Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 20, 2017 | Jun. 24, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TFX | ||
Entity Registrant Name | TELEFLEX INCORPORATED | ||
Entity Central Index Key | 96,943 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 44,905,133 | ||
Entity Public Float | $ 5,331,695,959 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net revenues | $ 1,868,027 | $ 1,809,690 | $ 1,839,832 |
Cost of goods sold | 871,827 | 865,287 | 897,404 |
Gross profit | 996,200 | 944,403 | 942,428 |
Selling, general and administrative expenses | 563,308 | 568,982 | 578,657 |
Research and development expenses | 58,579 | 52,119 | 61,040 |
Restructuring and other impairment charges | 59,227 | 7,819 | 17,869 |
Gain on sale of assets | (4,367) | (408) | 0 |
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 319,453 | 315,891 | 284,862 |
Interest expense | 54,941 | 61,323 | 65,458 |
Interest income | (474) | (532) | (706) |
Loss on extinguishment of debt | 19,261 | 10,454 | 0 |
Income from continuing operations before taxes | 245,725 | 244,646 | 220,110 |
Taxes on income from continuing operations | 8,074 | 7,838 | 28,650 |
Income from continuing operations | 237,651 | 236,808 | 191,460 |
Operating loss from discontinued operations | (922) | (1,730) | (3,407) |
Tax benefit on loss from discontinued operations | (1,112) | (10,635) | (698) |
Income (loss) on discontinued operations | 190 | 8,905 | (2,709) |
Net income | 237,841 | 245,713 | 188,751 |
Less: Income from continuing operations attributable to noncontrolling interest | 464 | 850 | 1,072 |
Net income | $ 237,377 | $ 244,863 | $ 187,679 |
Basic: | |||
Income from continuing operations (in dollars per share) | $ 5.47 | $ 5.68 | $ 4.60 |
Income (loss) from discontinued operations (in dollars per share) | 0.01 | 0.21 | (0.06) |
Net income (in dollars per share) | 5.48 | 5.89 | 4.54 |
Diluted: | |||
Income from continuing operations (in dollars per share) | 4.98 | 4.91 | 4.10 |
Income (loss) from discontinued operations (in dollars per share) | 0 | 0.19 | (0.06) |
Net income (in dollars per share) | 4.98 | 5.10 | 4.04 |
Dividends per share (in dollars per share) | $ 1.36 | $ 1.36 | $ 1.36 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 43,325 | 41,558 | 41,366 |
Diluted (in shares) | 47,646 | 48,058 | 46,470 |
Amounts attributable to common shareholders: | |||
Income from continuing operations, net of tax | $ 237,187 | $ 235,958 | $ 190,388 |
Income (loss) from discontinued operations, net of tax | 190 | 8,905 | (2,709) |
Net income | $ 237,377 | $ 244,863 | $ 187,679 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 237,841 | $ 245,713 | $ 188,751 |
Foreign currency: | |||
Foreign currency translation continuing operations adjustments, net of tax of $10,977, $24,150, and $24,818, respectively | (69,162) | (110,671) | (105,410) |
Foreign currency translation, net of tax | (69,162) | (110,671) | (105,410) |
Pension and other postretirement benefits plans: | |||
Prior service cost recognized in net periodic cost, net of tax of $(20), $0, and $9 respectively | 36 | 0 | (12) |
Unamortized (loss) gain arising during the period, net of tax of $1,849, $1,469, and $26,624, respectively | (3,255) | (2,137) | (48,245) |
Net loss recognized in net periodic cost, net of tax of $(2,489), $(2,242), and $(1,544), respectively | 4,476 | 4,133 | 2,841 |
Foreign currency translation, net of tax of $(373), $(316), and $(265), respectively | 1,034 | 861 | 709 |
Pension and other postretirement benefits plans adjustment, net of tax | 2,291 | 2,857 | (44,707) |
Derivatives qualifying as hedges: | |||
Unrealized gain (loss) on derivatives arising during the period, net of tax $1,359, $379, and $(111), respectively | (3,434) | (2,974) | 594 |
Reclassification adjustment on derivatives included in net income, net of tax of $(1,010), $(196), and $111, respectively | 3,501 | 483 | (594) |
Derivatives qualifying as hedges, net of tax | 67 | (2,491) | 0 |
Other comprehensive (loss) income, net of tax | (66,804) | (110,305) | (150,117) |
Comprehensive income | 171,037 | 135,408 | 38,634 |
Less: comprehensive income attributable to noncontrolling interest | 421 | 774 | 995 |
Comprehensive income attributable to common shareholders | $ 170,616 | $ 134,634 | $ 37,639 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation, tax | $ 10,977 | $ 24,150 | $ 24,818 |
Prior service cost recognized in net periodic cost, tax | 20 | 0 | (9) |
Unamortized (loss) gain arising during the period, tax | 1,849 | 1,469 | 26,624 |
Net loss recognized in net periodic cost, tax | (2,489) | (2,242) | (1,544) |
Foreign currency translation, tax | (373) | (316) | (265) |
Unrealized gain (loss) on derivatives arising during the period, tax | 1,359 | 379 | (111) |
Reclassification adjustment on derivatives included in net income, tax | $ (1,010) | $ (196) | $ 111 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 543,789 | $ 338,366 |
Accounts receivable, net | 271,993 | 262,416 |
Inventories, net | 316,171 | 330,275 |
Prepaid expenses and other current assets | 40,382 | 34,915 |
Prepaid taxes | 8,179 | 30,895 |
Assets held for sale | 2,879 | 6,972 |
Total current assets | 1,183,393 | 1,003,839 |
Property, plant and equipment, net | 302,899 | 316,123 |
Goodwill | 1,276,720 | 1,295,852 |
Intangibles assets, net | 1,091,663 | 1,199,975 |
Deferred tax assets | 1,712 | 2,341 |
Other assets | 34,826 | 53,644 |
Total assets | 3,891,213 | 3,871,774 |
Current liabilities | ||
Current borrowings | 183,071 | 417,350 |
Accounts payable | 69,400 | 66,305 |
Accrued expenses | 65,149 | 64,017 |
Current portion of contingent consideration | 587 | 7,291 |
Payroll and benefit-related liabilities | 82,679 | 84,658 |
Accrued interest | 10,450 | 7,480 |
Income taxes payable | 7,908 | 8,059 |
Other current liabilities | 8,402 | 8,960 |
Total current liabilities | 427,646 | 664,120 |
Long-term borrowings | 850,252 | 641,850 |
Deferred tax liabilities | 271,377 | 315,983 |
Pension and postretirement benefit liabilities | 133,062 | 149,441 |
Noncurrent liability for uncertain tax positions | 17,520 | 40,400 |
Other liabilities | 52,015 | 48,887 |
Total liabilities | 1,751,872 | 1,860,681 |
Commitments and contingencies | ||
Convertible notes - redeemable equity component (Note 19) | 1,824 | 0 |
Mezzanine equity | 1,824 | 0 |
Common shareholders’ equity | ||
Common shares, $1 par value Issued: 2016 — 45,814 shares; 2015 — 43,517 shares | 45,814 | 43,517 |
Additional paid-in capital | 506,800 | 440,127 |
Retained earnings | 2,194,593 | 2,016,176 |
Accumulated other comprehensive loss | (438,717) | (371,124) |
Shareholders equity before treasury stock, total | 2,308,490 | 2,128,696 |
Less: Treasury stock, at cost | 170,973 | 119,424 |
Total common shareholders’ equity | 2,137,517 | 2,009,272 |
Noncontrolling interest | 0 | 1,821 |
Total equity | 2,137,517 | 2,011,093 |
Total liabilities and equity | $ 3,891,213 | $ 3,871,774 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, shares Issued | 45,814 | 43,517 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities of continuing operations: | |||
Net income | $ 237,841 | $ 245,713 | $ 188,751 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Income) loss from discontinued operations | (190) | (8,905) | 2,709 |
Depreciation expense | 54,415 | 46,013 | 50,207 |
Amortization expense of intangible assets | 63,491 | 62,380 | 60,926 |
Amortization expense of deferred financing costs and debt discount | 10,440 | 16,941 | 15,897 |
Loss on extinguishment of debt | 19,261 | 10,454 | 0 |
Changes in contingent consideration | (6,445) | (4,576) | (7,418) |
Impairment of long-lived assets | 2,356 | 0 | 0 |
Impairment of intangible assets | 41,000 | 0 | 0 |
Stock-based compensation | 16,871 | 14,467 | 12,227 |
Net gain on sales of businesses and assets | (4,367) | (408) | 0 |
Deferred income taxes, net | (29,346) | (54,413) | (14,153) |
Other | (13,311) | (20,775) | (8,968) |
Changes in operating assets and liabilities, net of effects of acquisitions and disposals: | |||
Accounts receivable | (11,029) | 398 | 9,394 |
Inventories | 6,408 | (8,371) | (15,531) |
Prepaid expenses and other current assets | (3,613) | (3,027) | 1,422 |
Accounts payable and accrued expenses | 15,422 | (117) | 9,818 |
Income taxes receivable and payable, net | 11,386 | 7,672 | (15,040) |
Net cash provided by operating activities from continuing operations | 410,590 | 303,446 | 290,241 |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (53,135) | (61,448) | (67,571) |
Payments for businesses and intangibles acquired, net of cash acquired | (14,040) | (93,808) | (45,777) |
Proceeds from sales of businesses and assets | 10,201 | 408 | 5,251 |
Investments in affiliates | 0 | 0 | (40) |
Net cash used in investing activities from continuing operations | (56,974) | (154,848) | (108,137) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 671,700 | 288,100 | 250,000 |
Reduction in borrowings | (714,565) | (303,757) | (480,102) |
Debt extinguishment, issuance and amendment fees | (8,958) | (9,017) | (4,494) |
Proceeds from share based compensation plans and the related tax impacts | 9,068 | 4,994 | 4,245 |
Payments to noncontrolling interest shareholders | (464) | (1,343) | (1,094) |
Payments for acquisition of noncontrolling interest | (9,231) | 0 | 0 |
Payments for contingent consideration | (7,282) | (8,028) | 0 |
Dividends paid | (58,960) | (56,532) | (56,258) |
Net cash used in financing activities from continuing operations | (118,692) | (85,583) | (287,703) |
Cash flows from discontinued operations: | |||
Net cash used in operating activities | (2,110) | (2,636) | (3,676) |
Net cash used in discontinued operations | (2,110) | (2,636) | (3,676) |
Effect of exchange rate changes on cash and cash equivalents | (27,391) | (25,249) | (19,473) |
Net increase (decrease) in cash and cash equivalents | 205,423 | 35,130 | (128,748) |
Cash and cash equivalents at the beginning of the year | 338,366 | 303,236 | 431,984 |
Cash and cash equivalents at the end of the year | 543,789 | 338,366 | 303,236 |
Supplemental cash flow information: | |||
Cash interest paid | 44,203 | 45,973 | 49,797 |
Income taxes paid, net of refunds | 23,955 | 56,079 | 52,869 |
Non cash financing activities of continuing operations: | |||
Settlement and exchange of convertible notes with common or treasury stock | 35,286 | 133 | 43 |
Acquisition of treasury stock associated with settlement and exchange of convertible note hedge and warrant agreements | $ 86,046 | $ 269 | $ 77 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Treasury Stock | Non- controlling Interest |
Beginning Balance (in shares) at Dec. 31, 2013 | 43,243 | 2,064 | |||||
Beginning Balance at Dec. 31, 2013 | $ 1,916,016 | $ 43,243 | $ 409,338 | $ 1,696,424 | $ (110,855) | $ (124,623) | $ 2,489 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 188,751 | 187,679 | 1,072 | ||||
Cash dividends ($1.36 per share) | (56,258) | (56,258) | |||||
Other comprehensive loss | (150,117) | (150,040) | (77) | ||||
Distributions to noncontrolling interest shareholders | (1,094) | (1,094) | |||||
Settlement of convertible notes (in shares) | (1) | ||||||
Settlement of convertible notes | 1 | (42) | $ 43 | ||||
Settlement of note hedges associated with convertible notes (in shares) | 1 | ||||||
Settlement of note hedges associated with convertible notes and warrants | 2 | 79 | $ (77) | ||||
Shares issued under compensation plans (in shares) | 177 | 81 | |||||
Shares issued under compensation plans | 16,277 | $ 177 | 13,019 | $ 3,081 | |||
Deferred compensation (in shares) | (2) | ||||||
Deferred compensation | 121 | $ 121 | |||||
Ending Balance at Dec. 31, 2014 | 1,913,699 | $ 43,420 | 422,394 | 1,827,845 | (260,895) | $ (121,455) | 2,390 |
Ending Balance (in shares) at Dec. 31, 2014 | 43,420 | 1,981 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 245,713 | 244,863 | 850 | ||||
Cash dividends ($1.36 per share) | (56,532) | (56,532) | |||||
Other comprehensive loss | (110,305) | (110,229) | (76) | ||||
Distributions to noncontrolling interest shareholders | (1,343) | (1,343) | |||||
Settlement of convertible notes (in shares) | (2) | ||||||
Settlement of convertible notes | 5 | (128) | $ 133 | ||||
Settlement of note hedges associated with convertible notes (in shares) | 2 | ||||||
Settlement of note hedges associated with convertible notes and warrants | 1 | 270 | $ (269) | ||||
Shares issued under compensation plans (in shares) | 97 | 70 | |||||
Shares issued under compensation plans | 19,782 | $ 97 | 17,591 | $ 2,094 | |||
Deferred compensation (in shares) | (3) | ||||||
Deferred compensation | 73 | $ 73 | |||||
Ending Balance at Dec. 31, 2015 | 2,011,093 | $ 43,517 | 440,127 | 2,016,176 | (371,124) | $ (119,424) | 1,821 |
Ending Balance (in shares) at Dec. 31, 2015 | 43,517 | 1,908 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 237,841 | 237,377 | 464 | ||||
Cash dividends ($1.36 per share) | (58,960) | (58,960) | |||||
Other comprehensive loss | (66,804) | (66,761) | (43) | ||||
Distributions to noncontrolling interest shareholders | (464) | (464) | |||||
Acquisition of noncontrolling interest | (9,231) | (6,621) | $ (832) | (1,778) | |||
Settlement of convertible notes (in shares) | (2,168) | (430) | |||||
Settlement of convertible notes | 3,296 | $ 2,168 | (32,004) | $ 33,132 | |||
Settlement of note hedges associated with convertible notes (in shares) | 316 | ||||||
Settlement of note hedges associated with convertible notes and warrants | 2 | 86,048 | $ (86,046) | ||||
Reclassification of convertible notes to mezzanine equity | (1,824) | (1,824) | |||||
Shares issued under compensation plans (in shares) | 129 | (51) | |||||
Shares issued under compensation plans | 22,492 | $ 129 | 21,074 | $ 1,289 | |||
Deferred compensation (in shares) | 2 | ||||||
Deferred compensation | 76 | $ 76 | |||||
Ending Balance at Dec. 31, 2016 | $ 2,137,517 | $ 45,814 | $ 506,800 | $ 2,194,593 | $ (438,717) | $ (170,973) | $ 0 |
Ending Balance (in shares) at Dec. 31, 2016 | 45,814 | 1,741 |
CONSOLIDATED STATEMENTS OF CHA9
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per common share | $ 1.36 | $ 1.36 | $ 1.36 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies Consolidation: The consolidated financial statements include the accounts of Teleflex Incorporated and its subsidiaries (the “Company”). Intercompany transactions are eliminated in consolidation. Investments in affiliates over which the Company has significant influence but not a controlling equity interest, including variable interest entities for which the Company is not the primary beneficiary, are accounted for using the equity method. Investments in affiliates over which the Company does not have significant influence are accounted for using the cost method of accounting. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and reflect management’s estimates and assumptions that affect the recorded amounts. Use of estimates: The preparation of 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 and the reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents: All highly liquid debt instruments with an original maturity of three months or less are classified as cash equivalents. The carrying value of cash equivalents approximates the current market value. Accounts receivable: Accounts receivable represent amounts due from customers related to the sale of products and provision of services. An allowance for doubtful accounts is maintained and represents the Company’s estimate of the amount of uncollectible receivables. The allowance is provided at such time as management believes reasonable doubt exists that such balances will be collected within a reasonable period of time. The allowance is based on the Company’s historical collection experience with respect to the customer, the length of time an account is outstanding, the financial position of the customer and information provided by credit rating services. In addition, the Company maintains a reserve for returns and allowances based on its historical experience. See Note 9 for information on the Company’s concentration of credit risk with respect to trade accounts receivable, as well as the Company's allowance for doubtful accounts. Inventories: Inventories are valued at the lower of cost or market. The cost of the Company’s inventories is determined using the average cost method. Elements of cost in inventory include raw materials, direct labor, and manufacturing overhead. In estimating market value, the Company evaluates inventory for excess and obsolete quantities based on estimated usage and sales among other factors. Property, plant and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation. Costs incurred to develop internal-use computer software during the application development stage generally are capitalized. Costs of enhancements to internal-use computer software are capitalized, provided that these enhancements result in additional functionality. Other additions and those improvements which increase the capacity or lengthen the useful lives of the assets are also capitalized. Composite useful lives for categories of property, plant and equipment, which are depreciated on a straight-line basis, are as follows: buildings — 30 years ; machinery and equipment — 3 to 10 years ; computer equipment and software — 3 to 10 years . Leasehold improvements are depreciated over the lesser of the useful lives of the leasehold improvements or the remaining lease term. Repairs and maintenance costs are expensed as incurred. Goodwill and other intangible assets: Goodwill and other indefinite-lived intangible assets are not amortized but are tested for impairment annually during the fourth quarter or more frequently if events or changes in circumstances indicate that an impairment may exist. Impairment losses, if any, are included in income from operations. The goodwill impairment test is applied to each of the Company’s reporting units whose assets include goodwill. For purposes of this assessment, a reporting unit is an operating segment, or a business one level below that operating segment (also known as a component) if discrete financial information is prepared for that business and regularly reviewed by segment management. However, separate components are aggregated as a single reporting unit if they have similar economic characteristics. In applying the goodwill impairment test, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, and entity specific factors such as strategies and financial performance. If, after completing the qualitative assessment, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to a two-step quantitative impairment test, described below. Alternatively, the Company may bypass the qualitative assessment and proceed directly to the two-step quantitative impairment test. The first step of the two-step impairment test is to compare the fair value of a reporting unit to its carrying value. If the reporting unit fair value exceeds the carrying value, there is no impairment. If the reporting unit carrying value exceeds the fair value, the Company would perform the second step of the goodwill impairment test, in which the Company would measure the amount of an impairment loss, if any, based on the amount by which the carrying value of goodwill exceeds its implied fair value. The implied fair value of goodwill is determined by deducting the fair value of a reporting unit's identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the fair value of the individual assets acquired and liabilities assumed were being determined initially. During 2016, the Company performed a qualitative assessment on six reporting units and performed a quantitative assessment on the remaining three reporting units. The Company did not record a goodwill impairment charge for the year ended December 31, 2016 . The Company’s intangible assets consist of customer lists, intellectual property, distribution rights, in-process research and development ("IPR&D") and trade names. The Company defines IPR&D as the value of technology acquired for which the related projects have substance and are incomplete. IPR&D acquired in a business acquisition is recognized at fair value and is required be capitalized as an indefinite-lived intangible asset until completion of the IPR&D project or upon abandonment. Upon completion of the development project (generally when regulatory approval to market the product is obtained), an impairment assessment is performed prior to amortizing the asset over its estimated useful life. If the IPR&D projects are abandoned, the related IPR&D assets would be written off. The Company tests its indefinite-lived intangible assets for impairment annually, and more frequently if events or changes in circumstances indicate that an impairment may have occurred. Similar to the goodwill impairment test process, the Company may elect to perform a qualitative assessment. If, after completing the qualitative assessment, the Company determines it is more likely than not that the fair value of the indefinite-lived intangible asset is greater than its carrying amount, the asset is not impaired. If the Company concludes it is more likely than not that the fair value of the indefinite-lived intangible asset is less than the carrying value, the Company then proceeds to a quantitative impairment test, which consists of a comparison of the fair value of the intangible asset to its carrying amount. During 2016, the Company performed a quantitative assessment on three indefinite-lived intangible assets and a qualitative assessment on the remaining indefinite-lived intangible asset. See Note 4 for further information on the results of the indefinite-lived intangibles impairment testing performed in 2016. Intangible assets consisting of intellectual property, customer lists, distribution rights and trade names do not have indefinite lives and are being amortized over their estimated useful lives, which are as follows: intellectual property, 3 to 20 years ; customer lists, 5 to 30 years ; distribution rights, 3 to 22 years ; trade names, 1 to 30 years . The weighted average remaining amortization period with respect to the Company's intangible assets is approximately 15 years. The Company periodically evaluates the reasonableness of the useful lives of these assets. Long-lived assets: The Company assesses the remaining useful life and recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The assessment is based on various analyses, including undiscounted cash flow and profitability projections that incorporate, as applicable, the impact on the existing business. Therefore, the evaluation involves significant management judgment. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Foreign currency translation: Assets and liabilities of subsidiaries with non-United States dollar denominated functional currencies are translated into United States dollars at the rates of exchange at the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the year. The translation adjustments are reported as a component of accumulated other comprehensive loss. Derivative financial instruments: The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates. All instruments are entered into for other than trading purposes. All derivatives are recognized on the balance sheet at fair value. Changes in the fair value of derivatives are recorded in the consolidated statement of comprehensive income as other comprehensive income (loss), if the instrument is designated as part of a hedge transaction. Gains or losses on derivative instruments reported in other comprehensive income (loss) are reclassified to the consolidated statement of income in the period in which earnings are affected by the underlying hedged item. Gains or losses on derivative instruments representing hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, if any, are recognized in the consolidated statement of income for the period in which such gains and losses occur. If the hedging relationship ceases to be highly effective or it becomes probable that an expected transaction will no longer occur, gains or losses on the derivative instrument are recorded in the consolidated statement of income for the period in which either such event occurs. For non-designated derivatives, gains and losses are reported in selling, general and administrative expenses. The receipt or payment of funds upon settlement of derivative financial instruments is classified as cash flows from operating activities. Share-based compensation: The Company estimates the fair value of share-based awards on the date of grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. Share-based compensation expense related to stock options is measured using a Black-Scholes option pricing model that takes into account subjective and complex assumptions with respect to the expected life of the options, volatility, risk-free interest rate and expected dividend yield. The expected life of options granted is derived from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that options granted are expected to be outstanding. Expected volatility is based on a blend of historical volatility and implied volatility derived from publicly traded options to purchase the Company’s common stock, which the Company believes is more reflective of the market conditions and a better indicator of expected volatility than would be the case if the Company only used historical volatility. The risk-free interest rate is the implied yield currently available on United States Treasury zero-coupon issues with a remaining term equal to the expected life of the option. Share-based compensation expense recognized is based on the value of the portion of stock-based awards that is ultimately expected to vest during the period less estimated forfeitures. Forfeitures are required to be estimated at the time of grant. Management reviews and revises the estimate of forfeitures for all share-based awards on a quarterly basis, based on management’s expectations regarding the extent to which awards ultimately will vest. Income taxes: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases, and to reflect operating loss and tax credit carryforwards. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except to the extent that such earnings are deemed to be permanently reinvested. Significant judgment is required in determining income tax provisions and in evaluating tax positions. The Company establishes additional provisions for income taxes when, despite the belief that tax positions are supportable, there remain certain positions that do not meet the minimum probability threshold, which is a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority. In the normal course of business, the Company and its subsidiaries are examined by various federal, state and foreign tax authorities. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of its provision for income taxes. Interest accrued with respect to unrecognized tax benefits and income tax related penalties are both included in taxes on income from continuing operations. The Company periodically assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to an adjustment become known. Pensions and other postretirement benefits: The Company provides a range of benefits to eligible employees and retired employees, including under plans that provide pension and postretirement healthcare benefits. The Company records annual amounts relating to these plans based on calculations which include various actuarial assumptions such as discount rates, expected rates of return on plan assets, compensation increases, turnover rates and healthcare cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when appropriate. The effect of the modifications is generally amortized over future periods. Restructuring costs: Restructuring costs, which include termination benefits, facility closure costs, contract termination costs and other restructuring costs are recorded at estimated fair value. Key assumptions used in calculating the restructuring costs include the terms of, and payments under, agreements to terminate certain contractual obligations and the timing of reductions in force. Contingent consideration related to business acquisitions: In connection with business acquisitions, the Company may be required to pay future consideration that is contingent upon the achievement of specified objectives such as receipt of regulatory approval, commercialization of a product or achievement of sales targets. As of the acquisition date, the Company records a contingent liability representing the estimated fair value of the contingent consideration that it expects to pay. The Company remeasures the fair value of its contingent consideration arrangements each reporting period and, based on new developments, records changes in fair value until either the contingent consideration obligation is satisfied through payment upon the achievement of the specified objectives or the obligation no longer exists due to the failure to achieve the specified objectives. The change in the fair value is recorded in the consolidated statement of income. A contingent consideration payment is classified as a financing activity in the consolidated statement of cash flows to the extent it was recorded as a liability as of the acquisition date. Any additional amount paid in excess of the amount initially accrued is classified as an operating activity in the consolidated statement of cash flows. Revenue recognition: The Company recognizes revenues from product sales, including sales to distributors, or services provided when the following revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. This generally occurs when products are shipped, when services are rendered or upon customers’ acceptance. Revenues are net of estimated returns and other allowances, including rebates. The Company’s normal policy is to accept returns only in cases in which the product is defective and covered under the Company’s standard warranty provisions. With respect to the limited cases where an arrangement provides a right of return to the customer, including a distributor, the Company believes it has the ability to reasonably estimate the amount of returns based on its substantial historical experience with respect to these arrangements. The Company accrues any costs or losses that may be expected in connection with any returns pursuant to the Financial Accounting Standards Board ("FASB") guidance on accounting for contingencies. Revenues and cost of goods sold are reduced to reflect estimated returns. The reserve for returns and allowances was $4.4 million and $4.9 million as of December 31, 2016 and 2015 , respectively. Allowances related to customer incentive programs, which include discounts or rebates, are estimated and provided for in the period that the related sales are recorded. These allowances are recorded as a reduction of revenue. The Company also offers rebates to certain distributors and records the estimated rebate as a reduction of revenue at the time of sale. In estimating rebates, the Company considers the lag time between the point of sale and the payment of the distributor’s rebate claim, distributor-specific trend analyses, contractual commitments, including stated rebate rates, historical experience with respect to specific customers and other relevant information. The Company adjusts estimated rebates based on actual experience and records the adjustment to revenue in the period of adjustment. The reserve for the customer incentive programs, including distributor rebates, was $11.6 million and $11.1 million at December 31, 2016 and 2015 , respectively. The Company expects the amounts subject to the reserve as of December 31, 2016 to be paid within 90 days subsequent to year-end. |
Recently issued accounting stan
Recently issued accounting standards | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Recently issued accounting standards | Recently issued accounting standards In May 2014, the 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 August 2015, the FASB issued an amendment to the new guidance that deferred the effective date. The amendment provides that the new guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those years; early application is permitted for annual periods beginning after December 15, 2016. Although the Company's evaluation of this guidance is ongoing, the Company's preliminary assessment indicates that the adoption of this guidance will not have a material impact on the Company’s results of operations, cash flows and financial position. In April 2015, the FASB issued guidance for the reporting of debt issuance costs within the balance sheet. Under the new guidance, debt issuance costs related to term loans 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. Previously, debt issuance costs were presented as a deferred charge (i.e., an asset) on the balance sheet. The guidance provides uniform treatment for debt issuance costs and debt discounts and eliminates inconsistencies that previously existed with other FASB guidance. The Company retrospectively adopted this guidance as of January 1, 2016, which resulted in the reclassification of $2.6 million from prepaid expenses and other current assets to current borrowings and the reclassification of $4.2 million from other assets to long-term borrowings as of December 31, 2015. In February 2016, the FASB issued guidance that will change the requirements for accounting for leases. The principal change under the new accounting guidance is that lessees under leases classified as operating leases will recognize a right-of-use asset and a lease liability. Current lease accounting does not require lessees to recognize assets and liabilities arising under operating leases on the balance sheet. Under the new guidance, lessees (including lessees under leases classified as finance leases and operating leases) will recognize a right-to-use asset and a lease liability on the balance sheet, initially measured as the present value of lease payments under the lease. Expense recognition and cash flow presentation guidance will be based upon whether the lease is classified as an operating lease or a finance lease (the classification criteria for distinguishing between finance leases and operating leases is substantially similar to the classification criteria for distinguishing between capital leases and operating leases under current guidance). The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition approach for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements; the guidance provides certain practical expedients. The Company is currently evaluating this guidance to determine its impact on the Company’s results of operations, cash flows and financial position. In March 2016, the FASB issued new guidance designed to simplify several aspects of the accounting for share-based payment transactions, including guidance providing generally that excess tax benefits and deficiencies related to share-based awards should be recorded within income tax expense (currently, excess tax benefits and deficiencies generally are recorded as additional-paid-in-capital) and addressing other, related guidance on accounting for income taxes with respect to share-based payment awards; providing generally that excess tax benefits related to share-based awards should be classified along with other income tax cash flows as an operating activity (currently, excess tax benefits generally are separated from other income tax cash flows and classified as a financing activity); providing that an entity may make an accounting policy election either to base compensation cost accruals on the number of awards expected to vest (as required by current guidance) or to account for forfeitures when they occur; modifying the current exception to liability classification such that partial cash settlement of an award for tax withholding purposes would not result, by itself, in liability classification of the award if the amount withheld does not exceed the maximum statutory tax rate in the employees' applicable jurisdictions (currently, an award cannot qualify for equity classification, rather than liability classification, if the amount withheld exceeds the minimum statutory withholding requirements); and providing that cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity on the statement of cash flows (currently there is no authoritative guidance addressing this classification issue). The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted (if early adoption occurs in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period). Depending on the particular issue addressed by the guidance, application of the guidance will be made prospectively, retrospectively or subject to a retrospective transition method. The Company adopted this guidance effective January 1, 2017. In August 2016, the FASB issued new guidance with regard to eight specific issues pertaining to the classification of certain cash receipts and cash payments within the statement of cash flows. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The new guidance should be, generally, adopted using a retrospective transition method for each period presented. Although the Company's evaluation of this guidance is ongoing, the Company's preliminary assessment indicates that the adoption of this guidance will not have a material impact on the Company’s cash flows. In October 2016, the FASB issued new guidance requiring companies to recognize the income tax effects of intra-entity sales and transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period in which the transfer occurs. Previously, recognition was prohibited until the assets were sold to an outside party or otherwise utilized. The guidance is effective for annual periods beginning after December 15, 2017 and early adoption is permitted as of the beginning of an annual reporting period. The guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the annual period of adoption. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial position and results of operations. In January 2017, the FASB issued new guidance to clarify the definition of a “business,” with the objective of assisting entities in evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or as an acquisition of a business. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill and consolidation. The guidance generally defines a business as an integrated set of activities and assets (collectively referred to as a “set”) that is capable of being conducted and managed for the purpose of providing a return to investors or other owners, members, or participants. The guidance further provides that, to be considered a business, a set must meet specified requirements. However, the guidance also states that, if substantially all of the fair value of gross assets acquired (subject to specified exceptions) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not considered a business and no further analysis is required. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early application is permitted under limited circumstances with respect to specified categories of transactions. On January 26, 2017, the FASB issued guidance to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. The revised guidance is effective for fiscal years, and any interim goodwill impairment tests within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Company is currently evaluating the impact of the adoption of this guidance, but at current, does not anticipate the guidance will have a material impact on its consolidated financial position or results of operations. From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by the Company as of the specified effective date. The Company has assessed recently issued guidance that is not yet effective and believes the new guidance will not have a material impact on the Company’s results of operations, cash flows or financial position. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Vascular Solutions, Inc. In February 2017, the Company acquired Vascular Solutions, Inc. (“Vascular Solutions”). See Note 19 for additional information related to this acquisition. 2016 Acquisitions The Company made the following acquisitions during 2016 (the "2016 acquisitions"), which, with the exception of the acquisition of the outstanding noncontrolling interest in Teleflex Medical Private Limited, were accounted for as business combinations: • On September 2, 2016, the Company acquired certain assets of CarTika Medical, Inc. ("CarTika"), an original equipment manufacturer (OEM) of catheters and other medical devices that complement the Company's OEM product portfolio. • On July 1, 2016, the Company, which previously owned a 74% controlling interest in its Indian affiliate, Teleflex Medical Private Limited, acquired the remaining 26% ownership interest from the noncontrolling shareholders. Teleflex Medical Private Limited is part of the Company's Asia reportable operating segment. As this acquisition did not result in a change in the Company's control of the entity, the Company recognized the $7.5 million excess of the purchase price of the noncontrolling interest over its carrying value as equity. • During the second quarter 2016, the Company acquired certain assets of two medical device and supplies distributors in New Zealand. The aggregate purchase price paid in connection with the 2016 acquisitions was $22.8 million . Transaction expenses associated with the acquisitions, which are included in selling, general and administrative expenses in the consolidated statements of income, were $0.4 million for the year ended December 31, 2016 . The results of operations and assets of the acquired businesses are included in the consolidated statements of income from their respective acquisition dates. For the year ended December 31, 2016 , the Company recorded post-acquisition revenue and operating income of $4.2 million and $0.9 million , respectively, related to the businesses acquired in 2016. Pro forma information with respect to the acquired businesses is not presented as the operations of the acquired businesses are not significant to the overall operations of the Company. The following table presents the preliminary fair value determination of the assets acquired and liabilities assumed with respect to those 2016 acquisitions that were accounted for as a business combination: (Dollars in thousands) Assets Current assets $ 2,544 Property, plant and equipment 662 Intangible assets: Customer relationships 6,465 Noncompete agreements 608 Goodwill 3,689 Total assets acquired 13,968 Less: Current liabilities 589 Liabilities assumed 589 Net assets acquired $ 13,379 The Company is continuing to evaluate the 2016 acquisitions, and further adjustments may be necessary as a result of the Company's assessment of additional information related to the fair values of the assets acquired and liabilities assumed, primarily deferred tax liabilities and goodwill. Among the acquired assets, customer lists have useful lives ranging from 10 to 16 years and non-compete arrangements have useful lives of 2 years. The goodwill resulting from the acquisitions primarily reflects synergies currently expected to be realized from the integration of the acquired businesses. 2015 Acquisitions The Company made the following acquisitions during 2015 (the "2015 acquisitions"), which, with the exception of the Company's acquisition of certain assets of Ace Medical US, LLC ("Ace Medical"), were accounted for as business combinations: • 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. • On March 30, 2015, the Company acquired Trintris Medical, Inc. ("Trintris"), an original equipment manufacturer (OEM) of balloons and catheters that complement the Company's OEM product portfolio. • On April 8, 2015, the Company acquired Truphatek Holdings (1993) Limited ("Truphatek"), a manufacturer of a broad range of disposable and reusable laryngoscope devices that complement the Company's anesthesia product portfolio. Previously, the Company held a noncontrolling, 6% interest in Truphatek. • On June 26, 2015, the Company acquired certain assets of N. Stenning & Co. Pty. Ltd. ("Stenning"), a distributor of medical devices and supplies primarily in the Australian market. • On June 29, 2015, the Company acquired certain assets, primarily distribution rights, of Ace Medical, a distributor of medical devices and supplies in the United States of America. • On August 26, 2015, the Company acquired certain assets of Atsina Surgical, LLC ("Atsina") related to the development of surgical clips that complement the Company's surgical ligation portfolio. • On December 22, 2015, the Company acquired all of the membership interests of, and voting equity interest in, Nostix, LLC, a developer of catheter tip placement confirmation systems that complement the Company's vascular product portfolio. The total fair value of consideration for the 2015 acquisitions was $96.5 million . The results of operations of the acquired businesses and assets are included in the consolidated statements of income from their respective acquisition dates. Pro forma information is not presented as the operations of the acquired businesses are not significant to the overall operations of the Company. |
Restructuring and other impairm
