Teleflex (TFX) 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 29, 2020	Apr. 28, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2020
Document Transition Report	false
Entity File Number	1-5353
Entity Registrant Name	TELEFLEX INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-1147939
Entity Address, Address Line One	550 E. Swedesford Rd., Suite 400
Entity Address, City or Town	Wayne
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	610
Local Phone Number	225-6800
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	TFX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,425,420
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000096943
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net revenues	$ 630,642	$ 613,584
Cost of goods sold	297,018	289,614
Gross profit	333,624	323,970
Selling, general and administrative expenses	147,796	206,921
Research and development expenses	27,396	27,150
Restructuring and impairment charges	1,346	17,395
Gain on sale of assets	0	(2,739)
Income from continuing operations before interest and taxes	157,086	75,243
Interest expense	15,439	22,692
Interest income	(579)	(339)
Income from continuing operations before taxes	142,226	52,890
Taxes on income from continuing operations	11,074	10,972
Income from continuing operations	131,152	41,918
Operating loss from discontinued operations	(4)	(1,343)
Tax benefit on operating loss from discontinued operations	(2)	(322)
Loss from discontinued operations	(2)	(1,021)
Net income	$ 131,150	$ 40,897
Basic:
Income from continuing operations (in dollars per share)	$ 2.83	$ 0.91
Income (loss) from discontinued operations (in dollars per share)	0	(0.02)
Net income (in dollars per share)	2.83	0.89
Diluted:
Income from continuing operations (in dollars per share)	2.78	0.89
Loss from discontinued operations (in dollars per share)	0	(0.02)
Net income (in dollars per share)	$ 2.78	$ 0.87
Weighted average common shares outstanding
Basic (in shares)	46,382	46,050
Diluted (in shares)	47,231	46,942

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 131,150	$ 40,897
Other comprehensive income (loss), net of tax:
Foreign currency translation, net of tax of $(7,581) and $(2,056)	(18,199)	(236)
Pension and other postretirement benefit plans adjustment, net of tax of $(522) and $(390)	1,689	1,229
Derivatives qualifying as hedges, net of tax of $372 and $(1)	(3,817)	(597)
Other comprehensive (loss) income, net of tax:	(20,327)	396
Comprehensive income	$ 110,823	$ 41,293

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax	$ (7,581)	$ (2,056)
Pension and other postretirement benefits plans adjustment, tax	(522)	(390)
Derivatives qualifying as hedges, tax	$ 372	$ (1)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 406,477	$ 301,083
Accounts receivable, net	441,714	418,673
Inventories	488,856	476,557
Prepaid expenses and other current assets	101,606	97,943
Prepaid taxes	8,133	12,076
Total current assets	1,446,786	1,306,332
Property, plant and equipment, net	427,452	430,719
Operating lease assets	107,290	113,160
Goodwill	2,332,414	2,245,305
Intangible assets, net	2,297,178	2,156,285
Deferred tax assets	5,519	5,572
Other assets	84,925	52,447
Total assets	6,701,564	6,309,820
Current liabilities
Current borrowings	53,625	50,000
Accounts payable	104,348	102,916
Accrued expenses	99,804	100,466
Current portion of contingent consideration	9,463	148,090
Payroll and benefit-related liabilities	73,632	115,981
Accrued interest	16,153	5,514
Income taxes payable	6,989	6,692
Other current liabilities	38,286	33,396
Total current liabilities	402,300	563,055
Long-term borrowings	2,340,892	1,858,943
Deferred tax liabilities	489,677	439,558
Pension and postretirement benefit liabilities	66,380	82,719
Noncurrent liability for uncertain tax positions	12,139	10,294
Noncurrent contingent consideration	23,274	71,818
Noncurrent operating lease liabilities	96,333	101,372
Other liabilities	197,545	202,741
Total liabilities	3,628,540	3,330,500
Commitments and contingencies
Total shareholders' equity	3,073,024	2,979,320
Total liabilities and shareholders' equity	$ 6,701,564	$ 6,309,820

