Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 19, 2019 | Jul. 01, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 46,020,435 | ||
Entity Public Float | $ 7,592,539,530 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net revenues | $ 2,448,383 | $ 2,146,303 | $ 1,868,027 |
Cost of goods sold | 1,063,941 | 974,501 | 871,827 |
Gross profit | 1,384,442 | 1,171,802 | 996,200 |
Selling, general and administrative expenses | 878,688 | 699,963 | 563,308 |
Research and development expenses | 106,208 | 84,770 | 58,579 |
Restructuring and impairment charges | 79,230 | 14,790 | 59,227 |
Gain on sale of assets | (1,388) | 0 | (4,367) |
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 321,704 | 372,279 | 319,453 |
Interest expense | 103,020 | 82,546 | 54,941 |
Interest income | (944) | (771) | (474) |
Loss on extinguishment of debt | 0 | 5,593 | 19,261 |
Income from continuing operations before taxes | 219,628 | 284,911 | 245,725 |
Taxes on income from continuing operations | 23,196 | 129,648 | 8,074 |
Income from continuing operations | 196,432 | 155,263 | 237,651 |
Income (loss) from discontinued operations | 5,643 | (4,534) | (922) |
Tax (benefit) on income (loss) from discontinued operations | 1,273 | (1,801) | (1,112) |
Income (loss) on discontinued operations | 4,370 | (2,733) | 190 |
Net income | 200,802 | 152,530 | 237,841 |
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 464 |
Net income | $ 200,802 | $ 152,530 | $ 237,377 |
Basic: | |||
Income from continuing operations (in dollars per share) | $ 4.30 | $ 3.45 | $ 5.47 |
Income (loss) from discontinued operations (in dollars per share) | 0.09 | (0.06) | 0.01 |
Net income (in dollars per share) | 4.39 | 3.39 | 5.48 |
Diluted: | |||
Income from continuing operations (in dollars per share) | 4.20 | 3.33 | 4.98 |
Income (loss) from discontinued operations (in dollars per share) | 0.09 | (0.06) | 0 |
Net income (loss), diluted (in dollar per share) | $ 4.29 | $ 3.27 | $ 4.98 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 45,689 | 45,004 | 43,325 |
Diluted (in shares) | 46,801 | 46,664 | 47,646 |
Amounts attributable to common shareholders: | |||
Income from continuing operations, net of tax | $ 196,432 | $ 155,263 | $ 237,187 |
Income (loss) from discontinued operations, net of tax | 4,370 | (2,733) | 190 |
Net income | $ 200,802 | $ 152,530 | $ 237,377 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 200,802 | $ 152,530 | $ 237,841 |
Foreign currency: | |||
Foreign currency translation continuing operations adjustments, net of tax of 157, ($29,448) and $10,977, respectively | (83,889) | 173,074 | (69,162) |
Foreign currency translation, net of tax | (83,889) | 173,074 | (69,162) |
Pension and other postretirement benefits plans: | |||
Prior service cost recognized in net periodic cost, net of tax of $(23), $(39), and $(20), respectively | 71 | 66 | 36 |
Unamortized (loss) gain arising during the period, net of tax of $(447), $1,677, and $1,849, respectively | 1,116 | (5,419) | (3,255) |
Plan amendments, curtailments, and settlements, net of tax of $(137), $74, and $0, respectively | 511 | (223) | 0 |
Net loss recognized in net periodic cost, net of tax of $(1,588), $(2,457), and $(2,489), respectively | 5,231 | 4,447 | 4,476 |
Foreign currency translation, net of tax of $(183), $413, and $(373), respectively | 499 | (1,083) | 1,034 |
Pension and other postretirement benefits plans adjustment, net of tax | 7,428 | (2,212) | 2,291 |
Derivatives qualifying as hedges: | |||
Unrealized gain (loss) on derivatives arising during the period, net of tax $(268), $(631), and $1,359, respectively | 2,574 | 2,775 | (3,434) |
Reclassification adjustment on derivatives included in net income, net of tax of $163, $83, and $(1,010), respectively | (2,107) | (11) | 3,501 |
Derivatives qualifying as hedges, net of tax | 467 | 2,764 | 67 |
Other comprehensive (loss) income, net of tax | (75,994) | 173,626 | (66,804) |
Comprehensive income | 124,808 | 326,156 | 171,037 |
Less: comprehensive income attributable to noncontrolling interest | 0 | 0 | 421 |
Comprehensive income attributable to common shareholders | $ 124,808 | $ 326,156 | $ 170,616 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation, tax | $ 157 | $ (29,448) | $ 10,977 |
Prior service cost recognized in net periodic cost, tax | (23) | (39) | (20) |
Unamortized (loss) gain arising during the period, tax | (447) | 1,677 | 1,849 |
Plan amendments, tax | (137) | 74 | 0 |
Net loss recognized in net periodic cost, tax | (1,588) | (2,457) | (2,489) |
Foreign currency translation, tax | (183) | 413 | (373) |
Unrealized gain (loss) on derivatives arising during the period, tax | (268) | (631) | 1,359 |
Reclassification adjustment on derivatives included in net income, tax | $ 163 | $ 83 | $ (1,010) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 357,161 | $ 333,558 |
Accounts receivable, net | 366,286 | 345,875 |
Inventories, net | 427,778 | 395,744 |
Prepaid expenses and other current assets | 72,481 | 47,882 |
Prepaid taxes | 12,463 | 5,748 |
Total current assets | 1,236,169 | 1,128,807 |
Property, plant and equipment, net | 432,766 | 382,999 |
Goodwill | 2,246,579 | 2,235,592 |
Intangibles assets, net | 2,325,052 | 2,383,748 |
Deferred tax assets | 2,446 | 3,810 |
Other assets | 34,979 | 46,536 |
Total assets | 6,277,991 | 6,181,492 |
Current liabilities | ||
Current borrowings | 86,625 | 86,625 |
Accounts payable | 106,709 | 92,027 |
Accrued expenses | 97,551 | 96,853 |
Current portion of contingent consideration | 136,877 | 74,224 |
Payroll and benefit-related liabilities | 104,670 | 107,415 |
Accrued interest | 6,031 | 6,165 |
Income taxes payable | 5,943 | 11,514 |
Other current liabilities | 38,050 | 9,053 |
Total current liabilities | 582,456 | 483,876 |
Long-term borrowings | 2,072,200 | 2,162,927 |
Deferred tax liabilities | 608,221 | 603,676 |
Pension and postretirement benefit liabilities | 92,914 | 121,410 |
Noncurrent liability for uncertain tax positions | 10,718 | 12,296 |
Noncurrent contingent consideration | 167,370 | 197,912 |
Other liabilities | 204,134 | 168,864 |
Total liabilities | 3,738,013 | 3,750,961 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common shares, $1 par value Issued: 2018 — 47,248 shares; 2017 — 46,871 shares | 47,248 | 46,871 |
Additional paid-in capital | 574,761 | 591,721 |
Retained earnings | 2,427,599 | 2,285,886 |
Accumulated other comprehensive loss | (341,085) | (265,091) |
Shareholders equity before treasury stock, total | 2,708,523 | 2,659,387 |
Less: Treasury stock, at cost | 168,545 | 228,856 |
Total shareholders' equity | 2,539,978 | 2,430,531 |
Total liabilities and shareholders' equity | $ 6,277,991 | $ 6,181,492 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, shares Issued | 47,248 | 46,871 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities of continuing operations: | |||
Net income | $ 200,802,000 | $ 152,530,000 | $ 237,841,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Income) loss from discontinued operations | (4,370,000) | 2,733,000 | (190,000) |
Depreciation expense | 60,494,000 | 56,497,000 | 54,415,000 |
Amortization expense of intangible assets | 149,486,000 | 98,766,000 | 63,491,000 |
Amortization expense of deferred financing costs and debt discount | 4,734,000 | 5,075,000 | 10,440,000 |
Loss on extinguishment of debt | 0 | 5,593,000 | 19,261,000 |
Fair value step up of acquired inventory sold | 0 | 10,442,000 | 0 |
Changes in contingent consideration | 52,977,000 | 3,575,000 | (6,445,000) |
Impairment of long-lived assets | 19,110,000 | 0 | 2,356,000 |
In-process research and development impairment charge | 0 | 0 | 41,000,000 |
Stock-based compensation | 22,438,000 | 19,407,000 | 16,871,000 |
Net gain on sales of businesses and assets | (1,388,000) | 0 | (4,367,000) |
Deferred income taxes, net | (6,097,000) | (41,822,000) | (29,346,000) |
Other | (18,803,000) | (18,469,000) | (13,311,000) |
Changes in operating assets and liabilities, net of effects of acquisitions and disposals: | |||
Accounts receivable | (23,412,000) | (11,039,000) | (11,029,000) |
Inventories | (37,198,000) | (22,363,000) | 6,408,000 |
Prepaid expenses and other current assets | (10,351,000) | 547,000 | (3,613,000) |
Accounts payable, accrued expenses and other liabilities | 62,404,000 | 39,001,000 | 15,422,000 |
Income taxes receivable and payable, net | (35,740,000) | 125,828,000 | 11,386,000 |
Net cash provided by operating activities from continuing operations | 435,086,000 | 426,301,000 | 410,590,000 |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (80,795,000) | (70,903,000) | (53,135,000) |
Payments for businesses and intangibles acquired, net of cash acquired | (121,025,000) | (1,768,284,000) | (14,040,000) |
Proceeds from sales of businesses and assets | 3,878,000 | 6,332,000 | 10,201,000 |
Net interest proceeds on swaps designated as net investment hedges | 1,548,000 | 0 | 0 |
Net cash used in investing activities from continuing operations | (196,394,000) | (1,832,855,000) | (56,974,000) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 35,000,000 | 2,463,500,000 | 671,700,000 |
Reduction in borrowings | (128,500,000) | (1,239,576,000) | (714,565,000) |
Debt extinguishment, issuance and amendment fees | (188,000) | (26,664,000) | (8,958,000) |
Proceeds from share based compensation plans and the related tax impacts | 22,655,000 | 5,571,000 | 9,068,000 |
Payments to noncontrolling interest shareholders | 0 | (464,000) | |
Payments for acquisition of noncontrolling interest | 0 | 0 | (9,231,000) |
Payments for contingent consideration | (73,235,000) | (335,000) | (7,282,000) |
Dividends | (62,165,000) | (61,237,000) | (58,960,000) |
Net cash (used in) provided by financing activities from continuing operations | (206,433,000) | 1,141,259,000 | (118,692,000) |
Cash flows from discontinued operations: | |||
Net cash provided by (used in) operating activities | 2,292,000 | (6,416,000) | (2,110,000) |
Net cash provided by (used in) discontinued operations | 2,292,000 | (6,416,000) | (2,110,000) |
Effect of exchange rate changes on cash and cash equivalents | (10,948,000) | 61,480,000 | (27,391,000) |
Net increase (decrease) in cash and cash equivalents | 23,603,000 | (210,231,000) | 205,423,000 |
Cash and cash equivalents at the beginning of the year | 333,558,000 | 543,789,000 | 338,366,000 |
Cash and cash equivalents at the end of the year | 357,161,000 | 333,558,000 | 543,789,000 |
Supplemental cash flow information: | |||
Cash interest paid | 101,790,000 | 74,256,000 | 44,203,000 |
Income taxes paid, net of refunds | 65,605,000 | 49,144,000 | 23,955,000 |
Non cash investing and financing activities of continuing operations: | |||
Property, plant and equipment additions due to build-to-suit lease transactions | 29,448,000 | 0 | 0 |
Purchases of businesses and related costs | 54,696,000 | 261,733,000 | 0 |
Settlement and exchange of convertible notes with common or treasury stock | 0 | 53,207,000 | 35,286,000 |
Acquisition of treasury stock from settlement and exchange of convertible note hedge and warrants | $ 56,075,000 | $ 141,405,000 | $ 86,046,000 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' 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, 2015 | 43,517 | 1,908 | |||||
Beginning Balance at Dec. 31, 2015 | $ 2,011,093 | $ 43,517 | $ 440,127 | $ 2,016,176 | $ (371,124) | $ (119,424) | $ 1,821 |
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 warrants | 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 | 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 (in shares) at Dec. 31, 2016 | 45,814 | 1,741 | |||||
Ending Balance at Dec. 31, 2016 | 2,137,517 | $ 45,814 | 506,800 | 2,194,593 | (438,717) | $ (170,973) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 152,530 | 152,530 | |||||
Cash dividends ($1.36 per share) | (61,237) | (61,237) | |||||
Other comprehensive loss | 173,626 | 173,626 | |||||
Settlement of convertible notes (in shares) | 928 | (503) | |||||
Settlement of warrants | 4,832 | $ 928 | (48,375) | $ 52,279 | |||
Settlement of note hedges associated with convertible notes (in shares) | 516 | ||||||
Settlement of note hedges associated with convertible notes | (7) | 112,901 | $ (112,908) | ||||
Shares issued under compensation plans (in shares) | 129 | (48) | |||||
Shares issued under compensation plans | 23,182 | $ 129 | 20,395 | $ 2,658 | |||
Deferred compensation (in shares) | (2) | ||||||
Deferred compensation | 88 | $ 88 | |||||
Ending Balance (in shares) at Dec. 31, 2017 | 46,871 | 1,704 | |||||
Ending Balance at Dec. 31, 2017 | 2,430,531 | $ 46,871 | 591,721 | 2,285,886 | (265,091) | $ (228,856) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 200,802 | 200,802 | |||||
Cash dividends ($1.36 per share) | (62,165) | (62,165) | |||||
Other comprehensive loss | (75,994) | (75,994) | |||||
Settlement of convertible notes (in shares) | (412) | ||||||
Settlement of warrants | (40) | (56,115) | $ 56,075 | ||||
Shares issued under compensation plans (in shares) | 377 | (50) | |||||
Shares issued under compensation plans | 42,899 | $ 377 | 38,756 | $ 3,766 | |||
Deferred compensation (in shares) | (10) | ||||||
Deferred compensation | 869 | 399 | $ 470 | ||||
Ending Balance (in shares) at Dec. 31, 2018 | 47,248 | 1,232 | |||||
Ending Balance at Dec. 31, 2018 | $ 2,539,978 | $ 47,248 | $ 574,761 | $ 2,427,599 | $ (341,085) | $ (168,545) | $ 0 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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, 2018 | |
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 10 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 net realizable value. 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 net realizable 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 5 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. For purposes of this assessment, a reporting unit is an operating segment, or a business one level below an 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 elect to bypass the qualitative assessment and perform 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. The Company did not record a goodwill impairment charge for the year ended December 31, 2018 . The Company’s intangible assets consist of customer relationships, intellectual property, distribution rights, in-process research and development ("IPR&D"), trade names and non-competition agreements. 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 that utilizes the technology 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. For the year ended December 31, 2018 , the Company recognized a $16.9 million pre-tax ( $8.6 million after tax) impairment charge related to the abandonment of certain intellectual property intangible assets. See Note 8 for further information. Intangible assets that do not have indefinite lives, consisting of intellectual property, customer relationships, distribution rights, certain trade names and non-competition agreements, are amortized over their estimated useful lives, which are as follows: intellectual property, 5 to 20 years ; customer relationships, 8 to 27 years ; distribution rights, 10 to 17 years ; trade names, 5 to 30 years ; non-competition agreements, 1 to 6 years . The weighted average remaining amortization period with respect to the Company's intangible assets is approximately 16 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 of the asset 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 as selling, general and administrative expenses in the consolidated statement of income. Cash flows from derivatives are recognized in the consolidated statements of cash flows in a manner consistent with recognition of the underlying transactions. 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, which is derived, in part, following consideration of estimated forfeitures, 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 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 (or "U.S.") Treasury zero-coupon issues with a remaining term equal to the expected life of the option. Forfeitures are estimated at the time of grant based on management’s expectations regarding the extent to which awards ultimately will vest and are adjusted for actual forfeitures when they occur. 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. Other restructuring costs include facility closure, contract termination, employee relocation, equipment relocation and outplacement costs. 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, or the obligation no longer exists due to the failure to achieve, the specified objectives. The change in the fair value is recorded in selling, general and administrative expenses 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 primarily generates revenue from the sale of medical devices including single use disposable devices and, to a lesser extent, reusable devices, instruments and capital equipment. Revenue is recognized when obligations under the terms of a contract with the Company’s customer are satisfied; this occurs upon the transfer of control of the products. Generally, transfer of control to the customer occurs at the point in time when the Company’s products are shipped from the manufacturing or distribution facility. For the Company’s OEM segment, most revenue is recognized over time because the OEM segment generates revenue from the sale of custom products that have no alternative use and the Company has an enforceable right to payment to the extent that performance has been completed. The Company markets and sells products through its direct sales force and distributors to customers within the following end markets: (1) hospitals and healthcare providers; (2) other medical device manufacturers; and (3) home care providers such as pharmacies, which comprised 87% , 9% and 4% of consolidated net revenues, respectively, for the twelve months ended December 31, 2018 . Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. With respect to the custom products sold in the OEM segment, revenue is measured using the units produced output method. Payment is generally due 30 days from the date of invoice. The Company has made the following accounting policy elections and elected to use certain practical expedients, as permitted by the FASB, in applying ASC 606, Revenue from Contracts with Customers: (1) the Company accounts for amounts collected from customers for sales and other taxes, net of related amounts remitted to tax authorities; (2) the Company does not adjust the promised amount of consideration for the effects of a significant financing component because, at contract inception, the Company expects the period between the time when the Company transfers a promised good or service to the customer and the time when the customer pays for that good or service will be one year or less; (3) the Company expenses costs to obtain a contract as they are incurred if the expected period of benefit, and therefore the amortization period, is one year or less; (4) the Company accounts for shipping and handling activities that occur after control transfers to the customer as a fulfillment cost rather than an additional promised service; (5) the Company classifies shipping and handling costs within cost of goods sold; and (6) with respect to the OEM segment, the Company has applied the practical expedient to exclude disclosure of remaining performance obligations as the contracts typically have a term of one year or less. The amount of consideration the Company receives and revenue the Company recognizes varies as a result of changes in customer sales incentives, including discounts and rebates, and returns offered to customers. The estimate of revenue is adjusted upon the earlier of the following events: (i) the most likely amount of consideration expected to be received changes or (ii) the consideration becomes fixed. The Company’s policy is to accept returns only in cases in which the product is defective and covered under the Company’s standard warranty provisions. When the Company gives customers the right to return products, the Company estimates the expected returns based on an analysis of historical experience. The reserve for returns and allowances was $4.2 million as of December 31, 2018 and 2017 . In estimating customer rebates, the Company considers the lag time between the point of sale and the payment of the customer’s rebate claim, customer-specific trend analyses, contractual commitments, including stated rebate rates, historical experience with respect to specific customers (as the Company has a history of providing similar rebates on similar products to similar customers) and other relevant information. The reserve for customer incentive programs, including customer rebates, was $18.1 million and $12.2 million at December 31, 2018 and 2017 , respectively. The Company expects the amounts subject to the reserve as of December 31, 2018 to be paid within 90 days subsequent to period-end. |
Recently issued accounting stan
Recently issued accounting standards | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Recently issued accounting standards | Recently issued accounting standards In May 2014, the Financial Accounting Standards Board ("FASB"), in a joint effort with the International Accounting Standards Board ("IASB"), issued new accounting guidance to clarify the principles for recognizing revenue. This new guidance, as amended by additional guidance issued in 2015 and 2016, is encompassed in FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”) and is designed to enhance the comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, and affects any entity that enters into contracts with customers or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The new guidance establishes principles for reporting information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity's contracts with customers. The core principle of the new guidance is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The Company adopted the new standard on January 1, 2018, applying the modified retrospective method to all of its contracts; as a result, the Company recognized the cumulative effect of adopting the guidance as a $1.2 million increase to the Company's opening balance of retained earnings on the adoption date. In addition, in connection with its adoption of the new guidance, the Company reclassified the reserve for product returns from a reduction of receivables to a liability. The reserve for returns and allowances was $4.2 million at December 31, 2018 . The adoption of this guidance did not have a material impact on the Company's consolidated results of operations, cash flows and financial position. Additional information and disclosures required by this new standard are contained in Note 3 . In February 2016, the FASB issued guidance that will change the requirements for accounting for leases. Under the new guidance, lessees (including lessees under both leases classified as finance leases, which are to be classified based on criteria similar to that applicable to capital leases under previous guidance, and leases classified as 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. Under previous guidance, operating leases are not recognized on the balance sheet. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The new guidance must be adopted using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, subject to certain practical expedients that an entity may elect to apply to the transition. The Company will adopt the new guidance on January 1, 2019 and will recognize the cumulative effect of initially applying the standard, if any, as an adjustment to the Company's opening balance of retained earnings rather than at the earliest comparative period presented in the financial statements. As permitted under the new guidance, the Company has made an accounting policy election not to apply the recognition provisions of the new guidance to short term leases (leases with a lease term of 12 months or less that do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise); instead, the Company will recognize the lease payments for short term leases on a straight-line basis over the lease term. In addition, the Company has elected to apply certain practical expedients available under the new guidance. As a result, and in connection with the transition to the new guidance, the Company will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the classification of any expired or existing leases, or (iii) initial direct costs for any existing leases. The Company will apply the practical expedients described above to its entire lease portfolio at the January 1, 2019 adoption date. Furthermore, as permitted under the new guidance, the Company has made, as a practical expedient, an accounting policy election to not separate lease and non-lease components and instead will account for each separate lease component and the non-lease components associated with that lease component as a single lease component. While the Company continues to assess the effect that the new standard will have on its financial position and results of operations, the Company expects to recognize additional assets and corresponding liabilities on the consolidated balance sheets because it maintains an operating lease portfolio at January 1, 2019, the date of adoption of the new standard. The Company has made substantial progress in implementing a new lease accounting system and updating its controls and procedures to enable the Company to aggregate lease data and improve lease accounting processes in a manner that facilitates financial reporting in accordance with the new guidance. The Company estimates that it will recognize a right-to-use asset and corresponding lease liability of approximately $90 to $110 million upon adoption of the new guidance. 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 Company adopted the new standard on January 1, 2018, using the modified retrospective method of adoption; as a result, the Company recognized the cumulative effect of adopting the guidance as a $1.8 million increase to the Company's opening balance of retained earnings on the adoption date. The adoption of this guidance did not have a material impact on the Company's consolidated results of operations, cash flows and financial position. In January 2017, the FASB issued guidance to simplify the quantitative test for goodwill impairment. Under current guidance, if a reporting unit’s carrying value exceeds its fair value, the entity must determine the implied value of goodwill. This determination is made 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 the reporting unit had just been acquired. Under the new guidance, a determination of the implied value of goodwill will no longer be required; a goodwill impairment will be equal to the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. 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 evaluating the impact of the adoption of this guidance, but currently does not anticipate the guidance will have a material impact on its consolidated financial position or results of operations. In March 2017, the FASB issued guidance for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance requires that these employers disaggregate specified components of net periodic pension cost and net periodic postretirement benefit cost (collectively, "net benefit cost"). Specifically, the guidance generally requires employers to present in the income statement the service cost component of net benefit cost in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The Company adopted this guidance on January 1, 2018. The adoption of the guidance did not have a material impact on the consolidated financial statements. In August 2017, the FASB issued guidance with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. The new guidance provides for changes to previous designation and measurement guidance for qualifying hedging relationships and to the method of presenting hedge results. In addition, the new guidance includes certain targeted improvements to ease the application of previous guidance related to the assessment of hedge effectiveness. The new guidance is effective for reporting periods beginning after December 15, 2018, but the guidance permits early adoption, and the Company adopted the guidance effective October 1, 2018; the adoption did not result in any cumulative-effect adjustments to retained earnings. In February 2018, the FASB issued new guidance to address a narrow-scope financial reporting issue that arose as a consequence of United States tax legislation adopted in December 2017 and commonly referred to as the Tax Cuts and Jobs Act ("the TCJA"). Existing guidance requires that deferred tax liabilities and assets be adjusted for a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. The guidance is applicable even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income (rather than in net income), such as amounts related to benefit plans and hedging activity. As a result, the tax effects of items within accumulated other comprehensive income (referred to as stranded tax effects) do not reflect the appropriate tax rate. The new guidance permits a reclassification of these amounts from accumulated other comprehensive income to retained earnings, thereby eliminating the stranded tax effects. The new guidance also requires certain disclosures about the stranded tax effects. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new guidance can be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate under the TCJA is recognized. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. From time to time, new accounting guidance issued by the FASB or other standard setting bodies is adopted by the Company as of the specified effective date or, when permitted by the guidance and as determined by the Company, as of an earlier date. The Company has assessed recently issued guidance that is not yet effective, except as noted above, and believes the new guidance that it has assessed will not have a material impact on the Company’s results of operations, cash flows or financial position. |
Net revenues
Net revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Net revenues | Net revenues The following table disaggregates revenue by global product category for the year ended December 31, 2018 and 2017. Year Ended December 31 2018 2017 (Dollars in thousands) Vascular access 575,327 540,234 Anesthesia 349,370 344,599 Interventional 395,423 324,681 Surgical 358,707 356,156 Interventional urology 196,735 38,957 OEM 205,976 182,967 Other (1) 366,845 358,709 Net revenues (2)(3) $ 2,448,383 $ 2,146,303 (1) Other revenues in the table above include revenues generated from sales of the Company’s respiratory and urology products. For the years ended December 31, 2018 and 2017, the Company reclassified its cardiac products from "Other," as it had been classified in prior interim periods, to the Interventional product category. (2) The product categories listed above are presented on a global basis; in contrast, the Company’s North American reportable segments generally are defined based on the particular products sold by the segments, and its non-North American reportable segments are defined exclusively based on the geographic location of segment operations (with the exception of the Original Equipment and Development Services ("OEM") reportable segment, which operates globally). The Company’s EMEA and Asia reportable segments, as well as its Latin America operating segment, include net revenues from each of the product categories listed above. (3) The methodology used to determine the product revenues included within certain of the product categories listed in the table above differs from the methodology used to classify revenues in our reportable segments, including the similarly named North American reportable segments. The differences are due to the fact that segment classification generally is determined based on the call point within the customer's organization from which the purchase order resulting in the sale originated, while the classification of products within the product categories listed in the table above includes all sales of products within the listed product category, regardless of the call point within the customer's organization from which the sale originated. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company's 2018 acquisitions are described below. With the exception of the distributor to direct sales conversions, the transactions were accounted for as business combinations. The Company accounts for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets, and assumed liabilities at their respective acquisition date estimated fair values. The results of operations of the acquired businesses and assets are included in the consolidated statements of income from their respective acquisition dates. On December 20, 2018, the Company acquired certain assets of Specialty Surgical Instrumentation, Inc., which complement the Company's surgical product portfolio. The aggregate consideration transferred for the assets, which principally consisted of customer relationships of $20.0 million , intellectual property of $3.0 million and $10.0 million of goodwill, was $37.0 million . The finite lived intangible assets are being amortized over a useful life of 15 years. On October 4, 2018, the Company acquired Essential Medical, Inc., a medical device company that developed the MANTA Vascular Closure Device, which is designed for closure of large bore arteriotomies and complements the Company's interventional product portfolio. The fair value of the consideration transferred was $114.7 million , which included an initial payment of $60.4 million and $54.3 million in estimated fair value of contingent consideration. The contingent consideration liability represents the estimated fair value of the Company's obligations, under the acquisition agreement, to make additional payments of up to $100 million if certain sales and regulatory goals are met. Based on the preliminary purchase price allocation, the assets acquired principally consist of $103.2 million of intellectual property, $2.0 million of customer relationship assets and $30.1 million of goodwill. The intangible assets are being amortized over a useful life of 20 years. The fair value of the contingent consideration was estimated using the Monte Carlo valuation approach. See Note 11 for additional information related to the fair value measurement of the contingent consideration. Goodwill arising from the acquisition represents revenue growth attributable to anticipated increased market penetration from acquired products and future customers and is not tax deductible. On June 21, 2018, the Company acquired certain assets of QT Vascular LTD, a medical device company that developed and marketed coronary balloon catheters, which complement the Company's interventional product portfolio. The aggregate consideration transferred for the assets, which primarily consisted of intellectual property, was $20.6 million . During the year ended December 31, 2018, the Company completed several distributor to direct sales conversions. The aggregate consideration transferred by the Company in connection with these transactions was $4.9 million . Pro forma information for 2018 acquisitions is not presented as the operations of the acquired businesses are not material to the overall operations of the Company. 2017 acquisitions NeoTract On October 2, 2017, the Company acquired NeoTract, Inc. ("NeoTract"), a medical device company that developed and commercialized the UroLift System, a minimally invasive medical device for treating lower urinary tract symptoms due to benign prostatic hyperplasia, or BPH. The Company made initial payments of $725.6 million in cash less a favorable working capital adjustment of $1.4 million . Additionally, the estimated fair value of contingent consideration related to NeoTract sales-based milestones as of December 31, 2018 was $234.4 million . The contingent consideration liability represents the estimated fair value of the Company’s obligations, under the acquisition agreement, to make additional payments of up to $300 million in the aggregate if specified sales goals through the end of 2020 are achieved. The Company made a payment of $ 75.0 million during 2018 as a result of the achievement of a sales goal for the period from January 1, 2018 to April 30, 2018. NeoTract financial information is primarily presented within the Interventional Urology North America operating segment, which is included in the "all other" category in the Company's presentation of segment information. Vascular Solutions, Inc. On February 17, 2017, the Company acquired Vascular Solutions, a medical device company that developed and marketed products for use in minimally invasive coronary and peripheral vascular procedures. The aggregate consideration paid by the Company in connection with the acquisition was $975.5 million . Other acquisitions During the year ended December 31, 2017, we also completed acquisitions related to our anesthesia and respiratory product portfolios and distributor to direct sales conversions. The total fair value of the consideration related to these acquisitions was $80.1 million . Pro forma combined financial information The following unaudited pro forma combined financial information for the years ended December 31, 2017 and 2016, respectively, gives effect to the Vascular Solutions and NeoTract acquisitions as if they were completed at the beginning of the earliest period presented. The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have occurred under the ownership and management of the Company. 2017 2016 (unaudited) Net revenue $ 2,255,696 $ 2,084,439 Net income $ 119,934 $ 106,512 Basic earnings per common share: Net income $ 2.66 $ 2.46 Diluted earnings per common share: Net income $ 2.57 $ 2.24 Weighted average common shares outstanding: Basic 45,004 43,325 Diluted 46,664 47,646 The unaudited pro forma combined financial information presented above includes the accounting effects of the Vascular Solutions and NeoTract acquisitions, including, to the extent applicable, amortization charges from acquired intangible assets; adjustments for depreciation of property, plant and equipment; interest expense; and the related tax effects. |
Restructuring and other impairm
