Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 29, 2015 | Apr. 20, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 29-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TFX | |
Entity Registrant Name | TELEFLEX INC | |
Entity Central Index Key | 96943 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 41,528,795 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Income Statement [Abstract] | ||
Net revenues | $429,430 | $438,546 |
Cost of goods sold | 206,793 | 217,387 |
Gross profit | 222,637 | 221,159 |
Selling, general and administrative expenses | 139,697 | 140,297 |
Research and development expenses | 12,884 | 14,062 |
Restructuring and impairment charges | 4,448 | 7,780 |
Income from continuing operations before interest and taxes | 65,608 | 59,020 |
Interest expense | 17,172 | 15,404 |
Interest income | -169 | -187 |
Income from continuing operations before taxes | 48,605 | 43,803 |
Taxes on income from continuing operations | 9,332 | 8,534 |
Income from continuing operations | 39,273 | 35,269 |
Operating loss from discontinued operations | -499 | -25 |
Taxes on loss from discontinued operations | 204 | 100 |
Loss from discontinued operations | -703 | -125 |
Net income | 38,570 | 35,144 |
Less: Income from continuing operations attributable to noncontrolling interest | 218 | 186 |
Net income attributable to common shareholders | 38,352 | 34,958 |
Basic: | ||
Income from continuing operations (in dollars per share) | $0.94 | $0.85 |
Loss from discontinued operations (in dollars per share) | ($0.02) | $0 |
Net income (in dollars per share) | $0.92 | $0.85 |
Diluted: | ||
Income from continuing operations (in dollars per share) | $0.83 | $0.77 |
Loss from discontinued operations (in dollars per share) | ($0.02) | ($0.01) |
Net income (in dollars per share) | $0.81 | $0.76 |
Dividends per share (in dollars per share) | $0.34 | $0.34 |
Weighted average common shares outstanding | ||
Basic (in shares) | 41,469 | 41,262 |
Diluted (in shares) | 47,295 | 45,749 |
Amounts attributable to common shareholders: | ||
Income from continuing operations, net of tax | 39,055 | 35,083 |
Loss from discontinued operations, net of tax | -703 | -125 |
Net income attributable to common shareholders | $38,352 | $34,958 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $38,570 | $35,144 |
Other comprehensive (loss) income, net of tax: | ||
Foreign currency translation, net of tax of $23,438 and $(3,189) | -83,090 | 4,117 |
Pension and other postretirement benefit plans adjustment, net of tax of $(886) and $(503) | 1,906 | 624 |
Derivatives qualifying as hedges, net of tax of $(25) and $(40) | 44 | 70 |
Other comprehensive (loss) income, net of tax: | -81,140 | 4,811 |
Comprehensive (loss) income | -42,570 | 39,955 |
Less: comprehensive income attributable to non-controlling interest | 279 | 252 |
Comprehensive (loss) income attributable to common shareholders | ($42,849) | $39,703 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Foreign Currency translation tax | $23,438 | ($3,189) |
Pension and other postretirement benefits plans adjustment, tax | -886 | -503 |
Derivatives qualifying as hedges, tax | ($25) | ($40) |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $308,759 | $303,236 |
Accounts receivable, net | 284,827 | 273,704 |
Inventories, net | 338,736 | 335,593 |
Prepaid expenses and other current assets | 40,935 | 35,697 |
Prepaid taxes | 33,993 | 40,256 |
Deferred tax assets | 56,562 | 57,301 |
Assets held for sale | 6,959 | 7,422 |
Total current assets | 1,070,771 | 1,053,209 |
Property, plant and equipment, net | 310,106 | 317,435 |
Goodwill | 1,293,506 | 1,323,553 |
Intangible assets, net | 1,183,549 | 1,216,720 |
Investments in affiliates | 734 | 1,150 |
Deferred tax assets | 1,119 | 1,178 |
Other assets | 63,810 | 64,010 |
Total assets | 3,923,595 | 3,977,255 |
Current liabilities | ||
Current borrowings | 401,565 | 368,401 |
Accounts payable | 75,310 | 64,100 |
Accrued expenses | 71,905 | 72,383 |
Current portion of contingent consideration | 7,462 | 11,276 |
Payroll and benefit-related liabilities | 66,324 | 85,442 |
Accrued interest | 12,855 | 9,169 |
Income taxes payable | 17,558 | 13,768 |
Other current liabilities | 11,446 | 10,360 |
Total current liabilities | 664,425 | 634,899 |
Long-term borrowings | 700,000 | 700,000 |
Deferred tax liabilities | 426,768 | 451,541 |
Pension and postretirement benefit liabilities | 162,595 | 167,241 |
Noncurrent liability for uncertain tax provisions | 49,334 | 50,884 |
Other liabilities | 59,871 | 58,991 |
Total liabilities | 2,062,993 | 2,063,556 |
Commitments and contingencies | ||
Total common shareholders' equity | 1,857,933 | 1,911,309 |
Noncontrolling interest | 2,669 | 2,390 |
Total equity | 1,860,602 | 1,913,699 |
Total liabilities and equity | $3,923,595 | $3,977,255 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Cash Flows from Operating Activities of Continuing Operations | ||
Net income | $38,570 | $35,144 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss from discontinued operations | 703 | 125 |
Depreciation expense | 10,915 | 11,580 |
Amortization expense of intangible assets | 14,740 | 16,019 |
Amortization expense of deferred financing costs and debt discount | 4,195 | 3,814 |
Changes in contingent consideration | 382 | -2,371 |
Stock-based compensation | 3,832 | 3,074 |
Deferred income taxes, net | 1,085 | 3,515 |
Other | -4,294 | -3,105 |
Changes in operating assets and liabilities, net of effects of acquisitions and disposals: | ||
Accounts receivable | -21,906 | 5,966 |
Inventories | -14,578 | -7,473 |
Prepaid expenses and other current assets | -4,756 | -6,027 |
Accounts payable and accrued expenses | 3,819 | -16,129 |
Income taxes receivable and payable, net | 9,651 | -2,214 |
Net cash provided by operating activities from continuing operations | 42,358 | 41,918 |
Cash Flows from Investing Activities of Continuing Operations: | ||
Expenditures for property, plant and equipment | -14,445 | -12,109 |
Proceeds from sale of assets and investments | 0 | 1,669 |
Payments for businesses and intangibles acquired, net of cash acquired | -7,375 | -28,991 |
Investment in affiliates | 0 | -60 |
Net cash used in investing activities from continuing operations | -21,820 | -39,491 |
Cash Flows from Financing Activities of Continuing Operations: | ||
Proceeds from long-term borrowings | 30,000 | 0 |
Repayment of long-term borrowings | -52 | 0 |
Debt extinguishment, issuance and amendment fees | 0 | -90 |
Net proceeds from share based compensation plans and the related tax impacts | -289 | 323 |
Payments for contingent consideration | -3,989 | 0 |
Dividends | -14,118 | -14,051 |
Net cash provided by (used in) financing activities from continuing operations | 11,552 | -13,818 |
Cash Flows from Discontinued Operations: | ||
Net cash used in operating activities | -1,126 | -1,167 |
Net cash used in discontinued operations | -1,126 | -1,167 |
Effect of exchange rate changes on cash and cash equivalents | -25,441 | 2,223 |
Net decrease in cash and cash equivalents | 5,523 | -10,335 |
Cash and cash equivalents at the beginning of the period | 303,236 | 431,984 |
Cash and cash equivalents at the end of the period | $308,759 | $421,649 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2013 | $1,916,016 | $43,243 | $409,338 | $1,696,424 | ($110,855) | ($124,623) | $2,489 |
Beginning Balance (in shares) at Dec. 31, 2013 | 43,243 | 2,064 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 35,144 | 34,958 | 186 | ||||
Cash dividends (USD per share) | -14,051 | -14,051 | |||||
Other comprehensive (loss) income | 4,811 | 4,745 | 66 | ||||
Shares issued under compensation plans (in shares) | 114 | 68 | |||||
Settlements of convertible notes | 3,226 | 114 | 641 | 2,471 | |||
Deferred compensation (in shares) | -2 | ||||||
Settlements of note hedges associated with convertible notes | 81 | 81 | |||||
Ending Balance at Mar. 30, 2014 | 1,945,227 | 43,357 | 409,979 | 1,717,331 | -106,110 | -122,071 | 2,741 |
Ending Balance (in shares) at Mar. 30, 2014 | 43,357 | 1,994 | |||||
Beginning Balance at Dec. 31, 2014 | 1,913,699 | 43,420 | 422,394 | 1,827,845 | -260,895 | -121,455 | 2,390 |
Beginning Balance (in shares) at Dec. 31, 2014 | 43,420 | 1,981 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 38,570 | 38,352 | 218 | ||||
Cash dividends (USD per share) | -14,118 | -14,118 | |||||
Other comprehensive (loss) income | -81,140 | -81,201 | 61 | ||||
Settlements of convertible notes | 2 | -22 | 24 | ||||
Settlements of note hedges associated with convertible notes | 0 | 43 | -43 | ||||
Shares issued under compensation plans (in shares) | 31 | 55 | |||||
Settlements of convertible notes | 3,516 | 31 | 2,058 | 1,427 | |||
Deferred compensation (in shares) | -1 | ||||||
Settlements of note hedges associated with convertible notes | 73 | 73 | |||||
Ending Balance at Mar. 29, 2015 | $1,860,602 | $43,451 | $424,473 | $1,852,079 | ($342,096) | ($119,974) | $2,669 |
Ending Balance (in shares) at Mar. 29, 2015 | 43,451 | 1,925 |
CONDENSED_CONSOLIDATED_STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends per share (in dollars per share) | $0.34 | $0.34 |
Basis_of_presentation
Basis of presentation | 3 Months Ended |
Mar. 29, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation |
The accompanying unaudited condensed consolidated financial statements of Teleflex Incorporated are prepared on the same basis as the annual consolidated financial statements. | |
In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for the fair presentation of financial statements for interim periods in accordance with U.S. generally accepted accounting principles (GAAP) and with Rule 10-01 of SEC Regulation S-X, which sets forth the instructions for financial statements included in Form 10-Q. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
In accordance with applicable accounting standards, the accompanying condensed consolidated financial statements do not include all of the information and footnote disclosures that are required to be included in the Company's annual consolidated financial statements. The year-end condensed consolidated balance sheet data was derived from the Company's audited financial statements, but, as permitted by Rule 10-01 of SEC Regulation S-X, does not include all disclosures required by GAAP for complete financial statements. Accordingly, the Company's quarterly condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. | |
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 three months ended March 29, 2015, the Company classified such payments as a cash outflow from financing activities and are reflected in the line item “Proceeds from share-based compensation plans and the related tax impacts” within the condensed consolidated statement of cash flows (i.e., the payment by the Company of the withholding taxes offsets, in part, increases in cash flow from financing activities resulting from the proceeds of the exercise and vesting of share-based awards and tax benefits related to such exercise and vesting). In effect, the Company treats the activity as 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 $8.3 million from operating to financing activities for the three months ended March 30, 2014 to conform to the current period presentation within the condensed consolidated statement of cash flows as well as the condensed consolidating statement of cash flows included in Note 15. | |
As used in this report, the terms “we,” “us,” “our,” “Teleflex” and the “Company” mean Teleflex Incorporated and its subsidiaries, unless the context indicates otherwise. The results of operations for the periods reported are not necessarily indicative of those that may be expected for a full year. |
New_accounting_standards
New accounting standards | 3 Months Ended |
Mar. 29, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New accounting standards | New accounting standards |
In May 2014, the Financial Accounting Standards Board (FASB), in a joint effort with the International Accounting Standards Board (IASB), 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. In April 2015, the FASB proposed to defer the effective date of the new guidance. If the proposal is finalized, the guidance will become effective prospectively for annual periods beginning after December 15, 2017 and interim periods within those years; early application would be permitted for annual periods beginning after December 15, 2016. The Company is currently evaluating this guidance to determine the impact on the Company’s results of operations, cash flows and financial position. | |
In April 2015, FASB issued guidance for the reporting of debt issuance costs within the balance sheet. Under the new guidance, debt issuance costs are to be presented in the balance sheet as a direct deduction from the associated debt liability, consistent with the presentation of a debt discount. Currently, debt issuance costs are presented as a deferred charge (i.e., an asset) on the balance sheet. In addition to providing uniform treatment for debt issuance costs and debt discounts, the guidance is consistent with other FASB guidance, which states that debt issuance costs are similar to debt discounts because they reduce the proceeds of borrowing (thereby increasing the effective interest rate) and cannot be an asset because they provide no future economic benefit. The new guidance is effective for fiscal years beginning after December 15, 2015 with early adoption permitted, and is required to be applied on a retrospective basis. The Company does not believe that the adoption of this guidance will have a material impact on the Company’s financial position. | |
From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date or, in some cases where early adoption is permitted, in advance of the specified effective date. The Company has assessed the recently issued standards that are not yet effective and, unless otherwise discussed above, believes these standards will not have a material impact on the Company’s results of operations, cash flows or financial position. |
Acquisitions
Acquisitions | 3 Months Ended | |
Mar. 29, 2015 | ||
Business Combinations [Abstract] | ||
Acquisitions | Acquisitions | |
On January 20, 2015, the Company acquired Human Medics Co., Ltd., (“Human Medics”), a distributor of medical devices and supplies primarily in the Korean market and accounted for the acquisition as a business combination. The total fair value of consideration was $8.9 million, which included an initial payment of $7.4 million in cash and $1.8 million in future obligations, partially offset by a $0.3 million favorable working capital adjustment. Transaction expenses associated with the acquisition, which are included in selling, general and administrative expenses on the condensed consolidated statements of income, were $0.3 million for the three months ended March 29, 2015. | ||
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 total fair value of consideration for the 2014 acquisitions was $66.3 million. The results of operations of the acquired businesses and assets are included in the consolidated statements of income from their respective acquisition dates. Pro forma information is not presented as the operations of the acquired businesses are not significant to the overall operations of the Company. |
Restructuring_and_impairment_c
Restructuring and impairment charges | 3 Months Ended | |||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||
Restructuring and impairment charges | Restructuring and impairment charges | |||||||||||||||||||
2015 Restructuring Plans | ||||||||||||||||||||
During the first quarter 2015, the Company committed to programs associated with the reorganization of certain of its businesses as discussed in Note 14 and the consolidation of certain facilities in North America. The Company estimates that it will record pre-tax charges of $6 million to $7 million related to these programs, which represent employee termination benefits, contract termination costs and facility closure and other exit costs and will result in future cash outlays. For the three months ended March 29, 2015, the Company recorded charges of $4.2 million related to these programs. As of March 29, 2015, the Company has a reserve of $4.1 million related to these plans. | ||||||||||||||||||||
2014 Manufacturing Footprint Realignment Plan | ||||||||||||||||||||
On April 28, 2014, the Board of Directors approved a restructuring plan (the “2014 Manufacturing Footprint Realignment Plan”) involving the consolidation of operations and a related reduction in workforce at certain of the Company’s facilities, and the relocation of manufacturing operations from certain higher-cost locations to existing lower-cost locations. These actions commenced in the quarter ended June 29, 2014 and are expected to be substantially completed by the end of 2017. | ||||||||||||||||||||
The Company estimates that it will incur aggregate pre-tax charges in connection with these restructuring activities of approximately $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 | $2 million to $3 million | |||||||||||||||||||
Accelerated depreciation charges | $10 million to $11 million | |||||||||||||||||||
Other | $14 million to $17 million | |||||||||||||||||||
$37 million to $44 million | ||||||||||||||||||||
The Company recorded expenses of $2.3 million for the three months ended March 29, 2015 related to the 2014 Manufacturing Footprint Realignment Plan. Of this amount, $0.2 million was recorded as restructuring expense for the three months ended March 29, 2015, and $2.1 million related to accelerated depreciation and certain other costs resulting from the plan and was included in cost of goods sold. The Company incurred net aggregate restructuring and impairment charges over the term of this program of $9.4 million. Additionally, the Company incurred net aggregate accelerated depreciation and certain other costs, which were included in cost of sales, over the term of this program of $7.1 million. As of March 29, 2015, the Company has a restructuring reserve of $8.8 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 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 nominal charges for the three months ended March 29, 2015 with respect to this program. The Company incurred net aggregate restructuring and impairment charges over the term of this program of $7.8 million. As of March 29, 2015, 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 distributor agreements in an effort to reduce costs. As a result of these actions, the Company expects to incur aggregate restructuring and impairment charges over the term of these restructuring programs of approximately $4 million, of which, $3.6 million was incurred through March 29, 2015. These programs include costs related to termination benefits, contract termination costs and other exit costs. As of March 29, 2015, the Company had a reserve of $0.9 million in connection with these programs. 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’ corporate functions and the consolidation of manufacturing, sales, marketing, and distribution functions in North America, Europe and Asia. | ||||||||||||||||||||
As of March 29, 2015, the Company incurred net aggregate restructuring and impairment charges over the term of this program of $11.3 million. The Company expects future restructuring expenses associated with this program, if any, to be nominal. As of March 29, 2015, the Company had a reserve of $0.1 million associated with this program. The Company expects to complete the program 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 has incurred an aggregate of $11.1 million in restructuring and impairment charges over the term of these restructuring programs. These programs entail costs related to termination benefits, contract termination costs and charges related to post-closing obligations associated with its acquired businesses. Future restructuring expenses associated with these programs are expected to be nominal. As of March 29, 2015, the Company has a reserve of $0.8 million in connection with these programs. The Company expects to complete the programs in 2015. | ||||||||||||||||||||
2012 Restructuring Program | ||||||||||||||||||||
In 2012, the Company identified opportunities to improve its supply chain strategy by consolidating its three North American warehouses into one centralized warehouse; and lower costs and improve operating efficiencies through the termination of certain distributor agreements in Europe, the closure of certain North American facilities and workforce reductions. As of March 29, 2015, the Company has incurred net aggregate restructuring and impairment charges of $6.4 million over the term of this program, and expect future restructuring expenses associated with the program, if any, to be nominal. As of March 29, 2015, the Company has a reserve of $0.5 million in connection with the program. The Company expects to complete this program in 2015. | ||||||||||||||||||||
Impairment Charges | ||||||||||||||||||||
There were no impairment charges recorded for the three months ended March 29, 2015 or March 30, 2014. | ||||||||||||||||||||
The restructuring and impairment charges recognized for the three months ended March 29, 2015 and March 30, 2014 consisted of the following: | ||||||||||||||||||||