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Cash flows from operating activities of continuing operations:
Net income	$ 131,150	$ 40,897
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Loss from discontinued operations	2	1,021
Depreciation expense	16,842	15,645
Intangible asset amortization expense	38,911	37,751
Deferred financing costs and debt discount amortization expense	945	1,179
Gain on sale of assets	0	(2,739)
Fair value step up of acquired inventory sold	1,707	0
Changes in contingent consideration	(46,502)	13,057
Impairment of long-lived assets	0	3,030
Stock-based compensation	3,522	5,781
Deferred income taxes, net	679	2,603
Payments for contingent consideration	(79,771)	(25,935)
Interest benefit on swaps designated as net investment hedges	(4,874)	(3,882)
Other	(18,143)	4,536
Changes in assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable	(23,145)	(14,102)
Inventories	(12,346)	(19,200)
Prepaid expenses and other assets	6,403	(11,524)
Accounts payable, accrued expenses and other liabilities	(31,488)	8,856
Income taxes receivable and payable, net	4,651	3,192
Net cash (used in) provided by operating activities from continuing operations	(11,457)	60,166
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(19,684)	(23,494)
Proceeds from sale of assets	400	991
Payments for businesses and intangibles acquired, net of cash acquired	(265,160)	(1,025)
Net cash used in investing activities from continuing operations	(284,444)	(23,528)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	485,000	0
Net proceeds from share based compensation plans and the related tax impacts	(3,022)	2,242
Payments for contingent consideration	(60,881)	(110,953)
Dividends paid	(15,767)	(15,650)
Net cash provided by (used in) financing activities from continuing operations	405,330	(124,361)
Cash flows from discontinued operations:
Net cash (used in) provided by operating activities	(193)	3,610
Net cash (used in) provided by discontinued operations	(193)	3,610
Effect of exchange rate changes on cash and cash equivalents	(3,842)	(1,836)
Net increase (decrease) in cash and cash equivalents	105,394	(85,949)
Cash and cash equivalents at the beginning of the period	301,083	357,161
Cash and cash equivalents at the end of the period	$ 406,477	$ 271,212

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning Balance (in shares) at Dec. 31, 2018		47,248				1,232
Beginning Balance at Dec. 31, 2018	$ 2,539,978	$ 47,248	$ 574,761	$ 2,427,599	$ (341,085)	$ (168,545)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	40,897			40,897
Cash dividends	(15,650)			(15,650)
Other comprehensive income (loss)	396				396
Shares issued under compensation plans (in shares)		(75)				(40)
Shares issued under compensation plans	5,198	$ 75	3,094			$ 2,029
Deferred compensation (in shares)						(4)
Deferred compensation	380		127			$ 253
Ending Balance (in shares) at Mar. 31, 2019		47,323				1,188
Ending Balance at Mar. 31, 2019	2,569,878	$ 47,323	577,982	2,451,525	(340,689)	$ (166,263)
Beginning Balance (in shares) at Dec. 31, 2019		47,536				1,182
Beginning Balance at Dec. 31, 2019	2,979,320	$ 47,536	616,980	2,824,916	(344,392)	$ (165,720)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	131,150			131,150
Cash dividends	(15,767)			(15,767)
Other comprehensive income (loss)	(20,327)				(20,327)
Shares issued under compensation plans (in shares)		(24)				(37)
Shares issued under compensation plans	(1,302)	$ 24	(3,074)			$ 1,748
Deferred compensation (in shares)						(5)
Deferred compensation	741		383			$ 358
Ending Balance (in shares) at Mar. 29, 2020		47,560				1,140
Ending Balance at Mar. 29, 2020	$ 3,073,024	$ 47,560	$ 614,289	$ 2,939,508	$ (364,719)	$ (163,614)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per share (in dollars per share)	$ 0.34	$ 0.34