Restructuring and other impairment charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and impairment charges | Restructuring and impairment charges The restructuring and impairment charges recognized for the years ended December 31, 2018 , 2017 , and 2016 consisted of the following: 2018 Termination benefits Other Costs Total (Dollars in thousands) 2018 Footprint realignment plan $ 53,992 $ 1,001 $ 54,993 2016 Footprint realignment plan 2,318 543 2,861 Other restructuring programs (1) 1,502 764 2,266 Total restructuring charges $ 57,812 $ 2,308 $ 60,120 Asset impairment charges — 19,110 19,110 Total restructuring and impairment charges $ 57,812 $ 21,418 $ 79,230 (1) Includes activity related to the 2014 Footprint realignment plan, the 2017 Vascular Solutions integration program, the 2017 EMEA restructuring program and the other 2016 restructuring programs. 2017 Termination benefits Other Costs Total (Dollars in thousands) 2017 Vascular Solutions integration program $ 5,377 $ 118 $ 5,495 2017 EMEA restructuring program 4,921 280 5,201 2016 Footprint realignment plan 1,314 783 2,097 Other restructuring programs (1) 1,704 293 1,997 Total restructuring charges $ 13,316 $ 1,474 $ 14,790 (1) Includes activity primarily related to the other 2016 restructuring programs, the 2014 Footprint realignment plan and the 2017 Pyng integration program. The Company committed to the 2017 Pyng Integration program, which relates to the integration of Pyng Medical Corp. ("Pyng") into the Company, during the second quarter 2017, following the Company's acquisition of Pyng in April 2017. 2016 Termination benefits Other Costs Total (Dollars in thousands) Other 2016 restructuring programs $ 2,531 $ 683 $ 3,214 2016 Footprint realignment plan 11,176 1,334 12,510 Other restructuring programs (1) (477 ) 624 147 Total restructuring charges $ 13,230 $ 2,641 $ 15,871 Asset impairment charges — 43,356 43,356 Total restructuring and impairment charges $ 13,230 $ 45,997 $ 59,227 (1) Includes activity primarily related to the 2014 Footprint realignment plan and the programs initiated in 2015 that were associated with the reorganization of certain businesses and shared service center functions as well as the consolidation of certain facilities in North America. The 2015 programs have been completed. 2018 Footprint realignment plan On May 1, 2018, the Company initiated a restructuring plan involving the relocation of certain European manufacturing operations to existing lower-cost locations, the outsourcing of certain of the Company’s European distribution operations and related workforce reductions (the “2018 Footprint realignment plan"). These actions are expected to be substantially completed by the end of 2024. The following table provides a summary of the Company’s cost estimates by major type of expense associated with the 2018 Footprint realignment plan: Type of expense Total estimated amount expected to be incurred Termination benefits $60 million to $70 million Other costs $2 million to $4 million Restructuring charges $62 million to $74 million Restructuring related charges (1) $40 million to $59 million Total restructuring and restructuring related charges $102 million to $133 million (1) Consists of pre-tax charges related to accelerated depreciation and other costs directly related to the plan, primarily project management costs and costs to transfer manufacturing operations to the new locations, as well as a charge associated with the Company’s exit from the facilities that is expected to be imposed by the taxing authority in the affected jurisdiction. Excluding this tax charge, substantially all of the charges are expected to be recognized within costs of goods sold. The following table summarizes the activity related to the 2018 Footprint realignment plan restructuring reserve: Termination benefits Other Costs Total (Dollars in thousands) Balance at December 31, 2017 $ — $ — $ — Subsequent accruals 53,992 1,001 54,993 Cash payments (3,503 ) (1,000 ) (4,503 ) Foreign currency translation (2,015 ) (1 ) (2,016 ) Balance at December 31, 2018 $ 48,474 $ — $ 48,474 The Company recorded restructuring related charges with respect to the 2018 Footprint realignment plan of $4.1 million for the year ended December 31, 2018, within cost of goods sold. 2017 Vascular Solutions integration program During 2017, the Company committed to a restructuring program related to the integration of Vascular Solutions into Teleflex. As of December 31, 2018 the Company incurred net aggregate restructuring charges under the plan of $6.1 million . The program is substantially complete and as a result, the Company expects future restructuring expenses associated with the program, if any, to be nominal. As of December 31, 2018 , the Company has a restructuring reserve of $ 0.3 million related to this program. 2017 EMEA restructuring program During 2017, the Company committed to a restructuring program to centralize certain administrative functions in Europe. As of December 31, 2018 the Company incurred net aggregate restructuring charges under the plan of $5.9 million . The program is substantially complete and as a result, the Company expects future restructuring expenses associated with the program, if any, to be nominal. As of December 31, 2018 , the Company has a restructuring reserve of $0.8 million related to this program. 2016 Footprint realignment plan In 2016, the Company initiated a restructuring plan involving 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 (the “2016 Footprint realignment plan"). The program is substantially complete and as a result, the Company expects future restructuring expenses associated with the program, if any, to be immaterial. The following table summarizes the activity related to the 2016 Footprint realignment plan restructuring reserve: Termination benefits Other Costs Total (Dollars in thousands) Balance at December 31, 2016 $ 8,135 $ 760 $ 8,895 Subsequent accruals 1,314 783 2,097 Cash payments (2,096 ) (1,218 ) (3,314 ) Foreign currency translation (57 ) 44 (13 ) Balance at December 31, 2017 7,296 369 7,665 Subsequent accruals 2,318 543 2,861 Cash payments (3,954 ) (912 ) (4,866 ) Foreign currency translation (244 ) — (244 ) Balance at December 31, 2018 $ 5,416 $ — $ 5,416 For the years ended December 31, 2018, 2017, and 2016, the Company also incurred restructuring related costs of $7.1 million , $8.3 million , and $6.4 million , respectively, with respect to the 2016 Footprint realignment plan, the majority of which constituted accelerated depreciation and other costs, which primarily were recognized within cost of goods sold. As of December 31, 2018 , the Company has incurred net aggregate restructuring expenses related to the 2016 Footprint realignment plan of $17.5 million . Additionally, as of December 31, 2018 , the Company has incurred net aggregate restructuring related charges in connection with the plan of $21.8 million , which were primarily included in cost of goods sold. 2014 Footprint realignment plan In April 2014, the Company initiated a restructuring plan (the "2014 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. During the fourth quarter 2017, the Company entered into an agreement with an alternate provider for the development and supply of a component to be included in certain kits primarily sold by the Company’s Vascular North America and Anesthesia North America operating segments. The agreement will result in increased development costs, but is expected to reduce the cost of the component supply, once the supply becomes commercially available, as compared to costs incurred with respect to current suppliers. The Company estimates that it will incur aggregate pre-tax charges in connection with the 2014 Footprint realignment plan of $47 million to $52 million of which an estimated $38 million to $43 million are expected to result in future cash outlays. Additionally, the Company expects that it will incur $24 million to $30 million in aggregate capital expenditures under the plan. The Company expects the program to be substantially complete by the end of 2021. The following table provides a summary of the Company’s cost estimates by major type of expense associated with the 2014 Footprint realignment plan: Type of expense Total estimated amount expected to be incurred Termination benefits $12 million to $13 million Other costs $1 million to $2 million Restructuring charges $13 million to $15 million Restructuring related charges (1) $34 million to $37 million $47 million to $52 million (1) Consists of accelerated depreciation and other costs directly related to the plan, primarily as a result of the transfer of manufacturing operations to new locations. The following table summarizes the activity related to the 2014 Footprint realignment plan restructuring reserve: Termination benefits Other Costs Total (Dollars in thousands) Balance at December 31, 2016 $ 5,370 $ — $ 5,370 Subsequent accruals 687 68 755 Cash payments (2,131 ) (68 ) (2,199 ) Balance at December 31, 2017 3,926 — 3,926 Subsequent accruals 744 86 830 Cash payments (734 ) (86 ) (820 ) Balance at December 31, 2018 $ 3,936 $ — $ 3,936 For the years ended December 31, 2018 , 2017 and 2016, the Company reported restructuring related costs of $2.2 million , $4.0 million and $8.5 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, 2018 , the Company has incurred net aggregate restructuring expenses related to the plan of $12.6 million . Additionally, as of December 31, 2018 , the Company has incurred net aggregate restructuring related charges in connection with the plan of $29.1 million , which were included in cost of goods sold. 2016 Other restructuring programs During 2016, the Company commenced restructuring programs involving the consolidation of certain global administrative functions and manufacturing operations. As of December 31, 2018 the Company incurred net aggregate restructuring charges under the programs of $4.2 million . These programs are substantially complete and as a result, the Company expects future restructuring expenses associated with the programs, if any, to be nominal. As each of the ongoing plans and programs described above progress, management will reevaluate the estimated expenses set forth above, and may revise its estimates, as appropriate, consistent with GAAP. 2019 Footprint realignment plan In February 2019, the Company initiated a restructuring plan primarily involving the relocation of certain manufacturing operations to existing lower-cost locations and related workforce reductions (the “2019 Footprint realignment plan"). See Note 20 for additional information. Restructuring Charges by Segment Restructuring charges by reportable operating segment for the years ended December 31, 2018 , 2017, and 2016 are set forth in the following table: 2018 2017 2016 (Dollars in thousands) Vascular North America $ 556 $ 2,595 $ 5,843 Interventional North America 900 4,908 459 Anesthesia North America 371 1,262 1,839 Surgical North America — — 151 EMEA 55,608 5,722 4,423 OEM — — 795 All other 2,685 303 2,361 Total restructuring charges $ 60,120 $ 14,790 $ 15,871 Impairment Charges For the year ended December 31, 2018, the Company recorded impairment charges of $19.1 million primarily as a result of its decision to abandon certain intellectual property associated with products that were eliminated from the Company's interventional product portfolio. There were no impairment charges recorded for the year ended December 31, 2017. For the year ended December 31, 2016, the Company recorded $43.4 million of impairment charges, including $41.0 million related to a discontinued IPR&D project and $2.4 million related to two properties that were sold during the first quarter of 2017. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net at December 31, 2018 and 2017 consist of the following: 2018 2017 (Dollars in thousands) Raw materials $ 111,105 $ 98,451 Work-in-process 62,334 62,381 Finished goods 254,339 234,912 Inventories, net 427,778 395,744 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 are as follows: 2018 2017 (Dollars in thousands) Land, buildings and leasehold improvements $ 224,605 $ 207,927 Machinery and equipment 421,873 384,710 Computer equipment and software 137,899 122,890 Construction in progress 105,319 73,920 889,696 789,447 Less: Accumulated depreciation (456,930 ) (406,448 ) Property, plant and equipment, net $ 432,766 $ 382,999 |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 are as follows: Vascular North America Interventional North America Anesthesia North America Surgical North America EMEA Asia OEM All other Total (Dollars in thousands) Balance as of December 31, 2016 Goodwill $ 485,986 $ 84,615 $ 225,784 $ 250,912 $ 290,041 $ 138,185 $ 4,883 $ 128,442 $ 1,608,848 Accumulated impairment losses (219,527 ) (5,528 ) (84,531 ) — — — — (22,542 ) (332,128 ) 266,459 79,087 141,253 250,912 290,041 138,185 4,883 105,900 1,276,720 Goodwill related to acquisitions — 342,901 15,599 — 161,543 59,954 — 313,714 893,711 Translation and other adjustments (1,590 ) 11,061 437 — 42,964 11,061 — 1,228 65,161 Balance as of December 31, 2017 $ 264,869 $ 433,049 $ 157,289 $ 250,912 $ 494,548 $ 209,200 $ 4,883 $ 420,842 $ 2,235,592 Goodwill related to acquisitions — 27,355 — 2,403 4,730 6,590 — (413 ) 40,665 Translation and other adjustments — (4,815 ) (950 ) — (18,663 ) (4,243 ) — (1,007 ) (29,678 ) Balance as of December 31, 2018 $ 264,869 $ 455,589 $ 156,339 $ 253,315 $ 480,615 $ 211,547 $ 4,883 $ 419,422 $ 2,246,579 Intangible assets at December 31, 2018 and 2017 consisted of the following: Gross Carrying Amount Accumulated Amortization 2018 2017 2018 2017 (Dollars in thousands) Customer relationships $ 1,030,194 $ 1,023,837 $ (322,972 ) $ (281,263 ) In-process research and development 28,457 34,672 — — Intellectual property 1,363,516 1,287,487 (322,539 ) (258,580 ) Distribution rights 23,465 23,697 (17,860 ) (16,996 ) Trade names 565,070 571,510 (36,379 ) (22,069 ) Non-compete agreements 23,004 23,429 (8,904 ) (1,976 ) $ 3,033,706 $ 2,964,632 $ (708,654 ) $ (580,884 ) As of December 31, 2018 , trade names having a carrying value of $233.5 million are considered indefinite-lived. Acquired IPR&D is indefinite-lived until the completion of the related development project, at which point amortization of the carrying value of the technology will commence. See Note 4 for additional details regarding intangible assets acquired during 2018. For the year ended December 31, 2018, the Company recognized a $16.9 million pre-tax ( $8.6 million after tax) impairment charge related to the abandonment of certain intellectual property intangible assets. Refer to Note 5 for additional details. Amortization expense related to intangible assets was $149.5 million , $98.8 million , and $63.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Estimated annual amortization expense for each of the five succeeding years is as follows: (Dollars in thousands) 2019 $ 150,200 2020 149,500 2021 141,900 2022 136,600 2023 135,100 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The Company's borrowings at December 31, 2018 and 2017 were as follows: 2018 2017 (Dollars in thousands) Senior Credit Facility: Revolving credit facility, at a rate of 4.27% at December 31, 2018 and 3.44% at December 31, 2017, due 2022 $ 293,000 $ 349,000 Term loan facility, at a rate of 4.27% at December 31, 2018 and 3.57% at December 31 2017, due 2022 683,500 721,000 5.25% Senior Notes due 2024 250,000 250,000 4.875% Senior Notes due 2026 400,000 400,000 4.625% Senior Notes due 2027 500,000 500,000 Securitization program, at a rate of 3.25% at December 31, 2018 and 2.31% at December 31, 2017 50,000 50,000 2,176,500 2,270,000 Less: Unamortized debt issuance costs (17,675 ) (20,448 ) 2,158,825 2,249,552 Current portion of borrowings (86,625 ) (86,625 ) Long-term borrowings $ 2,072,200 $ 2,162,927 Senior credit facility On January 20, 2017, the Company amended and restated its then existing senior credit agreement by entering into an Amended and Restated Credit Agreement, which provides for a five year revolving credit facility of $1.0 billion and a term loan facility of $750.0 million (the "Credit Agreement"). The Company's obligations under the 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 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 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 generally is defined as the highest of (i) the publicly announced prime rate of JPMorgan Chase Bank, N.A., the administrative agent under the Credit Agreement, (ii) 0.5% above the federal funds rate and (iii) 1% above adjusted LIBOR for a one month interest period, plus an applicable margin ranging from 0.25% to 1.50% , in each case subject to adjustment based on the Company’s consolidated total leverage ratio (generally, Consolidated Total Funded Indebtedness, as defined in the Credit Agreement, on the date of determination to Consolidated EBITDA, as defined in the Credit Agreement, for the four most recent fiscal quarters ending on or preceding the date of determination). Overdue loans will bear interest at the rate otherwise applicable to such loans plus 2.00% . The Credit Agreement contains covenants that, among other things and subject to certain exceptions, 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 or make other restricted payments, enter into swap agreements or enter into transactions with affiliates. The Company is required to maintain a consolidated total leverage ratio of not more than 4.50 to 1.00 and a consolidated senior secured leverage ratio (generally, Consolidated Senior Secured Funded Indebtedness, as defined in the Credit Agreement, on the date of determination to Consolidated EBITDA for the four most recent quarters ending on or preceding the date of determination) of not more than 3.50 to 1.00. The Company is further required to maintain a consolidated interest coverage ratio (generally, Consolidated EBITDA for the four most recent fiscal quarters ending on or preceding the date of determination to Consolidated Interest Expense, as defined in the Credit Agreement, paid in cash for such period) of not less than 3.50 to 1.00. As of December 31, 2018 and 2017 , the Company had outstanding irrevocable standby letters of credit of approximately $2.1 million and $3.2 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. 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 Credit Agreement and by certain of the Company’s other 100% owned domestic subsidiaries. The guarantees are subject to certain customary automatic release provisions. See Note 18 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), generally calculated 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 15, 2019 (unless the period is less than one year, in which case the weekly average yield on traded U.S. Treasury securities adjusted to a constant maturity of one year will be used), plus 50 basis points . The indenture relating to the 2024 Notes contains covenants that, among other things and subject to certain exceptions, 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; merge, consolidate, or dispose of certain assets; pay dividends make investments or make other restricted payments; or enter into transactions with affiliates. 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 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'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 Credit Agreement and by certain of the Company’s other 100% owned domestic subsidiaries. See Note 18 for further information regarding the guarantors under the 2026 Notes. 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 (unless the period is less than one year, in which case the weekly average yield on traded U.S. Treasury securities adjusted to a constant maturity of one year will be used), 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 indenture relating to the 2026 Notes contains covenants that, among other things and subject to certain exceptions, 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; merge, consolidate or dispose of certain assets, make investments or make other restricted payments; or enter into transactions with affiliates. 4.625% Senior Notes due 2027 On November 20, 2017, the Company issued $500.0 million of 4.625% Senior Notes due 2027 (the "2027 Notes"). The Company pays interest on the 2027 Notes semi-annually on May 15 and November 15, commencing on May 15, 2018, at a rate of 4.625% per year. The 2027 Notes mature on November 15, 2027 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 2027 Notes), coupled with a downgrade in the ratings of the 2027 Notes, or upon the Company’s election to exercise its optional redemption rights, as described below. The Company incurred transaction fees of $7.9 million , including underwriters’ discounts and commissions, in connection with the offering of the 2027 Notes, which were recorded on the consolidated balance sheet as a reduction to long-term borrowings and are being amortized over the term of the 2027 Notes. The Company used the net proceeds from the offering to repay borrowings under its revolving credit facility. The Company's obligations under the 2027 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 Credit Agreement and by certain of the Company’s other 100% owned domestic subsidiaries. See Note 18 for further information regarding the guarantors under the 2027 Notes. At any time on or after November 15, 2022, the Company may, on one or more occasions, redeem some or all of the 2027 Notes at a redemption price of 102.313% of the principal amount of the 2027 Notes subject to redemption, declining, in annual increments of 0.771% , to 100% of the principal amount on November 15, 2025, plus accrued and unpaid interest. In addition, at any time prior to November 15, 2022, the Company may, on one or more occasions, redeem some or all of the 2027 Notes at a redemption price equal to 100% of the principal amount of the 2027 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 2027 Notes subject to redemption or (b) the excess, if any, over the principal amount of the 2027 Notes of the present value, on the redemption date of the sum of (i) the November 15, 2022 optional redemption price plus (ii) all required interest payments on the 2027 Notes through November 15, 2022 (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 November 15, 2022 (unless the period is less than one year, in which case the weekly average yield on traded U.S. Treasury securities adjusted to a constant maturity of one year will be used), plus 50 basis points. In addition, at any time prior to November 15, 2020, the Company may, on one or more occasions, redeem up to 40% of the aggregate principal amount of the 2027 Notes, using the proceeds of specified types of Company equity offerings and subject to specified conditions, at a redemption price equal to 104.625% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. The indenture relating to the 2027 Notes contains covenants that, among other things and subject to certain exceptions, limit or restrict the Company’s ability, and the ability of its subsidiaries, to create liens; merge, consolidate, sell or otherwise dispose of all or substantially all of the Company's assets; or enter into sale leaseback transactions. 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, 2018 , the Company was in compliance with the covenants, and none of the termination events had occurred. As of December 31, 2018 and 2017 , the Company had $50.0 million (the maximum amount available) of outstanding borrowings under its accounts receivable securitization facility. Fair Value of Long-Term Debt 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, 2018 and 2017 , categorized by the level of inputs within the fair value hierarchy used to measure fair value (see Note 11 to the consolidated financial statements for further information): Fair value of debt December 31, 2018 December 31, 2017 (Dollars in thousands) Level 2 2,145,473 2,299,942 Total $ 2,145,473 $ 2,299,942 Debt Maturities As of December 31, 2018 , 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) 2019 $ 86,625 2020 51,562 2021 70,313 2022 818,000 2023 and thereafter 1,150,000 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial instruments Foreign currency forward contracts The Company uses derivative instruments for risk management purposes. Foreign currency forward contracts designated as cash flows hedges are used to manage foreign currency transaction exposure. Foreign currency forward contracts not designated as hedges for accounting purposes are used to manage exposure related to near term foreign currency denominated monetary assets and liabilities. The Company enters into the non-designated foreign currency forward contracts for periods consistent with its currency translation exposures, which generally approximate one month. For the years ended December 31, 2018 and 2017 , the Company recognized losses related to non-designated foreign currency forward contracts of $1.9 million and $2.6 million , respectively. The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of December 31, 2018 and 2017 was $115.3 million and $88.5 million , respectively. The total notional amount for all open non-designated foreign currency forward contracts as of December 31, 2018 and 2017 was $125.9 million and $110.6 million , respectively. All open foreign currency forward contracts as of December 31, 2018 have durations of twelve months or less. Cross-currency interest rate swaps On October 4, 2018, the Company entered into cross-currency swap agreements with six different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Under the terms of the cross-currency swap agreements, the Company has notionally exchanged $500 million at an annual interest rate of 4.625% for €433.9 million at an annual interest rate of 1.942% . The swap agreements are designated as net investment hedges and expire on October 4, 2023. The cross-currency swaps are marked to market at each reporting date and any changes in fair value are recognized as a component of Accumulated other comprehensive income (loss) ("AOCI"). For the year ended December 31, 2018 , the Company recognized foreign exchange gain of $4.0 million in foreign currency translation adjustments within AOCI related to the cross-currency swaps. Balance sheet presentation The following table presents the locations in the consolidated balance sheets and fair value of derivative instruments as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Fair Value (Dollars in thousands) Asset derivatives: Designated foreign currency forward contracts $ 1,216 $ 914 Non-designated foreign currency forward contracts 106 307 Cross-currency interest rate swap 14,728 — Prepaid expenses and other current assets 16,050 1,221 Total asset derivatives 16,050 1,221 Liability derivatives: Designated foreign currency forward contracts 524 1,373 Non-designated foreign currency forward contracts 264 53 Other current liabilities 788 1,426 Cross-currency interest rate swap 7,793 — Other liabilities 7,793 — Total liability derivatives $ 8,581 $ 1,426 See Note 12 for information on the location and amount of gains and losses attributable to derivatives that were reclassified from AOCI to expense (income), net of tax. For the years ended December 31, 2018 , 2017 and 2016 , 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 are generally limited due to the Company’s large number of customers located in 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 the countries' economies. 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 accounts receivable from these customers. As a result, the Company continues to closely monitor the allowance for doubtful accounts with respect to these customers. The following table provides information regarding the Company's allowance for doubtful accounts, the aggregate net current and long-term trade accounts receivable related to 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 these customers' trade accounts receivable at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 (Dollars in thousands) Allowance for doubtful accounts (1) $ 9,348 $ 10,255 Current and long-term trade accounts receivable in Greece, Italy, Spain and Portugal (2) $ 39,026 $ 49,054 Percentage of total net current and long-term trade accounts receivables 11.0 % 14.6 % (1) The current portion of the allowance for doubtful accounts was $4.4 million and $3.5 million as of December 31, 2018 and 2017 , respectively, and was recognized in accounts receivable, net. (2) The long-term portion of trade accounts receivable, net from customers in Greece, Italy, Spain and Portugal at December 31, 2018 and 2017 was $2.7 million and $3.3 million , respectively. In December 2018, the Company sold $12.7 million of receivables outstanding with publicly funded hospitals in Italy and Portugal for $12.6 million . For the years ended December 31, 2018 , 2017 and 2016 , net revenues from customers in Greece, Italy, Spain and Portugal were $142.7 million , $129.4 million and $125.3 million , respectively. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2018 | |
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. Under GAAP, there is 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. 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, 2018 and 2017 : Basis of fair value measurement December 31, 2018 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Investments in marketable securities $ 8,671 $ 8,671 $ — $ — Derivative assets 16,050 — 16,050 — Derivative liabilities 8,581 — 8,581 — Contingent consideration liabilities 304,248 — — 304,248 Basis of fair value measurement December 31, 2017 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Investments in marketable securities $ 9,045 $ 9,045 $ — $ — Derivative assets 1,221 — 1,221 — Derivative liabilities 1,426 — 1,426 — Contingent consideration liabilities 272,136 — — 272,136 There were no transfers of financial assets or liabilities among Level 1, Level 2 or Level 3 within the fair value hierarchy during the years ended December 31, 2018 or 2017 . 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 and cross-currency interest rate swap agreements. The Company uses foreign currency forward contracts and cross-currency interest rate swap agreements 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 and cross-currency swap agreements 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. See Note 9 for a discussion of the fair value of the Company’s borrowings. Contingent consideration Contingent consideration liabilities, which primarily consist of revenue-based goals, are remeasured to fair value each reporting period using assumptions including estimated revenues (based on internal operational budgets and long-range strategic plans), discount rates, probability of payment and projected payment dates. The contingent consideration fair value measurement is based on significant inputs not observable in the market and therefore constitute Level 3 inputs within the fair value hierarchy. The Company determines the fair value of the contingent consideration liabilities using a Monte Carlo simulation (which involves a simulation of future revenues during the earn out-period using management's best estimates) or a probability-weighted discounted cash flow analysis. Increases in projected revenues, estimated cash flows and probabilities of payment may result in significantly higher fair value measurements; decreases in these items may have the opposite effect. Increases in the discount rates in periods prior to payment may result in significantly lower fair value measurements and decreases in the discount rates may have the opposite effect. The table below provides additional information regarding the valuation technique and inputs used in determining the fair value of contingent consideration. Contingent Consideration Liability Valuation Technique Unobservable Input Range Milestone-based payment Discounted cash flow Discount rate 4.3% - 6.2% Projected year of payment 2019 - 2023 Revenue-based Monte Carlo simulation Revenue volatility 16.1% - 25.0% Risk free rate Cost of debt structure Projected year of payment 2019 - 2022 Discounted cash flow Discount rate 10.0% - 10.5% Projected year of payment 2019 - 2029 The following table provides information regarding changes in the Company's contingent consideration liabilities for the years ended December 31, 2018 and 2017 : Contingent consideration 2018 2017 (Dollars in thousands) Beginning balance – January 1 $ 272,136 $ 7,102 Initial estimate upon acquisition 54,696 261,733 Payments (75,335 ) (335 ) Revaluations 52,977 3,575 Translation adjustment (226 ) 61 Ending balance – December 31 $ 304,248 $ 272,136 |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 2016 (Shares in thousands) Basic 45,689 45,004 43,325 Dilutive effect of share based awards 970 923 570 Dilutive effect of convertible notes and warrants 142 737 3,751 Diluted 46,801 46,664 47,646 Weighted average shares that were antidilutive and therefore excluded from the calculation of diluted earnings per share were approximately 0.6 million , 0.6 million and 3.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. In connection with the issuance by the Company in 2010 of $400 million principal amount of convertible notes that matured in August 2017, and as a component of hedging arrangements between the Company and two institutional counterparties, the Company issued warrants to the counterparties, entitling them to purchase Company common stock. At December 31, 2018, all of the warrants either (a) were canceled as a result of warrant unwind agreements between the Company and the counterparties or (b) were exercised by the counterparties. The following tables provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2018 and 2017 : 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, 2016 $ (2,424 ) $ (136,596 ) $ (299,697 ) $ (438,717 ) Other comprehensive income (loss) before reclassifications 2,775 (6,725 ) 173,074 169,124 Amounts reclassified from accumulated other comprehensive income (loss) (11 ) 4,513 — 4,502 Net current-year other comprehensive income (loss) 2,764 (2,212 ) 173,074 173,626 Balance at December 31, 2017 340 (138,808 ) (126,623 ) (265,091 ) Other comprehensive income (loss) before reclassifications 2,574 1,605 (83,889 ) (79,710 ) Amounts reclassified from accumulated other comprehensive income (2,107 ) 5,823 — 3,716 Net current-year other comprehensive (loss) income 467 7,428 (83,889 ) (75,994 ) Balance at December 31, 2018 $ 807 $ (131,380 ) $ (210,512 ) $ (341,085 ) The following table provides information relating to the losses (gains) recognized in the statements of income including the reclassifications of losses (gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2018 , 2017 and 2016 : December 31, 2018 December 31, 2017 December 31, (Dollars in thousands) Losses (gains) on designated foreign exchange forward contracts: Cost of goods sold $ (2,270 ) $ (95 ) $ 4,511 Total before tax (2,270 ) (95 ) 4,511 Taxes expense (benefit) 163 84 (1,010 ) Net of tax $ (2,107 ) $ (11 ) $ 3,501 Losses (gains) on cross-currency swaps (net investment hedge): Interest expense $ (3,277 ) $ — $ — Total before tax (3,277 ) — — Tax expense 754 — — Net of tax $ (2,523 ) $ — $ — Amortization of pension and other postretirement benefits items: Actuarial losses (1) $ 7,305 $ 6,904 $ 6,965 Prior-service credits (1) 251 105 56 Total before tax 7,556 7,009 7,021 Tax benefit (1,733 ) (2,496 ) (2,509 ) Net of tax $ 5,823 $ 4,513 $ 4,512 Impact on income from continuing operations, net of tax $ 1,193 $ 4,502 $ 8,013 (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 15 for additional information). |
Stock compensation plans