Restructuring and other impairment charges | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and other impairment charges | Restructuring and other impairment charges The restructuring and other impairment charges recognized for the years ended December 31, 2016 , 2015 and 2014 consisted of the following: 2016 Termination benefits Facility closure and other exit costs Contract termination costs Total (Dollars in thousands) Other 2016 restructuring programs $ 2,531 $ 12 $ 671 $ 3,214 2016 Manufacturing footprint realignment plan 11,176 468 866 12,510 2014 Manufacturing footprint realignment plan 81 38 — 119 Other restructuring programs (1) (558 ) 398 188 28 Total restructuring charges 13,230 916 1,725 15,871 Other impairment charges — 43,356 — 43,356 Total restructuring and other impairment charges $ 13,230 $ 44,272 $ 1,725 $ 59,227 (1) Other restructuring programs include the 2015 restructuring programs, the 2014 European Restructuring Plan and the 2012 restructuring programs. 2015 Termination benefits Facility closure and other exit costs Contract termination costs Total (Dollars in thousands) 2015 Restructuring programs $ 5,009 $ 295 $ 1,000 $ 6,304 2014 Manufacturing footprint realignment plan 1,007 289 389 1,685 Other restructuring programs (2) (194 ) 37 (13 ) (170 ) Total restructuring charges $ 5,822 $ 621 $ 1,376 $ 7,819 (2) Other restructuring programs include the 2014 European Restructuring Plan, the Other 2014 restructuring programs, the 2013 restructuring programs and the LMA Restructuring Program. 2014 Termination benefits Facility closure and other exit costs Contract termination costs Total (Dollars in thousands) 2014 Manufacturing footprint realignment plan $ 9,200 $ 60 $ — $ 9,260 2014 European restructuring plan 7,237 226 345 7,808 Other 2014 restructuring programs 552 244 2,754 3,550 LMA restructuring program (29 ) (112 ) (3,188 ) (3,329 ) Other restructuring programs (3) (57 ) 388 249 580 Total restructuring charges $ 16,903 $ 806 $ 160 $ 17,869 (3) Other restructuring programs include the 2013 and 2012 restructuring programs. Termination benefits include employee retention, severance and benefit payments for terminated employees. Facility closure costs include general operating costs incurred subsequent to production shutdown as well as equipment relocation and other associated costs. Contract termination costs include costs associated with terminating existing leases and distributor agreements. Other exit costs include legal, outplacement and employee relocation costs and other employee-related costs. Restructuring Charges 2016 Manufacturing Footprint Realignment Plan During the first quarter 2016, the Board of Directors of the Company approved a restructuring plan (the “2016 Manufacturing Footprint Realignment Plan") designed to reduce costs, improve operating efficiencies and enhance the Company’s long term competitive position. The plan primarily involves the relocation of certain manufacturing operations, the relocation and outsourcing of certain distribution operations and a related workforce reduction at certain of the Company's facilities. These actions commenced in the first quarter 2016 and are expected to be substantially completed by the end of 2018. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2016 Manufacturing Footprint Realignment Plan of between approximately $34 million to $44 million , of which an estimated $27 million to $31 million are expected to result in future cash outlays. Most of these charges, and the related cash outlays, are expected to be made prior to the end of 2018. Type of expense Total estimated amount expected to be incurred Termination benefits $14 million to $15 million Facility closure and other exit costs (1) $2 million to $3 million Accelerated depreciation charges $10 million to $13 million Other (2) $8 million to $13 million $34 million to $44 million (1) Includes costs to transfer product lines among facilities and outplacement and employee relocation costs. (2) Consists of other costs directly related to the plan, including project management, legal and regulatory costs. As the 2016 Plan progresses, management will reevaluate the estimated expenses set forth above, and may revise its estimates, as appropriate, consistent with GAAP. The following table summarizes the activity related to the 2016 Manufacturing Footprint Realignment Plan restructuring reserve: Termination Facility closure and other exit costs Contract termination costs Total (Dollars in thousands) Balance at December 31, 2015 $ — $ — $ — $ — Subsequent accruals 11,176 468 866 12,510 Cash payments (3,220 ) (469 ) (95 ) (3,784 ) Translation 179 1 (11 ) 169 Balance at December 31, 2016 $ 8,135 $ — $ 760 $ 8,895 For the year ended December 31, 2016, the Company also recognized restructuring related costs of $6.4 million related to this plan, the majority of which constituted accelerated depreciation and other costs and was primarily reported within cost of goods sold. 2016 Other Restructuring Programs During 2016, the Company committed to programs designed to improve operating efficiencies and reduce costs. The programs involve the consolidation of certain global administrative functions and manufacturing operations (the "Other 2016 Restructuring Programs"). The programs commenced in the second half of 2016 and are expected to be substantially complete by the end of the first quarter 2018. The Company estimates that it will record aggregate pre-tax charges of $3.8 million to $4.7 million related to these programs, which constitute termination benefits and contract termination costs that will result in cash outlays. Additionally, the Company expects to incur approximately $1.5 million of accelerated depreciation and other costs directly related to these programs and anticipates that these costs will be recognized as cost of goods sold, approximately $ 0.6 million of which is expected to result in cash outlays. As of December 31, 2016, the Company has a reserve of $1.9 million related to these programs. 2014 Manufacturing Footprint Realignment Plan In April 2014, the Company's 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 facilities, and the relocation of manufacturing operations from certain higher-cost locations to existing lower-cost locations. These actions commenced in the second quarter 2014. During the third quarter 2016, the Company revised its expense and timing estimates related to the 2014 Manufacturing Footprint Realignment Plan to reflect the impact of changes the Company has implemented with respect to medication delivery devices included in certain of the kits primarily sold by the Company’s Vascular North America operating segment and, to a lesser extent, the Company's Anesthesia North America operating segment. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2014 Manufacturing Footprint Realignment Plan of approximately $43 million to $48 million , compared to the Company’s prior estimate of approximately $37 million to $44 million . The Company expects aggregate cash outlays associated with the plan to be in the range of $33 million to $38 million , compared to its prior estimate of approximately $26 million to $31 million . Most of these charges and cash outlays are expected to be incurred prior to 2020. Additionally, the Company continues to expect that it will incur $24 million to $30 million in aggregate capital expenditures under the plan. The Company currently expects that the 2014 Manufacturing Footprint Realignment Plan will be substantially complete by the end of the first half of 2020 rather than the end of 2017, as was previously estimated. The following table provides a summary of the Company’s cost estimates by major type of expense associated with the 2014 Manufacturing Footprint Realignment Plan, which reflect the revised estimates: Type of expense Total estimated amount expected to be incurred Termination benefits $11 million to $12 million Facility closure and other exit costs (1) $1 million to $2 million Accelerated depreciation charges $10 million to $10 million Other (2) $21 million to $24 million $43 million to $48 million (1) Includes costs to transfer product lines among facilities and outplacement and employee relocation costs. (2) Consists of other costs directly related to the plan, including project management, legal and regulatory costs. As the 2014 Manufacturing Footprint Realignment Plan progresses, management will reevaluate the estimated expenses and charges set forth above, and may revise its estimates, as appropriate, consistent with generally accepted accounting principles. The following table summarizes the activity related to the 2014 Manufacturing Footprint Realignment Plan restructuring reserve: Termination benefits Facility closure and other exit costs Contract termination costs Total (Dollars in thousands) Balance at December 31, 2014 $ 9,097 $ — $ — $ 9,097 Subsequent accruals 1,007 289 389 1,685 Cash payments (2,657 ) (289 ) (389 ) (3,335 ) Balance at December 31, 2015 7,447 — — 7,447 Subsequent accruals 81 38 — 119 Cash payments (2,158 ) (38 ) — (2,196 ) Balance at December 31, 2016 $ 5,370 $ — $ — $ 5,370 For the years ended December 31, 2016 , 2015 and 2014 the Company reported restructuring related costs of $8.5 million , $9.5 million and $4.9 million , respectively, related to this plan within cost of goods sold. These costs related to accelerated depreciation and certain other costs, primarily for the transfer of manufacturing operations from the existing locations to the new locations in connection with the plan. As of December 31, 2016 , the Company has incurred net aggregate restructuring expenses related to the plan of $11.1 million . Additionally, as of December 31, 2016 , the Company has incurred net aggregate accelerated depreciation and certain other costs in connection with the plan of $22.9 million , which were included in cost of goods sold. Other Restructuring Programs 2015 Restructuring Programs During 2015, the Company committed to programs associated with the reorganization of certain businesses and shared service center functions as well as the consolidation of certain facilities in North America. As of December 31, 2016, the Company incurred net aggregate restructuring charges under these programs of $6.4 million . The Company expects future restructuring expenses associated with these programs, if any, to be nominal. As of December 31, 2016, the Company had a reserve of $0.1 million related to these programs. The Company expects to complete these programs in 2017. 2014 European Restructuring Plan In February 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. As of December 31, 2016, the Company incurred net aggregate restructuring charges under the plan of $7.7 million . The Company expects future restructuring expenses associated with the 2014 European Restructuring Plan, if any, to be nominal. As of December 31, 2016, the Company has a reserve of $0.2 million in connection with the program. The Company expects to complete this plan in 2017. Other 2014 Restructuring Programs In June 2014, the Company initiated programs to consolidate locations in Australia and terminate certain European distributor agreements in an effort to reduce costs. The Company incurred aggregate restructuring charges of $3.6 million related to these programs, which were completed in 2015. 2013 Restructuring Programs 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. The Company incurred net aggregate restructuring charges of $10.9 million related to these programs, which were completed 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 was focused 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. The Company incurred net aggregate restructuring charges related to the LMA Restructuring Program of $11.3 million . The Company completed the program in 2015. For the year ended December 31, 2014, the Company recorded a net credit of $3.3 million , primarily resulting from the reversal of contract termination costs following the favorable settlement of a terminated distributor agreement. 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 December 31, 2016, the Company has incurred net aggregate restructuring and impairment charges of $6.2 million in connection with this program, and expects future restructuring expenses associated with the program, if any, to be nominal. As of December 31, 2016, the Company has a reserve of $0.2 million in connection with the program. The Company expects to complete this program in 2017. Restructuring Charges by Segment Restructuring charges by reportable operating segment for the years ended December 31, 2016 , 2015, and 2014 are set forth in the following table: 2016 2015 2014 (Dollars in thousands) Vascular North America $ 5,906 $ 3,742 $ 8,057 Anesthesia North America 1,839 384 1,379 Surgical North America 151 397 — EMEA 4,423 4 6,375 Asia — 313 1,305 OEM 795 61 — All other 2,757 2,918 753 Total restructuring charges $ 15,871 $ 7,819 $ 17,869 Other Impairment Charges IPR&D Impairment Charge In May 2012, the Company acquired Semprus BioSciences Corp. (“Semprus”), a biomedical research and development company that developed a polymer surface treatment technology intended to reduce thrombus-related complications. Through 2016, the Company continued to engage in research and development activities designed to support an application for regulatory approval and achieve commercialization of the technology. However, upon considering the continuing challenges, remaining risks and uncertainties and significant additional resources required in connection with the development and commercialization of the technology, as well as the availability and advances made with respect to other technologies, during the fourth quarter of 2016, the Company determined it would not be commercially reasonable to continue its efforts to develop the Semprus technology. As a result, the Company has significantly reduced, and over the course of 2017 will discontinue, its research and development efforts with regard to the Semprus technology. Consequently, the Company recognized a pre-tax impairment charge of $41.0 million ( $26.1 million after tax) for the year ended December 31, 2016. See Note 10 for the impacts to contingent consideration resulting from the developments described above. Long-lived Asset Impairment Charges During the fourth quarter the Company recorded $2.4 million in impairment charges related to two properties, one of which was classified as a held for sale building asset. The asset impairment charges were measured at fair value based on the sales contract with the buyer, adjusted to reflect associated disposition costs, which is considered a significant unobservable inputs and categorized as Level 3 under the fair value hierarchy as defined in Note 10. There were no impairment charges for the years ended December 31, 2015 or 2014. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net at December 31, 2016 and 2015 consist of the following: 2016 2015 (Dollars in thousands) Raw materials $ 65,319 $ 68,460 Work-in-process 54,555 57,079 Finished goods 196,297 204,736 Inventories, net 316,171 330,275 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment The major classes of property, plant and equipment, at cost, at December 31, 2016 and 2015 are as follows: 2016 2015 (Dollars in thousands) Land, buildings and leasehold improvements $ 188,679 $ 197,365 Machinery and equipment 319,471 313,404 Computer equipment and software 108,547 99,343 Construction in progress 47,428 45,945 664,125 656,057 Less: Accumulated depreciation (361,226 ) (339,934 ) Property, plant and equipment, net $ 302,899 $ 316,123 |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and other intangible assets Changes in the carrying amount of goodwill, by reportable operating segment, for the years ended December 31, 2016 and 2015 are as follows: Vascular North America Anesthesia North America Surgical North America EMEA Asia OEM All other Total (Dollars in thousands) Balance as of December 31, 2015 $ 345,546 $ 141,122 $ 250,912 $ 306,009 $ 141,067 $ 1,194 $ 110,002 $ 1,295,852 Goodwill related to acquisitions — — — — — 3,689 — 3,689 Translation adjustment — 131 — (15,968 ) (2,882 ) — (4,102 ) (22,821 ) Balance as of December 31, 2016 $ 345,546 $ 141,253 $ 250,912 $ 290,041 $ 138,185 $ 4,883 $ 105,900 $ 1,276,720 Vascular North America Anesthesia North America Surgical North America EMEA Asia OEM All other Total (Dollars in thousands) Balance as of December 31, 2014 Goodwill $ 564,177 $ 214,429 $ 250,912 $ 339,029 $ 144,712 $ — $ 142,422 $ 1,655,681 Accumulated impairment losses (219,527 ) (84,531 ) — — — — (28,070 ) (332,128 ) 344,650 129,898 250,912 339,029 144,712 — 114,352 1,323,553 Goodwill related to acquisitions 896 12,398 — 1,142 4,095 1,194 — 19,725 Translation adjustment — (1,174 ) — (34,162 ) (7,740 ) — (4,350 ) (47,426 ) Balance as of December 31, 2015 $ 345,546 $ 141,122 $ 250,912 $ 306,009 $ 141,067 $ 1,194 $ 110,002 $ 1,295,852 Intangible assets at December 31, 2016 and 2015 consisted of the following: Gross Carrying Amount Accumulated Amortization 2016 2015 2016 2015 (Dollars in thousands) Customer lists $ 622,428 $ 621,078 $ (239,055 ) $ (214,924 ) In-process research and development 16,532 58,908 — — Intellectual property 519,962 522,374 (203,390 ) (173,903 ) Distribution rights 23,021 23,279 (15,239 ) (14,393 ) Trade names 379,724 384,821 (13,974 ) (8,929 ) Noncompete agreements 2,692 2,186 (1,038 ) (522 ) $ 1,564,359 $ 1,612,646 $ (472,696 ) $ (412,671 ) As of December 31, 2016 , trade names having a carrying value of $280.6 million are considered indefinite-lived. Acquired IPR&D is indefinite-lived until the completion of the associated efforts, at which point amortization of the carrying value of the technology will commence. See Note 4 for information on the Company's IPR&D impairment charge. Amortization expense related to intangible assets was $63.5 million , $62.4 million , and $60.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Estimated annual amortization expense for each of the five succeeding years is as follows: (Dollars in thousands) 2017 $ 62,900 2018 62,500 2019 62,200 2020 61,800 2021 61,400 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The Company's borrowings at December 31, 2016 and 2015 were as follows: 2016 2015 (Dollars in thousands) Senior Credit Facility: Revolving credit facility, at a rate of 2.27% at December 31, 2016 and 2.17% at December 31, 2015, due 2018 $ 210,000 $ 396,000 3.875% Convertible Senior Subordinated Notes due 2017 136,076 399,641 4.875% Senior Notes due 2026 400,000 — 5.25% Senior Notes due 2024 250,000 250,000 Securitization program, at a rate of 1.52% at December 31, 2016 and 1.18% at December 31, 2015 50,000 43,300 1,046,076 1,088,941 Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes due 2017 (2,707 ) (22,999 ) Less: Unamortized debt issuance costs (10,046 ) (6,742 ) 1,033,323 1,059,200 Current portion of borrowings (183,071 ) (417,350 ) Long-term borrowings $ 850,252 $ 641,850 Vascular Solutions Acquisition Financing On February 17, 2017, the Company acquired Vascular Solutions. The Company financed the acquisition through a combination of borrowings under its revolving credit facility and a senior secured term loan facility, both provided under its senior credit agreement, as amended and restated in January 2017. See Note 19 for additional information regarding the acquisition and related financing. Senior Credit Facility On July 16, 2013, the Company entered into an agreement (the "Senior Credit Agreement") under which the Company was provided an $850 million revolving credit facility (the "Revolving Credit Facility"). In 2016, the Company used $265 million in borrowings under the Revolving Credit Facility to fund the exchange transactions (the "Exchange Transactions") and conversions associated with the Convertible Notes that are described below under "Exchange Transactions," and used proceeds from the issuance of the 2026 Notes to repay, in part, $451 million in borrowings under the Senior Credit Facility. In 2015, the Company used $246 million in borrowings under the Revolving Credit Facility to help fund the prepayment of the 2019 Notes. The Senior Credit Agreement was amended and restated in January 2017. See Note 19 for additional information. The discussion below relates to the Senior Credit Agreement as in effect prior to the amendment and restatement. The Revolving Credit Facility bore interest at an applicable rate elected by the Company generally equal to either the “base rate” (the greater of either the federal funds effective rate plus 0.5% , the prime rate or one month LIBOR plus 1.0% ) plus an applicable margin of 0.25% to 1.00% , or a “LIBOR rate” for the period corresponding to the applicable interest period of the borrowings plus an applicable margin of 1.25% to 2.00% . As of December 31, 2016 , the interest rate on the Revolving Credit Facility was 2.27% (comprised of the LIBOR rate of 0.77% plus a margin of 1.50% ). The Senior Credit Agreement contained covenants that, among other things, limited or restricted the Company's ability, and the ability of its subsidiaries, to incur debt, create liens, consolidate, merge or dispose of certain assets, make certain investments, engage in acquisitions, pay dividends on, repurchase or make distributions in respect of capital stock and enter into swap agreements. The Senior Credit Agreement also required the Company to maintain a consolidated leverage ratio (generally, the ratio of Consolidated Total Indebtedness to Consolidated EBITDA, each as defined in the Senior Credit Agreement) of not more than 4.0 :1 and a consolidated interest coverage ratio (generally, Consolidated EBITDA to Consolidated Interest Expense, each as defined in the Senior Credit Agreement) of not less than 3.50 :1 as of the last day of any period of consecutive fiscal quarters calculated in accordance with the definitions and methodology set forth in the Senior Credit Agreement and, during the six month period prior to the maturity of our Convertible Notes, a minimum liquidity of $400 million . At December 31, 2016 , the Company's consolidated leverage ratio was 2.00 :1 and its consolidated interest coverage ratio was 11.22 :1, both of which were in compliance with the limits described in the preceding sentence. The obligations under the Senior Credit Agreement were guaranteed (subject to certain exceptions) by substantially all of the material domestic subsidiaries of the Company and (subject to certain exceptions and limitations) secured by a pledge on substantially all of the equity interests owned by the Company and each guarantor. As of December 31, 2016 and 2015 , the Company had outstanding irrevocable standby letters of credit of approximately $3.2 million and $3.8 million , respectively, with various third parties. The letters of credit reduced the amount of available funds under the Revolving Credit Facility by an equal amount. Convertible Notes On August 9, 2010, the Company issued $400.0 million of its 3.875% Convertible Senior Subordinated Notes due 2017 (the “Convertible Notes”). The Company pays interest on the Convertible Notes semi-annually on February 1 and August 1 of each year at a rate of 3.875% per year. The Convertible Notes mature on August 1, 2017. The Convertible Notes are the Company’s unsecured senior subordinated obligations and are (i) not guaranteed by any of the Company’s subsidiaries; (ii) subordinated in right of payment to all of the Company’s existing and future senior indebtedness; and (iii) junior to the Company’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. The Convertible Notes are convertible 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 December 31, 2016 and 2015 . Further, as of December 31, 2016, the Convertible Notes mature in less than one year. While the Company believes it has sufficient liquidity to repay the principal amount due (which already has been substantially reduced as a result of the Exchange Transactions and conversions described below) through a combination of utilizing its existing cash on hand and accessing its credit facility, the Company's use of these funds could adversely affect its results of operations and liquidity. In connection with the issuance of the Convertible Notes, the Company entered into convertible note hedge transactions with two counterparties pursuant to which it purchased call options for $88.0 million ( $56.0 million net of tax) in private transactions. The call options enable the Company to receive, in effect for no additional consideration, shares of the Company’s common stock and/or cash from counterparties equal to the amounts of common stock and/or cash related to the excess value over the conversion price that it would pay to the holders of the Convertible Notes upon conversion. The call options will terminate on the earlier of July 28, 2017 or the first day upon which all of the Convertible Notes are no longer outstanding. The Company also entered into privately negotiated warrant transactions with the same counterparties generally relating to the same number of shares of common stock as are subject to the call options. Under certain circumstances, the Company may be required under the terms of the warrant transactions to issue up to 7,981,422 shares of Company common stock (subject to adjustments). The warrants were divided into components that expire ratably over a 180 day period commencing November 1, 2017 . The exercise price of the warrants is approximately $74.65 per share of Company common stock, subject to customary anti-dilution adjustments. Proceeds received from the issuance of the warrants totaled approximately $59.4 million . The convertible note hedge and warrant transactions described above are intended to reduce the potential dilution with respect to the Company’s common stock and/or reduce the Company’s exposure to potential cash payments that the Company may be required to make upon conversion of the Convertible Notes by, in effect, increasing the conversion price, from the Company’s economic standpoint, to $74.65 per share. However, the warrant transactions could have a dilutive effect with respect to the Company's common stock or, if the Company so elects, obligate the Company to make cash payments to the extent that the market price per share of common stock exceeds $74.65 per share on any date upon which the warrants are exercised. The Company allocated the proceeds of the Convertible Notes between the liability and equity components of the debt. The initial $316.3 million liability component was determined based on the fair value of a similar debt instrument excluding the conversion feature. The initial $83.7 million ( $53.3 million net of tax) equity component represented the difference between the fair value or carrying value of $316.3 million of the debt and the $400.0 million of proceeds. The related debt discount of $83.7 million is being amortized under the interest method over the remaining life of the Convertible Notes. An effective interest rate of 7.814% was used to calculate the debt discount on the Convertible Notes. As a result of the April 2016 Hedge Unwind Agreements described below under “Exchange Transactions,” the number of shares subject to outstanding call options was reduced to reflect proportionately the reduction in the outstanding principal amount of the Convertible Notes following the Exchange Transactions. The remaining call options will terminate upon the earlier of July 28, 2017 or the first day all of the related Convertible Notes are no longer outstanding due to conversion or otherwise. In addition, the Company entered into warrant unwind agreements (the “Warrant Unwind Agreements”) with the dealer counterparties to reduce the number of warrants initially issued to the dealer counterparties in connection with the initial issuance of the Convertible Notes. On a net basis, after giving effect to the Hedge Unwind Agreements and Warrant Unwind Agreements, the Company received 0.3 million shares of Company common stock from such dealer counterparties. Exchange Transactions On April 4, 2016, pursuant to separate, privately negotiated agreements between the Company and certain of the holders (the "Holders") of the "Convertible Notes, the Company paid cash and common stock (the "Exchange Consideration") to the Holders in exchange for $219.2 million aggregate principal amount of the Convertible Notes (the "Exchange Transactions"). The Exchange Consideration paid to each of the Holders per $1,000 principal amount of Convertible Notes is equal to: (i) $1,000 in cash, (ii) a number of shares of the Company’s common stock equal to the amount of the conversion value of the Convertible Notes in excess of the $1,000 principal amount (the "Conversion Shares"), calculated on the basis of the average daily volume weighted average price per share of Company common stock over a specified period (the "Average Daily VWAP"), (iii) an inducement payment in additional shares of common stock (the "Inducement Shares"), calculated based on the Average Daily VWAP and (iv) cash in an amount equal to accrued and unpaid interest to, but not including, the closing date. As a result of the Exchange Transactions, the Company paid the Holders aggregate cash consideration of $220.7 million (which includes $1.5 million in accrued but previously unpaid interest) and issued and delivered to the Holders 2.17 million shares of Company common stock (including both Conversion Shares and Inducement Shares).The Company funded the $220.7 million cash payment constituting part of the Exchange Consideration through borrowings under the Revolving Credit Facility. The issuance of the shares of the Company’s common stock to the Holders pursuant to the Exchange Transactions was made pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), under Section 3(a)(9) of the Securities Act. As a result of the Exchange Transactions, the Company recognized a loss on extinguishment of debt of $16.3 million . In connection with entering into the Exchange Transactions, the Company also entered into bond hedge unwind agreements (the "Hedge Unwind Agreements") with the dealer counterparties to the convertible note hedge transactions that were effected at the time of the initial issuance of the Convertible Notes. Under the Hedge Unwind Agreements, the number of call options subject to the Convertible Note hedge transactions was reduced to reflect proportionately the reduction in the outstanding principal amount of the Convertible Notes following the Exchange Transactions. In addition, the Company entered into warrant unwind agreements (the “Warrant Unwind Agreements”) with the dealer counterparties to reduce the number of warrants initially issued to the dealer counterparties, also in connection with the initial issuance of the Convertible Notes. On a net basis, after giving effect to the Hedge Unwind Agreements and Warrant Unwind Agreements, the Company received 0.3 million shares of Company common stock from such dealer counterparties. See Note 19 for information regarding Convertible Note exchange transactions that settled in January 2017. Conversions During 2016, $44.4 million in aggregate principal amount of the Convertible Notes (the "Converted Notes") were tendered to the Company for conversion. In connection with these conversions, the Company delivered to each holder of the Converted Notes (the "Converting Holders") a combination of cash and shares of Company common stock, based on the conversion methodology set forth in the supplemental indenture relating to the Convertible Notes. The Company provided the Converting Holders, in the aggregate, $44.4 million in cash and 0.4 million shares of Company common stock. As a result of the conversions, the Company recognized a loss on extinguishment of debt of $3.0 million . Prior to 2016, approximately $0.4 million in aggregate principal amount of Convertible Notes had been converted. Under the terms of the agreements related to the Convertible Note hedge transactions, and in connection with the conversions described above, the counterparties to the Convertible Note hedge transactions delivered to the Company 0.4 million shares of Company common stock, which was equal to the number of shares of Company common stock delivered to the Converting Holders. Additionally, the Company entered into warrant unwind agreements with the dealer counterparties to reduce the number of warrants initially issued. The Company delivered 0.4 million shares of Company common stock to the dealer counterparties in connection with the warrant unwind agreements. 5.25% Senior Notes due 2024 On May 21, 2014, the Company issued $250 million of 5.25% Senior Notes due 2024 (which, as originally issued, or in the substantially identical form issued April 2015 in exchange for the originally issued notes (as discussed below), are referred to as the "2024 Notes"). The Company pays interest on the 2024 Notes semi-annually on June 15 and December 15, at a rate of 5.25% per year. The 2024 Notes will mature on June 15, 2024 , unless earlier redeemed by the Company at its option, as described below, or purchased by the Company at the holder’s option under specified circumstances following a Change of Control or Asset Sale (each as defined in the indenture related to the 2024 Notes). The Company's obligations under the 2024 Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Company’s existing and future 100% owned domestic subsidiaries that is a guarantor or other obligor under the Company’s revolving credit facility and by certain of the Company’s other 100% owned domestic subsidiaries. The guarantees are subject to certain customary automatic release provisions. See Note 17 for further information regarding the guarantors under the 2024 Notes. At any time on or after June 15, 2019, the Company may, on one or more occasions, redeem some or all of the 2024 Notes at a redemption price of 102.625% of the principal amount of the 2024 Notes subject to redemption, declining, in annual increments of 0.875% , to 100% of the principal amount on June 15, 2022, plus accrued and unpaid interest. In addition, at any time prior to June 15, 2019 , the Company may, on one or more occasions, redeem some or all of the 2024 Notes at a redemption price equal to 100% of the principal amount of the 2024 Notes redeemed, plus a “make-whole” premium and any accrued and unpaid interest. The “make-whole” premium is the greater of (a) 1.0% of the principal amount of the 2024 Notes subject to redemption or (b) the excess, if any, over the principal amount of the 2024 Notes of the present value, on the redemption date, of the sum of (i) the June 15, 2019 optional redemption price plus (ii) all required interest payments on the 2024 Notes through June 15, 2019 (other than accrued and unpaid interest to the redemption date), calculated based on a specified Treasury rate, generally for the period most nearly equal to the period from the redemption date to June 15, 2019, plus 50 basis points . In addition, at any time prior to June 15, 2017, the Company may, on one or more occasions, redeem up to 35% of the aggregate principal amount of the 2024 Notes, using the proceeds of specified types of Company equity offerings and subject to specified conditions, at a redemption price equal to 105.25% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. The indenture relating to the 2024 Notes contains covenants that, among other things, limit or restrict the Company’s ability, and the ability of its subsidiaries, to incur debt, create liens, consolidate, merge or dispose of certain assets, make certain investments, engage in acquisitions, and pay dividends on, repurchase or make distributions in respect of capital stock. On March 30, 2015, the Company commenced an exchange offer with respect to the 5.25% Senior Notes due 2024 that initially were issued in May 2014 (the "Old 2024 Notes"), under which the holders of the Old 2024 Notes, which were issued in a private placement, were provided an opportunity to exchange the Old 2024 Notes for new notes (the "New 2024 Notes") issued pursuant to a registration statement under the Securities Act of 1933. Other than the absence of registration rights for the holders of the New 2024 Notes, the terms of the New 2024 Notes are essentially identical to the terms of the Old 2024 Notes.The exchange offer was completed on April 24, 2015; all of the holders of the Old 2024 Notes exchanged their Old 2024 Notes for New 2024 Notes. 4.875% Senior Notes due 2026 On May 16, 2016, the Company issued $400.0 million of 4.875% Senior Notes due 2026 (the "2026 Notes"). The Company pays interest on the 2026 Notes semi-annually on June 1 and December 1, commencing on December 1, 2016, at a rate of 4.875% per year. The 2026 Notes mature on June 1, 2026 unless earlier redeemed by the Company at its option, as described below, or purchased by the Company at the holder’s option under specified circumstances following a Change of Control or Asset Sale (each as defined in the Indenture related to the 2026 Notes) or upon the Company’s election to exercise its optional redemption rights, as described below. The Company incurred transaction fees of approximately $6.5 million , including underwriters’ discounts and commissions, in connection with the offering of the 2026 Notes, which were recorded as a reduction to long-term borrowings and are being amortized over the term of the 2026 Notes. The Company used the net proceeds from the offering to repay borrowings under the Revolving Credit Facility. The Company's obligations under the 2026 Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Company’s existing and future 100% owned domestic subsidiaries that is a guarantor or other obligor under the Revolving Credit Facility and by certain of the Company’s other 100% owned domestic subsidiaries. At any time on or after June 1, 2021, the Company may, on one or more occasions, redeem some or all of the 2026 Notes at a redemption price of 102.438% of the principal amount of the 2026 Notes subject to redemption, declining, in annual increments of 0.813% , to 100% of the principal amount on June 1, 2024, plus accrued and unpaid interest. In addition, at any time prior to June 1, 2021, the Company may, on one or more occasions, redeem some or all of the 2026 Notes at a redemption price equal to 100% of the principal amount of the 2026 Notes redeemed, plus a “make-whole” premium and any accrued and unpaid interest. The “make-whole” premium is the greater of (a) 1.0% of the principal amount of the 2026 Notes subject to redemption or (b) the excess, if any, over the principal amount of the 2026 Notes of the present value, on the redemption date of the sum of (i) the June 1, 2021 optional redemption price plus (ii) all required interest payments on the 2026 Notes through June 1, 2021 (other than accrued and unpaid interest to the redemption date), generally computed using a discount rate equal to the yield to maturity of U.S. Treasury securities with a constant maturity for the period most nearly equal to the period from the redemption date to June 1, 2021, plus 50 basis points. In addition, at any time prior to June 1, 2019, the Company may, on one or more occasions, redeem up to 40% of the aggregate principal amount of the 2026 Notes, using the proceeds of specified types of Company equity offerings and subject to specified conditions, at a redemption price equal to 104.875% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. The 2026 Notes contain covenants that, among other things, limit or restrict the Company’s ability, and the ability of its subsidiaries, to incur additional debt, or issue preferred stock or other disqualified stock; create liens; pay dividends, make investments or make other restricted payments; sell assets; merge, consolidate, sell or otherwise dispose of all or substantially all of the Company's assets; or enter into transactions with the Company's affiliates. Prepayment of 6.875% Senior Subordinated Notes due 2019 On June 13, 2011, the Company issued $250 million of 6.875% Senior Subordinated Notes due 2019 (the “2019 Notes”). The Company paid interest on the 2019 Notes semi-annually on June 1 and December 1. On June 1, 2015, the Company prepaid the $250 million aggregate outstanding principal amount under the 2019 Notes. In addition to its prepayment of principal, the Company paid the holders of the 2019 Notes an $8.6 million prepayment make-whole amount plus accrued and unpaid interest. The Company recognized the prepayment make-whole amount and a $1.9 million write-off of unamortized debt issuance costs as a loss on extinguishment of debt in the consolidated statement of income for the year ended December 31, 2015. The Company used $246 million in borrowings under the Revolving Credit Facility, $12.1 million in borrowings under the Company's accounts receivable securitization program (described below) and available cash to fund the prepayment of the 2019 Notes. Securitization Program The Company has an accounts receivable securitization facility under which accounts receivable of certain domestic subsidiaries are sold on a non-recourse basis to a special purpose entity (“SPE”), which is a bankruptcy-remote, consolidated subsidiary of Teleflex. Accordingly, the assets of the SPE are not available to satisfy the obligations of Teleflex or any of its subsidiaries. The SPE sells undivided interests in those receivables to an asset backed commercial paper conduit for consideration of up to $50.0 million . This facility is utilized from time to time to provide increased flexibility in funding short term working capital requirements. The agreement governing the accounts receivable securitization facility contains certain covenants and termination events. An occurrence of an event of default or a termination event under this facility may give rise to the right of its counterparty to terminate this facility. As of December 31, 2016 , the Company was in compliance with the covenants, and none of the termination events had occurred. As of December 31, 2016 and 2015 , the Company had $50.0 million (the maximum amount available) and $43.3 million , respectively, of outstanding borrowings under its accounts receivable securitization facility. Fair Value of Long-Term Debt The carrying amount of current and long-term borrowings as reported in the consolidated balance sheet as of December 31, 2016 is $1,033.3 million . To determine the fair value of its debt for which quoted prices are not available, 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 December 31, 2016 and 2015 , categorized by the level of inputs within the fair value hierarchy used to measure fair value (see Note 10 to the consolidated financial statements for further information): Fair value of debt December 31, 2016 December 31, 2015 (Dollars in thousands) Level 1 $ 344,765 $ 858,709 Level 2 929,362 687,072 Total $ 1,274,127 $ 1,545,781 Debt Maturities As of December 31, 2016 , the aggregate amounts of long-term debt, demand loans and debt under the Company’s securitization program that will mature during each of the next four years and thereafter were as follows: (Dollars in thousands) 2017 $ 186,076 2018 210,000 2019 — 2020 — 2021 and thereafter 650,000 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial instruments Foreign Currency Forward Contracts Designated as Cash Flow Hedges 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 recognized at fair value. The effective portion of the gains or losses on derivatives is reported as a component of other comprehensive loss and thereafter is recognized in the 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 consolidated statement of income in the period in which such gains and losses occur. Non-designated Foreign Currency Forward Contracts During the third quarter 2015, the Company began using foreign currency forward contracts as part of its strategy to manage exposure related to near term foreign currency denominated monetary assets and liabilities. These currency forward contracts are not designated as cash flow, fair value or net investment hedges; therefore, the changes in fair value of these currency forward contracts are recognized in the consolidated statements of income as a selling, general and administrative expense. The Company enters into foreign currency forward contracts for periods consistent with its currency translation exposures, which generally approximate one month. For the years ended December 31, 2016 and 2015 , the Company recognized a loss related to non-designated foreign currency forward contracts of $2.3 million and $1.5 million , respectively. The following table presents the locations in the consolidated balance sheet and fair value of derivative instruments as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Fair Value (Dollars in thousands) Asset derivatives: Designated foreign currency forward contracts $ 667 $ 285 Non-designated foreign currency forward contracts 490 44 Prepaid expenses and other current assets 1,157 329 Total asset derivatives 1,157 329 Liability derivatives: Designated foreign currency forward contracts 2,139 807 Non-designated foreign currency forward contracts 118 491 Other current liabilities 2,257 1,298 Total liability derivatives $ 2,257 $ 1,298 The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of December 31, 2016 and 2015 was $101.8 million and $49.5 million , respectively. The total notional amount for all open non-designated foreign currency forward contracts as of December 31, 2016 and 2015 was $73.4 million and $69.1 million , respectively. All open foreign currency forward contracts as of December 31, 2016 have durations of twelve months or less. The following table provides information as to the gains and losses attributable to derivatives that were designated as cash flow hedges and reported in other comprehensive income (loss) (“OCI”) for the years ended December 31, 2016 , 2015 and 2014 : After Tax Gain (Loss) Recognized in OCI 2016 2015 2014 (Dollars in thousands) Foreign currency exchange contracts $ 67 $ (2,491 ) $ — See Note 11 for information on the location and amount of gains and losses attributable to derivatives that were reclassified from accumulated other comprehensive income (loss) (“AOCI”) to expense (income), net of tax. For the years ended December 31, 2016 , 2015 and 2014 , there was no ineffectiveness related to the Company’s hedging derivatives. 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. However, a portion of the Company’s trade accounts receivable outside the United States 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 the healthcare systems in 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 trade accounts receivable based on the Company's historical collection experience and expected collectability of accounts receivable, considering the length of time 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 $8.6 million and $8.0 million at December 31, 2016 and 2015 , respectively. The current portion of the allowance for doubtful accounts at December 31, 2016 and 2015 of $2.0 million and $2.0 million , respectively, was reported within accounts receivable, net. The allowance for doubtful accounts on receivables outstanding for greater than one year at December 31, 2016 and 2015 of $6.6 million and $6.0 million , respectively, is recognized in other assets. Certain of the Company’s customers, particularly in Greece, Italy, Portugal and Spain have extended or delayed payments for products and services already provided, raising collectability concerns regarding the Company’s trade accounts receivable from these customers. As a result, the Company continues to closely monitor the allowance for doubtful accounts with respect to these customers and uses other risk mitigation strategies such as selling receivables. The aggregate net current and long-term trade accounts receivable for customers in Greece, Italy, Spain and Portugal and the percentage of the Company’s total net current and long-term trade accounts receivable represented by the net current and long-term trade accounts receivable for customers in those countries at December 31, 2016 and 2015 are as follows: December 31, 2016 December 31, 2015 (Dollars in thousands) Current and long-term trade accounts receivable (net of allowances of $7.7 million and $7.2 million in 2016 and 2015, respectively) in Greece, Italy, Spain and Portugal (1) $ 51,098 $ 62,272 Percentage of total net current and long-term trade accounts receivables 19.3 % 23.9 % (1) The long-term portion of trade accounts receivable, net from customers in Greece, Italy, Spain and Portugal at December 31, 2016 and 2015 was $2.7 million and $8.1 million , respectively. In January 2017, the Company sold $16.1 million of receivables outstanding with publicly funded hospitals in Italy for $16.0 million . For the years ended December 31, 2016 , 2015 and 2014 , net revenues from customers in Greece, Italy, Spain and Portugal were $125.3 million , $126.2 million and $150.5 million , respectively. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | Fair value measurement Fair value is the price that would be received from the sale of an asset or paid to transfer a liability, using assumptions that market participants would use in pricing an asset or liability. The FASB's fair value guidance establishes a three-level hierarchy of the inputs (i.e., assumptions that market participants would use in pricing an asset or liability) used to measure fair value, giving the highest priority to quoted prices in active markets and the lowest priority to unobservable inputs in measuring fair value. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the entire fair value measurement. The levels of inputs within the hierarchy used to measure fair value are as follows: Level 1 — inputs to the fair value measurement that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — inputs to the fair value measurement that include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 — inputs to the fair value measurement that are unobservable inputs for the asset or liability. The following tables provide information regarding the Company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015 : Total carrying Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Dollars in thousands) Investments in marketable securities $ 7,660 $ 7,660 $ — $ — Derivative assets 1,157 — 1,157 — Derivative liabilities 2,257 — 2,257 — Contingent consideration liabilities 7,102 — — 7,102 Total carrying Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Dollars in thousands) Investments in marketable securities $ 6,922 $ 6,922 $ — $ — Derivative assets 329 — 329 — Derivative liabilities 1,298 — 1,298 — Contingent consideration liabilities 20,829 — — 20,829 There were no changes in the inputs used to measure fair value of financial assets or liabilities among Level 1, Level 2 or Level 3 within the fair value hierarchy during the years ended December 31, 2016 or 2015 . The following table provides information regarding changes in the Company's contingent consideration liabilities for the years ended December 31, 2016 and 2015 : Contingent consideration 2016 2015 (Dollars in thousands) Beginning balance – January 1 $ 20,829 $ 33,433 Payment (7,282 ) (8,054 ) Revaluations (6,445 ) (4,550 ) Ending balance – December 31 $ 7,102 $ 20,829 The Company reduced contingent consideration liabilities and selling, general and administrative expense by $8.3 million and $4.4 million for the years ended December 31, 2016 and 2015 , respectively, after determining that relevant conditions for the payment of certain contingent consideration is unlikely to be satisfied. This reduction is included within Revaluations in the above table. See Note 8 for a discussion of the fair value of the Company’s borrowings and Note 4 for a discussion of non-recurring fair value measurements associated with long lived assets. 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 foreign currency transaction exposure as well as exposure to foreign currency denominated monetary assets and liabilities. 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. As of December 31, 2016 , the Company recorded $7.1 million of total liabilities for contingent consideration, of which $0.6 million was recorded as the current portion of contingent consideration and $6.5 million was recorded as other liabilities in the consolidated balance sheet. The Company determines the fair value of the liabilities for contingent consideration based on discounted cash flow analysis. This fair value measurement is based on significant inputs unobservable in the market, primarily estimated sales royalties and the discount rate and, therefore, constitutes a Level 3 measurement within the fair value hierarchy. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholders' equity | Shareholders' equity The authorized capital of the Company is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years. 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: 2016 2015 2014 (Shares in thousands) Basic 43,325 41,558 41,366 Dilutive effect of share based awards 570 488 450 Dilutive effect of 3.875% Convertible Notes and warrants 3,751 6,012 4,654 Diluted 47,646 48,058 46,470 Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were approximately 3.4 million , 5.6 million and 6.3 million for the years ended December 31, 2016 , 2015 and 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 Convertibles Notes is reflected in diluted earnings per share. As described in Note 8, 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 periods where the average market price of the Company's common stock is above $61.32 per share, 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 agreements economically reduce 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, without giving effect to the anti-dilutive impact of the convertible note hedge agreements. The reductions in diluted shares that would result from giving effect to the anti-dilutive impact of the convertible note hedge agreements would have been 2.0 million , 3.3 million , and 2.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The treasury stock method is applied when the exercise price of the warrants is less than the average of the market prices during the period 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 exercise price of the warrants is approximately $74.65 per share of common stock. Shares issuable upon exercise of the warrants that were included in the total diluted shares outstanding were 1.7 million , 2.7 million and 1.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. For additional information regarding the convertible notes and convertible note hedge and warrant agreements, see Note 8 . See Notes 8 and 19 for information regarding the reduction in the outstanding principal amount of Convertible Notes as a result of the Company's acquisition of Convertibles Notes in exchange for cash and shares of Company common stock, as well as the conversion of a portion of the Convertible Notes, and the related reduction in the number of call options and warrants outstanding under the convertible note hedge and warrant agreements either through unwinding of the agreements (in the case of exchange transactions) or exercise of call options and warrants under the convertible note hedge and warrant agreements, respectively. The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2016 and 2015 : Cash Flow Hedges Pension and Other Postretirement Benefit Plans Foreign Currency Translation Adjustment Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Balance at December 31, 2014 $ — $ (141,744 ) $ (119,151 ) $ (260,895 ) Other comprehensive income (loss) before reclassifications (2,974 ) (1,276 ) (110,595 ) (114,845 ) Amounts reclassified from accumulated other comprehensive income (loss) 483 4,133 — 4,616 Net current-year other comprehensive income (loss) (2,491 ) 2,857 (110,595 ) (110,229 ) Balance at December 31, 2015 (2,491 ) (138,887 ) (229,746 ) (371,124 ) Other comprehensive income (loss) before reclassifications (3,434 ) (2,221 ) (69,119 ) (74,774 ) Amounts reclassified from accumulated other comprehensive income 3,501 4,512 — 8,013 Net current-year other comprehensive (loss) income 67 2,291 (69,119 ) (66,761 ) Reclassification related to acquisition of noncontrolling interest — — (832 ) (832 ) Balance at December 31, 2016 $ (2,424 ) $ (136,596 ) $ (299,697 ) $ (438,717 ) The following table provides information relating to the reclassifications of losses/(gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2016 , 2015 and 2014 : December 31, 2016 December 31, 2015 December 31, (Dollars in thousands) Losses (gains) on designated foreign exchange contracts: Cost of goods sold $ 4,511 $ 679 $ (705 ) Total before tax 4,511 679 (705 ) Taxes (1,010 ) (196 ) 111 Net of tax $ 3,501 $ 483 $ (594 ) Amortization of pension and other postretirement benefits items: Actuarial losses (1) $ 6,965 $ 6,375 $ 4,385 Prior-service credits (1) 56 — (21 ) Total before tax 7,021 6,375 4,364 Tax benefit (2,509 ) (2,242 ) (1,535 ) Net of tax $ 4,512 $ 4,133 $ 2,829 Total reclassifications, net of tax $ 8,013 $ 4,616 $ 2,235 (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 14 for additional information). |
Stock compensation plans
Stock compensation plans | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Stock compensation plans | Stock compensation plans In May of 2014, the shareholders of the Company approved the Teleflex Incorporated 2014 Stock Incentive Plan (the "2014 Plan") which replaced the Company's 2008 Stock Incentive Plan and 2000 Stock Compensation Plan (the "Prior Plans"), under which stock options and restricted stock awards previously were granted. The 2014 Plan provides for several different kinds of awards, including stock options, stock appreciation rights, stock awards and other stock-based awards to directors, officers and key employees. Under the 2014 Plan, the Company is authorized to issue up to 5.3 million shares of common stock, subject to adjustment in accordance with special share counting rules in the 2014 Plan that, among other things, (i) count shares underlying a stock option or stock appreciation right (each, an "option award") as one share and each share underlying any other type of award (a "stock award") as 1.8 shares, (ii) increases the shares the Company is authorized to issue by one or 1.8 shares for each share underlying an option award or stock award, respectively, under the Prior Plans that have been canceled, expired, settled in cash or forfeited after December 31, 2013 and (iii) decrease the number of shares the Company is authorized to issue by one share and 1.8 shares for each share underlying an option award or stock award, respectively, granted under the Prior Plans between January 1, 2014 and the May 2, 2014 adoption of the 2014 Plan by the Company's stockholders. Options granted under the 2014 Plan have an exercise price equal to the closing price of the Company's common stock on the date of the grant. In 2016, the Company granted non-qualified options to purchase 338,902 shares of common stock and granted restricted stock units relating to 93,367 shares of common stock under the 2014 Plan. The unrecognized compensation expense for these awards as of the grant date was $22.6 million , which will be recognized over the vesting period of the awards. As of December 31, 2016 , 3,999,156 shares were available for future grants under the 2014 Plan. Share-based compensation expense for 2016 , 2015 and 2014 was $16.9 million , $14.5 million and $12.2 million , respectively, and is included in selling, general and administrative expenses. The total income tax benefit recognized for share-based compensation arrangements for 2016 , 2015 and 2014 was $5.5 million , $4.4 million and $3.3 million , respectively. The fair value of options granted in 2016 , 2015 and 2014 was estimated at the date of grant using a Black-Scholes option pricing model. The following weighted-average assumptions were used: 2016 2015 2014 Risk-free interest rate 1.30 % 1.44 % 1.45 % Expected life of option 4.91 years 4.87 years 4.89 years Expected dividend yield 0.94 % 1.12 % 1.34 % Expected volatility 21.64 % 20.68 % 21.44 % The fair value for non-vested equity awards granted in 2016 , 2015 and 2014 was estimated at the date of grant based on the market price for the underlying stock on the grant date discounted for the risk free interest rate and the present value of expected dividends over the vesting period. The following weighted-average assumptions were used: 2016 2015 2014 Risk-free interest rate 0.94 % 0.94 % 0.65 % Expected dividend yield 0.93 % 1.12 % 1.34 % The Company applied a simplified method to establish the beginning balance of the additional paid-in capital pool (“APIC Pool”) related to the tax effects of employee stock-based compensation and to determine the subsequent impact on the APIC Pool and consolidated statements of cash flows of the tax effects of employee stock-based compensation awards that are outstanding. The following table summarizes the option activity during 2016 : Shares Subject to Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life In Years Aggregate Intrinsic Value (Dollars in thousands) Outstanding, beginning of the year 1,442,912 $ 86.98 Granted 338,902 145.99 Exercised (152,491 ) 80.56 Forfeited or expired (21,578 ) 125.71 Outstanding, end of the year 1,607,745 99.51 6.8 $ 99,180 Exercisable, end of the year 1,003,895 $ 80.64 5.7 $ 80,823 The weighted average grant date fair value for options granted during 2016, 2015 and 2014 was $27.42 , $21.44 and $18.01 , respectively. The total intrinsic value of options exercised during 2016, 2015 and 2014 was $11.3 million , $6.3 million and $15.4 million , respectively. The Company recorded $6.9 million of expense related to the portion of the shares underlying options that vested during 2016 , which is included in selling, general and administrative expenses. As of December 31, 2016 , the unamortized share-based compensation cost related to non-vested stock options, net of expected forfeitures, was $7.8 million , which is expected to be recognized over a weighted-average period of 1.8 years. Authorized but unissued shares of the Company’s common stock are issued upon exercises of options. The following table summarizes the non-vested restricted stock unit activity during 2016 : Number of Non-Vested Shares Weighted Average Grant-Date Fair Value Weighted Average Remaining Contractual Life In Years Aggregate Intrinsic Value (Dollars in thousands) Outstanding, beginning of the year 281,408 $ 96.59 Granted 93,367 142.71 Vested (103,512 ) 80.98 Forfeited (20,874 ) 105.59 Outstanding, end of the year 250,389 119.44 1.2 $ 40,350 The Company issued 93,367 , 105,239 and 116,258 of non-vested restricted stock units in 2016 , 2015 and 2014 , respectively, the majority of which provide for vesting as to all underlying shares on the third anniversary of the grant date. The weighted average grant-date fair value for non-vested restricted stock units granted during 2016 , 2015 and 2014 was $142.71 , $118.00 and $97.87 , respectively. The Company recorded $10.0 million of expense related to the portion of the restricted stock units that vested during 2016 , which is included in selling, general and administrative expenses. The unamortized share-based compensation cost related to non-vested restricted stock units, net of expected forfeitures, was $11.3 million , which is expected to be recognized over a weighted-average period of 1.8 years. The Company uses treasury stock to provide shares of common stock in connection with vesting of the restricted stock units. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The following table summarizes the components of the provision for income taxes from continuing operations: 2016 2015 2014 (Dollars in thousands) Current: Federal $ 2,344 $ (4,700 ) $ 12,348 State 5,230 2,377 1,912 Foreign 28,842 53,151 30,748 Deferred: Federal (25,784 ) (37,504 ) (6,593 ) State (1,194 ) (3,258 ) 3,435 Foreign (1,364 ) (2,228 ) (13,200 ) $ 8,074 $ 7,838 $ 28,650 At December 31, 2016 , the cumulative unremitted earnings of subsidiaries outside the United States that are considered non-permanently reinvested and for which U.S. taxes have been provided, approximated $471.2 million . At December 31, 2016 , the cumulative unremitted earnings of subsidiaries outside the United States that are considered permanently reinvested and, accordingly, for which no income or withholding taxes have been provided, approximated $1,214.9 million . Earnings considered permanently reinvested are expected to be reinvested indefinitely and, as a result, no deferred tax liability has been recognized with regard to these earnings. It is not practical to determine the deferred income tax liability on these earnings if, in the future, they are remitted to the United States because the income tax liability to be incurred, if any, is dependent on circumstances existing when remittance occurs. The following table summarizes the United States and non-United States components of income from continuing operations before taxes: 2016 2015 2014 (Dollars in thousands) United States $ (29,988 ) $ (19,550 ) $ (23,875 ) Other 275,713 264,196 243,985 $ 245,725 $ 244,646 $ 220,110 Reconciliations between the statutory federal income tax rate and the effective income tax rate are as follows: 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % Tax effect of international items (27.5 ) (28.4 ) (22.6 ) State taxes, net of federal benefit 0.9 (0.7 ) 2.1 Uncertain tax contingencies (3.6 ) (1.9 ) (0.8 ) Contingent consideration reversals (1.2 ) (0.7 ) (1.2 ) Other, net (0.3 ) (0.1 ) 0.5 3.3 % 3.2 % 13.0 % The effective income tax rate for 2016 was 3.3% compared to 3.2% for 2015 . The effective income tax rate for 2016 was impacted by a tax benefit associated with U.S. federal tax return filings, a benefit resulting from the reduction of German tax reserves as a result of the conclusion of an audit, a benefit resulting from the expiration of various statutes of limitation and a benefit associated with the Semprus IPR&D asset impairment. The effective income tax rate for 2015 was impacted by a tax benefit associated with U.S. federal tax return filings, a benefit associated with legislative tax rate changes, a benefit resulting from a reduction in the Company's U.S. reserves as a result of the conclusion of an audit and a benefit associated with a reduction in the estimated deferred tax with respect to non-permanently reinvested income due to an increase in the estimated foreign tax credits available to reduce the U.S. tax on a future repatriation. The Company and its subsidiaries are routinely subject to examinations by various taxing authorities. In conjunction with these examinations and as a regular practice, the Company establishes and adjusts reserves with respect to its uncertain tax positions to address developments related to those positions. The Company realized a net benefit of approximately $8.8 million in 2016 as a result of reducing its reserves with respect to uncertain tax positions, principally due to the conclusion of a tax audit in Germany and the expiration of various statutes of limitations. The Company realized a net benefit of approximately $4.6 million in 2015, which resulted from a reduction in the Company's U.S. reserves due to the conclusion of a tax audit, offset by an increase in the Company's foreign reserves with respect to developments in the tax audit in Germany discussed above. The Company realized a net benefit of approximately $1.8 million in 2014, which resulted from the expiration of a number of applicable statutes of limitations. The following table summarizes significant components of the Company’s deferred tax assets and liabilities at December 31, 2016 and 2015 : 2016 2015 (Dollars in thousands) Deferred tax assets: Tax loss and credit carryforwards $ 136,046 $ 123,328 Pension 46,563 57,610 Reserves and accruals 52,343 47,755 Other 17,704 34,568 Less: valuation allowances (104,520 ) (103,475 ) Total deferred tax assets 148,136 159,786 Deferred tax liabilities: Property, plant and equipment 32,209 33,824 Intangibles — stock acquisitions 321,707 361,132 Unremitted foreign earnings 63,419 78,019 Other 466 453 Total deferred tax liabilities 417,801 473,428 Net deferred tax liability $ (269,665 ) $ (313,642 ) Under the tax laws of various jurisdictions in which the Company operates, deductions or credits that cannot be fully utilized for tax purposes during the current year may be carried forward, subject to statutory limitations, to reduce taxable income or taxes payable in a future tax year. At December 31, 2016 , the tax effect of such carryforwards approximated $136.0 million . Of this amount, $11.0 million has no expiration date, $1.6 million expires after 2016 but before the end of 2021 and $123.4 million expires after 2021 . A portion of these carryforwards consists of tax losses and credits obtained by the Company as a result of acquisitions; the utilization of these carryforwards are subject to an annual limitation imposed by Section 382 of the Internal Revenue Code, which limits a company’s ability to deduct prior net operating losses following a more than 50 percent change in ownership. It is not expected that the Section 382 limitation will prevent the Company ultimately from utilizing the applicable loss carryforwards. The determination of state net operating loss carryforwards is dependent upon the United States subsidiaries’ taxable income or loss, the state’s proportion of each subsidiary's taxable net income and the application of state laws, which can change from year to year and impact the amount of such carryforward. The valuation allowance for deferred tax assets of $104.5 million and $103.5 million at December 31, 2016 and 2015 , respectively, relates principally to the uncertainty of the Company’s ability to utilize certain deferred tax assets, primarily tax loss and credit carryforwards in various jurisdictions. The valuation allowance was calculated in accordance with applicable accounting standards, which require that a valuation allowance be established and maintained when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. Uncertain Tax Positions : The following table is a reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the twelve month periods ending December 31, 2016 , 2015 and 2014 : 2016 2015 2014 (Dollars in thousands) Balance at January 1 $ 34,381 $ 51,084 $ 55,771 Increase in unrecognized tax benefits related to prior years — 2,077 — Decrease in unrecognized tax benefits related to prior years (13,083 ) (15,372 ) — Unrecognized tax benefits related to the current year 705 647 910 Reductions in unrecognized tax benefits due to settlements (2,121 ) — (132 ) Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations (4,840 ) (2,337 ) (3,235 ) Increase (decrease) in unrecognized tax benefits due to foreign currency translation 12 (1,718 ) (2,230 ) Balance at December 31 $ 15,054 $ 34,381 $ 51,084 The total liabilities associated with the unrecognized tax benefits that, if recognized, would impact the effective tax rate for continuing operations, were $10.4 million at December 31, 2016 . The Company accrues interest and penalties associated with unrecognized tax benefits in income tax expense in the consolidated statements of income, and the corresponding liability is included in the consolidated balance sheets. The net interest expense (benefit) and penalties reflected in income from continuing operations for the year ended December 31, 2016 was $0.2 million and $(0.5) million , respectively; for the year ended December 31, 2015 was $1.6 million and $(0.4) million , respectively; and for the year ended December 31, 2014 was $1.0 million and $(0.8) million , respectively. The corresponding liabilities in the consolidated balance sheets for interest and penalties at December 31, 2016 were $0.7 million and $2.7 million , respectively, and at December 31, 2015 were $6.5 million and $3.2 million , respectively. The taxable years for which the applicable statute of limitations remains open by major tax jurisdictions are as follows: Beginning Ending United States 2010 2016 Canada 2005 2016 China 2011 2016 Czech Republic 2013 2016 France 2014 2016 Germany 2011 2016 India 2002 2016 Ireland 2012 2016 Italy 2011 2016 Malaysia 2012 2016 Singapore 2012 2016 The Company and its subsidiaries are routinely subject to income tax examinations by various taxing authorities. As of December 31, 2016 , the most significant tax examination in process is in Canada. The date at which this examination may be concluded and the ultimate outcome of the examination is uncertain. As a result of the uncertain outcome of this ongoing examination, future examinations or the expiration of statutes of limitation, it is reasonably possible that the related unrecognized tax benefits for tax positions taken could materially change from those recorded as liabilities at December 31, 2016 . Due to the potential for resolution of certain examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s unrecognized tax benefits may change within the next year by a range of zero to $6.5 million . |
Pension and other postretiremen
Pension and other postretirement benefits | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pension and other postretirement benefits | Pension and other postretirement benefits The Company has a number of defined benefit pension and postretirement plans covering eligible U.S. and non-U.S. employees. The defined benefit pension plans are noncontributory. The benefits under these plans are based primarily on years of service and employees’ pay near retirement. The Company’s funding policy for U.S. plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations. Obligations under non-U.S. plans are systematically provided for by depositing funds with trustees or by book reserves. As of December 31, 2016 , no further benefits are being accrued under 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. The Company and certain of its subsidiaries provide medical, dental and life insurance benefits to pensioners or their survivors. The associated plans are unfunded and approved claims are paid from Company funds. The following table provides information regarding the components of the net benefit expense (income) of the Company's pension and postretirement benefit plans: Pension Other Benefits 2016 2015 2014 2016 2015 2014 (Dollars in thousands) Service cost $ 2,615 $ 1,880 $ 1,794 $ 355 $ 495 $ 424 Interest cost 15,711 17,948 18,000 1,595 1,967 2,169 Expected return on plan assets (24,786 ) (25,940 ) (25,006 ) — — — Net amortization and deferral 6,567 6,159 4,371 454 216 (7 ) Net benefit expense (income) $ 107 $ 47 $ (841 ) $ 2,404 $ 2,678 $ 2,586 The following table provides the weighted average assumptions for United States and foreign plans used in determining net benefit cost: Pension Other Benefits 2016 2015 2014 2016 2015 2014 Discount rate 4.5 % 4.1 % 5.0 % 4.3 % 4.0 % 4.7 % Rate of return 8.1 % 8.1 % 8.3 % Initial healthcare trend rate 8.4 % 7.3 % 7.5 % Ultimate healthcare trend rate 5.0 % 5.0 % 5.0 % The following table provides summarized information with respect to the Company’s pension and postretirement benefit plans, measured as of December 31, 2016 and 2015 : Pension Other Benefits 2016 2015 2016 2015 Under Funded Under Funded (Dollars in thousands) Benefit obligation, beginning of year $ 421,736 $ 447,964 $ 48,616 $ 53,154 Service cost 2,615 1,880 355 495 Interest cost 15,711 17,948 1,595 1,967 Actuarial loss (gain) 16,315 (22,880 ) 646 (3,914 ) Currency translation (4,300 ) (2,721 ) — — Benefits paid (18,887 ) (18,682 ) (3,946 ) (3,216 ) Medicare Part D reimbursement — — 221 130 Curtailments (23 ) — — — Administrative costs (2,593 ) (1,773 ) — — Projected benefit obligation, end of year 430,574 421,736 47,487 48,616 Fair value of plan assets, beginning of year 315,951 328,830 Actual return on plan assets 36,620 (4,460 ) Contributions 12,752 12,797 Benefits paid (18,887 ) (18,682 ) Administrative costs (2,593 ) (1,773 ) Currency translation (3,578 ) (761 ) Fair value of plan assets, end of year 340,265 315,951 Funded status, end of year $ (90,309 ) $ (105,785 ) $ (47,487 ) $ (48,616 ) The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the Company's pension and postretirement plans: Pension Other Benefits 2016 2015 2016 2015 (Dollars in thousands) Other assets $ 106 $ — $ — $ — Payroll and benefit-related liabilities (1,640 ) (1,653 ) (3,200 ) (3,307 ) Pension and postretirement benefit liabilities (88,775 ) (104,132 ) (44,287 ) (45,309 ) Accumulated other comprehensive loss 209,785 213,301 4,415 4,223 $ 119,476 $ 107,516 $ (43,072 ) $ (44,393 ) The following tables set forth the amounts recognized in accumulated other comprehensive loss with respect to the plans: Pension Prior Service Cost Net (Gain) or Loss Deferred Taxes Accumulated Other Comprehensive Loss, Net of Tax (Dollars in thousands) Balance at December 31, 2014 $ 148 $ 212,969 $ (76,807 ) $ 136,310 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (35 ) (6,124 ) 2,164 (3,995 ) Amounts arising during the period: Actuarial changes in benefit obligation — 7,520 (2,928 ) 4,592 Impact of currency translation — (1,177 ) 316 (861 ) Balance at December 31, 2015 113 213,188 (77,255 ) 136,046 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (34 ) (6,533 ) 2,339 (4,228 ) Amounts arising during the period: Actuarial changes in benefit obligation — 4,481 (1,603 ) 2,878 Curtailments — (23 ) 6 (17 ) Impact of currency translation — (1,407 ) 373 (1,034 ) Balance at December 31, 2016 $ 79 $ 209,706 $ (76,140 ) $ 133,645 Other Benefits Prior Service Cost Net (Gain) or Loss Deferred Taxes Accumulated Other Comprehensive Loss, Net of Tax (Dollars in thousands) Balance at December 31, 2014 $ 72 $ 8,281 $ (2,919 ) $ 5,434 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral 35 (251 ) 78 (138 ) Amounts arising during the period: Actuarial changes in benefit obligation — (3,914 ) 1,459 (2,455 ) Balance at December 31, 2015 107 4,116 (1,382 ) 2,841 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (22 ) (432 ) 170 (284 ) Amounts arising during the period: Actuarial changes in benefit obligation — 646 (252 ) 394 Balance at December 31, 2016 $ 85 $ 4,330 $ (1,464 ) $ 2,951 The following table provides the weighted average assumptions for United States and foreign plans used in determining benefit obligations: Pension Other Benefits 2016 2015 2016 2015 Discount rate 4.2 % 4.5 % 4.1 % 4.3 % Rate of compensation increase 2.8 % 2.8 % Initial healthcare trend rate 7.9 % 8.4 % Ultimate healthcare trend rate 5.0 % 5.0 % The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle the Company’s pension and other benefit obligations. The weighted average discount rates for United States pension plans and other benefit plans of 4.35% and 4.06% , respectively, were established by comparing the projection of expected benefit payments to the AA Above Median yield curve as of December 31, 2016 . The expected benefit payments are discounted by each corresponding discount rate on the yield curve. For payments beyond 30 years, the Company extends the curve assuming that the discount rate derived in year 30 is extended to the end of the plan’s payment expectations. Once the present value of the string of benefit payments is established, the Company determines the single rate on the yield curve that, when applied to all obligations of the plan, will exactly match the previously determined present value. As part of the evaluation of pension and other postretirement assumptions, the Company applied assumptions for mortality and healthcare cost trends that incorporate generational white and blue collar mortality trends. In determining its benefit obligations, the Company used generational tables that take into consideration increases in plan participant longevity. The Company’s assumption for the Expected Return on Plan Assets is primarily based on the determination of an expected return for its current portfolio. This determination is made using assumptions for return and volatility of the portfolio. Asset class assumptions are set using a combination of empirical and forward-looking analysis. To the extent historical results have been affected by unsustainable trends or events, the effects of those trends are quantified and removed. The Company applies a variety of models for filtering historical data and isolating the fundamental characteristics of asset classes. These models provide empirical return estimates for each asset class, which are then reviewed and combined with a qualitative assessment of long term relationships between asset classes before a return estimate is finalized. The qualitative analysis is intended to provide an additional means for addressing the effect of unrealistic or unsustainable short-term valuations or trends, resulting in return levels and behavior the Company believes are more likely to prevail over long periods. An increase in the assumed healthcare trend rate of 1% would increase the benefit obligation at December 31, 2016 by $3.4 million and would increase the 2016 benefit expense by $0.2 million . Decreasing this assumed rate by 1% would decrease the benefit obligation at December 31, 2016 by $3.0 million and would decrease the 2016 benefit expense by $0.2 million . The accumulated benefit obligation for all United States and foreign defined benefit pension plans was $430.0 million and $421.2 million for 2016 and 2015 , respectively. All of the Company's pension plans had accumulated benefit obligations in excess of their respective plan assets as of December 31, 2016 and 2015 . The Company’s investment objective is to achieve an enhanced long-term rate of return on plan assets, subject to a prudent level of portfolio risk, for the purpose of enhancing the availability of benefits for participants. These investments are primarily comprised of equity and fixed income mutual funds. The Company’s other investments are largely comprised of a hedge fund of funds and a structured credit fund. The equity funds are diversified in terms of domestic and international equity securities, as well as small, middle and large capitalization stocks. The Company’s target allocation percentage is as follows: equity securities (45%) ; fixed-income securities (35%) and other securities (20%) . Equity funds are held for their expected return over inflation. Fixed-income funds are held for diversification relative to equities and as a partial hedge of interest rate risk with respect to plan liabilities. The other investments are held to further diversify assets within the plans and are designed to provide a mix of equity and bond like return with a bond like risk profile. The plans may also hold cash to meet liquidity requirements. Actual performance may not be consistent with the respective investment strategies. Investment risks and returns are measured and monitored on an ongoing basis through annual liability measurements and investment portfolio reviews to determine whether the asset allocation targets continue to represent an appropriate balance of expected risk and reward. The following table provides the fair values of the Company’s pension plan assets at December 31, 2016 by asset category: Fair Value Measurements Asset Category (a) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Cash $ 437 $ 437 Money market funds 76 76 Equity securities: Managed volatility (b) 88,051 88,051 United States small/mid-cap equity (c) 24,785 24,785 World Equity (excluding United States) (d) 33,376 33,376 Common Equity Securities – Teleflex Incorporated 18,838 18,838 Diversified Global 5,086 5,086 Fixed income securities: Long duration bond fund (e) 73,544 73,544 High yield bond fund (f) 15,451 15,451 Emerging markets debt fund (g) 9,412 $ 9,412 Corporate, government and foreign bonds 1,864 1,792 72 Asset backed – home loans 527 527 Other types of investments: Structured credit (h) 35,066 $ 35,066 Hedge fund of funds (i) 22,748 22,748 UK Property Fund (j) 1,377 1,377 Multi asset funds (k) 9,622 5,460 4,162 Other 5 5 Total $ 340,265 $ 266,896 $ 15,550 $ 57,819 The following table provides the fair values of the Company’s pension plan assets at December 31, 2015 by asset category: Fair Value Measurements Asset Category (a) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Cash $ 664 $ 664 Money market funds 184 184 Equity securities: Managed volatility (b) 80,052 80,052 United States small/mid-cap equity (c) 18,549 18,549 World Equity (excluding United States) (d) 29,632 29,632 Common Equity Securities – Teleflex Incorporated 15,366 15,366 Diversified United Kingdom Equity 845 845 Diversified Global 2,948 2,948 Emerging Markets 1,055 1,055 Fixed income securities: Long duration bond fund (e) 80,855 80,855 UK corporate bond fund 2,467 2,467 UK Government bond fund 4,838 4,838 High yield bond fund (f) 10,702 10,702 Emerging markets debt fund (g) 10,060 $ 10,060 Corporate, government and foreign bonds 75 75 Asset backed – home loans 655 655 Other types of investments: Structured credit (h) 29,591 $ 29,591 Hedge fund of funds (i) 22,599 22,599 UK Property Fund (j) 1,654 1,654 Multi asset funds (k) 3,155 3,155 Other 5 5 Total $ 315,951 $ 251,312 $ 12,444 $ 52,195 (a) Information on asset categories described in notes (b)-(k) is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories. (b) This category comprises mutual funds that invest in securities of United States and non-United States companies of all capitalization ranges that exhibit relatively low volatility. (c) This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of small and mid-sized companies. The fund invests in common stocks or exchange traded funds holding common stock of United States companies with market capitalizations in the range of companies in the Russell 2500 Index. (d) This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of foreign companies. These securities may include common stocks, preferred stocks, warrants, exchange traded funds based on an international equity index, derivative instruments whose value is based on an international equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests in securities of foreign issuers located in developed and emerging market countries. However, the fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. (e) This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including securities issued or guaranteed by the United States Government and its agencies and instrumentalities, corporate bonds, asset-backed securities, exchange traded funds, mortgage-backed securities and collateralized mortgage-backed securities. The fund invests primarily in long duration government and corporate fixed income securities, and uses derivative instruments, including interest rate swap agreements and Treasury futures contracts, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities. (f) This category comprises a mutual fund that invests at least 80% of its net assets in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. (g) This category comprises a mutual fund that invests at least 80% of its net assets in fixed income securities of emerging market issuers, primarily in United States dollar-denominated debt of foreign governments, government-related and corporate issuers in emerging market countries and entities organized to restructure the debt of those issuers. (h) This category comprises a fund that invests primarily in collateralized debt obligations (“CDOs”) and other structured credit vehicles. The fund investments may include fixed income securities, loan participants, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments. (i) This category comprises a hedge fund that invests in various other hedge funds. As of December 31, 2016 and 2015 : • approximately 43% and 41% , respectively, of the assets of the hedge fund were invested in equity hedge based funds, including equity long/short and equity market neutral strategies; • approximately 14% and 12% , respectively, of the assets were held in tactical/directional based funds, including global macro, long/short equity, commodity and systematic quantitative strategies; • approximately 19% and 19% , respectively, of the assets were held in relative value based funds, including convertible and fixed income arbitrage, credit long/short and volatility arbitrage strategies; and • approximately 24% and 28% , respectively, of the assets were held in funds with an event driven strategy. (j) This category comprises a fund that invests primarily in UK freehold and leasehold property. The fund does not invest in higher risk activities such as developments. The fund may invest in indirect vehicles and property derivatives. (k) This category comprises a fund that may invest in equities, bonds, or derivatives. The following table provides a reconciliation of changes in pension assets measured at fair value on a recurring basis, using Level 3 inputs, from December 31, 2014 through December 31, 2016 : (Dollars in thousands) Balance at December 31, 2014 $ 54,352 Unrealized gain on assets (2,157 ) Balance at December 31, 2015 52,195 Unrealized gain on assets 5,624 Balance at December 31, 2016 $ 57,819 The Company’s contributions to United States and foreign pension plans during 2017 are expected to be approximately $12.6 million . Contributions to postretirement healthcare plans during 2017 are expected to be approximately $3.2 million . The following table provides information about the Company’s expected benefit payments under its U.S. and foreign plans for each of the five succeeding years and the aggregate of the five years thereafter, net of the annual average Medicare Part D subsidy of approximately $0.2 million : Pension Other Benefits (Dollars in thousands) 2017 $ 19,495 $ 3,200 2018 19,932 3,171 2019 20,739 3,214 2020 21,356 3,413 2021 22,104 3,396 Years 2022 — 2026 121,404 18,238 The Company maintains a number of defined contribution savings plans covering eligible United States and non-United States employees. The Company partially matches employee contributions. Costs related to these plans were $12.0 million , $12.6 million and $11.5 million for 2016 , 2015 and 2014 , respectively. |
Commitments and contingent liab
Commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingent liabilities | Commitments and contingent liabilities Operating leases: The Company uses various leased facilities and equipment in its operations. The lease terms for these leased assets vary depending on the terms of the applicable lease agreement. At December 31, 2016 , the Company had no residual value guarantees related to its operating leases. Future minimum lease payments as of December 31, 2016 under noncancellable operating leases are as follows: Future Lease Payments (Dollars in thousands) 2017 $ 29,546 2018 23,224 2019 20,349 2020 16,887 2021 14,318 2022 and thereafter 36,664 Rental expense under operating leases was $34.0 million , $34.6 million and $29.4 million in 2016 , 2015 and 2014 , respectively. 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. The nature of these activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, the regulatory agencies involved and their enforcement policies, as well as the presence or absence of other potentially responsible parties. At December 31, 2016 and 2015 , the Company has recorded $1.1 million and $1.2 million , respectively, in accrued liabilities and $5.8 million and $6.1 million , respectively, in other liabilities relating to these matters, in each case discounted to consider the time value of money. Considerable uncertainty exists with respect to these liabilities and, if adverse changes in circumstances occur, potential liability may exceed the amount accrued as of December 31, 2016 . 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, environmental and other matters. As of December 31, 2016 and 2015 , the Company has recorded accrued liabilities of $2.5 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 amounts accrued as of December 31, 2016 and 2015 , $1.6 million and $1.5 million , respectively, pertain to discontinued operations. In 2006, the Company was named as a defendant in a wrongful death product liability lawsuit filed in the Louisiana State District Court for the Parish of Calcasieu, involving a product manufactured by the Company’s former marine business. In September 2014, the case was tried before a jury, which returned a verdict in favor of the Company. The plaintiff subsequently filed a motion for a new trial, which was granted, and the case was re-tried before a jury in December 2014. On December 5, 2014, the jury returned a verdict in favor of the plaintiff, awarding $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's post-trial motions seeking to overturn the verdict or reduce the amount of damages were denied in June 2015. The Company filed an appeal with the Louisiana Court of Appeal, and the plaintiff filed a cross-appeal, seeking to overturn the trial court’s denial of pre-judgment interest on the punitive damages award. On June 29, 2016, the Louisiana Court of Appeal affirmed the trial court verdict in all respects. The Company filed a motion for rehearing with the Louisiana Court of Appeal, which was denied on August 3, 2016. The Company and the plaintiff filed applications for a writ of certiorari (a request for review) to the Louisiana Supreme Court. On January 13, 2017, the Louisiana Supreme Court granted the Company's writ application. A date for oral arguments has not yet been set. As of December 31, 2016, 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 that is not covered by the Company's product liability insurance will not exceed $10.0 million . 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 tax authorities. As of December 31, 2016 , the most significant tax examination in process is in Canada. The Company may establish reserves with respect to uncertain tax positions, after which it adjusts the reserves to address developments with respect to its uncertain tax positions, including developments in this examination. Accordingly, developments in tax audits and examinations, including resolution of uncertain tax positions, could result in increases or decreases to the Company’s recorded tax liabilities, which could impact the Company’s financial results. Other: The Company has various purchase commitments for materials, supplies and items of permanent investment incident to the ordinary conduct of business. On average, such commitments are not at prices in excess of current market prices. |
Business segments and other inf