Basis of presentation

Basis of presentation	3 Months Ended
	Mar. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Note 1 — Basis of presentation The accompanying unaudited condensed consolidated financial statements of Teleflex Incorporated and its subsidiaries (“we,” “us,” “our" and “Teleflex”) are prepared on the same basis as its annual consolidated financial statements. In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for the fair statement of the financial statements for interim periods in accordance with accounting principles generally accepted in the United States of America ("GAAP") and Rule 10-01 of Securities and Exchange Commission ("SEC") Regulation S-X, which sets forth the instructions for the form and content of presentation of financial statements included in Form 10-Q. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions impacted by the COVID-19 pandemic, which are described in more detail in the 'Risks and uncertainties' section below. The results of operations for the periods reported are not necessarily indicative of those that may be expected for a full year. In accordance with applicable accounting standards and as permitted by Rule 10-01 of Regulation S-X, the accompanying condensed consolidated financial statements do not include all of the information and footnote disclosures that are required to be included in our annual consolidated financial statements. Therefore, our quarterly condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019. For the three months ended March 29, 2020 and March 31, 2019, we reclassified intangible asset amortization expense of $20.9 million and $20.8 million, respectively, from selling, general and administrative expenses to cost of goods sold. Risks and Uncertainties We are subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on our business is highly uncertain and difficult to predict due to the rapidly evolving environment and continued uncertainties created by the COVID-19 pandemic. Among other things, the response to the COVID-19 pandemic has had the effect of reducing the number of elective procedures being carried out by our customers, thereby reducing demand for products used in elective procedures, while creating an increase in demand for products used in the treatment of patients with COVID-19. The COVID-19 pandemic has significantly impacted economic activity and markets around the world. If the pandemic continues and conditions worsen, it could negatively impact our business, results of operations, financial condition and liquidity in numerous ways, including, but not limited to, lower revenues in our product categories dependent on elective procedures; further disruption in the manufacture of our products including increased manufacturing and distribution costs; extended delays in or defaults on payments of outstanding receivables; and increased volatility and pricing in capital markets. Further, the COVID-19 pandemic may cause disruption to our suppliers or their suppliers and/or the distribution of our products, whether through our direct sales force or our distributors. The severity of the impact of the COVID-19 pandemic on our business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on our employees, contractors, suppliers, customers and other business partners, all of which are uncertain and cannot be predicted. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact our financial condition, liquidity, or results of operations is uncertain.

Recently issued accounting stan

Recently issued accounting standards	3 Months Ended
	Mar. 29, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently issued accounting standards	Recently issued accounting standardsIn June 2016, the Financial Accounting Standards Board ("FASB") issued new guidance that changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under current guidance, an entity reflects credit losses on financial assets measured on an amortized cost basis only when it is probable that losses have been incurred, generally considering only past events and current conditions in determining the incurred loss. The new guidance requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset, based not only on historical experience and current conditions, but also on reasonable forecasts. The main objective of the new guidance is to provide financial statement users with more useful information in making decisions about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. We adopted the new standard on January 1, 2020 using a modified retrospective transition approach by recognizing a cumulative-effect adjustment of $0.8 million to reduce our opening balance of retained earnings as of the adoption date. Prior period amounts have not been adjusted and continue to reflect our historical accounting. In December 2019, the FASB issued new guidance that simplifies various aspects of accounting for income taxes including those related to the step-up in the tax basis of goodwill, intraperiod tax allocations and the interim period effects of changes in tax laws or rates. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The majority of the modifications under the new guidance will be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings on January 1, 2021. We are currently evaluating the impact the guidance will have on our consolidated financial statements and related disclosures. In March 2020, the SEC adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. The SEC amended its financial disclosure requirements for companies that conduct registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. The SEC narrowed the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlined the alternative disclosures required in lieu of those statements. The SEC replaced the requirement for separate financial statements of affiliates whose securities are pledged as collateral for registered securities with requirements similar to those adopted for subsidiary issuers and guarantors. The new disclosures may be located, in all cases, outside of the financial statements. The rule is effective January 4, 2021, but earlier compliance is permitted. We adopted the new rule during the first quarter of 2020. The disclosures are now located within the Liquidity and Capital Resources section of Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and, unless otherwise indicated above, believes the new guidance will not have a material impact on the consolidated results of operations, cash flows or financial position.