Stock compensation plans | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Stock compensation plans | Stock compensation plans In May of 2014, the stockholders 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 2018, the Company granted, under the 2014 Plan, non-qualified options to purchase 155,498 shares of common stock and granted restricted stock units relating to 62,221 shares of common stock under the 2014 Plan. The Company also granted performance share units (“PSUs”), as described in the following paragraph. On June 22, 2018, the Company granted PSUs to specified senior managers. The PSUs are designed to provide further incentive to the Company’s senior management with respect to achievement of the Company’s long term financial objectives. The PSU component of the equity incentive program is designed to provide shares of Teleflex common stock to the holder based upon the Company’s achievement of certain financial performance criteria during the designated performance period (2018-2020 with respect to the PSUs granted in 2018). The number of shares to be awarded under the PSUs granted in 2018 will be subject to modification based upon the Company’s total stockholder return relative to a designated group of public companies. Assuming target performance is achieved, a total of 8,915 shares of common stock would be issuable in respect of the PSUs granted in 2018, and a maximum of 22,290 shares would be issuable in respect of such PSUs upon achievement of maximum performance levels. The unrecognized compensation expense for awards granted in 2018 as of the grant date was $27.2 million , which will be recognized over the vesting period of the awards. As of December 31, 2018 , 3,578,241 shares were available for future grants under the 2014 Plan. Share-based compensation expense for 2018 , 2017 and 2016 was $22.4 million , $19.4 million and $16.9 million , respectively, and is included in cost of goods sold or selling, general and administrative expenses based on the employees' functional classification. The total income tax benefit recognized for share-based compensation arrangements for 2018 , 2017 and 2016 was $20.7 million (inclusive of a $15.9 million net excess tax benefit), $12.8 million (inclusive of a $6.6 million net excess tax benefit) and $5.5 million , respectively. Option Awards The fair value of options granted in 2018 , 2017 and 2016 was estimated at the date of grant using a Black-Scholes option pricing model. The following weighted-average assumptions were used: 2018 2017 2016 Risk-free interest rate 2.67 % 1.88 % 1.30 % Expected life of option 4.98 years 4.94 years 4.91 years Expected dividend yield 0.54 % 0.71 % 0.94 % Expected volatility 22.65 % 21.74 % 21.64 % The following table summarizes the option activity during 2018 : 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 1,708,928 $ 113.49 — — Granted 155,498 254.60 — — Exercised (383,198 ) 80.51 — — Forfeited or expired (9,779 ) 170.78 — — Outstanding, end of the year 1,471,449 136.62 5.7 179,396 Exercisable, end of the year 1,073,198 $ 112.13 5.0 157,070 The weighted average grant date fair value for options granted during 2018 , 2017 and 2016 was $58.16 , $39.70 and $27.42 , respectively. The total intrinsic value of options exercised during 2018 , 2017 and 2016 was $69.4 million , $15.7 million and $11.3 million , respectively. The Company recorded $9.1 million of expense related to options during 2018 , which is included in cost of goods sold or selling, general and administrative expenses. As of December 31, 2018 , the unamortized share-based compensation cost related to non-vested stock options, net of expected forfeitures, was $9.1 million , which is expected to be recognized over a weighted-average period of 1.7 years. Authorized but unissued shares of the Company’s common stock are issued upon exercises of options. Stock Awards The fair value of PSUs granted in 2018 was determined using a Monte Carlo simulation valuation model. The grant date fair value for these awards was $284.33 . The fair value for restricted stock units granted in 2018 , 2017 and 2016 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: 2018 2017 2016 Risk-free interest rate 2.41 % 1.47 % 0.94 % Expected dividend yield 0.53 % 0.71 % 0.93 % The following table summarizes the non-vested restricted stock unit activity during 2018 : Number of Non-Vested Shares Weighted Average Grant-Date Fair Value Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (In years) (Dollars in thousands) Outstanding, beginning of the year 233,742 $ 148.79 Granted 62,221 250.66 Vested (83,396 ) 125.70 Forfeited (10,755 ) 179.08 Outstanding, end of the year 201,812 188.10 1.1 $ 52,164 The Company issued 62,221 , 82,865 and 93,367 of non-vested restricted stock units in 2018 , 2017 and 2016 , 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 2018 , 2017 and 2016 was $250.66 , $187.85 and $142.71 , respectively. The Company recorded $13.3 million of expense related to stock awards during 2018 , which is included in cost of goods sold or selling, general and administrative expenses. The unamortized share-based compensation cost related to stock awards granted in 2018, net of estimated forfeitures, was $16.5 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 stock awards. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The following table summarizes the components of the provision for income taxes from continuing operations: 2018 2017 2016 (Dollars in thousands) Current: Federal $ (1,525 ) $ 133,621 $ 2,344 State 1,432 5,213 5,230 Foreign 29,353 35,444 28,842 Deferred: Federal (5,124 ) (258,247 ) (25,141 ) State (5,114 ) 1,459 (1,837 ) Foreign 4,174 212,158 (1,364 ) $ 23,196 $ 129,648 $ 8,074 U.S. tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 22, 2017. The legislation significantly changed U.S. tax law by, among other things, permanently reducing corporate income tax rates from a maximum of 35% to 21%, effective January 1, 2018; implementing a territorial tax system, by generally providing for, among other things, a dividends received deduction on the foreign source portion of dividends received from a foreign corporation if specified conditions are met; and imposing a one-time repatriation tax on undistributed post-1986 foreign subsidiary earnings and profits, which are deemed repatriated for purposes of the tax. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations where a company does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. SAB 118 states that in these circumstances, if the company can determine a reasonable estimate for the income tax effects, the SEC staff would not object if the company includes in its financial statements the reasonable estimate it has determined (and the SEC staff also expressed its belief that it would not be appropriate for a company to exclude a reasonable estimate from its financial statements to the extent a reasonable estimate has been determined). As a result of the TCJA, the Company reassessed and revalued its ending net deferred tax liabilities at December 31, 2017 and recognized a $46.1 million provisional tax benefit in the Company’s consolidated statement of income for the year ended December 31, 2017. The Company also recognized a $154.0 million provisional tax expense in the Company’s consolidated statement of income for the year ended December 31, 2017, related to the deemed repatriated earnings. The Company expects to pay this tax over an eight -year period. In accordance with SAB118, during the year ended December 31, 2018, the Company adjusted the provisional amounts for taxes on deemed repatriated earnings and the revaluation of deferred tax assets and liabilities as a result of additional analysis, changes in interpretations and in the Company's assumptions, and the issuance of additional regulatory guidance. As prescribed under SAB 118, these adjustments were identified and recorded as discrete adjustments in the period in which such changes were made. During 2018, the Company recognized a net $2.3 million discrete tax benefit for adjustments to the provisional tax impacts of the TCJA included in the consolidated financial statements for the year ended December 31, 2017. These adjustments included a $0.2 million reduction in the provisional tax on deemed repatriated earnings and a $2.1 million tax benefit from changes in the revaluation of deferred tax assets and liabilities. The Company completed the accounting for these impacts in the fourth quarter 2018. While the TCJA provides for a territorial tax system, beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company was subject to incremental U.S. tax of $10.7 million on GILTI income beginning in 2018. The Company elected to account for the GILTI tax in the period in which it is incurred. The BEAT provisions in the TCJA eliminate the deduction of certain base-erosion payments made to related foreign corporations and impose a minimum tax if greater than regular tax. For the year ended December 31, 2018, the Company was not impacted by the BEAT provisions. The Company may be subject to the BEAT tax in future years. At December 31, 2018 , the cumulative unremitted earnings of subsidiaries outside the United States that are considered non-permanently reinvested and for which taxes have been provided approximated $2.1 billion . At December 31, 2018, the cumulative unremitted earnings of subsidiaries outside the United States that are considered permanently reinvested approximated $0.2 billion . Earnings considered permanently reinvested are expected to be reinvested indefinitely and, as a result, no additional 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: 2018 2017 2016 (Dollars in thousands) United States $ 37,201 $ 37,528 $ (29,988 ) Other 182,427 247,383 275,713 $ 219,628 $ 284,911 $ 245,725 Reconciliations between the statutory federal income tax rate and the effective income tax rate are as follows: 2018 2017 2016 Federal statutory rate 21.0 % 35.0 % 35.0 % Tax effect of international items (3.3 ) (25.7 ) (27.5 ) Impacts of the TCJA (1.0 ) 37.9 — Excess tax benefits related to share-based compensation (7.2 ) (2.3 ) — State taxes, net of federal benefit (0.1 ) 0.1 0.9 Uncertain tax contingencies (0.4 ) (1.8 ) (3.6 ) Contingent consideration 5.3 0.4 (1.2 ) Intellectual property impairment charge (2.0 ) — — Research and development tax credit (1.6 ) (0.8 ) (0.6 ) Other, net (0.1 ) 2.7 0.3 10.6 % 45.5 % 3.3 % The effective income tax rate for 2018 was 10.6% compared to 45.5% for 2017 . The effective income tax rate for 2018 was impacted by the reduction of the United States corporate income tax rate from a maximum of 35% to 21% as a result of the TCJA. Additionally, the effective tax rate for 2018 was affected by a net excess tax benefit related to share-based compensation and a tax cost associated with a non-deductible contingent consideration expense recognized in connection with an increase in the fair value of the NeoTract contingent consideration liability. The effective income tax rate for 2017 reflects a net tax expense of $107.9 million resulting from the enactment of the TCJA. The $107.9 million net tax expense reflects a tax expense of $154.0 million for the deemed repatriation of undistributed foreign earnings partially offset by a $46.1 million tax benefit resulting from the reassessment and revaluation of the net deferred tax liabilities. Additionally, the effective tax rate for 2017 was affected by a net excess tax benefit related to share-based compensation and a benefit resulting from the expiration of various statutes of limitation. 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 $0.8 million and $5.2 million in 2018 and 2017, respectively, as a result of reducing its reserves with respect to uncertain tax positions, principally due to the expiration of a number of applicable statutes of limitations. 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 following table summarizes significant components of the Company’s deferred tax assets and liabilities at December 31, 2018 and 2017 : 2018 2017 (Dollars in thousands) Deferred tax assets: Tax loss and credit carryforwards $ 234,940 $ 210,055 Pension 19,972 28,147 Reserves and accruals 68,767 62,378 Other 3,267 3,619 Less: valuation allowances (143,971 ) (104,799 ) Total deferred tax assets 182,975 199,400 Deferred tax liabilities: Property, plant and equipment 24,315 22,299 Intangibles — stock acquisitions 541,445 553,245 Unremitted foreign earnings 218,769 223,494 Other 4,221 228 Total deferred tax liabilities 788,750 799,266 Net deferred tax liability $ (605,775 ) $ (599,866 ) As a result of enactment of the TCJA, the Company reassessed and revalued its deferred tax positions, resulting in a $46.1 million decrease in the net deferred tax liability at December 31, 2017. Subsequently, in accordance with SAB 118, adjustments were made to the provisional amounts for the revaluation of deferred tax assets and liabilities due to additional analysis. During 2018, the Company recognized a net $2.1 million tax benefit as a result of changes in its revaluation of deferred tax assets and liabilities related to the TCJA. The accounting for these changes was completed in the fourth quarter of 2018. 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, 2018 , the tax effect of such carryforwards approximated $234.9 million . Of this amount, $11.0 million has no expiration date, $3.7 million expires after 2018 but before the end of 2023 and $220.2 million expires after 2023 . 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 $144.0 million and $104.8 million at December 31, 2018 and 2017 , 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 years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 (Dollars in thousands) Balance at January 1 $ 9,336 $ 15,054 $ 34,381 Increase in unrecognized tax benefits related to prior years — — — Decrease in unrecognized tax benefits related to prior years — — (13,083 ) Unrecognized tax benefits related to the current year 899 895 705 Reductions in unrecognized tax benefits due to settlements — — (2,121 ) Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations (1,955 ) (6,813 ) (4,840 ) Increase (decrease) in unrecognized tax benefits due to foreign currency translation (174 ) 200 12 Balance at December 31 $ 8,106 $ 9,336 $ 15,054 The total liabilities associated with the unrecognized tax benefits that, if recognized, would impact the effective tax rate for continuing operations, were $4.5 million at December 31, 2018 . 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, 2018 was $0.2 million and $(0.3) million , respectively; for the year ended December 31, 2017 was $0.2 million and $(0.2) million , respectively; and for the year ended December 31, 2016 was $0.2 million and $(0.5) million , respectively. The liabilities in the consolidated balance sheets for interest and penalties at December 31, 2018 were $0.6 million and $2.2 million , respectively, and at December 31, 2017 were $0.6 million and $2.6 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 2015 2018 Canada 2014 2018 China 2013 2018 Czech Republic 2015 2018 France 2016 2018 Germany 2011 2018 India 2002 2018 Ireland 2014 2018 Italy 2014 2018 Malaysia 2014 2018 Singapore 2014 2018 The Company and its subsidiaries are routinely subject to income tax examinations by various taxing authorities. As of December 31, 2018 , the most significant tax examination in process is in Germany. The date at which this examination may be concluded and the ultimate outcome of the examination are 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, 2018 . 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 $1.6 million . |
Pension and other postretiremen
Pension and other postretirement benefits | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan [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, 2018 , 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 for the years ended December 31, 2018 , 2017 and 2016 : Pension Other Benefits 2018 2017 2016 2018 2017 2016 (Dollars in thousands) Service cost $ 1,500 $ 2,887 $ 2,615 $ 50 $ 279 $ 355 Interest cost 14,816 15,137 15,711 1,389 1,577 1,595 Expected return on plan assets (29,666 ) (26,809 ) (24,786 ) — — — Net amortization and deferral 6,777 6,734 6,567 136 275 454 Curtailments — — — 677 — — Settlements 486 — — — — — Net benefit expense (income) $ (6,087 ) $ (2,051 ) $ 107 $ 2,252 $ 2,131 $ 2,404 Net benefit expense (income) is primarily included in selling, general and administrative expenses within the consolidated statements of income. The following table provides the weighted average assumptions for United States and foreign plans used in determining net benefit cost: Pension Other Benefits 2018 2017 2016 2018 2017 2016 Discount rate 3.6 % 4.2 % 4.5 % 3.6 % 4.1 % 4.3 % Rate of return 7.8 % 8.1 % 8.1 % Initial healthcare trend rate 7.8 % 7.9 % 8.4 % 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, 2018 and 2017 : Pension Other Benefits 2018 2017 2018 2017 Under Funded Under Funded (Dollars in thousands) Benefit obligation, beginning of year $ 462,158 $ 430,574 $ 48,903 $ 47,487 Service cost 1,500 2,887 50 279 Interest cost 14,816 15,137 1,389 1,577 Actuarial (gain) loss (38,446 ) 31,074 (6,058 ) 2,278 Currency translation (1,780 ) 3,916 — — Benefits paid (19,314 ) (19,144 ) (2,790 ) (3,095 ) Medicare Part D reimbursement — — 101 80 Plan amendments 157 — — 297 Curtailments (162 ) — 520 — Settlements (1,420 ) — — — Administrative costs (1,039 ) (2,286 ) — — Projected benefit obligation, end of year 416,470 462,158 42,115 48,903 Fair value of plan assets, beginning of year 386,307 340,265 Actual return on plan assets (13,275 ) 53,065 Contributions 12,687 12,670 Benefits paid (19,314 ) (19,144 ) Settlements (1,420 ) — Administrative costs (1,039 ) (2,286 ) Currency translation (1,139 ) 1,737 Fair value of plan assets, end of year 362,807 386,307 Funded status, end of year $ (53,663 ) $ (75,851 ) $ (42,115 ) $ (48,903 ) 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 2018 2017 2018 2017 (Dollars in thousands) Other assets $ 2,837 $ 1,596 $ — $ — Payroll and benefit-related liabilities (1,729 ) (1,767 ) (3,972 ) (3,173 ) Pension and postretirement benefit liabilities (54,771 ) (75,680 ) (38,143 ) (45,730 ) Accumulated other comprehensive loss 205,910 209,365 364 6,715 $ 152,247 $ 133,514 $ (41,751 ) $ (42,188 ) 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, 2016 $ 79 $ 209,706 $ (76,140 ) $ 133,645 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (28 ) (6,706 ) 2,395 (4,339 ) Amounts arising during the period: Actuarial changes in benefit obligation — 4,818 (1,119 ) 3,699 Impact of currency translation — 1,496 (413 ) 1,083 Balance at December 31, 2017 51 209,314 (75,277 ) 134,088 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (17 ) (6,760 ) 1,579 (5,198 ) Settlements — (486 ) 83 (403 ) Amounts arising during the period: Actuarial changes in benefit obligation — 4,495 (1,012 ) 3,483 Curtailments — (162 ) 42 (120 ) Plan amendments 157 — (27 ) 130 Impact of currency translation — (682 ) 183 (499 ) Balance at December 31, 2018 $ 191 $ 205,719 $ (74,429 ) $ 131,481 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, 2016 $ 85 $ 4,330 $ (1,464 ) $ 2,951 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (77 ) (198 ) 101 (174 ) Amounts arising during the period: Actuarial changes in benefit obligation — 2,278 (558 ) 1,720 Plan amendments 297 — (74 ) 223 Balance at December 31, 2017 305 6,410 (1,995 ) 4,720 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (77 ) (59 ) 32 (104 ) Curtailments (157 ) — 39 (118 ) Amounts arising during the period: Actuarial changes in benefit obligation — (6,058 ) 1,459 (4,599 ) Balance at December 31, 2018 $ 71 $ 293 $ (465 ) $ (101 ) The following table provides the weighted average assumptions for United States and foreign plans used in determining benefit obligations: Pension Other Benefits 2018 2017 2018 2017 Discount rate 4.3 % 3.6 % 4.2 % 3.6 % Rate of compensation increase 2.6 % 2.6 % Initial healthcare trend rate 7.4 % 7.8 % 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 4.43% and 4.22% , respectively, were established by comparing the projection of expected benefit payments to the AA Above Median yield curve as of December 31, 2018 . 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. Effective in 2018, the Company changed the expected return on plan assets of the United States pension plans from 8.25% to 8.0% due to modifications to the investment strategy in order to gradually reduce portfolio risk. An increase in the assumed healthcare trend rate of 1% would increase the benefit obligation at December 31, 2018 by $2.4 million and would increase the 2018 benefit expense by $0.1 million . Decreasing this assumed rate by 1% would decrease the benefit obligation at December 31, 2018 by $2.2 million and would decrease the 2018 benefit expense by $0.1 million . The accumulated benefit obligation for all United States and foreign defined benefit pension plans was $415.9 million and $461.6 million for 2018 and 2017 , respectively. All of the Company's pension plans had accumulated benefit obligations in excess of their respective plan assets as of December 31, 2018 and 2017 , with the exception of one foreign plan that had plan assets of $2.8 million and $1.6 million in excess of the accumulated benefit obligation as of December 31, 2018 and 2017, respectively. 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 (40%) ; fixed-income securities (50%) and other securities (10%) . 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, 2018 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 $ 627 $ 627 — — Money market funds 7 7 — — Equity securities: Managed volatility (b) 71,306 71,306 — — United States small/mid-cap equity (c) 15,379 15,379 — — World Equity (excluding United States) (d) 24,589 24,589 — — Common Equity Securities – Teleflex Incorporated 30,216 30,216 — — Fixed income securities: Intermediate duration fund (e) 26,958 26,958 — — Long duration bond fund (f) 90,661 90,661 — — Corporate bond fund (g) 12,162 12,162 — — Global credit fund (h) 647 647 — — Emerging markets debt fund (i) 7,923 7,923 — — Corporate, government and foreign bonds 30,418 30,418 — — Asset backed – home loans 367 — $ 367 — Other types of investments: Multi asset funds (j) 6,905 3,676 3,229 — Contract with insurance company (k) 10,092 — — $ 10,092 Other 5 — — 5 Total investments at fair value $ 328,262 $ 314,569 $ 3,596 $ 10,097 Investments measured at net asset value (l) 34,545 Total $ 362,807 The following table provides the fair values of the Company’s pension plan assets at December 31, 2017 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 $ 1,324 $ 1,324 — — Money market funds 51 51 — — Equity securities: Managed volatility (b) 79,964 79,964 — — United States small/mid-cap equity (c) 19,239 19,239 — — World Equity (excluding United States) (d) 32,294 32,294 — — Common Equity Securities – Teleflex Incorporated 29,087 29,087 — — Diversified Global 6,353 6,353 — — Fixed income securities: Intermediate duration fund (e) 23,378 23,378 — — Long duration bond fund (f) 94,623 94,623 — — Corporate bond fund (g) 12,420 12,420 — — Emerging markets debt fund (i) 9,184 9,184 — — Corporate, government and foreign bonds 2,024 2,024 — — Asset backed – home loans 454 — $ 454 — Other types of investments: Multi asset funds (j) 11,114 6,187 4,927 Other 5 — — $ 5 Total investments at fair value $ 321,514 $ 316,128 $ 5,381 $ 5 Investments measured at Net asset value (l) 64,793 Total $ 386,307 (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 United States and foreign corporate obligations, fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets, debt obligations issued by governments or other municipalities, and securities issued or guaranteed by the United States Government and its agencies. The fund will seek to maintain an effective average duration between three and ten years, and uses derivative instruments, including interest rate swap agreements and credit default swaps, 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 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. (g) This category comprises funds that invest primarily in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. (h) This category comprises a fund that invests primarily in a range of debt securities, including those issued by governments, institutions, or companies from a number of countries. (i) 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. (j) This category comprises funds that may invest in equities, bonds, or derivatives. (k) This category comprises the asset established out of an agreement to purchase a bulk-annuity policy from an insurer to fully cover the liabilities for members of the pension plan. The asset value is based on the fair value of the contract as determined by the insurance company using inputs that are not observable. (l) This category comprises pooled institutional investments, primarily collective investment trusts. These funds are not listed on an exchange or traded in an active market and these investments are valued using their net asset value, which is generally based on the underlying asset values of the pooled investments held in the trusts. This category comprises the following funds: • a fund that invests primarily in collateralized debt obligations and other structured credit vehicles and may include fixed income securities, loan participations, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments. • a hedge fund that invests in various other hedge funds. • funds that invest in underlying funds that acquire, manage, and dispose of real estate properties, with a focus on properties in the U.S. and the UK markets. The Company’s contributions to United States and foreign pension plans during 2019 are expected to be approximately $12.7 million . Contributions to postretirement healthcare plans during 2019 are expected to be approximately $4.0 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) 2019 $ 20,852 $ 3,972 2020 21,023 4,024 2021 21,795 3,893 2022 22,658 4,015 2023 23,161 3,795 Years 2024 — 2028 124,927 15,241 The amounts in AOCI expected to be recognized into net periodic benefit cost over the next fiscal year for the Company's pension and postretirement benefit plans are $6.8 million and $0.1 million, respectively. 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 $15.6 million , $12.5 million and $12.0 million for 2018 , 2017 and 2016 , respectively. |
Commitments and contingent liab
Commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , the Company had no residual value guarantees related to its operating leases. Future minimum lease payments as of December 31, 2018 under noncancellable operating leases are as follows: Future Lease Payments (Dollars in thousands) 2019 $ 25,294 2020 23,216 2021 21,419 2022 19,460 2023 17,403 2024 and thereafter 41,368 Rental expense under operating leases was $38.1 million , $36.2 million and $34.0 million in 2018 , 2017 and 2016 , 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, 2018 and 2017 , the Company has recorded $0.8 million and $1.0 million , respectively, in accrued liabilities and $5.6 million and $5.8 million , respectively in other liabilities relating to these matters. Considerable uncertainty exists with respect to these liabilities, and if adverse changes in circumstances occur, potential liability may exceed the amount accrued as of December 31, 2018 . The time frame over which the accrued amounts may be paid out, based on past history, is estimated to be 10 - 15 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, 2018 and 2017 , the Company has recorded accrued liabilities of $0.6 million and $3.8 million , respectively, 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. 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, 2018 , the most significant tax examination in process is in Germany. 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 tax 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, 2018 | |
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 seven reportable segments: Vascular North America, Interventional North America, Anesthesia North America, Surgical North America, Europe, Middle East and Africa ("EMEA"), Asia and Original Equipment and Development Services ("OEM"). In connection with the presentation of segment information, the Company presents certain operating segments, including the Interventional Urology North America, Respiratory North America and Latin America operating segments, in the “all other” category because separate information with regard to each of these operating segments is not material. The Company’s reportable segments, other than the OEM segment, design, manufacture and distribute medical devices primarily used in critical care and surgical applications 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, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Vascular North America $ 329,473 $ 313,618 $ 295,206 Interventional North America 261,645 220,611 82,431 Anesthesia North America 205,064 197,982 198,772 Surgical North America 166,267 175,216 172,223 EMEA 603,813 552,722 510,934 Asia 286,895 269,208 249,416 OEM 205,976 182,967 160,990 All other 389,250 233,979 198,055 Net revenues $ 2,448,383 $ 2,146,303 $ 1,868,027 Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Vascular North America $ 98,505 $ 77,036 $ 77,122 Interventional North America 62,242 25,972 13,264 Anesthesia North America 61,159 62,901 55,544 Surgical North America 62,934 63,931 56,608 EMEA 106,090 92,430 84,392 Asia 78,135 75,637 75,770 OEM 50,294 41,578 33,641 All other (29,042 ) 11,142 26,486 Total segment operating profit (1) 490,317 450,627 422,827 Unallocated expenses (2) (168,613 ) (78,348 ) (103,374 ) Income from continuing operations before interest, loss on extinguishment of debt and taxes $ 321,704 $ 372,279 $ 319,453 (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 impairment charges and gain on sale of assets. Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Vascular North America $ 27,535 $ 31,058 $ 35,117 Interventional North America 34,127 29,108 6,993 Anesthesia North America 10,162 8,573 10,932 Surgical North America 8,321 8,694 10,459 EMEA 47,171 34,322 30,505 Asia 12,917 11,868 11,275 OEM 8,610 8,337 8,404 All other 65,871 28,378 14,661 Consolidated depreciation and amortization $ 214,714 $ 160,338 $ 128,346 During the first quarter 2019, the Company changed its segment presentation as a result of a change in the manner in which the chief operating decision maker (the Chief Executive Officer) reviews financial information for purposes of assessing business performance and allocating resources. The Company now has four segments: Americas, EMEA, Asia and OEM. See Note 20 for additional information. 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, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Net revenues (based on the Company's selling location): United States $ 1,449,426 $ 1,254,825 $ 1,018,786 Europe 671,264 591,370 567,320 Asia and Asia Pacific 234,090 220,110 208,841 All other 93,603 79,998 73,080 $ 2,448,383 $ 2,146,303 $ 1,868,027 Net property, plant and equipment: United States $ 258,415 $ 216,568 $ 167,167 Malaysia 51,952 43,730 31,415 Ireland 41,223 43,867 36,569 Czech Republic 34,833 35,715 30,843 All other 46,343 43,119 36,905 $ 432,766 $ 382,999 $ 302,899 |
Condensed consolidating guarant
Condensed consolidating guarantor financial information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Consolidated Guarantor Financial Information [Abstract] | |
Condensed consolidating guarantor financial information | Condensed consolidating guarantor financial information The 2024 Notes, 2026 Notes and 2027 Notes (collectively, the "Senior Notes") are issued by Teleflex Incorporated (the “Parent Company”), and payment of the Parent Company's obligations under the Senior Notes are guaranteed, jointly and severally, by certain of the Parent Company’s subsidiaries (each, a “Guarantor Subsidiary” and collectively, the “Guarantor Subsidiaries”). The 2024 Notes, 2026 Notes and 2027 Notes are guaranteed by the same Guarantor Subsidiaries. The guarantees are full and unconditional, subject to certain customary release provisions. Each Guarantor Subsidiary is directly or indirectly 100% owned by the Parent Company. The Company’s condensed consolidating statements of income and comprehensive income and condensed consolidating statements of cash flows for the years ended December 31, 2018, 2017 and 2016 and condensed consolidating balance sheets as of December 31, 2018 and 2017 provide consolidated information for: a. Parent Company, the issuer of the guaranteed obligations; b. Guarantor Subsidiaries, on a combined basis; c. Non-Guarantor Subsidiaries (i.e., those subsidiaries of the Parent Company that have not guaranteed payment of the Senior Notes), on a combined basis; and d. Parent Company and its subsidiaries on a consolidated basis. 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. In 2018, a Guarantor Subsidiary merged with and into Parent; the transaction is reflected as of the beginning of the earliest period presented in the condensed consolidating financial statements. TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year Ended December 31, 2018 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net revenues $ — $ 1,584,650 $ 1,287,944 $ (424,211 ) $ 2,448,383 Cost of goods sold — 886,161 596,985 (419,205 ) 1,063,941 Gross profit — 698,489 690,959 (5,006 ) 1,384,442 Selling, general and administrative expenses 50,866 514,598 313,895 (671 ) 878,688 Research and development expenses 1,482 73,067 31,659 — 106,208 Restructuring and impairment charges — 20,639 58,591 — 79,230 Gain on sale of assets — (1,388 ) — — (1,388 ) (Loss) income from continuing operations before interest and taxes (52,348 ) 91,573 286,814 (4,335 ) 321,704 Interest, net 95,173 4,796 2,107 — 102,076 (Loss) income from continuing operations before taxes (147,521 ) 86,777 284,707 (4,335 ) 219,628 (Benefit) taxes on (loss) income from continuing operations (53,401 ) 34,591 42,241 (235 ) 23,196 Equity in net income of consolidated subsidiaries 291,572 220,718 637 (512,927 ) — Income from continuing operations 197,452 272,904 243,103 (517,027 ) 196,432 Operating income from discontinued operations 4,363 — 1,280 — 5,643 Tax on income from discontinued operations 1,013 — 260 — 1,273 Income from discontinued operations 3,350 — 1,020 — 4,370 Net income 200,802 272,904 244,123 (517,027 ) 200,802 Other comprehensive loss (75,994 ) (80,030 ) (80,512 ) 160,542 (75,994 ) Comprehensive income $ 124,808 $ 192,874 $ 163,611 $ (356,485 ) $ 124,808 Year Ended December 31, 2017 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net revenues $ — $ 1,368,149 $ 1,177,247 $ (399,093 ) $ 2,146,303 Cost of goods sold — 778,153 594,527 (398,179 ) 974,501 Gross profit — 589,996 582,720 (914 ) 1,171,802 Selling, general and administrative expenses 47,412 408,811 243,544 196 699,963 Research and development expenses 1,009 57,614 26,147 — 84,770 Restructuring charges — 8,971 5,819 — 14,790 (Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes (48,421 ) 114,600 307,210 (1,110 ) 372,279 Interest, net 99,371 (21,153 ) 3,557 — 81,775 Loss on extinguishment of debt 5,593 — — — 5,593 (Loss) income from continuing operations before taxes (153,385 ) 135,753 303,653 (1,110 ) 284,911 (Benefit) taxes on (loss) income from continuing operations (110,921 ) (20,333 ) 261,386 (484 ) 129,648 Equity in net income of consolidated subsidiaries 197,727 25,500 (3,135 ) (220,092 ) — Income from continuing operations 155,263 181,586 39,132 (220,718 ) 155,263 Operating loss from discontinued operations (4,534 ) — — — (4,534 ) Benefit on loss from discontinued operations (1,801 ) — — — (1,801 ) Loss from discontinued operations (2,733 ) — — — (2,733 ) Net income 152,530 181,586 39,132 (220,718 ) 152,530 Other comprehensive income 173,626 158,490 198,453 (356,943 ) 173,626 Comprehensive income $ 326,156 $ 340,076 $ 237,585 $ (577,661 ) $ 326,156 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 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 61,374 (11,009 ) 4,102 — 54,467 Loss on extinguishment of debt 19,261 — — — 19,261 (Loss) income from continuing operations before taxes (122,250 ) 59,660 308,512 (197 ) 245,725 (Benefit) taxes on (loss) income from continuing operations (44,674 ) 12,954 39,875 (81 ) 8,074 Equity in net income of consolidated subsidiaries 315,396 243,987 528 (559,911 ) — Income from continuing operations 237,820 290,693 269,165 (560,027 ) 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 237,377 290,693 269,798 (560,027 ) 237,841 Less: Income from continuing operations attributable to noncontrolling interests — — 464 — 464 Net income attributable to common shareholders 237,377 290,693 269,334 (560,027 ) 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 $ 214,595 $ 188,634 $ (403,229 ) $ 170,616 TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2018 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) ASSETS Current assets Cash and cash equivalents $ 49,523 $ 1,757 $ 305,881 $ — $ 357,161 Accounts receivable, net 5,885 54,013 301,054 5,334 366,286 Accounts receivable from consolidated subsidiaries 32,036 1,043,573 350,162 (1,425,771 ) — Inventories, net — 266,073 192,659 (30,954 ) 427,778 Prepaid expenses and other current assets 30,458 9,673 28,237 4,113 72,481 Prepaid taxes 7,029 — 5,434 — 12,463 Total current assets 124,931 1,375,089 1,183,427 (1,447,278 ) 1,236,169 Property, plant and equipment, net 3,385 253,037 176,344 — 432,766 Goodwill — 1,254,848 991,731 — 2,246,579 Intangibles assets, net 90 1,277,462 1,047,500 — 2,325,052 Investments in affiliates 5,984,566 1,672,908 20,257 (7,677,731 ) — Deferred tax assets — — 4,822 (2,376 ) 2,446 Notes receivable and other amounts due from consolidated subsidiaries 2,337,737 2,523,156 13,242 (4,874,135 ) — Other assets 17,180 5,776 12,023 — 34,979 Total assets $ 8,467,889 $ 8,362,276 $ 3,449,346 $ (14,001,520 ) $ 6,277,991 LIABILITIES AND EQUITY Current liabilities Current borrowings $ 36,625 $ — $ 50,000 $ — $ 86,625 Accounts payable 3,448 62,764 40,497 — 106,709 Accounts payable to consolidated subsidiaries 1,058,008 278,715 89,048 (1,425,771 ) — Accrued expenses 5,659 41,883 50,009 — 97,551 Current portion of contingent consideration — 106,514 30,363 — 136,877 Payroll and benefit-related liabilities 17,156 44,982 42,532 — 104,670 Accrued interest 5,995 — 36 — 6,031 Income taxes payable — — 5,943 — 5,943 Other current liabilities 843 34,916 2,291 — 38,050 Total current liabilities 1,127,734 569,774 310,719 (1,425,771 ) 582,456 Long-term borrowings 2,072,200 — — — 2,072,200 Deferred tax liabilities 87,671 257,522 265,404 (2,376 ) 608,221 Pension and postretirement benefit liabilities 49,290 27,454 16,170 — 92,914 Noncurrent liability for uncertain tax positions 801 7,212 2,705 — 10,718 Notes payable and other amounts due to consolidated subsidiaries 2,451,784 2,222,580 199,771 (4,874,135 ) — Noncurrent contingent consideration — 131,563 35,807 — 167,370 Other liabilities 138,431 8,204 57,499 204,134 Total liabilities 5,927,911 3,224,309 888,075 (6,302,282 ) 3,738,013 Total shareholders' equity 2,539,978 5,137,967 2,561,271 (7,699,238 ) 2,539,978 Total liabilities and shareholders' equity $ 8,467,889 $ 8,362,276 $ 3,449,346 $ (14,001,520 ) $ 6,277,991 December 31, 2017 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) ASSETS Current assets Cash and cash equivalents $ 37,803 $ 8,933 $ 286,822 $ — $ 333,558 Accounts receivable, net 2,414 57,818 280,980 4,663 345,875 Accounts receivable from consolidated subsidiaries 14,478 1,177,246 343,115 (1,534,839 ) — Inventories, net — 245,533 176,490 (26,279 ) 395,744 Prepaid expenses and other current assets 14,874 9,236 19,790 3,982 47,882 Prepaid taxes — — 5,748 — 5,748 Total current assets 69,569 1,498,766 1,112,945 (1,552,473 ) 1,128,807 Property, plant and equipment, net 2,088 213,663 167,248 — 382,999 Goodwill — 1,246,144 989,448 — 2,235,592 Intangibles assets, net — 1,355,275 1,028,473 — 2,383,748 Investments in affiliates 5,806,244 1,674,077 19,620 (7,499,941 ) — Deferred tax assets — — 6,071 (2,261 ) 3,810 Notes receivable and other amounts due from consolidated subsidiaries 2,452,101 2,231,832 — (4,683,933 ) — Other assets 31,173 6,397 8,966 — 46,536 Total assets $ 8,361,175 $ 8,226,154 $ 3,332,771 $ (13,738,608 ) $ 6,181,492 LIABILITIES AND EQUITY Current liabilities Current borrowings $ 36,625 $ — $ 50,000 $ — $ 86,625 Accounts payable 4,269 46,992 40,766 — 92,027 Accounts payable to consolidated subsidiaries 1,211,568 261,121 62,150 (1,534,839 ) — Accrued expenses 17,957 31,827 47,069 — 96,853 Current portion of contingent consideration — 74,224 — — 74,224 Payroll and benefit-related liabilities 21,145 44,009 42,261 — 107,415 Accrued interest 6,133 — 32 — 6,165 Income taxes payable 4,352 — 7,162 — 11,514 Other current liabilities 1,461 3,775 3,817 — 9,053 Total current liabilities 1,303,510 461,948 253,257 (1,534,839 ) 483,876 Long-term borrowings 2,162,927 — — — 2,162,927 Deferred tax liabilities 88,512 265,426 251,999 (2,261 ) 603,676 Pension and postretirement benefit liabilities 70,860 32,750 17,800 — 121,410 Noncurrent liability for uncertain tax positions 1,117 8,196 2,983 — 12,296 Notes payable and other amounts due to consolidated subsidiaries 2,155,146 2,320,611 208,176 (4,683,933 ) — Noncurrent contingent consideration — 186,923 10,989 — 197,912 Other liabilities 148,572 7,850 12,442 — 168,864 Total liabilities 5,930,644 3,283,704 757,646 (6,221,033 ) 3,750,961 Total shareholders' equity 2,430,531 4,942,450 2,575,125 (7,517,575 ) 2,430,531 Total liabilities and shareholders' equity $ 8,361,175 $ 8,226,154 $ 3,332,771 $ (13,738,608 ) $ 6,181,492 TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Condensed (Dollars in thousands) Net cash (used in) provided by operating activities from continuing operations $ (196,727 ) $ 470,972 $ 319,693 $ (158,852 ) $ 435,086 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (1,881 ) (40,399 ) (38,515 ) — (80,795 ) Payments for businesses and intangibles acquired, net of cash acquired (100 ) (35,606 ) (85,319 ) — (121,025 ) Proceeds from sale of assets 28,239 3,878 — (28,239 ) 3,878 Net interest proceeds on swaps designated as net investment hedges 1,548 — — — 1,548 Investments in affiliates — (5,700 ) — 5,700 — Net cash provided by (used in) investing activities from continuing operations 27,806 (77,827 ) (123,834 ) (22,539 ) (196,394 ) Cash flows from financing activities of continuing operations: Proceeds from new borrowings 35,000 — — — 35,000 Reduction in borrowings (128,500 ) — — — (128,500 ) Debt extinguishment, issuance and amendment fees (188 ) — — — (188 ) Proceeds from share based compensation plans and the related tax impacts 22,655 — — — 22,655 Payments for contingent consideration — (73,235 ) — — (73,235 ) Proceeds from issuance of shares — — 5,700 (5,700 ) — Dividends (62,165 ) — — — (62,165 ) Intercompany transactions 314,386 (322,363 ) (20,262 ) 28,239 — Intercompany dividends paid — (4,723 ) (154,129 ) 158,852 — Net cash provided by (used in) financing activities from continuing operations 181,188 (400,321 ) (168,691 ) 181,391 (206,433 ) Cash flows from discontinued operations: Net cash provided by operating activities (547 ) — 2,839 — 2,292 Net cash provided by discontinued operations (547 ) — 2,839 — 2,292 Effect of exchange rate changes on cash and cash equivalents — — (10,948 ) — (10,948 ) Net increase (decrease) in cash and cash equivalents 11,720 (7,176 ) 19,059 — 23,603 Cash and cash equivalents at the beginning of the year 37,803 8,933 286,822 — 333,558 Cash and cash equivalents at the end of the year $ 49,523 $ 1,757 $ 305,881 $ — $ 357,161 Year Ended December 31, 2017 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net cash (used in) provided by operating activities from continuing operations $ (50,585 ) $ 223,373 $ 315,431 $ (61,918 ) $ 426,301 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (240 ) (34,912 ) (35,751 ) — (70,903 ) Payments for businesses and intangibles acquired, net of cash acquired (975,524 ) (725,554 ) (67,206 ) — (1,768,284 ) Proceeds from sale of assets 464,982 — 6,332 (464,982 ) 6,332 Investments in affiliates — (5,900 ) — 5,900 — Net cash used in investing activities from continuing operations (510,782 ) (766,366 ) (96,625 ) (459,082 ) (1,832,855 ) Cash flows from financing activities of continuing operations: Proceeds from new borrowings 2,463,500 — — — 2,463,500 Reduction in borrowings (1,239,576 ) — — — (1,239,576 ) Debt extinguishment, issuance and amendment fees (26,664 ) — — — (26,664 ) Proceeds from share based compensation plans and related tax impacts 5,571 — — — 5,571 Payments for contingent consideration — (335 ) — — (335 ) Proceeds from issuance of shares — — 5,900 (5,900 ) — Dividends (61,237 ) — — — (61,237 ) Intercompany transactions (550,579 ) 551,230 (465,633 ) 464,982 — Intercompany dividends paid — — (61,918 ) 61,918 — Net cash provided by (used in) financing activities from continuing operations 591,015 550,895 (521,651 ) 521,000 1,141,259 Cash flows from discontinued operations: Net cash used in operating activities (6,416 ) — — — (6,416 ) Net cash used in discontinued operations (6,416 ) — — — (6,416 ) Effect of exchange rate changes on cash and cash equivalents — — 61,480 — 61,480 Net increase (decrease) in cash and cash equivalents 23,232 7,902 (241,365 ) — (210,231 ) Cash and cash equivalents at the beginning of the year 14,571 1,031 528,187 — 543,789 Cash and cash equivalents at the end of the year $ 37,803 $ 8,933 $ 286,822 $ — $ 333,558 Year Ended December 31, 2016 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (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 businesses and 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 (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 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Divestiture-Related Activities [Abstract] | |
