retained liability income expenses on divested business | $3,400,000 | ($2,200,000) | ($2,700,000) | ||||||||||||
Proceeds from divestiture of businesses | 45,200,000 | 5,251,000 | 0 | 66,660,000 | |||||||||||
Loss on Disposition of Business | 39,000 | ||||||||||||||
Net revenues | 0 | 0 | 16,616,000 | ||||||||||||
Disposal Group, Including Discontinued Operation, Other Expense | 3,407,000 | 2,205,000 | 18,328,000 | ||||||||||||
Goodwill impairment | 0 | [1] | 0 | [1] | 9,700,000 | [1] | |||||||||
Gain on disposition | 0 | [2] | 0 | [2] | 2,205,000 | [2] | |||||||||
Loss from discontinued operations before income taxes | -3,407,000 | -2,205,000 | -9,207,000 | ||||||||||||
Taxes (benefit) on income (loss) from discontinued operations | -698,000 | -1,770,000 | -1,887,000 | ||||||||||||
Loss from discontinued operations | ($1,188,000) | ($271,000) | ($1,125,000) | ($125,000) | ($236,000) | $1,029,000 | ($766,000) | ($462,000) | ($2,709,000) | ($435,000) | ($7,320,000) | ||||
[1] | During 2012, the Company recognized a non-cash goodwill impairment charge of $9.7 million to adjust the carrying value of its former orthopedic business to its estimated fair value. | ||||||||||||||
[2] | The $2.2 million pre-tax gain on disposition during 2012 primarily reflects the gain recognized on the working capital adjustment related to the sale of the Company's former cargo systems and cargo container businesses. |
QUARTERLY_DATA_UNAUDITED_Detai
QUARTERLY DATA (UNAUDITED) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $476,008 | $457,173 | $468,105 | $438,546 | $450,539 | $413,796 | $420,059 | $411,877 | $1,839,832 | $1,696,271 | $1,551,009 |
Gross profit | 241,015 | 236,166 | 244,088 | 221,159 | 224,943 | 203,992 | 209,490 | 200,520 | 942,428 | 838,945 | 748,225 |
Income from continuing operations before interest and taxes | 69,155 | 81,935 | 74,752 | 59,020 | 54,064 | 66,042 | 63,751 | 49,404 | 284,862 | 233,261 | -97,375 |
Income from continuing operations | 52,133 | 55,228 | 48,830 | 35,269 | 35,302 | 45,779 | 43,401 | 27,701 | 191,460 | 152,183 | -181,782 |
Loss from discontinued operations | -1,188 | -271 | -1,125 | -125 | -236 | 1,029 | -766 | -462 | -2,709 | -435 | -7,320 |
Net income | 50,945 | 54,957 | 47,705 | 35,144 | 35,066 | 46,808 | 42,635 | 27,239 | 188,751 | 151,748 | -189,102 |
Less: Income from continuing operations attributable to noncontrolling interest | 307 | 126 | 453 | 186 | 238 | 234 | 194 | 201 | 1,072 | 867 | 955 |
Net Income (Loss) Attributable to Parent | $50,638 | $54,831 | $47,252 | $34,958 | $34,828 | $46,574 | $42,441 | $27,038 | $187,679 | $150,881 | ($190,057) |
Basic: | |||||||||||
Income from continuing operations, basic (in dollars per share) | $1.25 | $1.33 | $1.17 | $0.85 | $0.85 | $1.11 | $1.05 | $0.67 | $4.60 | $3.68 | ($4.47) |
Loss from discontinued operations, basic (in dollars per share) | ($0.03) | ($0.01) | ($0.03) | $0 | $0 | $0.02 | ($0.02) | ($0.01) | ($0.06) | ($0.01) | ($0.18) |
Net income (in dollars per share) | $1.22 | $1.32 | $1.14 | $0.85 | $0.85 | $1.13 | $1.03 | $0.66 | $4.54 | $3.67 | ($4.65) |
Diluted: | |||||||||||
Income from continuing operations, diluted (in dollars per share) | $1.10 | $1.18 | $1.04 | $0.77 | $0.78 | $1.05 | $0.99 | $0.64 | $4.10 | $3.46 | ($4.47) |
Loss from discontinued operations, diluted (in dollars per share) | ($0.03) | $0 | ($0.02) | ($0.01) | ($0.01) | $0.03 | ($0.01) | ($0.01) | ($0.06) | ($0.01) | ($0.18) |
Net income (in dollars per share) | $1.07 | $1.18 | $1.02 | $0.76 | $0.77 | $1.08 | $0.98 | $0.63 | $4.04 | $3.45 | ($4.65) |
SCHEDULE_II_VALUTAION_AND_QUAL1