Net revenues

Net revenues	3 Months Ended
	Mar. 29, 2020
Revenue from Contract with Customer [Abstract]
Net revenues	Net revenuesWe primarily generate 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 our 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 our products are shipped from the manufacturing or distribution facility. For our Original Equipment and Development Services ("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 we have an enforceable right to payment to the extent that performance has been completed. We market and sell products through our 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 86%, 12% and 2% of consolidated net revenues, respectively, for the three months ended March 29, 2020. Revenue is measured as the amount of consideration we expect 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 following table disaggregates revenue by global product category for the three months ended March 29, 2020 and March 31, 2019. Three Months Ended March 29, 2020 March 31, 2019 (Dollars in thousands) Vascular access $ 150,256 $ 143,897 Anesthesia 75,702 80,252 Interventional 99,931 103,184 Surgical 75,432 86,719 Interventional urology 74,194 59,731 OEM 63,389 54,238 Other (1) 91,738 85,563 Net revenues (2) $ 630,642 $ 613,584 (1) Revenues in the "Other" category in the table above include revenues generated from sales of our respiratory and urology products (other than interventional urology products). (2) The product categories listed above are presented on a global basis, while each of our reportable segments other than the OEM reportable segment are defined based on the geographic location of its operations; the OEM reportable segment operates globally. Each of the geographically based reportable segments include net revenues from each of the non-OEM product categories listed above.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 29, 2020
Business Combinations [Abstract]
Acquisitions	AcquisitionsOn February 18, 2020, we acquired IWG High Performance Conductors, Inc., a privately-held original equipment manufacturer of minimally invasive medical products and high performance conductors, for $260.0 million. The acquisition, which complements our OEM product portfolio, was financed using borrowings under our revolving credit facility. Based on the preliminary purchase price allocation, the assets acquired principally consist of customer relationships of $139.0 million, intellectual property of $40.0 million and goodwill of $107.1 million. The intangible assets are being amortized over a useful life of 20 years. Goodwill arising from the acquisition represents costs synergies, revenue growth attributable to anticipated increased market penetration from acquired products and future customers and is not tax deductible.

Restructuring and impairment ch

Restructuring and impairment charges	3 Months Ended
	Mar. 29, 2020
Restructuring and Related Activities [Abstract]
Restructuring and impairment charges	Restructuring and impairment charges We have ongoing restructuring programs primarily related to the relocation of manufacturing operations to existing lower-cost locations and related workforce reductions (referred to as 2019, 2018 and 2014 Footprint realignment plans). The following tables provide a summary of our cost estimates and other information associated with these ongoing Footprint realignment plans: 2019 Footprint realignment plan 2018 Footprint realignment plan 2014 Footprint realignment plan Program expense estimates: (Dollars in millions) Termination benefits $19 to $23 $60 to $70 $12 to $13 Other costs (1) 1 to 2 2 to 4 1 to 2 Restructuring charges 20 to 25 62 to 74 13 to 15 Restructuring related charges (2) 36 to 45 40 to 59 34 to 37 Total restructuring and restructuring related charges $56 to $70 $102 to $133 $47 to $52 Other program estimates: Expected cash outlays $53 to $66 $99 to $127 $38 to $43 Expected capital expenditures $29 to $35 $19 to $23 $25 to $30 Other program information: Period initiated February 2019 May 2018 April 2014 Estimated period of substantial completion 2022 2024 2021 Aggregate restructuring charges $14.6 $54.5 $13.0 Restructuring reserve: As of March 29, 2020 $12.3 $43.9 $3.6 Restructuring related charges incurred: For three months ended March 29, 2020 $2.5 $1.2 $0.9 Aggregate restructuring related charges $9.1 $8.4 $33.1 (1) Includes facility closure, employee relocation, equipment relocation and outplacement costs. (2) Restructuring related charges represent costs that are directly related to the programs and principally constitute costs to transfer manufacturing operations to the existing lower-cost locations, project management costs and accelerated depreciation. The 2018 Footprint realignment plan also includes a charge associated with our 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 these charges are expected to be recognized within cost of goods sold. Three Months Ended March 29, 2020 Termination benefits Other costs (1) Total (Dollars in thousands) 2019 Footprint realignment plan $ 829 $ 9 $ 838 2018 Footprint realignment plan 314 81 395 Other restructuring programs (2) (107) 220 113 Restructuring charges $ 1,036 $ 310 $ 1,346 Three Months Ended March 31, 2019 Termination benefits Other costs (1) Total (Dollars in thousands) 2019 Footprint realignment plan $ 12,975 $ — $ 12,975 2018 Footprint realignment plan 437 574 1,011 Other restructuring programs (3) 126 253 379 Restructuring charges $ 13,538 $ 827 $ 14,365 Asset impairment charges — 3,030 3,030 Restructuring and impairment charges $ 13,538 $ 3,857 $ 17,395 (1) Other costs include facility closure, contract termination and other exit costs. (2) Includes program initiated during third quarter of 2019 as well as the 2016 and 2014 Footprint realignment plan. (3) Includes the Vascular Solutions integration program (initiated in 2017) as well as the 2016 and 2014 Footprint realignment plans.