Discontinued Operations | Discontinued Operations The results of the Company’s discontinued operations for the years ended December 31, 2018 , 2017 and 2016 were as follows: 2018 2017 2016 (Dollars in thousands) Other (gains) expenses (1) $ (5,643 ) $ 4,534 $ 922 Income (loss) from discontinued operations before income taxes 5,643 (4,534 ) (922 ) Tax (expense) benefit on loss from discontinued operations (1,273 ) 1,801 1,112 Income (loss) from discontinued operations $ 4,370 $ (2,733 ) $ 190 (1) Includes expenses and recoveries associated with divested businesses. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events Segment change During the first quarter 2019, the chief operating decision maker, or CODM, (the CEO) changed the manner in which he reviews financial information for purposes of assessing business performance and allocating resources by focusing on the geographic location of all non-OEM operations. As a result, the Company changed its segment presentation. Specifically, the Vascular North America, Interventional North America, Anesthesia North America, Surgical North America, Interventional Urology North America, Respiratory North America and Latin America operating segments were combined into a new Americas segment. The Company now has four segments: Americas, EMEA, Asia and OEM. 2019 Footprint realignment plan In February 2019, the Company initiated a restructuring plan primarily involving the relocation of certain manufacturing operations to existing lower-cost locations and related workforce reductions (the “2019 Footprint realignment plan"). These actions commenced in the first quarter 2019 and are expected to be substantially completed during 2022. The following table provides a summary of the Company’s cost estimates by major type of expense associated with the 2019 Footprint realignment plan: Type of expense Total estimated amount expected to be incurred Termination benefits $19 million to $23 million Other costs (1) $1 million to $2 million Restructuring charges $20 million to $25 million Restructuring related charges (2) $36 million to $45 million Total restructuring and restructuring related charges $56 million to $70 million (1) Includes contract termination costs as well as facility closure and other exit costs (employee and equipment relocation costs and outplacement). (2) Consists of estimated pre-tax charges related to costs directly related to the plan, primarily costs to transfer manufacturing operations to the new locations as well as accelerated depreciation of $3.0 million to $4.0 million . Most of the charges are expected to be recognized within costs of goods sold. The Company estimates $53 million to $66 million of the restructuring and restructuring related charges will result in future cash outlays. Additionally, the Company expects that it will incur $29 million to $35 million in aggregate capital expenditures under the plan. The Company expects to incur most of these charges and cash outlays prior to 2021. As the 2019 Footprint realignment plan progresses, management will reevaluate the estimated expenses and charges set forth above, and may revise its estimates, as appropriate, consistent with GAAP. |
QUARTERLY DATA (UNAUDITED)
QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY DATA (UNAUDITED) | QUARTERLY DATA (UNAUDITED) First Second Third Fourth (Dollars in thousands, except per share) 2018: Net revenues $ 587,230 $ 609,866 $ 609,672 $ 641,615 Gross profit 331,270 344,778 342,573 365,821 Income from continuing operations before interest, loss on extinguishment of debt and taxes 86,843 33,490 82,105 119,266 Income (loss) from continuing operations 54,931 (2,552 ) 56,540 87,513 Income (loss) from discontinued operations 1,253 56 (16 ) 3,077 Net income (loss) 56,184 (2,496 ) 56,524 90,590 Net income (loss) attributable to common shareholders 56,184 (2,496 ) 56,524 90,590 Earnings per share available to common shareholders — basic (1) : Income (loss) from continuing operations $ 1.21 $ (0.06 ) $ 1.23 $ 1.90 Income from discontinued operations 0.03 0.01 — 0.07 Net income (loss) $ 1.24 $ (0.05 ) $ 1.23 $ 1.97 Earnings per share available to common shareholders — diluted (1) : Income (loss) from continuing operations $ 1.18 $ (0.06 ) $ 1.21 $ 1.87 Income from discontinued operations 0.02 0.01 — 0.06 Net income (loss) $ 1.20 $ (0.05 ) $ 1.21 $ 1.93 2017: Net revenues $ 487,881 $ 528,613 $ 534,703 $ 595,106 Gross profit 255,560 290,284 295,227 330,731 Income from continuing operations before interest, loss on extinguishment of debt and taxes 60,819 110,202 110,354 90,904 Income from continuing operations 40,349 78,363 79,398 (42,847 ) (Loss) income from discontinued operations (179 ) (360 ) (2,383 ) 189 Net income (loss) 40,170 78,003 77,015 (42,658 ) Net income (loss) attributable to common shareholders 40,170 78,003 77,015 (42,658 ) Earnings per share available to common shareholders — basic (1) : Income (loss) from continuing operations $ 0.90 $ 1.74 $ 1.76 $ (0.95 ) Loss from discontinued operations (0.01 ) (0.01 ) (0.05 ) — Net income (loss) $ 0.89 $ 1.73 $ 1.71 $ (0.95 ) Earnings per share available to common shareholders — diluted (1) : Income (loss) from continuing operations $ 0.87 $ 1.67 $ 1.70 $ (0.92 ) (Loss) income from discontinued operations (0.01 ) — (0.05 ) 0.01 Net income (loss) $ 0.86 $ 1.67 $ 1.65 $ (0.91 ) (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, 2018 | |
SEC Schedule, 12-09, 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, 2018 $ 10,255 $ 2,521 $ (2,601 ) $ (827 ) $ 9,348 December 31, 2017 $ 8,636 $ 1,949 $ (596 ) $ 266 $ 10,255 December 31, 2016 $ 8,026 $ 2,156 $ (862 ) $ (684 ) $ 8,636 INVENTORY RESERVE Balance at Beginning of Year Additions Charged to Income Inventory Write-offs Translation and Other Balance at End of Year December 31, 2018 Raw material $ 6,093 $ 4,028 $ (1,899 ) $ 348 $ 8,570 Work-in-process 3,089 702 (1,097 ) 60 2,754 Finished goods 26,426 15,295 (17,390 ) (781 ) 23,550 $ 35,608 $ 20,025 $ (20,386 ) $ (373 ) $ 34,874 December 31, 2017 Raw material $ 6,555 $ 1,552 $ (2,317 ) $ 303 $ 6,093 Work-in-process 2,853 306 (127 ) 57 3,089 Finished goods 26,950 8,662 (10,259 ) 1,073 26,426 $ 36,358 $ 10,520 $ (12,703 ) $ 1,433 $ 35,608 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 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, 2018 $ 104,799 $ 43,361 $ (2,871 ) $ (1,318 ) $ 143,971 December 31, 2017 $ 104,520 $ 4,657 $ (5,745 ) $ 1,367 $ 104,799 December 31, 2016 $ 103,475 $ 2,046 $ (725 ) $ (276 ) $ 104,520 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 net realizable value. 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 net realizable 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 5 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. For purposes of this assessment, a reporting unit is an operating segment, or a business one level below an 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 elect to bypass the qualitative assessment and perform 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. The Company did not record a goodwill impairment charge for the year ended December 31, 2018 . The Company’s intangible assets consist of customer relationships, intellectual property, distribution rights, in-process research and development ("IPR&D"), trade names and non-competition agreements. 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 that utilizes the technology 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. For the year ended December 31, 2018 , the Company recognized a $16.9 million pre-tax ( $8.6 million after tax) impairment charge related to the abandonment of certain intellectual property intangible assets. See Note 8 for further information. Intangible assets that do not have indefinite lives, consisting of intellectual property, customer relationships, distribution rights, certain trade names and non-competition agreements, are amortized over their estimated useful lives, which are as follows: intellectual property, 5 to 20 years ; customer relationships, 8 to 27 years ; distribution rights, 10 to 17 years ; trade names, 5 to 30 years ; non-competition agreements, 1 to 6 years . The weighted average remaining amortization period with respect to the Company's intangible assets is approximately 16 years. The Company periodically evaluates the reasonableness of the useful lives of these assets. Long-lived a |
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 of the asset 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 as selling, general and administrative expenses in the consolidated statement of income. |
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, which is derived, in part, following consideration of estimated forfeitures, 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 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 (or "U.S.") Treasury zero-coupon issues with a remaining term equal to the expected life of the option. Forfeitures are estimated at the time of grant based on management’s expectations regarding the extent to which awards ultimately will vest and are adjusted for actual forfeitures when they occur. |
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. Other restructuring costs include facility closure, contract termination, employee relocation, equipment relocation and outplacement costs. 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, or the obligation no longer exists due to the failure to achieve, the specified objectives. The change in the fair value is recorded in selling, general and administrative expenses 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 primarily generates revenue from the sale of medical devices including single use disposable devices and, to a lesser extent, reusable devices, instruments and capital equipment. Revenue is recognized when obligations under the terms of a contract with the Company’s customer are satisfied; this occurs upon the transfer of control of the products. Generally, transfer of control to the customer occurs at the point in time when the Company’s products are shipped from the manufacturing or distribution facility. For the Company’s OEM segment, most revenue is recognized over time because the OEM segment generates revenue from the sale of custom products that have no alternative use and the Company has an enforceable right to payment to the extent that performance has been completed. The Company markets and sells products through its direct sales force and distributors to customers within the following end markets: (1) hospitals and healthcare providers; (2) other medical device manufacturers; and (3) home care providers such as pharmacies, which comprised 87% , 9% and 4% of consolidated net revenues, respectively, for the twelve months ended December 31, 2018 . Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. With respect to the custom products sold in the OEM segment, revenue is measured using the units produced output method. Payment is generally due 30 days from the date of invoice. The Company has made the following accounting policy elections and elected to use certain practical expedients, as permitted by the FASB, in applying ASC 606, Revenue from Contracts with Customers: (1) the Company accounts for amounts collected from customers for sales and other taxes, net of related amounts remitted to tax authorities; (2) the Company does not adjust the promised amount of consideration for the effects of a significant financing component because, at contract inception, the Company expects the period between the time when the Company transfers a promised good or service to the customer and the time when the customer pays for that good or service will be one year or less; (3) the Company expenses costs to obtain a contract as they are incurred if the expected period of benefit, and therefore the amortization period, is one year or less; (4) the Company accounts for shipping and handling activities that occur after control transfers to the customer as a fulfillment cost rather than an additional promised service; (5) the Company classifies shipping and handling costs within cost of goods sold; and (6) with respect to the OEM segment, the Company has applied the practical expedient to exclude disclosure of remaining performance obligations as the contracts typically have a term of one year or less. The amount of consideration the Company receives and revenue the Company recognizes varies as a result of changes in customer sales incentives, including discounts and rebates, and returns offered to customers. The estimate of revenue is adjusted upon the earlier of the following events: (i) the most likely amount of consideration expected to be received changes or (ii) the consideration becomes fixed. The Company’s policy is to accept returns only in cases in which the product is defective and covered under the Company’s standard warranty provisions. When the Company gives customers the right to return products, the Company estimates the expected returns based on an analysis of historical experience. The reserve for returns and allowances was $4.2 million as of December 31, 2018 and 2017 . In estimating customer rebates, the Company considers the lag time between the point of sale and the payment of the customer’s rebate claim, customer-specific trend analyses, contractual commitments, including stated rebate rates, historical experience with respect to specific customers (as the Company has a history of providing similar rebates on similar products to similar customers) and other relevant information. The reserve for customer incentive programs, including customer rebates, was $18.1 million and $12.2 million at December 31, 2018 and 2017 , respectively. The Company expects the amounts subject to the reserve as of December 31, 2018 to be paid within 90 days subsequent to period-end. |
Recently issued accounting standards | Recently issued accounting standards In May 2014, the Financial Accounting Standards Board ("FASB"), in a joint effort with the International Accounting Standards Board ("IASB"), issued new accounting guidance to clarify the principles for recognizing revenue. This new guidance, as amended by additional guidance issued in 2015 and 2016, is encompassed in FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”) and is designed to enhance the comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, and affects any entity that enters into contracts with customers or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The new guidance establishes principles for reporting information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity's contracts with customers. The core principle of the new guidance is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The Company adopted the new standard on January 1, 2018, applying the modified retrospective method to all of its contracts; as a result, the Company recognized the cumulative effect of adopting the guidance as a $1.2 million increase to the Company's opening balance of retained earnings on the adoption date. In addition, in connection with its adoption of the new guidance, the Company reclassified the reserve for product returns from a reduction of receivables to a liability. The reserve for returns and allowances was $4.2 million at December 31, 2018 . The adoption of this guidance did not have a material impact on the Company's consolidated results of operations, cash flows and financial position. Additional information and disclosures required by this new standard are contained in Note 3 . In February 2016, the FASB issued guidance that will change the requirements for accounting for leases. Under the new guidance, lessees (including lessees under both leases classified as finance leases, which are to be classified based on criteria similar to that applicable to capital leases under previous guidance, and leases classified as 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. Under previous guidance, operating leases are not recognized on the balance sheet. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The new guidance must be adopted using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, subject to certain practical expedients that an entity may elect to apply to the transition. The Company will adopt the new guidance on January 1, 2019 and will recognize the cumulative effect of initially applying the standard, if any, as an adjustment to the Company's opening balance of retained earnings rather than at the earliest comparative period presented in the financial statements. As permitted under the new guidance, the Company has made an accounting policy election not to apply the recognition provisions of the new guidance to short term leases (leases with a lease term of 12 months or less that do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise); instead, the Company will recognize the lease payments for short term leases on a straight-line basis over the lease term. In addition, the Company has elected to apply certain practical expedients available under the new guidance. As a result, and in connection with the transition to the new guidance, the Company will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the classification of any expired or existing leases, or (iii) initial direct costs for any existing leases. The Company will apply the practical expedients described above to its entire lease portfolio at the January 1, 2019 adoption date. Furthermore, as permitted under the new guidance, the Company has made, as a practical expedient, an accounting policy election to not separate lease and non-lease components and instead will account for each separate lease component and the non-lease components associated with that lease component as a single lease component. While the Company continues to assess the effect that the new standard will have on its financial position and results of operations, the Company expects to recognize additional assets and corresponding liabilities on the consolidated balance sheets because it maintains an operating lease portfolio at January 1, 2019, the date of adoption of the new standard. The Company has made substantial progress in implementing a new lease accounting system and updating its controls and procedures to enable the Company to aggregate lease data and improve lease accounting processes in a manner that facilitates financial reporting in accordance with the new guidance. The Company estimates that it will recognize a right-to-use asset and corresponding lease liability of approximately $90 to $110 million upon adoption of the new guidance. 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 Company adopted the new standard on January 1, 2018, using the modified retrospective method of adoption; as a result, the Company recognized the cumulative effect of adopting the guidance as a $1.8 million increase to the Company's opening balance of retained earnings on the adoption date. The adoption of this guidance did not have a material impact on the Company's consolidated results of operations, cash flows and financial position. In January 2017, the FASB issued guidance to simplify the quantitative test for goodwill impairment. Under current guidance, if a reporting unit’s carrying value exceeds its fair value, the entity must determine the implied value of goodwill. This determination is made 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 the reporting unit had just been acquired. Under the new guidance, a determination of the implied value of goodwill will no longer be required; a goodwill impairment will be equal to the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. 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 evaluating the impact of the adoption of this guidance, but currently does not anticipate the guidance will have a material impact on its consolidated financial position or results of operations. In March 2017, the FASB issued guidance for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance requires that these employers disaggregate specified components of net periodic pension cost and net periodic postretirement benefit cost (collectively, "net benefit cost"). Specifically, the guidance generally requires employers to present in the income statement the service cost component of net benefit cost in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The Company adopted this guidance on January 1, 2018. The adoption of the guidance did not have a material impact on the consolidated financial statements. In August 2017, the FASB issued guidance with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. The new guidance provides for changes to previous designation and measurement guidance for qualifying hedging relationships and to the method of presenting hedge results. In addition, the new guidance includes certain targeted improvements to ease the application of previous guidance related to the assessment of hedge effectiveness. The new guidance is effective for reporting periods beginning after December 15, 2018, but the guidance permits early adoption, and the Company adopted the guidance effective October 1, 2018; the adoption did not result in any cumulative-effect adjustments to retained earnings. In February 2018, the FASB issued new guidance to address a narrow-scope financial reporting issue that arose as a consequence of United States tax legislation adopted in December 2017 and commonly referred to as the Tax Cuts and Jobs Act ("the TCJA"). Existing guidance requires that deferred tax liabilities and assets be adjusted for a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. The guidance is applicable even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income (rather than in net income), such as amounts related to benefit plans and hedging activity. As a result, the tax effects of items within accumulated other comprehensive income (referred to as stranded tax effects) do not reflect the appropriate tax rate. The new guidance permits a reclassification of these amounts from accumulated other comprehensive income to retained earnings, thereby eliminating the stranded tax effects. The new guidance also requires certain disclosures about the stranded tax effects. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new guidance can be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate under the TCJA is recognized. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. From time to time, new accounting guidance issued by the FASB or other standard setting bodies is adopted by the Company as of the specified effective date or, when permitted by the guidance and as determined by the Company, as of an earlier date. The Company has assessed recently issued guidance that is not yet effective, except as noted above, and believes the new guidance that it has assessed will not have a material impact on the Company’s results of operations, cash flows or financial position. |
Net revenues (Tables)
Net revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates revenue by global product category for the year ended December 31, 2018 and 2017. Year Ended December 31 2018 2017 (Dollars in thousands) Vascular access 575,327 540,234 Anesthesia 349,370 344,599 Interventional 395,423 324,681 Surgical 358,707 356,156 Interventional urology 196,735 38,957 OEM 205,976 182,967 Other (1) 366,845 358,709 Net revenues (2)(3) $ 2,448,383 $ 2,146,303 (1) Other revenues in the table above include revenues generated from sales of the Company’s respiratory and urology products. For the years ended December 31, 2018 and 2017, the Company reclassified its cardiac products from "Other," as it had been classified in prior interim periods, to the Interventional product category. (2) The product categories listed above are presented on a global basis; in contrast, the Company’s North American reportable segments generally are defined based on the particular products sold by the segments, and its non-North American reportable segments are defined exclusively based on the geographic location of segment operations (with the exception of the Original Equipment and Development Services ("OEM") reportable segment, which operates globally). The Company’s EMEA and Asia reportable segments, as well as its Latin America operating segment, include net revenues from each of the product categories listed above. (3) The methodology used to determine the product revenues included within certain of the product categories listed in the table above differs from the methodology used to classify revenues in our reportable segments, including the similarly named North American reportable segments. The differences are due to the fact that segment classification generally is determined based on the call point within the customer's organization from which the purchase order resulting in the sale originated, while the classification of products within the product categories listed in the table above includes all sales of products within the listed product category, regardless of the call point within the customer's organization from which the sale originated. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business acquisition, Pro Forma Information | The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have occurred under the ownership and management of the Company. 2017 2016 (unaudited) Net revenue $ 2,255,696 $ 2,084,439 Net income $ 119,934 $ 106,512 Basic earnings per common share: Net income $ 2.66 $ 2.46 Diluted earnings per common share: Net income $ 2.57 $ 2.24 Weighted average common shares outstanding: Basic 45,004 43,325 Diluted 46,664 47,646 |
Restructuring and other impai_2
Restructuring and other impairment charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Impairment Charges | The restructuring and impairment charges recognized for the years ended December 31, 2018 , 2017 , and 2016 consisted of the following: 2018 Termination benefits Other Costs Total (Dollars in thousands) 2018 Footprint realignment plan $ 53,992 $ 1,001 $ 54,993 2016 Footprint realignment plan 2,318 543 2,861 Other restructuring programs (1) 1,502 764 2,266 Total restructuring charges $ 57,812 $ 2,308 $ 60,120 Asset impairment charges — 19,110 19,110 Total restructuring and impairment charges $ 57,812 $ 21,418 $ 79,230 (1) Includes activity related to the 2014 Footprint realignment plan, the 2017 Vascular Solutions integration program, the 2017 EMEA restructuring program and the other 2016 restructuring programs. 2017 Termination benefits Other Costs Total (Dollars in thousands) 2017 Vascular Solutions integration program $ 5,377 $ 118 $ 5,495 2017 EMEA restructuring program 4,921 280 5,201 2016 Footprint realignment plan 1,314 783 2,097 Other restructuring programs (1) 1,704 293 1,997 Total restructuring charges $ 13,316 $ 1,474 $ 14,790 (1) Includes activity primarily related to the other 2016 restructuring programs, the 2014 Footprint realignment plan and the 2017 Pyng integration program. The Company committed to the 2017 Pyng Integration program, which relates to the integration of Pyng Medical Corp. ("Pyng") into the Company, during the second quarter 2017, following the Company's acquisition of Pyng in April 2017. 2016 Termination benefits Other Costs Total (Dollars in thousands) Other 2016 restructuring programs $ 2,531 $ 683 $ 3,214 2016 Footprint realignment plan 11,176 1,334 12,510 Other restructuring programs (1) (477 ) 624 147 Total restructuring charges $ 13,230 $ 2,641 $ 15,871 Asset impairment charges — 43,356 43,356 Total restructuring and impairment charges $ 13,230 $ 45,997 $ 59,227 (1) Includes activity primarily related to the 2014 Footprint realignment plan and the programs initiated in 2015 that were associated with the reorganization of certain businesses and shared service center functions as well as the consolidation of certain facilities in North America. The 2015 programs have been completed. Restructuring charges by reportable operating segment for the years ended December 31, 2018 , 2017, and 2016 are set forth in the following table: 2018 2017 2016 (Dollars in thousands) Vascular North America $ 556 $ 2,595 $ 5,843 Interventional North America 900 4,908 459 Anesthesia North America 371 1,262 1,839 Surgical North America — — 151 EMEA 55,608 5,722 4,423 OEM — — 795 All other 2,685 303 2,361 Total restructuring charges $ 60,120 $ 14,790 $ 15,871 |
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 2018 Footprint realignment plan: Type of expense Total estimated amount expected to be incurred Termination benefits $60 million to $70 million Other costs $2 million to $4 million Restructuring charges $62 million to $74 million Restructuring related charges (1) $40 million to $59 million Total restructuring and restructuring related charges $102 million to $133 million (1) Consists of pre-tax charges related to accelerated depreciation and other costs directly related to the plan, primarily project management costs and costs to transfer manufacturing operations to the new locations, as well as a charge associated with the Company’s exit from the facilities that is expected to be imposed by the taxing authority in the affected jurisdiction. Excluding this tax charge, substantially all of the charges are expected to be recognized within costs of goods sold. The following table provides a summary of the Company’s cost estimates by major type of expense associated with the 2014 Footprint realignment plan: Type of expense Total estimated amount expected to be incurred Termination benefits $12 million to $13 million Other costs $1 million to $2 million Restructuring charges $13 million to $15 million Restructuring related charges (1) $34 million to $37 million $47 million to $52 million (1) Consists of accelerated depreciation and other costs directly related to the plan, primarily as a result of the transfer of manufacturing operations to new locations. The following table provides a summary of the Company’s cost estimates by major type of expense associated with the 2019 Footprint realignment plan: Type of expense Total estimated amount expected to be incurred Termination benefits $19 million to $23 million Other costs (1) $1 million to $2 million Restructuring charges $20 million to $25 million Restructuring related charges (2) $36 million to $45 million Total restructuring and restructuring related charges $56 million to $70 million (1) Includes contract termination costs as well as facility closure and other exit costs (employee and equipment relocation costs and outplacement). (2) Consists of estimated pre-tax charges related to costs directly related to the plan, primarily costs to transfer manufacturing operations to the new locations as well as accelerated depreciation of $3.0 million to $4.0 million . Most of the charges are expected to be recognized within costs of goods sold. |
Schedule of Restructuring Reserve | The following table summarizes the activity related to the 2014 Footprint realignment plan restructuring reserve: Termination benefits Other Costs Total (Dollars in thousands) Balance at December 31, 2016 $ 5,370 $ — $ 5,370 Subsequent accruals 687 68 755 Cash payments (2,131 ) (68 ) (2,199 ) Balance at December 31, 2017 3,926 — 3,926 Subsequent accruals 744 86 830 Cash payments (734 ) (86 ) (820 ) Balance at December 31, 2018 $ 3,936 $ — $ 3,936 The following table summarizes the activity related to the 2016 Footprint realignment plan restructuring reserve: Termination benefits Other Costs Total (Dollars in thousands) Balance at December 31, 2016 $ 8,135 $ 760 $ 8,895 Subsequent accruals 1,314 783 2,097 Cash payments (2,096 ) (1,218 ) (3,314 ) Foreign currency translation (57 ) 44 (13 ) Balance at December 31, 2017 7,296 369 7,665 Subsequent accruals 2,318 543 2,861 Cash payments (3,954 ) (912 ) (4,866 ) Foreign currency translation (244 ) — (244 ) Balance at December 31, 2018 $ 5,416 $ — $ 5,416 The following table summarizes the activity related to the 2018 Footprint realignment plan restructuring reserve: Termination benefits Other Costs Total (Dollars in thousands) Balance at December 31, 2017 $ — $ — $ — Subsequent accruals 53,992 1,001 54,993 Cash payments (3,503 ) (1,000 ) (4,503 ) Foreign currency translation (2,015 ) (1 ) (2,016 ) Balance at December 31, 2018 $ 48,474 $ — $ 48,474 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories, net at December 31, 2018 and 2017 consist of the following: 2018 2017 (Dollars in thousands) Raw materials $ 111,105 $ 98,451 Work-in-process 62,334 62,381 Finished goods 254,339 234,912 Inventories, net 427,778 395,744 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 are as follows: 2018 2017 (Dollars in thousands) Land, buildings and leasehold improvements $ 224,605 $ 207,927 Machinery and equipment 421,873 384,710 Computer equipment and software 137,899 122,890 Construction in progress 105,319 73,920 889,696 789,447 Less: Accumulated depreciation (456,930 ) (406,448 ) Property, plant and equipment, net $ 432,766 $ 382,999 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 are as follows: Vascular North America Interventional North America Anesthesia North America Surgical North America EMEA Asia OEM All other Total (Dollars in thousands) Balance as of December 31, 2016 Goodwill $ 485,986 $ 84,615 $ 225,784 $ 250,912 $ 290,041 $ 138,185 $ 4,883 $ 128,442 $ 1,608,848 Accumulated impairment losses (219,527 ) (5,528 ) (84,531 ) — — — — (22,542 ) (332,128 ) 266,459 79,087 141,253 250,912 290,041 138,185 4,883 105,900 1,276,720 Goodwill related to acquisitions — 342,901 15,599 — 161,543 59,954 — 313,714 893,711 Translation and other adjustments (1,590 ) 11,061 437 — 42,964 11,061 — 1,228 65,161 Balance as of December 31, 2017 $ 264,869 $ 433,049 $ 157,289 $ 250,912 $ 494,548 $ 209,200 $ 4,883 $ 420,842 $ 2,235,592 Goodwill related to acquisitions — 27,355 — 2,403 4,730 6,590 — (413 ) 40,665 Translation and other adjustments — (4,815 ) (950 ) — (18,663 ) (4,243 ) — (1,007 ) (29,678 ) Balance as of December 31, 2018 $ 264,869 $ 455,589 $ 156,339 $ 253,315 $ 480,615 $ 211,547 $ 4,883 $ 419,422 $ 2,246,579 |
Components of Intangible Assets | Intangible assets at December 31, 2018 and 2017 consisted of the following: Gross Carrying Amount Accumulated Amortization 2018 2017 2018 2017 (Dollars in thousands) Customer relationships $ 1,030,194 $ 1,023,837 $ (322,972 ) $ (281,263 ) In-process research and development 28,457 34,672 — — Intellectual property 1,363,516 1,287,487 (322,539 ) (258,580 ) Distribution rights 23,465 23,697 (17,860 ) (16,996 ) Trade names 565,070 571,510 (36,379 ) (22,069 ) Non-compete agreements 23,004 23,429 (8,904 ) (1,976 ) $ 3,033,706 $ 2,964,632 $ (708,654 ) $ (580,884 ) |