Business segments and other information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business segments and other information | Business segments and other information An operating segment is a component of the Company (a) that engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance, and (c) for which discrete financial information is available. The Company does not evaluate its operating segments using discrete asset information. 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 for its reportable operating segments, the Company also presents certain information pertaining to several immaterial operating segments in the “All other” category. 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 years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Revenue Vascular North America $ 350,486 $ 334,938 $ 311,163 Anesthesia North America 198,772 189,297 183,909 Surgical North America 172,223 161,230 150,121 EMEA 510,934 514,443 593,065 Asia 249,416 241,726 237,696 OEM 160,990 149,399 143,966 All other 225,206 218,657 219,912 Consolidated net revenues $ 1,868,027 $ 1,809,690 $ 1,839,832 Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Operating Profit Vascular North America $ 97,088 $ 73,284 $ 53,807 Anesthesia North America 55,544 48,311 34,566 Surgical North America 56,608 52,529 49,592 EMEA 84,392 92,326 114,650 Asia 75,770 67,887 62,152 OEM 33,641 33,162 30,635 All other 19,784 20,356 19,762 Total segment operating profit (1) 422,827 387,855 365,164 Unallocated expenses (2) (103,374 ) (71,964 ) (80,302 ) Income from continuing operations before interest, loss on extinguishment of debt and taxes $ 319,453 $ 315,891 $ 284,862 (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, restructuring and other impairment charges and gain on sale of assets. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Depreciation and Amortization Vascular North America $ 36,260 $ 37,159 $ 35,701 Anesthesia North America 10,932 7,089 11,815 Surgical North America 10,459 12,289 6,316 EMEA 30,505 32,178 38,062 Asia 11,275 11,382 8,515 OEM 8,404 6,834 6,175 All other 20,511 18,403 20,446 Consolidated depreciation and amortization $ 128,346 $ 125,334 $ 127,030 Geographic data The following tables provide total net revenues and total net property, plant and equipment by geographic region for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Net revenues (based on the Company's selling location): United States $ 1,018,786 $ 967,819 $ 916,619 Other Americas 56,339 56,500 60,736 Europe 567,320 570,672 664,982 All other 225,582 214,699 197,495 $ 1,868,027 $ 1,809,690 $ 1,839,832 Net property, plant and equipment: United States $ 167,167 $ 178,895 $ 174,893 Malaysia 31,415 33,777 36,427 Ireland 36,569 33,219 29,746 Czech Republic 30,843 32,305 35,655 All other 36,905 37,927 40,714 $ 302,899 $ 316,123 $ 317,435 |
Condensed consolidating guarant
Condensed consolidating guarantor financial information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidated Guarantor Financial Information [Abstract] | |
Condensed consolidating guarantor financial information | Condensed consolidating guarantor financial information The 2024 and 2026 Notes are issued by Teleflex Incorporated (the “Parent Company”), and payment of the Parent Company's obligations under the 2024 and 2026 Notes is guaranteed, jointly and severally, by certain of the Parent Company’s subsidiaries (each, a “Guarantor Subsidiary” and collectively, the “Guarantor Subsidiaries”). The guarantees are full and unconditional, subject to certain customary release provisions. Each Guarantor Subsidiary is directly or indirectly 100% owned by the Parent Company. The Company’s condensed consolidating statements of income and comprehensive income and condensed consolidating statements of cash flows for the years ended December 31, 2016, 2015 and 2014 and condensed consolidating balance sheets as of December 31, 2016 and 2015 provide consolidated information for: a. Parent Company, the issuer of the guaranteed obligations; b. Guarantor Subsidiaries, on a combined basis; c. Non-Guarantor Subsidiaries (i.e., those subsidiaries of the Parent Company that have not guaranteed payment of the 2024 Notes and 2026 Notes), on a combined basis; and d. Parent Company and its subsidiaries on a consolidated basis. The same accounting policies as described in Note 1 are used by the Parent Company and each of its subsidiaries in connection with the condensed consolidating financial information, except for the use of the equity method of accounting to reflect ownership interests in subsidiaries, which are eliminated upon consolidation. Consolidating entries and eliminations in the following condensed consolidated financial statements represent adjustments to (a) eliminate intercompany transactions between or among the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, (b) eliminate the investments in subsidiaries and (c) record consolidating entries. TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year Ended December 31, 2016 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net revenues $ — $ 1,112,464 $ 1,124,958 $ (369,395 ) $ 1,868,027 Cost of goods sold — 652,442 588,110 (368,725 ) 871,827 Gross profit — 460,022 536,848 (670 ) 996,200 Selling, general and administrative expenses 43,602 328,263 191,916 (473 ) 563,308 Research and development expenses 547 33,080 24,952 — 58,579 Restructuring and other impairment charges 173 50,183 8,871 — 59,227 Gain on sale of assets (2,707 ) (155 ) (1,505 ) — (4,367 ) (Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes (41,615 ) 48,651 312,614 (197 ) 319,453 Interest, net 153,830 (103,465 ) 4,102 — 54,467 Loss on extinguishment of debt 19,261 — — — 19,261 (Loss) income from continuing operations before taxes (214,706 ) 152,116 308,512 (197 ) 245,725 (Benefit) taxes on (loss) income from continuing operations (78,478 ) 46,758 39,875 (81 ) 8,074 Equity in net income of consolidated subsidiaries 374,048 243,987 528 (618,563 ) — Income from continuing operations 237,820 349,345 269,165 (618,679 ) 237,651 Operating (loss) income from discontinued operations (1,300 ) — 378 — (922 ) Tax benefit on (loss) income from discontinued operations (857 ) — (255 ) — (1,112 ) (Loss) income from discontinued operations (443 ) — 633 — 190 Net income 237,377 349,345 269,798 (618,679 ) 237,841 Less: Income from continuing operations attributable to noncontrolling interest — — 464 — 464 Net income attributable to common shareholders 237,377 349,345 269,334 (618,679 ) 237,377 Other comprehensive loss attributable to common shareholders (66,761 ) (76,098 ) (80,700 ) 156,798 (66,761 ) Comprehensive income attributable to common shareholders $ 170,616 $ 273,247 $ 188,634 $ (461,881 ) $ 170,616 Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net revenues $ — $ 1,079,180 $ 1,107,565 $ (377,055 ) $ 1,809,690 Cost of goods sold — 646,427 593,855 (374,995 ) 865,287 Gross profit — 432,753 513,710 (2,060 ) 944,403 Selling, general and administrative expenses 42,435 336,049 191,029 (531 ) 568,982 Research and development expenses — 30,359 21,760 — 52,119 Restructuring charges — 6,731 1,088 — 7,819 Gain on sale of assets — — (408 ) — (408 ) (Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes (42,435 ) 59,614 300,241 (1,529 ) 315,891 Interest, net 132,711 (76,873 ) 4,953 — 60,791 Loss on extinguishment of debt 10,454 — — — 10,454 (Loss) income from continuing operations before taxes (185,600 ) 136,487 295,288 (1,529 ) 244,646 (Benefit) taxes on (loss) income from continuing operations (66,264 ) 27,260 46,804 38 7,838 Equity in net income of consolidated subsidiaries 355,138 235,810 1,086 (592,034 ) — Income from continuing operations 235,802 345,037 249,570 (593,601 ) 236,808 Operating (loss) income from discontinued operations (1,734 ) — 4 — (1,730 ) (Benefit) taxes on (loss) income from discontinued operations (10,795 ) — 160 — (10,635 ) Income (loss) from discontinued operations 9,061 — (156 ) — 8,905 Net income 244,863 345,037 249,414 (593,601 ) 245,713 Less: Income from continuing operations attributable to noncontrolling interests — — 850 — 850 Net income attributable to common shareholders 244,863 345,037 248,564 (593,601 ) 244,863 Other comprehensive loss attributable to common shareholders (110,229 ) (110,604 ) (120,439 ) 231,043 (110,229 ) Comprehensive income attributable to common shareholders $ 134,634 $ 234,433 $ 128,125 $ (362,558 ) $ 134,634 Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net revenues $ — $ 1,078,851 $ 1,132,152 $ (371,171 ) $ 1,839,832 Cost of goods sold — 652,742 608,256 (363,594 ) 897,404 Gross profit — 426,109 523,896 (7,577 ) 942,428 Selling, general and administrative expenses 42,829 326,282 209,930 (384 ) 578,657 Research and development expenses — 40,546 20,494 — 61,040 Restructuring charges — 10,189 7,680 — 17,869 (Loss) income from continuing operations before interest and taxes (42,829 ) 49,092 285,792 (7,193 ) 284,862 Interest, net 144,869 (85,886 ) 5,769 — 64,752 (Loss) income from continuing operations before taxes (187,698 ) 134,978 280,023 (7,193 ) 220,110 (Benefit) taxes on (loss) income from continuing operations (68,307 ) 68,690 28,159 108 28,650 Equity in net income of consolidated subsidiaries 308,396 233,827 252 (542,475 ) — Income from continuing operations 189,005 300,115 252,116 (549,776 ) 191,460 Operating loss from discontinued operations (2,196 ) — (1,211 ) — (3,407 ) (Benefit) taxes on loss from discontinued operations (870 ) — 172 — (698 ) Loss from discontinued operations (1,326 ) — (1,383 ) — (2,709 ) Net income 187,679 300,115 250,733 (549,776 ) 188,751 Less: Income from continuing operations attributable to noncontrolling interests — — 1,072 — 1,072 Net income attributable to common shareholders 187,679 300,115 249,661 (549,776 ) 187,679 Other comprehensive loss attributable to common shareholders (150,040 ) (105,872 ) (126,317 ) 232,189 (150,040 ) Comprehensive income attributable to common shareholders $ 37,639 $ 194,243 $ 123,344 $ (317,587 ) $ 37,639 TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) ASSETS Current assets Cash and cash equivalents $ 14,571 $ 1,031 $ 528,187 $ — $ 543,789 Accounts receivable, net 2,551 8,768 255,815 4,859 271,993 Accounts receivable from consolidated subsidiaries 4,861 2,176,059 309,149 (2,490,069 ) — Inventories, net — 200,852 140,406 (25,087 ) 316,171 Prepaid expenses and other current assets 14,239 5,332 17,474 3,337 40,382 Prepaid taxes — — 7,766 413 8,179 Assets held for sale — — 2,879 — 2,879 Total current assets 36,222 2,392,042 1,261,676 (2,506,547 ) 1,183,393 Property, plant and equipment, net 2,566 163,847 136,486 — 302,899 Goodwill — 708,546 568,174 — 1,276,720 Intangibles assets, net — 640,999 450,664 — 1,091,663 Deferred tax assets 73,051 — 5,185 (76,524 ) 1,712 Notes receivable and other amounts due from consolidated subsidiaries 1,387,615 2,085,538 — (3,473,153 ) — Other assets 6,044,337 1,525,285 29,962 (7,564,758 ) 34,826 Total assets $ 7,543,791 $ 7,516,257 $ 2,452,147 $ (13,620,982 ) $ 3,891,213 LIABILITIES AND EQUITY Current liabilities Current borrowings $ 133,071 $ — $ 50,000 $ — $ 183,071 Accounts payable 4,540 30,924 33,936 — 69,400 Accounts payable to consolidated subsidiaries 2,242,814 214,203 33,052 (2,490,069 ) — Accrued expenses 16,827 18,126 30,196 — 65,149 Current portion of contingent consideration — 587 — — 587 Payroll and benefit-related liabilities 20,610 26,672 35,397 — 82,679 Accrued interest 10,429 — 21 — 10,450 Income taxes payable 1,246 — 6,577 85 7,908 Other current liabilities 2,262 3,643 2,497 — 8,402 Total current liabilities 2,431,799 294,155 191,676 (2,489,984 ) 427,646 Long-term borrowings 850,252 — — — 850,252 Deferred tax liabilities — 316,526 31,375 (76,524 ) 271,377 Pension and postretirement benefit liabilities 85,645 31,561 15,856 — 133,062 Noncurrent liability for uncertain tax positions 1,169 13,684 2,667 — 17,520 Notes payable and other amounts due to consolidated subsidiaries 2,011,737 1,264,004 197,412 (3,473,153 ) — Other liabilities 23,848 15,695 12,472 — 52,015 Total liabilities 5,404,450 1,935,625 451,458 (6,039,661 ) 1,751,872 Convertible notes - redeemable equity component (Note 19) 1,824 — — — 1,824 Mezzanine Equity 1,824 — — — 1,824 Total common shareholders' equity 2,137,517 5,580,632 2,000,689 (7,581,321 ) 2,137,517 Total liabilities and equity $ 7,543,791 $ 7,516,257 $ 2,452,147 $ (13,620,982 ) $ 3,891,213 December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) ASSETS Current assets Cash and cash equivalents $ 21,612 $ — $ 316,754 $ — $ 338,366 Accounts receivable, net 2,538 4,326 251,166 4,386 262,416 Accounts receivable from consolidated subsidiaries 5,276 2,412,079 289,697 (2,707,052 ) — Inventories, net — 205,163 149,705 (24,593 ) 330,275 Prepaid expenses and other current assets 10,511 4,702 16,037 3,665 34,915 Prepaid taxes 16,686 — 14,622 (413 ) 30,895 Assets held for sale 2,901 — 4,071 — 6,972 Total current assets 59,524 2,626,270 1,042,052 (2,724,007 ) 1,003,839 Property, plant and equipment, net 2,931 174,674 138,518 — 316,123 Goodwill — 705,753 590,099 — 1,295,852 Intangibles assets, net — 762,084 437,891 — 1,199,975 Deferred tax assets 91,432 — 8,042 (97,133 ) 2,341 Notes receivable and other amounts due from consolidated subsidiaries 1,358,446 1,658,092 — (3,016,538 ) — Other assets 5,746,828 1,366,660 47,340 (7,107,184 ) 53,644 Total assets $ 7,259,161 $ 7,293,533 $ 2,263,942 $ (12,944,862 ) $ 3,871,774 LIABILITIES AND EQUITY Current liabilities Current borrowings $ 374,050 $ — $ 43,300 $ — $ 417,350 Accounts payable 1,945 27,527 36,833 — 66,305 Accounts payable to consolidated subsidiaries 2,478,109 201,400 27,543 (2,707,052 ) — Accrued expenses 15,399 22,281 26,337 — 64,017 Current portion of contingent consideration — 7,291 — — 7,291 Payroll and benefit-related liabilities 21,617 29,305 33,736 — 84,658 Accrued interest 7,455 — 25 — 7,480 Income taxes payable — — 8,144 (85 ) 8,059 Other current liabilities 1,300 2,679 4,981 — 8,960 Total current liabilities 2,899,875 290,483 180,899 (2,707,137 ) 664,120 Long-term borrowings 641,850 — — — 641,850 Deferred tax liabilities — 376,738 36,378 (97,133 ) 315,983 Pension and postretirement benefit liabilities 100,355 32,274 16,812 — 149,441 Noncurrent liability for uncertain tax positions 1,151 17,722 21,527 — 40,400 Notes payable and other amounts due to consolidated subsidiaries 1,585,727 1,253,189 177,622 (3,016,538 ) — Other liabilities 20,931 15,685 12,271 — 48,887 Total liabilities 5,249,889 1,986,091 445,509 (5,820,808 ) 1,860,681 Total common shareholders' equity 2,009,272 5,307,442 1,816,612 (7,124,054 ) 2,009,272 Noncontrolling interest — — 1,821 — 1,821 Total equity 2,009,272 5,307,442 1,818,433 (7,124,054 ) 2,011,093 Total liabilities and equity $ 7,259,161 $ 7,293,533 $ 2,263,942 $ (12,944,862 ) $ 3,871,774 TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2016 Parent Guarantor Non-Guarantor Eliminations Condensed (Dollars in thousands) Net cash (used in) provided by operating activities from continuing operations $ (85,088 ) $ 169,400 $ 328,553 $ (2,275 ) $ 410,590 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (279 ) (24,753 ) (28,103 ) — (53,135 ) Payments for businesses and intangibles acquired, net of cash acquired — (10,305 ) (50,572 ) 46,837 (14,040 ) Proceeds from sale of assets 5,607 49,571 1,860 (46,837 ) 10,201 Investments in affiliates — (5,600 ) — 5,600 — Net cash provided by (used in) investing activities from continuing operations 5,328 8,913 (76,815 ) 5,600 (56,974 ) Cash flows from financing activities of continuing operations: Proceeds from new borrowings 665,000 — 6,700 — 671,700 Reduction in borrowings (714,565 ) — — — (714,565 ) Debt extinguishment, issuance and amendment fees (8,958 ) — — — (8,958 ) Proceeds from share based compensation plans and the related tax impacts 9,068 — — — 9,068 Payments to noncontrolling interest shareholders — — (464 ) — (464 ) Payments for acquisition of noncontrolling interest — — (9,231 ) — (9,231 ) Payments for contingent consideration — (7,282 ) — — (7,282 ) Proceeds from issuance of shares — — 5,600 (5,600 ) — Dividends paid (58,960 ) — — — (58,960 ) Intercompany transactions 183,244 (170,000 ) (13,244 ) — — Intercompany dividends paid — — (2,275 ) 2,275 — Net cash provided by (used in) financing activities from continuing operations 74,829 (177,282 ) (12,914 ) (3,325 ) (118,692 ) Cash flows from discontinued operations: Net cash used in operating activities (2,110 ) — — — (2,110 ) Net cash used in discontinued operations (2,110 ) — — — (2,110 ) Effect of exchange rate changes on cash and cash equivalents — — (27,391 ) — (27,391 ) Net (decrease) increase in cash and cash equivalents (7,041 ) 1,031 211,433 — 205,423 Cash and cash equivalents at the beginning of the year 21,612 — 316,754 — 338,366 Cash and cash equivalents at the end of the year $ 14,571 $ 1,031 $ 528,187 $ — $ 543,789 Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net cash (used in) provided by operating activities from continuing operations $ (147,704 ) $ 134,817 $ 320,145 $ (3,812 ) $ 303,446 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (124 ) (32,797 ) (28,527 ) — (61,448 ) Payments for businesses and intangibles acquired, net of cash acquired — (60,336 ) (33,472 ) — (93,808 ) Proceeds from sale of assets 408 — — — 408 Investments in affiliates — — (121,850 ) 121,850 — Net cash provided by (used in) investing activities from continuing operations 284 (93,133 ) (183,849 ) 121,850 (154,848 ) Cash flows from financing activities of continuing operations: Proceeds from new borrowings 288,100 — — — 288,100 Reduction in borrowings (303,757 ) — — — (303,757 ) Debt extinguishment, issuance and amendment fees (9,017 ) — — — (9,017 ) Proceeds from share based compensation plans and related tax impacts 4,994 — — — 4,994 Payments to noncontrolling interest shareholders — — (1,343 ) — (1,343 ) Payments for contingent consideration — (8,028 ) — — (8,028 ) Proceeds from issuance of shares — 121,850 — (121,850 ) — Dividends paid (56,532 ) — — — (56,532 ) Intercompany transactions 219,035 (155,506 ) (63,529 ) — — Intercompany dividends paid — — (3,812 ) 3,812 — Net cash provided by (used in) financing activities from continuing operations 142,823 (41,684 ) (68,684 ) (118,038 ) (85,583 ) Cash flows from discontinued operations: Net cash used in operating activities (1,787 ) — (849 ) — (2,636 ) Net cash used in discontinued operations (1,787 ) — (849 ) — (2,636 ) Effect of exchange rate changes on cash and cash equivalents — — (25,249 ) — (25,249 ) Net (decrease) increase in cash and cash equivalents (6,384 ) — 41,514 — 35,130 Cash and cash equivalents at the beginning of the year 27,996 — 275,240 — 303,236 Cash and cash equivalents at the end of the year $ 21,612 $ — $ 316,754 $ — $ 338,366 Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net cash (used in) provided by operating activities from continuing operations $ (105,467 ) $ 347,503 $ 52,634 $ (4,429 ) $ 290,241 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (2,273 ) (30,586 ) (34,712 ) — (67,571 ) Payments for businesses and intangibles acquired, net of cash acquired — (17,241 ) (28,536 ) — (45,777 ) Proceeds from sale of assets and investments 1,669 3,421 161 — 5,251 Investments in affiliates (60 ) 20 — — (40 ) Net cash used in investing activities from continuing operations (664 ) (44,386 ) (63,087 ) — (108,137 ) Cash flows from financing activities of continuing operations: Proceeds from new borrowings 250,000 — — — 250,000 Reduction in borrowings (480,102 ) — — — (480,102 ) Debt issuance and amendment fees (4,494 ) — — — (4,494 ) Proceeds from share based compensation plans and the related tax impacts 4,245 — — — 4,245 Payments to noncontrolling interest shareholders — — (1,094 ) — (1,094 ) Dividends paid (56,258 ) — — — (56,258 ) Intercompany transactions 381,663 (317,617 ) (64,046 ) — — Intercompany dividends paid — — (4,429 ) 4,429 — Net cash provided by (used in) financing activities from continuing operations 95,054 (317,617 ) (69,569 ) 4,429 (287,703 ) Cash flows from discontinued operations: Net cash used in operating activities (3,676 ) — — — (3,676 ) Net cash used in discontinued operations (3,676 ) — — — (3,676 ) Effect of exchange rate changes on cash and cash equivalents — — (19,473 ) — (19,473 ) Net decrease in cash and cash equivalents (14,753 ) (14,500 ) (99,495 ) — (128,748 ) Cash and cash equivalents at the beginning of the year 42,749 14,500 374,735 — 431,984 Cash and cash equivalents at the end of the year $ 27,996 $ — $ 275,240 $ — $ 303,236 |
Divestiture-related activities
Divestiture-related activities | 12 Months Ended |
Dec. 31, 2016 | |
Divestiture-Related Activities [Abstract] | |
Divestiture-related activities | Divestiture-related activities Assets Held for Sale The table below provides information regarding assets held for sale at December 31, 2016 and 2015 . At December 31, 2016 , these assets consisted of one building, which was sold on January 12, 2017. 2016 2015 Assets held for sale: (Dollars in thousands) Property, plant and equipment $ 2,879 $ 6,972 Total assets held for sale $ 2,879 $ 6,972 For the year ended December 31, 2016, the Company disposed of one held for sale building for $6.0 million , which resulted in a gain of $2.8 million . Additionally, the Company recorded an impairment charge of $1.0 million associated with a building held for sale for the year ended December 31, 2016. Discontinued Operations The results of the Company’s discontinued operations for the years ended December 31, 2016 , 2015 and 2014 were as follows: 2016 2015 2014 (Dollars in thousands) Costs and other expenses (1) $ 922 $ 1,730 $ 3,407 Loss from discontinued operations before income taxes (922 ) (1,730 ) (3,407 ) Tax benefit on loss from discontinued operations (2) 1,112 10,635 698 Income (loss) from discontinued operations $ 190 $ 8,905 $ (2,709 ) (1) Includes expenses associated with retained liabilities related to divested businesses. (2) The tax benefit on loss from discontinued operations recognized in 2015 reflects a reduction in U.S. liabilities associated with unrecognized tax benefits as a result of the conclusion of an audit. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 19 — Subsequent events Acquisition of Vascular Solutions, Inc. On February 17, 2017, the Company acquired all of the common stock, and voting equity interest in, Vascular Solutions, Inc. (“Vascular Solutions”) for $56.00 per share in cash, or a total of approximately $1.0 billion . Vascular Solutions is a medical device company that focuses on developing clinical solutions for minimally invasive coronary and peripheral vascular procedures. Concurrent with the execution of the agreement to acquire Vascular Solutions, the Company entered into a $750 million senior unsecured 364 day bridge loan facility (the “Bridge Facility”) and obtained a commitment (the “Backstop Commitment”) from a lender to backstop an amendment to the Revolving Credit Facility in order to permit the Bridge Facility and make certain other changes thereto. The Bridge Facility and the Backstop Commitment were put in place to ensure the Company's ability to refinance certain existing indebtedness, to pay the purchase price for the Vascular Solutions acquisition, and to pay fees, costs and expenses incurred in connection with the acquisition. In connection with the Bridge Facility and the Backstop Commitment, the Company incurred, for the year ended December 31, 2016, financing costs of $3.4 million , which were recognized in interest expense in the consolidated statement of income. The Bridge Facility and Backstop Commitment were terminated upon the execution of the Company's amended and restated credit agreement, which is described more fully below under "Amended and restated senior credit facility." For the year ended December 31, 2016, the Company incurred integration and transaction costs of $3.0 million in connection with the acquisition, which were recognized in selling, general and administrative expenses in the consolidated statement of income . Amended and restated senior credit facility On January 20, 2017 (the “Effective Date”), the Company amended and restated its then-existing senior credit agreement, dated July 16, 2013 (the "2013 Credit Agreement"), by entering into an Amended and Restated Credit Agreement (the “2017 Credit Agreement”). The 2017 Credit Agreement provides for a five -year revolving credit facility of $1.0 billion and a term loan facility of $750.0 million . The term loan facility and borrowings under the revolving credit facility were used to finance the acquisition of Vascular Solutions. The obligations under the 2017 Credit Agreement are guaranteed (subject to certain exceptions and limitations) by substantially all of the material domestic subsidiaries of the Company and are secured by a lien on substantially all of the assets owned by the Company and each guarantor. The maturity date of the revolving credit facility under the 2017 Credit Agreement is January 20, 2022 and the term loan facility will mature on February 17, 2022. At the Company’s option, loans under the 2017 Credit Agreement will bear interest at a rate equal to adjusted LIBOR plus an applicable margin ranging from 1.25% to 2.50% or at an alternate base rate, which is defined as the highest of the administrative agent’s publicly announced prime rate, 0.5% above the federal funds rate and 1% above adjusted LIBOR for a one month interest period on such day, plus an applicable margin ranging from 0.25% to 1.50% , in each case subject to adjustment based on the Company’s consolidated leverage ratio (generally, the ratio of consolidated total funded indebtedness to consolidated adjusted EBITDA for the four most recent fiscal quarters preceding the date of determination). Overdue loans will bear interest at the rate otherwise applicable to such loans plus 2.00% . The 2017 Credit Agreement contains customary representations and warranties and covenants that, among other things and subject to certain exceptions, qualifications and thresholds, place limitations on the Company and its subsidiaries regarding its ability, and the ability of its subsidiaries, to incur additional indebtedness, create additional liens, enter into a merger, consolidation or amalgamation, dispose of certain assets, make certain investments or acquisitions, pay dividends on, repurchase or make distributions in respect of capital stock and enter into swap agreements. The Company is required to maintain a maximum consolidated leverage ratio of 4.50 to 1.00 and a maximum secured leverage ratio (generally, consolidated senior secured funded indebtedness on the date of determination to adjusted consolidated EBITDA for the four most recent quarters preceding the date of determination) of 3.50 to 1.00 . The Company is further required to maintain a consolidated interest coverage ratio (generally, consolidated adjusted EBITDA for the four most recent fiscal quarters preceding the date of determination to consolidated interest expense paid in cash for such period) of not less than 3.50 to 1.00 . As a result of the Company's entry into the 2017 Credit Agreement, which was considered a partial extinguishment of the 2013 Credit Agreement, the Company recognized a loss on extinguishment of debt of $0.4 million in January 2017. Additionally, in January 2017, the Company capitalized an estimated $12.0 million related to transaction fees, including underwriters’ discounts and commissions, incurred in connection with the 2017 Credit Agreement. Exchange transactions On January 5, 2017, pursuant to separate, privately negotiated agreements between the Company and certain holders of the Convertible Notes, the Company paid cash and common stock in exchange for $91.7 million aggregate principal amount of the Convertible Notes. The structure of the exchange transactions was substantially identical to those of the Exchange Transactions described in Note 8 (i.e., the exchange consideration per $1,000 principal amount of Convertible Notes included (i) $1,000 in cash, (ii) a number of shares of Company common stock equal to the amount of the conversion value in excess of $1,000 , calculated on the basis of the Average Daily VWAP, (iii) Inducement Shares; and (iv) cash in an amount equal to accrued and unpaid interest to, but not including, the closing date). As a result of these exchanges, the Company paid to the holders who exchanged their Convertible Notes aggregate cash consideration of approximately $93.2 million (which includes approximately $1.5 million in accrued but previously unpaid interest) and issued and delivered to the exchanging holders approximately 0.93 million shares of Company common stock. The Company funded the cash payment through borrowings under its revolving credit facility. Following this transaction, $44.3 million aggregate principal amount of the Convertible Notes continue to be outstanding. As of December 31, 2016, the Company reclassified $1.8 million from additional paid-in capital to convertible notes in the mezzanine equity section of the Company's consolidated balance sheet. The reclassified amount represents the aggregate difference between the principal amount and the carrying value of the Convertible Notes purchased by the Company pursuant to this exchange transaction that were entered into prior to December 31,2016, but not settled until January 5, 2017 . In addition, as a result of this exchange transaction, the Company recognized a loss on extinguishment of debt of $5.2 million in January 2017. In addition, in connection with the exchange transaction described above, the Company and the dealer counterparties to the convertible note hedge transactions that were effected at the time of the initial issuance of the Convertible Notes entered into bond hedge unwind and warrant unwind agreements. The bond hedge unwind and warrant unwind agreements were structured in substantially identical form to the Hedge Unwind Agreements and Warrant Unwind Agreements described in Note 8. On a net basis, after giving effect to the January 2017 unwind agreements, the Company received 0.12 million shares of Company common stock from the dealer counterparties. |
QUARTERLY DATA (UNAUDITED)
QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY DATA (UNAUDITED) | QUARTERLY DATA (UNAUDITED) First Second Third Fourth (Dollars in thousands, except per share) 2016: Net revenues $ 424,893 $ 473,553 $ 455,648 $ 513,933 Gross profit 225,147 256,399 241,602 273,052 Income from continuing operations before interest, loss on extinguishment of debt and taxes 67,497 98,441 86,487 67,028 Income from continuing operations 51,180 59,395 66,200 60,876 Income (Loss) from discontinued operations (312 ) 193 122 187 Net income 50,868 59,588 66,322 61,063 Less: Income from continuing operations attributable to noncontrolling interest 179 285 — — Net income attributable to common shareholders 50,689 59,303 66,322 61,063 Earnings per share available to common shareholders — basic (1) : Income from continuing operations $ 1.22 $ 1.36 $ 1.50 $ 1.38 Loss from discontinued operations — — 0.01 0.01 Net income $ 1.22 $ 1.36 $ 1.51 $ 1.39 Earnings per share available to common shareholders — diluted (1) : Income from continuing operations $ 1.05 $ 1.25 $ 1.40 $ 1.29 Loss from discontinued operations (0.01 ) 0.01 — 0.01 Net income $ 1.04 $ 1.26 $ 1.40 $ 1.30 2015: Net revenues $ 429,430 $ 452,045 $ 443,714 $ 484,501 Gross profit 222,637 233,237 228,213 260,316 Income from continuing operations before interest and taxes 65,608 76,986 76,550 96,747 Income from continuing operations 39,273 45,199 61,571 90,765 Loss from discontinued operations (703 ) (190 ) (719 ) 10,517 Net income 38,570 45,009 60,852 101,282 Less: Income from continuing operations attributable to noncontrolling interest 218 446 28 158 Net income attributable to common shareholders 38,352 44,563 60,824 101,124 Earnings per share available to common shareholders — basic (1) : Income from continuing operations $ 0.94 $ 1.08 $ 1.48 $ 2.18 Loss from discontinued operations (0.02 ) (0.01 ) (0.02 ) 0.25 Net income $ 0.92 $ 1.07 $ 1.46 $ 2.43 Earnings per share available to common shareholders — diluted (1) : Income from continuing operations $ 0.83 $ 0.93 $ 1.27 $ 1.88 Loss from discontinued operations (0.02 ) — (0.02 ) 0.21 Net income $ 0.81 $ 0.93 $ 1.25 $ 2.09 (1) Each quarter is calculated as a discrete period; the sum of the four quarters may not equal the calculated full year amount. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (Dollars in thousands) ALLOWANCE FOR DOUBTFUL ACCOUNTS Balance at Beginning of Year Additions Charged to Income Accounts Receivable Write-offs Translation and Other Balance at End of Year December 31, 2016 $ 8,026 $ 2,156 $ (862 ) $ (684 ) $ 8,636 December 31, 2015 $ 8,783 $ 1,618 $ (1,387 ) $ (988 ) $ 8,026 December 31, 2014 $ 10,722 $ 1,882 $ (2,738 ) $ (1,083 ) $ 8,783 INVENTORY RESERVE Balance at Beginning of Year Additions Charged to Income Inventory Write-offs Translation and Other Balance at End of Year December 31, 2016 Raw material $ 7,577 $ 1,446 $ (1,645 ) $ (823 ) $ 6,555 Work-in-process 3,139 (76 ) (213 ) 3 2,853 Finished goods 25,800 12,909 (11,150 ) (609 ) 26,950 $ 36,516 $ 14,279 $ (13,008 ) $ (1,429 ) $ 36,358 December 31, 2015 Raw material $ 6,891 $ 4,102 $ (1,611 ) $ (1,805 ) $ 7,577 Work-in-process 509 579 (554 ) 2,605 3,139 Finished goods 26,474 15,060 (13,653 ) (2,081 ) 25,800 $ 33,874 $ 19,741 $ (15,818 ) $ (1,281 ) $ 36,516 December 31, 2014 Raw material $ 5,687 $ 1,840 $ (2,391 ) $ 1,755 $ 6,891 Work-in-process 1,729 1,239 (1,720 ) (739 ) 509 Finished goods 24,957 10,135 (7,317 ) (1,301 ) 26,474 $ 32,373 $ 13,214 $ (11,428 ) $ (285 ) $ 33,874 DEFERRED TAX ASSET VALUATION ALLOWANCE Balance at Beginning of Year Additions Charged to Expense Reductions Credited to Expense Translation and Other Balance at End of Year December 31, 2016 $ 103,475 $ 2,046 $ (725 ) $ (276 ) $ 104,520 December 31, 2015 $ 99,141 $ 5,681 $ (190 ) $ (1,157 ) $ 103,475 December 31, 2014 $ 86,510 $ 13,331 $ (3,741 ) $ 3,041 $ 99,141 |
Summary of significant accoun31
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation: The consolidated financial statements include the accounts of Teleflex Incorporated and its subsidiaries (the “Company”). Intercompany transactions are eliminated in consolidation. Investments in affiliates over which the Company has significant influence but not a controlling equity interest, including variable interest entities for which the Company is not the primary beneficiary, are accounted for using the equity method. Investments in affiliates over which the Company does not have significant influence are accounted for using the cost method of accounting. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and reflect management’s estimates and assumptions that affect the recorded amounts. |
Use of estimates | Use of estimates: The preparation of 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 and the reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents: All highly liquid debt instruments with an original maturity of three months or less are classified as cash equivalents. The carrying value of cash equivalents approximates the current market value. |
Accounts receivable | Accounts receivable: Accounts receivable represent amounts due from customers related to the sale of products and provision of services. An allowance for doubtful accounts is maintained and represents the Company’s estimate of the amount of uncollectible receivables. The allowance is provided at such time as management believes reasonable doubt exists that such balances will be collected within a reasonable period of time. The allowance is based on the Company’s historical collection experience with respect to the customer, the length of time an account is outstanding, the financial position of the customer and information provided by credit rating services. In addition, the Company maintains a reserve for returns and allowances based on its historical experience. |
Inventories | Inventories: Inventories are valued at the lower of cost or market. The cost of the Company’s inventories is determined using the average cost method. Elements of cost in inventory include raw materials, direct labor, and manufacturing overhead. In estimating market value, the Company evaluates inventory for excess and obsolete quantities based on estimated usage and sales among other factors. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation. Costs incurred to develop internal-use computer software during the application development stage generally are capitalized. Costs of enhancements to internal-use computer software are capitalized, provided that these enhancements result in additional functionality. Other additions and those improvements which increase the capacity or lengthen the useful lives of the assets are also capitalized. Composite useful lives for categories of property, plant and equipment, which are depreciated on a straight-line basis, are as follows: buildings — 30 years ; machinery and equipment — 3 to 10 years ; computer equipment and software — 3 to 10 years . Leasehold improvements are depreciated over the lesser of the useful lives of the leasehold improvements or the remaining lease term. Repairs and maintenance costs are expensed as incurred. |
Goodwill and other intangible assets | Goodwill and other intangible assets: Goodwill and other indefinite-lived intangible assets are not amortized but are tested for impairment annually during the fourth quarter or more frequently if events or changes in circumstances indicate that an impairment may exist. Impairment losses, if any, are included in income from operations. The goodwill impairment test is applied to each of the Company’s reporting units whose assets include goodwill. For purposes of this assessment, a reporting unit is an operating segment, or a business one level below that operating segment (also known as a component) if discrete financial information is prepared for that business and regularly reviewed by segment management. However, separate components are aggregated as a single reporting unit if they have similar economic characteristics. In applying the goodwill impairment test, the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, and entity specific factors such as strategies and financial performance. If, after completing the qualitative assessment, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company proceeds to a two-step quantitative impairment test, described below. Alternatively, the Company may bypass the qualitative assessment and proceed directly to the two-step quantitative impairment test. The first step of the two-step impairment test is to compare the fair value of a reporting unit to its carrying value. If the reporting unit fair value exceeds the carrying value, there is no impairment. If the reporting unit carrying value exceeds the fair value, the Company would perform the second step of the goodwill impairment test, in which the Company would measure the amount of an impairment loss, if any, based on the amount by which the carrying value of goodwill exceeds its implied fair value. The implied fair value of goodwill is determined by deducting the fair value of a reporting unit's identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the fair value of the individual assets acquired and liabilities assumed were being determined initially. During 2016, the Company performed a qualitative assessment on six reporting units and performed a quantitative assessment on the remaining three reporting units. The Company did not record a goodwill impairment charge for the year ended December 31, 2016 . The Company’s intangible assets consist of customer lists, intellectual property, distribution rights, in-process research and development ("IPR&D") and trade names. The Company defines IPR&D as the value of technology acquired for which the related projects have substance and are incomplete. IPR&D acquired in a business acquisition is recognized at fair value and is required be capitalized as an indefinite-lived intangible asset until completion of the IPR&D project or upon abandonment. Upon completion of the development project (generally when regulatory approval to market the product is obtained), an impairment assessment is performed prior to amortizing the asset over its estimated useful life. If the IPR&D projects are abandoned, the related IPR&D assets would be written off. The Company tests its indefinite-lived intangible assets for impairment annually, and more frequently if events or changes in circumstances indicate that an impairment may have occurred. Similar to the goodwill impairment test process, the Company may elect to perform a qualitative assessment. If, after completing the qualitative assessment, the Company determines it is more likely than not that the fair value of the indefinite-lived intangible asset is greater than its carrying amount, the asset is not impaired. If the Company concludes it is more likely than not that the fair value of the indefinite-lived intangible asset is less than the carrying value, the Company then proceeds to a quantitative impairment test, which consists of a comparison of the fair value of the intangible asset to its carrying amount. During 2016, the Company performed a quantitative assessment on three indefinite-lived intangible assets and a qualitative assessment on the remaining indefinite-lived intangible asset. See Note 4 for further information on the results of the indefinite-lived intangibles impairment testing performed in 2016. Intangible assets consisting of intellectual property, customer lists, distribution rights and trade names do not have indefinite lives and are being amortized over their estimated useful lives, which are as follows: intellectual property, 3 to 20 years ; customer lists, 5 to 30 years ; distribution rights, 3 to 22 years ; trade names, 1 to 30 years . The weighted average remaining amortization period with respect to the Company's intangible assets is approximately 15 years. The Company periodically evaluates the reasonableness of the useful lives of these assets. |
Long-lived assets | Long-lived assets: The Company assesses the remaining useful life and recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The assessment is based on various analyses, including undiscounted cash flow and profitability projections that incorporate, as applicable, the impact on the existing business. Therefore, the evaluation involves significant management judgment. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. |
Foreign currency translation | Foreign currency translation: Assets and liabilities of subsidiaries with non-United States dollar denominated functional currencies are translated into United States dollars at the rates of exchange at the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the year. The translation adjustments are reported as a component of accumulated other comprehensive loss. |
Derivative financial instruments | Derivative financial instruments: The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates. All instruments are entered into for other than trading purposes. All derivatives are recognized on the balance sheet at fair value. Changes in the fair value of derivatives are recorded in the consolidated statement of comprehensive income as other comprehensive income (loss), if the instrument is designated as part of a hedge transaction. Gains or losses on derivative instruments reported in other comprehensive income (loss) are reclassified to the consolidated statement of income in the period in which earnings are affected by the underlying hedged item. Gains or losses on derivative instruments representing hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, if any, are recognized in the consolidated statement of income for the period in which such gains and losses occur. If the hedging relationship ceases to be highly effective or it becomes probable that an expected transaction will no longer occur, gains or losses on the derivative instrument are recorded in the consolidated statement of income for the period in which either such event occurs. For non-designated derivatives, gains and losses are reported in selling, general and administrative expenses. The receipt or payment of funds upon settlement of derivative financial instruments is classified as cash flows from operating activities. |
Share-based compensation | Share-based compensation: The Company estimates the fair value of share-based awards on the date of grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. Share-based compensation expense related to stock options is measured using a Black-Scholes option pricing model that takes into account subjective and complex assumptions with respect to the expected life of the options, volatility, risk-free interest rate and expected dividend yield. The expected life of options granted is derived from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that options granted are expected to be outstanding. Expected volatility is based on a blend of historical volatility and implied volatility derived from publicly traded options to purchase the Company’s common stock, which the Company believes is more reflective of the market conditions and a better indicator of expected volatility than would be the case if the Company only used historical volatility. The risk-free interest rate is the implied yield currently available on United States Treasury zero-coupon issues with a remaining term equal to the expected life of the option. Share-based compensation expense recognized is based on the value of the portion of stock-based awards that is ultimately expected to vest during the period less estimated forfeitures. Forfeitures are required to be estimated at the time of grant. Management reviews and revises the estimate of forfeitures for all share-based awards on a quarterly basis, based on management’s expectations regarding the extent to which awards ultimately will vest. |
Income taxes | Income taxes: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases, and to reflect operating loss and tax credit carryforwards. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except to the extent that such earnings are deemed to be permanently reinvested. Significant judgment is required in determining income tax provisions and in evaluating tax positions. The Company establishes additional provisions for income taxes when, despite the belief that tax positions are supportable, there remain certain positions that do not meet the minimum probability threshold, which is a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority. In the normal course of business, the Company and its subsidiaries are examined by various federal, state and foreign tax authorities. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of its provision for income taxes. Interest accrued with respect to unrecognized tax benefits and income tax related penalties are both included in taxes on income from continuing operations. The Company periodically assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to an adjustment become known. |
Pensions and other postretirement benefits | Pensions and other postretirement benefits: The Company provides a range of benefits to eligible employees and retired employees, including under plans that provide pension and postretirement healthcare benefits. The Company records annual amounts relating to these plans based on calculations which include various actuarial assumptions such as discount rates, expected rates of return on plan assets, compensation increases, turnover rates and healthcare cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when appropriate. The effect of the modifications is generally amortized over future periods. |