Inventories

Inventories	3 Months Ended
	Mar. 29, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories as of March 29, 2020 and December 31, 2019 consisted of the following: March 29, 2020 December 31, 2019 (Dollars in thousands) Raw materials $ 125,115 $ 114,302 Work-in-process 70,012 71,479 Finished goods 293,729 290,776 Inventories $ 488,856 $ 476,557

Goodwill and other intangible a

Goodwill and other intangible assets, net	3 Months Ended
	Mar. 29, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets, net	Note 7 — Goodwill and other intangible assets, net The following table provides information relating to changes in the carrying amount of goodwill by reportable operating segment for the three months ended March 29, 2020: Americas EMEA Asia OEM Total (Dollars in thousands) December 31, 2019 $ 1,550,925 $ 475,772 $ 213,725 $ 4,883 $ 2,245,305 Goodwill related to acquisitions — — — 107,129 107,129 Currency translation adjustment (5,095) (8,224) (6,701) — (20,020) March 29, 2020 $ 1,545,830 $ 467,548 $ 207,024 $ 112,012 $ 2,332,414 The gross carrying amount of, and accumulated amortization relating to, intangible assets as of March 29, 2020 and December 31, 2019 were as follows: Gross Carrying Amount Accumulated Amortization March 29, 2020 December 31, 2019 March 29, 2020 December 31, 2019 (Dollars in thousands) Customer relationships $ 1,161,837 $ 1,021,852 $ (378,423) $ (367,585) In-process research and development 27,881 27,940 — — Intellectual property 1,391,133 1,351,990 (422,454) (402,340) Distribution rights 23,352 23,369 (19,115) (18,859) Trade names 561,622 563,315 (54,324) (50,718) Non-compete agreements 22,497 22,618 (16,828) (15,297) $ 3,188,322 $ 3,011,084 $ (891,144) $ (854,799)

Borrowings

Borrowings	3 Months Ended
	Mar. 29, 2020
Debt Disclosure [Abstract]
Borrowings	Borrowings Our borrowings at March 29, 2020 and December 31, 2019 were as follows: March 29, 2020 December 31, 2019 (Dollars in thousands) Senior Credit Facility: Revolving credit facility, at a rate of 2.13% at March 29, 2020, due 2024 $ 785,000 $ 300,000 Term loan facility, at a rate of 2.33% at March 29, 2020, due 2024 673,000 673,000 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 1.74% at March 29, 2020 50,000 50,000 2,408,000 1,923,000 Less: Unamortized debt issuance costs (13,483) (14,057) 2,394,517 1,908,943 Current borrowings (53,625) (50,000) Long-term borrowings $ 2,340,892 $ 1,858,943 On March 30, 2020, we amended our accounts receivable securitization facility to increase the maximum available capacity from $50 million to $75 million.