Estimated Annual Amortization Expense | Amortization expense related to intangible assets was $149.5 million , $98.8 million , and $63.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Estimated annual amortization expense for each of the five succeeding years is as follows: (Dollars in thousands) 2019 $ 150,200 2020 149,500 2021 141,900 2022 136,600 2023 135,100 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | The Company's borrowings at December 31, 2018 and 2017 were as follows: 2018 2017 (Dollars in thousands) Senior Credit Facility: Revolving credit facility, at a rate of 4.27% at December 31, 2018 and 3.44% at December 31, 2017, due 2022 $ 293,000 $ 349,000 Term loan facility, at a rate of 4.27% at December 31, 2018 and 3.57% at December 31 2017, due 2022 683,500 721,000 5.25% Senior Notes due 2024 250,000 250,000 4.875% Senior Notes due 2026 400,000 400,000 4.625% Senior Notes due 2027 500,000 500,000 Securitization program, at a rate of 3.25% at December 31, 2018 and 2.31% at December 31, 2017 50,000 50,000 2,176,500 2,270,000 Less: Unamortized debt issuance costs (17,675 ) (20,448 ) 2,158,825 2,249,552 Current portion of borrowings (86,625 ) (86,625 ) Long-term borrowings $ 2,072,200 $ 2,162,927 |
Fair Value of Debt | The following table provides the fair value of the Company’s debt as of December 31, 2018 and 2017 , categorized by the level of inputs within the fair value hierarchy used to measure fair value (see Note 11 to the consolidated financial statements for further information): Fair value of debt December 31, 2018 December 31, 2017 (Dollars in thousands) Level 2 2,145,473 2,299,942 Total $ 2,145,473 $ 2,299,942 |
Aggregate Amounts of Long-Term Debt | Debt Maturities As of December 31, 2018 , 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) 2019 $ 86,625 2020 51,562 2021 70,313 2022 818,000 2023 and thereafter 1,150,000 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 sheets and fair value of derivative instruments as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Fair Value (Dollars in thousands) Asset derivatives: Designated foreign currency forward contracts $ 1,216 $ 914 Non-designated foreign currency forward contracts 106 307 Cross-currency interest rate swap 14,728 — Prepaid expenses and other current assets 16,050 1,221 Total asset derivatives 16,050 1,221 Liability derivatives: Designated foreign currency forward contracts 524 1,373 Non-designated foreign currency forward contracts 264 53 Other current liabilities 788 1,426 Cross-currency interest rate swap 7,793 — Other liabilities 7,793 — Total liability derivatives $ 8,581 $ 1,426 |
Aggregate Accounts Receivable, Net of Allowance for Doubtful Accounts | he aggregate net current and long-term trade accounts receivable related to 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 these customers' trade accounts receivable at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 (Dollars in thousands) Allowance for doubtful accounts (1) $ 9,348 $ 10,255 Current and long-term trade accounts receivable in Greece, Italy, Spain and Portugal (2) $ 39,026 $ 49,054 Percentage of total net current and long-term trade accounts receivables 11.0 % 14.6 % (1) The current portion of the allowance for doubtful accounts was $4.4 million and $3.5 million as of December 31, 2018 and 2017 , respectively, and was recognized in accounts receivable, net. (2) The long-term portion of trade accounts receivable, net from customers in Greece, Italy, Spain and Portugal at December 31, 2018 and 2017 was $2.7 million and $3.3 million , respectively. In December 2018, the Company sold $12.7 million of receivables outstanding with publicly funded hospitals in Italy and Portugal for $12.6 million . |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : Basis of fair value measurement December 31, 2018 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Investments in marketable securities $ 8,671 $ 8,671 $ — $ — Derivative assets 16,050 — 16,050 — Derivative liabilities 8,581 — 8,581 — Contingent consideration liabilities 304,248 — — 304,248 Basis of fair value measurement December 31, 2017 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Investments in marketable securities $ 9,045 $ 9,045 $ — $ — Derivative assets 1,221 — 1,221 — Derivative liabilities 1,426 — 1,426 — Contingent consideration liabilities 272,136 — — 272,136 |
Schedule of Valuation Techniques | The table below provides additional information regarding the valuation technique and inputs used in determining the fair value of contingent consideration. Contingent Consideration Liability Valuation Technique Unobservable Input Range Milestone-based payment Discounted cash flow Discount rate 4.3% - 6.2% Projected year of payment 2019 - 2023 Revenue-based Monte Carlo simulation Revenue volatility 16.1% - 25.0% Risk free rate Cost of debt structure Projected year of payment 2019 - 2022 Discounted cash flow Discount rate 10.0% - 10.5% Projected year of payment 2019 - 2029 |
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, 2018 and 2017 : Contingent consideration 2018 2017 (Dollars in thousands) Beginning balance – January 1 $ 272,136 $ 7,102 Initial estimate upon acquisition 54,696 261,733 Payments (75,335 ) (335 ) Revaluations 52,977 3,575 Translation adjustment (226 ) 61 Ending balance – December 31 $ 304,248 $ 272,136 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table provides a reconciliation of basic to diluted weighted average shares outstanding: 2018 2017 2016 (Shares in thousands) Basic 45,689 45,004 43,325 Dilutive effect of share based awards 970 923 570 Dilutive effect of convertible notes and warrants 142 737 3,751 Diluted 46,801 46,664 47,646 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2018 and 2017 : 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, 2016 $ (2,424 ) $ (136,596 ) $ (299,697 ) $ (438,717 ) Other comprehensive income (loss) before reclassifications 2,775 (6,725 ) 173,074 169,124 Amounts reclassified from accumulated other comprehensive income (loss) (11 ) 4,513 — 4,502 Net current-year other comprehensive income (loss) 2,764 (2,212 ) 173,074 173,626 Balance at December 31, 2017 340 (138,808 ) (126,623 ) (265,091 ) Other comprehensive income (loss) before reclassifications 2,574 1,605 (83,889 ) (79,710 ) Amounts reclassified from accumulated other comprehensive income (2,107 ) 5,823 — 3,716 Net current-year other comprehensive (loss) income 467 7,428 (83,889 ) (75,994 ) Balance at December 31, 2018 $ 807 $ (131,380 ) $ (210,512 ) $ (341,085 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table provides information relating to the losses (gains) recognized in the statements of income including the reclassifications of losses (gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2018 , 2017 and 2016 : December 31, 2018 December 31, 2017 December 31, (Dollars in thousands) Losses (gains) on designated foreign exchange forward contracts: Cost of goods sold $ (2,270 ) $ (95 ) $ 4,511 Total before tax (2,270 ) (95 ) 4,511 Taxes expense (benefit) 163 84 (1,010 ) Net of tax $ (2,107 ) $ (11 ) $ 3,501 Losses (gains) on cross-currency swaps (net investment hedge): Interest expense $ (3,277 ) $ — $ — Total before tax (3,277 ) — — Tax expense 754 — — Net of tax $ (2,523 ) $ — $ — Amortization of pension and other postretirement benefits items: Actuarial losses (1) $ 7,305 $ 6,904 $ 6,965 Prior-service credits (1) 251 105 56 Total before tax 7,556 7,009 7,021 Tax benefit (1,733 ) (2,496 ) (2,509 ) Net of tax $ 5,823 $ 4,513 $ 4,512 Impact on income from continuing operations, net of tax $ 1,193 $ 4,502 $ 8,013 (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 15 for additional information). |
Stock compensation plans (Table
Stock compensation plans (Tables) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation [Abstract] | ||
Weighted-Average Assumptions used to Estimate Fair Value of Options Granted | The fair value of options granted in 2018 , 2017 and 2016 was estimated at the date of grant using a Black-Scholes option pricing model. The following weighted-average assumptions were used: 2018 2017 2016 Risk-free interest rate 2.67 % 1.88 % 1.30 % Expected life of option 4.98 years 4.94 years 4.91 years Expected dividend yield 0.54 % 0.71 % 0.94 % Expected volatility 22.65 % 21.74 % 21.64 % | |
Weighted-Average Assumptions used to Estimate Fair Value of Non-Vested Shares Granted | The following weighted-average assumptions were used: 2018 2017 2016 Risk-free interest rate 2.41 % 1.47 % 0.94 % Expected dividend yield 0.53 % 0.71 % 0.93 % | |
Summary of Stock Option Activity | The following table summarizes the option activity during 2018 : 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 1,708,928 $ 113.49 — — Granted 155,498 254.60 — — Exercised (383,198 ) 80.51 — — Forfeited or expired (9,779 ) 170.78 — — Outstanding, end of the year 1,471,449 136.62 5.7 179,396 Exercisable, end of the year 1,073,198 $ 112.13 5.0 157,070 | |
Summary of Non-Vested Restricted Stock Unit Activity | The following table summarizes the non-vested restricted stock unit activity during 2018 : Number of Non-Vested Shares Weighted Average Grant-Date Fair Value Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (In years) (Dollars in thousands) Outstanding, beginning of the year 233,742 $ 148.79 Granted 62,221 250.66 Vested (83,396 ) 125.70 Forfeited (10,755 ) 179.08 Outstanding, end of the year 201,812 188.10 1.1 $ 52,164 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 2016 (Dollars in thousands) Current: Federal $ (1,525 ) $ 133,621 $ 2,344 State 1,432 5,213 5,230 Foreign 29,353 35,444 28,842 Deferred: Federal (5,124 ) (258,247 ) (25,141 ) State (5,114 ) 1,459 (1,837 ) Foreign 4,174 212,158 (1,364 ) $ 23,196 $ 129,648 $ 8,074 |
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: 2018 2017 2016 (Dollars in thousands) United States $ 37,201 $ 37,528 $ (29,988 ) Other 182,427 247,383 275,713 $ 219,628 $ 284,911 $ 245,725 |
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: 2018 2017 2016 Federal statutory rate 21.0 % 35.0 % 35.0 % Tax effect of international items (3.3 ) (25.7 ) (27.5 ) Impacts of the TCJA (1.0 ) 37.9 — Excess tax benefits related to share-based compensation (7.2 ) (2.3 ) — State taxes, net of federal benefit (0.1 ) 0.1 0.9 Uncertain tax contingencies (0.4 ) (1.8 ) (3.6 ) Contingent consideration 5.3 0.4 (1.2 ) Intellectual property impairment charge (2.0 ) — — Research and development tax credit (1.6 ) (0.8 ) (0.6 ) Other, net (0.1 ) 2.7 0.3 10.6 % 45.5 % 3.3 % |
Deferred Tax Assets and Liabilities | The following table summarizes significant components of the Company’s deferred tax assets and liabilities at December 31, 2018 and 2017 : 2018 2017 (Dollars in thousands) Deferred tax assets: Tax loss and credit carryforwards $ 234,940 $ 210,055 Pension 19,972 28,147 Reserves and accruals 68,767 62,378 Other 3,267 3,619 Less: valuation allowances (143,971 ) (104,799 ) Total deferred tax assets 182,975 199,400 Deferred tax liabilities: Property, plant and equipment 24,315 22,299 Intangibles — stock acquisitions 541,445 553,245 Unremitted foreign earnings 218,769 223,494 Other 4,221 228 Total deferred tax liabilities 788,750 799,266 Net deferred tax liability $ (605,775 ) $ (599,866 ) |
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 years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 (Dollars in thousands) Balance at January 1 $ 9,336 $ 15,054 $ 34,381 Increase in unrecognized tax benefits related to prior years — — — Decrease in unrecognized tax benefits related to prior years — — (13,083 ) Unrecognized tax benefits related to the current year 899 895 705 Reductions in unrecognized tax benefits due to settlements — — (2,121 ) Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations (1,955 ) (6,813 ) (4,840 ) Increase (decrease) in unrecognized tax benefits due to foreign currency translation (174 ) 200 12 Balance at December 31 $ 8,106 $ 9,336 $ 15,054 |
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 2015 2018 Canada 2014 2018 China 2013 2018 Czech Republic 2015 2018 France 2016 2018 Germany 2011 2018 India 2002 2018 Ireland 2014 2018 Italy 2014 2018 Malaysia 2014 2018 Singapore 2014 2018 |
Pension and other postretirem_2
Pension and other postretirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan [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 for the years ended December 31, 2018 , 2017 and 2016 : Pension Other Benefits 2018 2017 2016 2018 2017 2016 (Dollars in thousands) Service cost $ 1,500 $ 2,887 $ 2,615 $ 50 $ 279 $ 355 Interest cost 14,816 15,137 15,711 1,389 1,577 1,595 Expected return on plan assets (29,666 ) (26,809 ) (24,786 ) — — — Net amortization and deferral 6,777 6,734 6,567 136 275 454 Curtailments — — — 677 — — Settlements 486 — — — — — Net benefit expense (income) $ (6,087 ) $ (2,051 ) $ 107 $ 2,252 $ 2,131 $ 2,404 |
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 2018 2017 2016 2018 2017 2016 Discount rate 3.6 % 4.2 % 4.5 % 3.6 % 4.1 % 4.3 % Rate of return 7.8 % 8.1 % 8.1 % Initial healthcare trend rate 7.8 % 7.9 % 8.4 % 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 2018 2017 2018 2017 Discount rate 4.3 % 3.6 % 4.2 % 3.6 % Rate of compensation increase 2.6 % 2.6 % Initial healthcare trend rate 7.4 % 7.8 % Ultimate healthcare trend rate 5.0 % 5.0 % |
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, 2018 and 2017 : Pension Other Benefits 2018 2017 2018 2017 Under Funded Under Funded (Dollars in thousands) Benefit obligation, beginning of year $ 462,158 $ 430,574 $ 48,903 $ 47,487 Service cost 1,500 2,887 50 279 Interest cost 14,816 15,137 1,389 1,577 Actuarial (gain) loss (38,446 ) 31,074 (6,058 ) 2,278 Currency translation (1,780 ) 3,916 — — Benefits paid (19,314 ) (19,144 ) (2,790 ) (3,095 ) Medicare Part D reimbursement — — 101 80 Plan amendments 157 — — 297 Curtailments (162 ) — 520 — Settlements (1,420 ) — — — Administrative costs (1,039 ) (2,286 ) — — Projected benefit obligation, end of year 416,470 462,158 42,115 48,903 Fair value of plan assets, beginning of year 386,307 340,265 Actual return on plan assets (13,275 ) 53,065 Contributions 12,687 12,670 Benefits paid (19,314 ) (19,144 ) Settlements (1,420 ) — Administrative costs (1,039 ) (2,286 ) Currency translation (1,139 ) 1,737 Fair value of plan assets, end of year 362,807 386,307 Funded status, end of year $ (53,663 ) $ (75,851 ) $ (42,115 ) $ (48,903 ) |
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 2018 2017 2018 2017 (Dollars in thousands) Other assets $ 2,837 $ 1,596 $ — $ — Payroll and benefit-related liabilities (1,729 ) (1,767 ) (3,972 ) (3,173 ) Pension and postretirement benefit liabilities (54,771 ) (75,680 ) (38,143 ) (45,730 ) Accumulated other comprehensive loss 205,910 209,365 364 6,715 $ 152,247 $ 133,514 $ (41,751 ) $ (42,188 ) |
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, 2016 $ 79 $ 209,706 $ (76,140 ) $ 133,645 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (28 ) (6,706 ) 2,395 (4,339 ) Amounts arising during the period: Actuarial changes in benefit obligation — 4,818 (1,119 ) 3,699 Impact of currency translation — 1,496 (413 ) 1,083 Balance at December 31, 2017 51 209,314 (75,277 ) 134,088 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (17 ) (6,760 ) 1,579 (5,198 ) Settlements — (486 ) 83 (403 ) Amounts arising during the period: Actuarial changes in benefit obligation — 4,495 (1,012 ) 3,483 Curtailments — (162 ) 42 (120 ) Plan amendments 157 — (27 ) 130 Impact of currency translation — (682 ) 183 (499 ) Balance at December 31, 2018 $ 191 $ 205,719 $ (74,429 ) $ 131,481 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, 2016 $ 85 $ 4,330 $ (1,464 ) $ 2,951 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (77 ) (198 ) 101 (174 ) Amounts arising during the period: Actuarial changes in benefit obligation — 2,278 (558 ) 1,720 Plan amendments 297 — (74 ) 223 Balance at December 31, 2017 305 6,410 (1,995 ) 4,720 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (77 ) (59 ) 32 (104 ) Curtailments (157 ) — 39 (118 ) Amounts arising during the period: Actuarial changes in benefit obligation — (6,058 ) 1,459 (4,599 ) Balance at December 31, 2018 $ 71 $ 293 $ (465 ) $ (101 ) |
Fair Values of Pension Plan Assets | The following table provides the fair values of the Company’s pension plan assets at December 31, 2018 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 $ 627 $ 627 — — Money market funds 7 7 — — Equity securities: Managed volatility (b) 71,306 71,306 — — United States small/mid-cap equity (c) 15,379 15,379 — — World Equity (excluding United States) (d) 24,589 24,589 — — Common Equity Securities – Teleflex Incorporated 30,216 30,216 — — Fixed income securities: Intermediate duration fund (e) 26,958 26,958 — — Long duration bond fund (f) 90,661 90,661 — — Corporate bond fund (g) 12,162 12,162 — — Global credit fund (h) 647 647 — — Emerging markets debt fund (i) 7,923 7,923 — — Corporate, government and foreign bonds 30,418 30,418 — — Asset backed – home loans 367 — $ 367 — Other types of investments: Multi asset funds (j) 6,905 3,676 3,229 — Contract with insurance company (k) 10,092 — — $ 10,092 Other 5 — — 5 Total investments at fair value $ 328,262 $ 314,569 $ 3,596 $ 10,097 Investments measured at net asset value (l) 34,545 Total $ 362,807 The following table provides the fair values of the Company’s pension plan assets at December 31, 2017 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 $ 1,324 $ 1,324 — — Money market funds 51 51 — — Equity securities: Managed volatility (b) 79,964 79,964 — — United States small/mid-cap equity (c) 19,239 19,239 — — World Equity (excluding United States) (d) 32,294 32,294 — — Common Equity Securities – Teleflex Incorporated 29,087 29,087 — — Diversified Global 6,353 6,353 — — Fixed income securities: Intermediate duration fund (e) 23,378 23,378 — — Long duration bond fund (f) 94,623 94,623 — — Corporate bond fund (g) 12,420 12,420 — — Emerging markets debt fund (i) 9,184 9,184 — — Corporate, government and foreign bonds 2,024 2,024 — — Asset backed – home loans 454 — $ 454 — Other types of investments: Multi asset funds (j) 11,114 6,187 4,927 Other 5 — — $ 5 Total investments at fair value $ 321,514 $ 316,128 $ 5,381 $ 5 Investments measured at Net asset value (l) 64,793 Total $ 386,307 (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 United States and foreign corporate obligations, fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets, debt obligations issued by governments or other municipalities, and securities issued or guaranteed by the United States Government and its agencies. The fund will seek to maintain an effective average duration between three and ten years, and uses derivative instruments, including interest rate swap agreements and credit default swaps, 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 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. (g) This category comprises funds that invest primarily in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. (h) This category comprises a fund that invests primarily in a range of debt securities, including those issued by governments, institutions, or companies from a number of countries. (i) 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. (j) This category comprises funds that may invest in equities, bonds, or derivatives. (k) This category comprises the asset established out of an agreement to purchase a bulk-annuity policy from an insurer to fully cover the liabilities for members of the pension plan. The asset value is based on the fair value of the contract as determined by the insurance company using inputs that are not observable. (l) This category comprises pooled institutional investments, primarily collective investment trusts. These funds are not listed on an exchange or traded in an active market and these investments are valued using their net asset value, which is generally based on the underlying asset values of the pooled investments held in the trusts. This category comprises the following funds: • a fund that invests primarily in collateralized debt obligations and other structured credit vehicles and may include fixed income securities, loan participations, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments. • a hedge fund that invests in various other hedge funds. • funds that invest in underlying funds that acquire, manage, and dispose of real estate properties, with a focus on properties in the U.S. and the UK markets. |
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) 2019 $ 20,852 $ 3,972 2020 21,023 4,024 2021 21,795 3,893 2022 22,658 4,015 2023 23,161 3,795 Years 2024 — 2028 124,927 15,241 |
Commitments and contingent li_2
Commitments and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments Under Noncancelable Operating Leases | Future minimum lease payments as of December 31, 2018 under noncancellable operating leases are as follows: Future Lease Payments (Dollars in thousands) 2019 $ 25,294 2020 23,216 2021 21,419 2022 19,460 2023 17,403 2024 and thereafter 41,368 |
Business segments and other i_2
Business segments and other information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business segments and other information | The following tables present the Company’s segment results for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Vascular North America $ 329,473 $ 313,618 $ 295,206 Interventional North America 261,645 220,611 82,431 Anesthesia North America 205,064 197,982 198,772 Surgical North America 166,267 175,216 172,223 EMEA 603,813 552,722 510,934 Asia 286,895 269,208 249,416 OEM 205,976 182,967 160,990 All other 389,250 233,979 198,055 Net revenues $ 2,448,383 $ 2,146,303 $ 1,868,027 Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Vascular North America $ 98,505 $ 77,036 $ 77,122 Interventional North America 62,242 25,972 13,264 Anesthesia North America 61,159 62,901 55,544 Surgical North America 62,934 63,931 56,608 EMEA 106,090 92,430 84,392 Asia 78,135 75,637 75,770 OEM 50,294 41,578 33,641 All other (29,042 ) 11,142 26,486 Total segment operating profit (1) 490,317 450,627 422,827 Unallocated expenses (2) (168,613 ) (78,348 ) (103,374 ) Income from continuing operations before interest, loss on extinguishment of debt and taxes $ 321,704 $ 372,279 $ 319,453 (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 impairment charges and gain on sale of assets. Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Vascular North America $ 27,535 $ 31,058 $ 35,117 Interventional North America 34,127 29,108 6,993 Anesthesia North America 10,162 8,573 10,932 Surgical North America 8,321 8,694 10,459 EMEA 47,171 34,322 30,505 Asia 12,917 11,868 11,275 OEM 8,610 8,337 8,404 All other 65,871 28,378 14,661 Consolidated depreciation and amortization $ 214,714 $ 160,338 $ 128,346 |
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, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Net revenues (based on the Company's selling location): United States $ 1,449,426 $ 1,254,825 $ 1,018,786 Europe 671,264 591,370 567,320 Asia and Asia Pacific 234,090 220,110 208,841 All other 93,603 79,998 73,080 $ 2,448,383 $ 2,146,303 $ 1,868,027 Net property, plant and equipment: United States $ 258,415 $ 216,568 $ 167,167 Malaysia 51,952 43,730 31,415 Ireland 41,223 43,867 36,569 Czech Republic 34,833 35,715 30,843 All other 46,343 43,119 36,905 $ 432,766 $ 382,999 $ 302,899 |
Condensed consolidating guara_2
Condensed consolidating guarantor financial information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net revenues $ — $ 1,584,650 $ 1,287,944 $ (424,211 ) $ 2,448,383 Cost of goods sold — 886,161 596,985 (419,205 ) 1,063,941 Gross profit — 698,489 690,959 (5,006 ) 1,384,442 Selling, general and administrative expenses 50,866 514,598 313,895 (671 ) 878,688 Research and development expenses 1,482 73,067 31,659 — 106,208 Restructuring and impairment charges — 20,639 58,591 — 79,230 Gain on sale of assets — (1,388 ) — — (1,388 ) (Loss) income from continuing operations before interest and taxes (52,348 ) 91,573 286,814 (4,335 ) 321,704 Interest, net 95,173 4,796 2,107 — 102,076 (Loss) income from continuing operations before taxes (147,521 ) 86,777 284,707 (4,335 ) 219,628 (Benefit) taxes on (loss) income from continuing operations (53,401 ) 34,591 42,241 (235 ) 23,196 Equity in net income of consolidated subsidiaries 291,572 220,718 637 (512,927 ) — Income from continuing operations 197,452 272,904 243,103 (517,027 ) 196,432 Operating income from discontinued operations 4,363 — 1,280 — 5,643 Tax on income from discontinued operations 1,013 — 260 — 1,273 Income from discontinued operations 3,350 — 1,020 — 4,370 Net income 200,802 272,904 244,123 (517,027 ) 200,802 Other comprehensive loss (75,994 ) (80,030 ) (80,512 ) 160,542 (75,994 ) Comprehensive income $ 124,808 $ 192,874 $ 163,611 $ (356,485 ) $ 124,808 Year Ended December 31, 2017 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net revenues $ — $ 1,368,149 $ 1,177,247 $ (399,093 ) $ 2,146,303 Cost of goods sold — 778,153 594,527 (398,179 ) 974,501 Gross profit — 589,996 582,720 (914 ) 1,171,802 Selling, general and administrative expenses 47,412 408,811 243,544 196 699,963 Research and development expenses 1,009 57,614 26,147 — 84,770 Restructuring charges — 8,971 5,819 — 14,790 (Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes (48,421 ) 114,600 307,210 (1,110 ) 372,279 Interest, net 99,371 (21,153 ) 3,557 — 81,775 Loss on extinguishment of debt 5,593 — — — 5,593 (Loss) income from continuing operations before taxes (153,385 ) 135,753 303,653 (1,110 ) 284,911 (Benefit) taxes on (loss) income from continuing operations (110,921 ) (20,333 ) 261,386 (484 ) 129,648 Equity in net income of consolidated subsidiaries 197,727 25,500 (3,135 ) (220,092 ) — Income from continuing operations 155,263 181,586 39,132 (220,718 ) 155,263 Operating loss from discontinued operations (4,534 ) — — — (4,534 ) Benefit on loss from discontinued operations (1,801 ) — — — (1,801 ) Loss from discontinued operations (2,733 ) — — — (2,733 ) Net income 152,530 181,586 39,132 (220,718 ) 152,530 Other comprehensive income 173,626 158,490 198,453 (356,943 ) 173,626 Comprehensive income $ 326,156 $ 340,076 $ 237,585 $ (577,661 ) $ 326,156 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 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 61,374 (11,009 ) 4,102 — 54,467 Loss on extinguishment of debt 19,261 — — — 19,261 (Loss) income from continuing operations before taxes (122,250 ) 59,660 308,512 (197 ) 245,725 (Benefit) taxes on (loss) income from continuing operations (44,674 ) 12,954 39,875 (81 ) 8,074 Equity in net income of consolidated subsidiaries 315,396 243,987 528 (559,911 ) — Income from continuing operations 237,820 290,693 269,165 (560,027 ) 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 237,377 290,693 269,798 (560,027 ) 237,841 Less: Income from continuing operations attributable to noncontrolling interests — — 464 — 464 Net income attributable to common shareholders 237,377 290,693 269,334 (560,027 ) 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 $ 214,595 $ 188,634 $ (403,229 ) $ 170,616 |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2018 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) ASSETS Current assets Cash and cash equivalents $ 49,523 $ 1,757 $ 305,881 $ — $ 357,161 Accounts receivable, net 5,885 54,013 301,054 5,334 366,286 Accounts receivable from consolidated subsidiaries 32,036 1,043,573 350,162 (1,425,771 ) — Inventories, net — 266,073 192,659 (30,954 ) 427,778 Prepaid expenses and other current assets 30,458 9,673 28,237 4,113 72,481 Prepaid taxes 7,029 — 5,434 — 12,463 Total current assets 124,931 1,375,089 1,183,427 (1,447,278 ) 1,236,169 Property, plant and equipment, net 3,385 253,037 176,344 — 432,766 Goodwill — 1,254,848 991,731 — 2,246,579 Intangibles assets, net 90 1,277,462 1,047,500 — 2,325,052 Investments in affiliates 5,984,566 1,672,908 20,257 (7,677,731 ) — Deferred tax assets — — 4,822 (2,376 ) 2,446 Notes receivable and other amounts due from consolidated subsidiaries 2,337,737 2,523,156 13,242 (4,874,135 ) — Other assets 17,180 5,776 12,023 — 34,979 Total assets $ 8,467,889 $ 8,362,276 $ 3,449,346 $ (14,001,520 ) $ 6,277,991 LIABILITIES AND EQUITY Current liabilities Current borrowings $ 36,625 $ — $ 50,000 $ — $ 86,625 Accounts payable 3,448 62,764 40,497 — 106,709 Accounts payable to consolidated subsidiaries 1,058,008 278,715 89,048 (1,425,771 ) — Accrued expenses 5,659 41,883 50,009 — 97,551 Current portion of contingent consideration — 106,514 30,363 — 136,877 Payroll and benefit-related liabilities 17,156 44,982 42,532 — 104,670 Accrued interest 5,995 — 36 — 6,031 Income taxes payable — — 5,943 — 5,943 Other current liabilities 843 34,916 2,291 — 38,050 Total current liabilities 1,127,734 569,774 310,719 (1,425,771 ) 582,456 Long-term borrowings 2,072,200 — — — 2,072,200 Deferred tax liabilities 87,671 257,522 265,404 (2,376 ) 608,221 Pension and postretirement benefit liabilities 49,290 27,454 16,170 — 92,914 Noncurrent liability for uncertain tax positions 801 7,212 2,705 — 10,718 Notes payable and other amounts due to consolidated subsidiaries 2,451,784 2,222,580 199,771 (4,874,135 ) — Noncurrent contingent consideration — 131,563 35,807 — 167,370 Other liabilities 138,431 8,204 57,499 204,134 Total liabilities 5,927,911 3,224,309 888,075 (6,302,282 ) 3,738,013 Total shareholders' equity 2,539,978 5,137,967 2,561,271 (7,699,238 ) 2,539,978 Total liabilities and shareholders' equity $ 8,467,889 $ 8,362,276 $ 3,449,346 $ (14,001,520 ) $ 6,277,991 December 31, 2017 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) ASSETS Current assets Cash and cash equivalents $ 37,803 $ 8,933 $ 286,822 $ — $ 333,558 Accounts receivable, net 2,414 57,818 280,980 4,663 345,875 Accounts receivable from consolidated subsidiaries 14,478 1,177,246 343,115 (1,534,839 ) — Inventories, net — 245,533 176,490 (26,279 ) 395,744 Prepaid expenses and other current assets 14,874 9,236 19,790 3,982 47,882 Prepaid taxes — — 5,748 — 5,748 Total current assets 69,569 1,498,766 1,112,945 (1,552,473 ) 1,128,807 Property, plant and equipment, net 2,088 213,663 167,248 — 382,999 Goodwill — 1,246,144 989,448 — 2,235,592 Intangibles assets, net — 1,355,275 1,028,473 — 2,383,748 Investments in affiliates 5,806,244 1,674,077 19,620 (7,499,941 ) — Deferred tax assets — — 6,071 (2,261 ) 3,810 Notes receivable and other amounts due from consolidated subsidiaries 2,452,101 2,231,832 — (4,683,933 ) — Other assets 31,173 6,397 8,966 — 46,536 Total assets $ 8,361,175 $ 8,226,154 $ 3,332,771 $ (13,738,608 ) $ 6,181,492 LIABILITIES AND EQUITY Current liabilities Current borrowings $ 36,625 $ — $ 50,000 $ — $ 86,625 Accounts payable 4,269 46,992 40,766 — 92,027 Accounts payable to consolidated subsidiaries 1,211,568 261,121 62,150 (1,534,839 ) — Accrued expenses 17,957 31,827 47,069 — 96,853 Current portion of contingent consideration — 74,224 — — 74,224 Payroll and benefit-related liabilities 21,145 44,009 42,261 — 107,415 Accrued interest 6,133 — 32 — 6,165 Income taxes payable 4,352 — 7,162 — 11,514 Other current liabilities 1,461 3,775 3,817 — 9,053 Total current liabilities 1,303,510 461,948 253,257 (1,534,839 ) 483,876 Long-term borrowings 2,162,927 — — — 2,162,927 Deferred tax liabilities 88,512 265,426 251,999 (2,261 ) 603,676 Pension and postretirement benefit liabilities 70,860 32,750 17,800 — 121,410 Noncurrent liability for uncertain tax positions 1,117 8,196 2,983 — 12,296 Notes payable and other amounts due to consolidated subsidiaries 2,155,146 2,320,611 208,176 (4,683,933 ) — Noncurrent contingent consideration — 186,923 10,989 — 197,912 Other liabilities 148,572 7,850 12,442 — 168,864 Total liabilities 5,930,644 3,283,704 757,646 (6,221,033 ) 3,750,961 Total shareholders' equity 2,430,531 4,942,450 2,575,125 (7,517,575 ) 2,430,531 Total liabilities and shareholders' equity $ 8,361,175 $ 8,226,154 $ 3,332,771 $ (13,738,608 ) $ 6,181,492 |
Condensed Consolidating Statements of Cash Flows | Year Ended December 31, 2018 Parent Guarantor Non-Guarantor Eliminations Condensed (Dollars in thousands) Net cash (used in) provided by operating activities from continuing operations $ (196,727 ) $ 470,972 $ 319,693 $ (158,852 ) $ 435,086 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (1,881 ) (40,399 ) (38,515 ) — (80,795 ) Payments for businesses and intangibles acquired, net of cash acquired (100 ) (35,606 ) (85,319 ) — (121,025 ) Proceeds from sale of assets 28,239 3,878 — (28,239 ) 3,878 Net interest proceeds on swaps designated as net investment hedges 1,548 — — — 1,548 Investments in affiliates — (5,700 ) — 5,700 — Net cash provided by (used in) investing activities from continuing operations 27,806 (77,827 ) (123,834 ) (22,539 ) (196,394 ) Cash flows from financing activities of continuing operations: Proceeds from new borrowings 35,000 — — — 35,000 Reduction in borrowings (128,500 ) — — — (128,500 ) Debt extinguishment, issuance and amendment fees (188 ) — — — (188 ) Proceeds from share based compensation plans and the related tax impacts 22,655 — — — 22,655 Payments for contingent consideration — (73,235 ) — — (73,235 ) Proceeds from issuance of shares — — 5,700 (5,700 ) — Dividends (62,165 ) — — — (62,165 ) Intercompany transactions 314,386 (322,363 ) (20,262 ) 28,239 — Intercompany dividends paid — (4,723 ) (154,129 ) 158,852 — Net cash provided by (used in) financing activities from continuing operations 181,188 (400,321 ) (168,691 ) 181,391 (206,433 ) Cash flows from discontinued operations: Net cash provided by operating activities (547 ) — 2,839 — 2,292 Net cash provided by discontinued operations (547 ) — 2,839 — 2,292 Effect of exchange rate changes on cash and cash equivalents — — (10,948 ) — (10,948 ) Net increase (decrease) in cash and cash equivalents 11,720 (7,176 ) 19,059 — 23,603 Cash and cash equivalents at the beginning of the year 37,803 8,933 286,822 — 333,558 Cash and cash equivalents at the end of the year $ 49,523 $ 1,757 $ 305,881 $ — $ 357,161 Year Ended December 31, 2017 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (Dollars in thousands) Net cash (used in) provided by operating activities from continuing operations $ (50,585 ) $ 223,373 $ 315,431 $ (61,918 ) $ 426,301 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (240 ) (34,912 ) (35,751 ) — (70,903 ) Payments for businesses and intangibles acquired, net of cash acquired (975,524 ) (725,554 ) (67,206 ) — (1,768,284 ) Proceeds from sale of assets 464,982 — 6,332 (464,982 ) 6,332 Investments in affiliates — (5,900 ) — 5,900 — Net cash used in investing activities from continuing operations (510,782 ) (766,366 ) (96,625 ) (459,082 ) (1,832,855 ) Cash flows from financing activities of continuing operations: Proceeds from new borrowings 2,463,500 — — — 2,463,500 Reduction in borrowings (1,239,576 ) — — — (1,239,576 ) Debt extinguishment, issuance and amendment fees (26,664 ) — — — (26,664 ) Proceeds from share based compensation plans and related tax impacts 5,571 — — — 5,571 Payments for contingent consideration — (335 ) — — (335 ) Proceeds from issuance of shares — — 5,900 (5,900 ) — Dividends (61,237 ) — — — (61,237 ) Intercompany transactions (550,579 ) 551,230 (465,633 ) 464,982 — Intercompany dividends paid — — (61,918 ) 61,918 — Net cash provided by (used in) financing activities from continuing operations 591,015 550,895 (521,651 ) 521,000 1,141,259 Cash flows from discontinued operations: Net cash used in operating activities (6,416 ) — — — (6,416 ) Net cash used in discontinued operations (6,416 ) — — — (6,416 ) Effect of exchange rate changes on cash and cash equivalents — — 61,480 — 61,480 Net increase (decrease) in cash and cash equivalents 23,232 7,902 (241,365 ) — (210,231 ) Cash and cash equivalents at the beginning of the year 14,571 1,031 528,187 — 543,789 Cash and cash equivalents at the end of the year $ 37,803 $ 8,933 $ 286,822 $ — $ 333,558 Year Ended December 31, 2016 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Condensed Consolidated (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 businesses and 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 (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 |
Divestiture-related activities
Divestiture-related activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Divestiture-Related Activities [Abstract] | |
Operating Results of Operations Treated as Discontinued Operations | The results of the Company’s discontinued operations for the years ended December 31, 2018 , 2017 and 2016 were as follows: 2018 2017 2016 (Dollars in thousands) Other (gains) expenses (1) $ (5,643 ) $ 4,534 $ 922 Income (loss) from discontinued operations before income taxes 5,643 (4,534 ) (922 ) Tax (expense) benefit on loss from discontinued operations (1,273 ) 1,801 1,112 Income (loss) from discontinued operations $ 4,370 $ (2,733 ) $ 190 (1) Includes expenses and recoveries associated with divested businesses. |
Subsequent events (Tables)
Subsequent events (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
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 2018 Footprint realignment plan: Type of expense Total estimated amount expected to be incurred Termination benefits $60 million to $70 million Other costs $2 million to $4 million Restructuring charges $62 million to $74 million Restructuring related charges (1) $40 million to $59 million Total restructuring and restructuring related charges $102 million to $133 million (1) Consists of pre-tax charges related to accelerated depreciation and other costs directly related to the plan, primarily project management costs and costs to transfer manufacturing operations to the new locations, as well as a charge associated with the Company’s exit from the facilities that is expected to be imposed by the taxing authority in the affected jurisdiction. Excluding this tax charge, substantially all of the charges are expected to be recognized within costs of goods sold. The following table provides a summary of the Company’s cost estimates by major type of expense associated with the 2014 Footprint realignment plan: Type of expense Total estimated amount expected to be incurred Termination benefits $12 million to $13 million Other costs $1 million to $2 million Restructuring charges $13 million to $15 million Restructuring related charges (1) $34 million to $37 million $47 million to $52 million (1) Consists of accelerated depreciation and other costs directly related to the plan, primarily as a result of the transfer of manufacturing operations to new locations. The following table provides a summary of the Company’s cost estimates by major type of expense associated with the 2019 Footprint realignment plan: Type of expense Total estimated amount expected to be incurred Termination benefits $19 million to $23 million Other costs (1) $1 million to $2 million Restructuring charges $20 million to $25 million Restructuring related charges (2) $36 million to $45 million Total restructuring and restructuring related charges $56 million to $70 million (1) Includes contract termination costs as well as facility closure and other exit costs (employee and equipment relocation costs and outplacement). (2) Consists of estimated pre-tax charges related to costs directly related to the plan, primarily costs to transfer manufacturing operations to the new locations as well as accelerated depreciation of $3.0 million to $4.0 million . Most of the charges are expected to be recognized within costs of goods sold. |