Three Months Ended March 29, 2015 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
2015 Restructuring programs | $ | 3,550 | $ | 67 | $ | 621 | $ | — | $ | 4,238 | ||||||||||
2014 Manufacturing footprint realignment plan | 137 | 22 | — | 4 | 163 | |||||||||||||||
2014 European restructuring plan | 9 | — | — | 17 | 26 | |||||||||||||||
Other 2014 restructuring programs | — | — | 49 | — | 49 | |||||||||||||||
LMA restructuring program | — | — | (31 | ) | — | (31 | ) | |||||||||||||
2013 Restructuring programs | 3 | — | — | — | 3 | |||||||||||||||
Total restructuring and impairment charges | $ | 3,699 | $ | 89 | $ | 639 | $ | 21 | $ | 4,448 | ||||||||||
Three Months Ended March 30, 2014 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
Closure | ||||||||||||||||||||
Costs | ||||||||||||||||||||
LMA restructuring program | $ | — | $ | 42 | $ | (472 | ) | $ | — | $ | (430 | ) | ||||||||
2014 European restructuring program | 8,318 | — | — | — | 8,318 | |||||||||||||||
2013 Restructuring programs | 168 | — | — | — | 168 | |||||||||||||||
2012 Restructuring program | (610 | ) | 320 | — | — | (290 | ) | |||||||||||||
2011 Restructuring program | — | 14 | — | — | 14 | |||||||||||||||
Total restructuring and impairment charges | $ | 7,876 | $ | 376 | $ | (472 | ) | $ | — | $ | 7,780 | |||||||||
Termination benefits include estimated employee retention, severance and benefit payments 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 impairment charges by reportable segment for the three months ended March 29, 2015 and March 30, 2014 are set forth in the following table: | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 29, 2015 | March 30, 2014 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Restructuring and impairment charges | ||||||||||||||||||||
Vascular North America | $ | 830 | $ | 14 | ||||||||||||||||
Anesthesia/Respiratory North America | (40 | ) | 27 | |||||||||||||||||
Surgical North America | 23 | — | ||||||||||||||||||
EMEA | (32 | ) | 7,889 | |||||||||||||||||
Asia | — | 78 | ||||||||||||||||||
OEM | — | — | ||||||||||||||||||
All other | 3,667 | (228 | ) | |||||||||||||||||
Total restructuring and impairment charges | $ | 4,448 | $ | 7,780 | ||||||||||||||||
Inventories_net
Inventories, net | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories, net | Inventories, net | |||||||
Inventories as of March 29, 2015 and December 31, 2014 consisted of the following: | ||||||||
29-Mar-15 | 31-Dec-14 | |||||||
(Dollars in thousands) | ||||||||
Raw materials | $ | 70,285 | $ | 68,191 | ||||
Work-in-process | 57,205 | 58,526 | ||||||
Finished goods | 244,814 | 242,750 | ||||||
372,304 | 369,467 | |||||||
Less: inventory reserve | (33,568 | ) | (33,874 | ) | ||||
Inventories, net | $ | 338,736 | $ | 335,593 | ||||
Goodwill_and_other_intangible_
Goodwill and other intangible assets, net | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Goodwill and other intangible assets, net | Goodwill and other intangible assets, net | |||||||||||||||||||||||||||
The following table provides information relating to changes in the carrying amount of goodwill by reportable segment for the three months ended March 29, 2015: | ||||||||||||||||||||||||||||
Vascular | Anesthesia/ | Surgical | EMEA | Asia | All | Total | ||||||||||||||||||||||
North America | Respiratory | North America | Other | |||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Goodwill related to acquisitions | — | — | — | — | 2,801 | — | 2,801 | |||||||||||||||||||||
Translation adjustment | — | (516 | ) | — | (28,541 | ) | (3,628 | ) | (163 | ) | (32,848 | ) | ||||||||||||||||
Balance at March 29, 2015 | ||||||||||||||||||||||||||||
Goodwill | 459,696 | 165,998 | 250,912 | 310,488 | 143,885 | 294,655 | 1,625,634 | |||||||||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
$ | 240,169 | $ | 58,925 | $ | 250,912 | $ | 310,488 | $ | 143,885 | $ | 289,127 | $ | 1,293,506 | |||||||||||||||
The following table provides information as of March 29, 2015 and December 31, 2014 regarding the gross carrying amount of, and accumulated amortization relating to, intangible assets, net: | ||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||||||
29-Mar-15 | 31-Dec-14 | 29-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Customer relationships | $ | 616,788 | $ | 624,574 | $ | (196,679 | ) | $ | (192,876 | ) | ||||||||||||||||||
In-process research and development | 41,000 | 68,694 | — | — | ||||||||||||||||||||||||
Intellectual property | 489,857 | 467,068 | (151,521 | ) | (146,131 | ) | ||||||||||||||||||||||
Distribution rights | 15,519 | 16,101 | (13,751 | ) | (14,243 | ) | ||||||||||||||||||||||
Trade names | 386,194 | 396,269 | (3,858 | ) | (2,764 | ) | ||||||||||||||||||||||
Non-compete agreements | 337 | 337 | (337 | ) | (309 | ) | ||||||||||||||||||||||
$ | 1,549,695 | $ | 1,573,043 | $ | (366,146 | ) | $ | (356,323 | ) | |||||||||||||||||||
In May 2012, the Company acquired Semprus BioSciences, a biomedical research and development company that developed a polymer surface treatment technology intended to reduce thrombus related complications. The Company experienced difficulties with respect to the development of the Semprus technology, and devoted 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 March 29, 2015, the Company has in-process research and development ("IPR&D") intangible assets of $41.0 million related to this investment which are recorded in intangible assets, net. | ||||||||||||||||||||||||||||
During the first quarter 2015, certain previously acquired research and development projects were completed and the related IPR&D assets of $27.6 million, which were previously classified as indefinite lived intangible assets, were reclassified to finite-lived intangible assets subject to amortization, specifically, intellectual property; therefore, the Company commenced amortization of these assets. The assets are being amortized over their estimated useful lives, which range from 7 to 18 years. | ||||||||||||||||||||||||||||
Also during the first quarter 2015, the Company reassessed the useful life of one of its trade names, which had a carrying value of $61.5 million, and reclassified it from an indefinite lived intangible asset to a finite lived intangible asset with an estimated useful life of 20 years. | ||||||||||||||||||||||||||||
Amortization expense related to intangible assets was $14.7 million and $16.0 million for the three months ended March 29, 2015 and March 30, 2014, respectively. Estimated annual amortization expense for the remainder of 2015 and the next five succeeding years is as follows (dollars in thousands): | ||||||||||||||||||||||||||||
2015 | $ | 43,600 | ||||||||||||||||||||||||||
2016 | 59,500 | |||||||||||||||||||||||||||
2017 | 59,000 | |||||||||||||||||||||||||||
2018 | 58,700 | |||||||||||||||||||||||||||
2019 | 58,400 | |||||||||||||||||||||||||||
2020 | 58,200 | |||||||||||||||||||||||||||
Borrowings
Borrowings | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Borrowings | Borrowings | |||||||
The Company's borrowings at March 29, 2015 and December 31, 2014 are as follows: | ||||||||
29-Mar-15 | 31-Dec-14 | |||||||
(Dollars in thousands) | ||||||||
Senior Credit Facility: | ||||||||
Revolving credit facility, at a rate of 1.92% at March 29, 2015, due 2018 | $ | 200,000 | $ | 200,000 | ||||
3.875% Convertible Senior Subordinated Notes due 2017 | 399,846 | 399,898 | ||||||
6.875% Senior Subordinated Notes due 2019 | 250,000 | 250,000 | ||||||
5.25% Senior Notes due 2024 | 250,000 | 250,000 | ||||||
Securitization program, at a rate of 0.93% at March 29, 2015 | 34,700 | 4,700 | ||||||
1,134,546 | 1,104,598 | |||||||
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes due 2017 | (32,981 | ) | (36,197 | ) | ||||
1,101,565 | 1,068,401 | |||||||
Current borrowings | (401,565 | ) | (368,401 | ) | ||||
Long-term borrowings | $ | 700,000 | $ | 700,000 | ||||
Classification of 3.875% Convertible Notes as a Current Liability | ||||||||
The Company's 3.875% Convertible Notes due 2017 (the "Convertible Notes") are convertible into shares of the Company's common stock 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 per share. 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 March 29, 2015 and December 31, 2014. 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. | ||||||||
Redemption of 6.875% Senior Subordinated Notes due 2019 | ||||||||
On April 30, 2015, the Company issued a notice of redemption to holders of its outstanding $250 million aggregate principal amount of 6.875% Senior Subordinated Notes due 2019 (the “2019 Notes”). Pursuant to the notice of redemption, the 2019 Notes will be redeemed on June 1, 2015 (the “Redemption Date”) at a redemption price equal to 103.438% of the principal amount of the 2019 Notes plus accrued and unpaid interest up to, but not including, the Redemption Date (the “Redemption Price”). The notice of redemption provides that the redemption is subject to the condition that the Company is able to borrow funds under its revolving credit agreement on the Redemption Date in an amount sufficient to pay the aggregate Redemption Price. | ||||||||
Fair Value of Long-Term Debt | ||||||||
The carrying amount of long-term debt reported in the condensed consolidated balance sheet as of March 29, 2015 is $1,101.6 million. To determine the fair value of its debt, the Company uses a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration, optionality and risk profile. The Company’s implied credit rating is a factor in determining the market interest yield curve. The following table provides the fair value of the Company’s debt as of March 29, 2015, categorized by the level of inputs, within the fair value hierarchy, used to measure fair value (see Note 10, “Fair value measurement,” in the Company’s annual report on Form 10-K for the year ended December 31, 2014 for further information): | ||||||||
Fair value of debt | ||||||||
(Dollars in thousands) | ||||||||
Level 1 | $ | 1,040,170 | ||||||
Level 2 | 494,596 | |||||||
Total | $ | 1,534,766 | ||||||
Financial_instruments
Financial instruments | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
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 condensed consolidated balance sheet at fair market value. The effective portion of the gains or losses on derivatives is reported as a component of other comprehensive (loss) income and thereafter is recognized in the condensed consolidated statement of income in the period or periods during which the hedged transaction affects earnings. Gains and losses on the derivatives representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, if any, are recognized in the condensed consolidated statement of income in the period in which such gains and losses occur. | ||||||||
The following table presents the location and fair value of derivative instruments designated as hedging instruments in the condensed consolidated balance sheet as of March 29, 2015 and December 31, 2014: | ||||||||
29-Mar-15 | 31-Dec-14 | |||||||
Fair Value | Fair Value | |||||||
(Dollars in thousands) | ||||||||
Asset derivatives: | ||||||||
Foreign currency forward contracts: | ||||||||
Prepaid expenses and other current assets | $ | 1,737 | $ | — | ||||
Total asset derivatives | $ | 1,737 | $ | — | ||||
Liability derivatives: | ||||||||
Foreign currency forward contracts: | ||||||||
Other current liabilities | $ | 1,553 | $ | — | ||||
Total liability derivatives | $ | 1,553 | $ | — | ||||
The total notional amount for all open foreign currency forward contracts as of March 29, 2015 is approximately $99.6 million. As of December 31, 2014, the Company had no open foreign currency forward contracts. | ||||||||
The following table provides information as to the gains attributable to derivatives in cash flow hedging relationships that were reported in other comprehensive (loss) income (“OCI”) for the three months ended March 29, 2015 and March 30, 2014: | ||||||||
After Tax Gain | ||||||||
Recognized in OCI | ||||||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
(Dollars in thousands) | ||||||||
Foreign currency forward contracts | $ | 44 | $ | 70 | ||||
Total | $ | 44 | $ | 70 | ||||
See Note 10 for information on the location and amount of gains attributable to derivatives that were reclassified from accumulated other comprehensive (loss) income (“AOCI”) to expense (income), net of tax. | ||||||||
There was no ineffectiveness related to the Company’s derivatives during the three months ended March 29, 2015 and March 30, 2014. | ||||||||
Based on exchange rates at March 29, 2015, approximately $0.1 million of unrealized gains, net of tax, within AOCI are expected to be reclassified from AOCI to the condensed consolidated statement of income during the remainder of 2015. However, the actual amount reclassified from AOCI could vary due to future changes in exchange rates. | ||||||||
Concentration of Credit Risk | ||||||||
Concentrations of credit risk with respect to trade accounts receivable is generally limited due to the Company’s large number of customers and their diversity across many geographic areas. A portion of the Company’s trade accounts receivable outside the United States, however, include sales to government-owned or supported healthcare systems in several countries which are subject to payment delays. Payment is dependent upon the creditworthiness of those countries’ and the financial stability of their economies. | ||||||||
In the ordinary course of business, the Company grants non-interest bearing trade credit to its customers on normal credit terms. In an effort to reduce its credit risk, the Company (i) establishes credit limits for all of its customer relationships, (ii) performs ongoing credit evaluations of its customers’ financial condition, (iii) monitors the payment history and aging of its customers’ receivables, and (iv) monitors open orders against an individual customer’s outstanding receivable balance. | ||||||||
An allowance for doubtful accounts is maintained for accounts receivable based on the Company’s historical collection experience and expected collectability of the accounts receivable, considering the period an account is outstanding, the financial position of the customer and information provided by credit rating services. The adequacy of this allowance is reviewed each reporting period and adjusted as necessary. The allowance for doubtful accounts was $8.3 million and $8.8 million at March 29, 2015 and December 31, 2014, respectively. The current portion of the allowance for doubtful accounts at March 29, 2015 and December 31, 2014 of $2.3 million and $2.4 million, respectively, is reflected in accounts receivable, net. The allowance for doubtful accounts on receivables outstanding for greater than one year at March 29, 2015 and December 31, 2014 of $6.0 million and $6.4 million, respectively, is reflected in other assets. | ||||||||
In light of the disruptions in global economic markets, the Company instituted enhanced measures, within countries where the Company has collectability concerns, to facilitate customer-by-customer risk assessment when estimating the allowance for doubtful accounts. Such measures include, among others, monthly credit control committee meetings, at which customer credit risks are identified after review of, among other things, accounts that exceed specified credit limits, payment delinquencies and other customer issues. In addition, for some of the Company’s non-government customers, the Company instituted measures designed to reduce its risk exposures, including issuing dunning letters, reducing credit limits, requiring that payments accompany orders and instituting legal action with respect to delinquent accounts. With respect to government customers, the Company evaluates receivables for potential collection risks associated with the availability of government funding and reimbursement practices. | ||||||||
Certain of the Company’s customers, particularly in Europe, have extended or delayed payments for products and services already provided, raising collectability concerns regarding the Company’s accounts receivable from these customers, for the most part in Greece, Italy, Spain and Portugal. As a result, the Company increased the allowance for doubtful accounts related to these customers. 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 satisfy their payment obligations is uncertain, additional allowances may be required in future periods. The aggregate net current and long-term accounts receivable for customers in Greece, Italy, Spain 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 receivable for customers in those countries at March 29, 2015 and December 31, 2014 are as follows: | ||||||||
29-Mar-15 | 31-Dec-14 | |||||||
(Dollars in thousands) | ||||||||
Current and long-term accounts receivable (net of allowances of $7.1 million and $8.1 million at March 29, 2015 and December 31, 2014, respectively) in Greece, Italy, Spain and Portugal (1) | $ | 76,322 | $ | 76,190 | ||||
Percentage of total net current and long-term accounts receivable | 26.6 | % | 27.3 | % | ||||
(1)The long-term portion of accounts receivable, net from customers in Greece, Italy, Spain and Portugal at March 29, 2015 and December 31, 2014 was $10.3 million and $11.3 million, respectively, and is reported on the condensed consolidated balance sheet in other assets. | ||||||||
For the three months ended March 29, 2015 and March 30, 2014, net revenues from customers in Greece, Italy, Spain and Portugal were $33.0 million and $39.3 million, respectively. |
Fair_value_measurement
Fair value measurement | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair value measurement | Fair value measurement | |||||||||||||||
For a description of the fair value hierarchy, see Note 10 to the Company’s 2014 consolidated financial statements included in its annual report on Form 10-K for the year ended December 31, 2014. | ||||||||||||||||
The following tables provide information regarding the financial assets and liabilities measured at fair value on a recurring basis as of March 29, 2015 and December 31, 2014: | ||||||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | |||||||||||||
value at | active markets | observable | unobservable | |||||||||||||
29-Mar-15 | (Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Investments in marketable securities | $ | 6,954 | $ | 6,954 | $ | — | $ | — | ||||||||
Derivative assets | 1,737 | — | 1,737 | — | ||||||||||||
Derivative liabilities | 1,553 | — | 1,553 | — | ||||||||||||
Contingent consideration liabilities | 29,825 | — | — | 29,825 | ||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | |||||||||||||
value at | active markets | observable | unobservable | |||||||||||||
December 31, 2014 | (Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Investments in marketable securities | $ | 6,863 | $ | 6,863 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 33,433 | — | — | 33,433 | ||||||||||||
There were no transfers of financial assets or liabilities reported at fair value among Level 1, Level 2 or Level 3 within the fair value hierarchy during the three months ended March 29, 2015. | ||||||||||||||||
The following table provides information regarding changes in Level 3 financial liabilities related to contingent consideration in connection with various Company acquisitions during the three months ended March 29, 2015: | ||||||||||||||||
Contingent consideration | ||||||||||||||||
2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance - December 31, 2014 | $ | 33,433 | ||||||||||||||
Payment | (4,000 | ) | ||||||||||||||
Revaluations | 392 | |||||||||||||||
Balance - March 29, 2015 | $ | 29,825 | ||||||||||||||
Valuation Techniques | ||||||||||||||||
The Company’s financial assets valued based upon Level 1 inputs are comprised of investments in marketable securities held in trust, which are available to 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 Company measures the fair value of the foreign currency forward contracts by calculating the amount required to enter into offsetting contracts with similar remaining maturities, based on quoted market prices, and taking into account the creditworthiness of the counterparties. | ||||||||||||||||
The Company’s financial liabilities valued based upon Level 3 inputs are comprised of contingent consideration arrangements pertaining to the Company’s acquisitions. The Company accounts for contingent consideration in accordance with applicable accounting guidance related to business combinations. In connection with several of its acquisitions, the Company agreed to pay contingent consideration upon the achievement of specified objectives, including receipt of regulatory approvals, achievement of sales targets and, in some instances, the passage of time, and recorded contingent consideration liabilities at the time of the acquisitions. The Company determines the fair value of the liabilities for contingent consideration based on a probability-weighted discounted cash flow analysis. This fair value measurement is based on significant inputs not observable in the market and, therefore, represents a Level 3 measurement within the fair value hierarchy. The fair value of the contingent consideration liability associated with future payments under contingent consideration arrangements is based on several factors including: | ||||||||||||||||