Financial instruments

Financial instruments	3 Months Ended
	Mar. 29, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial instruments	Financial instruments Foreign currency forward contracts We use derivative instruments for risk management purposes. Foreign currency forward contracts designated as cash flow 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. We enter into the non-designated foreign currency forward contracts for periods consistent with our currency translation exposures, which generally approximate one month. For the three months ended March 29, 2020 we recognized gains related to non-designated foreign currency forward contracts of $1.6 million, and for the three months ended March 31, 2019 we recognized losses related to non-designated foreign currency forward contracts of $3.0 million. The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of March 29, 2020 and December 31, 2019 was $130.7 million and $63.4 million, respectively. The total notional amount for all open non-designated foreign currency forward contracts as of March 29, 2020 and December 31, 2019 was $148.6 million and $132.8 million, respectively. All open foreign currency forward contracts as of March 29, 2020 have durations of 12 months or less. Cross-currency interest rate swaps During 2019, we entered into cross-currency swap agreements with five 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, we have notionally exchanged $250 million at an annual interest rate of 4.8750% for €219.2 million at an annual interest rate of 2.4595%. The swap agreements are designed as net investment hedges and expire on March 4, 2024. During 2018, we 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, we have 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 designed as net investment hedges and expire on October 4, 2023. The swap agreements described above require an exchange of the notional amounts upon expiration or earlier termination of the agreements. We and the counterparties have agreed to effect the exchange through a net settlement. 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 three months ended March 29, 2020 and March 31, 2019, we recognized foreign exchange gains of $25.0 million and $6.6 million, respectively, within AOCI related to the cross-currency swaps. For the three months ended March 29, 2020 and March 31, 2019, we recognized $4.9 million and $3.9 million, respectively, in interest benefit related to the cross-currency swaps. Balance sheet presentation The following table presents the locations in the condensed consolidated balance sheet and fair value of derivative financial instruments as of March 29, 2020 and December 31, 2019: March 29, 2020 December 31, 2019 Fair Value (Dollars in thousands) Asset derivatives: Designated foreign currency forward contracts $ 2,144 $ 1,659 Non-designated foreign currency forward contracts 1,682 192 Cross-currency interest rate swaps 26,764 21,575 Prepaid expenses and other current assets 30,590 23,426 Cross-currency interest rate swaps 45,347 13,066 Other assets 45,347 13,066 Total asset derivatives $ 75,937 $ 36,492 Liability derivatives: Designated foreign currency forward contracts $ 6,030 $ 1,285 Non-designated foreign currency forward contracts 1,380 102 Other current liabilities 7,410 1,387 Total liability derivatives $ 7,410 $ 1,387 See Note 11 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. There was no ineffectiveness related to our cash flow hedges during the three months ended March 29, 2020 and March 31, 2019. Trade receivables In the ordinary course of business, we grant non-interest bearing trade credit to our customers on normal credit terms. In an effort to reduce our credit risk, we (i) establish credit limits for all of our customer relationships, (ii) perform ongoing credit evaluations of our customers’ financial condition, (iii) monitor the payment history and aging of our customers’ receivables, and (iv) monitor open orders against an individual customer’s outstanding receivable balance. Our allowance for credit losses is maintained for trade accounts receivable based on the expected collectability of accounts receivable, after considering our historical collection experience, the length of time an account is outstanding, the financial position of the customer, information provided by credit rating services in addition to new requirements under the accounting guidance, effective January 1, 2020, that includes the consideration of events or circumstances indicating historic collection rates may not be indicative of future collectability, for example, potential customer liquidity concerns resulting from COVID-19, that may impact the collectability of our receivables as well as our estimate of credit losses expected to be incurred over the life of our receivables. To date, we have not experienced significant payment defaults by, or identified other significant collectability concerns with, our

Fair value measurement

Fair value measurement	3 Months Ended
	Mar. 29, 2020
Fair Value Disclosures [Abstract]
Fair value measurement	Fair value measurement The following tables provide information regarding our financial assets and liabilities measured at fair value on a recurring basis as of March 29, 2020 and December 31, 2019: Total carrying Quoted prices in active Significant other Significant (Dollars in thousands) Investments in marketable securities $ 9,020 $ 9,020 $ — $ — Derivative assets 75,937 — 75,937 — Derivative liabilities 7,410 — 7,410 — Contingent consideration liabilities 32,737 — — 32,737 Total carrying Quoted prices in active Significant other Significant (Dollars in thousands) Investments in marketable securities $ 10,926 $ 10,926 $ — $ — Derivative assets 36,492 — 36,492 — Derivative liabilities 1,387 — 1,387 — Contingent consideration liabilities 219,908 — — 219,908 Valuation Techniques Our 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 our benefit plans and other arrangements. The investment assets of the trust are valued using quoted market prices. Our financial assets and liabilities valued based upon Level 2 inputs are comprised of foreign currency forward contracts and cross-currency interest rate swap agreements. We use foreign currency forwards and cross-currency interest rate swaps to manage foreign currency transaction exposure, as well as exposure to foreign currency denominated monetary assets and liabilities. We measure the fair value of the foreign currency forwards and cross-currency swaps 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. Our financial liabilities valued based upon Level 3 inputs (inputs that are not observable in the market) are comprised of contingent consideration arrangements pertaining to our acquisitions, which are discussed immediately below. Contingent consideration Contingent consideration liabilities, which primarily consist of payment obligations that are contingent upon the achievement of revenue-based goals, but also can be based on other milestones such as regulatory approvals, 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. We determine the fair value of the contingent consideration liabilities related to the NeoTract and Essential Medical acquisitions, which represent most of our contingent consideration liabilities as of March 29, 2020 and December 31, 2019, using a Monte Carlo simulation (which involves a simulation of future revenues during the earn-out period using management's best estimates). 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 (Weighted average) Milestone-based payments Discounted cash flow Discount rate 6.2% - 6.3% (6.3%) Projected year of payment 2021 - 2023 Revenue-based payments Monte Carlo simulation Revenue volatility 19.1% - 23.4% (20.4%) Risk free rate Cost of debt structure Projected year of payment 2020 - 2022 Discounted cash flow Discount rate 10.0% Projected year of payment 2020 - 2029 The following table provides information regarding changes in the contingent consideration liabilities during the three months ended March 29, 2020: Contingent consideration (Dollars in thousands) Balance - December 31, 2019 $ 219,908 Payments (1) (140,652) Revaluations (2) (46,502) Translation adjustment (17) Balance - March 29, 2020 $ 32,737 (1) Consists mainly of a $140.6 million payment associated with our acquisition of NeoTract, Inc. resulting from the achievement of a revenue-based goal for the period from January 1, 2019 to December 31, 2019. (2) The decrease, which is included within selling, general and administrative expenses, is mainly due to adverse financial projections resulting from the COVID-19 pandemic.