Restructuring costs | Restructuring costs: Restructuring costs, which include termination benefits, facility closure costs, contract termination costs and other restructuring costs are recorded at estimated fair value. Key assumptions used in calculating the restructuring costs include the terms of, and payments under, agreements to terminate certain contractual obligations and the timing of reductions in force. |
Contingent consideration related to business acquisitions | Contingent consideration related to business acquisitions: In connection with business acquisitions, the Company may be required to pay future consideration that is contingent upon the achievement of specified objectives such as receipt of regulatory approval, commercialization of a product or achievement of sales targets. As of the acquisition date, the Company records a contingent liability representing the estimated fair value of the contingent consideration that it expects to pay. The Company remeasures the fair value of its contingent consideration arrangements each reporting period and, based on new developments, records changes in fair value until either the contingent consideration obligation is satisfied through payment upon the achievement of the specified objectives or the obligation no longer exists due to the failure to achieve the specified objectives. The change in the fair value is recorded in the consolidated statement of income. A contingent consideration payment is classified as a financing activity in the consolidated statement of cash flows to the extent it was recorded as a liability as of the acquisition date. Any additional amount paid in excess of the amount initially accrued is classified as an operating activity in the consolidated statement of cash flows. |
Revenue recognition | Revenue recognition: The Company recognizes revenues from product sales, including sales to distributors, or services provided when the following revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. This generally occurs when products are shipped, when services are rendered or upon customers’ acceptance. Revenues are net of estimated returns and other allowances, including rebates. The Company’s normal policy is to accept returns only in cases in which the product is defective and covered under the Company’s standard warranty provisions. With respect to the limited cases where an arrangement provides a right of return to the customer, including a distributor, the Company believes it has the ability to reasonably estimate the amount of returns based on its substantial historical experience with respect to these arrangements. The Company accrues any costs or losses that may be expected in connection with any returns pursuant to the Financial Accounting Standards Board ("FASB") guidance on accounting for contingencies. Revenues and cost of goods sold are reduced to reflect estimated returns. The reserve for returns and allowances was $4.4 million and $4.9 million as of December 31, 2016 and 2015 , respectively. Allowances related to customer incentive programs, which include discounts or rebates, are estimated and provided for in the period that the related sales are recorded. These allowances are recorded as a reduction of revenue. The Company also offers rebates to certain distributors and records the estimated rebate as a reduction of revenue at the time of sale. In estimating rebates, the Company considers the lag time between the point of sale and the payment of the distributor’s rebate claim, distributor-specific trend analyses, contractual commitments, including stated rebate rates, historical experience with respect to specific customers and other relevant information. The Company adjusts estimated rebates based on actual experience and records the adjustment to revenue in the period of adjustment. The reserve for the customer incentive programs, including distributor rebates, was $11.6 million and $11.1 million at December 31, 2016 and 2015 , respectively. The Company expects the amounts subject to the reserve as of December 31, 2016 to be paid within 90 days subsequent to year-end. |
Recently issued accounting standards | Recently issued accounting standards In May 2014, the 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 August 2015, the FASB issued an amendment to the new guidance that deferred the effective date. The amendment provides that the new guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those years; early application is permitted for annual periods beginning after December 15, 2016. Although the Company's evaluation of this guidance is ongoing, the Company's preliminary assessment indicates that the adoption of this guidance will not have a material impact on the Company’s results of operations, cash flows and financial position. In April 2015, the FASB issued guidance for the reporting of debt issuance costs within the balance sheet. Under the new guidance, debt issuance costs related to term loans 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. Previously, debt issuance costs were presented as a deferred charge (i.e., an asset) on the balance sheet. The guidance provides uniform treatment for debt issuance costs and debt discounts and eliminates inconsistencies that previously existed with other FASB guidance. The Company retrospectively adopted this guidance as of January 1, 2016, which resulted in the reclassification of $2.6 million from prepaid expenses and other current assets to current borrowings and the reclassification of $4.2 million from other assets to long-term borrowings as of December 31, 2015. In February 2016, the FASB issued guidance that will change the requirements for accounting for leases. The principal change under the new accounting guidance is that lessees under leases classified as operating leases will recognize a right-of-use asset and a lease liability. Current lease accounting does not require lessees to recognize assets and liabilities arising under operating leases on the balance sheet. Under the new guidance, lessees (including lessees under leases classified as finance leases and operating leases) will recognize a right-to-use asset and a lease liability on the balance sheet, initially measured as the present value of lease payments under the lease. Expense recognition and cash flow presentation guidance will be based upon whether the lease is classified as an operating lease or a finance lease (the classification criteria for distinguishing between finance leases and operating leases is substantially similar to the classification criteria for distinguishing between capital leases and operating leases under current guidance). The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition approach for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements; the guidance provides certain practical expedients. The Company is currently evaluating this guidance to determine its impact on the Company’s results of operations, cash flows and financial position. In March 2016, the FASB issued new guidance designed to simplify several aspects of the accounting for share-based payment transactions, including guidance providing generally that excess tax benefits and deficiencies related to share-based awards should be recorded within income tax expense (currently, excess tax benefits and deficiencies generally are recorded as additional-paid-in-capital) and addressing other, related guidance on accounting for income taxes with respect to share-based payment awards; providing generally that excess tax benefits related to share-based awards should be classified along with other income tax cash flows as an operating activity (currently, excess tax benefits generally are separated from other income tax cash flows and classified as a financing activity); providing that an entity may make an accounting policy election either to base compensation cost accruals on the number of awards expected to vest (as required by current guidance) or to account for forfeitures when they occur; modifying the current exception to liability classification such that partial cash settlement of an award for tax withholding purposes would not result, by itself, in liability classification of the award if the amount withheld does not exceed the maximum statutory tax rate in the employees' applicable jurisdictions (currently, an award cannot qualify for equity classification, rather than liability classification, if the amount withheld exceeds the minimum statutory withholding requirements); and providing that cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity on the statement of cash flows (currently there is no authoritative guidance addressing this classification issue). The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted (if early adoption occurs in an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes the interim period). Depending on the particular issue addressed by the guidance, application of the guidance will be made prospectively, retrospectively or subject to a retrospective transition method. The Company adopted this guidance effective January 1, 2017. In August 2016, the FASB issued new guidance with regard to eight specific issues pertaining to the classification of certain cash receipts and cash payments within the statement of cash flows. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The new guidance should be, generally, adopted using a retrospective transition method for each period presented. Although the Company's evaluation of this guidance is ongoing, the Company's preliminary assessment indicates that the adoption of this guidance will not have a material impact on the Company’s cash flows. In October 2016, the FASB issued new guidance requiring companies to recognize the income tax effects of intra-entity sales and transfers of assets, other than inventory, in the income statement as income tax expense (or benefit) in the period in which the transfer occurs. Previously, recognition was prohibited until the assets were sold to an outside party or otherwise utilized. The guidance is effective for annual periods beginning after December 15, 2017 and early adoption is permitted as of the beginning of an annual reporting period. The guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the annual period of adoption. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial position and results of operations. In January 2017, the FASB issued new guidance to clarify the definition of a “business,” with the objective of assisting entities in evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or as an acquisition of a business. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill and consolidation. The guidance generally defines a business as an integrated set of activities and assets (collectively referred to as a “set”) that is capable of being conducted and managed for the purpose of providing a return to investors or other owners, members, or participants. The guidance further provides that, to be considered a business, a set must meet specified requirements. However, the guidance also states that, if substantially all of the fair value of gross assets acquired (subject to specified exceptions) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not considered a business and no further analysis is required. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early application is permitted under limited circumstances with respect to specified categories of transactions. On January 26, 2017, the FASB issued guidance to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. The revised guidance is effective for fiscal years, and any interim goodwill impairment tests within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Company is currently evaluating the impact of the adoption of this guidance, but at current, does not anticipate the guidance will have a material impact on its consolidated financial position or results of operations. From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by the Company as of the specified effective date. The Company has assessed recently issued guidance that is not yet effective and believes the new guidance will not have a material impact on the Company’s results of operations, cash flows or financial position. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the preliminary fair value determination of the assets acquired and liabilities assumed with respect to those 2016 acquisitions that were accounted for as a business combination: (Dollars in thousands) Assets Current assets $ 2,544 Property, plant and equipment 662 Intangible assets: Customer relationships 6,465 Noncompete agreements 608 Goodwill 3,689 Total assets acquired 13,968 Less: Current liabilities 589 Liabilities assumed 589 Net assets acquired $ 13,379 |
Restructuring and other impai33
Restructuring and other impairment charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Impairment Charges | The restructuring and other impairment charges recognized for the years ended December 31, 2016 , 2015 and 2014 consisted of the following: 2016 Termination benefits Facility closure and other exit costs Contract termination costs Total (Dollars in thousands) Other 2016 restructuring programs $ 2,531 $ 12 $ 671 $ 3,214 2016 Manufacturing footprint realignment plan 11,176 468 866 12,510 2014 Manufacturing footprint realignment plan 81 38 — 119 Other restructuring programs (1) (558 ) 398 188 28 Total restructuring charges 13,230 916 1,725 15,871 Other impairment charges — 43,356 — 43,356 Total restructuring and other impairment charges $ 13,230 $ 44,272 $ 1,725 $ 59,227 (1) Other restructuring programs include the 2015 restructuring programs, the 2014 European Restructuring Plan and the 2012 restructuring programs. 2015 Termination benefits Facility closure and other exit costs Contract termination costs Total (Dollars in thousands) 2015 Restructuring programs $ 5,009 $ 295 $ 1,000 $ 6,304 2014 Manufacturing footprint realignment plan 1,007 289 389 1,685 Other restructuring programs (2) (194 ) 37 (13 ) (170 ) Total restructuring charges $ 5,822 $ 621 $ 1,376 $ 7,819 (2) Other restructuring programs include the 2014 European Restructuring Plan, the Other 2014 restructuring programs, the 2013 restructuring programs and the LMA Restructuring Program. 2014 Termination benefits Facility closure and other exit costs Contract termination costs Total (Dollars in thousands) 2014 Manufacturing footprint realignment plan $ 9,200 $ 60 $ — $ 9,260 2014 European restructuring plan 7,237 226 345 7,808 Other 2014 restructuring programs 552 244 2,754 3,550 LMA restructuring program (29 ) (112 ) (3,188 ) (3,329 ) Other restructuring programs (3) (57 ) 388 249 580 Total restructuring charges $ 16,903 $ 806 $ 160 $ 17,869 (3) Other restructuring programs include the 2013 and 2012 restructuring programs. . Restructuring Charges by Segment Restructuring charges by reportable operating segment for the years ended December 31, 2016 , 2015, and 2014 are set forth in the following table: 2016 2015 2014 (Dollars in thousands) Vascular North America $ 5,906 $ 3,742 $ 8,057 Anesthesia North America 1,839 384 1,379 Surgical North America 151 397 — EMEA 4,423 4 6,375 Asia — 313 1,305 OEM 795 61 — All other 2,757 2,918 753 Total restructuring charges $ 15,871 $ 7,819 $ 17,869 |
Summary of Current Cost Estimates by Major Type of Cost | The following table provides a summary of the Company’s cost estimates by major type of expense associated with the 2014 Manufacturing Footprint Realignment Plan, which reflect the revised estimates: Type of expense Total estimated amount expected to be incurred Termination benefits $11 million to $12 million Facility closure and other exit costs (1) $1 million to $2 million Accelerated depreciation charges $10 million to $10 million Other (2) $21 million to $24 million $43 million to $48 million (1) Includes costs to transfer product lines among facilities and outplacement and employee relocation costs. (2) Consists of other costs directly related to the plan, including project management, legal and regulatory costs. Type of expense Total estimated amount expected to be incurred Termination benefits $14 million to $15 million Facility closure and other exit costs (1) $2 million to $3 million Accelerated depreciation charges $10 million to $13 million Other (2) $8 million to $13 million $34 million to $44 million (1) Includes costs to transfer product lines among facilities and outplacement and employee relocation costs. (2) Consists of other costs directly related to the plan, including project management, legal and regulatory costs. |
Schedule of Restructuring Reserve | The following table summarizes the activity related to the 2016 Manufacturing Footprint Realignment Plan restructuring reserve: Termination Facility closure and other exit costs Contract termination costs Total (Dollars in thousands) Balance at December 31, 2015 $ — $ — $ — $ — Subsequent accruals 11,176 468 866 12,510 Cash payments (3,220 ) (469 ) (95 ) (3,784 ) Translation 179 1 (11 ) 169 Balance at December 31, 2016 $ 8,135 $ — $ 760 $ 8,895 The following table summarizes the activity related to the 2014 Manufacturing Footprint Realignment Plan restructuring reserve: Termination benefits Facility closure and other exit costs Contract termination costs Total (Dollars in thousands) Balance at December 31, 2014 $ 9,097 $ — $ — $ 9,097 Subsequent accruals 1,007 289 389 1,685 Cash payments (2,657 ) (289 ) (389 ) (3,335 ) Balance at December 31, 2015 7,447 — — 7,447 Subsequent accruals 81 38 — 119 Cash payments (2,158 ) (38 ) — (2,196 ) Balance at December 31, 2016 $ 5,370 $ — $ — $ 5,370 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories, net at December 31, 2016 and 2015 consist of the following: 2016 2015 (Dollars in thousands) Raw materials $ 65,319 $ 68,460 Work-in-process 54,555 57,079 Finished goods 196,297 204,736 Inventories, net 316,171 330,275 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Major Classes of Property, Plant and Equipment at Cost | The major classes of property, plant and equipment, at cost, at December 31, 2016 and 2015 are as follows: 2016 2015 (Dollars in thousands) Land, buildings and leasehold improvements $ 188,679 $ 197,365 Machinery and equipment 319,471 313,404 Computer equipment and software 108,547 99,343 Construction in progress 47,428 45,945 664,125 656,057 Less: Accumulated depreciation (361,226 ) (339,934 ) Property, plant and equipment, net $ 302,899 $ 316,123 |
Goodwill and other intangible36
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill, by Reporting Segment | Changes in the carrying amount of goodwill, by reportable operating segment, for the years ended December 31, 2016 and 2015 are as follows: Vascular North America Anesthesia North America Surgical North America EMEA Asia OEM All other Total (Dollars in thousands) Balance as of December 31, 2015 $ 345,546 $ 141,122 $ 250,912 $ 306,009 $ 141,067 $ 1,194 $ 110,002 $ 1,295,852 Goodwill related to acquisitions — — — — — 3,689 — 3,689 Translation adjustment — 131 — (15,968 ) (2,882 ) — (4,102 ) (22,821 ) Balance as of December 31, 2016 $ 345,546 $ 141,253 $ 250,912 $ 290,041 $ 138,185 $ 4,883 $ 105,900 $ 1,276,720 Vascular North America Anesthesia North America Surgical North America EMEA Asia OEM All other Total (Dollars in thousands) Balance as of December 31, 2014 Goodwill $ 564,177 $ 214,429 $ 250,912 $ 339,029 $ 144,712 $ — $ 142,422 $ 1,655,681 Accumulated impairment losses (219,527 ) (84,531 ) — — — — (28,070 ) (332,128 ) 344,650 129,898 250,912 339,029 144,712 — 114,352 1,323,553 Goodwill related to acquisitions 896 12,398 — 1,142 4,095 1,194 — 19,725 Translation adjustment — (1,174 ) — (34,162 ) (7,740 ) — (4,350 ) (47,426 ) Balance as of December 31, 2015 $ 345,546 $ 141,122 $ 250,912 $ 306,009 $ 141,067 $ 1,194 $ 110,002 $ 1,295,852 |
Components of Intangible Assets | Intangible assets at December 31, 2016 and 2015 consisted of the following: Gross Carrying Amount Accumulated Amortization 2016 2015 2016 2015 (Dollars in thousands) Customer lists $ 622,428 $ 621,078 $ (239,055 ) $ (214,924 ) In-process research and development 16,532 58,908 — — Intellectual property 519,962 522,374 (203,390 ) (173,903 ) Distribution rights 23,021 23,279 (15,239 ) (14,393 ) Trade names 379,724 384,821 (13,974 ) (8,929 ) Noncompete agreements 2,692 2,186 (1,038 ) (522 ) $ 1,564,359 $ 1,612,646 $ (472,696 ) $ (412,671 ) |
Estimated Annual Amortization Expense | Amortization expense related to intangible assets was $63.5 million , $62.4 million , and $60.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Estimated annual amortization expense for each of the five succeeding years is as follows: (Dollars in thousands) 2017 $ 62,900 2018 62,500 2019 62,200 2020 61,800 2021 61,400 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | The Company's borrowings at December 31, 2016 and 2015 were as follows: 2016 2015 (Dollars in thousands) Senior Credit Facility: Revolving credit facility, at a rate of 2.27% at December 31, 2016 and 2.17% at December 31, 2015, due 2018 $ 210,000 $ 396,000 3.875% Convertible Senior Subordinated Notes due 2017 136,076 399,641 4.875% Senior Notes due 2026 400,000 — 5.25% Senior Notes due 2024 250,000 250,000 Securitization program, at a rate of 1.52% at December 31, 2016 and 1.18% at December 31, 2015 50,000 43,300 1,046,076 1,088,941 Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes due 2017 (2,707 ) (22,999 ) Less: Unamortized debt issuance costs (10,046 ) (6,742 ) 1,033,323 1,059,200 Current portion of borrowings (183,071 ) (417,350 ) Long-term borrowings $ 850,252 $ 641,850 |
Fair Value of Debt | The following table provides the fair value of the Company’s debt as of December 31, 2016 and 2015 , categorized by the level of inputs within the fair value hierarchy used to measure fair value (see Note 10 to the consolidated financial statements for further information): Fair value of debt December 31, 2016 December 31, 2015 (Dollars in thousands) Level 1 $ 344,765 $ 858,709 Level 2 929,362 687,072 Total $ 1,274,127 $ 1,545,781 |
Aggregate Amounts of Long-Term Debt | Debt Maturities As of December 31, 2016 , the aggregate amounts of long-term debt, demand loans and debt under the Company’s securitization program that will mature during each of the next four years and thereafter were as follows: (Dollars in thousands) 2017 $ 186,076 2018 210,000 2019 — 2020 — 2021 and thereafter 650,000 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the locations in the consolidated balance sheet and fair value of derivative instruments as of December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Fair Value (Dollars in thousands) Asset derivatives: Designated foreign currency forward contracts $ 667 $ 285 Non-designated foreign currency forward contracts 490 44 Prepaid expenses and other current assets 1,157 329 Total asset derivatives 1,157 329 Liability derivatives: Designated foreign currency forward contracts 2,139 807 Non-designated foreign currency forward contracts 118 491 Other current liabilities 2,257 1,298 Total liability derivatives $ 2,257 $ 1,298 |
After Tax Gain/(Loss) Recognized in OCI | The following table provides information as to the gains and losses attributable to derivatives that were designated as cash flow hedges and reported in other comprehensive income (loss) (“OCI”) for the years ended December 31, 2016 , 2015 and 2014 : After Tax Gain (Loss) Recognized in OCI 2016 2015 2014 (Dollars in thousands) Foreign currency exchange contracts $ 67 $ (2,491 ) $ — |
Aggregate Accounts Receivable, Net of Allowance for Doubtful Accounts | The aggregate net current and long-term trade accounts receivable for customers in Greece, Italy, Spain and Portugal and the percentage of the Company’s total net current and long-term trade accounts receivable represented by the net current and long-term trade accounts receivable for customers in those countries at December 31, 2016 and 2015 are as follows: December 31, 2016 December 31, 2015 (Dollars in thousands) Current and long-term trade accounts receivable (net of allowances of $7.7 million and $7.2 million in 2016 and 2015, respectively) in Greece, Italy, Spain and Portugal (1) $ 51,098 $ 62,272 Percentage of total net current and long-term trade accounts receivables 19.3 % 23.9 % (1) The long-term portion of trade accounts receivable, net from customers in Greece, Italy, Spain and Portugal at December 31, 2016 and 2015 was $2.7 million and $8.1 million , respectively. In January 2017, the Company sold $16.1 million of receivables outstanding with publicly funded hospitals in Italy for $16.0 million . |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | The following tables provide information regarding the Company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015 : Total carrying Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Dollars in thousands) Investments in marketable securities $ 7,660 $ 7,660 $ — $ — Derivative assets 1,157 — 1,157 — Derivative liabilities 2,257 — 2,257 — Contingent consideration liabilities 7,102 — — 7,102 Total carrying Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (Dollars in thousands) Investments in marketable securities $ 6,922 $ 6,922 $ — $ — Derivative assets 329 — 329 — Derivative liabilities 1,298 — 1,298 — Contingent consideration liabilities 20,829 — — 20,829 |
Reconciliation of Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis | The following table provides information regarding changes in the Company's contingent consideration liabilities for the years ended December 31, 2016 and 2015 : Contingent consideration 2016 2015 (Dollars in thousands) Beginning balance – January 1 $ 20,829 $ 33,433 Payment (7,282 ) (8,054 ) Revaluations (6,445 ) (4,550 ) Ending balance – December 31 $ 7,102 $ 20,829 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table provides a reconciliation of basic to diluted weighted average shares outstanding: 2016 2015 2014 (Shares in thousands) Basic 43,325 41,558 41,366 Dilutive effect of share based awards 570 488 450 Dilutive effect of 3.875% Convertible Notes and warrants 3,751 6,012 4,654 Diluted 47,646 48,058 46,470 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2016 and 2015 : Cash Flow Hedges Pension and Other Postretirement Benefit Plans Foreign Currency Translation Adjustment Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Balance at December 31, 2014 $ — $ (141,744 ) $ (119,151 ) $ (260,895 ) Other comprehensive income (loss) before reclassifications (2,974 ) (1,276 ) (110,595 ) (114,845 ) Amounts reclassified from accumulated other comprehensive income (loss) 483 4,133 — 4,616 Net current-year other comprehensive income (loss) (2,491 ) 2,857 (110,595 ) (110,229 ) Balance at December 31, 2015 (2,491 ) (138,887 ) (229,746 ) (371,124 ) Other comprehensive income (loss) before reclassifications (3,434 ) (2,221 ) (69,119 ) (74,774 ) Amounts reclassified from accumulated other comprehensive income 3,501 4,512 — 8,013 Net current-year other comprehensive (loss) income 67 2,291 (69,119 ) (66,761 ) Reclassification related to acquisition of noncontrolling interest — — (832 ) (832 ) Balance at December 31, 2016 $ (2,424 ) $ (136,596 ) $ (299,697 ) $ (438,717 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table provides information relating to the reclassifications of losses/(gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2016 , 2015 and 2014 : December 31, 2016 December 31, 2015 December 31, (Dollars in thousands) Losses (gains) on designated foreign exchange contracts: Cost of goods sold $ 4,511 $ 679 $ (705 ) Total before tax 4,511 679 (705 ) Taxes (1,010 ) (196 ) 111 Net of tax $ 3,501 $ 483 $ (594 ) Amortization of pension and other postretirement benefits items: Actuarial losses (1) $ 6,965 $ 6,375 $ 4,385 Prior-service credits (1) 56 — (21 ) Total before tax 7,021 6,375 4,364 Tax benefit (2,509 ) (2,242 ) (1,535 ) Net of tax $ 4,512 $ 4,133 $ 2,829 Total reclassifications, net of tax $ 8,013 $ 4,616 $ 2,235 (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 14 for additional information). |
Stock compensation plans (Table
Stock compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Weighted-Average Assumptions used to Estimate Fair Value of Options Granted | The fair value of options granted in 2016 , 2015 and 2014 was estimated at the date of grant using a Black-Scholes option pricing model. The following weighted-average assumptions were used: 2016 2015 2014 Risk-free interest rate 1.30 % 1.44 % 1.45 % Expected life of option 4.91 years 4.87 years 4.89 years Expected dividend yield 0.94 % 1.12 % 1.34 % Expected volatility 21.64 % 20.68 % 21.44 % |
Weighted-Average Assumptions used to Estimate Fair Value of Non-Vested Shares Granted | The fair value for non-vested equity awards granted in 2016 , 2015 and 2014 was estimated at the date of grant based on the market price for the underlying stock on the grant date discounted for the risk free interest rate and the present value of expected dividends over the vesting period. The following weighted-average assumptions were used: 2016 2015 2014 Risk-free interest rate 0.94 % 0.94 % 0.65 % Expected dividend yield 0.93 % 1.12 % 1.34 % |
Summary of Stock Option Activity | The following table summarizes the option activity during 2016 : Shares Subject to Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life In Years Aggregate Intrinsic Value (Dollars in thousands) Outstanding, beginning of the year 1,442,912 $ 86.98 Granted 338,902 145.99 Exercised (152,491 ) 80.56 Forfeited or expired (21,578 ) 125.71 Outstanding, end of the year 1,607,745 99.51 6.8 $ 99,180 Exercisable, end of the year 1,003,895 $ 80.64 5.7 $ 80,823 |
Summary of Non-Vested Restricted Stock Unit Activity | The following table summarizes the non-vested restricted stock unit activity during 2016 : Number of Non-Vested Shares Weighted Average Grant-Date Fair Value Weighted Average Remaining Contractual Life In Years Aggregate Intrinsic Value (Dollars in thousands) Outstanding, beginning of the year 281,408 $ 96.59 Granted 93,367 142.71 Vested (103,512 ) 80.98 Forfeited (20,874 ) 105.59 Outstanding, end of the year 250,389 119.44 1.2 $ 40,350 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes from Continuing Operations | The following table summarizes the components of the provision for income taxes from continuing operations: 2016 2015 2014 (Dollars in thousands) Current: Federal $ 2,344 $ (4,700 ) $ 12,348 State 5,230 2,377 1,912 Foreign 28,842 53,151 30,748 Deferred: Federal (25,784 ) (37,504 ) (6,593 ) State (1,194 ) (3,258 ) 3,435 Foreign (1,364 ) (2,228 ) (13,200 ) $ 8,074 $ 7,838 $ 28,650 |
Summaries of U.S. and Non-U.S. Components of Income from Continuing Operations Before Taxes | The following table summarizes the United States and non-United States components of income from continuing operations before taxes: 2016 2015 2014 (Dollars in thousands) United States $ (29,988 ) $ (19,550 ) $ (23,875 ) Other 275,713 264,196 243,985 $ 245,725 $ 244,646 $ 220,110 |
Reconciliations Between Statutory Federal Income Tax Rate and Effective Income Tax Rate | Reconciliations between the statutory federal income tax rate and the effective income tax rate are as follows: 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % Tax effect of international items (27.5 ) (28.4 ) (22.6 ) State taxes, net of federal benefit 0.9 (0.7 ) 2.1 Uncertain tax contingencies (3.6 ) (1.9 ) (0.8 ) Contingent consideration reversals (1.2 ) (0.7 ) (1.2 ) Other, net (0.3 ) (0.1 ) 0.5 3.3 % 3.2 % 13.0 % |
Deferred Tax Assets and Liabilities | The following table summarizes significant components of the Company’s deferred tax assets and liabilities at December 31, 2016 and 2015 : 2016 2015 (Dollars in thousands) Deferred tax assets: Tax loss and credit carryforwards $ 136,046 $ 123,328 Pension 46,563 57,610 Reserves and accruals 52,343 47,755 Other 17,704 34,568 Less: valuation allowances (104,520 ) (103,475 ) Total deferred tax assets 148,136 159,786 Deferred tax liabilities: Property, plant and equipment 32,209 33,824 Intangibles — stock acquisitions 321,707 361,132 Unremitted foreign earnings 63,419 78,019 Other 466 453 Total deferred tax liabilities 417,801 473,428 Net deferred tax liability $ (269,665 ) $ (313,642 ) |
Uncertain Tax Positions for Liabilities Associated with Unrecognized Tax Benefits | Uncertain Tax Positions : The following table is a reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the twelve month periods ending December 31, 2016 , 2015 and 2014 : 2016 2015 2014 (Dollars in thousands) Balance at January 1 $ 34,381 $ 51,084 $ 55,771 Increase in unrecognized tax benefits related to prior years — 2,077 — Decrease in unrecognized tax benefits related to prior years (13,083 ) (15,372 ) — Unrecognized tax benefits related to the current year 705 647 910 Reductions in unrecognized tax benefits due to settlements (2,121 ) — (132 ) Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations (4,840 ) (2,337 ) (3,235 ) Increase (decrease) in unrecognized tax benefits due to foreign currency translation 12 (1,718 ) (2,230 ) Balance at December 31 $ 15,054 $ 34,381 $ 51,084 |
Examinations by Major Tax Jurisdictions | The taxable years for which the applicable statute of limitations remains open by major tax jurisdictions are as follows: Beginning Ending United States 2010 2016 Canada 2005 2016 China 2011 2016 Czech Republic 2013 2016 France 2014 2016 Germany 2011 2016 India 2002 2016 Ireland 2012 2016 Italy 2011 2016 Malaysia 2012 2016 Singapore 2012 2016 |
Pension and other postretirem43
Pension and other postretirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Net Benefit Cost of Pension and Postretirement Benefit Plans | The following table provides information regarding the components of the net benefit expense (income) of the Company's pension and postretirement benefit plans: Pension Other Benefits 2016 2015 2014 2016 2015 2014 (Dollars in thousands) Service cost $ 2,615 $ 1,880 $ 1,794 $ 355 $ 495 $ 424 Interest cost 15,711 17,948 18,000 1,595 1,967 2,169 Expected return on plan assets (24,786 ) (25,940 ) (25,006 ) — — — Net amortization and deferral 6,567 6,159 4,371 454 216 (7 ) Net benefit expense (income) $ 107 $ 47 $ (841 ) $ 2,404 $ 2,678 $ 2,586 |
Pension and Postretirement Benefit Plans | The following table provides summarized information with respect to the Company’s pension and postretirement benefit plans, measured as of December 31, 2016 and 2015 : Pension Other Benefits 2016 2015 2016 2015 Under Funded Under Funded (Dollars in thousands) Benefit obligation, beginning of year $ 421,736 $ 447,964 $ 48,616 $ 53,154 Service cost 2,615 1,880 355 495 Interest cost 15,711 17,948 1,595 1,967 Actuarial loss (gain) 16,315 (22,880 ) 646 (3,914 ) Currency translation (4,300 ) (2,721 ) — — Benefits paid (18,887 ) (18,682 ) (3,946 ) (3,216 ) Medicare Part D reimbursement — — 221 130 Curtailments (23 ) — — — Administrative costs (2,593 ) (1,773 ) — — Projected benefit obligation, end of year 430,574 421,736 47,487 48,616 Fair value of plan assets, beginning of year 315,951 328,830 Actual return on plan assets 36,620 (4,460 ) Contributions 12,752 12,797 Benefits paid (18,887 ) (18,682 ) Administrative costs (2,593 ) (1,773 ) Currency translation (3,578 ) (761 ) Fair value of plan assets, end of year 340,265 315,951 Funded status, end of year $ (90,309 ) $ (105,785 ) $ (47,487 ) $ (48,616 ) |
Amounts Recognized in the Consolidated Balance Sheet | The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the Company's pension and postretirement plans: Pension Other Benefits 2016 2015 2016 2015 (Dollars in thousands) Other assets $ 106 $ — $ — $ — Payroll and benefit-related liabilities (1,640 ) (1,653 ) (3,200 ) (3,307 ) Pension and postretirement benefit liabilities (88,775 ) (104,132 ) (44,287 ) (45,309 ) Accumulated other comprehensive loss 209,785 213,301 4,415 4,223 $ 119,476 $ 107,516 $ (43,072 ) $ (44,393 ) |
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss | The following tables set forth the amounts recognized in accumulated other comprehensive loss with respect to the plans: Pension Prior Service Cost Net (Gain) or Loss Deferred Taxes Accumulated Other Comprehensive Loss, Net of Tax (Dollars in thousands) Balance at December 31, 2014 $ 148 $ 212,969 $ (76,807 ) $ 136,310 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (35 ) (6,124 ) 2,164 (3,995 ) Amounts arising during the period: Actuarial changes in benefit obligation — 7,520 (2,928 ) 4,592 Impact of currency translation — (1,177 ) 316 (861 ) Balance at December 31, 2015 113 213,188 (77,255 ) 136,046 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (34 ) (6,533 ) 2,339 (4,228 ) Amounts arising during the period: Actuarial changes in benefit obligation — 4,481 (1,603 ) 2,878 Curtailments — (23 ) 6 (17 ) Impact of currency translation — (1,407 ) 373 (1,034 ) Balance at December 31, 2016 $ 79 $ 209,706 $ (76,140 ) $ 133,645 Other Benefits Prior Service Cost Net (Gain) or Loss Deferred Taxes Accumulated Other Comprehensive Loss, Net of Tax (Dollars in thousands) Balance at December 31, 2014 $ 72 $ 8,281 $ (2,919 ) $ 5,434 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral 35 (251 ) 78 (138 ) Amounts arising during the period: Actuarial changes in benefit obligation — (3,914 ) 1,459 (2,455 ) Balance at December 31, 2015 107 4,116 (1,382 ) 2,841 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (22 ) (432 ) 170 (284 ) Amounts arising during the period: Actuarial changes in benefit obligation — 646 (252 ) 394 Balance at December 31, 2016 $ 85 $ 4,330 $ (1,464 ) $ 2,951 |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table provides the weighted average assumptions for United States and foreign plans used in determining net benefit cost: Pension Other Benefits 2016 2015 2014 2016 2015 2014 Discount rate 4.5 % 4.1 % 5.0 % 4.3 % 4.0 % 4.7 % Rate of return 8.1 % 8.1 % 8.3 % Initial healthcare trend rate 8.4 % 7.3 % 7.5 % Ultimate healthcare trend rate 5.0 % 5.0 % 5.0 % The following table provides the weighted average assumptions for United States and foreign plans used in determining benefit obligations: Pension Other Benefits 2016 2015 2016 2015 Discount rate 4.2 % 4.5 % 4.1 % 4.3 % Rate of compensation increase 2.8 % 2.8 % Initial healthcare trend rate 7.9 % 8.4 % Ultimate healthcare trend rate 5.0 % 5.0 % |
Fair Values of Pension Plan Assets | The following table provides the fair values of the Company’s pension plan assets at December 31, 2016 by asset category: Fair Value Measurements Asset Category (a) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Cash $ 437 $ 437 Money market funds 76 76 Equity securities: Managed volatility (b) 88,051 88,051 United States small/mid-cap equity (c) 24,785 24,785 World Equity (excluding United States) (d) 33,376 33,376 Common Equity Securities – Teleflex Incorporated 18,838 18,838 Diversified Global 5,086 5,086 Fixed income securities: Long duration bond fund (e) 73,544 73,544 High yield bond fund (f) 15,451 15,451 Emerging markets debt fund (g) 9,412 $ 9,412 Corporate, government and foreign bonds 1,864 1,792 72 Asset backed – home loans 527 527 Other types of investments: Structured credit (h) 35,066 $ 35,066 Hedge fund of funds (i) 22,748 22,748 UK Property Fund (j) 1,377 1,377 Multi asset funds (k) 9,622 5,460 4,162 Other 5 5 Total $ 340,265 $ 266,896 $ 15,550 $ 57,819 The following table provides the fair values of the Company’s pension plan assets at December 31, 2015 by asset category: Fair Value Measurements Asset Category (a) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Cash $ 664 $ 664 Money market funds 184 184 Equity securities: Managed volatility (b) 80,052 80,052 United States small/mid-cap equity (c) 18,549 18,549 World Equity (excluding United States) (d) 29,632 29,632 Common Equity Securities – Teleflex Incorporated 15,366 15,366 Diversified United Kingdom Equity 845 845 Diversified Global 2,948 2,948 Emerging Markets 1,055 1,055 Fixed income securities: Long duration bond fund (e) 80,855 80,855 UK corporate bond fund 2,467 2,467 UK Government bond fund 4,838 4,838 High yield bond fund (f) 10,702 10,702 Emerging markets debt fund (g) 10,060 $ 10,060 Corporate, government and foreign bonds 75 75 Asset backed – home loans 655 655 Other types of investments: Structured credit (h) 29,591 $ 29,591 Hedge fund of funds (i) 22,599 22,599 UK Property Fund (j) 1,654 1,654 Multi asset funds (k) 3,155 3,155 Other 5 5 Total $ 315,951 $ 251,312 $ 12,444 $ 52,195 (a) Information on asset categories described in notes (b)-(k) is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories. (b) This category comprises mutual funds that invest in securities of United States and non-United States companies of all capitalization ranges that exhibit relatively low volatility. (c) This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of small and mid-sized companies. The fund invests in common stocks or exchange traded funds holding common stock of United States companies with market capitalizations in the range of companies in the Russell 2500 Index. (d) This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of foreign companies. These securities may include common stocks, preferred stocks, warrants, exchange traded funds based on an international equity index, derivative instruments whose value is based on an international equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests in securities of foreign issuers located in developed and emerging market countries. However, the fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. (e) This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including securities issued or guaranteed by the United States Government and its agencies and instrumentalities, corporate bonds, asset-backed securities, exchange traded funds, mortgage-backed securities and collateralized mortgage-backed securities. The fund invests primarily in long duration government and corporate fixed income securities, and uses derivative instruments, including interest rate swap agreements and Treasury futures contracts, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities. (f) This category comprises a mutual fund that invests at least 80% of its net assets in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. (g) This category comprises a mutual fund that invests at least 80% of its net assets in fixed income securities of emerging market issuers, primarily in United States dollar-denominated debt of foreign governments, government-related and corporate issuers in emerging market countries and entities organized to restructure the debt of those issuers. (h) This category comprises a fund that invests primarily in collateralized debt obligations (“CDOs”) and other structured credit vehicles. The fund investments may include fixed income securities, loan participants, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments. (i) This category comprises a hedge fund that invests in various other hedge funds. As of December 31, 2016 and 2015 : • approximately 43% and 41% , respectively, of the assets of the hedge fund were invested in equity hedge based funds, including equity long/short and equity market neutral strategies; • approximately 14% and 12% , respectively, of the assets were held in tactical/directional based funds, including global macro, long/short equity, commodity and systematic quantitative strategies; • approximately 19% and 19% , respectively, of the assets were held in relative value based funds, including convertible and fixed income arbitrage, credit long/short and volatility arbitrage strategies; and • approximately 24% and 28% , respectively, of the assets were held in funds with an event driven strategy. (j) This category comprises a fund that invests primarily in UK freehold and leasehold property. The fund does not invest in higher risk activities such as developments. The fund may invest in indirect vehicles and property derivatives. (k) This category comprises a fund that may invest in equities, bonds, or derivatives. |
Reconciliation of Changes in Level 3 Pension Assets Measured at Fair Value on Recurring Basis | The following table provides a reconciliation of changes in pension assets measured at fair value on a recurring basis, using Level 3 inputs, from December 31, 2014 through December 31, 2016 : (Dollars in thousands) Balance at December 31, 2014 $ 54,352 Unrealized gain on assets (2,157 ) Balance at December 31, 2015 52,195 Unrealized gain on assets 5,624 Balance at December 31, 2016 $ 57,819 |
Expected Benefit Payments | The following table provides information about the Company’s expected benefit payments under its U.S. and foreign plans for each of the five succeeding years and the aggregate of the five years thereafter, net of the annual average Medicare Part D subsidy of approximately $0.2 million : Pension Other Benefits (Dollars in thousands) 2017 $ 19,495 $ 3,200 2018 19,932 3,171 2019 20,739 3,214 2020 21,356 3,413 2021 22,104 3,396 Years 2022 — 2026 121,404 18,238 |
Commitments and contingent li44
Commitments and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments Under Noncancelable Operating Leases | Future minimum lease payments as of December 31, 2016 under noncancellable operating leases are as follows: Future Lease Payments (Dollars in thousands) 2017 $ 29,546 2018 23,224 2019 20,349 2020 16,887 2021 14,318 2022 and thereafter 36,664 |
Business segments and other i45
Business segments and other information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business segments and other information | The following tables present the Company’s segment results for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Revenue Vascular North America $ 350,486 $ 334,938 $ 311,163 Anesthesia North America 198,772 189,297 183,909 Surgical North America 172,223 161,230 150,121 EMEA 510,934 514,443 593,065 Asia 249,416 241,726 237,696 OEM 160,990 149,399 143,966 All other 225,206 218,657 219,912 Consolidated net revenues $ 1,868,027 $ 1,809,690 $ 1,839,832 Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Operating Profit Vascular North America $ 97,088 $ 73,284 $ 53,807 Anesthesia North America 55,544 48,311 34,566 Surgical North America 56,608 52,529 49,592 EMEA 84,392 92,326 114,650 Asia 75,770 67,887 62,152 OEM 33,641 33,162 30,635 All other 19,784 20,356 19,762 Total segment operating profit (1) 422,827 387,855 365,164 Unallocated expenses (2) (103,374 ) (71,964 ) (80,302 ) Income from continuing operations before interest, loss on extinguishment of debt and taxes $ 319,453 $ 315,891 $ 284,862 (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, restructuring and other impairment charges and gain on sale of assets. Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Depreciation and Amortization Vascular North America $ 36,260 $ 37,159 $ 35,701 Anesthesia North America 10,932 7,089 11,815 Surgical North America 10,459 12,289 6,316 EMEA 30,505 32,178 38,062 Asia 11,275 11,382 8,515 OEM 8,404 6,834 6,175 All other 20,511 18,403 20,446 Consolidated depreciation and amortization $ 128,346 $ 125,334 $ 127,030 |