l | estimated cash flows projected from the success of market launches; | |||||||||||||||
l | the estimated time and resources needed to complete the development of acquired technologies; | |||||||||||||||
l | the uncertainty of obtaining regulatory approvals within the required time periods; and | |||||||||||||||
l | the risk adjusted discount rate for fair value measurement. | |||||||||||||||
In connection with the Company's contingent consideration arrangements, the Company estimates that it will make payments in 2015 through 2029. As of March 29, 2015, the range of undiscounted amounts the Company could be required to pay under contingent consideration arrangements is between $11.0 million and $78.9 million. The Company is required to reevaluate the fair value of contingent consideration each reporting period based on new developments and record changes in fair value until such consideration is satisfied through payment upon the achievement of the specified objectives or is no longer payable due to failure to achieve the specified objectives. | ||||||||||||||||
The following table provides information regarding the valuation techniques and inputs used in determining the fair value of assets or liabilities categorized as Level 3 measurements as of March 29, 2015: | ||||||||||||||||
Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||
Contingent consideration | Discounted cash flow | Discount rate | 1.7% - 10% (7.3%) | |||||||||||||
Probability of payment | 0% - 100% (50.2%) | |||||||||||||||
As of March 29, 2015, the Company recorded $29.8 million of total liabilities for contingent consideration, of which $7.5 million and $22.3 million were recorded as the current portion of contingent consideration and other liabilities, respectively, in the condensed consolidated balance sheet. |
Changes_in_shareholders_equity
Changes in shareholders' equity Changes in shareholders' equity | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Changes in shareholders' equity | Changes in shareholders’ equity | |||||||||||||||
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 to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 29, 2015 | March 30, 2014 | |||||||||||||||
(Shares in thousands) | ||||||||||||||||
Basic | 41,469 | 41,262 | ||||||||||||||
Dilutive effect of share-based awards | 467 | 471 | ||||||||||||||
Dilutive effect of 3.875% Convertible Notes and warrants | 5,359 | 4,016 | ||||||||||||||
Diluted | 47,295 | 45,749 | ||||||||||||||
Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were approximately 5.8 million and 6.5 million for the three months ended March 29, 2015 and March 30, 2014, 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 Convertible Notes is reflected in diluted earnings per share. As described in Note 7, the Company has elected the net settlement method of accounting for these conversions, under which the Company will settle the principal amount of the Convertible Notes in cash, and settle the excess conversion value in shares. As a result, in these periods, under the treasury stock method, the Company calculates the number of shares issuable under the terms of the Convertible Notes based on the average market price of the stock during the period, and 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, applicable accounting guidance requires the Company to separately analyze the impact of the warrant agreements on diluted weighted average shares outstanding, while excluding the impact of the convertible note hedge agreements because it would be anti-dilutive. The reductions in diluted shares that would result from including the anti-dilutive impact of the convertible note hedges would have been 3.1 million and 2.5 million for the three months ended March 29, 2015 and March 30, 2014, respectively. The treasury stock method is applied when the warrants are in-the-money and assumes the proceeds from the exercise of the warrants are used to repurchase shares based on the average stock price during the period. The strike price of the warrants is approximately $74.65 per share of common stock. Shares issuable upon exercise of the warrants that were included in the total diluted shares outstanding were 2.3 million and 1.6 million for the three months ended March 29, 2015 and March 30, 2014, respectively. | ||||||||||||||||
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 agreements) exceeds certain levels, which may limit the Company’s ability to repurchase shares under this Board authorization. Through March 29, 2015, no shares have been purchased under this Board authorization. | ||||||||||||||||
The following tables provide information relating to the changes in accumulated other comprehensive (loss) income, net of tax, for the three months ended March 29, 2015 and March 30, 2014: | ||||||||||||||||
Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive (Loss) Income | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2014 | $ | — | $ | (141,744 | ) | $ | (119,151 | ) | $ | (260,895 | ) | |||||
Other comprehensive income (loss) before reclassifications | 243 | 810 | (83,151 | ) | (82,098 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (199 | ) | 1,096 | — | 897 | |||||||||||
Net current-period other comprehensive income (loss) | 44 | 1,906 | (83,151 | ) | (81,201 | ) | ||||||||||
Balance at March 29, 2015 | $ | 44 | $ | (139,838 | ) | $ | (202,302 | ) | $ | (342,096 | ) | |||||
Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive (Loss) Income | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | (97,037 | ) | $ | (13,818 | ) | $ | (110,855 | ) | |||||
Other comprehensive income (loss) before reclassifications | 113 | (159 | ) | 4,051 | 4,005 | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (43 | ) | 783 | — | 740 | |||||||||||
Net current-period other comprehensive income | 70 | 624 | 4,051 | 4,745 | ||||||||||||
Balance at March 30, 2014 | $ | 70 | $ | (96,413 | ) | $ | (9,767 | ) | $ | (106,110 | ) | |||||
The following table provides information relating to the reclassifications of losses/(gain) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the three months ended March 29, 2015 and March 30, 2014: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
29-Mar-15 | 30-Mar-14 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Gains) losses on foreign exchange contracts: | ||||||||||||||||
Cost of goods sold | $ | (209 | ) | $ | (77 | ) | ||||||||||
Total before tax | (209 | ) | (77 | ) | ||||||||||||
Tax benefit | 10 | 34 | ||||||||||||||
Net of tax | $ | (199 | ) | $ | (43 | ) | ||||||||||
Amortization of pension and other postretirement benefit items: | ||||||||||||||||
Actuarial losses (1) | $ | 1,606 | $ | 1,102 | ||||||||||||
Prior-service costs(1) | — | (5 | ) | |||||||||||||
Total before tax | 1,606 | 1,097 | ||||||||||||||
Tax expense | (510 | ) | (314 | ) | ||||||||||||
Net of tax | $ | 1,096 | $ | 783 | ||||||||||||
Total reclassifications, net of tax | $ | 897 | $ | 740 | ||||||||||||
-1 | These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 12 for additional information). |
Taxes_on_income_from_continuin
Taxes on income from continuing operations | 3 Months Ended | |||
Mar. 29, 2015 | ||||
Income Tax Disclosure [Abstract] | ||||
Taxes on income from continuing operations | Taxes on income from continuing operations | |||
The effective income tax rates for the three months ended March 29, 2015 and March 30, 2014 are as follows: | ||||
Three Months Ended | ||||
29-Mar-15 | 30-Mar-14 | |||
Effective income tax rate | 19.20% | 19.50% | ||
The effective income tax rate for the three months ended March 29, 2015 and March 30, 2014 was 19.2% and 19.5%, respectively. There were no significant events impacting the effective tax rate for the three months ended March 29, 2015. |
Pension_and_other_postretireme
Pension and other postretirement benefits | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Pension and other postretirement benefits | Pension and other postretirement benefits | |||||||||||||||
The Company has a number of defined benefit pension and postretirement plans covering eligible U.S. and non-U.S. employees. The defined benefit pension plans are noncontributory. The benefits under these plans are based primarily on years of service and employees’ pay near retirement. The Company’s funding policy for U.S. plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations. Obligations under non-U.S. plans are systematically provided for by depositing funds with trustees or by book reserves. As of March 29, 2015, the Company’s U.S. defined benefit pension plans and the Company’s other postretirement benefit plans, other than certain postretirement benefit plans covering employees subject to a collective bargaining agreement, are frozen. | ||||||||||||||||
The Company and certain of its subsidiaries provide medical, dental and life insurance benefits to pensioners and survivors. The associated plans are unfunded and approved claims are paid from Company funds. | ||||||||||||||||
Net benefit cost of pension and postretirement benefit plans consisted of the following: | ||||||||||||||||
Pension | Other Postretirement Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
29-Mar-15 | 30-Mar-14 | 29-Mar-15 | 30-Mar-14 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service cost | $ | 471 | $ | 450 | $ | 107 | $ | 138 | ||||||||
Interest cost | 4,486 | 4,483 | 512 | 597 | ||||||||||||
Expected return on plan assets | (6,425 | ) | (6,260 | ) | — | — | ||||||||||
Net amortization and deferral | 1,530 | 1,071 | 77 | 26 | ||||||||||||
Net benefit expense (income) | $ | 62 | $ | (256 | ) | $ | 696 | $ | 761 | |||||||
The Company’s pension contributions are expected to be approximately $2.9 million during 2015, of which $1.2 million were made during the three months ended March 29, 2015. |
Commitments_and_contingent_lia
Commitments and contingent liabilities | 3 Months Ended |
Mar. 29, 2015 | |
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. | |
Environmental: The Company is subject to contingencies as a result of environmental laws and regulations that in the future may require the Company to take further action to correct the effects on the environment of prior disposal practices or releases of chemical or petroleum substances by the Company or other parties. Much of this liability results from the U.S. Comprehensive Environmental Response, Compensation and Liability Act, often referred to as Superfund, the U.S. Resource Conservation and Recovery Act and similar state laws. These laws require the Company to undertake certain investigative and remedial activities at sites where the Company conducts or once conducted operations or at sites where Company-generated waste was disposed. | |
Remediation activities vary substantially in duration and cost from site to site. These activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, the regulatory agencies involved and their enforcement policies, as well as the presence or absence of other potentially responsible parties. At March 29, 2015 the Company has recorded $1.1 million in accrued liabilities and $6.5 million, in other liabilities relating to these matters. Considerable uncertainty exists with respect to these liabilities and, if adverse changes in circumstances occur, the potential liability may exceed the amount accrued as of March 29, 2015. 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 March 29, 2015, the Company accrued liabilities of $5.0 million in connection with such contingencies, representing its best estimate of the cost within the range of estimated possible losses that will be incurred to resolve these matters. Of the amount accrued as of March 29, 2015, $1.5 million pertains 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 $0.1 million in compensatory damages and $23.0 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 March 29, 2015, 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 for litigation matters relating to discontinued operations discussed in the preceding paragraph. The Company believes that any liability arising from this matter in excess of $10.0 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 March 29, 2015, the most significant tax examinations in process are 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 its business. On average, such commitments are not at prices in excess of current market prices. |
Business_segment_information
Business segment information | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Business segment information | Business segment information | |||||||
An operating segment is a component of the Company (a) that engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance, and (c) for which discrete financial information is available. The Company does not evaluate its operating segments using discrete asset information. | ||||||||
The Company’s reportable segments, other than the Original Equipment Manufacturer and Development Services ("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 three months ended March 29, 2015 and March 30, 2014: | ||||||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
(Dollars in thousands) | ||||||||
Revenue | ||||||||
Vascular North America | $ | 67,913 | $ | 62,506 | ||||
Anesthesia/Respiratory North America | 55,390 | 54,714 | ||||||
Surgical North America | 38,059 | 35,231 | ||||||
EMEA | 129,282 | 150,245 | ||||||
Asia | 48,529 | 49,602 | ||||||
OEM | 34,715 | 33,182 | ||||||
All other | 55,542 | 53,066 | ||||||
Consolidated net revenues | $ | 429,430 | $ | 438,546 | ||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
(Dollars in thousands) | ||||||||
Operating profit | ||||||||
Vascular North America | $ | 12,702 | $ | 9,392 | ||||
Anesthesia/Respiratory North America | 7,752 | 5,687 | ||||||
Surgical North America | 12,327 | 10,548 | ||||||
EMEA | 26,335 | 26,881 | ||||||
Asia | 8,146 | 12,837 | ||||||
OEM | 8,043 | 6,604 | ||||||
All other | 8,349 | 9,768 | ||||||
Total segment operating profit (1) | 83,654 | 81,717 | ||||||
Unallocated expenses (2) | (18,046 | ) | (22,697 | ) | ||||
Income from continuing operations before interest and taxes | $ | 65,608 | $ | 59,020 | ||||
-1 | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for fixed manufacturing cost absorption variances, selling, general and administrative expenses, research and development expenses and an allocation of corporate expenses. Corporate expenses are allocated among the segments in proportion to the respective amounts of one of several items (such as sales, numbers of employees, and amount of time spent), depending on the category of expense involved. | |||||||
-2 | Unallocated expenses primarily include manufacturing variances, with the exception of fixed manufacturing cost absorption variances, and restructuring and impairment charges. | |||||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
(Dollars in thousands) | ||||||||
Depreciation and amortization | ||||||||
Vascular North America | $ | 8,477 | $ | 7,855 | ||||
Anesthesia/Respiratory North America | 3,195 | 4,428 | ||||||
Surgical North America | 2,478 | 2,369 | ||||||
EMEA | 7,898 | 8,937 | ||||||
Asia | 2,398 | 1,838 | ||||||
OEM | 1,667 | 1,456 | ||||||
All other | 3,737 | 4,530 | ||||||
Consolidated depreciation and amortization | $ | 29,850 | $ | 31,413 | ||||
Effective April 1, 2015, the Company reorganized certain of its businesses to better leverage the Company’s resources. As a result, the Company realigned its operating segments. Specifically, the Company's Anesthesia/Respiratory North America operating segment was split into two operating segments, Anesthesia North America and Respiratory North America. Additionally, the businesses comprising the Company's Specialty operating segment (which was not a reportable segment and, therefore, was included in the "All other" category in the Company's presentation of segment information) were transferred to the Anesthesia North America, Vascular North America and Respiratory North America operating segments. | ||||||||
As a result of the operating segment changes described above, the Company has the following six reportable operating segments: Vascular North America, Anesthesia North America, Surgical North America, EMEA, Asia and OEM. In connection with its presentation of segment information, the Company will continue to present certain operating segments, including, among others, the Respiratory North America operating segment, in the “All other” category. In future filings, the Company will restate the operating segment results for prior comparative periods. Additionally, the segment realignment resulted in certain changes to the reporting unit structure and reallocation of goodwill to the new reporting units. Therefore, the Company will perform a goodwill impairment analysis of the affected reporting units during the second quarter 2015. | ||||||||
Geographic data | ||||||||
The following table provides total net revenues for the three months ended March 29, 2015 and March 30, 2014 and total net property, plant and equipment by geographic region as of March 29, 2015 and December 31, 2014: | ||||||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
(Dollars in thousands) | ||||||||
Net revenue (based on selling location) | ||||||||
United States | $ | 231,206 | $ | 216,461 | ||||
Other Americas | 13,441 | 14,771 | ||||||
Europe | 140,682 | 168,775 | ||||||
All other | 44,101 | 38,539 | ||||||
$ | 429,430 | $ | 438,546 | |||||
29-Mar-15 | 31-Dec-14 | |||||||
(Dollars in thousands) | ||||||||
Net property, plant and equipment | ||||||||
United States | $ | 177,431 | $ | 174,893 | ||||
Malaysia | 36,173 | 36,427 | ||||||
Czech Republic | 32,541 | 35,655 | ||||||
All other | 63,961 | 70,460 | ||||||
$ | 310,106 | $ | 317,435 | |||||
Condensed_consolidating_guaran
Condensed consolidating guarantor financial information | 3 Months Ended | |||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||
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 its 6.875% senior subordinated notes due 2019 through a registered public offering. The notes are guaranteed, jointly and severally, by certain of the Parent Company’s subsidiaries (each, a “Guarantor Subsidiary” and collectively, the “Guarantor Subsidiaries”). The guarantees are full and unconditional, subject to certain customary release provisions. Each Guarantor Subsidiary is directly or indirectly 100% owned by the Parent Company. The Company’s condensed consolidating statements of income and comprehensive (loss) income for the three months ended March 29, 2015 and March 30, 2014, condensed consolidating balance sheets as of March 29, 2015 and December 31, 2014 and condensed consolidating statements of cash flows for the three months ended March 29, 2015 and March 30, 2014, provide consolidated information for: | ||||||||||||||||||||
a. | Parent Company, the issuer of the guaranteed obligations; | |||||||||||||||||||
b. | Guarantor Subsidiaries, on a combined basis; | |||||||||||||||||||
c. | Non-guarantor subsidiaries, on a combined basis; and | |||||||||||||||||||
d. | Parent Company and its subsidiaries on a consolidated basis. | |||||||||||||||||||
The same accounting policies as described in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 are used by the Parent Company and each of its subsidiaries in connection with the condensed consolidated financial information, except for the use by the Parent Company and Guarantor Subsidiaries of the equity method of accounting to reflect ownership interests in subsidiaries which are eliminated upon consolidation. | ||||||||||||||||||||
Consolidating entries and eliminations in the following condensed consolidated financial statements represent adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the Guarantor Subsidiaries and the Non-guarantor subsidiaries, (b) eliminate the investments in subsidiaries and (c) record consolidating entries. | ||||||||||||||||||||
TELEFLEX INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
Three Months Ended March 29, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 264,161 | $ | 258,901 | $ | (93,632 | ) | $ | 429,430 | |||||||||
Cost of goods sold | — | 158,326 | 137,618 | (89,151 | ) | 206,793 | ||||||||||||||
Gross profit | — | 105,835 | 121,283 | (4,481 | ) | 222,637 | ||||||||||||||
Selling, general and administrative expenses | 11,452 | 84,268 | 43,817 | 160 | 139,697 | |||||||||||||||
Research and development expenses | — | 11,127 | 1,757 | — | 12,884 | |||||||||||||||
Restructuring and impairment charges | — | 3,739 | 709 | — | 4,448 | |||||||||||||||
Income (loss) from continuing operations before interest, and taxes | (11,452 | ) | 6,701 | 75,000 | (4,641 | ) | 65,608 | |||||||||||||
Interest expense | 34,360 | (18,569 | ) | 1,381 | — | 17,172 | ||||||||||||||
Interest income | — | — | (169 | ) | — | (169 | ) | |||||||||||||
Income (loss) from continuing operations before taxes | (45,812 | ) | 25,270 | 73,788 | (4,641 | ) | 48,605 | |||||||||||||
Taxes (benefit) on income from continuing operations | (15,293 | ) | 10,992 | 10,804 | 2,829 | 9,332 | ||||||||||||||
Equity in net income of consolidated subsidiaries | 69,538 | 63,233 | 97 | (132,868 | ) | — | ||||||||||||||
Income from continuing operations | 39,019 | 77,511 | 63,081 | (140,338 | ) | 39,273 | ||||||||||||||
Operating (loss) income from discontinued operations | (503 | ) | — | 4 | — | (499 | ) | |||||||||||||
Taxes on loss from discontinued operations | 164 | — | 40 | — | 204 | |||||||||||||||