Shareholders' equity

Shareholders' equity	3 Months Ended
	Mar. 29, 2020
Equity [Abstract]
Shareholders' equity	Shareholders’ equity Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average number of common shares outstanding: Three Months Ended March 29, 2020 March 31, 2019 (Shares in thousands) Basic 46,382 46,050 Dilutive effect of share-based awards 849 892 Diluted 47,231 46,942 The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.1 million for the three months ended March 29, 2020 and March 31, 2019. The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the three months ended March 29, 2020 and March 31, 2019: Cash Flow Hedges Pension and Other Postretirement Benefit Plans Foreign Currency Translation Adjustment Accumulated Other Comprehensive (Loss) Income (Dollars in thousands) Balance as of December 31, 2019 $ 735 $ (138,810) $ (206,317) $ (344,392) Other comprehensive (loss) income before reclassifications (3,760) 263 (18,199) (21,696) Amounts reclassified from accumulated other comprehensive income (57) 1,426 — 1,369 Net current-period other comprehensive (loss) income (3,817) 1,689 (18,199) (20,327) Balance as of March 29, 2020 $ (3,082) $ (137,121) $ (224,516) $ (364,719) Cash Flow Hedges Pension and Other Postretirement Benefit Plans Foreign Currency Translation Adjustment Accumulated Other Comprehensive (Loss) Income (Dollars in thousands) Balance as of December 31, 2018 $ 807 $ (131,380) $ (210,512) $ (341,085) Other comprehensive (loss) income before reclassifications (434) (122) (236) (792) Amounts reclassified from accumulated other comprehensive loss (163) 1,351 — 1,188 Net current-period other comprehensive (loss) income (597) 1,229 (236) 396 Balance as of March 31, 2019 $ 210 $ (130,151) $ (210,748) $ (340,689) The following table provides information relating to the location in the statements of operations and amount of reclassifications of losses/(gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the three months ended March 29, 2020 and March 31, 2019: Three Months Ended March 29, 2020 March 31, 2019 (Dollars in thousands) (Gains) losses on foreign exchange contracts: Cost of goods sold $ (66) $ (186) Total before tax (66) (186) Taxes 9 23 Net of tax $ (57) $ (163) Amortization of pension and other postretirement benefit items (1) : Actuarial losses $ 1,852 $ 1,740 Prior-service costs 8 22 Total before tax 1,860 1,762 Tax benefit (434) (411) Net of tax $ 1,426 $ 1,351 Total reclassifications, net of tax $ 1,369 $ 1,188 (1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.