Total Net Revenues and Total Net Property, Plant and Equipment by Geographic Region | The following tables provide total net revenues and total net property, plant and equipment by geographic region for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 (Dollars in thousands) Net revenues (based on the Company's selling location): United States $ 1,018,786 $ 967,819 $ 916,619 Other Americas 56,339 56,500 60,736 Europe 567,320 570,672 664,982 All other 225,582 214,699 197,495 $ 1,868,027 $ 1,809,690 $ 1,839,832 Net property, plant and equipment: United States $ 167,167 $ 178,895 $ 174,893 Malaysia 31,415 33,777 36,427 Ireland 36,569 33,219 29,746 Czech Republic 30,843 32,305 35,655 All other 36,905 37,927 40,714 $ 302,899 $ 316,123 $ 317,435 |
Condensed consolidating guara46
Condensed consolidating guarantor financial information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidated Guarantor Financial Information [Abstract] | |
Condensed Consolidating Statements of Income (Loss) and Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year Ended December 31, 2016 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net revenues $ — $ 1,112,464 $ 1,124,958 $ (369,395 ) $ 1,868,027 Cost of goods sold — 652,442 588,110 (368,725 ) 871,827 Gross profit — 460,022 536,848 (670 ) 996,200 Selling, general and administrative expenses 43,602 328,263 191,916 (473 ) 563,308 Research and development expenses 547 33,080 24,952 — 58,579 Restructuring and other impairment charges 173 50,183 8,871 — 59,227 Gain on sale of assets (2,707 ) (155 ) (1,505 ) — (4,367 ) (Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes (41,615 ) 48,651 312,614 (197 ) 319,453 Interest, net 153,830 (103,465 ) 4,102 — 54,467 Loss on extinguishment of debt 19,261 — — — 19,261 (Loss) income from continuing operations before taxes (214,706 ) 152,116 308,512 (197 ) 245,725 (Benefit) taxes on (loss) income from continuing operations (78,478 ) 46,758 39,875 (81 ) 8,074 Equity in net income of consolidated subsidiaries 374,048 243,987 528 (618,563 ) — Income from continuing operations 237,820 349,345 269,165 (618,679 ) 237,651 Operating (loss) income from discontinued operations (1,300 ) — 378 — (922 ) Tax benefit on (loss) income from discontinued operations (857 ) — (255 ) — (1,112 ) (Loss) income from discontinued operations (443 ) — 633 — 190 Net income 237,377 349,345 269,798 (618,679 ) 237,841 Less: Income from continuing operations attributable to noncontrolling interest — — 464 — 464 Net income attributable to common shareholders 237,377 349,345 269,334 (618,679 ) 237,377 Other comprehensive loss attributable to common shareholders (66,761 ) (76,098 ) (80,700 ) 156,798 (66,761 ) Comprehensive income attributable to common shareholders $ 170,616 $ 273,247 $ 188,634 $ (461,881 ) $ 170,616 Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net revenues $ — $ 1,079,180 $ 1,107,565 $ (377,055 ) $ 1,809,690 Cost of goods sold — 646,427 593,855 (374,995 ) 865,287 Gross profit — 432,753 513,710 (2,060 ) 944,403 Selling, general and administrative expenses 42,435 336,049 191,029 (531 ) 568,982 Research and development expenses — 30,359 21,760 — 52,119 Restructuring charges — 6,731 1,088 — 7,819 Gain on sale of assets — — (408 ) — (408 ) (Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes (42,435 ) 59,614 300,241 (1,529 ) 315,891 Interest, net 132,711 (76,873 ) 4,953 — 60,791 Loss on extinguishment of debt 10,454 — — — 10,454 (Loss) income from continuing operations before taxes (185,600 ) 136,487 295,288 (1,529 ) 244,646 (Benefit) taxes on (loss) income from continuing operations (66,264 ) 27,260 46,804 38 7,838 Equity in net income of consolidated subsidiaries 355,138 235,810 1,086 (592,034 ) — Income from continuing operations 235,802 345,037 249,570 (593,601 ) 236,808 Operating (loss) income from discontinued operations (1,734 ) — 4 — (1,730 ) (Benefit) taxes on (loss) income from discontinued operations (10,795 ) — 160 — (10,635 ) Income (loss) from discontinued operations 9,061 — (156 ) — 8,905 Net income 244,863 345,037 249,414 (593,601 ) 245,713 Less: Income from continuing operations attributable to noncontrolling interests — — 850 — 850 Net income attributable to common shareholders 244,863 345,037 248,564 (593,601 ) 244,863 Other comprehensive loss attributable to common shareholders (110,229 ) (110,604 ) (120,439 ) 231,043 (110,229 ) Comprehensive income attributable to common shareholders $ 134,634 $ 234,433 $ 128,125 $ (362,558 ) $ 134,634 Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net revenues $ — $ 1,078,851 $ 1,132,152 $ (371,171 ) $ 1,839,832 Cost of goods sold — 652,742 608,256 (363,594 ) 897,404 Gross profit — 426,109 523,896 (7,577 ) 942,428 Selling, general and administrative expenses 42,829 326,282 209,930 (384 ) 578,657 Research and development expenses — 40,546 20,494 — 61,040 Restructuring charges — 10,189 7,680 — 17,869 (Loss) income from continuing operations before interest and taxes (42,829 ) 49,092 285,792 (7,193 ) 284,862 Interest, net 144,869 (85,886 ) 5,769 — 64,752 (Loss) income from continuing operations before taxes (187,698 ) 134,978 280,023 (7,193 ) 220,110 (Benefit) taxes on (loss) income from continuing operations (68,307 ) 68,690 28,159 108 28,650 Equity in net income of consolidated subsidiaries 308,396 233,827 252 (542,475 ) — Income from continuing operations 189,005 300,115 252,116 (549,776 ) 191,460 Operating loss from discontinued operations (2,196 ) — (1,211 ) — (3,407 ) (Benefit) taxes on loss from discontinued operations (870 ) — 172 — (698 ) Loss from discontinued operations (1,326 ) — (1,383 ) — (2,709 ) Net income 187,679 300,115 250,733 (549,776 ) 188,751 Less: Income from continuing operations attributable to noncontrolling interests — — 1,072 — 1,072 Net income attributable to common shareholders 187,679 300,115 249,661 (549,776 ) 187,679 Other comprehensive loss attributable to common shareholders (150,040 ) (105,872 ) (126,317 ) 232,189 (150,040 ) Comprehensive income attributable to common shareholders $ 37,639 $ 194,243 $ 123,344 $ (317,587 ) $ 37,639 |
Condensed Consolidating Balance Sheets | December 31, 2016 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) ASSETS Current assets Cash and cash equivalents $ 14,571 $ 1,031 $ 528,187 $ — $ 543,789 Accounts receivable, net 2,551 8,768 255,815 4,859 271,993 Accounts receivable from consolidated subsidiaries 4,861 2,176,059 309,149 (2,490,069 ) — Inventories, net — 200,852 140,406 (25,087 ) 316,171 Prepaid expenses and other current assets 14,239 5,332 17,474 3,337 40,382 Prepaid taxes — — 7,766 413 8,179 Assets held for sale — — 2,879 — 2,879 Total current assets 36,222 2,392,042 1,261,676 (2,506,547 ) 1,183,393 Property, plant and equipment, net 2,566 163,847 136,486 — 302,899 Goodwill — 708,546 568,174 — 1,276,720 Intangibles assets, net — 640,999 450,664 — 1,091,663 Deferred tax assets 73,051 — 5,185 (76,524 ) 1,712 Notes receivable and other amounts due from consolidated subsidiaries 1,387,615 2,085,538 — (3,473,153 ) — Other assets 6,044,337 1,525,285 29,962 (7,564,758 ) 34,826 Total assets $ 7,543,791 $ 7,516,257 $ 2,452,147 $ (13,620,982 ) $ 3,891,213 LIABILITIES AND EQUITY Current liabilities Current borrowings $ 133,071 $ — $ 50,000 $ — $ 183,071 Accounts payable 4,540 30,924 33,936 — 69,400 Accounts payable to consolidated subsidiaries 2,242,814 214,203 33,052 (2,490,069 ) — Accrued expenses 16,827 18,126 30,196 — 65,149 Current portion of contingent consideration — 587 — — 587 Payroll and benefit-related liabilities 20,610 26,672 35,397 — 82,679 Accrued interest 10,429 — 21 — 10,450 Income taxes payable 1,246 — 6,577 85 7,908 Other current liabilities 2,262 3,643 2,497 — 8,402 Total current liabilities 2,431,799 294,155 191,676 (2,489,984 ) 427,646 Long-term borrowings 850,252 — — — 850,252 Deferred tax liabilities — 316,526 31,375 (76,524 ) 271,377 Pension and postretirement benefit liabilities 85,645 31,561 15,856 — 133,062 Noncurrent liability for uncertain tax positions 1,169 13,684 2,667 — 17,520 Notes payable and other amounts due to consolidated subsidiaries 2,011,737 1,264,004 197,412 (3,473,153 ) — Other liabilities 23,848 15,695 12,472 — 52,015 Total liabilities 5,404,450 1,935,625 451,458 (6,039,661 ) 1,751,872 Convertible notes - redeemable equity component (Note 19) 1,824 — — — 1,824 Mezzanine Equity 1,824 — — — 1,824 Total common shareholders' equity 2,137,517 5,580,632 2,000,689 (7,581,321 ) 2,137,517 Total liabilities and equity $ 7,543,791 $ 7,516,257 $ 2,452,147 $ (13,620,982 ) $ 3,891,213 December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) ASSETS Current assets Cash and cash equivalents $ 21,612 $ — $ 316,754 $ — $ 338,366 Accounts receivable, net 2,538 4,326 251,166 4,386 262,416 Accounts receivable from consolidated subsidiaries 5,276 2,412,079 289,697 (2,707,052 ) — Inventories, net — 205,163 149,705 (24,593 ) 330,275 Prepaid expenses and other current assets 10,511 4,702 16,037 3,665 34,915 Prepaid taxes 16,686 — 14,622 (413 ) 30,895 Assets held for sale 2,901 — 4,071 — 6,972 Total current assets 59,524 2,626,270 1,042,052 (2,724,007 ) 1,003,839 Property, plant and equipment, net 2,931 174,674 138,518 — 316,123 Goodwill — 705,753 590,099 — 1,295,852 Intangibles assets, net — 762,084 437,891 — 1,199,975 Deferred tax assets 91,432 — 8,042 (97,133 ) 2,341 Notes receivable and other amounts due from consolidated subsidiaries 1,358,446 1,658,092 — (3,016,538 ) — Other assets 5,746,828 1,366,660 47,340 (7,107,184 ) 53,644 Total assets $ 7,259,161 $ 7,293,533 $ 2,263,942 $ (12,944,862 ) $ 3,871,774 LIABILITIES AND EQUITY Current liabilities Current borrowings $ 374,050 $ — $ 43,300 $ — $ 417,350 Accounts payable 1,945 27,527 36,833 — 66,305 Accounts payable to consolidated subsidiaries 2,478,109 201,400 27,543 (2,707,052 ) — Accrued expenses 15,399 22,281 26,337 — 64,017 Current portion of contingent consideration — 7,291 — — 7,291 Payroll and benefit-related liabilities 21,617 29,305 33,736 — 84,658 Accrued interest 7,455 — 25 — 7,480 Income taxes payable — — 8,144 (85 ) 8,059 Other current liabilities 1,300 2,679 4,981 — 8,960 Total current liabilities 2,899,875 290,483 180,899 (2,707,137 ) 664,120 Long-term borrowings 641,850 — — — 641,850 Deferred tax liabilities — 376,738 36,378 (97,133 ) 315,983 Pension and postretirement benefit liabilities 100,355 32,274 16,812 — 149,441 Noncurrent liability for uncertain tax positions 1,151 17,722 21,527 — 40,400 Notes payable and other amounts due to consolidated subsidiaries 1,585,727 1,253,189 177,622 (3,016,538 ) — Other liabilities 20,931 15,685 12,271 — 48,887 Total liabilities 5,249,889 1,986,091 445,509 (5,820,808 ) 1,860,681 Total common shareholders' equity 2,009,272 5,307,442 1,816,612 (7,124,054 ) 2,009,272 Noncontrolling interest — — 1,821 — 1,821 Total equity 2,009,272 5,307,442 1,818,433 (7,124,054 ) 2,011,093 Total liabilities and equity $ 7,259,161 $ 7,293,533 $ 2,263,942 $ (12,944,862 ) $ 3,871,774 |
Condensed Consolidating Statements of Cash Flows | Year Ended December 31, 2016 Parent Guarantor Non-Guarantor Eliminations Condensed (Dollars in thousands) Net cash (used in) provided by operating activities from continuing operations $ (85,088 ) $ 169,400 $ 328,553 $ (2,275 ) $ 410,590 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (279 ) (24,753 ) (28,103 ) — (53,135 ) Payments for businesses and intangibles acquired, net of cash acquired — (10,305 ) (50,572 ) 46,837 (14,040 ) Proceeds from sale of assets 5,607 49,571 1,860 (46,837 ) 10,201 Investments in affiliates — (5,600 ) — 5,600 — Net cash provided by (used in) investing activities from continuing operations 5,328 8,913 (76,815 ) 5,600 (56,974 ) Cash flows from financing activities of continuing operations: Proceeds from new borrowings 665,000 — 6,700 — 671,700 Reduction in borrowings (714,565 ) — — — (714,565 ) Debt extinguishment, issuance and amendment fees (8,958 ) — — — (8,958 ) Proceeds from share based compensation plans and the related tax impacts 9,068 — — — 9,068 Payments to noncontrolling interest shareholders — — (464 ) — (464 ) Payments for acquisition of noncontrolling interest — — (9,231 ) — (9,231 ) Payments for contingent consideration — (7,282 ) — — (7,282 ) Proceeds from issuance of shares — — 5,600 (5,600 ) — Dividends paid (58,960 ) — — — (58,960 ) Intercompany transactions 183,244 (170,000 ) (13,244 ) — — Intercompany dividends paid — — (2,275 ) 2,275 — Net cash provided by (used in) financing activities from continuing operations 74,829 (177,282 ) (12,914 ) (3,325 ) (118,692 ) Cash flows from discontinued operations: Net cash used in operating activities (2,110 ) — — — (2,110 ) Net cash used in discontinued operations (2,110 ) — — — (2,110 ) Effect of exchange rate changes on cash and cash equivalents — — (27,391 ) — (27,391 ) Net (decrease) increase in cash and cash equivalents (7,041 ) 1,031 211,433 — 205,423 Cash and cash equivalents at the beginning of the year 21,612 — 316,754 — 338,366 Cash and cash equivalents at the end of the year $ 14,571 $ 1,031 $ 528,187 $ — $ 543,789 Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net cash (used in) provided by operating activities from continuing operations $ (147,704 ) $ 134,817 $ 320,145 $ (3,812 ) $ 303,446 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (124 ) (32,797 ) (28,527 ) — (61,448 ) Payments for businesses and intangibles acquired, net of cash acquired — (60,336 ) (33,472 ) — (93,808 ) Proceeds from sale of assets 408 — — — 408 Investments in affiliates — — (121,850 ) 121,850 — Net cash provided by (used in) investing activities from continuing operations 284 (93,133 ) (183,849 ) 121,850 (154,848 ) Cash flows from financing activities of continuing operations: Proceeds from new borrowings 288,100 — — — 288,100 Reduction in borrowings (303,757 ) — — — (303,757 ) Debt extinguishment, issuance and amendment fees (9,017 ) — — — (9,017 ) Proceeds from share based compensation plans and related tax impacts 4,994 — — — 4,994 Payments to noncontrolling interest shareholders — — (1,343 ) — (1,343 ) Payments for contingent consideration — (8,028 ) — — (8,028 ) Proceeds from issuance of shares — 121,850 — (121,850 ) — Dividends paid (56,532 ) — — — (56,532 ) Intercompany transactions 219,035 (155,506 ) (63,529 ) — — Intercompany dividends paid — — (3,812 ) 3,812 — Net cash provided by (used in) financing activities from continuing operations 142,823 (41,684 ) (68,684 ) (118,038 ) (85,583 ) Cash flows from discontinued operations: Net cash used in operating activities (1,787 ) — (849 ) — (2,636 ) Net cash used in discontinued operations (1,787 ) — (849 ) — (2,636 ) Effect of exchange rate changes on cash and cash equivalents — — (25,249 ) — (25,249 ) Net (decrease) increase in cash and cash equivalents (6,384 ) — 41,514 — 35,130 Cash and cash equivalents at the beginning of the year 27,996 — 275,240 — 303,236 Cash and cash equivalents at the end of the year $ 21,612 $ — $ 316,754 $ — $ 338,366 Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net cash (used in) provided by operating activities from continuing operations $ (105,467 ) $ 347,503 $ 52,634 $ (4,429 ) $ 290,241 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (2,273 ) (30,586 ) (34,712 ) — (67,571 ) Payments for businesses and intangibles acquired, net of cash acquired — (17,241 ) (28,536 ) — (45,777 ) Proceeds from sale of assets and investments 1,669 3,421 161 — 5,251 Investments in affiliates (60 ) 20 — — (40 ) Net cash used in investing activities from continuing operations (664 ) (44,386 ) (63,087 ) — (108,137 ) Cash flows from financing activities of continuing operations: Proceeds from new borrowings 250,000 — — — 250,000 Reduction in borrowings (480,102 ) — — — (480,102 ) Debt issuance and amendment fees (4,494 ) — — — (4,494 ) Proceeds from share based compensation plans and the related tax impacts 4,245 — — — 4,245 Payments to noncontrolling interest shareholders — — (1,094 ) — (1,094 ) Dividends paid (56,258 ) — — — (56,258 ) Intercompany transactions 381,663 (317,617 ) (64,046 ) — — Intercompany dividends paid — — (4,429 ) 4,429 — Net cash provided by (used in) financing activities from continuing operations 95,054 (317,617 ) (69,569 ) 4,429 (287,703 ) Cash flows from discontinued operations: Net cash used in operating activities (3,676 ) — — — (3,676 ) Net cash used in discontinued operations (3,676 ) — — — (3,676 ) Effect of exchange rate changes on cash and cash equivalents — — (19,473 ) — (19,473 ) Net decrease in cash and cash equivalents (14,753 ) (14,500 ) (99,495 ) — (128,748 ) Cash and cash equivalents at the beginning of the year 42,749 14,500 374,735 — 431,984 Cash and cash equivalents at the end of the year $ 27,996 $ — $ 275,240 $ — $ 303,236 |
Divestiture-related activities
Divestiture-related activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Divestiture-Related Activities [Abstract] | |
Assets Held for Sale | The table below provides information regarding assets held for sale at December 31, 2016 and 2015 . At December 31, 2016 , these assets consisted of one building, which was sold on January 12, 2017. 2016 2015 Assets held for sale: (Dollars in thousands) Property, plant and equipment $ 2,879 $ 6,972 Total assets held for sale $ 2,879 $ 6,972 |
Operating Results of Operations Treated as Discontinued Operations | The results of the Company’s discontinued operations for the years ended December 31, 2016 , 2015 and 2014 were as follows: 2016 2015 2014 (Dollars in thousands) Costs and other expenses (1) $ 922 $ 1,730 $ 3,407 Loss from discontinued operations before income taxes (922 ) (1,730 ) (3,407 ) Tax benefit on loss from discontinued operations (2) 1,112 10,635 698 Income (loss) from discontinued operations $ 190 $ 8,905 $ (2,709 ) (1) Includes expenses associated with retained liabilities related to divested businesses. (2) The tax benefit on loss from discontinued operations recognized in 2015 reflects a reduction in U.S. liabilities associated with unrecognized tax benefits as a result of the conclusion of an audit. |
QUARTERLY DATA (UNAUDITED) (Tab
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | QUARTERLY DATA (UNAUDITED) First Second Third Fourth (Dollars in thousands, except per share) 2016: Net revenues $ 424,893 $ 473,553 $ 455,648 $ 513,933 Gross profit 225,147 256,399 241,602 273,052 Income from continuing operations before interest, loss on extinguishment of debt and taxes 67,497 98,441 86,487 67,028 Income from continuing operations 51,180 59,395 66,200 60,876 Income (Loss) from discontinued operations (312 ) 193 122 187 Net income 50,868 59,588 66,322 61,063 Less: Income from continuing operations attributable to noncontrolling interest 179 285 — — Net income attributable to common shareholders 50,689 59,303 66,322 61,063 Earnings per share available to common shareholders — basic (1) : Income from continuing operations $ 1.22 $ 1.36 $ 1.50 $ 1.38 Loss from discontinued operations — — 0.01 0.01 Net income $ 1.22 $ 1.36 $ 1.51 $ 1.39 Earnings per share available to common shareholders — diluted (1) : Income from continuing operations $ 1.05 $ 1.25 $ 1.40 $ 1.29 Loss from discontinued operations (0.01 ) 0.01 — 0.01 Net income $ 1.04 $ 1.26 $ 1.40 $ 1.30 2015: Net revenues $ 429,430 $ 452,045 $ 443,714 $ 484,501 Gross profit 222,637 233,237 228,213 260,316 Income from continuing operations before interest and taxes 65,608 76,986 76,550 96,747 Income from continuing operations 39,273 45,199 61,571 90,765 Loss from discontinued operations (703 ) (190 ) (719 ) 10,517 Net income 38,570 45,009 60,852 101,282 Less: Income from continuing operations attributable to noncontrolling interest 218 446 28 158 Net income attributable to common shareholders 38,352 44,563 60,824 101,124 Earnings per share available to common shareholders — basic (1) : Income from continuing operations $ 0.94 $ 1.08 $ 1.48 $ 2.18 Loss from discontinued operations (0.02 ) (0.01 ) (0.02 ) 0.25 Net income $ 0.92 $ 1.07 $ 1.46 $ 2.43 Earnings per share available to common shareholders — diluted (1) : Income from continuing operations $ 0.83 $ 0.93 $ 1.27 $ 1.88 Loss from discontinued operations (0.02 ) — (0.02 ) 0.21 Net income $ 0.81 $ 0.93 $ 1.25 $ 2.09 (1) Each quarter is calculated as a discrete period; the sum of the four quarters may not equal the calculated full year amount. |
Summary of significant accoun49
Summary of significant accounting policies - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)segmenttradename | Dec. 31, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of reporting units | segment | 6 | |
Number of reporting units, two-step quantitative impairment test | segment | 3 | |
Number of trade names | tradename | 3 | |
Weighted average amortization period of intangible assets, in years | 15 years | |
Reserve for estimated rebates | $ | $ 11.6 | $ 11.1 |
Minimum | Intellectual property | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 3 years | |
Minimum | Customer Lists | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 5 years | |
Minimum | Distribution rights | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 3 years | |
Minimum | Trade names | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 1 year | |
Maximum | Intellectual property | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 20 years | |
Maximum | Customer Lists | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 30 years | |
Maximum | Distribution rights | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 22 years | |
Maximum | Trade names | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 30 years | |
Building | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of plant and equipment, in years | 30 years | |
Machinery and Equipment | Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of plant and equipment, in years | 3 years | |
Machinery and Equipment | Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of plant and equipment, in years | 10 years | |
Computer Equipment and Software | Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of plant and equipment, in years | 3 years | |
Computer Equipment and Software | Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of plant and equipment, in years | 10 years | |
Allowance for Sales Returns [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Reserve for returns and allowances | $ | $ 4.4 | $ 4.9 |
Recently issued accounting st50
Recently issued accounting standards Recently issued accounting standards (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Summary Of Significant Accounting Policies [Line Items] | ||
Debt Issuance Costs, Net | $ 10,046 | $ 6,742 |
Prepaid expenses and other current assets | Accounting Standards Update 2015-03 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Debt Issuance Costs, Net | (2,600) | |
Other current liabilities | Accounting Standards Update 2015-03 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Debt Issuance Costs, Net | 2,600 | |
Other Assets | Accounting Standards Update 2015-03 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Debt Issuance Costs, Net | (4,200) | |
Long-term Debt | Accounting Standards Update 2015-03 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Debt Issuance Costs, Net | $ 4,200 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | Jul. 01, 2016USD ($) | Dec. 31, 2016USD ($) | Sep. 25, 2016USD ($) | Jun. 26, 2016USD ($) | Mar. 27, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 27, 2015USD ($) | Jun. 28, 2015USD ($)business | Mar. 29, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 08, 2015 |
Business Acquisition [Line Items] | |||||||||||||
Revenue | $ 513,933 | $ 455,648 | $ 473,553 | $ 424,893 | $ 484,501 | $ 443,714 | $ 452,045 | $ 429,430 | $ 1,868,027 | $ 1,809,690 | $ 1,839,832 | ||
Segment operating profit | 67,028 | $ 86,487 | $ 98,441 | $ 67,497 | 96,747 | $ 76,550 | $ 76,986 | $ 65,608 | 319,453 | 315,891 | $ 284,862 | ||
Teleflex Medical Private Limited | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Noncontrolling interest percent | 74.00% | ||||||||||||
Percentage of voting interest acquired | 26.00% | ||||||||||||
Increase in noncontrolling interest from acquisition | $ 7,500 | ||||||||||||
Medical Device and Supplies Distributors in New Zealand | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired | business | 2 | ||||||||||||
Truphatek | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Transaction expenses | 400 | ||||||||||||
Noncontrolling interest held | 6.00% | ||||||||||||
Business Combinations 2016 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Initial payment | 22,800 | ||||||||||||
Revenue | 4,200 | ||||||||||||
Segment operating profit | 900 | ||||||||||||
Net assets acquired | $ 13,379 | $ 13,379 | |||||||||||
Business Combinations 2015 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Fair value of the consideration at the date of acquisition | $ 96,500 | $ 96,500 | |||||||||||
Minimum | Customer Lists | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life of Intangible assets, in years | 5 years | ||||||||||||
Minimum | Business Combinations 2015 | Customer Lists | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life of Intangible assets, in years | 10 years | ||||||||||||
Minimum | Business Combinations 2015 | Noncompete agreements | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life of Intangible assets, in years | 2 years | ||||||||||||
Maximum | Customer Lists | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life of Intangible assets, in years | 30 years | ||||||||||||
Maximum | Business Combinations 2015 | Customer Lists | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Useful life of Intangible assets, in years | 16 years |
Acquisitions - fair values dete
Acquisitions - fair values determination of assets acquired and liabilities assumed in acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,276,720 | $ 1,295,852 | $ 1,323,553 |
Business Combinations 2016 | |||
Business Acquisition [Line Items] | |||
Current assets | 2,544 | ||
Property, plant and equipment | 662 | ||
Goodwill | 3,689 | ||
Total assets acquired | 13,968 | ||
Current liabilities | 589 | ||
Liabilities assumed | 589 | ||
Net assets acquired | 13,379 | ||
Business Combinations 2016 | Customer relationships | |||
Business Acquisition [Line Items] | |||
Intangible Assets | 6,465 | ||
Business Combinations 2016 | Noncompete agreements | |||
Business Acquisition [Line Items] | |||
Intangible Assets | $ 608 |
Restructuring and other impai53
Restructuring and other impairment charges - additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||
Other impairment charges | $ 43,356 | ||||
Restructuring charges | 15,871 | $ 7,819 | $ 17,869 | ||
Impairment of intangible assets | 41,000 | 0 | 0 | ||
Impairment of real estate | $ 2,400 | ||||
Semprus Technology | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Impairment of intangible assets | 41,000 | ||||
Impairment of intangible assets, net of tax | 26,100 | ||||
Contract termination costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other impairment charges | 0 | ||||
Restructuring charges | 1,725 | 1,376 | 160 | ||
2016 Manufacturing footprint realignment plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve | 8,895 | 8,895 | 0 | ||
Restructuring charges | 12,510 | ||||
2016 Manufacturing footprint realignment plan | Accelerated Depreciation And Other Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses | 6,400 | ||||
2016 Manufacturing footprint realignment plan | Contract termination costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve | 760 | 760 | 0 | ||
Restructuring charges | 866 | ||||
2016 Manufacturing footprint realignment plan | Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected restructuring charges | 34,000 | 34,000 | |||
Restructuring costs expected cash payment | 27,000 | 27,000 | |||
2016 Manufacturing footprint realignment plan | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected restructuring charges | 44,000 | 44,000 | |||
Restructuring costs expected cash payment | 31,000 | 31,000 | |||
Other 2016 restructuring programs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs expected cash payment | 600 | 600 | |||
Restructuring reserve | 1,900 | 1,900 | |||
Restructuring charges | 3,214 | ||||
Other 2016 restructuring programs | Accelerated Depreciation And Other Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected restructuring charges | 1,500 | 1,500 | |||
Other 2016 restructuring programs | Contract termination costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 671 | ||||
Other 2016 restructuring programs | Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected restructuring charges | 3,800 | 3,800 | |||
Other 2016 restructuring programs | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected restructuring charges | 4,700 | 4,700 | |||
2014 Manufacturing footprint realignment plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve | 5,370 | 5,370 | 7,447 | 9,097 | |
Restructuring charges | 119 | 1,685 | 9,260 | ||
Restructuring, costs incurred to date | 11,100 | 11,100 | |||
Accelerated depreciation | 22,900 | ||||
2014 Manufacturing footprint realignment plan | Accelerated Depreciation And Other Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 8,500 | 9,500 | 4,900 | ||
2014 Manufacturing footprint realignment plan | Contract termination costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve | 0 | 0 | 0 | 0 | |
Restructuring charges | 0 | 389 | 0 | ||
2014 Manufacturing footprint realignment plan | Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected restructuring charges | 43,000 | 43,000 | $ 37,000 | ||
Restructuring costs expected cash payment | 33,000 | 33,000 | 26,000 | ||
Restrcturing costs, expected | 24,000 | 24,000 | |||
2014 Manufacturing footprint realignment plan | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected restructuring charges | 48,000 | 48,000 | 44,000 | ||
Restructuring costs expected cash payment | 38,000 | 38,000 | $ 31,000 | ||
Restrcturing costs, expected | 30,000 | 30,000 | |||
2015 Restructuring programs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve | 100 | 100 | |||
Restructuring charges | 6,304 | ||||
Restructuring, costs incurred to date | 6,400 | 6,400 | |||
2015 Restructuring programs | Contract termination costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 1,000 | ||||
2014 European restructuring plan | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve | 200 | 200 | |||
Restructuring charges | 7,808 | ||||
Restructuring, costs incurred to date | 7,700 | 7,700 | |||
2014 European restructuring plan | Contract termination costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 345 | ||||
Other 2014 Restructuring Programs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 3,550 | ||||
Restructuring, costs incurred to date | 3,600 | ||||
Other 2014 Restructuring Programs | Contract termination costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 2,754 | ||||
2013 Restructuring Programs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring, costs incurred to date | 10,900 | ||||
LMA Restructuring Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | (3,329) | ||||
Restructuring, costs incurred to date | $ 11,300 | ||||
LMA Restructuring Program | Contract termination costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | (3,188) | ||||
Favorable settlement | $ 3,300 | ||||
2012 Restructuring Charges | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve | 200 | 200 | |||
Restructuring, costs incurred to date | $ 6,200 | $ 6,200 |
Restructuring and other impai54
Restructuring and other impairment charges - restructuring program (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 15,871 | $ 7,819 | $ 17,869 |
Other impairment charges | 43,356 | ||
Total restructuring and other impairment charges | 59,227 | ||
Other 2016 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 3,214 | ||
2016 Manufacturing footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 12,510 | ||
2015 Restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 6,304 | ||
2014 Manufacturing footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 119 | 1,685 | 9,260 |
2014 European restructuring plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 7,808 | ||
Other 2014 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 3,550 | ||
LMA restructuring program | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | (3,329) | ||
Other restructuring programs - prior years | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 28 | (170) | 580 |
Termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 13,230 | 5,822 | 16,903 |
Other impairment charges | 0 | ||
Total restructuring and other impairment charges | 13,230 | ||
Termination benefits | Other 2016 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 2,531 | ||
Termination benefits | 2016 Manufacturing footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 11,176 | ||
Termination benefits | 2015 Restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 5,009 | ||
Termination benefits | 2014 Manufacturing footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 81 | 1,007 | 9,200 |
Termination benefits | 2014 European restructuring plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 7,237 | ||
Termination benefits | Other 2014 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 552 | ||
Termination benefits | LMA restructuring program | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | (29) | ||
Termination benefits | Other restructuring programs - prior years | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | (558) | (194) | (57) |
Facility closure and other exit costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 916 | 621 | 806 |
Other impairment charges | 43,356 | ||
Total restructuring and other impairment charges | 44,272 | ||
Facility closure and other exit costs | Other 2016 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 12 | ||
Facility closure and other exit costs | 2016 Manufacturing footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 468 | ||
Facility closure and other exit costs | 2015 Restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 295 | ||
Facility closure and other exit costs | 2014 Manufacturing footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 38 | 289 | 60 |
Facility closure and other exit costs | 2014 European restructuring plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 226 | ||
Facility closure and other exit costs | Other 2014 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 244 | ||
Facility closure and other exit costs | LMA restructuring program | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | (112) | ||
Facility closure and other exit costs | Other restructuring programs - prior years | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 398 | 37 | 388 |
Contract termination costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 1,725 | 1,376 | 160 |
Other impairment charges | 0 | ||
Total restructuring and other impairment charges | 1,725 | ||
Contract termination costs | Other 2016 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 671 | ||
Contract termination costs | 2016 Manufacturing footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 866 | ||
Contract termination costs | 2015 Restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 1,000 | ||
Contract termination costs | 2014 Manufacturing footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 0 | 389 | 0 |
Contract termination costs | 2014 European restructuring plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 345 | ||
Contract termination costs | Other 2014 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 2,754 | ||
Contract termination costs | LMA restructuring program | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | (3,188) | ||
Contract termination costs | Other restructuring programs - prior years | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 188 | $ (13) | $ 249 |
Restructuring and other impai55
Restructuring and other impairment charges - expected costs to be incurred (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Apr. 30, 2014 |
2016 Manufacturing footprint realignment plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | $ 34 | |
2016 Manufacturing footprint realignment plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 44 | |
2014 Manufacturing footprint realignment plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 43 | $ 37 |
2014 Manufacturing footprint realignment plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 48 | $ 44 |
Termination benefits | 2016 Manufacturing footprint realignment plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 14 | |
Termination benefits | 2016 Manufacturing footprint realignment plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 15 | |
Termination benefits | 2014 Manufacturing footprint realignment plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 11 | |
Termination benefits | 2014 Manufacturing footprint realignment plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 12 | |
Facility closure and other exit costs | 2016 Manufacturing footprint realignment plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 2 | |
Facility closure and other exit costs | 2016 Manufacturing footprint realignment plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 3 | |
Facility closure and other exit costs | 2014 Manufacturing footprint realignment plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 1 | |
Facility closure and other exit costs | 2014 Manufacturing footprint realignment plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 2 | |
Accelerated Depreciation Charges | 2016 Manufacturing footprint realignment plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 10 | |
Accelerated Depreciation Charges | 2016 Manufacturing footprint realignment plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 13 | |
Accelerated Depreciation Charges | 2014 Manufacturing footprint realignment plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 10 | |
Accelerated Depreciation Charges | 2014 Manufacturing footprint realignment plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 10 | |
Other | 2016 Manufacturing footprint realignment plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 8 | |
Other | 2016 Manufacturing footprint realignment plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 13 | |
Other | 2014 Manufacturing footprint realignment plan | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | 21 | |
Other | 2014 Manufacturing footprint realignment plan | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected restructuring charges | $ 24 |
Restructuring and other impai56
Restructuring and other impairment charges - reconciliation of changes in accrued liabilities associated with restructuring program (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
2016 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | $ 0 | |
Subsequent accruals | 12,510 | |
Cash payments | (3,784) | |
Translation | 169 | |
Balance, ending | 8,895 | $ 0 |
2014 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 7,447 | 9,097 |
Subsequent accruals | 119 | 1,685 |
Cash payments | (2,196) | (3,335) |
Balance, ending | 5,370 | 7,447 |
Termination benefits | 2016 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 0 | |
Subsequent accruals | 11,176 | |
Cash payments | (3,220) | |
Translation | 179 | |
Balance, ending | 8,135 | 0 |
Termination benefits | 2014 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 7,447 | 9,097 |
Subsequent accruals | 81 | 1,007 |
Cash payments | (2,158) | (2,657) |
Balance, ending | 5,370 | 7,447 |
Facility closure and other exit costs | 2016 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 0 | |
Subsequent accruals | 468 | |
Cash payments | (469) | |
Translation | 1 | |
Balance, ending | 0 | 0 |
Facility closure and other exit costs | 2014 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 0 | 0 |
Subsequent accruals | 38 | 289 |
Cash payments | (38) | (289) |
Balance, ending | 0 | 0 |
Contract termination costs | 2016 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 0 | |
Subsequent accruals | 866 | |
Cash payments | (95) | |
Translation | (11) | |
Balance, ending | 760 | 0 |
Contract termination costs | 2014 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 0 | 0 |
Subsequent accruals | 0 | 389 |
Cash payments | 0 | (389) |
Balance, ending | $ 0 | $ 0 |
Restructuring and other impai57
Restructuring and other impairment charges - by segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 15,871 | $ 7,819 | $ 17,869 |
Vascular North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 5,906 | 3,742 | 8,057 |
Anesthesia North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 1,839 | 384 | 1,379 |
Surgical North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 151 | 397 | 0 |
EMEA | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 4,423 | 4 | 6,375 |
Asia | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 0 | 313 | 1,305 |
OEM | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 795 | 61 | 0 |
All other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 2,757 | $ 2,918 | $ 753 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 65,319 | $ 68,460 |
Work-in-process | 54,555 | 57,079 |
Finished goods | 196,297 | 204,736 |
Inventory, Net | $ 316,171 | $ 330,275 |
Property, plant, equipment (Det
Property, plant, equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | |||
Land, buildings and leasehold improvements | $ 188,679 | $ 197,365 | |
Machinery and equipment | 319,471 | 313,404 | |
Computer equipment and software | 108,547 | 99,343 | |
Construction in progress | 47,428 | 45,945 | |
Property, plant and equipment, gross | 664,125 | 656,057 | |
Less: Accumulated depreciation | (361,226) | (339,934) | |
Property, plant and equipment, net | $ 302,899 | $ 316,123 | $ 317,435 |
Goodwill and other intangible60
Goodwill and other intangible assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense of intangible assets | $ 63,491 | $ 62,380 | $ 60,926 |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite lived intangible assets | $ 280,600 |
Goodwill and other intangible61
Goodwill and other intangible assets - changes in carrying amount by reporting segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | |||
Goodwill | $ 1,655,681 | ||
Accumulated impairment losses | (332,128) | ||
Goodwill net | $ 1,295,852 | $ 1,323,553 | |
Goodwill related to acquisitions | 3,689 | 19,725 | |
Translation adjustment | (22,821) | (47,426) | |
Goodwill net | 1,276,720 | 1,295,852 | |
Vascular North America | |||
Goodwill [Roll Forward] | |||
Goodwill | 564,177 | ||
Accumulated impairment losses | (219,527) | ||
Goodwill net | 345,546 | 344,650 | |
Goodwill related to acquisitions | 0 | 896 | |
Translation adjustment | 0 | 0 | |
Goodwill net | 345,546 | 345,546 | |
Anesthesia North America | |||
Goodwill [Roll Forward] | |||
Goodwill | 214,429 | ||
Accumulated impairment losses | (84,531) | ||
Goodwill net | 141,122 | 129,898 | |
Goodwill related to acquisitions | 0 | 12,398 | |
Translation adjustment | 131 | (1,174) | |
Goodwill net | 141,253 | 141,122 | |
Surgical North America | |||
Goodwill [Roll Forward] | |||
Goodwill | 250,912 | ||
Accumulated impairment losses | 0 | ||
Goodwill net | 250,912 | 250,912 | |
Goodwill related to acquisitions | 0 | 0 | |
Translation adjustment | 0 | 0 | |
Goodwill net | 250,912 | 250,912 | |
EMEA | |||
Goodwill [Roll Forward] | |||
Goodwill | 339,029 | ||
Accumulated impairment losses | 0 | ||
Goodwill net | 306,009 | 339,029 | |
Goodwill related to acquisitions | 0 | 1,142 | |
Translation adjustment | (15,968) | (34,162) | |
Goodwill net | 290,041 | 306,009 | |
Asia | |||
Goodwill [Roll Forward] | |||
Goodwill | 144,712 | ||
Accumulated impairment losses | 0 | ||
Goodwill net | 141,067 | 144,712 | |
Goodwill related to acquisitions | 0 | 4,095 | |
Translation adjustment | (2,882) | (7,740) | |
Goodwill net | 138,185 | 141,067 | |
OEM | |||
Goodwill [Roll Forward] | |||
Goodwill | 0 | ||
Accumulated impairment losses | 0 | ||
Goodwill net | 1,194 | 0 | |
Goodwill related to acquisitions | 3,689 | 1,194 | |
Translation adjustment | 0 | 0 | |
Goodwill net | 4,883 | 1,194 | |
All other | |||
Goodwill [Roll Forward] | |||
Goodwill | 142,422 | ||
Accumulated impairment losses | $ (28,070) | ||
Goodwill net | 110,002 | 114,352 | |
Goodwill related to acquisitions | 0 | 0 | |
Translation adjustment | (4,102) | (4,350) | |
Goodwill net | $ 105,900 | $ 110,002 |
Goodwill and other intangible62
Goodwill and other intangible assets - components of intangible assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,564,359 | $ 1,612,646 |
Accumulated Amortization | (472,696) | (412,671) |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 622,428 | 621,078 |
Accumulated Amortization | (239,055) | (214,924) |
In-process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,532 | 58,908 |
Accumulated Amortization | 0 | 0 |
Intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 519,962 | 522,374 |
Accumulated Amortization | (203,390) | (173,903) |
Distribution rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 23,021 | 23,279 |
Accumulated Amortization | (15,239) | (14,393) |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 379,724 | 384,821 |
Accumulated Amortization | (13,974) | (8,929) |
Noncompete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,692 | 2,186 |
Accumulated Amortization | $ (1,038) | $ (522) |
Goodwill and other intangible63
Goodwill and other intangible assets - estimated annual amortization expense (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 62,900 |
2,018 | 62,500 |
2,019 | 62,200 |
2,020 | 61,800 |
2,021 | $ 61,400 |
Borrowings - Components of Long
Borrowings - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | May 16, 2016 | Dec. 31, 2014 | May 21, 2014 | |
Line Of Credit Facility [Line Items] | |||||
Long-term debt, Gross | $ 1,046,076 | $ 1,088,941 | |||
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes due 2017 | (2,707) | (22,999) | |||
Less: Unamortized debt issuance costs | (10,046) | (6,742) | |||
Net carrying amount | 1,033,323 | 1,059,200 | |||
Current portion of borrowings | (183,071) | (417,350) | |||
Long-term borrowings | $ 850,252 | $ 641,850 | |||
Interest rate | 3.875% | 3.875% | 3.875% | ||
Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Revolving credit facility, at a rate of 2.27% at December 31, 2016 and 2.17% at December 31, 2015, due 2018 | $ 210,000 | $ 396,000 | |||
Senior credit facility interest rate | 2.27% | 2.17% | |||
Debt maturity date | Jul. 16, 2018 | ||||
Securitization Program | |||||
Line Of Credit Facility [Line Items] | |||||
Securitization program, at a rate of 1.52% at December 31, 2016 and 1.18% at December 31, 2015 | $ 50,000 | $ 43,300 | |||
Interest rate | 1.52% | 1.18% | |||
3.875% Convertible Senior Subordinated Notes due 2017 | Senior Notes | |||||
Line Of Credit Facility [Line Items] | |||||