QUARTERLY DATA (UNAUDITED) (Tab
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | QUARTERLY DATA (UNAUDITED) First Second Third Fourth (Dollars in thousands, except per share) 2018: Net revenues $ 587,230 $ 609,866 $ 609,672 $ 641,615 Gross profit 331,270 344,778 342,573 365,821 Income from continuing operations before interest, loss on extinguishment of debt and taxes 86,843 33,490 82,105 119,266 Income (loss) from continuing operations 54,931 (2,552 ) 56,540 87,513 Income (loss) from discontinued operations 1,253 56 (16 ) 3,077 Net income (loss) 56,184 (2,496 ) 56,524 90,590 Net income (loss) attributable to common shareholders 56,184 (2,496 ) 56,524 90,590 Earnings per share available to common shareholders — basic (1) : Income (loss) from continuing operations $ 1.21 $ (0.06 ) $ 1.23 $ 1.90 Income from discontinued operations 0.03 0.01 — 0.07 Net income (loss) $ 1.24 $ (0.05 ) $ 1.23 $ 1.97 Earnings per share available to common shareholders — diluted (1) : Income (loss) from continuing operations $ 1.18 $ (0.06 ) $ 1.21 $ 1.87 Income from discontinued operations 0.02 0.01 — 0.06 Net income (loss) $ 1.20 $ (0.05 ) $ 1.21 $ 1.93 2017: Net revenues $ 487,881 $ 528,613 $ 534,703 $ 595,106 Gross profit 255,560 290,284 295,227 330,731 Income from continuing operations before interest, loss on extinguishment of debt and taxes 60,819 110,202 110,354 90,904 Income from continuing operations 40,349 78,363 79,398 (42,847 ) (Loss) income from discontinued operations (179 ) (360 ) (2,383 ) 189 Net income (loss) 40,170 78,003 77,015 (42,658 ) Net income (loss) attributable to common shareholders 40,170 78,003 77,015 (42,658 ) Earnings per share available to common shareholders — basic (1) : Income (loss) from continuing operations $ 0.90 $ 1.74 $ 1.76 $ (0.95 ) Loss from discontinued operations (0.01 ) (0.01 ) (0.05 ) — Net income (loss) $ 0.89 $ 1.73 $ 1.71 $ (0.95 ) Earnings per share available to common shareholders — diluted (1) : Income (loss) from continuing operations $ 0.87 $ 1.67 $ 1.70 $ (0.92 ) (Loss) income from discontinued operations (0.01 ) — (0.05 ) 0.01 Net income (loss) $ 0.86 $ 1.67 $ 1.65 $ (0.91 ) (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 accoun_3
Summary of significant accounting policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Weighted average amortization period of intangible assets, in years | 16 years | |
Reserve for returns and allowances | $ 4.2 | $ 0 |
Reserve for estimated rebates | 18.1 | $ 12.2 |
Intellectual property | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Finite-lived intangible assets | 16.9 | |
Finite-lived intangible assets, net of tax | $ 8.6 | |
Minimum | Intellectual property | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 5 years | |
Minimum | Customer relationships | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 8 years | |
Minimum | Distribution rights | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 10 years | |
Minimum | Trade names | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 5 years | |
Minimum | Non-complete agreement | ||
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 relationships | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 27 years | |
Maximum | Distribution rights | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 17 years | |
Maximum | Trade names | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 30 years | |
Maximum | Non-complete agreement | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life of Intangible assets, in years | 6 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 | 5 years | |
Customer Concentration Risk [Member] | Sales Revenue, Net | Hospitals And Healthcare Providers | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 87.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Net | Other Medical Device Manufacturers | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 9.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Net | Home Care Providers such as Pharmacies | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 4.00% |
Recently issued accounting st_2
Recently issued accounting standards Recently issued accounting standards (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Retained earnings | $ 2,427,599 | $ 2,285,886 | ||
Reserve for returns and allowances | $ 4,200 | $ 0 | ||
ASU 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Retained earnings | $ 1,200 | |||
ASU 2016-02 | Forecast | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease, right-of-use asset | $ 110,000 | |||
ASU 2016-16 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
New accounting pronouncement or change in accounting principle, cumulative effect of change on equity or net assets | $ 1,800 | |||
Subsequent Event | ASU 2016-02 | Forecast | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating lease, right-of-use asset | 90,000 | |||
Lease liabilities | 90,000 | |||
Subsequent Event | ASU 2016-02 | Forecast | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Lease liabilities | $ 110,000 |
Net revenues Other revenues (De
Net revenues Other revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 641,615 | $ 609,672 | $ 609,866 | $ 587,230 | $ 595,106 | $ 534,703 | $ 528,613 | $ 487,881 | $ 2,448,383 | $ 2,146,303 | $ 1,868,027 |
Vascular access | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 575,327 | 540,234 | |||||||||
Anesthesia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 349,370 | 344,599 | |||||||||
Interventional | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 395,423 | 324,681 | |||||||||
Surgical | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 358,707 | 356,156 | |||||||||
Interventional urology | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 196,735 | 38,957 | |||||||||
OEM | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 205,976 | 182,967 | |||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 366,845 | $ 358,709 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 20, 2018 | Oct. 04, 2018 | Jun. 21, 2018 | Oct. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 17, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||||
Business combination, consideration transferred | $ 80,100 | |||||||
Goodwill | $ 2,246,579 | 2,235,592 | $ 1,276,720 | |||||
Payments to acquire intangible assets | $ 20,600 | |||||||
Contingent consideration liabilities | 304,248 | $ 272,136 | ||||||
Specialty Surgical | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination, consideration transferred | $ 37,000 | |||||||
Goodwill | $ 10,000 | |||||||
Useful life of Intangible assets, in years | 15 years | |||||||
Specialty Surgical | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 20,000 | |||||||
Specialty Surgical | Intellectual property | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 3,000 | |||||||
Essential Medical | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination, consideration transferred | $ 114,700 | |||||||
Initial payment | 60,400 | |||||||
Aggregate contingent consideration amount | 100,000 | |||||||
Goodwill | $ 30,100 | |||||||
Useful life of Intangible assets, in years | 20 years | |||||||
Essential Medical | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 2,000 | |||||||
Essential Medical | Intellectual property | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | 103,200 | |||||||
NeoTract, Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Initial payment | $ 725,600 | |||||||
Aggregate contingent consideration amount | 300,000 | |||||||
Favorable working capital adjustment | 1,400 | |||||||
Contingent consideration liabilities | $ 234,400 | |||||||
Vascular Solutions, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of the consideration at the date of acquisition | $ 975,500 | |||||||
Estimated Fair Value Of Contingent Consideration One | Essential Medical | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated fair value of contingent consideration | $ 54,300 | |||||||
Sales and Regulatory Goals | NeoTract, Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Payment for contingent consideration liability | 75,000 | |||||||
Distributor To Direct Sales Conversions [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Asset acquisition, consideration transferred | $ 4,900 |
Acquisitions Pro forma combined
Acquisitions Pro forma combined financial information (Details) - Vascular Solutions and NeoTract Acquisitions - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Net revenue | $ 2,255,696 | $ 2,084,439 |
Net income | $ 119,934 | $ 106,512 |
Earnings per share, basic (in dollars per share) | $ 2.66 | $ 2.46 |
Earnings per share, diluted (in dollars per share) | $ 2.57 | $ 2.24 |
Weighted average basic shares outstanding, pro forma (in shares) | 45,004 | 43,325 |
Pro forma weighted average shares outstanding, diluted (in shares) | 46,664 | 47,646 |
Restructuring and other impai_3
Restructuring and other impairment charges - additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 02, 2017property | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 60,120,000 | $ 14,790,000 | $ 15,871,000 | |
In-process research and development impairment charge | 0 | 0 | 41,000,000 | |
Asset impairment charges | 19,110,000 | 43,356,000 | ||
In Process Research and Development And Wholly Owned Properties | ||||
Restructuring Cost and Reserve [Line Items] | ||||
In-process research and development impairment charge | 43,400,000 | |||
In-process research and development | ||||
Restructuring Cost and Reserve [Line Items] | ||||
In-process research and development impairment charge | 41,000,000 | |||
Wholly Owned Properties | ||||
Restructuring Cost and Reserve [Line Items] | ||||
In-process research and development impairment charge | 2,400,000 | |||
Number of properties sold | property | 2 | |||
Termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 57,812,000 | 13,316,000 | 13,230,000 | |
Asset impairment charges | 0 | 0 | ||
2018 Footprint realignment plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Effect on future cash flows, amount | 4,100,000 | |||
Restructuring reserve | 48,474,000 | 0 | ||
2018 Footprint realignment plan | Termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 48,474,000 | 0 | ||
Restructuring charges | 53,992,000 | |||
2018 Footprint realignment plan | Contract termination costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 54,993,000 | |||
2018 Footprint realignment plan | Minimum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 102,000,000 | |||
2018 Footprint realignment plan | Minimum | Accelerated Depreciation And Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 40,000,000 | |||
2018 Footprint realignment plan | Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 133,000,000 | |||
2018 Footprint realignment plan | Maximum | Accelerated Depreciation And Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 59,000,000 | |||
2016 Footprint realignment plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, costs incurred to date | 17,500,000 | |||
Restructuring reserve | 5,416,000 | 7,665,000 | 8,895,000 | |
Restructuring charges | 2,861,000 | 2,097,000 | 12,510,000 | |
2016 Footprint realignment plan | Termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 5,416,000 | 7,296,000 | 8,135,000 | |
Restructuring charges | 2,318,000 | 1,314,000 | 11,176,000 | |
2016 Footprint realignment plan | Accelerated Depreciation And Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, costs incurred to date | 21,800,000 | |||
Restructuring expenses | 7,100,000 | 8,300,000 | 6,400,000 | |
2017 Vascular Solutions integration program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, costs incurred to date | 6,100,000 | |||
Restructuring reserve | 300,000 | |||
Restructuring charges | 5,495,000 | |||
2017 Vascular Solutions integration program | Termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 5,377,000 | |||
2017 EMEA restructuring program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, costs incurred to date | 5,900,000 | |||
Restructuring reserve | 800,000 | |||
Restructuring charges | 5,201,000 | |||
2017 EMEA restructuring program | Termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 4,921,000 | |||
Other 2016 restructuring programs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3,214,000 | |||
Other 2016 restructuring programs | Termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 2,531,000 | |||
2014 Manufacturing footprint realignment plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, costs incurred to date | 12,600,000 | |||
Restructuring reserve | 3,936,000 | 3,926,000 | 5,370,000 | |
Accelerated depreciation | 29,100,000 | |||
2014 Manufacturing footprint realignment plan | Termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 3,936,000 | 3,926,000 | 5,370,000 | |
2014 Manufacturing footprint realignment plan | Accelerated Depreciation And Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 2,200,000 | $ 4,000,000 | $ 8,500,000 | |
2014 Manufacturing footprint realignment plan | Minimum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 47,000,000 | |||
Restructuring costs expected cash payment | 38,000,000 | |||
Restrcturing costs, expected capital expenditures | 24,000,000 | |||
2014 Manufacturing footprint realignment plan | Minimum | Accelerated Depreciation And Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 34,000,000 | |||
2014 Manufacturing footprint realignment plan | Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 52,000,000 | |||
Restructuring costs expected cash payment | 43,000,000 | |||
Restrcturing costs, expected capital expenditures | 30,000,000 | |||
2014 Manufacturing footprint realignment plan | Maximum | Accelerated Depreciation And Other Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 37,000,000 | |||
2016 Footprint realignment plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, costs incurred to date | $ 4,200,000 |
Restructuring and other impai_4
Restructuring and other impairment charges - restructuring program (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 60,120 | $ 14,790 | $ 15,871 |
Asset impairment charges | 19,110 | 43,356 | |
Total restructuring and impairment charges | 79,230 | 59,227 | |
2016 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 2,861 | 2,097 | 12,510 |
Other restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 2,266 | 1,997 | 147 |
2017 Vascular Solutions integration program | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 5,495 | ||
2017 EMEA restructuring program | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 5,201 | ||
Other 2016 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 3,214 | ||
Termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 57,812 | 13,316 | 13,230 |
Asset impairment charges | 0 | 0 | |
Total restructuring and impairment charges | 57,812 | 13,230 | |
Termination benefits | 2018 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 53,992 | ||
Termination benefits | 2016 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 2,318 | 1,314 | 11,176 |
Termination benefits | Other restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 1,502 | 1,704 | (477) |
Termination benefits | 2017 Vascular Solutions integration program | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 5,377 | ||
Termination benefits | 2017 EMEA restructuring program | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 4,921 | ||
Termination benefits | Other 2016 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 2,531 | ||
Other Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 2,308 | 1,474 | 2,641 |
Asset impairment charges | 19,110 | 43,356 | |
Total restructuring and impairment charges | 21,418 | 45,997 | |
Other Costs | 2018 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 1,001 | ||
Other Costs | 2016 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 543 | 783 | 1,334 |
Other Costs | Other restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 764 | 293 | 624 |
Other Costs | 2017 Vascular Solutions integration program | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 118 | ||
Other Costs | 2017 EMEA restructuring program | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 280 | ||
Other Costs | Other 2016 restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 683 |
Restructuring and other impai_5
Restructuring and other impairment charges - expected costs to be incurred (Details) $ in Millions | Dec. 31, 2018USD ($) |
2018 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | $ 102 |
2018 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 133 |
2014 Manufacturing footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 47 |
2014 Manufacturing footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 52 |
Termination benefits | 2018 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 60 |
Termination benefits | 2018 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 70 |
Termination benefits | 2014 Manufacturing footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 12 |
Termination benefits | 2014 Manufacturing footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 13 |
Other Costs | 2018 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 2 |
Other Costs | 2018 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 4 |
Other Costs | 2014 Manufacturing footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 1 |
Other Costs | 2014 Manufacturing footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 2 |
Restructuring charges | 2018 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 62 |
Restructuring charges | 2018 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 74 |
Restructuring charges | 2014 Manufacturing footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 13 |
Restructuring charges | 2014 Manufacturing footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 15 |
Accelerated Depreciation And Other Costs | 2018 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 40 |
Accelerated Depreciation And Other Costs | 2018 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 59 |
Accelerated Depreciation And Other Costs | 2014 Manufacturing footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 34 |
Accelerated Depreciation And Other Costs | 2014 Manufacturing footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | $ 37 |
Restructuring and other impai_6
Restructuring and other impairment charges - reconciliation of changes in accrued liabilities associated with restructuring program (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
2018 Footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | $ 0 | |
Subsequent accruals | 54,993 | |
Cash payments | (4,503) | |
Foreign currency translation | (2,016) | |
Balance, ending | 48,474 | $ 0 |
2016 Footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 7,665 | 8,895 |
Subsequent accruals | 2,861 | 2,097 |
Cash payments | (4,866) | (3,314) |
Foreign currency translation | (244) | (13) |
Balance, ending | 5,416 | 7,665 |
2014 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 3,926 | 5,370 |
Subsequent accruals | 830 | 755 |
Cash payments | (820) | (2,199) |
Balance, ending | 3,936 | 3,926 |
Termination benefits | 2018 Footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 0 | |
Subsequent accruals | 53,992 | |
Cash payments | (3,503) | |
Foreign currency translation | (2,015) | |
Balance, ending | 48,474 | 0 |
Termination benefits | 2016 Footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 7,296 | 8,135 |
Subsequent accruals | 2,318 | 1,314 |
Cash payments | (3,954) | (2,096) |
Foreign currency translation | (244) | (57) |
Balance, ending | 5,416 | 7,296 |
Termination benefits | 2014 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 3,926 | 5,370 |
Subsequent accruals | 744 | 687 |
Cash payments | (734) | (2,131) |
Balance, ending | 3,936 | 3,926 |
Other Costs | 2018 Footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 0 | |
Subsequent accruals | 1,001 | |
Cash payments | (1,000) | |
Foreign currency translation | (1) | |
Balance, ending | 0 | 0 |
Other Costs | 2016 Footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 369 | 760 |
Subsequent accruals | 543 | 783 |
Cash payments | (912) | (1,218) |
Foreign currency translation | 0 | 44 |
Balance, ending | 0 | 369 |
Other Costs | 2014 Manufacturing footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 0 | 0 |
Subsequent accruals | 86 | 68 |
Cash payments | (86) | (68) |
Balance, ending | $ 0 | $ 0 |
Restructuring and other impai_7
Restructuring and other impairment charges - by segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 60,120 | $ 14,790 | $ 15,871 |
Vascular North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 556 | 2,595 | 5,843 |
Interventional North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 900 | 4,908 | 459 |
Anesthesia North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 371 | 1,262 | 1,839 |
Surgical North America | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 0 | 0 | 151 |
EMEA | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 55,608 | 5,722 | 4,423 |
OEM | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 0 | 0 | 795 |
All other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 2,685 | $ 303 | $ 2,361 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 111,105 | $ 98,451 |
Work-in-process | 62,334 | 62,381 |
Finished goods | 254,339 | 234,912 |
Inventory, Net | $ 427,778 | $ 395,744 |
Property, plant, equipment (Det
Property, plant, equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | |||
Land, buildings and leasehold improvements | $ 224,605 | $ 207,927 | |
Machinery and equipment | 421,873 | 384,710 | |
Computer equipment and software | 137,899 | 122,890 | |
Construction in progress | 105,319 | 73,920 | |
Property, plant and equipment, gross | 889,696 | 789,447 | |
Less: Accumulated depreciation | (456,930) | (406,448) | |
Property, plant and equipment, net | $ 432,766 | $ 382,999 | $ 302,899 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense of intangible assets | $ 149,486 | $ 98,766 | $ 63,491 |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite lived intangible assets | 233,500 | ||
Intellectual property | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets | 16,900 | ||
Finite-lived intangible assets, net of tax | $ 8,600 |
Goodwill and other intangible_4
Goodwill and other intangible assets - changes in carrying amount by reporting segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
Goodwill | $ 1,608,848 | ||
Accumulated impairment losses | (332,128) | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 2,235,592 | $ 1,276,720 | |
Goodwill related to acquisitions | 40,665 | 893,711 | |
Translation and other adjustments | (29,678) | 65,161 | |
Goodwill, ending balance | 2,246,579 | 2,235,592 | |
Vascular North America | |||
Goodwill [Line Items] | |||
Goodwill | 485,986 | ||
Accumulated impairment losses | (219,527) | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 264,869 | 266,459 | |
Goodwill related to acquisitions | 0 | 0 | |
Translation and other adjustments | 0 | (1,590) | |
Goodwill, ending balance | 264,869 | 264,869 | |
Interventional North America | |||
Goodwill [Line Items] | |||
Goodwill | 84,615 | ||
Accumulated impairment losses | (5,528) | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 433,049 | 79,087 | |
Goodwill related to acquisitions | 27,355 | 342,901 | |
Translation and other adjustments | (4,815) | 11,061 | |
Goodwill, ending balance | 455,589 | 433,049 | |
Anesthesia North America | |||
Goodwill [Line Items] | |||
Goodwill | 225,784 | ||
Accumulated impairment losses | (84,531) | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 157,289 | 141,253 | |
Goodwill related to acquisitions | 0 | 15,599 | |
Translation and other adjustments | (950) | 437 | |
Goodwill, ending balance | 156,339 | 157,289 | |
Surgical North America | |||
Goodwill [Line Items] | |||
Goodwill | 250,912 | ||
Accumulated impairment losses | 0 | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 250,912 | 250,912 | |
Goodwill related to acquisitions | 2,403 | 0 | |
Translation and other adjustments | 0 | 0 | |
Goodwill, ending balance | 253,315 | 250,912 | |
EMEA | |||
Goodwill [Line Items] | |||
Goodwill | 290,041 | ||
Accumulated impairment losses | 0 | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 494,548 | 290,041 | |
Goodwill related to acquisitions | 4,730 | 161,543 | |
Translation and other adjustments | (18,663) | 42,964 | |
Goodwill, ending balance | 480,615 | 494,548 | |
Asia | |||
Goodwill [Line Items] | |||
Goodwill | 138,185 | ||
Accumulated impairment losses | 0 | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 209,200 | 138,185 | |
Goodwill related to acquisitions | 6,590 | 59,954 | |
Translation and other adjustments | (4,243) | 11,061 | |
Goodwill, ending balance | 211,547 | 209,200 | |
OEM | |||
Goodwill [Line Items] | |||
Goodwill | 4,883 | ||
Accumulated impairment losses | 0 | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 4,883 | 4,883 | |
Goodwill related to acquisitions | 0 | 0 | |
Translation and other adjustments | 0 | 0 | |
Goodwill, ending balance | 4,883 | 4,883 | |
All other | |||
Goodwill [Line Items] | |||
Goodwill | 128,442 | ||
Accumulated impairment losses | $ (22,542) | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 420,842 | 105,900 | |
Goodwill related to acquisitions | (413) | 313,714 | |
Translation and other adjustments | (1,007) | 1,228 | |
Goodwill, ending balance | $ 419,422 | $ 420,842 |
Goodwill and other intangible_5
Goodwill and other intangible assets - components of intangible assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,033,706 | $ 2,964,632 |
Accumulated Amortization | (708,654) | (580,884) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,030,194 | 1,023,837 |
Accumulated Amortization | (322,972) | (281,263) |
In-process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 28,457 | 34,672 |
Accumulated Amortization | 0 | 0 |
Intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,363,516 | 1,287,487 |
Accumulated Amortization | (322,539) | (258,580) |
Distribution rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 23,465 | 23,697 |
Accumulated Amortization | (17,860) | (16,996) |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 565,070 | 571,510 |
Accumulated Amortization | (36,379) | (22,069) |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 23,004 | 23,429 |
Accumulated Amortization | $ (8,904) | $ (1,976) |
Goodwill and other intangible_6
Goodwill and other intangible assets - estimated annual amortization expense (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 150,200 |
2,020 | 149,500 |
2,021 | 141,900 |
2,022 | 136,600 |
2,023 | $ 135,100 |
Borrowings - Components of Long
Borrowings - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Nov. 20, 2017 | May 21, 2014 | |
Line Of Credit Facility [Line Items] | ||||
Long-term debt, Gross | $ 2,176,500 | $ 2,270,000 | ||
Less: Unamortized debt issuance costs | (17,675) | (20,448) | ||
Net carrying amount | 2,158,825 | 2,249,552 | ||
Current portion of borrowings | (86,625) | (86,625) | ||
Long-term borrowings | 2,072,200 | 2,162,927 | ||
Revolving Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility, at a rate of 4.27% at December 31, 2018 and 3.44% at December 31, 2017, due 2022 | $ 293,000 | $ 349,000 | ||
Senior credit facility interest rate | 4.27% | 3.57% | ||
Securitization Program | ||||
Line Of Credit Facility [Line Items] | ||||
Securitization program, at a rate of 3.25% at December 31, 2018 and 2.31% at December 31, 2017 | $ 50,000 | $ 50,000 | ||
Interest rate | 3.25% | 2.31% | ||
Term loan facility, at a rate of 4.27% at December 31, 2018 and 3.57% at December 31 2017, due 2022 | Term Loan | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility, at a rate of 4.27% at December 31, 2018 and 3.44% at December 31, 2017, due 2022 | $ 683,500 | $ 721,000 | ||
Senior credit facility interest rate | 4.27% | 3.57% | ||
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% | |
4.875% Senior Notes due 2026 | Senior Notes | ||||
Line Of Credit Facility [Line Items] | ||||
Senior notes | $ 400,000 | $ 400,000 | ||
Interest rate | 4.875% | 4.875% | ||
4.625% Senior Notes due 2027 | Senior Notes | ||||
Line Of Credit Facility [Line Items] | ||||
Senior notes | $ 500,000 | $ 500,000 | $ 500,000 | |
Interest rate | 4.625% | 4.625% | 4.625% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | Jan. 20, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 20, 2017USD ($) | May 16, 2016USD ($) | May 21, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Ownership percentage of subsidiaries | 50.00% | |||||
Total long-term debt | $ 2,158,825,000 | $ 2,249,552,000 | ||||
Standby Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility amount outstanding | $ 2,100,000 | $ 3,200,000 | ||||
Securitization Program | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.25% | 2.31% | ||||
Maximum amount available under receivable securitization | $ 50,000,000 | |||||
Securitization program, at a rate of 3.25% at December 31, 2018 and 2.31% at December 31, 2017 | $ 50,000,000 | $ 50,000,000 | ||||
2017 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.00% | |||||
Leverage ratio, required | 4.50 | |||||
Maximum secured leverage ratio | 3.50 | |||||
Interest coverage ratio, required | 3.50 | |||||
2017 Credit Agreement | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.25% | |||||
2017 Credit Agreement | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.50% | |||||
2017 Credit Agreement | Federal Funds | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
2017 Credit Agreement | Adjusted LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
2017 Credit Agreement | Adjusted LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.25% | |||||
2017 Credit Agreement | Adjusted LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
2017 Credit Agreement | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt, term | 5 years | |||||
Maximum amount available for borrowing | $ 1,000,000,000 | |||||
2017 Credit Agreement | Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Maximum amount available for borrowing | $ 750,000,000 | |||||
5.25% Senior Notes due 2024 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
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% | |||||
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% | |||||
4.875% Senior Notes due 2026 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Declining percent of redemption price to principal amount | 0.813% | |||||
4.875% Senior Notes due 2026 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Declining percent of redemption price to principal amount | 100.00% | |||||
4.875% Senior Notes due 2026 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 50.00% | |||||
Interest rate | 4.875% | |||||
Senior notes | $ 400,000,000 | |||||
4.875% Senior Notes due 2026 | Senior Notes | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Percent of redemption price to principal amount | 102.438% | |||||
4.625% Senior Notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance, line of credit | $ 7,900,000 | |||||
4.625% Senior Notes due 2027 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Declining percent of redemption price to principal amount | 0.771% | |||||
4.625% Senior Notes due 2027 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Declining percent of redemption price to principal amount | 100.00% | |||||
4.625% Senior Notes due 2027 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 50.00% | |||||
Interest rate | 4.625% | 4.625% | 4.625% | |||
Senior notes | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||
4.625% Senior Notes due 2027 | Senior Notes | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Percent of redemption price to principal amount | 102.313% | |||||
4.625% Senior Notes due 2027 | 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% | |||||
4.625% Senior Notes due 2027 | 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% | |||||
4.625% Senior Notes due 2027 | Senior Notes | Debt Instrument Redemption Prior To November 15, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Percent of redemption price to principal amount on redemption | 104.625% | |||||
Percent of principal amount of notes redeemable | 40.00% |
Borrowings - Fair Value of Debt
Borrowings - Fair Value of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Measurements [Line Items] | ||
Fair value of debt | $ 2,145,473 | $ 2,299,942 |
Level 2 | ||
Fair Value Measurements [Line Items] | ||
Fair value of debt | $ 2,145,473 | $ 2,299,942 |
Borrowings - Aggregate Amounts
Borrowings - Aggregate Amounts of Long-Term Debt (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 86,625 |
2,020 | 51,562 |
2,021 | 70,313 |
2,022 | 818,000 |
2023 and thereafter | $ 1,150,000 |
Financial instruments - Additio
Financial instruments - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 01, 2017USD ($) | Jul. 02, 2017USD ($) | Apr. 02, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 04, 2018USD ($) | Oct. 04, 2018EUR (€) | |
Derivatives Fair Value [Line Items] | |||||||||||||
Foreign currency translation, continuing operations, adjustments, net of tax | $ (83,889,000) | $ 173,074,000 | $ (69,162,000) | ||||||||||
Ineffectiveness on hedging derivatives | 0 | 0 | 0 | ||||||||||
Allowance for doubtful accounts | $ 9,348,000 | $ 10,255,000 | 9,348,000 | 10,255,000 | |||||||||
Current portion of allowance for doubtful accounts | 4,400,000 | 3,500,000 | 4,400,000 | 3,500,000 | |||||||||
Net revenues | 641,615,000 | $ 609,672,000 | $ 609,866,000 | $ 587,230,000 | 595,106,000 | $ 534,703,000 | $ 528,613,000 | $ 487,881,000 | 2,448,383,000 | 2,146,303,000 | 1,868,027,000 | ||
Spain, Italy, Portugal, and Greece | |||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||
Net revenues | 142,700,000 | 129,400,000 | $ 125,300,000 | ||||||||||
Cross Currency Interest Rate Contract | Cash Flow Hedging | |||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||
Foreign currency translation, continuing operations, adjustments, net of tax | 4,000,000 | ||||||||||||
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 | 115,300,000 | 88,500,000 | 115,300,000 | 88,500,000 | |||||||||
Designated as Hedging Instrument | Cross Currency Interest Rate Contract | |||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||
Total notional amount for all open foreign currency forward contracts | $ 500,000,000 | € 433,900,000 | |||||||||||
Derivative, number of instruments held | 6 | 6 | |||||||||||
Derivative, fixed interest rate | 4.625% | 4.625% | |||||||||||
Derivative, annual interest rate | 1.942% | 1.942% | |||||||||||
Not Designated as Hedging Instrument | Foreign Currency Exchange Contracts | |||||||||||||
Derivatives Fair Value [Line Items] | |||||||||||||
Loss on derivative | 1,900,000 | 2,600,000 | |||||||||||
Total notional amount for all open foreign currency forward contracts | $ 125,900,000 | $ 110,600,000 | $ 125,900,000 | $ 110,600,000 |
Financial instruments - Fair va
Financial instruments - Fair value of derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Foreign Currency Exchange Contracts | Other current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability derivatives: | $ 7,793 | $ 0 |
Cash Flow Hedging | ||
Derivatives Fair Value [Line Items] | ||
Asset derivatives: | 16,050 | 1,221 |
Liability derivatives: | 8,581 | 1,426 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Asset derivatives: | 16,050 | 1,221 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Other current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability derivatives: | 788 | 1,426 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Asset derivatives: | 1,216 | 914 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Designated as Hedging Instrument | Other current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability derivatives: | 524 | 1,373 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Not Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Asset derivatives: | 106 | 307 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Not Designated as Hedging Instrument | Other current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability derivatives: | 264 | 53 |
Cash Flow Hedging | Cross Currency Interest Rate Contract | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Asset derivatives: | 14,728 | 0 |
Cash Flow Hedging | Cross Currency Interest Rate Contract | Other current liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability derivatives: | $ 7,793 | $ 0 |
Financial instruments - aggrega
Financial instruments - aggregate accounts receivable, net of allowance for doubtful accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives Fair Value [Line Items] | ||
Allowance for doubtful accounts | $ 9,348 | $ 10,255 |
Current portion of allowance for doubtful accounts | 4,400 | 3,500 |
Concentration Countries Greece, Italy, Spain And Portugal [Member] | ||
Derivatives Fair Value [Line Items] | ||
Accounts receivable, net | $ 39,026 | $ 49,054 |
Entity wide by country, percentage | 11.00% | 14.60% |
Spain, Italy, Portugal, and Greece | ||
Derivatives Fair Value [Line Items] | ||
Long-term portion of trade accounts receivable, net from customers | $ 2,700 | $ 3,300 |
Italy | ||
Derivatives Fair Value [Line Items] | ||
Receivables sold | 12,700 | |
Portugal | ||
Derivatives Fair Value [Line Items] | ||
Receivables sold | $ 12,600 |
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, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | $ 8,671 | $ 9,045 |
Derivative assets | 16,050 | 1,221 |
Derivative liabilities | 8,581 | 1,426 |
Contingent consideration liabilities | 304,248 | 272,136 |
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 | 8,671 | 9,045 |
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 | 16,050 | 1,221 |
Derivative liabilities | 8,581 | 1,426 |
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 | $ 304,248 | $ 272,136 |
Fair value measurement - Valuat
Fair value measurement - Valuation Technique (Details) | Dec. 31, 2018 |