Loss from discontinued operations | (667 | ) | — | (36 | ) | — | (703 | ) | ||||||||||||
Net income | 38,352 | 77,511 | 63,045 | (140,338 | ) | 38,570 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 218 | — | 218 | |||||||||||||||
Net income attributable to common shareholders | 38,352 | 77,511 | 62,827 | (140,338 | ) | 38,352 | ||||||||||||||
Other comprehensive loss attributable to common shareholders | (81,201 | ) | (106,761 | ) | (76,290 | ) | 183,051 | (81,201 | ) | |||||||||||
Comprehensive loss attributable to common shareholders | $ | (42,849 | ) | $ | (29,250 | ) | $ | (13,463 | ) | $ | 42,713 | $ | (42,849 | ) | ||||||
Three Months Ended March 30, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 262,425 | $ | 248,437 | $ | (72,316 | ) | $ | 438,546 | |||||||||
Cost of goods sold | — | 152,368 | 137,873 | (72,854 | ) | 217,387 | ||||||||||||||
Gross profit | — | 110,057 | 110,564 | 538 | 221,159 | |||||||||||||||
Selling, general and administrative expenses | 10,778 | 81,395 | 47,921 | 203 | 140,297 | |||||||||||||||
Research and development expenses | — | 12,010 | 2,052 | — | 14,062 | |||||||||||||||
Restructuring and impairment charges | — | (188 | ) | 7,968 | — | 7,780 | ||||||||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | (10,778 | ) | 16,840 | 52,623 | 335 | 59,020 | ||||||||||||||
Interest expense | 33,726 | (19,907 | ) | 1,585 | — | 15,404 | ||||||||||||||
Interest income | — | — | (187 | ) | — | (187 | ) | |||||||||||||
Income (loss) from continuing operations before taxes | (44,504 | ) | 36,747 | 51,225 | 335 | 43,803 | ||||||||||||||
Taxes (benefit) on income from continuing operations | (15,420 | ) | 17,218 | 8,832 | (2,096 | ) | 8,534 | |||||||||||||
Equity in net income of consolidated subsidiaries | 64,124 | 43,108 | 94 | (107,326 | ) | — | ||||||||||||||
Income from continuing operations | 35,040 | 62,637 | 42,487 | (104,895 | ) | 35,269 | ||||||||||||||
Operating loss from discontinued operations | (25 | ) | — | — | — | (25 | ) | |||||||||||||
Taxes on loss from discontinued operations | 57 | — | 43 | — | 100 | |||||||||||||||
Loss from discontinued operations | (82 | ) | — | (43 | ) | — | (125 | ) | ||||||||||||
Net income | 34,958 | 62,637 | 42,444 | (104,895 | ) | 35,144 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 186 | — | 186 | |||||||||||||||
Net income attributable to common shareholders | 34,958 | 62,637 | 42,258 | (104,895 | ) | 34,958 | ||||||||||||||
Other comprehensive income attributable to common shareholders | 4,745 | 7,228 | 8,523 | (15,751 | ) | 4,745 | ||||||||||||||
Comprehensive income attributable to common shareholders | $ | 39,703 | $ | 69,865 | $ | 50,781 | $ | (120,646 | ) | $ | 39,703 | |||||||||
TELEFLEX INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
March 29, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 28,102 | $ | — | $ | 280,657 | $ | — | $ | 308,759 | ||||||||||
Accounts receivable, net | 3,893 | 5,176 | 272,063 | 3,695 | 284,827 | |||||||||||||||
Accounts receivable from consolidated subsidiaries | 10,159 | 2,197,884 | 266,150 | (2,474,193 | ) | — | ||||||||||||||
Inventories, net | — | 206,295 | 159,769 | (27,328 | ) | 338,736 | ||||||||||||||
Prepaid expenses and other current assets | 14,965 | 7,262 | 18,708 | — | 40,935 | |||||||||||||||
Prepaid taxes | 21,149 | — | 12,844 | — | 33,993 | |||||||||||||||
Deferred tax assets | 30,248 | 16,856 | 9,458 | — | 56,562 | |||||||||||||||
Assets held for sale | 2,901 | — | 4,058 | — | 6,959 | |||||||||||||||
Total current assets | 111,417 | 2,433,473 | 1,023,707 | (2,497,826 | ) | 1,070,771 | ||||||||||||||
Property, plant and equipment, net | 3,329 | 172,767 | 134,010 | — | 310,106 | |||||||||||||||
Goodwill | — | 703,664 | 589,842 | — | 1,293,506 | |||||||||||||||
Intangibles assets, net | — | 734,111 | 449,438 | — | 1,183,549 | |||||||||||||||
Investments in affiliates | 5,448,202 | 1,321,811 | 20,940 | (6,790,219 | ) | 734 | ||||||||||||||
Deferred tax assets | 51,316 | — | 3,968 | (54,165 | ) | 1,119 | ||||||||||||||
Notes receivable and other amounts due from consolidated subsidiaries | 1,206,846 | 1,566,089 | 189 | (2,773,124 | ) | — | ||||||||||||||
Other assets | 29,392 | 6,836 | 27,582 | — | 63,810 | |||||||||||||||
Total assets | $ | 6,850,502 | $ | 6,938,751 | $ | 2,249,676 | $ | (12,115,334 | ) | $ | 3,923,595 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current borrowings | $ | 366,865 | $ | — | $ | 34,700 | $ | — | $ | 401,565 | ||||||||||
Accounts payable | 1,645 | 38,619 | 35,046 | — | 75,310 | |||||||||||||||
Accounts payable to consolidated subsidiaries | 2,245,622 | 185,006 | 43,568 | (2,474,196 | ) | — | ||||||||||||||
Accrued expenses | 18,174 | 24,052 | 29,679 | — | 71,905 | |||||||||||||||
Current portion of contingent consideration | — | 7,462 | — | — | 7,462 | |||||||||||||||
Payroll and benefit-related liabilities | 16,836 | 15,766 | 33,722 | — | 66,324 | |||||||||||||||
Accrued interest | 12,792 | — | 63 | — | 12,855 | |||||||||||||||
Income taxes payable | — | — | 17,558 | — | 17,558 | |||||||||||||||
Other current liabilities | 1,672 | 5,089 | 4,685 | — | 11,446 | |||||||||||||||
Total current liabilities | 2,663,606 | 275,994 | 199,021 | (2,474,196 | ) | 664,425 | ||||||||||||||
Long-term borrowings | 700,000 | — | — | — | 700,000 | |||||||||||||||
Deferred tax liabilities | — | 438,571 | 42,362 | (54,165 | ) | 426,768 | ||||||||||||||
Pension and other postretirement benefit liabilities | 108,627 | 34,881 | 19,087 | — | 162,595 | |||||||||||||||
Noncurrent liability for uncertain tax positions | 11,716 | 15,630 | 21,988 | — | 49,334 | |||||||||||||||
Notes payable and other amounts due from consolidated subsidiaries | 1,486,644 | 1,129,731 | 157,293 | (2,773,668 | ) | — | ||||||||||||||
Other liabilities | 21,976 | 25,204 | 12,691 | — | 59,871 | |||||||||||||||
Total liabilities | 4,992,569 | 1,920,011 | 452,442 | (5,302,029 | ) | 2,062,993 | ||||||||||||||
Total common shareholders' equity | 1,857,933 | 5,018,740 | 1,794,565 | (6,813,305 | ) | 1,857,933 | ||||||||||||||
Noncontrolling interest | — | — | 2,669 | — | 2,669 | |||||||||||||||
Total equity | 1,857,933 | 5,018,740 | 1,797,234 | (6,813,305 | ) | 1,860,602 | ||||||||||||||
Total liabilities and equity | $ | 6,850,502 | $ | 6,938,751 | $ | 2,249,676 | $ | (12,115,334 | ) | $ | 3,923,595 | |||||||||
December 31, 2014 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Notes payable | $ | 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 from 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 | |||||||||
TELEFLEX INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Three Months Ended March 29, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (55,153 | ) | $ | (1,914 | ) | $ | 99,425 | $ | — | $ | 42,358 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (37 | ) | (7,738 | ) | (6,670 | ) | — | (14,445 | ) | |||||||||||
Proceeds from sale of assets and investments | — | — | — | — | — | |||||||||||||||
Payments for businesses and intangibles acquired, net of cash acquired | — | — | (7,375 | ) | — | (7,375 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | (37 | ) | (7,738 | ) | (14,045 | ) | — | (21,820 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Proceeds from long-term borrowings | 30,000 | — | — | — | 30,000 | |||||||||||||||
Repayment of long-term borrowings | (52 | ) | — | — | — | (52 | ) | |||||||||||||
Net proceeds from share based compensation plans and the related tax impacts | (289 | ) | — | — | — | (289 | ) | |||||||||||||
Payments for contingent consideration | — | (3,989 | ) | — | — | (3,989 | ) | |||||||||||||
Dividends | (14,118 | ) | — | — | — | (14,118 | ) | |||||||||||||
Intercompany transactions | 40,057 | 13,641 | (53,698 | ) | — | — | ||||||||||||||
Intercompany dividends paid | — | — | — | — | — | |||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 55,598 | 9,652 | (53,698 | ) | — | 11,552 | ||||||||||||||
Cash Flows from Discontinued Operations: | ||||||||||||||||||||
Net cash used in operating activities | (302 | ) | — | (824 | ) | — | (1,126 | ) | ||||||||||||
Net cash used in discontinued operations | (302 | ) | — | (824 | ) | — | (1,126 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (25,441 | ) | — | (25,441 | ) | |||||||||||||
Net increase in cash and cash equivalents | 106 | — | 5,417 | — | 5,523 | |||||||||||||||
Cash and cash equivalents at the beginning of the period | 27,996 | — | 275,240 | — | 303,236 | |||||||||||||||
Cash and cash equivalents at the end of the period | $ | 28,102 | $ | — | $ | 280,657 | $ | — | $ | 308,759 | ||||||||||
Three Months Ended March 30, 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 | $ | (22,185 | ) | $ | 24,438 | $ | 39,665 | $ | — | $ | 41,918 | |||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (753 | ) | (4,823 | ) | (6,533 | ) | — | (12,109 | ) | |||||||||||
Proceeds from sales of assets and investments | 1,669 | — | — | — | 1,669 | |||||||||||||||
Payments for business intangibles acquired, net of cash acquired | — | — | (28,991 | ) | — | (28,991 | ) | |||||||||||||
Investments in affiliates | (60 | ) | — | — | — | (60 | ) | |||||||||||||
Net cash provided by (used in) investing activities from continuing operations | 856 | (4,823 | ) | (35,524 | ) | — | (39,491 | ) | ||||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Debt extinguishment, issuance and amendment fees | (90 | ) | — | — | — | (90 | ) | |||||||||||||
Net proceeds from share based compensation plans and the related tax impacts | 323 | — | — | — | 323 | |||||||||||||||
Dividends | (14,051 | ) | — | — | — | (14,051 | ) | |||||||||||||
Intercompany transactions | 15,776 | (28,602 | ) | 12,826 | — | — | ||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 1,958 | (28,602 | ) | 12,826 | — | (13,818 | ) | |||||||||||||
Cash Flows from Discontinued Operations: | — | |||||||||||||||||||
Net cash used in operating activities | (1,167 | ) | — | — | — | (1,167 | ) | |||||||||||||
Net cash used in discontinued operations | (1,167 | ) | — | — | — | (1,167 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2,223 | — | 2,223 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (20,538 | ) | (8,987 | ) | 19,190 | — | (10,335 | ) | ||||||||||||
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 | 22,211 | 5,513 | 393,925 | — | 421,649 | |||||||||||||||
New_accounting_standards_Polic
New accounting standards (Policies) | 3 Months Ended |
Mar. 29, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New accounting standards | New accounting standards |
In May 2014, the Financial Accounting Standards Board (FASB), in a joint effort with the International Accounting Standards Board (IASB), 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. In April 2015, the FASB proposed to defer the effective date of the new guidance. If the proposal is finalized, the guidance will become effective prospectively for annual periods beginning after December 15, 2017 and interim periods within those years; early application would be permitted for annual periods beginning after December 15, 2016. The Company is currently evaluating this guidance to determine the impact on the Company’s results of operations, cash flows and financial position. | |
In April 2015, FASB issued guidance for the reporting of debt issuance costs within the balance sheet. Under the new guidance, debt issuance costs are to be presented in the balance sheet as a direct deduction from the associated debt liability, consistent with the presentation of a debt discount. Currently, debt issuance costs are presented as a deferred charge (i.e., an asset) on the balance sheet. In addition to providing uniform treatment for debt issuance costs and debt discounts, the guidance is consistent with other FASB guidance, which states that debt issuance costs are similar to debt discounts because they reduce the proceeds of borrowing (thereby increasing the effective interest rate) and cannot be an asset because they provide no future economic benefit. The new guidance is effective for fiscal years beginning after December 15, 2015 with early adoption permitted, and is required to be applied on a retrospective basis. The Company does not believe that the adoption of this guidance will have a material impact on the Company’s financial position. | |
From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date or, in some cases where early adoption is permitted, in advance of the specified effective date. The Company has assessed the recently issued standards that are not yet effective and, unless otherwise discussed above, believes these standards will not have a material impact on the Company’s results of operations, cash flows or financial position. |
Restructuring_and_other_impair
Restructuring and other impairment charges (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||
Summary of Current Cost Estimates by Major Type of Cost Associated with 2014 Manufacturing Footprint Realignment Plan | The following table provides a summary of the Company's current cost estimates by major type of 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 | $2 million to $3 million | |||||||||||||||||||
Accelerated depreciation charges | $10 million to $11 million | |||||||||||||||||||
Other | $14 million to $17 million | |||||||||||||||||||
$37 million to $44 million | ||||||||||||||||||||
Restructuring and Other Impairment Charges | Restructuring and impairment charges by reportable segment for the three months ended March 29, 2015 and March 30, 2014 are set forth in the following table: | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 29, 2015 | March 30, 2014 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Restructuring and impairment charges | ||||||||||||||||||||
Vascular North America | $ | 830 | $ | 14 | ||||||||||||||||
Anesthesia/Respiratory North America | (40 | ) | 27 | |||||||||||||||||
Surgical North America | 23 | — | ||||||||||||||||||
EMEA | (32 | ) | 7,889 | |||||||||||||||||
Asia | — | 78 | ||||||||||||||||||
OEM | — | — | ||||||||||||||||||
All other | 3,667 | (228 | ) | |||||||||||||||||
Total restructuring and impairment charges | $ | 4,448 | $ | 7,780 | ||||||||||||||||
The restructuring and impairment charges recognized for the three months ended March 29, 2015 and March 30, 2014 consisted of the following: | ||||||||||||||||||||
Three Months Ended March 29, 2015 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility Closure Costs | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
2015 Restructuring programs | $ | 3,550 | $ | 67 | $ | 621 | $ | — | $ | 4,238 | ||||||||||
2014 Manufacturing footprint realignment plan | 137 | 22 | — | 4 | 163 | |||||||||||||||
2014 European restructuring plan | 9 | — | — | 17 | 26 | |||||||||||||||
Other 2014 restructuring programs | — | — | 49 | — | 49 | |||||||||||||||
LMA restructuring program | — | — | (31 | ) | — | (31 | ) | |||||||||||||
2013 Restructuring programs | 3 | — | — | — | 3 | |||||||||||||||
Total restructuring and impairment charges | $ | 3,699 | $ | 89 | $ | 639 | $ | 21 | $ | 4,448 | ||||||||||
Three Months Ended March 30, 2014 | ||||||||||||||||||||
(in thousands) | Termination Benefits | Facility | Contract Termination Costs | Other Exit Costs | Total | |||||||||||||||
Closure | ||||||||||||||||||||
Costs | ||||||||||||||||||||
LMA restructuring program | $ | — | $ | 42 | $ | (472 | ) | $ | — | $ | (430 | ) | ||||||||
2014 European restructuring program | 8,318 | — | — | — | 8,318 | |||||||||||||||
2013 Restructuring programs | 168 | — | — | — | 168 | |||||||||||||||
2012 Restructuring program | (610 | ) | 320 | — | — | (290 | ) | |||||||||||||
2011 Restructuring program | — | 14 | — | — | 14 | |||||||||||||||
Total restructuring and impairment charges | $ | 7,876 | $ | 376 | $ | (472 | ) | $ | — | $ | 7,780 | |||||||||
Inventories_net_Tables
Inventories, net (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories, net | Inventories as of March 29, 2015 and December 31, 2014 consisted of the following: | |||||||
29-Mar-15 | 31-Dec-14 | |||||||
(Dollars in thousands) | ||||||||
Raw materials | $ | 70,285 | $ | 68,191 | ||||
Work-in-process | 57,205 | 58,526 | ||||||
Finished goods | 244,814 | 242,750 | ||||||
372,304 | 369,467 | |||||||
Less: inventory reserve | (33,568 | ) | (33,874 | ) | ||||
Inventories, net | $ | 338,736 | $ | 335,593 | ||||
Goodwill_and_other_intangible_1
Goodwill and other intangible assets, net (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill, by Reporting Segment | The following table provides information relating to changes in the carrying amount of goodwill by reportable segment for the three months ended March 29, 2015: | |||||||||||||||||||||||||||
Vascular | Anesthesia/ | Surgical | EMEA | Asia | All | Total | ||||||||||||||||||||||
North America | Respiratory | North America | Other | |||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Goodwill related to acquisitions | — | — | — | — | 2,801 | — | 2,801 | |||||||||||||||||||||
Translation adjustment | — | (516 | ) | — | (28,541 | ) | (3,628 | ) | (163 | ) | (32,848 | ) | ||||||||||||||||
Balance at March 29, 2015 | ||||||||||||||||||||||||||||
Goodwill | 459,696 | 165,998 | 250,912 | 310,488 | 143,885 | 294,655 | 1,625,634 | |||||||||||||||||||||
Accumulated impairment losses | (219,527 | ) | (107,073 | ) | — | — | — | (5,528 | ) | (332,128 | ) | |||||||||||||||||
$ | 240,169 | $ | 58,925 | $ | 250,912 | $ | 310,488 | $ | 143,885 | $ | 289,127 | $ | 1,293,506 | |||||||||||||||
Components of Intangible Assets | The following table provides information as of March 29, 2015 and December 31, 2014 regarding the gross carrying amount of, and accumulated amortization relating to, intangible assets, net: | |||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||||||
29-Mar-15 | 31-Dec-14 | 29-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Customer relationships | $ | 616,788 | $ | 624,574 | $ | (196,679 | ) | $ | (192,876 | ) | ||||||||||||||||||
In-process research and development | 41,000 | 68,694 | — | — | ||||||||||||||||||||||||
Intellectual property | 489,857 | 467,068 | (151,521 | ) | (146,131 | ) | ||||||||||||||||||||||
Distribution rights | 15,519 | 16,101 | (13,751 | ) | (14,243 | ) | ||||||||||||||||||||||
Trade names | 386,194 | 396,269 | (3,858 | ) | (2,764 | ) | ||||||||||||||||||||||
Non-compete agreements | 337 | 337 | (337 | ) | (309 | ) | ||||||||||||||||||||||
$ | 1,549,695 | $ | 1,573,043 | $ | (366,146 | ) | $ | (356,323 | ) | |||||||||||||||||||
Estimated Annual Amortization Expense | Estimated annual amortization expense for the remainder of 2015 and the next five succeeding years is as follows (dollars in thousands): | |||||||||||||||||||||||||||
2015 | $ | 43,600 | ||||||||||||||||||||||||||
2016 | 59,500 | |||||||||||||||||||||||||||
2017 | 59,000 | |||||||||||||||||||||||||||
2018 | 58,700 | |||||||||||||||||||||||||||
2019 | 58,400 | |||||||||||||||||||||||||||
2020 | 58,200 | |||||||||||||||||||||||||||
Borrowings_Tables
Borrowings (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Components of Long-Term Debt | The Company's borrowings at March 29, 2015 and December 31, 2014 are as follows: | |||||||
29-Mar-15 | 31-Dec-14 | |||||||
(Dollars in thousands) | ||||||||
Senior Credit Facility: | ||||||||
Revolving credit facility, at a rate of 1.92% at March 29, 2015, due 2018 | $ | 200,000 | $ | 200,000 | ||||
3.875% Convertible Senior Subordinated Notes due 2017 | 399,846 | 399,898 | ||||||
6.875% Senior Subordinated Notes due 2019 | 250,000 | 250,000 | ||||||
5.25% Senior Notes due 2024 | 250,000 | 250,000 | ||||||
Securitization program, at a rate of 0.93% at March 29, 2015 | 34,700 | 4,700 | ||||||
1,134,546 | 1,104,598 | |||||||
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes due 2017 | (32,981 | ) | (36,197 | ) | ||||
1,101,565 | 1,068,401 | |||||||
Current borrowings | (401,565 | ) | (368,401 | ) | ||||
Long-term borrowings | $ | 700,000 | $ | 700,000 | ||||
Fair Value of Long-Term Debt | The following table provides the fair value of the Company’s debt as of March 29, 2015, categorized by the level of inputs, within the fair value hierarchy, used to measure fair value (see Note 10, “Fair value measurement,” in the Company’s annual report on Form 10-K for the year ended December 31, 2014 for further information): | |||||||
Fair value of debt | ||||||||
(Dollars in thousands) | ||||||||
Level 1 | $ | 1,040,170 | ||||||
Level 2 | 494,596 | |||||||
Total | $ | 1,534,766 | ||||||
Financial_instruments_Tables
Financial instruments (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||
Fair Values of Derivative Instruments Designated as Hedging Instruments | The following table presents the location and fair value of derivative instruments designated as hedging instruments in the condensed consolidated balance sheet as of March 29, 2015 and December 31, 2014: | |||||||
29-Mar-15 | 31-Dec-14 | |||||||
Fair Value | Fair Value | |||||||
(Dollars in thousands) | ||||||||
Asset derivatives: | ||||||||
Foreign currency forward contracts: | ||||||||
Prepaid expenses and other current assets | $ | 1,737 | $ | — | ||||
Total asset derivatives | $ | 1,737 | $ | — | ||||
Liability derivatives: | ||||||||
Foreign currency forward contracts: | ||||||||
Other current liabilities | $ | 1,553 | $ | — | ||||
Total liability derivatives | $ | 1,553 | $ | — | ||||