3.875% Convertible Senior Subordinated Notes due 2017 | $ 136,076 | $ 399,641 | |||
Interest rate | 3.875% | 3.875% | |||
4.875% Senior Notes due 2026 | Senior Notes | |||||
Line Of Credit Facility [Line Items] | |||||
Senior notes | $ 400,000 | $ 0 | $ 400,000 | ||
Interest rate | 4.875% | ||||
5.25% Senior Notes due 2024 | Senior Notes | |||||
Line Of Credit Facility [Line Items] | |||||
Senior notes | $ 250,000 | $ 250,000 | $ 250,000 | ||
Interest rate | 5.25% | 5.25% | 5.25% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | Apr. 04, 2016USD ($)shares | Jun. 01, 2015USD ($) | Jul. 16, 2013USD ($) | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | May 16, 2016USD ($) | May 21, 2014USD ($) | Jun. 13, 2011USD ($) | Aug. 09, 2010USD ($) |
Debt Instrument [Line Items] | ||||||||||
Interest rate | 3.875% | 3.875% | 3.875% | |||||||
Convertible note hedge transactions, purchased call options | $ 88,000,000 | |||||||||
Convertible note hedge transactions, net of tax | $ 56,000,000 | |||||||||
Conversion of convertible notes, shares issued upon conversion | shares | 2,170,000 | 1,700,000 | 2,700,000 | 1,900,000 | ||||||
Warrants expiration period | 180 days | |||||||||
Strike price of warrants (in dollars per share) | $ / shares | $ 74.65 | |||||||||
Proceeds from sale of warrants | $ 59,400,000 | |||||||||
Convertible debt, fair value | 316,300,000 | |||||||||
Initial equity component | 83,700,000 | |||||||||
Convertible notes, carrying value, net of tax | 53,300,000 | |||||||||
Proceeds from Convertible Debt | 400,000,000 | |||||||||
Debt discount | $ 83,700,000 | |||||||||
Effective interest rate | 7.814% | |||||||||
Shares received from dealer counterparties | shares | 400,000 | |||||||||
Ownership percentage of subsidiaries | 50.00% | |||||||||
Proceeds from accounts receivable securitization | $ 12,100,000 | |||||||||
Settlement and exchange of convertible notes with common or treasury stock | $ 35,286,000 | $ 133,000 | $ 43,000 | |||||||
Total long-term debt | 1,033,323,000 | 1,059,200,000 | ||||||||
Reduction in borrowings | 714,565,000 | 303,757,000 | 480,102,000 | |||||||
Loss on extinguishment of debt | $ 19,261,000 | 10,454,000 | $ 0 | |||||||
Exchange Consideration [Member] | Convertible Debt | Convertible Notes Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Conversion of convertible notes, shares issued upon conversion | shares | 300,000 | |||||||||
Extinguishment of debt, amount | $ 219,200,000 | |||||||||
Long Term Debt, Repayments Of Principal, Cash Consideration Per Principal Amount | 1,000 | |||||||||
Reduction in borrowings | 220,700,000 | |||||||||
Repayments of accrued debt interest | 1,500,000 | |||||||||
Loss on extinguishment of debt | $ 16,300,000 | |||||||||
Hedge Unwind Agreements and Warrant Unwind Agreements | Convertible Debt | Convertible Notes Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Shares received from dealer counterparties | shares | 300,000 | |||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Conversion of convertible notes, shares issued upon conversion | shares | 7,981,422 | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from long-term lines of credit | 246,000,000 | $ 265,000,000 | 246,000,000 | |||||||
Repayments of Lines of Credit | 451,000,000 | |||||||||
Standby Letters of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility amount outstanding | $ 3,200,000 | 3,800,000 | ||||||||
Convertible Senior Subordinated Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible subordinated debt | $ 400,000,000 | |||||||||
Interest rate | 3.875% | |||||||||
Number of trading days | 20 days | |||||||||
Number of consecutive trading days | 30 days | |||||||||
Percentage of conversion price of applicable trading day | 130.00% | |||||||||
Number of business days | 5 days | |||||||||
Principal amount of convertible notes | $ 1,000 | |||||||||
Percentage of the product of the last reported sale price of the common stock (less than) | 98.00% | |||||||||
Convertible notes conversion rate | 16.3084 | |||||||||
Conversion price, per share (in dollars per share) | $ / shares | $ 61.32 | |||||||||
Conversion of convertible notes, shares issued upon conversion | shares | 400,000 | |||||||||
Settlement and exchange of convertible notes with common or treasury stock | $ 44,400,000 | $ 400,000 | ||||||||
Extinguishment of debt, amount | 44,400,000 | |||||||||
Loss on extinguishment of debt | $ 3,000,000 | |||||||||
Securitization Program | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 1.52% | 1.18% | ||||||||
Maximum amount available under receivable securitization | $ 50,000,000 | |||||||||
Securitization program, at a rate of 1.52% at December 31, 2016 and 1.18% at December 31, 2015 | $ 50,000,000 | $ 43,300,000 | ||||||||
New Senior Credit Facility | Line of Credit | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum amount available for borrowing | $ 850,000,000 | |||||||||
Federal funds effective rate plus | 0.50% | |||||||||
Prime rate or one month LIBOR plus | 1.00% | |||||||||
Senior credit facility interest rate | 2.27% | |||||||||
Leverage ratio, required | 4 | |||||||||
Interest coverage ratio, required | 3.50 | |||||||||
Liquidity minimum threshold | $ 400,000,000 | |||||||||
Leverage ratio | 2 | |||||||||
Interest coverage ratio | 11.22 | |||||||||
New Senior Credit Facility | Line of Credit | Revolving Credit Facility | Prime Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margin | 0.25% | |||||||||
New Senior Credit Facility | Line of Credit | Revolving Credit Facility | Prime Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margin | 1.00% | |||||||||
New Senior Credit Facility | Line of Credit | Revolving Credit Facility | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior credit facility interest rate | 0.77% | |||||||||
New Senior Credit Facility | Line of Credit | Revolving Credit Facility | LIBOR | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margin | 1.25% | |||||||||
New Senior Credit Facility | Line of Credit | Revolving Credit Facility | LIBOR | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable margin | 2.00% | |||||||||
New Senior Credit Facility | Line of Credit | Revolving Credit Facility | Rate Spread | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior credit facility interest rate | 1.50% | |||||||||
5.25% Senior Notes due 2024 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 5.25% | 5.25% | 5.25% | |||||||
Senior notes | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||
Ownership percentage of subsidiaries | 100.00% | |||||||||
Basis spread on variable rate | 0.50% | |||||||||
5.25% Senior Notes due 2024 | Senior Notes | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Declining percent of redemption price to principal amount | 0.875% | |||||||||
5.25% Senior Notes due 2024 | Senior Notes | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percent of redemption price to principal amount | 102.625% | |||||||||
Declining percent of redemption price to principal amount | 100.00% | |||||||||
5.25% Senior Notes due 2024 | Senior Notes | Debt Instrument Redemption Prior To June 15, 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percent of redemption price to principal amount on redemption | 100.00% | |||||||||
Make whole premium as percentage of principal amount of notes subject to redemption | 1.00% | |||||||||
5.25% Senior Notes due 2024 | Senior Notes | Debt Instrument Redemption Prior To June 15 2017 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percent of redemption price to principal amount on redemption | 105.25% | |||||||||
Percent of principal amount of notes redeemable | 35.00% | |||||||||
4.875% Senior Notes due 2026 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.875% | |||||||||
Senior notes | $ 400,000,000 | $ 0 | $ 400,000,000 | |||||||
Basis spread on variable rate | 0.50% | |||||||||
Fee amount | $ 6,500,000 | |||||||||
4.875% Senior Notes due 2026 | Senior Notes | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Declining percent of redemption price to principal amount | 0.813% | |||||||||
4.875% Senior Notes due 2026 | Senior Notes | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percent of redemption price to principal amount | 102.438% | |||||||||
Declining percent of redemption price to principal amount | 100.00% | |||||||||
4.875% Senior Notes due 2026 | Senior Notes | Debt Instrument Redemption Prior To June 1, 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percent of redemption price to principal amount on redemption | 100.00% | |||||||||
Make whole premium as percentage of principal amount of notes subject to redemption | 1.00% | |||||||||
4.875% Senior Notes due 2026 | Senior Notes | Debt Instrument Redemption Prior To June 1, 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percent of redemption price to principal amount on redemption | 104.875% | |||||||||
Percent of principal amount of notes redeemable | 40.00% | |||||||||
6.875% Senior Subordinated Notes Due 2019 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 4.875% | 4.875% | 6.875% | |||||||
Senior subordinated notes | $ 250,000,000 | |||||||||
Prepayment of debt, make-whole amount | $ 8,600,000 | |||||||||
Write off of deferred debt issuance cost | $ 1,900,000 |
Borrowings - Fair Value of Debt
Borrowings - Fair Value of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Measurements [Line Items] | ||
Fair value of debt | $ 1,274,127 | $ 1,545,781 |
Level 1 | ||
Fair Value Measurements [Line Items] | ||
Fair value of debt | 344,765 | 858,709 |
Level 2 | ||
Fair Value Measurements [Line Items] | ||
Fair value of debt | $ 929,362 | $ 687,072 |
Borrowings - Aggregate Amounts
Borrowings - Aggregate Amounts of Long-Term Debt (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 186,076 |
2,018 | 210,000 |
2,019 | 0 |
2,020 | 0 |
2021 and thereafter | $ 650,000 |
Financial instruments - Additio
Financial instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives Fair Value [Line Items] | |||||||||||
Allowance for doubtful accounts | $ 8,600 | $ 8,000 | $ 8,600 | $ 8,000 | |||||||
Current portion of allowance for doubtful accounts | 2,000 | 2,000 | 2,000 | 2,000 | |||||||
Noncurrent portion of allowance for doubtful accounts | 6,600 | 6,000 | 6,600 | 6,000 | |||||||
Net revenues | 513,933 | $ 455,648 | $ 473,553 | $ 424,893 | 484,501 | $ 443,714 | $ 452,045 | $ 429,430 | 1,868,027 | 1,809,690 | $ 1,839,832 |
Spain, Italy, Portugal, and Greece | |||||||||||
Derivatives Fair Value [Line Items] | |||||||||||
Current portion of allowance for doubtful accounts | 7,700 | 7,200 | 7,700 | 7,200 | |||||||
Long-term portion of accounts receivable net | 2,700 | 8,100 | 2,700 | 8,100 | |||||||
Net revenues | 125,300 | 126,200 | $ 150,500 | ||||||||
Designated as Hedging Instrument | Foreign Currency Exchange Contracts | Cash Flow Hedging | |||||||||||
Derivatives Fair Value [Line Items] | |||||||||||
Total notional amount for all open foreign currency forward contracts | 101,800 | 49,500 | 101,800 | 49,500 | |||||||
Not Designated as Hedging Instrument | Foreign Currency Exchange Contracts | |||||||||||
Derivatives Fair Value [Line Items] | |||||||||||
Loss on derivative | 2,300 | 1,500 | |||||||||
Total notional amount for all open foreign currency forward contracts | $ 73,400 | $ 69,100 | $ 73,400 | $ 69,100 |
Financial instruments - Fair va
Financial instruments - Fair value of derivatives (Details) - Cash Flow Hedging - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives Fair Value [Line Items] | ||
Asset derivatives | $ 1,157 | $ 329 |
Liability derivatives | 2,257 | 1,298 |
Foreign Currency Exchange Contracts | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Asset derivatives | 1,157 | 329 |
Foreign Currency Exchange Contracts | Other current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability derivatives | 2,257 | 1,298 |
Foreign Currency Exchange Contracts | Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Asset derivatives | 667 | 285 |
Foreign Currency Exchange Contracts | Designated as Hedging Instrument | Other current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability derivatives | 2,139 | 807 |
Foreign Currency Exchange Contracts | Not Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Asset derivatives | 490 | 44 |
Foreign Currency Exchange Contracts | Not Designated as Hedging Instrument | Other current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability derivatives | $ 118 | $ 491 |
Financial instruments - after t
Financial instruments - after tax (gain)/loss reclassified from accumulated other comprehensive income into income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives Fair Value [Line Items] | |||
After Tax Gain (Loss) Recognized in OCI | $ 67 | $ (2,491) | $ 0 |
Foreign Currency Exchange Contracts | |||
Derivatives Fair Value [Line Items] | |||
After Tax Gain (Loss) Recognized in OCI | $ 67 | $ (2,491) | $ 0 |
Financial instruments - aggrega
Financial instruments - aggregate accounts receivable, net of allowance for doubtful accounts (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives Fair Value [Line Items] | |||
Accounts receivable, net | $ 271,993 | $ 262,416 | |
Spain, Italy, Portugal, and Greece | |||
Derivatives Fair Value [Line Items] | |||
Accounts receivable, net | $ 51,098 | $ 62,272 | |
Percentage of total net current and long-term trade accounts receivables | 19.30% | 23.90% | |
Subsequent Event | Italy | |||
Derivatives Fair Value [Line Items] | |||
Receivables sold | $ 16,100 | ||
Proceeds from sale of receivables | $ 16,000 |
Fair value measurement - Additi
Fair value measurement - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Measurements [Line Items] | ||
Reversal of contingent consideration | $ 8,300 | $ 4,400 |
Contingent consideration liabilities | 7,102 | 20,829 |
Current portion of contingent consideration | 587 | 7,291 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurements [Line Items] | ||
Contingent consideration liabilities | 7,102 | $ 20,829 |
Current portion of contingent consideration | 600 | |
Other liabilities | $ 6,500 |
Fair value measurement - financ
Fair value measurement - financial assets and liabilities carried at fair value measured on recurring basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | $ 7,660 | $ 6,922 |
Derivative assets | 1,157 | 329 |
Derivative liabilities | 2,257 | 1,298 |
Contingent consideration liabilities | 7,102 | 20,829 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | 7,660 | 6,922 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Significant Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | 0 | 0 |
Derivative assets | 1,157 | 329 |
Derivative liabilities | 2,257 | 1,298 |
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 | 0 |
Derivative liabilities | 0 | 0 |
Contingent consideration liabilities | $ 7,102 | $ 20,829 |
Fair value measurement - reconc
Fair value measurement - reconciliation of changes in three financial liabilities measured at fair value on recurring (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in Level 3 Financial Liabilities Related to Contingent Consideration [Roll Forward] | ||
Beginning balance | $ 20,829 | $ 33,433 |
Payment | (7,282) | (8,054) |
Revaluations | (6,445) | (4,550) |
Ending balance | $ 7,102 | $ 20,829 |
Shareholders' equity - Addition
Shareholders' equity - Additional Information (Detail) - $ / shares | Apr. 04, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Shareholders Equity [Line Items] | ||||
Common shares, authorized | 200,000,000 | |||
Common shares, par value (in dollars per share) | $ 1 | $ 1 | ||
Preference shares, authorized | 500,000 | |||
Per share market price of common stock (in dollars per share) | $ 61.32 | |||
Strike price of warrants (in dollars per share) | $ 74.65 | |||
Conversion of convertible notes, shares issued upon conversion | 2,170,000 | 1,700,000 | 2,700,000 | 1,900,000 |
Convertible senior notes percentage | 3.875% | 3.875% | 3.875% | |
Stock Option | ||||
Shareholders Equity [Line Items] | ||||
Weighted average antidilutive which were not included in the calculation of earnings per share (in shares) | 3,400,000 | 5,600,000 | 6,300,000 | |
Convertible Note | ||||
Shareholders Equity [Line Items] | ||||
Weighted average antidilutive which were not included in the calculation of earnings per share (in shares) | 2,000,000 | 3,300,000 | 2,700,000 |
Shareholders' equity - reconcil
Shareholders' equity - reconciliation of basic to diluted weighted average common shares outstanding (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Basic (in shares) | 43,325 | 41,558 | 41,366 |
Dilutive effect of share based awards (in shares) | 570 | 488 | 450 |
Dilutive effect of 3.875% Convertible Notes and warrants (in shares) | 3,751 | 6,012 | 4,654 |
Diluted (in shares) | 47,646 | 48,058 | 46,470 |
Shareholders' equity - change i
Shareholders' equity - change in accumulated other comprehensive income (loss), net of tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss), net of tax | $ (371,124) | $ (260,895) |
Other comprehensive income (loss) before reclassifications | (74,774) | (114,845) |
Amounts reclassified from accumulated other comprehensive income (loss) | 8,013 | 4,616 |
Net current-year other comprehensive income (loss) | (66,761) | (110,229) |
Acquisition of noncontrolling interest | (832) | |
Ending balance, accumulated other comprehensive income (loss), net of tax | (438,717) | (371,124) |
Cash Flow Hedges | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss), net of tax | (2,491) | 0 |
Other comprehensive income (loss) before reclassifications | (3,434) | (2,974) |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,501 | 483 |
Net current-year other comprehensive income (loss) | 67 | (2,491) |
Acquisition of noncontrolling interest | 0 | |
Ending balance, accumulated other comprehensive income (loss), net of tax | (2,424) | (2,491) |
Pension and Other Postretirement Benefit Plans | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss), net of tax | (138,887) | (141,744) |
Other comprehensive income (loss) before reclassifications | (2,221) | (1,276) |
Amounts reclassified from accumulated other comprehensive income (loss) | 4,512 | 4,133 |
Net current-year other comprehensive income (loss) | 2,291 | 2,857 |
Acquisition of noncontrolling interest | 0 | |
Ending balance, accumulated other comprehensive income (loss), net of tax | (136,596) | (138,887) |
Foreign Currency Translation Adjustment | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, accumulated other comprehensive income (loss), net of tax | (229,746) | (119,151) |
Other comprehensive income (loss) before reclassifications | (69,119) | (110,595) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net current-year other comprehensive income (loss) | (69,119) | (110,595) |
Acquisition of noncontrolling interest | (832) | |
Ending balance, accumulated other comprehensive income (loss), net of tax | $ (299,697) | $ (229,746) |
Shareholders' equity - accumula
Shareholders' equity - accumulated other comprehensive income (loss) into income expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Cost of goods sold | $ 871,827 | $ 865,287 | $ 897,404 | ||||||||
Income from continuing operations before taxes | 245,725 | 244,646 | 220,110 | ||||||||
Taxes on income from continuing operations | 8,074 | 7,838 | 28,650 | ||||||||
Income from continuing operations | $ 60,876 | $ 66,200 | $ 59,395 | $ 51,180 | $ 90,765 | $ 61,571 | $ 45,199 | $ 39,273 | 237,651 | 236,808 | 191,460 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Total reclassifications, net of tax | 8,013 | 4,616 | 2,235 | ||||||||
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 | 4,511 | 679 | (705) | ||||||||
Taxes on income from continuing operations | 1,010 | 196 | (111) | ||||||||
Income from continuing operations | 3,501 | 483 | (594) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Commodity Contract | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Cost of goods sold | 4,511 | 679 | (705) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Benefit Plans | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income from continuing operations before taxes | 7,021 | 6,375 | 4,364 | ||||||||
Taxes on income from continuing operations | (2,509) | (2,242) | (1,535) | ||||||||
Income from continuing operations | 4,512 | 4,133 | 2,829 | ||||||||
Actuarial losses | 6,965 | 6,375 | 4,385 | ||||||||
Prior-service credits | $ 56 | $ 0 | $ (21) |
Stock compensation plans - Addi
Stock compensation plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of common stock authorized to be issued under plan | 5,300,000 | ||
Number of options granted (in shares) | 338,902 | ||
Unrecognized compensation expense | $ 22,600 | ||
Shares available for future grants | 3,999,156 | ||
Stock-based compensation | $ 16,871 | $ 14,467 | $ 12,227 |
Tax benefit from compensation expense | $ 5,500 | $ 4,400 | $ 3,300 |
Stock option granted, weighted average grant date fair value (in dollars per share) | $ 27.42 | $ 21.44 | $ 18.01 |
Stock option granted, weighted average grant date fair value | $ 11,300 | $ 6,300 | $ 15,400 |
Stock option expenses including selling general and administrative expenses | $ 6,900 | ||
Non-vested restricted stock units issued (in shares) | 93,367 | 105,239 | 116,258 |
Non vested restricted stock expense including selling general and administrative expense | $ 10,000 | ||
Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 7,800 | ||
Period for recognition | 1 year 9 months 18 days | ||
Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of options granted (in shares) | 338,902 | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards (in shares) | 93,367 | ||
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 11,300 | ||
Period for recognition | 1 year 9 months 18 days | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards (in shares) | 93,367 | ||
Weighted average grant date fair value (in dollars per share) | $ 142.71 | $ 118 | $ 97.87 |
2014 Plan | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares | 1 | ||
2014 Plan | Stock Compensation Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares | 1.8 | ||
Prior Plans Before December 31, 2013 | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares | 1 | ||
Prior Plans Before December 31, 2013 | Stock Compensation Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares | 1.8 | ||
Prior Plans After January 1, 2014 | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares | 1 | ||
Prior Plans After January 1, 2014 | Stock Compensation Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares | 1.8 |
Stock compensation plans - weig
Stock compensation plans - weighted-average assumptions used to estimate fair value of options granted (Detail) - Stock Options | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Weighted Average Fair Values [Line Items] | |||
Risk-free interest rate | 1.30% | 1.44% | 1.45% |
Expected life of option | 4 years 10 months 28 days | 4 years 10 months 13 days | 4 years 10 months 21 days |
Expected dividend yield | 0.94% | 1.12% | 1.34% |
Expected volatility | 21.64% | 20.68% | 21.44% |
Stock compensation plans - we81
Stock compensation plans - weighted-average assumptions used to estimate fair value of non-vested shares granted (Detail) - Stock Options | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Weighted Average Fair Values [Line Items] | |||
Risk-free interest rate | 0.94% | 0.94% | 0.65% |
Expected dividend yield | 0.93% | 1.12% | 1.34% |
Stock compensation plans- summa
Stock compensation plans- summary of stock option activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options, Outstanding, beginning of year (in shares) | shares | 1,442,912 |
Number of Options, Granted (in shares) | shares | 338,902 |
Number of Options, Exercised (in shares) | shares | (152,491) |
Number of Options, Forfeited or Expired (in shares) | shares | (21,578) |
Number of Options, Outstanding, ending of year (in shares) | shares | 1,607,745 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted Average Exercise Price, Outstanding, beginning of year (in dollars per share) | $ / shares | $ 86.98 |
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares | 145.99 |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares | 80.56 |
Weighted Average Exercise Price, Forfeited or Expired (in dollars per share) | $ / shares | 125.71 |
Weighted Average Exercise Price, Outstanding, beginning of year (in dollars per share) | $ / shares | $ 99.51 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Number of Options, Exercisable, end of year (in shares) | shares | 1,003,895 |
Weighted Average Exercise Price, Exercisable, end of year (in dollars per share) | $ / shares | $ 80.64 |
Weighted Average Remaining Contractual Life in Years, Outstanding, end of year | 6 years 9 months 18 days |
Weighted Average Remaining Contractual Life in Years, Exercisable, end of year | 5 years 8 months 12 days |
Aggregate Intrinsic Value, Outstanding, end of year | $ | $ 99,180 |
Aggregate Intrinsic Value, Exercisable, end of year | $ | $ 80,823 |
Stock compensation plans - summ
Stock compensation plans - summary of non vested restricted stock unit activity (Detail) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Non-Vested Shares, Outstanding, beginning of the year (in shares) | 281,408 | ||
Number of Non-Vested Shares, Granted (in shares) | 93,367 | ||
Number of Non-Vested Shares, Vested (in shares) | (103,512) | ||
Number of Non-Vested Shares, Forfeited (in shares) | (20,874) | ||
Number of Non-Vested Shares, Outstanding, end of the year (in shares) | 250,389 | 281,408 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted Average Grant Date Fair Value, Outstanding, beginning of the year (in dollars per share) | $ 96.59 | ||
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | 142.71 | $ 118 | $ 97.87 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 80.98 | ||
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | 105.59 | ||
Weighted Average Grant Date Fair Value, Outstanding, end of the year (in dollars per share) | $ 119.44 | $ 96.59 | |
Weighted Average Remaining Contractual Life In Years, Outstanding, end of the year | 1 year 2 months 12 days | ||
Aggregate Intrinsic Value, Outstanding, end of the year | $ 40,350 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Cumulative unremitted earnings, non-permanently reinvested | $ 471,200 | ||
Cumulative unremitted earnings | $ 1,214,900 | ||
Effective income tax rate, total | 3.30% | 3.20% | 13.00% |
Realized net benefit as result of reducing our reserves with respect to uncertain tax positions | $ 8,800 | $ 4,600 | $ 1,800 |
Tax effect, carry forwards | $ 136,000 | ||
Percentage of change in ownership | 50.00% | ||
Deferred tax assets, valuation allowance | $ 104,520 | 103,475 | |
Unrecognized tax benefits that would impact effective tax rate | 10,400 | ||
Unrecognized tax benefits, interest (benefit) expense | 200 | 1,600 | 1,000 |
Unrecognized tax benefits, penalties | (500) | (400) | $ (800) |
Unrecognized tax benefits, interest (benefit) expense accrued | 700 | 6,500 | |
Unrecognized tax benefits, penalties accrued | 2,700 | $ 3,200 | |
Minimum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits change within next twelve months due to potential for resolution of foreign and U.S. examinations | 0 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits change within next twelve months due to potential for resolution of foreign and U.S. examinations | 6,500 | ||
No Expiration Date | |||
Income Tax Contingency [Line Items] | |||
Tax effect, carry forwards | 11,000 | ||
After 2013 but before the end of 2018 | |||
Income Tax Contingency [Line Items] | |||
Tax effect, carry forwards | 1,600 | ||
After 2,018 | |||
Income Tax Contingency [Line Items] | |||
Tax effect, carry forwards | $ 123,400 | ||
Excess Tax Deductions | |||
Income Tax Contingency [Line Items] | |||
Effective income tax rate, total | 3.30% | 3.20% |
Income taxes - components of pr
Income taxes - components of provision for income taxes from continuing operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 2,344 | $ (4,700) | $ 12,348 |
State | 5,230 | 2,377 | 1,912 |
Foreign | 28,842 | 53,151 | 30,748 |
Deferred: | |||
Federal | (25,784) | (37,504) | (6,593) |
State | (1,194) | (3,258) | 3,435 |
Foreign | (1,364) | (2,228) | (13,200) |
Provision for income taxes from continuing operations | $ 8,074 | $ 7,838 | $ 28,650 |
Income taxes - summary of U.S.
Income taxes - summary of U.S. and non-U.S. components of income from continuing operations before taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (29,988) | $ (19,550) | $ (23,875) |
Other | 275,713 | 264,196 | 243,985 |
Income from continuing operations before taxes | $ 245,725 | $ 244,646 | $ 220,110 |
Income taxes - reconciliations
Income taxes - reconciliations between statutory federal income tax rate and effective income tax rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Tax effect of international items | (27.50%) | (28.40%) | (22.60%) |
State taxes, net of federal benefit | 0.90% | (0.70%) | 2.10% |
Uncertain tax contingencies | (3.60%) | (1.90%) | (0.80%) |
Contingent consideration reversals | (1.20%) | (0.70%) | (1.20%) |
Other, net | (0.30%) | (0.10%) | 0.50% |
Effective income tax rate, total | 3.30% | 3.20% | 13.00% |
Income taxes - deferred tax ass
Income taxes - deferred tax assets and liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Tax loss and credit carryforwards | $ 136,046 | $ 123,328 |
Pension | 46,563 | 57,610 |
Reserves and accruals | 52,343 | 47,755 |
Other | 17,704 | 34,568 |
Less: valuation allowances | (104,520) | (103,475) |
Total deferred tax assets | 148,136 | 159,786 |
Deferred tax liabilities: | ||
Property, plant and equipment | 32,209 | 33,824 |
Intangibles — stock acquisitions | 321,707 | 361,132 |
Unremitted foreign earnings | 63,419 | 78,019 |
Other | 466 | 453 |
Total deferred tax liabilities | 417,801 | 473,428 |
Net deferred tax liability | $ (269,665) | $ (313,642) |
Income taxes - uncertain tax po
Income taxes - uncertain tax positions for liabilities associated with unrecognized tax benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 34,381 | $ 51,084 | $ 55,771 |
Increase in unrecognized tax benefits related to prior years | 0 | 2,077 | 0 |
Decrease in unrecognized tax benefits related to prior years | (13,083) | (15,372) | 0 |
Unrecognized tax benefits related to the current year | 705 | 647 | 910 |
Reductions in unrecognized tax benefits due to settlements | (2,121) | 0 | (132) |
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations | (4,840) | (2,337) | (3,235) |
Increase (decrease) in unrecognized tax benefits due to foreign currency translation | 12 | (1,718) | (2,230) |
Ending balance | $ 15,054 | $ 34,381 | $ 51,084 |
Pension and other postretirem90
Pension and other postretirement benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Increase trend rate by 1%, increase the benefit obligation | $ 3.4 | ||
Increase trend rate by 1%, increase the benefit expenses | 0.2 | ||
Decrease trend rate by 1%, decrease the benefit obligation | 3 | ||
Decrease trend rate by 1%, decrease the benefit expenses | 0.2 | ||
Defined benefit plans, annual average Medicare part D subsidy | 0.2 | ||
Defined contribution plans, costs | $ 12 | $ 12.6 | $ 11.5 |
Equity Securities | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation percentage of securities | 45.00% | ||
Fixed Income Securities | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation percentage of securities | 35.00% | ||
Other Securities | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation percentage of securities | 20.00% | ||
United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.35% | ||
United States Postretirement Benefit Plans of US Entity, Defined Benefit | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.06% | ||
Pension | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.20% | 4.50% | |
Rate of return | 8.10% | 8.10% | 8.30% |
Accumulated benefit obligation | $ 430 | $ 421.2 | |
Expected employer contribution for year 2016 | $ 12.6 | ||
Postretirement Health Care Plans | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.10% | 4.30% | |
Expected employer contribution for year 2016 | $ 3.2 |
Pension and other postretirem91
Pension and other postretirement benefits - net benefit cost of pension and postretirement benefit plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2,615 | $ 1,880 | $ 1,794 |
Interest cost | 15,711 | 17,948 | 18,000 |
Expected return on plan assets | (24,786) | (25,940) | (25,006) |
Net amortization and deferral | 6,567 | 6,159 | 4,371 |
Net benefit expense (income) | 107 | 47 | (841) |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 355 | 495 | 424 |
Interest cost | 1,595 | 1,967 | 2,169 |
Expected return on plan assets | 0 | 0 | 0 |
Net amortization and deferral | 454 | 216 | (7) |
Net benefit expense (income) | $ 2,404 | $ 2,678 | $ 2,586 |
Pension and other postretirem92
Pension and other postretirement benefits - weighted average assumptions used in determining net periodic benefit cost (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.50% | 4.10% | 5.00% |
Rate of return | 8.10% | 8.10% | 8.30% |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.30% | 4.00% | 4.70% |
Initial healthcare trend rate | 8.40% | 7.30% | 7.50% |
Ultimate healthcare trend rate | 5.00% | 5.00% | 5.00% |
Pension and other postretirem93
Pension and other postretirement benefits - (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning of year | $ 315,951 | ||
Fair value of plan assets, end of year | 340,265 | $ 315,951 | |
Pension | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 421,736 | 447,964 | |
Service cost | 2,615 | 1,880 | $ 1,794 |
Interest cost | 15,711 | 17,948 | 18,000 |
Actuarial loss (gain) | 16,315 | (22,880) | |
Currency translation | (4,300) | (2,721) | |
Benefits paid | (18,887) | (18,682) | |
Medicare Part D reimbursement | 0 | 0 | |
Curtailments | (23) | 0 | |
Administrative costs | (2,593) | (1,773) | |
Projected benefit obligation, end of year | 430,574 | 421,736 | 447,964 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning of year | 315,951 | 328,830 | |
Actual return on plan assets | 36,620 | (4,460) | |
Contributions | 12,752 | 12,797 | |
Benefits paid | (18,887) | (18,682) | |
Administrative costs | (2,593) | (1,773) | |
Currency translation | (3,578) | (761) | |
Fair value of plan assets, end of year | 340,265 | 315,951 | 328,830 |
Funded status, end of year | (90,309) | (105,785) | |
Other Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 48,616 | 53,154 | |
Service cost | 355 | 495 | 424 |
Interest cost | 1,595 | 1,967 | 2,169 |
Actuarial loss (gain) | 646 | (3,914) | |
Currency translation | 0 | 0 | |
Benefits paid | (3,946) | (3,216) | |
Medicare Part D reimbursement | 221 | 130 | |
Curtailments | 0 | 0 | |
Administrative costs | 0 | 0 | |
Projected benefit obligation, end of year | 47,487 | 48,616 | $ 53,154 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Benefits paid | (3,946) | (3,216) | |
Administrative costs | 0 | 0 | |
Funded status, end of year | $ (47,487) | $ (48,616) |
Pension and other postretirem94
Pension and other postretirement benefits - amounts recognized in consolidated balance sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Payroll and benefit-related liabilities | $ (82,679) | $ (84,658) |
Pension and postretirement benefit liabilities | (133,062) | (149,441) |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 106 | 0 |
Payroll and benefit-related liabilities | (1,640) | (1,653) |
Pension and postretirement benefit liabilities | (88,775) | (104,132) |
Accumulated other comprehensive loss | 209,785 | 213,301 |
Amounts recognized in balance sheet | 119,476 | 107,516 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 0 | 0 |
Payroll and benefit-related liabilities | (3,200) | (3,307) |
Pension and postretirement benefit liabilities | (44,287) | (45,309) |
Accumulated other comprehensive loss | 4,415 | 4,223 |
Amounts recognized in balance sheet | $ (43,072) | $ (44,393) |
Pension and other postretirem95
Pension and other postretirement benefits - amounts recognized in accumulated other comprehensive (income) loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, accumulated other comprehensive (income) loss, net of tax | $ 371,124 | $ 260,895 | |
Impact of currency translation, accumulated other comprehensive (income) loss, net of tax | 69,162 | 110,671 | $ 105,410 |
Ending balance, accumulated other comprehensive (income) loss, net of tax | 438,717 | 371,124 | 260,895 |
Pension | |||
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, prior service cost (credit) | 113 | 148 | |
Net Amortization and deferral | (34) | (35) | |
Actuarial gain (loss) obligation, prior service cost (credit) | 0 | 0 | |
Curtailments, prior service cost (credit) | 0 | ||
Impact of currency translation, prior service cost (credit) | 0 | 0 | |
Ending balance, prior service cost (credit) | 79 | 113 | 148 |
Beginning balance, net (gain) or loss | 213,188 | 212,969 | |
Net amortization and deferral, net (gain) or loss | (6,533) | (6,124) | |
Actuarial changes in benefit obligation, net gain (loss) | 4,481 | 7,520 | |
Curtailments, Net (Gain) or Loss | (23) | ||
Impact of currency translation, net (gain) or loss | (1,407) | (1,177) | |
Ending balance, net (gain) or loss | 209,706 | 213,188 | 212,969 |
Beginning balance, deferred taxes | (77,255) | (76,807) | |
Net amortization and deferral, deferred taxes | 2,339 | 2,164 | |
Actuarial changes in benefit obligation, deferred taxes | (1,603) | (2,928) | |
Curtailments, deferred taxes | 6 | ||
Impact of currency translation, deferred taxes | 373 | 316 | |
Ending balance, deferred taxes | (76,140) | (77,255) | (76,807) |
Beginning balance, accumulated other comprehensive (income) loss, net of tax | 136,046 | 136,310 | |
Net amortization and deferral, accumulated other comprehensive (income) loss, net of tax | (4,228) | (3,995) | |
Actuarial changes in benefit obligation, accumulated other comprehensive income (loss), net of tax | 2,878 | 4,592 | |
Curtailments, accumulated other comprehensive income (loss), net of tax | (17) | ||
Impact of currency translation, accumulated other comprehensive (income) loss, net of tax | (1,034) | (861) | |
Ending balance, accumulated other comprehensive (income) loss, net of tax | 133,645 | 136,046 | 136,310 |
Other Benefits | |||
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, prior service cost (credit) | 107 | 72 | |
Net Amortization and deferral | (22) | 35 | |
Actuarial gain (loss) obligation, prior service cost (credit) | 0 | 0 | |
Ending balance, prior service cost (credit) | 85 | 107 | 72 |
Beginning balance, net (gain) or loss | 4,116 | 8,281 | |
Net amortization and deferral, net (gain) or loss | (432) | (251) | |
Actuarial changes in benefit obligation, net gain (loss) | 646 | (3,914) | |
Ending balance, net (gain) or loss | 4,330 | 4,116 | 8,281 |
Beginning balance, deferred taxes | (1,382) | (2,919) | |
Net amortization and deferral, deferred taxes | 170 | 78 | |
Actuarial changes in benefit obligation, deferred taxes | (252) | 1,459 | |
Ending balance, deferred taxes | (1,464) | (1,382) | (2,919) |
Beginning balance, accumulated other comprehensive (income) loss, net of tax | 2,841 | 5,434 | |
Net amortization and deferral, accumulated other comprehensive (income) loss, net of tax | (284) | (138) | |
Actuarial changes in benefit obligation, accumulated other comprehensive income (loss), net of tax | 394 | (2,455) | |
Ending balance, accumulated other comprehensive (income) loss, net of tax | $ 2,951 | $ 2,841 | $ 5,434 |
Pension and other postretirem96
Pension and other postretirement benefits - weighted average assumptions used in determining benefit obligations (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.20% | 4.50% | |
Rate of compensation increase | 2.80% | 2.80% | |
Other Benefits | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.10% | 4.30% | |
Initial healthcare trend rate | 7.90% | 8.40% | |
Ultimate healthcare trend rate | 5.00% | 5.00% | 5.00% |
Pension and other postretirem97
Pension and other postretirement benefits - fair values of pension plan assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | $ 340,265 | $ 315,951 |
Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 437 | 664 |
Money market funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 76 | 184 |
Equity Securities | Managed Volatility | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 88,051 | 80,052 |
Equity Securities | U.S. Small/Mid-Cap Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 24,785 | 18,549 |
Equity Securities | World Equity (excluding United States) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 33,376 | 29,632 |
Equity Securities | Common Equity Securities – Teleflex Incorporated | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 18,838 | 15,366 |
Equity Securities | Diversified United Kingdom Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 845 | |
Equity Securities | Diversified Global | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 5,086 | 2,948 |
Equity Securities | Emerging Markets | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 1,055 | |
Fixed Income Investments | Long duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 73,544 | 80,855 |
Fixed Income Investments | UK corporate bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 2,467 | |
Fixed Income Investments | UK Government bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 4,838 | |
Fixed Income Investments | High yield bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 15,451 | 10,702 |
Fixed Income Investments | Emerging Markets | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 9,412 | 10,060 |
Fixed Income Investments | Corporate, government and foreign bonds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 1,864 | 75 |
Fixed Income Investments | Asset backed – home loans | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 527 | 655 |
Other Investments | Structured credit | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 35,066 | 29,591 |
Other Investments | Hedge fund of funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 22,748 | 22,599 |
Other Investments | UK Property Fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 1,377 | 1,654 |
Other Investments | Multi asset funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 9,622 | 3,155 |
Other Investments | Other | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 5 | 5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 266,896 | 251,312 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 437 | 664 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 76 | 184 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities | Managed Volatility | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 88,051 | 80,052 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities | U.S. Small/Mid-Cap Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 24,785 | 18,549 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities | World Equity (excluding United States) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 33,376 | 29,632 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities | Common Equity Securities – Teleflex Incorporated | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 18,838 | 15,366 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities | Diversified United Kingdom Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 845 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities | Diversified Global | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 5,086 | 2,948 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities | Emerging Markets | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 1,055 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Investments | Long duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 73,544 | 80,855 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Investments | UK corporate bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 2,467 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Investments | UK Government bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 4,838 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Investments | High yield bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 15,451 | 10,702 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Investments | Emerging Markets | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Investments | Corporate, government and foreign bonds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 1,792 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Investments | Asset backed – home loans | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Investments | Structured credit | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Investments | Hedge fund of funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Investments | UK Property Fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Investments | Multi asset funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 5,460 | 3,155 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Investments | Other | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 15,550 | 12,444 |
Significant Observable Inputs (Level 2) | Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Money market funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Equity Securities | Managed Volatility | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Equity Securities | U.S. Small/Mid-Cap Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Equity Securities | World Equity (excluding United States) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Equity Securities | Common Equity Securities – Teleflex Incorporated | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Equity Securities | Diversified United Kingdom Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Equity Securities | Diversified Global | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Equity Securities | Emerging Markets | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Fixed Income Investments | Long duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Fixed Income Investments | UK corporate bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Fixed Income Investments | UK Government bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Fixed Income Investments | High yield bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Fixed Income Investments | Emerging Markets | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 9,412 | 10,060 |
Significant Observable Inputs (Level 2) | Fixed Income Investments | Corporate, government and foreign bonds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 72 | 75 |
Significant Observable Inputs (Level 2) | Fixed Income Investments | Asset backed – home loans | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 527 | 655 |