SCHEDULE II - VALUTAION AND QUALIFYING ACCOUNTS ALLOWANCE FOR DOUBTFUL ACCOUNTS (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for Doubtful Accounts, End of Year | $8,800 | $10,700 | |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for Doubtful Accounts, Beginning of Year | 10,722 | 7,818 | 6,452 |
Valuation Allowances And Reserves Changes Businesses Dispositions Receivables Reserve | 0 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,882 | 4,414 | 1,730 |
Valuation Allowances and Reserves, Deductions | -2,738 | -1,446 | -483 |
Valuation Allowances and Reserves, Translation and Other | -1,083 | -64 | 119 |
Allowance for Doubtful Accounts, End of Year | $8,783 | $10,722 | $7,818 |
SCHEDULE_II_VALUTAION_AND_QUAL2
SCHEDULE II - VALUTAION AND QUALIFYING ACCOUNTS INVENTORY RESERVE (Detail) (Inventory Valuation Reserve, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Inventory Valuation Reserves, Beginning Balance | $32,373 | $31,703 | $32,919 |
Valuation Allowances And Reserves Changes Businesses Dispositions Inventory Reserve | 0 | 0 | -504 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 13,214 | 14,226 | 19,488 |
Valuation Allowances and Reserves, Deductions | -11,428 | -17,777 | -18,733 |
Valuation Allowances and Reserves, Translation and Other | -285 | 4,221 | -1,467 |
Inventory Valuation Reserves, Ending Balance | 33,874 | 32,373 | 31,703 |
Raw Material | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Inventory Valuation Reserves, Beginning Balance | 5,687 | 9,394 | 9,095 |
Valuation Allowances And Reserves Changes Businesses Dispositions Inventory Reserve | 0 | 0 | -504 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,840 | 1,931 | 5,206 |
Valuation Allowances and Reserves, Deductions | -2,391 | -5,774 | -4,346 |
Valuation Allowances and Reserves, Translation and Other | 1,755 | 136 | -57 |
Inventory Valuation Reserves, Ending Balance | 6,891 | 5,687 | 9,394 |
Work In Process | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Inventory Valuation Reserves, Beginning Balance | 1,729 | 1,646 | 2,742 |
Valuation Allowances And Reserves Changes Businesses Dispositions Inventory Reserve | 0 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,239 | 855 | 1,107 |
Valuation Allowances and Reserves, Deductions | -1,720 | -340 | -2,204 |
Valuation Allowances and Reserves, Translation and Other | -739 | -432 | 1 |
Inventory Valuation Reserves, Ending Balance | 509 | 1,729 | 1,646 |
Finished Goods | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Inventory Valuation Reserves, Beginning Balance | 24,957 | 20,663 | 21,082 |
Valuation Allowances And Reserves Changes Businesses Dispositions Inventory Reserve | 0 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 10,135 | 11,440 | 13,175 |
Valuation Allowances and Reserves, Deductions | -7,317 | -11,663 | -12,183 |
Valuation Allowances and Reserves, Translation and Other | -1,301 | 4,517 | -1,411 |
Inventory Valuation Reserves, Ending Balance | $26,474 | $24,957 | $20,663 |
SCHEDULE_II_VALUTAION_AND_QUAL3
SCHEDULE II - VALUTAION AND QUALIFYING ACCOUNTS DEFERRED TAX ASSET VALUATION ALLOWANCE (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Deferred Tax Assets Valuation Allowance, Ending Balance | $99,141 | $86,510 | |
Valuation Allowance of Deferred Tax Assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Deferred Tax Assets Valuation Allowance, Beginning Balance | 86,510 | 69,527 | 66,305 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 13,331 | 21,118 | 6,103 |
Valuation Allowances and Reserves, Deductions | -3,741 | -1,553 | -4,888 |
Valuation Allowances and Reserves, Translation and Other | 3,041 | -2,582 | 2,007 |
Deferred Tax Assets Valuation Allowance, Ending Balance | $99,141 | $86,510 | $69,527 |