Milestone-based payment | Discounted cash flow | Discount rate | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.043 |
Milestone-based payment | Discounted cash flow | Discount rate | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.062 |
Revenue-based | Discounted cash flow | Discount rate | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.100 |
Revenue-based | Discounted cash flow | Discount rate | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.105 |
Revenue-based | Monte Carlo simulation | Revenue volatility | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.161 |
Revenue-based | Monte Carlo simulation | Revenue volatility | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.250 |
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, 2018 | Dec. 31, 2017 | |
Changes in Level 3 Financial Liabilities Related to Contingent Consideration [Roll Forward] | ||
Beginning balance | $ 272,136 | $ 7,102 |
Initial estimate upon acquisition | 54,696 | 261,733 |
Payments | (75,335) | (335) |
Revaluations | 52,977 | 3,575 |
Translation adjustment | (226) | 61 |
Ending balance | $ 304,248 | $ 272,136 |
Shareholders' equity - Addition
Shareholders' equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | ||
Stock Option | |||
Shareholders Equity [Line Items] | |||
Weighted average antidilutive which were not included in the calculation of earnings per share (in shares) | 600,000 | 600,000 | 3,400,000 |
Convertible Debt | |||
Shareholders Equity [Line Items] | |||
Debt instrument, face amount | $ 400 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | |||
Basic (in shares) | 45,689 | 45,004 | 43,325 |
Dilutive effect of share based awards (in shares) | 970 | 923 | 570 |
Dilutive effect of convertible notes and warrants (in shares) | 142 | 737 | 3,751 |
Diluted (in shares) | 46,801 | 46,664 | 47,646 |
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, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | $ 2,430,531 | $ 2,137,517 |
Ending Balance | 2,539,978 | 2,430,531 |
Cash Flow Hedges | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 340 | (2,424) |
Other comprehensive income (loss) before reclassifications | 2,574 | 2,775 |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,107) | (11) |
Net current-year other comprehensive income (loss) | 467 | 2,764 |
Ending Balance | 807 | 340 |
Pension and Other Postretirement Benefit Plans | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | (138,808) | (136,596) |
Other comprehensive income (loss) before reclassifications | 1,605 | (6,725) |
Amounts reclassified from accumulated other comprehensive income (loss) | 5,823 | 4,513 |
Net current-year other comprehensive income (loss) | 7,428 | (2,212) |
Ending Balance | (131,380) | (138,808) |
Foreign Currency Translation Adjustment | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | (126,623) | (299,697) |
Other comprehensive income (loss) before reclassifications | (83,889) | 173,074 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Net current-year other comprehensive income (loss) | (83,889) | 173,074 |
Ending Balance | (210,512) | (126,623) |
Accumulated Other Comprehensive Income (loss) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | (265,091) | (438,717) |
Other comprehensive income (loss) before reclassifications | (79,710) | 169,124 |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,716 | 4,502 |
Net current-year other comprehensive income (loss) | (75,994) | 173,626 |
Ending Balance | $ (341,085) | $ (265,091) |
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, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Cost of goods sold | $ 1,063,941 | $ 974,501 | $ 871,827 | ||||||||
Income from continuing operations before taxes | 219,628 | 284,911 | 245,725 | ||||||||
Taxes on income from continuing operations | (23,196) | (129,648) | (8,074) | ||||||||
Income from continuing operations | $ 87,513 | $ 56,540 | $ (2,552) | $ 54,931 | $ (42,847) | $ 79,398 | $ 78,363 | $ 40,349 | 196,432 | 155,263 | 237,651 |
Interest expense | 103,020 | 82,546 | 54,941 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Impact on income from continuing operations, net of tax | 1,193 | 4,502 | 8,013 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | Foreign Exchange Forward | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Cost of goods sold | (2,270) | (95) | 4,511 | ||||||||
Income from continuing operations before taxes | (2,270) | (95) | 4,511 | ||||||||
Taxes on income from continuing operations | 163 | 84 | (1,010) | ||||||||
Income from continuing operations | (2,107) | (11) | 3,501 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | Cross Currency Interest Rate Contract | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income from continuing operations before taxes | (3,277) | 0 | 0 | ||||||||
Taxes on income from continuing operations | 754 | 0 | 0 | ||||||||
Income from continuing operations | (2,523) | 0 | 0 | ||||||||
Interest expense | (3,277) | 0 | 0 | ||||||||
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 | 7,556 | 7,009 | 7,021 | ||||||||
Taxes on income from continuing operations | (1,733) | (2,496) | (2,509) | ||||||||
Income from continuing operations | 5,823 | 4,513 | 4,512 | ||||||||
Actuarial losses | 7,305 | 6,904 | 6,965 | ||||||||
Prior-service credits | $ 251 | $ 105 | $ 56 |
Stock compensation plans - Addi
Stock compensation plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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) | 155,498 | ||
Unrecognized compensation expense | $ 27.2 | ||
Shares available for future grants | 3,578,241 | ||
Stock-based compensation | $ 22.4 | $ 19.4 | $ 16.9 |
Tax benefit from compensation expense | 20.7 | 12.8 | $ 5.5 |
Net excess tax benefit from compensation expense | $ 15.9 | $ 6.6 | |
Stock option granted, weighted average grant date fair value (in dollars per share) | $ 58.16 | $ 39.70 | $ 27.42 |
Stock option granted, weighted average grant date fair value | $ 69.4 | $ 15.7 | $ 11.3 |
Stock option expenses including selling general and administrative expenses | $ 9.1 | ||
Non-vested restricted stock units issued (in shares) | 62,221 | 82,865 | 93,367 |
Non vested restricted stock expense including selling general and administrative expense | $ 13.3 | ||
Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 9.1 | ||
Period for recognition | 1 year 8 months 12 days | ||
Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of options granted (in shares) | 155,498 | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards (in shares) | 62,221 | ||
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 16.5 | ||
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) | 62,221 | ||
Weighted average grant date fair value (in dollars per share) | $ 250.66 | $ 187.85 | $ 142.71 |
Performance Shares Units (PSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | $ 284.33 | ||
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 | ||
Minimum | Performance Shares Units (PSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards (in shares) | 8,915 | ||
Maximum | Performance Shares Units (PSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards (in shares) | 22,290 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Weighted Average Fair Values [Line Items] | |||
Risk-free interest rate | 2.67% | 1.88% | 1.30% |
Expected life of option | 4 years 11 months 23 days | 4 years 11 months 7 days | 4 years 10 months 28 days |
Expected dividend yield | 0.54% | 0.71% | 0.94% |
Expected volatility | 22.65% | 21.74% | 21.64% |
Stock compensation plans - we_2
Stock compensation plans - weighted-average assumptions used to estimate fair value of non-vested shares granted (Detail) - Stock Options | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Weighted Average Fair Values [Line Items] | |||
Risk-free interest rate | 2.41% | 1.47% | 0.94% |
Expected dividend yield | 0.53% | 0.71% | 0.93% |
Stock compensation plans- summa
Stock compensation plans- summary of stock option activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options, Outstanding, beginning of year (in shares) | shares | 1,708,928 |
Number of Options, Granted (in shares) | shares | 155,498 |
Number of Options, Exercised (in shares) | shares | (383,198) |
Number of Options, Forfeited or Expired (in shares) | shares | (9,779) |
Number of Options, Outstanding, ending of year (in shares) | shares | 1,471,449 |
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 | $ 113.49 |
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares | 254.60 |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares | 80.51 |
Weighted Average Exercise Price, Forfeited or Expired (in dollars per share) | $ / shares | 170.78 |
Weighted Average Exercise Price, Outstanding, beginning of year (in dollars per share) | $ / shares | $ 136.62 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Number of Options, Exercisable, end of year (in shares) | shares | 1,073,198 |
Weighted Average Exercise Price, Exercisable, end of year (in dollars per share) | $ / shares | $ 112.13 |
Weighted Average Remaining Contractual Life in Years, Outstanding, end of year | 5 years 8 months 6 days |
Weighted Average Remaining Contractual Life in Years, Exercisable, end of year | 4 years 11 months 19 days |
Aggregate Intrinsic Value, Outstanding, end of year | $ | $ 179,396 |
Aggregate Intrinsic Value, Exercisable, end of year | $ | $ 157,070 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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) | 233,742 | ||
Number of Non-Vested Shares, Granted (in shares) | 62,221 | ||
Number of Non-Vested Shares, Vested (in shares) | (83,396) | ||
Number of Non-Vested Shares, Forfeited (in shares) | (10,755) | ||
Number of Non-Vested Shares, Outstanding, end of the year (in shares) | 201,812 | 233,742 | |
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) | $ 148.79 | ||
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | 250.66 | $ 187.85 | $ 142.71 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 125.70 | ||
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | 179.08 | ||
Weighted Average Grant Date Fair Value, Outstanding, end of the year (in dollars per share) | $ 188.10 | $ 148.79 | |
Weighted Average Remaining Contractual Life In Years, Outstanding, end of the year | 1 year 30 days | ||
Aggregate Intrinsic Value, Outstanding, end of the year | $ 52,164 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Provisional income tax (expense) benefit due to tax cuts and jobs act | $ 2,300 | $ 46,100 | |
Tax cuts and jobs act of 2017, incomplete accounting, provisional income tax expense (benefit) | $ 154,000 | $ 154,000 | |
Tax cuts and jobs act of 2017, incomplete accounting, expected period to pay provisional income tax expense (benefit) | 8 years | ||
Tax Cuts and Jobs Act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional liability | $ 200 | ||
Tax Cuts and Jobs Act of 2017, incomplete accounting, change in tax rate, provisional income tax expense (benefit) | (2,100) | ||
Tax Cuts and Jobs Act of 2017, income tax expense (benefit) | 10,700 | ||
Cumulative unremitted earnings, non-permanently reinvested | 2,100,000 | ||
Cumulative unremitted earnings, permanently reinvested | $ 200,000 | ||
Effective income tax rate, total | 10.60% | 45.50% | 3.30% |
Deferred tax asset, income tax expense (benefit) due to tax cuts and jobs act of 2017 | $ 107,900 | ||
Realized net benefit as result of reducing our reserves with respect to uncertain tax positions | $ 800 | 5,200 | $ 8,800 |
Tax effect, carry forwards | $ 234,900 | ||
Percentage of change in ownership | 50.00% | ||
Deferred tax assets, valuation allowance | $ 143,971 | 104,799 | |
Unrecognized tax benefits that would impact effective tax rate | 4,500 | ||
Unrecognized tax benefits, interest (benefit) expense | 200 | 200 | 200 |
Unrecognized tax benefits, penalties | (300) | (200) | $ (500) |
Unrecognized tax benefits, interest (benefit) expense accrued | 600 | 600 | |
Unrecognized tax benefits, penalties accrued | 2,200 | $ 2,600 | |
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 | 1,600 | ||
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 | 3,700 | ||
After 2,018 | |||
Income Tax Contingency [Line Items] | |||
Tax effect, carry forwards | $ 220,200 | ||
Excess Tax Deductions | |||
Income Tax Contingency [Line Items] | |||
Effective income tax rate, total | 10.60% | 45.50% |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ (1,525) | $ 133,621 | $ 2,344 |
State | 1,432 | 5,213 | 5,230 |
Foreign | 29,353 | 35,444 | 28,842 |
Deferred: | |||
Federal | (5,124) | (258,247) | (25,141) |
State | (5,114) | 1,459 | (1,837) |
Foreign | 4,174 | 212,158 | (1,364) |
Provision for income taxes from continuing operations | $ 23,196 | $ 129,648 | $ 8,074 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 37,201 | $ 37,528 | $ (29,988) |
Other | 182,427 | 247,383 | 275,713 |
Income from continuing operations before taxes | $ 219,628 | $ 284,911 | $ 245,725 |
Income taxes - reconciliations
Income taxes - reconciliations between statutory federal income tax rate and effective income tax rate (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 35.00% | 35.00% |
Tax effect of international items | (3.30%) | (25.70%) | (27.50%) |
Impacts of the TCJA | (1.00%) | 37.90% | 0.00% |
Excess tax benefits related to share-based compensation | (7.20%) | (2.30%) | 0.00% |
State taxes, net of federal benefit | (0.10%) | 0.10% | 0.90% |
Uncertain tax contingencies | (0.40%) | (1.80%) | (3.60%) |
Contingent consideration | 5.30% | 0.40% | (1.20%) |
Intellectual property impairment charge | (2.00%) | 0.00% | 0.00% |
Research and development tax credit | (1.60%) | (0.80%) | (0.60%) |
Other, net | (0.10%) | 2.70% | 0.30% |
Effective income tax rate, total | 10.60% | 45.50% | 3.30% |
Income taxes - deferred tax ass
Income taxes - deferred tax assets and liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Tax loss and credit carryforwards | $ 234,940 | $ 210,055 |
Pension | 19,972 | 28,147 |
Reserves and accruals | 68,767 | 62,378 |
Other | 3,267 | 3,619 |
Less: valuation allowances | (143,971) | (104,799) |
Total deferred tax assets | 182,975 | 199,400 |
Deferred tax liabilities: | ||
Property, plant and equipment | 24,315 | 22,299 |
Intangibles — stock acquisitions | 541,445 | 553,245 |
Unremitted foreign earnings | 218,769 | 223,494 |
Other | 4,221 | 228 |
Total deferred tax liabilities | 788,750 | 799,266 |
Net deferred tax liability | $ (605,775) | $ (599,866) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 9,336 | $ 15,054 | $ 34,381 |
Increase in unrecognized tax benefits related to prior years | 0 | 0 | 0 |
Decrease in unrecognized tax benefits related to prior years | 0 | 0 | (13,083) |
Unrecognized tax benefits related to the current year | 899 | 895 | 705 |
Reductions in unrecognized tax benefits due to settlements | 0 | 0 | (2,121) |
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations | (1,955) | (6,813) | (4,840) |
Increase (decrease) in unrecognized tax benefits due to foreign currency translation | (174) | 200 | 12 |
Ending balance | $ 8,106 | $ 9,336 | $ 15,054 |
Pension and other postretirem_3
Pension and other postretirement benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Increase trend rate by 1%, increase the benefit obligation | $ 2.4 | ||
Increase trend rate by 1%, increase the benefit expenses | 0.1 | ||
Decrease trend rate by 1%, decrease the benefit obligation | 2.2 | ||
Decrease trend rate by 1%, decrease the benefit expenses | 0.1 | ||
Defined benefit plans, annual average Medicare part D subsidy | 0.2 | ||
Defined contribution plans, costs | $ 15.6 | $ 12.5 | $ 12 |
Equity Securities | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation percentage of securities | 40.00% | ||
Fixed Income Securities | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation percentage of securities | 50.00% | ||
Other Securities | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation percentage of securities | 10.00% | ||
Pension | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.30% | 3.60% | |
Rate of return | 7.80% | 8.10% | 8.10% |
Accumulated benefit obligation | $ 415.9 | $ 461.6 | |
Expected employer contribution for year 2016 | 12.7 | ||
Accumulated other comprehensive income expected to be recognized over the next fiscal year for the Company's pension and postretirement benefit plans | $ 6.8 | ||
Postretirement Health Care Plans | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.20% | 3.60% | |
Expected employer contribution for year 2016 | $ 4 | ||
Accumulated other comprehensive income expected to be recognized over the next fiscal year for the Company's pension and postretirement benefit plans | $ 0.1 | ||
Minimum | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effective average duration to maintain | 3 years | ||
Maximum | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effective average duration to maintain | 10 years | ||
United States | Pension | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.43% | ||
Rate of return | 8.00% | 8.25% | |
United States | Postretirement Health Care Plans | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.22% | ||
Foreign Plan | Pension | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets with accumulated benefit obligation in excess of plan assets | $ 2.8 | $ 1.6 |
Pension and other postretirem_4
Pension and other postretirement benefits - net benefit cost of pension and postretirement benefit plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,500 | $ 2,887 | $ 2,615 |
Interest cost | 14,816 | 15,137 | 15,711 |
Expected return on plan assets | (29,666) | (26,809) | (24,786) |
Net amortization and deferral | 6,777 | 6,734 | 6,567 |
Curtailments | 0 | 0 | 0 |
Settlements | 486 | 0 | 0 |
Net benefit expense (income) | (6,087) | (2,051) | 107 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 50 | 279 | 355 |
Interest cost | 1,389 | 1,577 | 1,595 |
Expected return on plan assets | 0 | 0 | 0 |
Net amortization and deferral | 136 | 275 | 454 |
Curtailments | 677 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Net benefit expense (income) | $ 2,252 | $ 2,131 | $ 2,404 |
Pension and other postretirem_5
Pension and other postretirement benefits - weighted average assumptions used in determining net periodic benefit cost (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.60% | 4.20% | 4.50% |
Rate of return | 7.80% | 8.10% | 8.10% |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.60% | 4.10% | 4.30% |
Initial healthcare trend rate | 7.80% | 7.90% | 8.40% |
Ultimate healthcare trend rate | 5.00% | 5.00% | 5.00% |
Pension and other postretirem_6
Pension and other postretirement benefits - (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Settlements | $ (1,420) | $ 0 | |
Pension | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 462,158 | 430,574 | |
Service cost | 1,500 | 2,887 | $ 2,615 |
Interest cost | 14,816 | 15,137 | 15,711 |
Actuarial (gain) loss | (38,446) | 31,074 | |
Currency translation | (1,780) | 3,916 | |
Benefits paid | (19,314) | (19,144) | |
Medicare Part D reimbursement | 0 | 0 | |
Plan amendments | 157 | 0 | |
Curtailments | (162) | 0 | |
Settlements | (1,420) | 0 | |
Administrative costs | (1,039) | (2,286) | |
Projected benefit obligation, end of year | 416,470 | 462,158 | 430,574 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning of year | 386,307 | 340,265 | |
Actual return on plan assets | (13,275) | 53,065 | |
Contributions | 12,687 | 12,670 | |
Benefits paid | (19,314) | (19,144) | |
Administrative costs | (1,039) | (2,286) | |
Currency translation | (1,139) | 1,737 | |
Fair value of plan assets, end of year | 362,807 | 386,307 | 340,265 |
Funded status, end of year | (53,663) | (75,851) | |
Other Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 48,903 | 47,487 | |
Service cost | 50 | 279 | 355 |
Interest cost | 1,389 | 1,577 | 1,595 |
Actuarial (gain) loss | (6,058) | 2,278 | |
Currency translation | 0 | 0 | |
Benefits paid | (2,790) | (3,095) | |
Medicare Part D reimbursement | 101 | 80 | |
Plan amendments | 0 | 297 | |
Curtailments | 520 | 0 | |
Settlements | 0 | 0 | |
Administrative costs | 0 | 0 | |
Projected benefit obligation, end of year | 42,115 | 48,903 | $ 47,487 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Administrative costs | 0 | 0 | |
Funded status, end of year | $ (42,115) | $ (48,903) |
Pension and other postretirem_7
Pension and other postretirement benefits - amounts recognized in consolidated balance sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Payroll and benefit-related liabilities | $ (104,670) | $ (107,415) |
Pension and postretirement benefit liabilities | (92,914) | (121,410) |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 2,837 | 1,596 |
Payroll and benefit-related liabilities | (1,729) | (1,767) |
Pension and postretirement benefit liabilities | (54,771) | (75,680) |
Accumulated other comprehensive loss | 205,910 | 209,365 |
Amounts recognized in balance sheet | 152,247 | 133,514 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 0 | 0 |
Payroll and benefit-related liabilities | (3,972) | (3,173) |
Pension and postretirement benefit liabilities | (38,143) | (45,730) |
Accumulated other comprehensive loss | 364 | 6,715 |
Amounts recognized in balance sheet | $ (41,751) | $ (42,188) |
Pension and other postretirem_8
Pension and other postretirement benefits - amounts recognized in accumulated other comprehensive (income) loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, accumulated other comprehensive (income) loss, net of tax | $ 265,091 | ||
Impact of currency translation, accumulated other comprehensive (income) loss, net of tax | 83,889 | $ (173,074) | $ 69,162 |
Ending balance, accumulated other comprehensive (income) loss, net of tax | 341,085 | 265,091 | |
Pension | |||
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, prior service cost (credit) | 51 | 79 | |
Net amortization and deferral, prior service cost | (17) | (28) | |
Settlements, prior service cost | 0 | ||
Actuarial changes in benefit obligation, prior service cost | 0 | 0 | |
Curtailments, prior service cost (credit) | 0 | ||
Impact of currency translation, prior service cost (credit) | 0 | 0 | |
Ending balance, prior service cost (credit) | 191 | 51 | 79 |
Beginning balance, net (gain) or loss | 209,314 | 209,706 | |
Net amortization and deferral, net (gain) or loss | (6,760) | (6,706) | |
Settlements, net gain (loss) | (486) | ||
Actuarial changes in benefit obligation, net gain (loss) | 4,495 | 4,818 | |
Curtailments, Net (Gain) or Loss | (162) | ||
Impact of currency translation, net (gain) or loss | (682) | 1,496 | |
Ending balance, net (gain) or loss | 205,719 | 209,314 | 209,706 |
Beginning balance, deferred taxes | (75,277) | (76,140) | |
Net amortization and deferral, deferred taxes | 1,579 | 2,395 | |
Settlements, deferred taxes | 83 | ||
Actuarial changes in benefit obligation, deferred taxes | (1,012) | (1,119) | |
Curtailments, deferred taxes | 42 | ||
Impact of currency translation, deferred taxes | 183 | (413) | |
Ending balance, deferred taxes | (74,429) | (75,277) | (76,140) |
Beginning balance, accumulated other comprehensive (income) loss, net of tax | 134,088 | 133,645 | |
Net amortization and deferral, accumulated other comprehensive (income) loss, net of tax | (5,198) | (4,339) | |
Settlements, accumulated other comprehensive (income) loss, net of tax | (403) | ||
Actuarial changes in benefit obligation, accumulated other comprehensive income (loss), net of tax | 3,483 | 3,699 | |
Curtailments, accumulated other comprehensive income (loss), net of tax | (120) | ||
Impact of currency translation, accumulated other comprehensive (income) loss, net of tax | (499) | 1,083 | |
Defined benefit plan, plan amendments and prior service costs | 157 | ||
Defined benefit plan, net (gain) or loss on plan amendments | 0 | ||
Defined benefit plan, plan amendments on deferred taxes | (27) | ||
Plan amendments in benefit obligation, accumulated other comprehensive income loss, net of tax | (130) | ||
Ending balance, accumulated other comprehensive (income) loss, net of tax | 131,481 | 134,088 | 133,645 |
Other Benefits | |||
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, prior service cost (credit) | 305 | 85 | |
Net amortization and deferral, prior service cost | (77) | (77) | |
Actuarial changes in benefit obligation, prior service cost | 0 | 0 | |
Curtailments, prior service cost (credit) | (157) | ||
Ending balance, prior service cost (credit) | 71 | 305 | 85 |
Beginning balance, net (gain) or loss | 6,410 | 4,330 | |
Net amortization and deferral, net (gain) or loss | (59) | (198) | |
Actuarial changes in benefit obligation, net gain (loss) | (6,058) | 2,278 | |
Curtailments, Net (Gain) or Loss | 0 | ||
Ending balance, net (gain) or loss | 293 | 6,410 | 4,330 |
Beginning balance, deferred taxes | (1,995) | (1,464) | |
Net amortization and deferral, deferred taxes | 32 | 101 | |
Actuarial changes in benefit obligation, deferred taxes | 1,459 | (558) | |
Curtailments, deferred taxes | 39 | ||
Ending balance, deferred taxes | (465) | (1,995) | (1,464) |
Beginning balance, accumulated other comprehensive (income) loss, net of tax | 4,720 | 2,951 | |
Net amortization and deferral, accumulated other comprehensive (income) loss, net of tax | (104) | (174) | |
Actuarial changes in benefit obligation, accumulated other comprehensive income (loss), net of tax | (4,599) | 1,720 | |
Curtailments, accumulated other comprehensive income (loss), net of tax | (118) | ||
Defined benefit plan, plan amendments and prior service costs | 297 | ||
Defined benefit plan, net (gain) or loss on plan amendments | 0 | ||
Defined benefit plan, plan amendments on deferred taxes | (74) | ||
Plan amendments in benefit obligation, accumulated other comprehensive income loss, net of tax | (223) | ||
Ending balance, accumulated other comprehensive (income) loss, net of tax | $ (101) | $ 4,720 | $ 2,951 |
Pension and other postretirem_9
Pension and other postretirement benefits - weighted average assumptions used in determining benefit obligations (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.30% | 3.60% | |
Rate of compensation increase | 2.60% | 2.60% | |
Other Benefits | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.20% | 3.60% | |
Initial healthcare trend rate | 7.40% | 7.80% | |
Ultimate healthcare trend rate | 5.00% | 5.00% | 5.00% |
Pension and other postretire_10
Pension and other postretirement benefits - fair values of pension plan assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | $ 1,324 | |
Money market funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 51 | |
Equity Securities | Managed Volatility | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 79,964 | |
Equity Securities | U.S. Small/Mid-Cap Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 19,239 | |
Equity Securities | World Equity (excluding United States) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 32,294 | |
Equity Securities | Common Equity Securities – Teleflex Incorporated | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 29,087 | |
Equity Securities | Diversified Global | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 6,353 | |
Fixed Income Investments | Long duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 94,623 | |
Fixed Income Investments | High yield bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 12,420 | |
Fixed Income Investments | Emerging Markets | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 9,184 | |
Fixed Income Investments | Corporate, government and foreign bonds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 2,024 | |
Fixed Income Investments | Asset backed – home loans | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 454 | |
Other Investments | Multi asset funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 11,114 | |
Other Investments | Other | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 5 | |
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 | 1,324 | |
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 | 51 | |
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 | 79,964 | |
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 | 19,239 | |
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 | 32,294 | |
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 | 29,087 | |
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 | 6,353 | |
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 | 94,623 | |
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 | 12,420 | |
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 | 9,184 | |
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 | 2,024 | |
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 | 0 | |
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 | 6,187 | |
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 | 0 | |
Significant Observable Inputs (Level 2) | Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Observable Inputs (Level 2) | Money market funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Observable Inputs (Level 2) | Equity Securities | Managed Volatility | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
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 | 0 | |
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 | 0 | |
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 | 0 | |
Significant Observable Inputs (Level 2) | Equity Securities | Diversified Global | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
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 | 0 | |
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 | 0 | |
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 | 0 | |
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 | 0 | |
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 | 454 | |
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 | 4,927 | |
Significant Observable Inputs (Level 2) | Other Investments | Other | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Money market funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Equity Securities | Managed Volatility | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Equity Securities | U.S. Small/Mid-Cap Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
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 | 0 | |
Significant Unobservable Inputs (Level 3) | Equity Securities | Common Equity Securities – Teleflex Incorporated | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Equity Securities | Diversified Global | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Long duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | High yield bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
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 | 0 | |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Corporate, government and foreign bonds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Asset backed – home loans | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
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 | |
Fair Value, Measurements, Recurring | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Total investments at fair value | $ 328,262 | 321,514 |
Investments measured at net asset value | 34,545 | 64,793 |
Fair value of plan assets | 362,807 | 386,307 |
Fair Value, Measurements, Recurring | Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 627 | |
Fair Value, Measurements, Recurring | Money market funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 7 | |
Fair Value, Measurements, Recurring | Equity Securities | Managed Volatility | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 71,306 | |
Fair Value, Measurements, Recurring | Equity Securities | U.S. Small/Mid-Cap Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 15,379 | |
Fair Value, Measurements, Recurring | Equity Securities | World Equity (excluding United States) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 24,589 | |
Fair Value, Measurements, Recurring | Equity Securities | Common Equity Securities – Teleflex Incorporated | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 30,216 | |
Fair Value, Measurements, Recurring | Fixed Income Investments | Intermediate duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 26,958 | 23,378 |
Fair Value, Measurements, Recurring | Fixed Income Investments | Long duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 90,661 | |
Fair Value, Measurements, Recurring | Fixed Income Investments | High yield bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 12,162 | |
Fair Value, Measurements, Recurring | Fixed Income Investments | Global credit fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 647 | |
Fair Value, Measurements, Recurring | Fixed Income Investments | Emerging Markets | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 7,923 | |
Fair Value, Measurements, Recurring | Fixed Income Investments | Corporate, government and foreign bonds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 30,418 | |
Fair Value, Measurements, Recurring | Fixed Income Investments | Asset backed – home loans | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 367 | |
Fair Value, Measurements, Recurring | Other Investments | Multi asset funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 6,905 | |
Fair Value, Measurements, Recurring | Other Investments | Contract with insurance company | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 10,092 | |
Fair Value, Measurements, Recurring | Other Investments | Other | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 5 | |
Fair Value, Measurements, Recurring | 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 | 314,569 | 316,128 |
Fair Value, Measurements, Recurring | 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 | 627 | |
Fair Value, Measurements, Recurring | 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 | 7 | |
Fair Value, Measurements, Recurring | 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 | 71,306 | |
Fair Value, Measurements, Recurring | 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 | 15,379 | |
Fair Value, Measurements, Recurring | 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 | 24,589 | |
Fair Value, Measurements, Recurring | 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 | 30,216 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Investments | Intermediate duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 26,958 | 23,378 |
Fair Value, Measurements, Recurring | 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 | 90,661 | |
Fair Value, Measurements, Recurring | 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 | 12,162 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Investments | Global credit fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 647 | |
Fair Value, Measurements, Recurring | 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 | 7,923 | |
Fair Value, Measurements, Recurring | 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 | 30,418 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | 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 | 3,676 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Investments | Contract with insurance company | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 3,596 | 5,381 |
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | Money market funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | Equity Securities | Managed Volatility | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | Fixed Income Investments | Intermediate duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | Fixed Income Investments | Global credit fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | 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 | 367 | |
Fair Value, Measurements, Recurring | 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 | 3,229 | |
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | Other Investments | Contract with insurance company | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | Other Investments | Other | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 10,097 | 5 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Cash | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Money market funds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity Securities | Managed Volatility | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity Securities | U.S. Small/Mid-Cap Equity | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity Securities | Common Equity Securities – Teleflex Incorporated | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Intermediate duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | $ 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Long duration bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fixed Income Investments | High yield bond fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Global credit fund | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Corporate, government and foreign bonds | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fixed Income Investments | Asset backed – home loans | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | 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 | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other Investments | Contract with insurance company | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 10,092 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other Investments | Other | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | $ 5 |
Pension and other postretire_11
Pension and other postretirement benefits - fair values of pension plan assets footnote (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule Of Pension Plan Assets By Fair Value [Line Items] | |
Maximum percentage of net assets invested in emerging market | 35.00% |
Foreign Companies | |
Schedule Of Pension Plan Assets By Fair Value [Line Items] | |
Percentage of net assets invested in foreign equity securities | 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% |
Minimum | |
Schedule Of Pension Plan Assets By Fair Value [Line Items] | |
Effective average duration to maintain | 3 years |
Maximum | |
Schedule Of Pension Plan Assets By Fair Value [Line Items] | |
Effective average duration to maintain | 10 years |
Pension and other postretire_12
Pension and other postretirement benefits - expected benefit payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Pension | |
Schedule Of Pension Expected Future Benefit Payments [Line Items] | |
2,019 | $ 20,852 |
2,020 | 21,023 |
2,021 | 21,795 |
2,022 | 22,658 |
2,023 | 23,161 |
Years 2024 — 2028 | 124,927 |
Other Benefits | |
Schedule Of Pension Expected Future Benefit Payments [Line Items] | |
2,019 | 3,972 |
2,020 | 4,024 |