After Tax Gain/(Loss) Recognized in OCI | The following table provides information as to the gains attributable to derivatives in cash flow hedging relationships that were reported in other comprehensive (loss) income (“OCI”) for the three months ended March 29, 2015 and March 30, 2014: | |||||||
After Tax Gain | ||||||||
Recognized in OCI | ||||||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
(Dollars in thousands) | ||||||||
Foreign currency forward contracts | $ | 44 | $ | 70 | ||||
Total | $ | 44 | $ | 70 | ||||
Aggregate Accounts Receivable, Net of Allowance for Doubtful Accounts | The aggregate net current and long-term accounts receivable for customers in Greece, Italy, Spain 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 receivable for customers in those countries at March 29, 2015 and December 31, 2014 are as follows: | |||||||
29-Mar-15 | 31-Dec-14 | |||||||
(Dollars in thousands) | ||||||||
Current and long-term accounts receivable (net of allowances of $7.1 million and $8.1 million at March 29, 2015 and December 31, 2014, respectively) in Greece, Italy, Spain and Portugal (1) | $ | 76,322 | $ | 76,190 | ||||
Percentage of total net current and long-term accounts receivable | 26.6 | % | 27.3 | % | ||||
(1)The long-term portion of accounts receivable, net from customers in Greece, Italy, Spain and Portugal at March 29, 2015 and December 31, 2014 was $10.3 million and $11.3 million, respectively, and is reported on the condensed consolidated balance sheet in other assets |
Fair_value_measurement_Tables
Fair value measurement (Tables) | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | The following tables provide information regarding the financial assets and liabilities measured at fair value on a recurring basis as of March 29, 2015 and December 31, 2014: | |||||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | |||||||||||||
value at | active markets | observable | unobservable | |||||||||||||
29-Mar-15 | (Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Investments in marketable securities | $ | 6,954 | $ | 6,954 | $ | — | $ | — | ||||||||
Derivative assets | 1,737 | — | 1,737 | — | ||||||||||||
Derivative liabilities | 1,553 | — | 1,553 | — | ||||||||||||
Contingent consideration liabilities | 29,825 | — | — | 29,825 | ||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | |||||||||||||
value at | active markets | observable | unobservable | |||||||||||||
December 31, 2014 | (Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Investments in marketable securities | $ | 6,863 | $ | 6,863 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 33,433 | — | — | 33,433 | ||||||||||||
Reconciliation of Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis | The following table provides information regarding changes in Level 3 financial liabilities related to contingent consideration in connection with various Company acquisitions during the three months ended March 29, 2015: | |||||||||||||||
Contingent consideration | ||||||||||||||||
2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance - December 31, 2014 | $ | 33,433 | ||||||||||||||
Payment | (4,000 | ) | ||||||||||||||
Revaluations | 392 | |||||||||||||||
Balance - March 29, 2015 | $ | 29,825 | ||||||||||||||
Valuation Technique and Inputs Used to Determine Fair Value of Assets or Liabilities | The following table provides information regarding the valuation techniques and inputs used in determining the fair value of assets or liabilities categorized as Level 3 measurements as of March 29, 2015: | |||||||||||||||
Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||
Contingent consideration | Discounted cash flow | Discount rate | 1.7% - 10% (7.3%) | |||||||||||||
Probability of payment | 0% - 100% (50.2%) |
Changes_in_shareholders_equity1
Changes in shareholders' equity (Tables) | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Reconciliation of Basic to Diluted Weighted Average Common Shares Outstanding | The following table provides a reconciliation of basic to diluted weighted average shares outstanding: | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 29, 2015 | March 30, 2014 | |||||||||||||||
(Shares in thousands) | ||||||||||||||||
Basic | 41,469 | 41,262 | ||||||||||||||
Dilutive effect of share-based awards | 467 | 471 | ||||||||||||||
Dilutive effect of 3.875% Convertible Notes and warrants | 5,359 | 4,016 | ||||||||||||||
Diluted | 47,295 | 45,749 | ||||||||||||||
Change in Accumulated Other Comprehensive Income (Loss) | The following tables provide information relating to the changes in accumulated other comprehensive (loss) income, net of tax, for the three months ended March 29, 2015 and March 30, 2014: | |||||||||||||||
Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive (Loss) Income | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2014 | $ | — | $ | (141,744 | ) | $ | (119,151 | ) | $ | (260,895 | ) | |||||
Other comprehensive income (loss) before reclassifications | 243 | 810 | (83,151 | ) | (82,098 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (199 | ) | 1,096 | — | 897 | |||||||||||
Net current-period other comprehensive income (loss) | 44 | 1,906 | (83,151 | ) | (81,201 | ) | ||||||||||
Balance at March 29, 2015 | $ | 44 | $ | (139,838 | ) | $ | (202,302 | ) | $ | (342,096 | ) | |||||
Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive (Loss) Income | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | (97,037 | ) | $ | (13,818 | ) | $ | (110,855 | ) | |||||
Other comprehensive income (loss) before reclassifications | 113 | (159 | ) | 4,051 | 4,005 | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (43 | ) | 783 | — | 740 | |||||||||||
Net current-period other comprehensive income | 70 | 624 | 4,051 | 4,745 | ||||||||||||
Balance at March 30, 2014 | $ | 70 | $ | (96,413 | ) | $ | (9,767 | ) | $ | (106,110 | ) | |||||
Reclassification of Gain/Losses into Income/Expense, Net of Tax | The following table provides information relating to the reclassifications of losses/(gain) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the three months ended March 29, 2015 and March 30, 2014: | |||||||||||||||
Three Months Ended | ||||||||||||||||
29-Mar-15 | 30-Mar-14 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
(Gains) losses on foreign exchange contracts: | ||||||||||||||||
Cost of goods sold | $ | (209 | ) | $ | (77 | ) | ||||||||||
Total before tax | (209 | ) | (77 | ) | ||||||||||||
Tax benefit | 10 | 34 | ||||||||||||||
Net of tax | $ | (199 | ) | $ | (43 | ) | ||||||||||
Amortization of pension and other postretirement benefit items: | ||||||||||||||||
Actuarial losses (1) | $ | 1,606 | $ | 1,102 | ||||||||||||
Prior-service costs(1) | — | (5 | ) | |||||||||||||
Total before tax | 1,606 | 1,097 | ||||||||||||||
Tax expense | (510 | ) | (314 | ) | ||||||||||||
Net of tax | $ | 1,096 | $ | 783 | ||||||||||||
Total reclassifications, net of tax | $ | 897 | $ | 740 | ||||||||||||
-1 | These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 12 for additional information). |
Taxes_on_income_from_continuin1
Taxes on income from continuing operations (Tables) | 3 Months Ended | |||
Mar. 29, 2015 | ||||
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate | The effective income tax rates for the three months ended March 29, 2015 and March 30, 2014 are as follows: | |||
Three Months Ended | ||||
29-Mar-15 | 30-Mar-14 | |||
Effective income tax rate | 19.20% | 19.50% |
Pension_and_other_postretireme1
Pension and other postretirement benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Net Benefit Cost of Pension and Postretirement Benefit Plans | Net benefit cost of pension and postretirement benefit plans consisted of the following: | |||||||||||||||
Pension | Other Postretirement Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
29-Mar-15 | 30-Mar-14 | 29-Mar-15 | 30-Mar-14 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service cost | $ | 471 | $ | 450 | $ | 107 | $ | 138 | ||||||||
Interest cost | 4,486 | 4,483 | 512 | 597 | ||||||||||||
Expected return on plan assets | (6,425 | ) | (6,260 | ) | — | — | ||||||||||
Net amortization and deferral | 1,530 | 1,071 | 77 | 26 | ||||||||||||
Net benefit expense (income) | $ | 62 | $ | (256 | ) | $ | 696 | $ | 761 | |||||||
Business_segment_information_T
Business segment information (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Results | The following tables present the Company’s segment results for the three months ended March 29, 2015 and March 30, 2014: | |||||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
(Dollars in thousands) | ||||||||
Revenue | ||||||||
Vascular North America | $ | 67,913 | $ | 62,506 | ||||
Anesthesia/Respiratory North America | 55,390 | 54,714 | ||||||
Surgical North America | 38,059 | 35,231 | ||||||
EMEA | 129,282 | 150,245 | ||||||
Asia | 48,529 | 49,602 | ||||||
OEM | 34,715 | 33,182 | ||||||
All other | 55,542 | 53,066 | ||||||
Consolidated net revenues | $ | 429,430 | $ | 438,546 | ||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
(Dollars in thousands) | ||||||||
Operating profit | ||||||||
Vascular North America | $ | 12,702 | $ | 9,392 | ||||
Anesthesia/Respiratory North America | 7,752 | 5,687 | ||||||
Surgical North America | 12,327 | 10,548 | ||||||
EMEA | 26,335 | 26,881 | ||||||
Asia | 8,146 | 12,837 | ||||||
OEM | 8,043 | 6,604 | ||||||
All other | 8,349 | 9,768 | ||||||
Total segment operating profit (1) | 83,654 | 81,717 | ||||||
Unallocated expenses (2) | (18,046 | ) | (22,697 | ) | ||||
Income from continuing operations before interest and taxes | $ | 65,608 | $ | 59,020 | ||||
-1 | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for fixed manufacturing cost absorption variances, selling, general and administrative expenses, research and development expenses and an allocation of corporate expenses. Corporate expenses are allocated among the segments in proportion to the respective amounts of one of several items (such as sales, numbers of employees, and amount of time spent), depending on the category of expense involved. | |||||||
-2 | Unallocated expenses primarily include manufacturing variances, with the exception of fixed manufacturing cost absorption variances, and restructuring and impairment charges. | |||||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
(Dollars in thousands) | ||||||||
Depreciation and amortization | ||||||||
Vascular North America | $ | 8,477 | $ | 7,855 | ||||
Anesthesia/Respiratory North America | 3,195 | 4,428 | ||||||
Surgical North America | 2,478 | 2,369 | ||||||
EMEA | 7,898 | 8,937 | ||||||
Asia | 2,398 | 1,838 | ||||||
OEM | 1,667 | 1,456 | ||||||
All other | 3,737 | 4,530 | ||||||
Consolidated depreciation and amortization | $ | 29,850 | $ | 31,413 | ||||
Schedule of Revenues and Property Plant Equipment by Geographic Region | The following table provides total net revenues for the three months ended March 29, 2015 and March 30, 2014 and total net property, plant and equipment by geographic region as of March 29, 2015 and December 31, 2014: | |||||||
Three Months Ended | ||||||||
29-Mar-15 | 30-Mar-14 | |||||||
(Dollars in thousands) | ||||||||
Net revenue (based on selling location) | ||||||||
United States | $ | 231,206 | $ | 216,461 | ||||
Other Americas | 13,441 | 14,771 | ||||||
Europe | 140,682 | 168,775 | ||||||
All other | 44,101 | 38,539 | ||||||
$ | 429,430 | $ | 438,546 | |||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | ||||||||
29-Mar-15 | 31-Dec-14 | |||||||
(Dollars in thousands) | ||||||||
Net property, plant and equipment | ||||||||
United States | $ | 177,431 | $ | 174,893 | ||||
Malaysia | 36,173 | 36,427 | ||||||
Czech Republic | 32,541 | 35,655 | ||||||
All other | 63,961 | 70,460 | ||||||
$ | 310,106 | $ | 317,435 | |||||
Condensed_consolidating_guaran1
Condensed consolidating guarantor financial information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||
Condensed Consolidated Guarantor Financial Information [Abstract] | ||||||||||||||||||||
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) | TELEFLEX INCORPORATED AND SUBSIDIARIES | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
Three Months Ended March 29, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 264,161 | $ | 258,901 | $ | (93,632 | ) | $ | 429,430 | |||||||||
Cost of goods sold | — | 158,326 | 137,618 | (89,151 | ) | 206,793 | ||||||||||||||
Gross profit | — | 105,835 | 121,283 | (4,481 | ) | 222,637 | ||||||||||||||
Selling, general and administrative expenses | 11,452 | 84,268 | 43,817 | 160 | 139,697 | |||||||||||||||
Research and development expenses | — | 11,127 | 1,757 | — | 12,884 | |||||||||||||||
Restructuring and impairment charges | — | 3,739 | 709 | — | 4,448 | |||||||||||||||
Income (loss) from continuing operations before interest, and taxes | (11,452 | ) | 6,701 | 75,000 | (4,641 | ) | 65,608 | |||||||||||||
Interest expense | 34,360 | (18,569 | ) | 1,381 | — | 17,172 | ||||||||||||||
Interest income | — | — | (169 | ) | — | (169 | ) | |||||||||||||
Income (loss) from continuing operations before taxes | (45,812 | ) | 25,270 | 73,788 | (4,641 | ) | 48,605 | |||||||||||||
Taxes (benefit) on income from continuing operations | (15,293 | ) | 10,992 | 10,804 | 2,829 | 9,332 | ||||||||||||||
Equity in net income of consolidated subsidiaries | 69,538 | 63,233 | 97 | (132,868 | ) | — | ||||||||||||||
Income from continuing operations | 39,019 | 77,511 | 63,081 | (140,338 | ) | 39,273 | ||||||||||||||
Operating (loss) income from discontinued operations | (503 | ) | — | 4 | — | (499 | ) | |||||||||||||
Taxes on loss from discontinued operations | 164 | — | 40 | — | 204 | |||||||||||||||
Loss from discontinued operations | (667 | ) | — | (36 | ) | — | (703 | ) | ||||||||||||
Net income | 38,352 | 77,511 | 63,045 | (140,338 | ) | 38,570 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 218 | — | 218 | |||||||||||||||
Net income attributable to common shareholders | 38,352 | 77,511 | 62,827 | (140,338 | ) | 38,352 | ||||||||||||||
Other comprehensive loss attributable to common shareholders | (81,201 | ) | (106,761 | ) | (76,290 | ) | 183,051 | (81,201 | ) | |||||||||||
Comprehensive loss attributable to common shareholders | $ | (42,849 | ) | $ | (29,250 | ) | $ | (13,463 | ) | $ | 42,713 | $ | (42,849 | ) | ||||||
Three Months Ended March 30, 2014 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 262,425 | $ | 248,437 | $ | (72,316 | ) | $ | 438,546 | |||||||||
Cost of goods sold | — | 152,368 | 137,873 | (72,854 | ) | 217,387 | ||||||||||||||
Gross profit | — | 110,057 | 110,564 | 538 | 221,159 | |||||||||||||||
Selling, general and administrative expenses | 10,778 | 81,395 | 47,921 | 203 | 140,297 | |||||||||||||||
Research and development expenses | — | 12,010 | 2,052 | — | 14,062 | |||||||||||||||
Restructuring and impairment charges | — | (188 | ) | 7,968 | — | 7,780 | ||||||||||||||
Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes | (10,778 | ) | 16,840 | 52,623 | 335 | 59,020 | ||||||||||||||
Interest expense | 33,726 | (19,907 | ) | 1,585 | — | 15,404 | ||||||||||||||
Interest income | — | — | (187 | ) | — | (187 | ) | |||||||||||||
Income (loss) from continuing operations before taxes | (44,504 | ) | 36,747 | 51,225 | 335 | 43,803 | ||||||||||||||
Taxes (benefit) on income from continuing operations | (15,420 | ) | 17,218 | 8,832 | (2,096 | ) | 8,534 | |||||||||||||
Equity in net income of consolidated subsidiaries | 64,124 | 43,108 | 94 | (107,326 | ) | — | ||||||||||||||
Income from continuing operations | 35,040 | 62,637 | 42,487 | (104,895 | ) | 35,269 | ||||||||||||||
Operating loss from discontinued operations | (25 | ) | — | — | — | (25 | ) | |||||||||||||
Taxes on loss from discontinued operations | 57 | — | 43 | — | 100 | |||||||||||||||
Loss from discontinued operations | (82 | ) | — | (43 | ) | — | (125 | ) | ||||||||||||
Net income | 34,958 | 62,637 | 42,444 | (104,895 | ) | 35,144 | ||||||||||||||
Less: Income from continuing operations attributable to noncontrolling interests | — | — | 186 | — | 186 | |||||||||||||||
Net income attributable to common shareholders | 34,958 | 62,637 | 42,258 | (104,895 | ) | 34,958 | ||||||||||||||
Other comprehensive income attributable to common shareholders | 4,745 | 7,228 | 8,523 | (15,751 | ) | 4,745 | ||||||||||||||
Comprehensive income attributable to common shareholders | $ | 39,703 | $ | 69,865 | $ | 50,781 | $ | (120,646 | ) | $ | 39,703 | |||||||||
Condensed Consolidating Balance Sheets | TELEFLEX INCORPORATED AND SUBSIDIARIES | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
March 29, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 28,102 | $ | — | $ | 280,657 | $ | — | $ | 308,759 | ||||||||||
Accounts receivable, net | 3,893 | 5,176 | 272,063 | 3,695 | 284,827 | |||||||||||||||
Accounts receivable from consolidated subsidiaries | 10,159 | 2,197,884 | 266,150 | (2,474,193 | ) | — | ||||||||||||||
Inventories, net | — | 206,295 | 159,769 | (27,328 | ) | 338,736 | ||||||||||||||
Prepaid expenses and other current assets | 14,965 | 7,262 | 18,708 | — | 40,935 | |||||||||||||||
Prepaid taxes | 21,149 | — | 12,844 | — | 33,993 | |||||||||||||||
Deferred tax assets | 30,248 | 16,856 | 9,458 | — | 56,562 | |||||||||||||||
Assets held for sale | 2,901 | — | 4,058 | — | 6,959 | |||||||||||||||
Total current assets | 111,417 | 2,433,473 | 1,023,707 | (2,497,826 | ) | 1,070,771 | ||||||||||||||
Property, plant and equipment, net | 3,329 | 172,767 | 134,010 | — | 310,106 | |||||||||||||||
Goodwill | — | 703,664 | 589,842 | — | 1,293,506 | |||||||||||||||
Intangibles assets, net | — | 734,111 | 449,438 | — | 1,183,549 | |||||||||||||||
Investments in affiliates | 5,448,202 | 1,321,811 | 20,940 | (6,790,219 | ) | 734 | ||||||||||||||
Deferred tax assets | 51,316 | — | 3,968 | (54,165 | ) | 1,119 | ||||||||||||||
Notes receivable and other amounts due from consolidated subsidiaries | 1,206,846 | 1,566,089 | 189 | (2,773,124 | ) | — | ||||||||||||||
Other assets | 29,392 | 6,836 | 27,582 | — | 63,810 | |||||||||||||||
Total assets | $ | 6,850,502 | $ | 6,938,751 | $ | 2,249,676 | $ | (12,115,334 | ) | $ | 3,923,595 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current borrowings | $ | 366,865 | $ | — | $ | 34,700 | $ | — | $ | 401,565 | ||||||||||
Accounts payable | 1,645 | 38,619 | 35,046 | — | 75,310 | |||||||||||||||
Accounts payable to consolidated subsidiaries | 2,245,622 | 185,006 | 43,568 | (2,474,196 | ) | — | ||||||||||||||
Accrued expenses | 18,174 | 24,052 | 29,679 | — | 71,905 | |||||||||||||||
Current portion of contingent consideration | — | 7,462 | — | — | 7,462 | |||||||||||||||
Payroll and benefit-related liabilities | 16,836 | 15,766 | 33,722 | — | 66,324 | |||||||||||||||
Accrued interest | 12,792 | — | 63 | — | 12,855 | |||||||||||||||
Income taxes payable | — | — | 17,558 | — | 17,558 | |||||||||||||||
Other current liabilities | 1,672 | 5,089 | 4,685 | — | 11,446 | |||||||||||||||
Total current liabilities | 2,663,606 | 275,994 | 199,021 | (2,474,196 | ) | 664,425 | ||||||||||||||
Long-term borrowings | 700,000 | — | — | — | 700,000 | |||||||||||||||
Deferred tax liabilities | — | 438,571 | 42,362 | (54,165 | ) | 426,768 | ||||||||||||||
Pension and other postretirement benefit liabilities | 108,627 | 34,881 | 19,087 | — | 162,595 | |||||||||||||||
Noncurrent liability for uncertain tax positions | 11,716 | 15,630 | 21,988 | — | 49,334 | |||||||||||||||
Notes payable and other amounts due from consolidated subsidiaries | 1,486,644 | 1,129,731 | 157,293 | (2,773,668 | ) | — | ||||||||||||||
Other liabilities | 21,976 | 25,204 | 12,691 | — | 59,871 | |||||||||||||||
Total liabilities | 4,992,569 | 1,920,011 | 452,442 | (5,302,029 | ) | 2,062,993 | ||||||||||||||
Total common shareholders' equity | 1,857,933 | 5,018,740 | 1,794,565 | (6,813,305 | ) | 1,857,933 | ||||||||||||||
Noncontrolling interest | — | — | 2,669 | — | 2,669 | |||||||||||||||
Total equity | 1,857,933 | 5,018,740 | 1,797,234 | (6,813,305 | ) | 1,860,602 | ||||||||||||||
Total liabilities and equity | $ | 6,850,502 | $ | 6,938,751 | $ | 2,249,676 | $ | (12,115,334 | ) | $ | 3,923,595 | |||||||||
December 31, 2014 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Notes payable | $ | 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 from 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 | |||||||||
Condensed Consolidating Statements of Cash Flows | TELEFLEX INCORPORATED AND SUBSIDIARIES | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Three Months Ended March 29, 2015 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Condensed | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (55,153 | ) | $ | (1,914 | ) | $ | 99,425 | $ | — | $ | 42,358 | ||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (37 | ) | (7,738 | ) | (6,670 | ) | — | (14,445 | ) | |||||||||||
Proceeds from sale of assets and investments | — | — | — | — | — | |||||||||||||||
Payments for businesses and intangibles acquired, net of cash acquired | — | — | (7,375 | ) | — | (7,375 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | (37 | ) | (7,738 | ) | (14,045 | ) | — | (21,820 | ) | |||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Proceeds from long-term borrowings | 30,000 | — | — | — | 30,000 | |||||||||||||||
Repayment of long-term borrowings | (52 | ) | — | — | — | (52 | ) | |||||||||||||
Net proceeds from share based compensation plans and the related tax impacts | (289 | ) | — | — | — | (289 | ) | |||||||||||||