Significant Observable Inputs (Level 2) | Other Investments | Structured credit | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Other Investments | Hedge fund of funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Observable Inputs (Level 2) | Other Investments | UK Property Fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 1,377 | 1,654 |
Significant Observable Inputs (Level 2) | Other Investments | Multi asset funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 4,162 | |
Significant Observable Inputs (Level 2) | Other Investments | Other | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 57,819 | 52,195 |
Significant Unobservable Inputs (Level 3) | Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Money market funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | Managed Volatility | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | U.S. Small/Mid-Cap Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | World Equity (excluding United States) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | Common Equity Securities – Teleflex Incorporated | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | Diversified United Kingdom Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | Diversified Global | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Equity Securities | Emerging Markets | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Long duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | UK corporate bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | UK Government bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | High yield bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Emerging Markets | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Corporate, government and foreign bonds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Asset backed – home loans | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Other Investments | Structured credit | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 35,066 | 29,591 |
Significant Unobservable Inputs (Level 3) | Other Investments | Hedge fund of funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 22,748 | 22,599 |
Significant Unobservable Inputs (Level 3) | Other Investments | UK Property Fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Other Investments | Multi asset funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | ||
Significant Unobservable Inputs (Level 3) | Other Investments | Other | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | $ 5 | $ 5 |
Pension and other postretirem98
Pension and other postretirement benefits - fair values of pension plan assets footnote (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Maximum percentage of net assets invested in emerging market | 35.00% | |
Equity Hedge Based Funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in funds | 43.00% | 41.00% |
Tactical Directional Based Funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in funds | 14.00% | 12.00% |
Relative Value Based Funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in funds | 19.00% | 19.00% |
Event Driven Strategy | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in funds | 24.00% | 28.00% |
Foreign Companies | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in foreign equity securities | 80.00% | |
High Yield Fixed Income | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested | 80.00% | |
Fixed Income Securities | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested | 80.00% | |
U.S. Russell 2500 Index | Small and Mid-Sized Companies | Equity Securities | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested | 80.00% |
Pension and other postretirem99
Pension and other postretirement benefits - reconciliation of changes in level three pension assets measured at fair value on recurring basis (Detail) - Hedge fund of funds - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at beginning of year | $ 52,195 | $ 54,352 |
Unrealized gain on assets | 5,624 | (2,157) |
Balance at end of year | $ 57,819 | $ 52,195 |
Pension and other postretire100
Pension and other postretirement benefits - expected benefit payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Pension | |
Schedule Of Pension Expected Future Benefit Payments [Line Items] | |
2,017 | $ 19,495 |
2,018 | 19,932 |
2,019 | 20,739 |
2,020 | 21,356 |
2,021 | 22,104 |
Years 2022 — 2026 | 121,404 |
Other Benefits | |
Schedule Of Pension Expected Future Benefit Payments [Line Items] | |
2,017 | 3,200 |
2,018 | 3,171 |
2,019 | 3,214 |
2,020 | 3,413 |
2,021 | 3,396 |
Years 2022 — 2026 | $ 18,238 |
Commitments and contingent l101
Commitments and contingent liabilities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 05, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||||
Operating leases, rental expense | $ 34 | $ 34.6 | $ 29.4 | |
Discontinued Operations | ||||
Loss Contingencies [Line Items] | ||||
Contingency reserve for litigation | $ 1.6 | 1.5 | ||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Time-frame over which the accrued amounts may be paid out, in years | P15Y | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Time-frame over which the accrued amounts may be paid out, in years | P20Y | |||
Accrued Liabilities | ||||
Loss Contingencies [Line Items] | ||||
Waste disposed accrued liability | $ 1.1 | 1.2 | ||
Contingency reserve for litigation | 2.5 | 2.5 | ||
Other Liability | ||||
Loss Contingencies [Line Items] | ||||
Waste disposed accrued liability | 5.8 | $ 6.1 | ||
Parish of Calcasieu | Judicial Ruling | Compensatory Damages | ||||
Loss Contingencies [Line Items] | ||||
Damages awarded to plaintiff | $ 0.1 | |||
Parish of Calcasieu | Judicial Ruling | Punitive Damages | ||||
Loss Contingencies [Line Items] | ||||
Damages awarded to plaintiff | $ 23 | |||
Parish of Calcasieu | Judicial Ruling | Unfavorable Regulatory Action | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Range of possible loss | $ 10 |
Commitments and contingent l102
Commitments and contingent liabilities - future minimum lease payments under noncancelable operating leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 29,546 |
2,018 | 23,224 |
2,019 | 20,349 |
2,020 | 16,887 |
2,021 | 14,318 |
2022 and thereafter | $ 36,664 |
Business segments and other 103
Business segments and other information - segment result (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 25, 2016USD ($) | Jun. 26, 2016USD ($) | Mar. 27, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 27, 2015USD ($) | Jun. 28, 2015USD ($) | Mar. 29, 2015USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Number of reportable segments | segment | 6 | ||||||||||
Revenue | $ 513,933 | $ 455,648 | $ 473,553 | $ 424,893 | $ 484,501 | $ 443,714 | $ 452,045 | $ 429,430 | $ 1,868,027 | $ 1,809,690 | $ 1,839,832 |
Operating Profit | 319,453 | 315,891 | 284,862 | ||||||||
Depreciation and Amortization | 128,346 | 125,334 | 127,030 | ||||||||
Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 422,827 | 387,855 | 365,164 | ||||||||
Segment Reconciling Items | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | (103,374) | (71,964) | (80,302) | ||||||||
Vascular North America | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenue | 350,486 | 334,938 | 311,163 | ||||||||
Depreciation and Amortization | 36,260 | 37,159 | 35,701 | ||||||||
Vascular North America | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 97,088 | 73,284 | 53,807 | ||||||||
Anesthesia North America | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenue | 198,772 | 189,297 | 183,909 | ||||||||
Depreciation and Amortization | 10,932 | 7,089 | 11,815 | ||||||||
Anesthesia North America | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 55,544 | 48,311 | 34,566 | ||||||||
Surgical North America | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenue | 172,223 | 161,230 | 150,121 | ||||||||
Depreciation and Amortization | 10,459 | 12,289 | 6,316 | ||||||||
Surgical North America | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 56,608 | 52,529 | 49,592 | ||||||||
EMEA | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenue | 510,934 | 514,443 | 593,065 | ||||||||
Depreciation and Amortization | 30,505 | 32,178 | 38,062 | ||||||||
EMEA | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 84,392 | 92,326 | 114,650 | ||||||||
Asia | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenue | 249,416 | 241,726 | 237,696 | ||||||||
Depreciation and Amortization | 11,275 | 11,382 | 8,515 | ||||||||
Asia | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 75,770 | 67,887 | 62,152 | ||||||||
OEM | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenue | 160,990 | 149,399 | 143,966 | ||||||||
Depreciation and Amortization | 8,404 | 6,834 | 6,175 | ||||||||
OEM | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 33,641 | 33,162 | 30,635 | ||||||||
All Other | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Revenue | 225,206 | 218,657 | 219,912 | ||||||||
Depreciation and Amortization | 20,511 | 18,403 | 20,446 | ||||||||
All Other | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | $ 19,784 | $ 20,356 | $ 19,762 |
Business segments and other 104
Business segments and other information - total net revenues and total net property, plant and equipment by geographic region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 513,933 | $ 455,648 | $ 473,553 | $ 424,893 | $ 484,501 | $ 443,714 | $ 452,045 | $ 429,430 | $ 1,868,027 | $ 1,809,690 | $ 1,839,832 |
Property, plant and equipment, net | 302,899 | 316,123 | 302,899 | 316,123 | 317,435 | ||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,018,786 | 967,819 | 916,619 | ||||||||
Property, plant and equipment, net | 167,167 | 178,895 | 167,167 | 178,895 | 174,893 | ||||||
Other Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 56,339 | 56,500 | 60,736 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 567,320 | 570,672 | 664,982 | ||||||||
Malaysia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 31,415 | 33,777 | 31,415 | 33,777 | 36,427 | ||||||
Ireland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 36,569 | 33,219 | 36,569 | 33,219 | 29,746 | ||||||
Czech Republic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 30,843 | 32,305 | 30,843 | 32,305 | 35,655 | ||||||
All other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 225,582 | 214,699 | 197,495 | ||||||||
Property, plant and equipment, net | $ 36,905 | $ 37,927 | $ 36,905 | $ 37,927 | $ 40,714 |
Condensed consolidating guar105
Condensed consolidating guarantor financial information - Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | $ 513,933 | $ 455,648 | $ 473,553 | $ 424,893 | $ 484,501 | $ 443,714 | $ 452,045 | $ 429,430 | $ 1,868,027 | $ 1,809,690 | $ 1,839,832 |
Cost of goods sold | 871,827 | 865,287 | 897,404 | ||||||||
Gross profit | 273,052 | 241,602 | 256,399 | 225,147 | 260,316 | 228,213 | 233,237 | 222,637 | 996,200 | 944,403 | 942,428 |
Selling, general and administrative expenses | 563,308 | 568,982 | 578,657 | ||||||||
Research and development expenses | 58,579 | 52,119 | 61,040 | ||||||||
Restructuring and other impairment charges | 59,227 | 7,819 | 17,869 | ||||||||
Gain on sale of assets | (4,367) | (408) | 0 | ||||||||
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 67,028 | 86,487 | 98,441 | 67,497 | 96,747 | 76,550 | 76,986 | 65,608 | 319,453 | 315,891 | 284,862 |
Interest, net | 54,467 | 60,791 | 64,752 | ||||||||
Loss on extinguishment of debt | 19,261 | 10,454 | 0 | ||||||||
Income from continuing operations before taxes | 245,725 | 244,646 | 220,110 | ||||||||
(Benefit) taxes on (loss) income from continuing operations | 8,074 | 7,838 | 28,650 | ||||||||
Equity in net income of consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Income from continuing operations | 60,876 | 66,200 | 59,395 | 51,180 | 90,765 | 61,571 | 45,199 | 39,273 | 237,651 | 236,808 | 191,460 |
Operating (loss) income from discontinued operations | (922) | (1,730) | (3,407) | ||||||||
Tax benefit on (loss) income from discontinued operations | (1,112) | (10,635) | (698) | ||||||||
Income (loss) on discontinued operations | 187 | 122 | 193 | (312) | 10,517 | (719) | (190) | (703) | 190 | 8,905 | (2,709) |
Net income | 61,063 | 66,322 | 59,588 | 50,868 | 101,282 | 60,852 | 45,009 | 38,570 | 237,841 | 245,713 | 188,751 |
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 285 | 179 | 158 | 28 | 446 | 218 | 464 | 850 | 1,072 |
Net income | $ 61,063 | $ 66,322 | $ 59,303 | $ 50,689 | $ 101,124 | $ 60,824 | $ 44,563 | $ 38,352 | 237,377 | 244,863 | 187,679 |
Other comprehensive loss attributable to common shareholders | (66,761) | (110,229) | (150,040) | ||||||||
Comprehensive income attributable to common shareholders | 170,616 | 134,634 | 37,639 | ||||||||
Eliminations | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | (369,395) | (377,055) | (371,171) | ||||||||
Cost of goods sold | (368,725) | (374,995) | (363,594) | ||||||||
Gross profit | (670) | (2,060) | (7,577) | ||||||||
Selling, general and administrative expenses | (473) | (531) | (384) | ||||||||
Research and development expenses | 0 | 0 | 0 | ||||||||
Restructuring and other impairment charges | 0 | 0 | 0 | ||||||||
Gain on sale of assets | 0 | 0 | |||||||||
Income from continuing operations before interest, loss on extinguishment of debt and taxes | (197) | (1,529) | (7,193) | ||||||||
Interest, net | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Income from continuing operations before taxes | (197) | (1,529) | (7,193) | ||||||||
(Benefit) taxes on (loss) income from continuing operations | (81) | 38 | 108 | ||||||||
Equity in net income of consolidated subsidiaries | (618,563) | (592,034) | (542,475) | ||||||||
Income from continuing operations | (618,679) | (593,601) | (549,776) | ||||||||
Operating (loss) income from discontinued operations | 0 | 0 | 0 | ||||||||
Tax benefit on (loss) income from discontinued operations | 0 | 0 | 0 | ||||||||
Income (loss) on discontinued operations | 0 | 0 | 0 | ||||||||
Net income | (618,679) | (593,601) | (549,776) | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income | (618,679) | (593,601) | (549,776) | ||||||||
Other comprehensive loss attributable to common shareholders | 156,798 | 231,043 | 232,189 | ||||||||
Comprehensive income attributable to common shareholders | (461,881) | (362,558) | (317,587) | ||||||||
Parent Company | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 43,602 | 42,435 | 42,829 | ||||||||
Research and development expenses | 547 | 0 | 0 | ||||||||
Restructuring and other impairment charges | 173 | 0 | 0 | ||||||||
Gain on sale of assets | (2,707) | 0 | |||||||||
Income from continuing operations before interest, loss on extinguishment of debt and taxes | (41,615) | (42,435) | (42,829) | ||||||||
Interest, net | 153,830 | 132,711 | 144,869 | ||||||||
Loss on extinguishment of debt | 19,261 | 10,454 | |||||||||
Income from continuing operations before taxes | (214,706) | (185,600) | (187,698) | ||||||||
(Benefit) taxes on (loss) income from continuing operations | (78,478) | (66,264) | (68,307) | ||||||||
Equity in net income of consolidated subsidiaries | 374,048 | 355,138 | 308,396 | ||||||||
Income from continuing operations | 237,820 | 235,802 | 189,005 | ||||||||
Operating (loss) income from discontinued operations | (1,300) | (1,734) | (2,196) | ||||||||
Tax benefit on (loss) income from discontinued operations | (857) | (10,795) | (870) | ||||||||
Income (loss) on discontinued operations | (443) | 9,061 | (1,326) | ||||||||
Net income | 237,377 | 244,863 | 187,679 | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income | 237,377 | 244,863 | 187,679 | ||||||||
Other comprehensive loss attributable to common shareholders | (66,761) | (110,229) | (150,040) | ||||||||
Comprehensive income attributable to common shareholders | 170,616 | 134,634 | 37,639 | ||||||||
Guarantor Subsidiaries | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | 1,112,464 | 1,079,180 | 1,078,851 | ||||||||
Cost of goods sold | 652,442 | 646,427 | 652,742 | ||||||||
Gross profit | 460,022 | 432,753 | 426,109 | ||||||||
Selling, general and administrative expenses | 328,263 | 336,049 | 326,282 | ||||||||
Research and development expenses | 33,080 | 30,359 | 40,546 | ||||||||
Restructuring and other impairment charges | 50,183 | 6,731 | 10,189 | ||||||||
Gain on sale of assets | (155) | 0 | |||||||||
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 48,651 | 59,614 | 49,092 | ||||||||
Interest, net | (103,465) | (76,873) | (85,886) | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Income from continuing operations before taxes | 152,116 | 136,487 | 134,978 | ||||||||
(Benefit) taxes on (loss) income from continuing operations | 46,758 | 27,260 | 68,690 | ||||||||
Equity in net income of consolidated subsidiaries | 243,987 | 235,810 | 233,827 | ||||||||
Income from continuing operations | 349,345 | 345,037 | 300,115 | ||||||||
Operating (loss) income from discontinued operations | 0 | 0 | 0 | ||||||||
Tax benefit on (loss) income from discontinued operations | 0 | 0 | 0 | ||||||||
Income (loss) on discontinued operations | 0 | 0 | 0 | ||||||||
Net income | 349,345 | 345,037 | 300,115 | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income | 349,345 | 345,037 | 300,115 | ||||||||
Other comprehensive loss attributable to common shareholders | (76,098) | (110,604) | (105,872) | ||||||||
Comprehensive income attributable to common shareholders | 273,247 | 234,433 | 194,243 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | 1,124,958 | 1,107,565 | 1,132,152 | ||||||||
Cost of goods sold | 588,110 | 593,855 | 608,256 | ||||||||
Gross profit | 536,848 | 513,710 | 523,896 | ||||||||
Selling, general and administrative expenses | 191,916 | 191,029 | 209,930 | ||||||||
Research and development expenses | 24,952 | 21,760 | 20,494 | ||||||||
Restructuring and other impairment charges | 8,871 | 1,088 | 7,680 | ||||||||
Gain on sale of assets | (1,505) | (408) | |||||||||
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 312,614 | 300,241 | 285,792 | ||||||||
Interest, net | 4,102 | 4,953 | 5,769 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Income from continuing operations before taxes | 308,512 | 295,288 | 280,023 | ||||||||
(Benefit) taxes on (loss) income from continuing operations | 39,875 | 46,804 | 28,159 | ||||||||
Equity in net income of consolidated subsidiaries | 528 | 1,086 | 252 | ||||||||
Income from continuing operations | 269,165 | 249,570 | 252,116 | ||||||||
Operating (loss) income from discontinued operations | 378 | 4 | (1,211) | ||||||||
Tax benefit on (loss) income from discontinued operations | (255) | 160 | 172 | ||||||||
Income (loss) on discontinued operations | 633 | (156) | (1,383) | ||||||||
Net income | 269,798 | 249,414 | 250,733 | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 464 | 850 | 1,072 | ||||||||
Net income | 269,334 | 248,564 | 249,661 | ||||||||
Other comprehensive loss attributable to common shareholders | (80,700) | (120,439) | (126,317) | ||||||||
Comprehensive income attributable to common shareholders | $ 188,634 | $ 128,125 | $ 123,344 |
Condensed consolidating guar106
Condensed consolidating guarantor financial information - Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||||
Cash and cash equivalents | $ 543,789 | $ 338,366 | $ 303,236 | $ 431,984 |
Accounts receivable, net | 271,993 | 262,416 | ||
Accounts receivable from consolidated subsidiaries | 0 | 0 | ||
Inventories, net | 316,171 | 330,275 | ||
Prepaid expenses and other current assets | 40,382 | 34,915 | ||
Prepaid taxes | 8,179 | 30,895 | ||
Assets held for sale | 2,879 | 6,972 | ||
Total current assets | 1,183,393 | 1,003,839 | ||
Property, plant and equipment, net | 302,899 | 316,123 | 317,435 | |
Goodwill | 1,276,720 | 1,295,852 | 1,323,553 | |
Intangibles assets, net | 1,091,663 | 1,199,975 | ||
Deferred tax assets | 1,712 | 2,341 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 0 | 0 | ||
Other assets | 34,826 | 53,644 | ||
Total assets | 3,891,213 | 3,871,774 | ||
Current liabilities | ||||
Current borrowings | 183,071 | 417,350 | ||
Accounts payable | 69,400 | 66,305 | ||
Accounts payable to consolidated subsidiaries | 0 | 0 | ||
Accrued expenses | 65,149 | 64,017 | ||
Current portion of contingent consideration | 587 | 7,291 | ||
Payroll and benefit-related liabilities | 82,679 | 84,658 | ||
Accrued interest | 10,450 | 7,480 | ||
Income taxes payable | 7,908 | 8,059 | ||
Other current liabilities | 8,402 | 8,960 | ||
Total current liabilities | 427,646 | 664,120 | ||
Long-term borrowings | 850,252 | 641,850 | ||
Deferred tax liabilities | 271,377 | 315,983 | ||
Pension and postretirement benefit liabilities | 133,062 | 149,441 | ||
Noncurrent liability for uncertain tax positions | 17,520 | 40,400 | ||
Notes payable and other amounts due to consolidated subsidiaries | 0 | 0 | ||
Other liabilities | 52,015 | 48,887 | ||
Total liabilities | 1,751,872 | 1,860,681 | ||
Convertible notes - redeemable equity component (Note 19) | 1,824 | 0 | ||
Mezzanine equity | 1,824 | 0 | ||
Total common shareholders’ equity | 2,137,517 | 2,009,272 | ||
Noncontrolling interest | 0 | 1,821 | ||
Total equity | 2,137,517 | 2,011,093 | 1,913,699 | 1,916,016 |
Total liabilities and equity | 3,891,213 | 3,871,774 | ||
Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 4,859 | 4,386 | ||
Accounts receivable from consolidated subsidiaries | (2,490,069) | (2,707,052) | ||
Inventories, net | (25,087) | (24,593) | ||
Prepaid expenses and other current assets | 3,337 | 3,665 | ||
Prepaid taxes | 413 | (413) | ||
Assets held for sale | 0 | 0 | ||
Total current assets | (2,506,547) | (2,724,007) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangibles assets, net | 0 | 0 | ||
Deferred tax assets | (76,524) | (97,133) | ||
Notes receivable and other amounts due from consolidated subsidiaries | (3,473,153) | (3,016,538) | ||
Other assets | (7,564,758) | (7,107,184) | ||
Total assets | (13,620,982) | (12,944,862) | ||
Current liabilities | ||||
Current borrowings | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accounts payable to consolidated subsidiaries | (2,490,069) | (2,707,052) | ||
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 | 85 | (85) | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (2,489,984) | (2,707,137) | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | (76,524) | (97,133) | ||
Pension and postretirement benefit liabilities | 0 | 0 | ||
Noncurrent liability for uncertain tax positions | 0 | 0 | ||
Notes payable and other amounts due to consolidated subsidiaries | (3,473,153) | (3,016,538) | ||
Other liabilities | 0 | 0 | ||
Total liabilities | (6,039,661) | (5,820,808) | ||
Convertible notes - redeemable equity component (Note 19) | 0 | |||
Mezzanine equity | 0 | |||
Total common shareholders’ equity | (7,124,054) | |||
Noncontrolling interest | 0 | |||
Total equity | (7,581,321) | (7,124,054) | ||
Total liabilities and equity | (13,620,982) | (12,944,862) | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 14,571 | 21,612 | 27,996 | 42,749 |
Accounts receivable, net | 2,551 | 2,538 | ||
Accounts receivable from consolidated subsidiaries | 4,861 | 5,276 | ||
Inventories, net | 0 | 0 | ||
Prepaid expenses and other current assets | 14,239 | 10,511 | ||
Prepaid taxes | 0 | 16,686 | ||
Assets held for sale | 0 | 2,901 | ||
Total current assets | 36,222 | 59,524 | ||
Property, plant and equipment, net | 2,566 | 2,931 | ||
Goodwill | 0 | 0 | ||
Intangibles assets, net | 0 | 0 | ||
Deferred tax assets | 73,051 | 91,432 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 1,387,615 | 1,358,446 | ||
Other assets | 6,044,337 | 5,746,828 | ||
Total assets | 7,543,791 | 7,259,161 | ||
Current liabilities | ||||
Current borrowings | 133,071 | 374,050 | ||
Accounts payable | 4,540 | 1,945 | ||
Accounts payable to consolidated subsidiaries | 2,242,814 | 2,478,109 | ||
Accrued expenses | 16,827 | 15,399 | ||
Current portion of contingent consideration | 0 | 0 | ||
Payroll and benefit-related liabilities | 20,610 | 21,617 | ||
Accrued interest | 10,429 | 7,455 | ||
Income taxes payable | 1,246 | 0 | ||
Other current liabilities | 2,262 | 1,300 | ||
Total current liabilities | 2,431,799 | 2,899,875 | ||
Long-term borrowings | 850,252 | 641,850 | ||
Deferred tax liabilities | 0 | 0 | ||
Pension and postretirement benefit liabilities | 85,645 | 100,355 | ||
Noncurrent liability for uncertain tax positions | 1,169 | 1,151 | ||
Notes payable and other amounts due to consolidated subsidiaries | 2,011,737 | 1,585,727 | ||
Other liabilities | 23,848 | 20,931 | ||
Total liabilities | 5,404,450 | 5,249,889 | ||
Convertible notes - redeemable equity component (Note 19) | 1,824 | |||
Mezzanine equity | 1,824 | |||
Total common shareholders’ equity | 2,009,272 | |||
Noncontrolling interest | 0 | |||
Total equity | 2,137,517 | 2,009,272 | ||
Total liabilities and equity | 7,543,791 | 7,259,161 | ||
Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 1,031 | 0 | 0 | 14,500 |
Accounts receivable, net | 8,768 | 4,326 | ||
Accounts receivable from consolidated subsidiaries | 2,176,059 | 2,412,079 | ||
Inventories, net | 200,852 | 205,163 | ||
Prepaid expenses and other current assets | 5,332 | 4,702 | ||
Prepaid taxes | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Total current assets | 2,392,042 | 2,626,270 | ||
Property, plant and equipment, net | 163,847 | 174,674 | ||
Goodwill | 708,546 | 705,753 | ||
Intangibles assets, net | 640,999 | 762,084 | ||
Deferred tax assets | 0 | 0 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 2,085,538 | 1,658,092 | ||
Other assets | 1,525,285 | 1,366,660 | ||
Total assets | 7,516,257 | 7,293,533 | ||
Current liabilities | ||||
Current borrowings | 0 | 0 | ||
Accounts payable | 30,924 | 27,527 | ||
Accounts payable to consolidated subsidiaries | 214,203 | 201,400 | ||
Accrued expenses | 18,126 | 22,281 | ||
Current portion of contingent consideration | 587 | 7,291 | ||
Payroll and benefit-related liabilities | 26,672 | 29,305 | ||
Accrued interest | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Other current liabilities | 3,643 | 2,679 | ||
Total current liabilities | 294,155 | 290,483 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | 316,526 | 376,738 | ||
Pension and postretirement benefit liabilities | 31,561 | 32,274 | ||
Noncurrent liability for uncertain tax positions | 13,684 | 17,722 | ||
Notes payable and other amounts due to consolidated subsidiaries | 1,264,004 | 1,253,189 | ||
Other liabilities | 15,695 | 15,685 | ||
Total liabilities | 1,935,625 | 1,986,091 | ||
Convertible notes - redeemable equity component (Note 19) | 0 | |||
Mezzanine equity | 0 | |||
Total common shareholders’ equity | 5,307,442 | |||
Noncontrolling interest | 0 | |||
Total equity | 5,580,632 | 5,307,442 | ||
Total liabilities and equity | 7,516,257 | 7,293,533 | ||
Non-Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 528,187 | 316,754 | $ 275,240 | $ 374,735 |
Accounts receivable, net | 255,815 | 251,166 | ||
Accounts receivable from consolidated subsidiaries | 309,149 | 289,697 | ||
Inventories, net | 140,406 | 149,705 | ||
Prepaid expenses and other current assets | 17,474 | 16,037 | ||
Prepaid taxes | 7,766 | 14,622 | ||
Assets held for sale | 2,879 | 4,071 | ||
Total current assets | 1,261,676 | 1,042,052 | ||
Property, plant and equipment, net | 136,486 | 138,518 | ||
Goodwill | 568,174 | 590,099 | ||
Intangibles assets, net | 450,664 | 437,891 | ||
Deferred tax assets | 5,185 | 8,042 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 0 | 0 | ||
Other assets | 29,962 | 47,340 | ||
Total assets | 2,452,147 | 2,263,942 | ||
Current liabilities | ||||
Current borrowings | 50,000 | 43,300 | ||
Accounts payable | 33,936 | 36,833 | ||
Accounts payable to consolidated subsidiaries | 33,052 | 27,543 | ||
Accrued expenses | 30,196 | 26,337 | ||
Current portion of contingent consideration | 0 | 0 | ||
Payroll and benefit-related liabilities | 35,397 | 33,736 | ||
Accrued interest | 21 | 25 | ||
Income taxes payable | 6,577 | 8,144 | ||
Other current liabilities | 2,497 | 4,981 | ||
Total current liabilities | 191,676 | 180,899 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | 31,375 | 36,378 | ||
Pension and postretirement benefit liabilities | 15,856 | 16,812 | ||
Noncurrent liability for uncertain tax positions | 2,667 | 21,527 | ||
Notes payable and other amounts due to consolidated subsidiaries | 197,412 | 177,622 | ||
Other liabilities | 12,472 | 12,271 | ||
Total liabilities | 451,458 | 445,509 | ||
Convertible notes - redeemable equity component (Note 19) | 0 | |||
Mezzanine equity | 0 | |||
Total common shareholders’ equity | 1,816,612 | |||
Noncontrolling interest | 1,821 | |||
Total equity | 2,000,689 | 1,818,433 | ||
Total liabilities and equity | $ 2,452,147 | $ 2,263,942 |
Condensed consolidating guar107
Condensed consolidating guarantor financial information - Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Cash Flow Statements Captions [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | $ 410,590 | $ 303,446 | $ 290,241 |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (53,135) | (61,448) | (67,571) |
Payments for businesses and intangibles acquired, net of cash acquired | (14,040) | (93,808) | (45,777) |
Proceeds from sale of assets and investments | 10,201 | 408 | 5,251 |
Investments in affiliates | 0 | 0 | (40) |
Net cash used in investing activities from continuing operations | (56,974) | (154,848) | (108,137) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 671,700 | 288,100 | 250,000 |
Reduction in borrowings | (714,565) | (303,757) | (480,102) |
Debt issuance and amendment fees | (8,958) | (9,017) | (4,494) |
Proceeds from share based compensation plans and the related tax impacts | 9,068 | 4,994 | 4,245 |
Payments to noncontrolling interest shareholders | (464) | (1,343) | (1,094) |
Payments for acquisition of noncontrolling interest | (9,231) | 0 | 0 |
Payments for contingent consideration | 7,282 | 8,028 | 0 |
Proceeds from issuance of shares | 0 | 0 | |
Dividends paid | (58,960) | (56,532) | (56,258) |
Intercompany transactions | 0 | 0 | 0 |
Intercompany dividends paid | 0 | 0 | 0 |
Net cash used in financing activities from continuing operations | (118,692) | (85,583) | (287,703) |
Cash flows from discontinued operations: | |||
Net cash used in operating activities | (2,110) | (2,636) | (3,676) |
Net cash used in discontinued operations | (2,110) | (2,636) | (3,676) |
Effect of exchange rate changes on cash and cash equivalents | (27,391) | (25,249) | (19,473) |
Net increase (decrease) in cash and cash equivalents | 205,423 | 35,130 | (128,748) |
Cash and cash equivalents at the beginning of the year | 338,366 | 303,236 | 431,984 |
Cash and cash equivalents at the end of the year | 543,789 | 338,366 | 303,236 |
Eliminations | |||
Condensed Cash Flow Statements Captions [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | (2,275) | (3,812) | (4,429) |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | 0 | 0 | 0 |
Payments for businesses and intangibles acquired, net of cash acquired | 46,837 | 0 | 0 |
Proceeds from sale of assets and investments | (46,837) | 0 | 0 |
Investments in affiliates | 5,600 | 121,850 | 0 |
Net cash used in investing activities from continuing operations | 5,600 | 121,850 | 0 |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 0 | 0 | 0 |
Reduction in borrowings | 0 | 0 | 0 |
Debt issuance and amendment fees | 0 | 0 | 0 |
Proceeds from share based compensation plans and the related tax impacts | 0 | 0 | 0 |
Payments to noncontrolling interest shareholders | 0 | 0 | 0 |
Payments for acquisition of noncontrolling interest | 0 | ||
Payments for contingent consideration | 0 | 0 | |
Proceeds from issuance of shares | (5,600) | (121,850) | |
Dividends paid | 0 | 0 | 0 |
Intercompany transactions | 0 | 0 | 0 |
Intercompany dividends paid | 2,275 | 3,812 | 4,429 |
Net cash used in financing activities from continuing operations | (3,325) | (118,038) | 4,429 |
Cash flows from discontinued operations: | |||
Net cash used in operating activities | 0 | 0 | 0 |
Net cash used in discontinued operations | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at the beginning of the year | 0 | 0 | 0 |
Cash and cash equivalents at the end of the year | 0 | 0 | 0 |
Parent Company | |||
Condensed Cash Flow Statements Captions [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | (85,088) | (147,704) | (105,467) |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (279) | (124) | (2,273) |
Payments for businesses and intangibles acquired, net of cash acquired | 0 | 0 | 0 |
Proceeds from sale of assets and investments | 5,607 | 408 | 1,669 |
Investments in affiliates | 0 | 0 | (60) |
Net cash used in investing activities from continuing operations | 5,328 | 284 | (664) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 665,000 | 288,100 | 250,000 |
Reduction in borrowings | (714,565) | (303,757) | (480,102) |
Debt issuance and amendment fees | (8,958) | (9,017) | (4,494) |
Proceeds from share based compensation plans and the related tax impacts | 9,068 | 4,994 | 4,245 |
Payments to noncontrolling interest shareholders | 0 | 0 | 0 |
Payments for acquisition of noncontrolling interest | 0 | ||
Payments for contingent consideration | 0 | 0 | |
Proceeds from issuance of shares | 0 | 0 | |
Dividends paid | (58,960) | (56,532) | (56,258) |
Intercompany transactions | 183,244 | 219,035 | 381,663 |
Intercompany dividends paid | 0 | 0 | 0 |
Net cash used in financing activities from continuing operations | 74,829 | 142,823 | 95,054 |
Cash flows from discontinued operations: | |||
Net cash used in operating activities | (2,110) | (1,787) | (3,676) |
Net cash used in discontinued operations | (2,110) | (1,787) | (3,676) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (7,041) | (6,384) | (14,753) |
Cash and cash equivalents at the beginning of the year | 21,612 | 27,996 | 42,749 |
Cash and cash equivalents at the end of the year | 14,571 | 21,612 | 27,996 |
Guarantor Subsidiaries | |||
Condensed Cash Flow Statements Captions [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | 169,400 | 134,817 | 347,503 |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (24,753) | (32,797) | (30,586) |
Payments for businesses and intangibles acquired, net of cash acquired | (10,305) | (60,336) | (17,241) |
Proceeds from sale of assets and investments | 49,571 | 0 | 3,421 |
Investments in affiliates | (5,600) | 0 | 20 |
Net cash used in investing activities from continuing operations | 8,913 | (93,133) | (44,386) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 0 | 0 | 0 |
Reduction in borrowings | 0 | 0 | 0 |
Debt issuance and amendment fees | 0 | 0 | 0 |
Proceeds from share based compensation plans and the related tax impacts | 0 | 0 | 0 |
Payments to noncontrolling interest shareholders | 0 | 0 | 0 |
Payments for acquisition of noncontrolling interest | 0 | ||
Payments for contingent consideration | 7,282 | 8,028 | |
Proceeds from issuance of shares | 0 | 121,850 | |
Dividends paid | 0 | 0 | 0 |
Intercompany transactions | (170,000) | (155,506) | (317,617) |
Intercompany dividends paid | 0 | 0 | 0 |
Net cash used in financing activities from continuing operations | (177,282) | (41,684) | (317,617) |
Cash flows from discontinued operations: | |||
Net cash used in operating activities | 0 | 0 | 0 |
Net cash used in discontinued operations | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 1,031 | 0 | (14,500) |
Cash and cash equivalents at the beginning of the year | 0 | 0 | 14,500 |
Cash and cash equivalents at the end of the year | 1,031 | 0 | 0 |
Non-Guarantor Subsidiaries | |||
Condensed Cash Flow Statements Captions [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | 328,553 | 320,145 | 52,634 |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (28,103) | (28,527) | (34,712) |
Payments for businesses and intangibles acquired, net of cash acquired | (50,572) | (33,472) | (28,536) |
Proceeds from sale of assets and investments | 1,860 | 0 | 161 |
Investments in affiliates | 0 | (121,850) | 0 |
Net cash used in investing activities from continuing operations | (76,815) | (183,849) | (63,087) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 6,700 | 0 | 0 |
Reduction in borrowings | 0 | 0 | 0 |
Debt issuance and amendment fees | 0 | 0 | 0 |
Proceeds from share based compensation plans and the related tax impacts | 0 | 0 | 0 |
Payments to noncontrolling interest shareholders | (464) | (1,343) | (1,094) |
Payments for acquisition of noncontrolling interest | (9,231) | ||
Payments for contingent consideration | 0 | 0 | |
Proceeds from issuance of shares | 5,600 | 0 | |
Dividends paid | 0 | 0 | 0 |
Intercompany transactions | (13,244) | (63,529) | (64,046) |
Intercompany dividends paid | (2,275) | (3,812) | (4,429) |
Net cash used in financing activities from continuing operations | (12,914) | (68,684) | (69,569) |
Cash flows from discontinued operations: | |||
Net cash used in operating activities | 0 | (849) | 0 |
Net cash used in discontinued operations | 0 | (849) | 0 |
Effect of exchange rate changes on cash and cash equivalents | (27,391) | (25,249) | (19,473) |
Net increase (decrease) in cash and cash equivalents | 211,433 | 41,514 | (99,495) |
Cash and cash equivalents at the beginning of the year | 316,754 | 275,240 | 374,735 |
Cash and cash equivalents at the end of the year | $ 528,187 | $ 316,754 | $ 275,240 |
Divestiture-related activiti108
Divestiture-related activities - Asset Held for Sale (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)building | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 2,879 | $ 6,972 |
Total assets held for sale | $ 2,879 | $ 6,972 |
Held for sale | ||
Property, Plant and Equipment [Line Items] | ||
Number of buildings | building | 1 | |
Disposed of by sale | ||
Property, Plant and Equipment [Line Items] | ||
Number of buildings | building | 1 | |
Disposed of by sale | Building | ||
Property, Plant and Equipment [Line Items] | ||
Proceeds from sale of asset held for sale | $ 6,000 | |
Gain on sale of asset held for sale | 2,800 | |
Impairment of long lived asset held for sale | $ 1,000 |
Divestiture-related activiti109
Divestiture-related activities - Schedule of Operating Results of Operations Treated as Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Divestiture-Related Activities [Abstract] | |||||||||||
Costs and other expenses | $ 922 | $ 1,730 | $ 3,407 | ||||||||
Loss from discontinued operations before income taxes | (922) | (1,730) | (3,407) | ||||||||
Tax benefit on loss from discontinued operations | 1,112 | 10,635 | 698 | ||||||||
Income (loss) on discontinued operations | $ 187 | $ 122 | $ 193 | $ (312) | $ 10,517 | $ (719) | $ (190) | $ (703) | $ 190 | $ 8,905 | $ (2,709) |
Subsequent events (Details)
Subsequent events (Details) | Feb. 17, 2017USD ($)$ / shares | Jan. 20, 2017USD ($) | Jan. 05, 2017USD ($)shares | Apr. 04, 2016shares | Jan. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Feb. 20, 2017 |
Subsequent Event [Line Items] | |||||||||
Reduction in borrowings | $ 714,565,000 | $ 303,757,000 | $ 480,102,000 | ||||||
Payments of financing costs | 3,400,000 | ||||||||
Transaction costs | $ 3,000,000 | ||||||||
Convertible senior notes percentage | 3.875% | 3.875% | 3.875% | ||||||
Loss on extinguishment of debt | $ 19,261,000 | $ 10,454,000 | $ 0 | ||||||
Conversion of convertible notes, shares issued upon conversion | shares | 2,170,000 | 1,700,000 | 2,700,000 | 1,900,000 | |||||
Reclassification of convertible notes to mezzanine equity | $ 1,824,000 | ||||||||
Shares received from dealer counterparties | shares | 400,000 | ||||||||
Maximum | |||||||||
Subsequent Event [Line Items] | |||||||||
Conversion of convertible notes, shares issued upon conversion | shares | 7,981,422 | ||||||||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Share price (usd per share) | $ / shares | $ 56 | ||||||||
Initial payment | $ 1,000,000,000 | ||||||||
Loss on extinguishment of debt | $ 5,200,000 | ||||||||
Shares received from dealer counterparties | shares | 120,000 | ||||||||
2017 Credit Agreement | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Convertible senior notes percentage | 2.00% | ||||||||
Debt issuance, line of credit | $ 12,000,000 | ||||||||
Leverage ratio, required | 4.50 | ||||||||
Maximum secured leverage ratio | 3.50 | ||||||||
Interest coverage ratio, required | 3.50 | ||||||||
2013 Credit Agreement | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Loss on extinguishment of debt | $ 400,000 | ||||||||
Senior Notes | 3.875% Convertible Senior Subordinated Notes due 2017 | |||||||||
Subsequent Event [Line Items] | |||||||||
Convertible senior notes percentage | 3.875% | 3.875% | |||||||
Convertible subordinated debt | $ 136,076,000 | $ 399,641,000 | |||||||
Senior Notes | 3.875% Convertible Senior Subordinated Notes due 2017 | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Reduction in borrowings | $ 93,200,000 | ||||||||
Extinguishment of debt, amount | 91,700,000 | ||||||||
Principal amount of convertible notes | 1,000 | ||||||||
Repayments of accrued debt interest | $ 1,500,000 | ||||||||
Conversion of convertible notes, shares issued upon conversion | shares | 930,000 | ||||||||
Convertible subordinated debt | $ 44,300,000 | ||||||||
Additional Paid in Capital | |||||||||
Subsequent Event [Line Items] | |||||||||
Reclassification of convertible notes to mezzanine equity | $ 1,824,000 | ||||||||
Revolving Credit Facility | 2017 Credit Agreement | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt, term | 5 years | ||||||||
Maximum amount available for borrowing | $ 1,000,000,000 | ||||||||
Term Loan | 2017 Credit Agreement | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Maximum amount available for borrowing | $ 750,000,000 | ||||||||
LIBOR | 2017 Credit Agreement | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
LIBOR | 2017 Credit Agreement | Subsequent Event | Minimum | |||||||||
Subsequent Event [Line Items] | |||||||||
Basis spread on variable rate | 1.25% | ||||||||
LIBOR | 2017 Credit Agreement | Subsequent Event | Maximum | |||||||||
Subsequent Event [Line Items] | |||||||||
Basis spread on variable rate | 2.50% | ||||||||
Federal Funds | 2017 Credit Agreement | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Basis spread on variable rate | 0.50% | ||||||||
Adjusted LIBOR | 2017 Credit Agreement | Subsequent Event | Minimum | |||||||||
Subsequent Event [Line Items] | |||||||||
Basis spread on variable rate | 0.25% | ||||||||
Adjusted LIBOR | 2017 Credit Agreement | Subsequent Event | Maximum | |||||||||
Subsequent Event [Line Items] | |||||||||
Basis spread on variable rate | 1.50% |
QUARTERLY DATA (UNAUDITED) (Det
QUARTERLY DATA (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 513,933 | $ 455,648 | $ 473,553 | $ 424,893 | $ 484,501 | $ 443,714 | $ 452,045 | $ 429,430 | $ 1,868,027 | $ 1,809,690 | $ 1,839,832 |
Gross profit | 273,052 | 241,602 | 256,399 | 225,147 | 260,316 | 228,213 | 233,237 | 222,637 | 996,200 | 944,403 | 942,428 |
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 67,028 | 86,487 | 98,441 | 67,497 | 96,747 | 76,550 | 76,986 | 65,608 | 319,453 | 315,891 | 284,862 |
Income from continuing operations | 60,876 | 66,200 | 59,395 | 51,180 | 90,765 | 61,571 | 45,199 | 39,273 | 237,651 | 236,808 | 191,460 |
Income (Loss) from discontinued operations | 187 | 122 | 193 | (312) | 10,517 | (719) | (190) | (703) | 190 | 8,905 | (2,709) |
Net income | 61,063 | 66,322 | 59,588 | 50,868 | 101,282 | 60,852 | 45,009 | 38,570 | 237,841 | 245,713 | 188,751 |
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 285 | 179 | 158 | 28 | 446 | 218 | 464 | 850 | 1,072 |
Net income | $ 61,063 | $ 66,322 | $ 59,303 | $ 50,689 | $ 101,124 | $ 60,824 | $ 44,563 | $ 38,352 | $ 237,377 | $ 244,863 | $ 187,679 |
Basic: | |||||||||||
Income from continuing operations (in dollars per share) | $ 1.38 | $ 1.50 | $ 1.36 | $ 1.22 | $ 2.18 | $ 1.48 | $ 1.08 | $ 0.94 | $ 5.47 | $ 5.68 | $ 4.60 |
Loss from discontinued operations (in dollars per share) | 0.01 | 0.01 | 0 | 0 | 0.25 | (0.02) | (0.01) | (0.02) | 0.01 | 0.21 | (0.06) |
Net income (in dollars per share) | 1.39 | 1.51 | 1.36 | 1.22 | 2.43 | 1.46 | 1.07 | 0.92 | 5.48 | 5.89 | 4.54 |
Diluted: | |||||||||||
Income from continuing operations (in dollars per share) | 1.29 | 1.40 | 1.25 | 1.05 | 1.88 | 1.27 | 0.93 | 0.83 | 4.98 | 4.91 | 4.10 |
Loss from discontinued operations (in dollars per share) | 0.01 | 0 | 0.01 | (0.01) | 0.21 | (0.02) | 0 | (0.02) | 0 | 0.19 | (0.06) |
Net income (in dollars per share) | $ 1.30 | $ 1.40 | $ 1.26 | $ 1.04 | $ 2.09 | $ 1.25 | $ 0.93 | $ 0.81 | $ 4.98 | $ 5.10 | $ 4.04 |
SCHEDULE II - VALUATION AND 112
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - ALLOWANCE FOR DOUBTFUL ACCOUNTS (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 8,000 | ||
Balance at End of Year | 8,600 | $ 8,000 | |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 8,026 | 8,783 | $ 10,722 |
Additions Charged to Income | 2,156 | 1,618 | 1,882 |
Accounts Receivable Write-offs | (862) | (1,387) | (2,738) |
Translation and Other | (684) | (988) | (1,083) |
Balance at End of Year | $ 8,636 | $ 8,026 | $ 8,783 |
SCHEDULE II - VALUATION AND 113
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - INVENTORY RESERVE (Detail) - Inventory Valuation Reserve - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 36,516 | $ 33,874 | $ 32,373 |
Additions Charged to Income | 14,279 | 19,741 | 13,214 |
Inventory Write-offs | (13,008) | (15,818) | (11,428) |
Translation and Other | (1,429) | (1,281) | (285) |
Balance at End of Year | 36,358 | 36,516 | 33,874 |
Raw material | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 7,577 | 6,891 | 5,687 |
Additions Charged to Income | 1,446 | 4,102 | 1,840 |
Inventory Write-offs | (1,645) | (1,611) | (2,391) |
Translation and Other | (823) | (1,805) | 1,755 |
Balance at End of Year | 6,555 | 7,577 | 6,891 |
Work-in-process | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 3,139 | 509 | 1,729 |
Additions Charged to Income | (76) | 579 | 1,239 |
Inventory Write-offs | (213) | (554) | (1,720) |
Translation and Other | 3 | 2,605 | (739) |
Balance at End of Year | 2,853 | 3,139 | 509 |
Finished goods | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 25,800 | 26,474 | 24,957 |
Additions Charged to Income | 12,909 | 15,060 | 10,135 |
Inventory Write-offs | (11,150) | (13,653) | (7,317) |
Translation and Other | (609) | (2,081) | (1,301) |
Balance at End of Year | $ 26,950 | $ 25,800 | $ 26,474 |
SCHEDULE II - VALUATION AND 114
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - DEFERRED TAX ASSET VALUATION ALLOWANCE (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 103,475 | ||
Balance at End of Year | 104,520 | $ 103,475 | |
Valuation Allowance of Deferred Tax Assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 103,475 | 99,141 | $ 86,510 |
Additions Charged to Income | 2,046 | 5,681 | 13,331 |
Accounts Receivable Write-offs | (725) | (190) | (3,741) |
Translation and Other | (276) | (1,157) | 3,041 |
Balance at End of Year | $ 104,520 | $ 103,475 | $ 99,141 |