2,021 | 3,893 |
2,022 | 4,015 |
2,023 | 3,795 |
Years 2024 — 2028 | $ 15,241 |
Commitments and contingent li_3
Commitments and contingent liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Operating leases, rental expense | $ 38.1 | $ 36.2 | $ 34 |
Minimum | |||
Loss Contingencies [Line Items] | |||
Time-frame over which the accrued amounts may be paid out, in years | P10Y | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Time-frame over which the accrued amounts may be paid out, in years | P15Y | ||
Accrued Liabilities | |||
Loss Contingencies [Line Items] | |||
Waste disposed accrued liability | $ 0.8 | 1 | |
Contingency reserve for litigation | 0.6 | 3.8 | |
Other Liability | |||
Loss Contingencies [Line Items] | |||
Waste disposed accrued liability | $ 5.6 | $ 5.8 |
Commitments and contingent li_4
Commitments and contingent liabilities - future minimum lease payments under noncancelable operating leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 25,294 |
2,020 | 23,216 |
2,021 | 21,419 |
2,022 | 19,460 |
2,023 | 17,403 |
2024 and thereafter | $ 41,368 |
Business segments and other i_3
Business segments and other information - segment result (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 01, 2017USD ($) | Jul. 02, 2017USD ($) | Apr. 02, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Number of reportable segments | segment | 7 | ||||||||||
Net revenues | $ 641,615 | $ 609,672 | $ 609,866 | $ 587,230 | $ 595,106 | $ 534,703 | $ 528,613 | $ 487,881 | $ 2,448,383 | $ 2,146,303 | $ 1,868,027 |
Operating Profit | 321,704 | 372,279 | 319,453 | ||||||||
Depreciation and Amortization | 214,714 | 160,338 | 128,346 | ||||||||
Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 490,317 | 450,627 | 422,827 | ||||||||
Segment Reconciling Items | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | (168,613) | (78,348) | (103,374) | ||||||||
Vascular North America | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 329,473 | 313,618 | 295,206 | ||||||||
Depreciation and Amortization | 27,535 | 31,058 | 35,117 | ||||||||
Vascular North America | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 98,505 | 77,036 | 77,122 | ||||||||
Interventional North America | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 261,645 | 220,611 | 82,431 | ||||||||
Depreciation and Amortization | 34,127 | 29,108 | 6,993 | ||||||||
Interventional North America | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 62,242 | 25,972 | 13,264 | ||||||||
Anesthesia North America | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 205,064 | 197,982 | 198,772 | ||||||||
Depreciation and Amortization | 10,162 | 8,573 | 10,932 | ||||||||
Anesthesia North America | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 61,159 | 62,901 | 55,544 | ||||||||
Surgical North America | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 166,267 | 175,216 | 172,223 | ||||||||
Depreciation and Amortization | 8,321 | 8,694 | 10,459 | ||||||||
Surgical North America | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 62,934 | 63,931 | 56,608 | ||||||||
EMEA | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 603,813 | 552,722 | 510,934 | ||||||||
Depreciation and Amortization | 47,171 | 34,322 | 30,505 | ||||||||
EMEA | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 106,090 | 92,430 | 84,392 | ||||||||
Asia | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 286,895 | 269,208 | 249,416 | ||||||||
Depreciation and Amortization | 12,917 | 11,868 | 11,275 | ||||||||
Asia | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 78,135 | 75,637 | 75,770 | ||||||||
OEM | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 205,976 | 182,967 | 160,990 | ||||||||
Depreciation and Amortization | 8,610 | 8,337 | 8,404 | ||||||||
OEM | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | 50,294 | 41,578 | 33,641 | ||||||||
All Other | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 389,250 | 233,979 | 198,055 | ||||||||
Depreciation and Amortization | 65,871 | 28,378 | 14,661 | ||||||||
All Other | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating Profit | $ (29,042) | $ 11,142 | $ 26,486 |
Business segments and other i_4
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, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 641,615 | $ 609,672 | $ 609,866 | $ 587,230 | $ 595,106 | $ 534,703 | $ 528,613 | $ 487,881 | $ 2,448,383 | $ 2,146,303 | $ 1,868,027 |
Property, plant and equipment, net | 432,766 | 382,999 | 432,766 | 382,999 | 302,899 | ||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,449,426 | 1,254,825 | 1,018,786 | ||||||||
Property, plant and equipment, net | 258,415 | 216,568 | 258,415 | 216,568 | 167,167 | ||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 671,264 | 591,370 | 567,320 | ||||||||
Asia and Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 234,090 | 220,110 | 208,841 | ||||||||
Malaysia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 51,952 | 43,730 | 51,952 | 43,730 | 31,415 | ||||||
Ireland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 41,223 | 43,867 | 41,223 | 43,867 | 36,569 | ||||||
Czech Republic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 34,833 | 35,715 | 34,833 | 35,715 | 30,843 | ||||||
All other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 93,603 | 79,998 | 73,080 | ||||||||
Property, plant and equipment, net | $ 46,343 | $ 43,119 | $ 46,343 | $ 43,119 | $ 36,905 |
Condensed consolidating guara_3
Condensed consolidating guarantor financial information - Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Consolidated Guarantor Financial Information [Abstract] | |||||||||||
Noncontrolling interest percent | 100.00% | 100.00% | |||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | $ 641,615 | $ 609,672 | $ 609,866 | $ 587,230 | $ 595,106 | $ 534,703 | $ 528,613 | $ 487,881 | $ 2,448,383 | $ 2,146,303 | $ 1,868,027 |
Cost of goods sold | 1,063,941 | 974,501 | 871,827 | ||||||||
Gross profit | 365,821 | 342,573 | 344,778 | 331,270 | 330,731 | 295,227 | 290,284 | 255,560 | 1,384,442 | 1,171,802 | 996,200 |
Selling, general and administrative expenses | 878,688 | 699,963 | 563,308 | ||||||||
Research and development expenses | 106,208 | 84,770 | 58,579 | ||||||||
Restructuring and impairment charges | 79,230 | 14,790 | 59,227 | ||||||||
Gain on sale of assets | (1,388) | 0 | (4,367) | ||||||||
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 119,266 | 82,105 | 33,490 | 86,843 | 90,904 | 110,354 | 110,202 | 60,819 | 321,704 | 372,279 | 319,453 |
Interest, net | 102,076 | 81,775 | 54,467 | ||||||||
Loss on extinguishment of debt | 0 | 5,593 | 19,261 | ||||||||
Income from continuing operations before taxes | 219,628 | 284,911 | 245,725 | ||||||||
(Benefit) taxes on (loss) income from continuing operations | 23,196 | 129,648 | 8,074 | ||||||||
Equity in net income of consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Income from continuing operations | 87,513 | 56,540 | (2,552) | 54,931 | (42,847) | 79,398 | 78,363 | 40,349 | 196,432 | 155,263 | 237,651 |
Operating income from discontinued operations | 5,643 | (4,534) | (922) | ||||||||
Tax on income from discontinued operations | 1,273 | (1,801) | (1,112) | ||||||||
Income (loss) on discontinued operations | 3,077 | (16) | 56 | 1,253 | 189 | (2,383) | (360) | (179) | 4,370 | (2,733) | 190 |
Net income | 90,590 | 56,524 | (2,496) | 56,184 | (42,658) | 77,015 | 78,003 | 40,170 | 200,802 | 152,530 | 237,841 |
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 464 | ||||||||
Net income | $ 90,590 | $ 56,524 | $ (2,496) | $ 56,184 | $ (42,658) | $ 77,015 | $ 78,003 | $ 40,170 | 200,802 | 152,530 | 237,377 |
Other comprehensive loss | (75,994) | 173,626 | (66,761) | ||||||||
Comprehensive income | 124,808 | 326,156 | 170,616 | ||||||||
Eliminations | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | (424,211) | (399,093) | (369,395) | ||||||||
Cost of goods sold | (419,205) | (398,179) | (368,725) | ||||||||
Gross profit | (5,006) | (914) | (670) | ||||||||
Selling, general and administrative expenses | (671) | 196 | (473) | ||||||||
Research and development expenses | 0 | 0 | 0 | ||||||||
Restructuring and 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 | (4,335) | (1,110) | (197) | ||||||||
Interest, net | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Income from continuing operations before taxes | (4,335) | (1,110) | (197) | ||||||||
(Benefit) taxes on (loss) income from continuing operations | (235) | (484) | (81) | ||||||||
Equity in net income of consolidated subsidiaries | (512,927) | (220,092) | (559,911) | ||||||||
Income from continuing operations | (517,027) | (220,718) | (560,027) | ||||||||
Operating income from discontinued operations | 0 | 0 | 0 | ||||||||
Tax on income from discontinued operations | 0 | 0 | 0 | ||||||||
Income (loss) on discontinued operations | 0 | 0 | 0 | ||||||||
Net income | (517,027) | (220,718) | (560,027) | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 0 | ||||||||||
Net income | (560,027) | ||||||||||
Other comprehensive loss | 160,542 | (356,943) | 156,798 | ||||||||
Comprehensive income | (356,485) | (577,661) | (403,229) | ||||||||
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 | 50,866 | 47,412 | 43,602 | ||||||||
Research and development expenses | 1,482 | 1,009 | 547 | ||||||||
Restructuring and impairment charges | 0 | 0 | 173 | ||||||||
Gain on sale of assets | 0 | (2,707) | |||||||||
Income from continuing operations before interest, loss on extinguishment of debt and taxes | (52,348) | (48,421) | (41,615) | ||||||||
Interest, net | 95,173 | 99,371 | 61,374 | ||||||||
Loss on extinguishment of debt | 5,593 | 19,261 | |||||||||
Income from continuing operations before taxes | (147,521) | (153,385) | (122,250) | ||||||||
(Benefit) taxes on (loss) income from continuing operations | (53,401) | (110,921) | (44,674) | ||||||||
Equity in net income of consolidated subsidiaries | 291,572 | 197,727 | 315,396 | ||||||||
Income from continuing operations | 197,452 | 155,263 | 237,820 | ||||||||
Operating income from discontinued operations | 4,363 | (4,534) | (1,300) | ||||||||
Tax on income from discontinued operations | 1,013 | (1,801) | (857) | ||||||||
Income (loss) on discontinued operations | 3,350 | (2,733) | (443) | ||||||||
Net income | 200,802 | 152,530 | 237,377 | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 0 | ||||||||||
Net income | 237,377 | ||||||||||
Other comprehensive loss | (75,994) | 173,626 | (66,761) | ||||||||
Comprehensive income | 124,808 | 326,156 | 170,616 | ||||||||
Guarantor Subsidiaries | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | 1,584,650 | 1,368,149 | 1,112,464 | ||||||||
Cost of goods sold | 886,161 | 778,153 | 652,442 | ||||||||
Gross profit | 698,489 | 589,996 | 460,022 | ||||||||
Selling, general and administrative expenses | 514,598 | 408,811 | 328,263 | ||||||||
Research and development expenses | 73,067 | 57,614 | 33,080 | ||||||||
Restructuring and impairment charges | 20,639 | 8,971 | 50,183 | ||||||||
Gain on sale of assets | (1,388) | (155) | |||||||||
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 91,573 | 114,600 | 48,651 | ||||||||
Interest, net | 4,796 | (21,153) | (11,009) | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Income from continuing operations before taxes | 86,777 | 135,753 | 59,660 | ||||||||
(Benefit) taxes on (loss) income from continuing operations | 34,591 | (20,333) | 12,954 | ||||||||
Equity in net income of consolidated subsidiaries | 220,718 | 25,500 | 243,987 | ||||||||
Income from continuing operations | 272,904 | 181,586 | 290,693 | ||||||||
Operating income from discontinued operations | 0 | 0 | 0 | ||||||||
Tax on income from discontinued operations | 0 | 0 | 0 | ||||||||
Income (loss) on discontinued operations | 0 | 0 | 0 | ||||||||
Net income | 272,904 | 181,586 | 290,693 | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 0 | ||||||||||
Net income | 290,693 | ||||||||||
Other comprehensive loss | (80,030) | 158,490 | (76,098) | ||||||||
Comprehensive income | 192,874 | 340,076 | 214,595 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||||||||||
Net revenues | 1,287,944 | 1,177,247 | 1,124,958 | ||||||||
Cost of goods sold | 596,985 | 594,527 | 588,110 | ||||||||
Gross profit | 690,959 | 582,720 | 536,848 | ||||||||
Selling, general and administrative expenses | 313,895 | 243,544 | 191,916 | ||||||||
Research and development expenses | 31,659 | 26,147 | 24,952 | ||||||||
Restructuring and impairment charges | 58,591 | 5,819 | 8,871 | ||||||||
Gain on sale of assets | 0 | (1,505) | |||||||||
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 286,814 | 307,210 | 312,614 | ||||||||
Interest, net | 2,107 | 3,557 | 4,102 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Income from continuing operations before taxes | 284,707 | 303,653 | 308,512 | ||||||||
(Benefit) taxes on (loss) income from continuing operations | 42,241 | 261,386 | 39,875 | ||||||||
Equity in net income of consolidated subsidiaries | 637 | (3,135) | 528 | ||||||||
Income from continuing operations | 243,103 | 39,132 | 269,165 | ||||||||
Operating income from discontinued operations | 1,280 | 0 | 378 | ||||||||
Tax on income from discontinued operations | 260 | 0 | (255) | ||||||||
Income (loss) on discontinued operations | 1,020 | 0 | 633 | ||||||||
Net income | 244,123 | 39,132 | 269,798 | ||||||||
Less: Income from continuing operations attributable to noncontrolling interest | 464 | ||||||||||
Net income | 269,334 | ||||||||||
Other comprehensive loss | (80,512) | 198,453 | (80,700) | ||||||||
Comprehensive income | $ 163,611 | $ 237,585 | $ 188,634 |
Condensed consolidating guara_4
Condensed consolidating guarantor financial information - Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||||
Cash and cash equivalents | $ 357,161 | $ 333,558 | $ 543,789 | $ 338,366 |
Accounts receivable, net | 366,286 | 345,875 | ||
Accounts receivable from consolidated subsidiaries | 0 | 0 | ||
Inventories, net | 427,778 | 395,744 | ||
Prepaid expenses and other current assets | 72,481 | 47,882 | ||
Prepaid taxes | 12,463 | 5,748 | ||
Total current assets | 1,236,169 | 1,128,807 | ||
Property, plant and equipment, net | 432,766 | 382,999 | 302,899 | |
Goodwill | 2,246,579 | 2,235,592 | 1,276,720 | |
Intangibles assets, net | 2,325,052 | 2,383,748 | ||
Investments in affiliates | 0 | 0 | ||
Deferred tax assets | 2,446 | 3,810 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 0 | 0 | ||
Other assets | 34,979 | 46,536 | ||
Total assets | 6,277,991 | 6,181,492 | ||
Current liabilities | ||||
Current borrowings | 86,625 | 86,625 | ||
Accounts payable | 106,709 | 92,027 | ||
Accounts payable to consolidated subsidiaries | 0 | 0 | ||
Accrued expenses | 97,551 | 96,853 | ||
Current portion of contingent consideration | 136,877 | 74,224 | ||
Payroll and benefit-related liabilities | 104,670 | 107,415 | ||
Accrued interest | 6,031 | 6,165 | ||
Income taxes payable | 5,943 | 11,514 | ||
Other current liabilities | 38,050 | 9,053 | ||
Total current liabilities | 582,456 | 483,876 | ||
Long-term borrowings | 2,072,200 | 2,162,927 | ||
Deferred tax liabilities | 608,221 | 603,676 | ||
Pension and postretirement benefit liabilities | 92,914 | 121,410 | ||
Noncurrent liability for uncertain tax positions | 10,718 | 12,296 | ||
Notes payable and other amounts due to consolidated subsidiaries | 0 | 0 | ||
Noncurrent contingent consideration | 167,370 | 197,912 | ||
Other liabilities | 204,134 | 168,864 | ||
Total liabilities | 3,738,013 | 3,750,961 | ||
Total shareholders' equity | 2,539,978 | 2,430,531 | 2,137,517 | 2,011,093 |
Total liabilities and shareholders' equity | 6,277,991 | 6,181,492 | ||
Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 5,334 | 4,663 | ||
Accounts receivable from consolidated subsidiaries | (1,425,771) | (1,534,839) | ||
Inventories, net | (30,954) | (26,279) | ||
Prepaid expenses and other current assets | 4,113 | 3,982 | ||
Prepaid taxes | 0 | 0 | ||
Total current assets | (1,447,278) | (1,552,473) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangibles assets, net | 0 | 0 | ||
Investments in affiliates | (7,677,731) | (7,499,941) | ||
Deferred tax assets | (2,376) | (2,261) | ||
Notes receivable and other amounts due from consolidated subsidiaries | (4,874,135) | (4,683,933) | ||
Other assets | 0 | 0 | ||
Total assets | (14,001,520) | (13,738,608) | ||
Current liabilities | ||||
Current borrowings | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accounts payable to consolidated subsidiaries | (1,425,771) | (1,534,839) | ||
Accrued expenses | 0 | 0 | ||
Current portion of contingent consideration | 0 | 0 | ||
Payroll and benefit-related liabilities | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (1,425,771) | (1,534,839) | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | (2,376) | (2,261) | ||
Pension and postretirement benefit liabilities | 0 | 0 | ||
Noncurrent liability for uncertain tax positions | 0 | 0 | ||
Notes payable and other amounts due to consolidated subsidiaries | (4,874,135) | (4,683,933) | ||
Noncurrent contingent consideration | 0 | 0 | ||
Other liabilities | 0 | |||
Total liabilities | (6,302,282) | (6,221,033) | ||
Total shareholders' equity | (7,699,238) | (7,517,575) | ||
Total liabilities and shareholders' equity | (14,001,520) | (13,738,608) | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 49,523 | 37,803 | 14,571 | 21,612 |
Accounts receivable, net | 5,885 | 2,414 | ||
Accounts receivable from consolidated subsidiaries | 32,036 | 14,478 | ||
Inventories, net | 0 | 0 | ||
Prepaid expenses and other current assets | 30,458 | 14,874 | ||
Prepaid taxes | 7,029 | 0 | ||
Total current assets | 124,931 | 69,569 | ||
Property, plant and equipment, net | 3,385 | 2,088 | ||
Goodwill | 0 | 0 | ||
Intangibles assets, net | 90 | 0 | ||
Investments in affiliates | 5,984,566 | 5,806,244 | ||
Deferred tax assets | 0 | 0 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 2,337,737 | 2,452,101 | ||
Other assets | 17,180 | 31,173 | ||
Total assets | 8,467,889 | 8,361,175 | ||
Current liabilities | ||||
Current borrowings | 36,625 | 36,625 | ||
Accounts payable | 3,448 | 4,269 | ||
Accounts payable to consolidated subsidiaries | 1,058,008 | 1,211,568 | ||
Accrued expenses | 5,659 | 17,957 | ||
Current portion of contingent consideration | 0 | 0 | ||
Payroll and benefit-related liabilities | 17,156 | 21,145 | ||
Accrued interest | 5,995 | 6,133 | ||
Income taxes payable | 0 | 4,352 | ||
Other current liabilities | 843 | 1,461 | ||
Total current liabilities | 1,127,734 | 1,303,510 | ||
Long-term borrowings | 2,072,200 | 2,162,927 | ||
Deferred tax liabilities | 87,671 | 88,512 | ||
Pension and postretirement benefit liabilities | 49,290 | 70,860 | ||
Noncurrent liability for uncertain tax positions | 801 | 1,117 | ||
Notes payable and other amounts due to consolidated subsidiaries | 2,451,784 | 2,155,146 | ||
Noncurrent contingent consideration | 0 | 0 | ||
Other liabilities | 138,431 | 148,572 | ||
Total liabilities | 5,927,911 | 5,930,644 | ||
Total shareholders' equity | 2,539,978 | 2,430,531 | ||
Total liabilities and shareholders' equity | 8,467,889 | 8,361,175 | ||
Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 1,757 | 8,933 | 1,031 | 0 |
Accounts receivable, net | 54,013 | 57,818 | ||
Accounts receivable from consolidated subsidiaries | 1,043,573 | 1,177,246 | ||
Inventories, net | 266,073 | 245,533 | ||
Prepaid expenses and other current assets | 9,673 | 9,236 | ||
Prepaid taxes | 0 | 0 | ||
Total current assets | 1,375,089 | 1,498,766 | ||
Property, plant and equipment, net | 253,037 | 213,663 | ||
Goodwill | 1,254,848 | 1,246,144 | ||
Intangibles assets, net | 1,277,462 | 1,355,275 | ||
Investments in affiliates | 1,672,908 | 1,674,077 | ||
Deferred tax assets | 0 | 0 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 2,523,156 | 2,231,832 | ||
Other assets | 5,776 | 6,397 | ||
Total assets | 8,362,276 | 8,226,154 | ||
Current liabilities | ||||
Current borrowings | 0 | 0 | ||
Accounts payable | 62,764 | 46,992 | ||
Accounts payable to consolidated subsidiaries | 278,715 | 261,121 | ||
Accrued expenses | 41,883 | 31,827 | ||
Current portion of contingent consideration | 106,514 | 74,224 | ||
Payroll and benefit-related liabilities | 44,982 | 44,009 | ||
Accrued interest | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Other current liabilities | 34,916 | 3,775 | ||
Total current liabilities | 569,774 | 461,948 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | 257,522 | 265,426 | ||
Pension and postretirement benefit liabilities | 27,454 | 32,750 | ||
Noncurrent liability for uncertain tax positions | 7,212 | 8,196 | ||
Notes payable and other amounts due to consolidated subsidiaries | 2,222,580 | 2,320,611 | ||
Noncurrent contingent consideration | 131,563 | 186,923 | ||
Other liabilities | 8,204 | 7,850 | ||
Total liabilities | 3,224,309 | 3,283,704 | ||
Total shareholders' equity | 5,137,967 | 4,942,450 | ||
Total liabilities and shareholders' equity | 8,362,276 | 8,226,154 | ||
Non-Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 305,881 | 286,822 | $ 528,187 | $ 316,754 |
Accounts receivable, net | 301,054 | 280,980 | ||
Accounts receivable from consolidated subsidiaries | 350,162 | 343,115 | ||
Inventories, net | 192,659 | 176,490 | ||
Prepaid expenses and other current assets | 28,237 | 19,790 | ||
Prepaid taxes | 5,434 | 5,748 | ||
Total current assets | 1,183,427 | 1,112,945 | ||
Property, plant and equipment, net | 176,344 | 167,248 | ||
Goodwill | 991,731 | 989,448 | ||
Intangibles assets, net | 1,047,500 | 1,028,473 | ||
Investments in affiliates | 20,257 | 19,620 | ||
Deferred tax assets | 4,822 | 6,071 | ||
Notes receivable and other amounts due from consolidated subsidiaries | 13,242 | 0 | ||
Other assets | 12,023 | 8,966 | ||
Total assets | 3,449,346 | 3,332,771 | ||
Current liabilities | ||||
Current borrowings | 50,000 | 50,000 | ||
Accounts payable | 40,497 | 40,766 | ||
Accounts payable to consolidated subsidiaries | 89,048 | 62,150 | ||
Accrued expenses | 50,009 | 47,069 | ||
Current portion of contingent consideration | 30,363 | 0 | ||
Payroll and benefit-related liabilities | 42,532 | 42,261 | ||
Accrued interest | 36 | 32 | ||
Income taxes payable | 5,943 | 7,162 | ||
Other current liabilities | 2,291 | 3,817 | ||
Total current liabilities | 310,719 | 253,257 | ||
Long-term borrowings | 0 | 0 | ||
Deferred tax liabilities | 265,404 | 251,999 | ||
Pension and postretirement benefit liabilities | 16,170 | 17,800 | ||
Noncurrent liability for uncertain tax positions | 2,705 | 2,983 | ||
Notes payable and other amounts due to consolidated subsidiaries | 199,771 | 208,176 | ||
Noncurrent contingent consideration | 35,807 | 10,989 | ||
Other liabilities | 57,499 | 12,442 | ||
Total liabilities | 888,075 | 757,646 | ||
Total shareholders' equity | 2,561,271 | 2,575,125 | ||
Total liabilities and shareholders' equity | $ 3,449,346 | $ 3,332,771 |
Condensed consolidating guara_5
Condensed consolidating guarantor financial information - Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements Captions [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | $ 435,086 | $ 426,301 | $ 410,590 |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (80,795) | (70,903) | (53,135) |
Payments for businesses and intangibles acquired, net of cash acquired | (121,025) | (1,768,284) | (14,040) |
Proceeds from sale of assets | 3,878 | 6,332 | 10,201 |
Net interest proceeds on swaps designated as net investment hedges | 1,548 | 0 | 0 |
Investments in affiliates | 0 | 0 | 0 |
Net cash used in investing activities from continuing operations | (196,394) | (1,832,855) | (56,974) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 35,000 | 2,463,500 | 671,700 |
Reduction in borrowings | (128,500) | (1,239,576) | (714,565) |
Debt extinguishment, issuance and amendment fees | (188) | (26,664) | (8,958) |
Proceeds from share based compensation plans and the related tax impacts | 22,655 | 5,571 | 9,068 |
Payments to noncontrolling interest shareholders | 0 | (464) | |
Payments for acquisition of noncontrolling interest | 0 | 0 | (9,231) |
Payments for contingent consideration | (73,235) | (335) | (7,282) |
Proceeds from issuance of shares | 0 | 0 | 0 |
Dividends | (62,165) | (61,237) | (58,960) |
Intercompany transactions | 0 | 0 | 0 |
Intercompany dividends paid | 0 | 0 | 0 |
Net cash (used in) provided by financing activities from continuing operations | (206,433) | 1,141,259 | (118,692) |
Cash flows from discontinued operations: | |||
Net cash provided by operating activities | 2,292 | (6,416) | (2,110) |
Net cash used in discontinued operations | 2,292 | (6,416) | (2,110) |
Effect of exchange rate changes on cash and cash equivalents | (10,948) | 61,480 | (27,391) |
Net increase (decrease) in cash and cash equivalents | 23,603 | (210,231) | 205,423 |
Cash and cash equivalents at the beginning of the year | 333,558 | 543,789 | 338,366 |
Cash and cash equivalents at the end of the year | 357,161 | 333,558 | 543,789 |
Eliminations | |||
Condensed Cash Flow Statements Captions [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | (158,852) | (61,918) | (2,275) |
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 | 0 | 0 | 46,837 |
Proceeds from sale of assets | (28,239) | (464,982) | (46,837) |
Net interest proceeds on swaps designated as net investment hedges | 0 | ||
Investments in affiliates | 5,700 | 5,900 | 5,600 |
Net cash used in investing activities from continuing operations | (22,539) | (459,082) | 5,600 |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 0 | 0 | 0 |
Reduction in borrowings | 0 | 0 | 0 |
Debt extinguishment, 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 | ||
Payments for acquisition of noncontrolling interest | 0 | ||
Payments for contingent consideration | 0 | 0 | 0 |
Proceeds from issuance of shares | (5,700) | (5,900) | (5,600) |
Dividends | 0 | 0 | 0 |
Intercompany transactions | 28,239 | 464,982 | 0 |
Intercompany dividends paid | 158,852 | 61,918 | 2,275 |
Net cash (used in) provided by financing activities from continuing operations | 181,391 | 521,000 | (3,325) |
Cash flows from discontinued operations: | |||
Net cash provided by 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 | (196,727) | (50,585) | (85,088) |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (1,881) | (240) | (279) |
Payments for businesses and intangibles acquired, net of cash acquired | (100) | (975,524) | 0 |
Proceeds from sale of assets | 28,239 | 464,982 | 5,607 |
Net interest proceeds on swaps designated as net investment hedges | 1,548 | ||
Investments in affiliates | 0 | 0 | 0 |
Net cash used in investing activities from continuing operations | 27,806 | (510,782) | 5,328 |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 35,000 | 2,463,500 | 665,000 |
Reduction in borrowings | (128,500) | (1,239,576) | (714,565) |
Debt extinguishment, issuance and amendment fees | (188) | (26,664) | (8,958) |
Proceeds from share based compensation plans and the related tax impacts | 22,655 | 5,571 | 9,068 |
Payments to noncontrolling interest shareholders | 0 | ||
Payments for acquisition of noncontrolling interest | 0 | ||
Payments for contingent consideration | 0 | 0 | 0 |
Proceeds from issuance of shares | 0 | 0 | 0 |
Dividends | (62,165) | (61,237) | (58,960) |
Intercompany transactions | 314,386 | (550,579) | 183,244 |
Intercompany dividends paid | 0 | 0 | 0 |
Net cash (used in) provided by financing activities from continuing operations | 181,188 | 591,015 | 74,829 |
Cash flows from discontinued operations: | |||
Net cash provided by operating activities | (547) | (6,416) | (2,110) |
Net cash used in discontinued operations | (547) | (6,416) | (2,110) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 11,720 | 23,232 | (7,041) |
Cash and cash equivalents at the beginning of the year | 37,803 | 14,571 | 21,612 |
Cash and cash equivalents at the end of the year | 49,523 | 37,803 | 14,571 |
Guarantor Subsidiaries | |||
Condensed Cash Flow Statements Captions [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | 470,972 | 223,373 | 169,400 |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (40,399) | (34,912) | (24,753) |
Payments for businesses and intangibles acquired, net of cash acquired | (35,606) | (725,554) | (10,305) |
Proceeds from sale of assets | 3,878 | 0 | 49,571 |
Net interest proceeds on swaps designated as net investment hedges | 0 | ||
Investments in affiliates | (5,700) | (5,900) | (5,600) |
Net cash used in investing activities from continuing operations | (77,827) | (766,366) | 8,913 |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 0 | 0 | 0 |
Reduction in borrowings | 0 | 0 | 0 |
Debt extinguishment, 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 | ||
Payments for acquisition of noncontrolling interest | 0 | ||
Payments for contingent consideration | (73,235) | (335) | (7,282) |
Proceeds from issuance of shares | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Intercompany transactions | (322,363) | 551,230 | (170,000) |
Intercompany dividends paid | (4,723) | 0 | 0 |
Net cash (used in) provided by financing activities from continuing operations | (400,321) | 550,895 | (177,282) |
Cash flows from discontinued operations: | |||
Net cash provided by 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 | (7,176) | 7,902 | 1,031 |
Cash and cash equivalents at the beginning of the year | 8,933 | 1,031 | 0 |
Cash and cash equivalents at the end of the year | 1,757 | 8,933 | 1,031 |
Non-Guarantor Subsidiaries | |||
Condensed Cash Flow Statements Captions [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | 319,693 | 315,431 | 328,553 |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (38,515) | (35,751) | (28,103) |
Payments for businesses and intangibles acquired, net of cash acquired | (85,319) | (67,206) | (50,572) |
Proceeds from sale of assets | 0 | 6,332 | 1,860 |
Net interest proceeds on swaps designated as net investment hedges | 0 | ||
Investments in affiliates | 0 | 0 | 0 |
Net cash used in investing activities from continuing operations | (123,834) | (96,625) | (76,815) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 0 | 0 | 6,700 |
Reduction in borrowings | 0 | 0 | 0 |
Debt extinguishment, 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) | ||
Payments for acquisition of noncontrolling interest | (9,231) | ||
Payments for contingent consideration | 0 | 0 | 0 |
Proceeds from issuance of shares | 5,700 | 5,900 | 5,600 |
Dividends | 0 | 0 | 0 |
Intercompany transactions | (20,262) | (465,633) | (13,244) |
Intercompany dividends paid | (154,129) | (61,918) | (2,275) |
Net cash (used in) provided by financing activities from continuing operations | (168,691) | (521,651) | (12,914) |
Cash flows from discontinued operations: | |||
Net cash provided by operating activities | 2,839 | 0 | 0 |
Net cash used in discontinued operations | 2,839 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | (10,948) | 61,480 | (27,391) |
Net increase (decrease) in cash and cash equivalents | 19,059 | (241,365) | 211,433 |
Cash and cash equivalents at the beginning of the year | 286,822 | 528,187 | 316,754 |
Cash and cash equivalents at the end of the year | $ 305,881 | $ 286,822 | $ 528,187 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Operating Results of Operations Treated as Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Divestiture-Related Activities [Abstract] | |||||||||||
Other (gains) expenses | $ (5,643) | $ 4,534 | $ 922 | ||||||||
Income (loss) from discontinued operations before income taxes | 5,643 | (4,534) | (922) | ||||||||
Tax (expense) benefit on loss from discontinued operations | (1,273) | 1,801 | 1,112 | ||||||||
Income (loss) on discontinued operations | $ 3,077 | $ (16) | $ 56 | $ 1,253 | $ 189 | $ (2,383) | $ (360) | $ (179) | $ 4,370 | $ (2,733) | $ 190 |
Subsequent events (Details)
Subsequent events (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Feb. 28, 2019USD ($) | Apr. 01, 2019segment | Dec. 31, 2018segment | |
Subsequent Event [Line Items] | |||
Number of reportable segments | segment | 7 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of reportable segments | segment | 4 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Minimum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | $ 56 | ||
Effect on future cash flows, amount | 53 | ||
Restrcturing costs, expected capital expenditures | 29 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Maximum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | 70 | ||
Effect on future cash flows, amount | 66 | ||
Restrcturing costs, expected capital expenditures | 35 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Termination benefits | Minimum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | 19 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Termination benefits | Maximum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | 23 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Other Costs | Minimum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | 1 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Other Costs | Maximum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | 2 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Restructuring charges | Minimum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | 20 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Restructuring charges | Maximum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | 25 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Accelerated Depreciation And Other Costs | Minimum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | 36 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Accelerated Depreciation And Other Costs | Maximum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | 45 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Accelerated Depreciation And Other Costs | Cost of Goods Sold | Minimum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | 3 | ||
Subsequent Event | 2019 Footprint Realignment Plan | Accelerated Depreciation And Other Costs | Cost of Goods Sold | Maximum | |||
Subsequent Event [Line Items] | |||
Expected restructuring charges | $ 4 |
QUARTERLY DATA (UNAUDITED) (Det
QUARTERLY DATA (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 641,615 | $ 609,672 | $ 609,866 | $ 587,230 | $ 595,106 | $ 534,703 | $ 528,613 | $ 487,881 | $ 2,448,383 | $ 2,146,303 | $ 1,868,027 |
Gross profit | 365,821 | 342,573 | 344,778 | 331,270 | 330,731 | 295,227 | 290,284 | 255,560 | 1,384,442 | 1,171,802 | 996,200 |
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 119,266 | 82,105 | 33,490 | 86,843 | 90,904 | 110,354 | 110,202 | 60,819 | 321,704 | 372,279 | 319,453 |
Income (loss) from continuing operations | 87,513 | 56,540 | (2,552) | 54,931 | (42,847) | 79,398 | 78,363 | 40,349 | 196,432 | 155,263 | 237,651 |
Income (loss) from discontinued operations | 3,077 | (16) | 56 | 1,253 | 189 | (2,383) | (360) | (179) | 4,370 | (2,733) | 190 |
Net income | 90,590 | 56,524 | (2,496) | 56,184 | (42,658) | 77,015 | 78,003 | 40,170 | 200,802 | 152,530 | 237,841 |
Less: Income from continuing operations attributable to noncontrolling interest | 0 | 0 | 464 | ||||||||
Net income | $ 90,590 | $ 56,524 | $ (2,496) | $ 56,184 | $ (42,658) | $ 77,015 | $ 78,003 | $ 40,170 | $ 200,802 | $ 152,530 | $ 237,377 |
Basic: | |||||||||||
Income from continuing operations (in dollars per share) | $ 1.90 | $ 1.23 | $ (0.06) | $ 1.21 | $ (0.95) | $ 1.76 | $ 1.74 | $ 0.90 | $ 4.30 | $ 3.45 | $ 5.47 |
Loss from discontinued operations (in dollars per share) | 0.07 | 0 | 0.01 | 0.03 | 0 | (0.05) | (0.01) | (0.01) | 0.09 | (0.06) | 0.01 |
Net income (in dollars per share) | 1.97 | 1.23 | (0.05) | 1.24 | (0.95) | 1.71 | 1.73 | 0.89 | 4.39 | 3.39 | 5.48 |
Diluted: | |||||||||||
Income from continuing operations (in dollars per share) | 1.87 | 1.21 | (0.06) | 1.18 | (0.92) | 1.70 | 1.67 | 0.87 | 4.20 | 3.33 | 4.98 |
Loss from discontinued operations (in dollars per share) | 0.06 | 0 | 0.01 | 0.02 | 0.01 | (0.05) | 0 | (0.01) | 0.09 | (0.06) | 0 |
Net income (loss), diluted (in dollar per share) | $ 1.93 | $ 1.21 | $ (0.05) | $ 1.20 | $ (0.91) | $ 1.65 | $ 1.67 | $ 0.86 | $ 4.29 | $ 3.27 | $ 4.98 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - ALLOWANCE FOR DOUBTFUL ACCOUNTS (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 10,255 | ||
Balance at End of Year | 9,348 | $ 10,255 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 10,255 | 8,636 | $ 8,026 |
Additions Charged to Income | 2,521 | 1,949 | 2,156 |
Accounts Receivable Write-offs | (2,601) | (596) | (862) |
Translation and Other | (827) | 266 | (684) |
Balance at End of Year | $ 9,348 | $ 10,255 | $ 8,636 |
SCHEDULE II - VALUATION AND Q_3
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - INVENTORY RESERVE (Detail) - Inventory Valuation Reserve - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 35,608 | $ 36,358 | $ 36,516 |
Additions Charged to Income | 20,025 | 10,520 | 14,279 |
Inventory Write-offs | (20,386) | (12,703) | (13,008) |
Translation and Other | (373) | 1,433 | (1,429) |
Balance at End of Year | 34,874 | 35,608 | 36,358 |
Raw material | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 6,093 | 6,555 | 7,577 |
Additions Charged to Income | 4,028 | 1,552 | 1,446 |
Inventory Write-offs | (1,899) | (2,317) | (1,645) |
Translation and Other | 348 | 303 | (823) |
Balance at End of Year | 8,570 | 6,093 | 6,555 |
Work-in-process | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 3,089 | 2,853 | 3,139 |
Additions Charged to Income | 702 | 306 | (76) |
Inventory Write-offs | (1,097) | (127) | (213) |
Translation and Other | 60 | 57 | 3 |
Balance at End of Year | 2,754 | 3,089 | 2,853 |
Finished goods | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 26,426 | 26,950 | 25,800 |
Additions Charged to Income | 15,295 | 8,662 | 12,909 |
Inventory Write-offs | (17,390) | (10,259) | (11,150) |
Translation and Other | (781) | 1,073 | (609) |
Balance at End of Year | $ 23,550 | $ 26,426 | $ 26,950 |
SCHEDULE II - VALUATION AND Q_4
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - DEFERRED TAX ASSET VALUATION ALLOWANCE (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 104,799 | ||
Balance at End of Year | 143,971 | $ 104,799 | |
Valuation Allowance of Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 104,799 | 104,520 | $ 103,475 |
Additions Charged to Income | 43,361 | 4,657 | 2,046 |
Accounts Receivable Write-offs | (2,871) | (5,745) | (725) |
Translation and Other | (1,318) | 1,367 | (276) |
Balance at End of Year | $ 143,971 | $ 104,799 | $ 104,520 |
Uncategorized Items - tfx-20181
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 3,076,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 3,076,000 |