Payments for contingent consideration | — | (3,989 | ) | — | — | (3,989 | ) | |||||||||||||
Dividends | (14,118 | ) | — | — | — | (14,118 | ) | |||||||||||||
Intercompany transactions | 40,057 | 13,641 | (53,698 | ) | — | — | ||||||||||||||
Intercompany dividends paid | — | — | — | — | — | |||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 55,598 | 9,652 | (53,698 | ) | — | 11,552 | ||||||||||||||
Cash Flows from Discontinued Operations: | ||||||||||||||||||||
Net cash used in operating activities | (302 | ) | — | (824 | ) | — | (1,126 | ) | ||||||||||||
Net cash used in discontinued operations | (302 | ) | — | (824 | ) | — | (1,126 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (25,441 | ) | — | (25,441 | ) | |||||||||||||
Net increase in cash and cash equivalents | 106 | — | 5,417 | — | 5,523 | |||||||||||||||
Cash and cash equivalents at the beginning of the period | 27,996 | — | 275,240 | — | 303,236 | |||||||||||||||
Cash and cash equivalents at the end of the period | $ | 28,102 | $ | — | $ | 280,657 | $ | — | $ | 308,759 | ||||||||||
Three Months Ended March 30, 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 | $ | (22,185 | ) | $ | 24,438 | $ | 39,665 | $ | — | $ | 41,918 | |||||||||
Cash Flows from Investing Activities of Continuing Operations: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (753 | ) | (4,823 | ) | (6,533 | ) | — | (12,109 | ) | |||||||||||
Proceeds from sales of assets and investments | 1,669 | — | — | — | 1,669 | |||||||||||||||
Payments for business intangibles acquired, net of cash acquired | — | — | (28,991 | ) | — | (28,991 | ) | |||||||||||||
Investments in affiliates | (60 | ) | — | — | — | (60 | ) | |||||||||||||
Net cash provided by (used in) investing activities from continuing operations | 856 | (4,823 | ) | (35,524 | ) | — | (39,491 | ) | ||||||||||||
Cash Flows from Financing Activities of Continuing Operations: | ||||||||||||||||||||
Debt extinguishment, issuance and amendment fees | (90 | ) | — | — | — | (90 | ) | |||||||||||||
Net proceeds from share based compensation plans and the related tax impacts | 323 | — | — | — | 323 | |||||||||||||||
Dividends | (14,051 | ) | — | — | — | (14,051 | ) | |||||||||||||
Intercompany transactions | 15,776 | (28,602 | ) | 12,826 | — | — | ||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 1,958 | (28,602 | ) | 12,826 | — | (13,818 | ) | |||||||||||||
Cash Flows from Discontinued Operations: | — | |||||||||||||||||||
Net cash used in operating activities | (1,167 | ) | — | — | — | (1,167 | ) | |||||||||||||
Net cash used in discontinued operations | (1,167 | ) | — | — | — | (1,167 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2,223 | — | 2,223 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (20,538 | ) | (8,987 | ) | 19,190 | — | (10,335 | ) | ||||||||||||
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 | 22,211 | 5,513 | 393,925 | — | 421,649 | |||||||||||||||
Basis_of_presentation_addition
Basis of presentation - additional information (Detail) (Reclassifications, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 30, 2014 |
Reclassifications | |
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |
Tax withholding obligations for share based compensation | $8.30 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Jan. 20, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||||
Fair value of the consideration at the date of acquisition | $66,300,000 | |||
Net revenues | 429,430,000 | 438,546,000 | ||
Income (loss) from continuing operations before taxes | 48,605,000 | 43,803,000 | ||
Human Medics | ||||
Business Acquisition [Line Items] | ||||
Fair value of the consideration at the date of acquisition | 8,900,000 | |||
Initial payment | 7,400,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | 1,800,000 | |||
Working capital adjustment related to acquisition | 300,000 | |||
Transaction expenses | $300,000 |
Restructuring_and_impairment_c1
Restructuring and impairment charges - additional information (Detail) (USD $) | 3 Months Ended | 11 Months Ended | 13 Months Ended | 10 Months Ended | 27 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 29, 2015 | |
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | $4,448,000 | $7,780,000 | ||||
Impairment charges | 0 | 0 | ||||
2015 Restructuring Program | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring expenses | 4,200,000 | |||||
Restructuring charges | 4,238,000 | |||||
Restructuring reserve | 4,100,000 | 4,100,000 | 4,100,000 | 4,100,000 | 4,100,000 | |
2015 Restructuring Program | Contract Termination Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 621,000 | |||||
2015 Restructuring Program | Facility Closure Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 67,000 | |||||
2015 Restructuring Program | Other | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | |||||
2015 Restructuring Program | Minimum | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | |
2015 Restructuring Program | Maximum | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | |
2014 Manufacturing Footprint Realignment | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring expenses | 2,300,000 | 9,400,000 | ||||
Restructuring charges | 163,000 | |||||
Restructuring reserve | 8,800,000 | 8,800,000 | 8,800,000 | 8,800,000 | 8,800,000 | |
2014 Manufacturing Footprint Realignment | Accelerated Depreciation And Other Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring expenses | 7,100,000 | |||||
Restructuring charges | 2,100,000 | |||||
2014 Manufacturing Footprint Realignment | Contract Termination Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | |||||
2014 Manufacturing Footprint Realignment | Facility Closure Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 22,000 | |||||
2014 Manufacturing Footprint Realignment | Other | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 4,000 | |||||
2014 Manufacturing Footprint Realignment | Minimum | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 37,000,000 | 37,000,000 | 37,000,000 | 37,000,000 | 37,000,000 | |
Restructuring costs expected cash payment | 26,000,000 | |||||
2014 Manufacturing Footprint Realignment | Minimum | Termination Benefits | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 11,000,000 | 11,000,000 | 11,000,000 | 11,000,000 | 11,000,000 | |
2014 Manufacturing Footprint Realignment | Minimum | Facility Closure Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | |
2014 Manufacturing Footprint Realignment | Minimum | Accelerated Depreciation Charges | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
2014 Manufacturing Footprint Realignment | Minimum | Other | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | |
2014 Manufacturing Footprint Realignment | Maximum | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 44,000,000 | 44,000,000 | 44,000,000 | 44,000,000 | 44,000,000 | |
Restructuring costs expected cash payment | 31,000,000 | |||||
2014 Manufacturing Footprint Realignment | Maximum | Termination Benefits | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 13,000,000 | 13,000,000 | 13,000,000 | 13,000,000 | 13,000,000 | |
2014 Manufacturing Footprint Realignment | Maximum | Facility Closure Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | |
2014 Manufacturing Footprint Realignment | Maximum | Accelerated Depreciation Charges | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 11,000,000 | 11,000,000 | 11,000,000 | 11,000,000 | 11,000,000 | |
2014 Manufacturing Footprint Realignment | Maximum | Other | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 17,000,000 | 17,000,000 | 17,000,000 | 17,000,000 | 17,000,000 | |
2014 European Restructuring Plan | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring expenses | 7,800,000 | |||||
Restructuring charges | 26,000 | 8,318,000 | ||||
Restructuring reserve | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | |
2014 European Restructuring Plan | Contract Termination Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | 0 | ||||
2014 European Restructuring Plan | Facility Closure Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | 0 | ||||
2014 European Restructuring Plan | Other | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 17,000 | 0 | ||||
2014 Restructuring Program | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 49,000 | 3,600,000 | ||||
Restructuring reserve | 900,000 | 900,000 | 900,000 | 900,000 | 900,000 | |
2014 Restructuring Program | Contract Termination Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 49,000 | |||||
2014 Restructuring Program | Facility Closure Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | |||||
2014 Restructuring Program | Other | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | |||||
2014 Restructuring Program | Maximum | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | |
LMA Restructuring Program | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | -31,000 | -430,000 | 11,300,000 | |||
Restructuring reserve | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |
LMA Restructuring Program | Contract Termination Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | -31,000 | -472,000 | ||||
LMA Restructuring Program | Facility Closure Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | 42,000 | ||||
LMA Restructuring Program | Other | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | 0 | ||||
2013 Restructuring Program | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 3,000 | 168,000 | 11,100,000 | |||
Restructuring reserve | 800,000 | 800,000 | 800,000 | 800,000 | 800,000 | |
2013 Restructuring Program | Contract Termination Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | 0 | ||||
2013 Restructuring Program | Facility Closure Costs | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | 0 | ||||
2013 Restructuring Program | Other | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring charges | 0 | 0 | ||||
2012 Restructuring Charges | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Expected restructuring charges | 6,400,000 | 6,400,000 | 6,400,000 | 6,400,000 | 6,400,000 | |
Restructuring reserve | $500,000 | $500,000 | $500,000 | $500,000 | $500,000 |
Restructuring_and_impairment_c2
Restructuring and impairment charges (Detail) (USD $) | 3 Months Ended | 10 Months Ended | 27 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 29, 2015 |
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | $4,448 | $7,780 | ||
Total restructuring and impairment charges | 4,448 | 7,780 | ||
Termination Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring and impairment charges | 3,699 | 7,876 | ||
Facility Closure Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring and impairment charges | 89 | 376 | ||
Contract Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring and impairment charges | 639 | -472 | ||
Other Exit Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring and impairment charges | 21 | 0 | ||
2015 Restructuring Program | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 4,238 | |||
2015 Restructuring Program | Termination Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 3,550 | |||
2015 Restructuring Program | Facility Closure Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 67 | |||
2015 Restructuring Program | Contract Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 621 | |||
2015 Restructuring Program | Other Exit Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
2014 Manufacturing Footprint Realignment | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 163 | |||
2014 Manufacturing Footprint Realignment | Termination Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 137 | |||
2014 Manufacturing Footprint Realignment | Facility Closure Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 22 | |||
2014 Manufacturing Footprint Realignment | Contract Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
2014 Manufacturing Footprint Realignment | Other Exit Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 4 | |||
2014 European Restructuring Plan | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 26 | 8,318 | ||
2014 European Restructuring Plan | Termination Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 9 | 8,318 | ||
2014 European Restructuring Plan | Facility Closure Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | ||
2014 European Restructuring Plan | Contract Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | ||
2014 European Restructuring Plan | Other Exit Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 17 | 0 | ||
2014 Restructuring Program | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 49 | 3,600 | ||
2014 Restructuring Program | Termination Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
2014 Restructuring Program | Facility Closure Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
2014 Restructuring Program | Contract Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 49 | |||
2014 Restructuring Program | Other Exit Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
LMA Restructuring Program | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | -31 | -430 | 11,300 | |
LMA Restructuring Program | Termination Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | ||
LMA Restructuring Program | Facility Closure Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | 42 | ||
LMA Restructuring Program | Contract Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | -31 | -472 | ||
LMA Restructuring Program | Other Exit Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | ||
2013 Restructuring Program | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 3 | 168 | 11,100 | |
2013 Restructuring Program | Termination Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 3 | 168 | ||
2013 Restructuring Program | Facility Closure Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | ||
2013 Restructuring Program | Contract Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | ||
2013 Restructuring Program | Other Exit Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | 0 | ||
2012 Restructuring Program | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | -290 | |||
2012 Restructuring Program | Termination Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | -610 | |||
2012 Restructuring Program | Facility Closure Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 320 | |||
2012 Restructuring Program | Contract Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
2012 Restructuring Program | Other Exit Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
2011 Restructuring Plan | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 14 | |||
2011 Restructuring Plan | Termination Benefits | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
2011 Restructuring Plan | Facility Closure Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 14 | |||
2011 Restructuring Plan | Contract Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
2011 Restructuring Plan | Other Exit Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | $0 |
Restructuring_and_impairment_c3
Restructuring and impairment charges by segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Restructuring and other impairment charges | ||
Total restructuring and impairment charges | $4,448 | $7,780 |
Restructuring charges | 4,448 | 7,780 |
Vascular North America | ||
Restructuring and other impairment charges | ||
Restructuring charges | 830 | 14 |
Anesthesia Respiratory North America | ||
Restructuring and other impairment charges | ||
Restructuring charges | -40 | 27 |
Surgical North America | ||
Restructuring and other impairment charges | ||
Restructuring charges | 23 | 0 |
EMEA | ||
Restructuring and other impairment charges | ||
Restructuring charges | -32 | 7,889 |
Asia | ||
Restructuring and other impairment charges | ||
Restructuring charges | 0 | 78 |
OEM | ||
Restructuring and other impairment charges | ||
Restructuring charges | 0 | 0 |
All Other | ||
Restructuring and other impairment charges | ||
Restructuring charges | $3,667 | ($228) |
Inventories_net_Detail
Inventories, net (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $70,285 | $68,191 |
Work-in-process | 57,205 | 58,526 |
Finished goods | 244,814 | 242,750 |
Inventories, gross | 372,304 | 369,467 |
Less: inventory reserve | -33,568 | -33,874 |
Inventories, net | $338,736 | $335,593 |
Goodwill_and_other_intangible_2
Goodwill and other intangible assets, net - additional information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $1,183,549 | $1,216,720 | |
Amortization expense of intangible assets | 14,740 | 16,019 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible asset useful life | 7 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible asset useful life | 18 years | ||
In Process Research and Development | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | 27,600 | ||
Trade Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | 61,500 | ||
Intangible asset useful life | 20 years | ||
In Process Research and Development | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 41,000 | 68,694 | |
In Process Research and Development | Semprus Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | $41,000 |
Goodwill_and_other_intangible_3
Goodwill and other intangible assets, net Changes in carrying amount of goodwill, by reporting segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Dec. 31, 2014 |
Goodwill [Roll Forward] | ||
Goodwill | $1,625,634 | $1,655,681 |
Accumulated impairment losses | -332,128 | -332,128 |
Goodwill | 1,293,506 | 1,323,553 |
Goodwill related to acquisitions | 2,801 | |
Translation adjustment | -32,848 | |
Vascular North America | ||
Goodwill [Roll Forward] | ||
Goodwill | 459,696 | 459,696 |
Accumulated impairment losses | -219,527 | -219,527 |
Goodwill | 240,169 | 240,169 |
Goodwill related to acquisitions | 0 | |
Translation adjustment | 0 | |
Anesthesia Respiratory North America | ||
Goodwill [Roll Forward] | ||
Goodwill | 165,998 | 166,514 |
Accumulated impairment losses | -107,073 | -107,073 |
Goodwill | 58,925 | 59,441 |
Goodwill related to acquisitions | 0 | |
Translation adjustment | -516 | |
Surgical North America | ||
Goodwill [Roll Forward] | ||
Goodwill | 250,912 | 250,912 |
Accumulated impairment losses | 0 | 0 |
Goodwill | 250,912 | 250,912 |
Goodwill related to acquisitions | 0 | |
Translation adjustment | 0 | |
EMEA | ||
Goodwill [Roll Forward] | ||
Goodwill | 310,488 | 339,029 |
Accumulated impairment losses | 0 | 0 |
Goodwill | 310,488 | 339,029 |
Goodwill related to acquisitions | 0 | |
Translation adjustment | -28,541 | |
Asia | ||
Goodwill [Roll Forward] | ||
Goodwill | 143,885 | 144,712 |
Accumulated impairment losses | 0 | 0 |
Goodwill | 143,885 | 144,712 |
Goodwill related to acquisitions | 2,801 | |
Translation adjustment | -3,628 | |
All Other | ||
Goodwill [Roll Forward] | ||
Goodwill | 294,655 | 294,818 |
Accumulated impairment losses | -5,528 | -5,528 |
Goodwill | 289,127 | 289,290 |
Goodwill related to acquisitions | 0 | |
Translation adjustment | ($163) |
Goodwill_and_other_intangible_4
Goodwill and other intangible assets, net Components of intangible assets (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $1,549,695 | $1,573,043 |
Accumulated amortization | -366,146 | -356,323 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 616,788 | 624,574 |
Accumulated amortization | -196,679 | -192,876 |
Intellectual Property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 489,857 | 467,068 |
Accumulated amortization | -151,521 | -146,131 |
Distribution Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 15,519 | 16,101 |
Accumulated amortization | -13,751 | -14,243 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 386,194 | 396,269 |
Accumulated amortization | -3,858 | -2,764 |
Non-compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 337 | 337 |
Accumulated amortization | -337 | -309 |
In Process Research and Development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | 0 | 0 |
Indefinite-lived intangible assets | $41,000 | $68,694 |
Goodwill_and_other_intangible_5
Goodwill and other intangible assets, net Annual amortization expense (Details) (USD $) | Mar. 29, 2015 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $43,600 |
2016 | 59,500 |
2017 | 59,000 |
2018 | 58,700 |
2019 | 58,400 |
2020 | $58,200 |
Borrowings_Components_of_longt
Borrowings Components of long-term debt (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, at a rate of 1.92% at March 29, 2015, due 2018 | $200,000 | $200,000 |
Total borrowings | 1,134,546 | 1,104,598 |
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes due 2017 | -32,981 | -36,197 |
Total long-term debt | 1,101,565 | 1,068,401 |
Current borrowings | -401,565 | -368,401 |
Long-term borrowings | 700,000 | 700,000 |
3.875% Convertible Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
3.875% Convertible Senior Subordinated Notes due 2017 | 399,846 | 399,898 |
6.875% Senior Subordinated Notes due 2019 | ||
Debt Instrument [Line Items] | ||
6.875% Senior Subordinated Notes due 2019 | 250,000 | 250,000 |
5.25% Senior Subordinated Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
5.25% Senior Notes due 2024 | 250,000 | 250,000 |
Securitization Program | ||
Debt Instrument [Line Items] | ||
Securitization program, at a rate of 0.93% at March 29, 2015 | $34,700 | $4,700 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |
Mar. 29, 2015 | Dec. 31, 2014 | Apr. 30, 2015 | Dec. 31, 2013 | 21-May-14 | Mar. 30, 2014 | |
Debt Instrument [Line Items] | ||||||
Debt instrument, stated interest rate | 3.88% | 3.88% | ||||
Latest date | 28-Jul-17 | |||||
Total long-term debt | $1,101,565,000 | $1,068,401,000 | ||||
Line of credit facility interest rate | 1.92% | |||||
Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price percentage | 103.44% | |||||
Convertible Senior Subordinated Notes | ||||||
Debt Instrument [Line Items] | ||||||
Number of trading period | 20 days | |||||
Number of consecutive trading period | 30 days | |||||
Threshold percentage of stock price trigger | 130.00% | |||||
Number of business period | 5 days | |||||
Principal amount of convertible notes | 1,000 | |||||
Percentage of product of last reported sale price of common stock | 98.00% | |||||
Conversion ratio | 16.3084 | |||||
Conversion price, per share | $61.32 | |||||
3.875% Convertible Senior Subordinated Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, stated interest rate | 3.88% | 3.88% | ||||
Debt instrument maturity date | 1-Aug-17 | |||||
6.875% Senior Subordinated Notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, stated interest rate | 6.88% | 6.88% | ||||
6.875% senior subordinated notes due 2019 | 250,000,000 | 250,000,000 | ||||
Debt instrument maturity date | 1-Jun-19 | 1-Jun-19 | ||||
6.875% Senior Subordinated Notes due 2019 | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, stated interest rate | 6.88% | |||||
6.875% senior subordinated notes due 2019 | 250,000,000 | |||||
5.25% Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, stated interest rate | 5.25% | 5.25% | ||||
Debt instrument maturity date | 15-Jun-24 | 15-Jun-24 | ||||
Securitization Program | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, stated interest rate | 0.93% |
Borrowings_Fair_value_of_long_
Borrowings Fair value of long term debt (Details) (USD $) | Mar. 29, 2015 |
In Thousands, unless otherwise specified | |
Fair Value Measurements [Line Items] | |
Fair value of debt | $1,534,766 |
Level 1 | |
Fair Value Measurements [Line Items] | |
Fair value of debt | 1,040,170 |
Level 2 | |
Fair Value Measurements [Line Items] | |
Fair value of debt | $494,596 |
Financial_instruments_addition
Financial instruments - additional information (Detail) (USD $) | 3 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 | |
Derivatives Fair Value [Line Items] | |||
Total notional amount for all open foreign currency forward contracts | $99,600,000 | $0 | |
Amount of gains in accumulated other comprehensive income to be reclassified as expense to the statement of income | 100,000 | ||
Allowance for doubtful accounts | 8,300,000 | 8,800,000 | |
Current portion of allowance for doubtful accounts | 2,300,000 | 2,400,000 | |
Noncurrent portion of allowance for doubtful accounts | 6,000,000 | 6,400,000 | |
Net revenues | 429,430,000 | 438,546,000 | |
Spain, Italy, Portugal, and Greece | |||
Derivatives Fair Value [Line Items] | |||
Current portion of allowance for doubtful accounts | 7,100,000 | 8,100,000 | |
Net revenues | $33,000,000 | $39,300,000 |
Financial_instruments_Fair_val
Financial instruments Fair values of derivative instruments designated as hedging instruments (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives Fair Value [Line Items] | ||
Total asset derivatives | $1,737 | $0 |
Total liability derivatives | 1,553 | 0 |
Foreign Currency Forward Contract | Prepaid Expenses and Other Current Assets | ||
Derivatives Fair Value [Line Items] | ||
Total asset derivatives | 1,737 | 0 |
Foreign Currency Forward Contract | Other Current Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Total liability derivatives | $1,553 | $0 |
Financial_instruments_After_ta
Financial instruments After tax (gain)/loss reclassified from accumulated other comprehensive income into income (Details) (Cash Flow Hedging, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives qualifying as hedges, net of tax | $44 | $70 |
Foreign Currency Forward Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives qualifying as hedges, net of tax | $44 | $70 |
Financial_instruments_Aggregat
Financial instruments Aggregate accounts receivable, net of allowance for doubtful accounts (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 29, 2015 | Dec. 31, 2014 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Current and long term accounts receivable, allowances | $2,300,000 | $2,400,000 | ||
Spain, Italy, Portugal, and Greece | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Current and long-term accounts receivable (net of allowances of $7.1 million and $8.1 million at March 29, 2015 and December 31, 2014, respectively) in Greece, Italy, Spain and Portugal (1) | 76,322,000 | [1] | 76,190,000 | [1] |
Percentage of total net current and long-term accounts receivable | 26.60% | 27.30% | ||
Current and long term accounts receivable, allowances | 7,100,000 | 8,100,000 | ||
Long-term portion of accounts receivable, net | $10,300,000 | $11,300,000 | ||
[1] | The long-term portion of accounts receivable, net from customers in Greece, Italy, Spain and Portugal at MarchB 29, 2015 and DecemberB 31, 2014 was $10.3 million and $11.3 million, respectively, and is reported on the condensed consolidated balance sheet in other assets |
Fair_value_measurement_additio
Fair value measurement - additional information (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
Fair Value Measurements [Line Items] | ||
Fair value measurement with unobservable inputs reconciliations liability value | $29,825,000 | $33,433,000 |
Current portion of contingent consideration | 7,462,000 | 11,276,000 |
Fair value measurement with unobservable inputs reconciliations other liabilities | 22,300,000 | |
Minimum | ||
Fair Value Measurements [Line Items] | ||
Fair value of contingent consideration liability associated with future milestone | 11,000,000 | |
Maximum | ||
Fair Value Measurements [Line Items] | ||
Fair value of contingent consideration liability associated with future milestone | $78,932,000 |
Fair_value_measurement_Financi
Fair value measurement Financial assets and liabilities carried at fair value measured on recurring basis (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | $6,954 | $6,863 |
Derivative assets | 1,737 | |
Derivative liabilities | 1,553 | |
Contingent consideration liabilities | 29,825 | 33,433 |
Quoted prices in active markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | 6,954 | 6,863 |
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Contingent consideration liabilities | 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 |
Derivative assets | 1,737 | |
Derivative liabilities | 1,553 | |
Contingent consideration liabilities | 0 | 0 |
Significant unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | 0 | 0 |
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Contingent consideration liabilities | $29,825 | $33,433 |
Fair_value_measurement_Reconci
Fair value measurement Reconciliation of changes in three financial liabilities measured at fair value on recurring basis (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2015 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $33,433 |
Payment | -4,000 |
Revaluations | 392 |
Ending balance | $29,825 |
Fair_value_measurement_Valuati
Fair value measurement Valuation technique and inputs used to determine fair value of assets or liabilities (Details) | 3 Months Ended |
Mar. 29, 2015 | |
Probability Of Payment | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Contingent consideration, weighted average | 50.20% |
Probability Of Payment | Minimum | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Contingent consideration | 0.00% |
Probability Of Payment | Maximum | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Contingent consideration | 100.00% |
Market Approach Valuation Technique [Member] | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Contingent consideration, weighted average | 7.30% |
Market Approach Valuation Technique [Member] | Minimum | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Contingent consideration | 1.70% |
Market Approach Valuation Technique [Member] | Maximum | |
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | |
Contingent consideration | 10.00% |
Changes_in_shareholders_equity2
Changes in shareholders' equity - additional information (Details) (USD $) | 3 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Jun. 30, 2007 | Dec. 31, 2014 |
Shareholders Equity [Line Items] | ||||
Repurchase of outstanding common stock, authorized amount | $300,000,000 | |||
Debt instrument, stated interest rate | 3.88% | 3.88% | ||
Equity Option | ||||
Shareholders Equity [Line Items] | ||||
Weighted average antidilutive which were not included in the calculation of earnings per share | 5.8 | 6.5 | ||
Convertible Note | ||||
Shareholders Equity [Line Items] | ||||
Weighted average antidilutive which were not included in the calculation of earnings per share | 3.1 | 2.5 | ||
Per share market price of common stock | $61.32 | |||
Strike price of warrents | 74.65 | |||
Conversion of convertible notes, shares issued upon conversion | 2.3 | 1.6 |
Changes_in_shareholders_equity3
Changes in shareholders' equity Reconciliation of basic to diluted weighted average common shares outstanding (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Equity [Abstract] | ||
Basic (in shares) | 41,469 | 41,262 |
Dilutive effect of share-based awards (in shares) | 467 | 471 |
Dilutive effect of 3.875% Convertible Notes and warrants (in shares) | 5,359 | 4,016 |
Diluted (in shares) | 47,295 | 45,749 |
Changes_in_shareholders_equity4
Changes in shareholders' equity Change in accumulated other comprehensive income , net of tax (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss) | ($260,895) | ($110,855) |
Other comprehensive income (loss) before reclassifications | -82,098 | 4,005 |
Amounts reclassified from accumulated other comprehensive (loss) income | 897 | 740 |
Net current-period other comprehensive income (loss) | -81,201 | 4,745 |
Ending balance, accumulated other comprehensive income (loss) | -342,096 | -106,110 |
Cash Flow Hedges | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss) | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 243 | 113 |
Amounts reclassified from accumulated other comprehensive (loss) income | -199 | -43 |
Net current-period other comprehensive income (loss) | 44 | 70 |
Ending balance, accumulated other comprehensive income (loss) | 44 | 70 |
Pension and Other Postretirement Benefits Plans | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss) | -141,744 | -97,037 |
Other comprehensive income (loss) before reclassifications | 810 | -159 |
Amounts reclassified from accumulated other comprehensive (loss) income | 1,096 | 783 |
Net current-period other comprehensive income (loss) | 1,906 | 624 |
Ending balance, accumulated other comprehensive income (loss) | -139,838 | -96,413 |
Foreign Currency Translation Adjustment | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss) | -119,151 | -13,818 |
Other comprehensive income (loss) before reclassifications | -83,151 | 4,051 |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 |
Net current-period other comprehensive income (loss) | -83,151 | 4,051 |
Ending balance, accumulated other comprehensive income (loss) | ($202,302) | ($9,767) |
Changes_in_shareholders_equity5
Changes in shareholders' equity Accumulated other comprehensive income into income expense (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of goods sold | $206,793 | $217,387 | ||
Income from continuing operations before taxes | 48,605 | 43,803 | ||
Tax benefit (expense) | -9,332 | -8,534 | ||
Income from continuing operations | 39,273 | 35,269 | ||
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income from continuing operations | 897 | 740 | ||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income from continuing operations before taxes | -209 | -77 | ||
Tax benefit (expense) | 10 | 34 | ||
Income from continuing operations | -199 | -43 | ||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Benefits Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income from continuing operations before taxes | 1,606 | 1,097 | ||
Tax benefit (expense) | -510 | -314 | ||
Income from continuing operations | 1,096 | 783 | ||
Actuarial losses | 1,606 | [1] | 1,102 | [1] |
Prior-service costs | 0 | [1] | -5 | [1] |
Reclassification out of Accumulated Other Comprehensive Income | Commodity Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of goods sold | ($209) | ($77) | ||
[1] | These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 12 for additional information). |
Taxes_on_income_from_continuin2
Taxes on income from continuing operations- additional information (Details) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 19.20% | 19.50% |
Pension_and_other_postretireme2
Pension and other postretirement benefits - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2015 |
Compensation and Retirement Disclosure [Abstract] | |
Expected employer contribution for year 2014 | $2.90 |
Employer contribution to pension plan | $1.20 |
Pension_and_other_postretireme3
Pension and other postretirement benefits Net benefit cost of pension and postretirement benefit plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $471 | $450 |
Interest cost | 4,486 | 4,483 |
Expected return on plan assets | -6,425 | -6,260 |
Net amortization and deferral | 1,530 | 1,071 |
Net benefit expense (income) | 62 | -256 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 107 | 138 |
Interest cost | 512 | 597 |
Expected return on plan assets | 0 | 0 |
Net amortization and deferral | 77 | 26 |
Net benefit expense (income) | $696 | $761 |
Commitments_and_contingent_lia1
Commitments and contingent liabilities - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
Dec. 05, 2014 | Mar. 29, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Estimated litigation liability | 5,000,000 | ||
Parish of Calcasieu | Judicial Ruling | Compensatory Damages | |||
Loss Contingencies [Line Items] | |||
Damages awarded | 100,000 | ||
Parish of Calcasieu | Judicial Ruling | Punitive Damages | |||
Loss Contingencies [Line Items] | |||
Damages awarded | 23,000,000 | ||
Parish of Calcasieu | Judicial Ruling | Unfavorable Regulatory Action | |||
Loss Contingencies [Line Items] | |||
Possible loss | 10,000,000 | ||
Discontinued Operations | |||
Loss Contingencies [Line Items] | |||
Estimated litigation liability | 1,500,000 | ||
Minimum | |||
Loss Contingencies [Line Items] | |||
Time-frame over which the accrued amounts may be paid out, in years | 15 years | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Time-frame over which the accrued amounts may be paid out, in years | 20 years | ||
Accrued Liabilities | |||
Loss Contingencies [Line Items] | |||
Waste disposed accrued liability | 1,100,000 | ||
Other Liability | |||
Loss Contingencies [Line Items] | |||
Waste disposed accrued liability | 6,500,000 |
Business_segment_information_a
Business segment information - additional information (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | $429,430 | $438,546 | |||
Operating profit | 65,608 | 59,020 | |||
Depreciation and amortization | 29,850 | 31,413 | |||
Property, plant and equipment, net | 310,106 | 317,435 | |||
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 231,206 | 216,461 | |||
Property, plant and equipment, net | 177,431 | 174,893 | |||
Other Americas | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 13,441 | 14,771 | |||
Europe | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 140,682 | 168,775 | |||
Malaysia | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Property, plant and equipment, net | 36,173 | 36,427 | |||
Czech Republic | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Property, plant and equipment, net | 32,541 | 35,655 | |||
All Other | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 44,101 | 38,539 | |||
Property, plant and equipment, net | 63,961 | 70,460 | |||
Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Operating profit | 83,654 | [1] | 81,717 | [1] | |
Unallocated expenses | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Operating profit | -18,046 | [2] | -22,697 | [2] | |
Vascular North America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 67,913 | 62,506 | |||
Depreciation and amortization | 8,477 | 7,855 | |||
Vascular North America | Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Operating profit | 12,702 | 9,392 | |||
Anesthesia Respiratory North America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 55,390 | 54,714 | |||
Depreciation and amortization | 3,195 | 4,428 | |||
Anesthesia Respiratory North America | Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Operating profit | 7,752 | 5,687 | |||
Surgical North America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 38,059 | 35,231 | |||
Depreciation and amortization | 2,478 | 2,369 | |||
Surgical North America | Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Operating profit | 12,327 | 10,548 | |||
EMEA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 129,282 | 150,245 | |||
Depreciation and amortization | 7,898 | 8,937 | |||
EMEA | Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Operating profit | 26,335 | 26,881 | |||
Asia | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 48,529 | 49,602 | |||
Depreciation and amortization | 2,398 | 1,838 | |||
Asia | Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Operating profit | 8,146 | 12,837 | |||
OEM | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 34,715 | 33,182 | |||
Depreciation and amortization | 1,667 | 1,456 | |||
OEM | Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Operating profit | 8,043 | 6,604 | |||
All Other | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 55,542 | 53,066 | |||
Depreciation and amortization | 3,737 | 4,530 | |||
All Other | Operating Segments | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Operating profit | $8,349 | $9,768 | |||
[1] | Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for fixed manufacturing cost absorption variances, selling, general and administrative expenses, research and development expenses and an allocation of corporate expenses. Corporate expenses are allocated among the segments in proportion to the respective amounts of one of several items (such as sales, numbers of employees, and amount of time spent), depending on the category of expense involved. | ||||
[2] | Unallocated expenses primarily include manufacturing variances, with the exception of fixed manufacturing cost absorption variances, and restructuring and impairment charges. |
Condensed_consolidating_guaran2
Condensed consolidating guarantor financial information - additional information (Detail) (USD $) | Mar. 29, 2015 | Mar. 30, 2014 | Jun. 26, 2011 |
In Thousands, unless otherwise specified | |||
Condensed Financial Statements Captions [Line Items] | |||
Debt instrument, stated interest rate | 3.88% | 3.88% | |
Ownership percentage of subsidiaries | 100.00% | ||
6.875% Senior Subordinated Notes due 2019 | |||
Condensed Financial Statements Captions [Line Items] | |||
6.875% Senior Subordinated Notes due 2019 | $250,000 | ||
Debt instrument, stated interest rate | 6.88% |
Condensed_consolidating_guaran3
Condensed consolidating guarantor financial information Condensed consolidating statements of income and comprehensive income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Condensed Income Statements, Captions [Line Items] | ||
Net revenues | $429,430 | $438,546 |
Cost of goods sold | 206,793 | 217,387 |
Gross profit | 222,637 | 221,159 |
Selling, general and administrative expenses | 139,697 | 140,297 |
Research and development expenses | 12,884 | 14,062 |
Restructuring and impairment charges | 4,448 | 7,780 |
Income from continuing operations before interest and taxes | 65,608 | 59,020 |
Interest expense | 17,172 | 15,404 |
Interest income | -169 | -187 |
Income from continuing operations before taxes | 48,605 | 43,803 |
Taxes (benefit) on income from continuing operations | 9,332 | 8,534 |
Equity in net income of consolidated subsidiaries | 0 | 0 |
Income from continuing operations | 39,273 | 35,269 |
Operating (loss) income from discontinued operations | -499 | -25 |
Taxes on loss from discontinued operations | 204 | 100 |
Loss from discontinued operations | -703 | -125 |
Net income | 38,570 | 35,144 |
Less: Income from continuing operations attributable to noncontrolling interests | 218 | 186 |
Net income attributable to common shareholders | 38,352 | 34,958 |
Other comprehensive loss attributable to common shareholders | -81,201 | 4,745 |
Comprehensive (loss) income attributable to common shareholders | -42,849 | 39,703 |
Consolidation, Eliminations | ||
Condensed Income Statements, Captions [Line Items] | ||
Net revenues | -93,632 | -72,316 |
Cost of goods sold | -89,151 | -72,854 |
Gross profit | -4,481 | 538 |
Selling, general and administrative expenses | 160 | 203 |
Research and development expenses | 0 | 0 |
Restructuring and impairment charges | 0 | 0 |
Income from continuing operations before interest and taxes | -4,641 | 335 |
Interest expense | 0 | |
Interest income | 0 | 0 |
Income from continuing operations before taxes | -4,641 | 335 |
Taxes (benefit) on income from continuing operations | 2,829 | -2,096 |
Equity in net income of consolidated subsidiaries | -132,868 | -107,326 |
Income from continuing operations | -140,338 | -104,895 |
Operating (loss) income from discontinued operations | 0 | 0 |
Taxes on loss from discontinued operations | 0 | 0 |
Loss from discontinued operations | 0 | 0 |
Net income | -140,338 | -104,895 |
Less: Income from continuing operations attributable to noncontrolling interests | 0 | 0 |
Net income attributable to common shareholders | -140,338 | -104,895 |
Other comprehensive loss attributable to common shareholders | 183,051 | -15,751 |
Comprehensive (loss) income attributable to common shareholders | 42,713 | -120,646 |
Parent Company | ||
Condensed Income Statements, Captions [Line Items] | ||
Net revenues | 0 | 0 |
Cost of goods sold | 0 | 0 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 11,452 | 10,778 |
Research and development expenses | 0 | 0 |
Restructuring and impairment charges | 0 | 0 |
Income from continuing operations before interest and taxes | -11,452 | -10,778 |
Interest expense | 34,360 | 33,726 |
Interest income | 0 | 0 |
Income from continuing operations before taxes | -45,812 | -44,504 |
Taxes (benefit) on income from continuing operations | -15,293 | -15,420 |
Equity in net income of consolidated subsidiaries | 69,538 | 64,124 |
Income from continuing operations | 39,019 | 35,040 |
Operating (loss) income from discontinued operations | -503 | -25 |
Taxes on loss from discontinued operations | 164 | 57 |
Loss from discontinued operations | -667 | -82 |
Net income | 38,352 | 34,958 |
Less: Income from continuing operations attributable to noncontrolling interests | 0 | 0 |
Net income attributable to common shareholders | 38,352 | 34,958 |
Other comprehensive loss attributable to common shareholders | -81,201 | 4,745 |
Comprehensive (loss) income attributable to common shareholders | -42,849 | 39,703 |
Guarantor Subsidiaries | ||
Condensed Income Statements, Captions [Line Items] | ||
Net revenues | 264,161 | 262,425 |
Cost of goods sold | 158,326 | 152,368 |
Gross profit | 105,835 | 110,057 |
Selling, general and administrative expenses | 84,268 | 81,395 |
Research and development expenses | 11,127 | 12,010 |
Restructuring and impairment charges | 3,739 | -188 |
Income from continuing operations before interest and taxes | 6,701 | 16,840 |
Interest expense | -18,569 | -19,907 |
Interest income | 0 | 0 |
Income from continuing operations before taxes | 25,270 | 36,747 |
Taxes (benefit) on income from continuing operations | 10,992 | 17,218 |
Equity in net income of consolidated subsidiaries | 63,233 | 43,108 |
Income from continuing operations | 77,511 | 62,637 |
Operating (loss) income from discontinued operations | 0 | 0 |
Taxes on loss from discontinued operations | 0 | 0 |
Loss from discontinued operations | 0 | 0 |
Net income | 77,511 | 62,637 |
Less: Income from continuing operations attributable to noncontrolling interests | 0 | 0 |
Net income attributable to common shareholders | 77,511 | 62,637 |
Other comprehensive loss attributable to common shareholders | -106,761 | 7,228 |
Comprehensive (loss) income attributable to common shareholders | -29,250 | 69,865 |
Non-Guarantor Subsidiaries | ||
Condensed Income Statements, Captions [Line Items] | ||
Net revenues | 258,901 | 248,437 |
Cost of goods sold | 137,618 | 137,873 |
Gross profit | 121,283 | 110,564 |
Selling, general and administrative expenses | 43,817 | 47,921 |
Research and development expenses | 1,757 | 2,052 |
Restructuring and impairment charges | 709 | 7,968 |
Income from continuing operations before interest and taxes | 75,000 | 52,623 |
Interest expense | 1,381 | 1,585 |
Interest income | -169 | -187 |
Income from continuing operations before taxes | 73,788 | 51,225 |
Taxes (benefit) on income from continuing operations | 10,804 | 8,832 |
Equity in net income of consolidated subsidiaries | 97 | 94 |
Income from continuing operations | 63,081 | 42,487 |
Operating (loss) income from discontinued operations | 4 | 0 |
Taxes on loss from discontinued operations | 40 | 43 |
Loss from discontinued operations | -36 | -43 |
Net income | 63,045 | 42,444 |
Less: Income from continuing operations attributable to noncontrolling interests | 218 | 186 |
Net income attributable to common shareholders | 62,827 | 42,258 |
Other comprehensive loss attributable to common shareholders | -76,290 | 8,523 |
Comprehensive (loss) income attributable to common shareholders | ($13,463) | $50,781 |
Condensed_consolidating_guaran4
Condensed consolidating guarantor financial information Condensed consolidating balance sheets (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $308,759 | $303,236 | $421,649 | $431,984 |
Accounts receivable, net | 284,827 | 273,704 | ||
Accounts receivable from consolidated subsidiaries | 0 | 0 | ||
Inventories, net | 338,736 | 335,593 | ||
Prepaid expenses and other current assets | 40,935 | 35,697 | ||
Prepaid taxes | 33,993 | 40,256 | ||
Deferred tax assets | 56,562 | 57,301 | ||
Assets held for sale | 6,959 | 7,422 | ||
Total current assets | 1,070,771 | 1,053,209 | ||
Property, plant and equipment, net | 310,106 | 317,435 | ||
Goodwill | 1,293,506 | 1,323,553 | ||
Intangible assets, net | 1,183,549 | 1,216,720 | ||
Investments in affiliates | 734 | 1,150 | ||
Deferred tax assets | 1,119 | 1,178 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 0 | 0 | ||
Other assets | 63,810 | 64,010 | ||
Total assets | 3,923,595 | 3,977,255 | ||
Current liabilities | ||||
Current borrowings | 401,565 | 368,401 | ||
Accounts payable | 75,310 | 64,100 | ||
Accounts payable to consolidated subsidiaries | 0 | 0 | ||
Accrued expenses | 71,905 | 72,383 | ||
Current portion of contingent consideration | 7,462 | 11,276 | ||
Payroll and benefit-related liabilities | 66,324 | 85,442 | ||
Accrued interest | 12,855 | 9,169 | ||
Income taxes payable | 17,558 | 13,768 | ||
Other current liabilities | 11,446 | 10,360 | ||
Total current liabilities | 664,425 | 634,899 | ||
Long-term borrowings | 700,000 | 700,000 | ||
Deferred tax liabilities | 426,768 | 451,541 | ||
Pension and other postretirement benefit liabilities | 162,595 | 167,241 | ||
Noncurrent liability for uncertain tax positions | 49,334 | 50,884 | ||
Notes payable and other amounts due from consolidated subsidiaries | 0 | 0 | ||
Other liabilities | 59,871 | 58,991 | ||
Total liabilities | 2,062,993 | 2,063,556 | ||
Total common shareholders' equity | 1,857,933 | 1,911,309 | ||
Noncontrolling interest | 2,669 | 2,390 | ||
Total equity | 1,860,602 | 1,913,699 | 1,945,227 | 1,916,016 |
Total liabilities and equity | 3,923,595 | 3,977,255 | ||
Consolidation, Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 3,695 | 3,855 | ||
Accounts receivable from consolidated subsidiaries | -2,474,193 | -2,613,473 | ||
Inventories, net | -27,328 | -23,286 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Prepaid taxes | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Total current assets | -2,497,826 | -2,632,904 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investments in affiliates | -6,790,219 | -7,042,537 | ||
Deferred tax assets | -54,165 | -56,601 | ||
Notes receivable and other amounts due from consolidated subsidiaries | -2,773,124 | -2,515,853 | ||
Other assets | 0 | 0 | ||
Total assets | -12,115,334 | -12,247,895 | ||
Current liabilities | ||||
Current borrowings | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accounts payable to consolidated subsidiaries | -2,474,196 | -2,612,090 | ||
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 | 0 | ||
Total current liabilities | -2,474,196 | -2,612,090 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | -54,165 | -56,600 | ||
Pension and other postretirement benefit liabilities | 0 | 0 | ||
Noncurrent liability for uncertain tax positions | 0 | 0 | ||
Notes payable and other amounts due from consolidated subsidiaries | -2,773,668 | -2,520,610 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | -5,302,029 | -5,189,300 | ||
Total common shareholders' equity | -6,813,305 | -7,058,595 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | -6,813,305 | -7,058,595 | ||
Total liabilities and equity | -12,115,334 | -12,247,895 | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 28,102 | 27,996 | 22,211 | 42,749 |
Accounts receivable, net | 3,893 | 2,346 | ||
Accounts receivable from consolidated subsidiaries | 10,159 | 37,378 | ||
Inventories, net | 0 | 0 | ||
Prepaid expenses and other current assets | 14,965 | 14,301 | ||
Prepaid taxes | 21,149 | 23,493 | ||
Deferred tax assets | 30,248 | 30,248 | ||
Assets held for sale | 2,901 | 2,901 | ||
Total current assets | 111,417 | 138,663 | ||
Property, plant and equipment, net | 3,329 | 3,489 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investments in affiliates | 5,448,202 | 5,662,773 | ||
Deferred tax assets | 51,316 | 52,244 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 1,206,846 | 1,025,859 | ||
Other assets | 29,392 | 27,999 | ||
Total assets | 6,850,502 | 6,911,027 | ||
Current liabilities | ||||
Current borrowings | 366,865 | 363,701 | ||
Accounts payable | 1,645 | 1,449 | ||
Accounts payable to consolidated subsidiaries | 2,245,622 | 2,259,891 | ||
Accrued expenses | 18,174 | 17,149 | ||
Current portion of contingent consideration | 0 | 0 | ||
Payroll and benefit-related liabilities | 16,836 | 20,693 | ||
Accrued interest | 12,792 | 9,152 | ||
Income taxes payable | 0 | 0 | ||
Other current liabilities | 1,672 | 5 | ||
Total current liabilities | 2,663,606 | 2,672,040 | ||
Long-term borrowings | 700,000 | 700,000 | ||
Deferred tax liabilities | 0 | 0 | ||
Pension and other postretirement benefit liabilities | 108,627 | 110,830 | ||
Noncurrent liability for uncertain tax positions | 11,716 | 11,431 | ||
Notes payable and other amounts due from consolidated subsidiaries | 1,486,644 | 1,483,984 | ||
Other liabilities | 21,976 | 21,433 | ||
Total liabilities | 4,992,569 | 4,999,718 | ||
Total common shareholders' equity | 1,857,933 | 1,911,309 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 1,857,933 | 1,911,309 | ||
Total liabilities and equity | 6,850,502 | 6,911,027 | ||
Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 5,513 | 14,500 |
Accounts receivable, net | 5,176 | 2,422 | ||
Accounts receivable from consolidated subsidiaries | 2,197,884 | 2,303,284 | ||
Inventories, net | 206,295 | 204,335 | ||
Prepaid expenses and other current assets | 7,262 | 4,786 | ||
Prepaid taxes | 0 | 0 | ||
Deferred tax assets | 16,856 | 17,387 | ||
Assets held for sale | 0 | 0 | ||
Total current assets | 2,433,473 | 2,532,214 | ||
Property, plant and equipment, net | 172,767 | 170,054 | ||
Goodwill | 703,664 | 703,663 | ||
Intangible assets, net | 734,111 | 743,222 | ||
Investments in affiliates | 1,321,811 | 1,359,661 | ||
Deferred tax assets | 0 | 0 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 1,566,089 | 1,489,994 | ||
Other assets | 6,836 | 6,801 | ||
Total assets | 6,938,751 | 7,005,609 | ||
Current liabilities | ||||
Current borrowings | 0 | 0 | ||
Accounts payable | 38,619 | 32,692 | ||
Accounts payable to consolidated subsidiaries | 185,006 | 188,908 | ||
Accrued expenses | 24,052 | 21,479 | ||
Current portion of contingent consideration | 7,462 | 11,276 | ||
Payroll and benefit-related liabilities | 15,766 | 27,228 | ||
Accrued interest | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Other current liabilities | 5,089 | 3,065 | ||
Total current liabilities | 275,994 | 284,648 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | 438,571 | 462,274 | ||
Pension and other postretirement benefit liabilities | 34,881 | 35,074 | ||
Noncurrent liability for uncertain tax positions | 15,630 | 15,569 | ||
Notes payable and other amounts due from consolidated subsidiaries | 1,129,731 | 932,718 | ||
Other liabilities | 25,204 | 24,900 | ||
Total liabilities | 1,920,011 | 1,755,183 | ||
Total common shareholders' equity | 5,018,740 | 5,250,426 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 5,018,740 | 5,250,426 | ||
Total liabilities and equity | 6,938,751 | 7,005,609 | ||
Non-Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 280,657 | 275,240 | 393,925 | 374,735 |
Accounts receivable, net | 272,063 | 265,081 | ||
Accounts receivable from consolidated subsidiaries | 266,150 | 272,811 | ||
Inventories, net | 159,769 | 154,544 | ||
Prepaid expenses and other current assets | 18,708 | 16,610 | ||
Prepaid taxes | 12,844 | 16,763 | ||
Deferred tax assets | 9,458 | 9,666 | ||
Assets held for sale | 4,058 | 4,521 | ||
Total current assets | 1,023,707 | 1,015,236 | ||
Property, plant and equipment, net | 134,010 | 143,892 | ||
Goodwill | 589,842 | 619,890 | ||
Intangible assets, net | 449,438 | 473,498 | ||
Investments in affiliates | 20,940 | 21,253 | ||
Deferred tax assets | 3,968 | 5,535 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 189 | 0 | ||
Other assets | 27,582 | 29,210 | ||
Total assets | 2,249,676 | 2,308,514 | ||
Current liabilities | ||||
Current borrowings | 34,700 | 4,700 | ||
Accounts payable | 35,046 | 29,959 | ||
Accounts payable to consolidated subsidiaries | 43,568 | 163,291 | ||
Accrued expenses | 29,679 | 33,755 | ||
Current portion of contingent consideration | 0 | 0 | ||
Payroll and benefit-related liabilities | 33,722 | 37,521 | ||
Accrued interest | 63 | 17 | ||
Income taxes payable | 17,558 | 13,768 | ||
Other current liabilities | 4,685 | 7,290 | ||
Total current liabilities | 199,021 | 290,301 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | 42,362 | 45,867 | ||
Pension and other postretirement benefit liabilities | 19,087 | 21,337 | ||
Noncurrent liability for uncertain tax positions | 21,988 | 23,884 | ||
Notes payable and other amounts due from consolidated subsidiaries | 157,293 | 103,908 | ||
Other liabilities | 12,691 | 12,658 | ||
Total liabilities | 452,442 | 497,955 | ||
Total common shareholders' equity | 1,794,565 | 1,808,169 | ||
Noncontrolling interest | 2,669 | 2,390 | ||
Total equity | 1,797,234 | 1,810,559 | ||
Total liabilities and equity | $2,249,676 | $2,308,514 |
Condensed_consolidating_guaran5
Condensed consolidating guarantor financial information Condensed consolidating statements of cash flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||
Net cash (used in) provided by operating activities from continuing operations | $42,358 | $41,918 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Expenditures for property, plant and equipment | -14,445 | -12,109 |
Proceeds from sale of assets and investments | 0 | 1,669 |
Payments for businesses and intangibles acquired, net of cash acquired | -7,375 | -28,991 |
Investments in affiliates | 0 | -60 |
Net cash used in investing activities from continuing operations | -21,820 | -39,491 |
Cash Flows from Financing Activities of Continuing Operations: | ||
Proceeds from long-term borrowings | 30,000 | 0 |
Repayment of long-term borrowings | -52 | 0 |
Debt extinguishment, issuance and amendment fees | 0 | -90 |
Net proceeds from share based compensation plans and the related tax impacts | -289 | 323 |
Payments for contingent consideration | -3,989 | 0 |
Dividends | -14,118 | -14,051 |
Intercompany transactions | 0 | 0 |
Intercompany dividends paid | 0 | |
Net cash provided by (used in) financing activities from continuing operations | 11,552 | -13,818 |
Cash Flows from Discontinued Operations: | ||
Net cash used in operating activities | -1,126 | -1,167 |
Net cash used in discontinued operations | -1,126 | -1,167 |
Effect of exchange rate changes on cash and cash equivalents | -25,441 | 2,223 |
Net decrease in cash and cash equivalents | 5,523 | -10,335 |
Cash and cash equivalents at the beginning of the period | 303,236 | 431,984 |
Cash and cash equivalents at the end of the period | 308,759 | 421,649 |
Consolidation, Eliminations | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||
Net cash (used in) provided by operating activities from continuing operations | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Expenditures for property, plant and equipment | 0 | 0 |
Proceeds from sale of assets and investments | 0 | 0 |
Payments for businesses and intangibles acquired, net of cash acquired | 0 | 0 |
Investments in affiliates | 0 | |
Net cash used in investing activities from continuing operations | 0 | 0 |
Cash Flows from Financing Activities of Continuing Operations: | ||
Proceeds from long-term borrowings | 0 | |
Repayment of long-term borrowings | 0 | |
Debt extinguishment, issuance and amendment fees | 0 | |
Net proceeds from share based compensation plans and the related tax impacts | 0 | 0 |
Payments for contingent consideration | 0 | |
Dividends | 0 | 0 |
Intercompany transactions | 0 | 0 |
Intercompany dividends paid | 0 | |
Net cash provided by (used in) financing activities from continuing operations | 0 | 0 |
Cash Flows from Discontinued Operations: | ||
Net cash used in operating activities | 0 | 0 |
Net cash used in discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at the beginning of the period | 0 | 0 |
Cash and cash equivalents at the end of the period | 0 | 0 |
Parent Company | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||
Net cash (used in) provided by operating activities from continuing operations | -55,153 | -22,185 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Expenditures for property, plant and equipment | -37 | -753 |
Proceeds from sale of assets and investments | 0 | 1,669 |
Payments for businesses and intangibles acquired, net of cash acquired | 0 | 0 |
Investments in affiliates | -60 | |
Net cash used in investing activities from continuing operations | -37 | 856 |
Cash Flows from Financing Activities of Continuing Operations: | ||
Proceeds from long-term borrowings | 30,000 | |
Repayment of long-term borrowings | -52 | |
Debt extinguishment, issuance and amendment fees | -90 | |
Net proceeds from share based compensation plans and the related tax impacts | -289 | 323 |
Payments for contingent consideration | 0 | |
Dividends | -14,118 | -14,051 |
Intercompany transactions | 40,057 | 15,776 |
Intercompany dividends paid | 0 | |
Net cash provided by (used in) financing activities from continuing operations | 55,598 | 1,958 |
Cash Flows from Discontinued Operations: | ||
Net cash used in operating activities | -302 | -1,167 |
Net cash used in discontinued operations | -302 | -1,167 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 106 | -20,538 |
Cash and cash equivalents at the beginning of the period | 27,996 | 42,749 |
Cash and cash equivalents at the end of the period | 28,102 | 22,211 |
Guarantor Subsidiaries | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||
Net cash (used in) provided by operating activities from continuing operations | -1,914 | 24,438 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Expenditures for property, plant and equipment | -7,738 | -4,823 |
Proceeds from sale of assets and investments | 0 | 0 |
Payments for businesses and intangibles acquired, net of cash acquired | 0 | 0 |
Investments in affiliates | 0 | |
Net cash used in investing activities from continuing operations | -7,738 | -4,823 |
Cash Flows from Financing Activities of Continuing Operations: | ||
Proceeds from long-term borrowings | 0 | |
Repayment of long-term borrowings | 0 | |
Debt extinguishment, issuance and amendment fees | 0 | |
Net proceeds from share based compensation plans and the related tax impacts | 0 | 0 |
Payments for contingent consideration | -3,989 | |
Dividends | 0 | 0 |
Intercompany transactions | 13,641 | -28,602 |
Intercompany dividends paid | 0 | |
Net cash provided by (used in) financing activities from continuing operations | 9,652 | -28,602 |
Cash Flows from Discontinued Operations: | ||
Net cash used in operating activities | 0 | 0 |
Net cash used in discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | -8,987 |
Cash and cash equivalents at the beginning of the period | 0 | 14,500 |
Cash and cash equivalents at the end of the period | 0 | 5,513 |
Non-Guarantor Subsidiaries | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||
Net cash (used in) provided by operating activities from continuing operations | 99,425 | 39,665 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Expenditures for property, plant and equipment | -6,670 | -6,533 |
Proceeds from sale of assets and investments | 0 | 0 |
Payments for businesses and intangibles acquired, net of cash acquired | -7,375 | -28,991 |
Investments in affiliates | 0 | |
Net cash used in investing activities from continuing operations | -14,045 | -35,524 |
Cash Flows from Financing Activities of Continuing Operations: | ||
Proceeds from long-term borrowings | 0 | |
Repayment of long-term borrowings | 0 | |
Debt extinguishment, issuance and amendment fees | 0 | |
Net proceeds from share based compensation plans and the related tax impacts | 0 | 0 |
Payments for contingent consideration | 0 | |
Dividends | 0 | 0 |
Intercompany transactions | -53,698 | 12,826 |
Intercompany dividends paid | 0 | |
Net cash provided by (used in) financing activities from continuing operations | -53,698 | 12,826 |
Cash Flows from Discontinued Operations: | ||
Net cash used in operating activities | -824 | 0 |
Net cash used in discontinued operations | -824 | 0 |
Effect of exchange rate changes on cash and cash equivalents | -25,441 | 2,223 |
Net decrease in cash and cash equivalents | 5,417 | 19,190 |
Cash and cash equivalents at the beginning of the period | 275,240 | 374,735 |
Cash and cash equivalents at the end of the period | $280,657 | $393,925 |