Taxes on income from continuing

Taxes on income from continuing operations	3 Months Ended
	Mar. 29, 2020
Income Tax Disclosure [Abstract]
Taxes on income from continuing operations	Taxes on income from continuing operations Three Months Ended March 29, 2020 March 31, 2019 Effective income tax rate 7.8% 20.7% The effective income tax rate for the three months ended March 29, 2020 and March 31, 2019 was 7.8% and 20.7%, respectively. The effective income tax rate for the three months ended March 29, 2020, as compared to the prior year period, reflects a non-taxable contingent consideration adjustment recognized in connection with a decrease in the fair value of our contingent consideration liabilities. The effective income tax rate for the three months ended March 31, 2019 reflects significant non-deductible termination benefits incurred in connection with the 2019 Footprint realignment plan. In addition, the effective tax rates for both the three months ended March 29, 2020 and March 31, 2019 reflect a net excess tax benefit related to share-based compensation. In April 2020, we became aware of a new interpretation of a non-U.S. tax law that could apply to certain of our previous and current intercompany transactions. We are evaluating this new information and the effect, if any, on our tax positions. The amount of any potential impact on our financial statements is not yet estimable at this time but could be material to our results of operations. We do not expect any additional liability to result in a material impact to our liquidity or overall financial position.

Commitments and contingent liab

Commitments and contingent liabilities	3 Months Ended
	Mar. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingent liabilities	Commitments and contingent liabilities Environmental: We are subject to contingencies as a result of environmental laws and regulations that in the future may require us to take further action to correct the effects on the environment of prior disposal practices or releases of chemical or petroleum substances by us 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 us to undertake certain investigative and remedial activities at sites where we conduct or once conducted operations or at sites where Company-generated waste was disposed. Remediation activities vary substantially in duration and cost from site to site. These activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, the regulatory agencies involved and their enforcement policies, as well as the presence or absence of other potentially responsible parties. At March 29, 2020, we have recorded $0.7 million and $6.0 million in accrued liabilities and other liabilities, respectively, relating to these matters. Considerable uncertainty exists with respect to these liabilities and, if adverse changes in circumstances occur, the potential liability may exceed the amount accrued as of March 29, 2020. The time frame over which the accrued amounts may be paid out, based on past history, is estimated to be 10-15 years. Litigation: We are a party to various lawsuits and claims arising in the normal course of business. These lawsuits and claims include actions involving product liability, product warranty, commercial disputes, intellectual property, contract, employment, environmental and other matters. As of March 29, 2020, we have recorded accrued liabilities of $0.3 million in connection with such contingencies, representing our 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, we do not believe that the outcome of any outstanding litigation and claims is likely to be, individually or in the aggregate, material to our 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 our 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: We are routinely subject to tax examinations by various tax authorities. As of March 29, 2020, the most significant tax examination in process is in Germany. We may establish reserves with

Segment information

Segment information	3 Months Ended
	Mar. 29, 2020
Segment Reporting [Abstract]
Segment information	Segment information The following tables present our segment results for the three months ended March 29, 2020 and March 31, 2019: Three Months Ended March 29, 2020 March 31, 2019 (Dollars in thousands) Americas $ 358,002 $ 344,024 EMEA 156,124 154,545 Asia 53,129 60,777 OEM 63,387 54,238 Net revenues $ 630,642 $ 613,584 Three Months Ended March 29, 2020 March 31, 2019 (Dollars in thousands) Americas $ 140,969 $ 65,599 EMEA 20,419 27,023 Asia 10,232 9,979 OEM 15,099 13,321 Total segment operating profit (1) 186,719 115,922 Unallocated expenses (2) (29,633) (40,679) Income from continuing operations before interest and taxes $ 157,086 $ 75,243 (1) Segment operating profit includes segment net revenues from external customers reduced by the segment's 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 net revenues, numbers of employees, and amount of time spent), depending on the category of expense involved. (2) Unallocated expenses primarily include manufacturing variances other than fixed manufacturing cost absorption variances, restructuring charges and gain on sale of assets.

Recently issued accounting st_2

Recently issued accounting standards (Policies)	3 Months Ended
	Mar. 29, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently issued accounting standards	Recently issued accounting standardsIn June 2016, the Financial Accounting Standards Board ("FASB") issued new guidance that changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under current guidance, an entity reflects credit losses on financial assets measured on an amortized cost basis only when it is probable that losses have been incurred, generally considering only past events and current conditions in determining the incurred loss. The new guidance requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset, based not only on historical experience and current conditions, but also on reasonable forecasts. The main objective of the new guidance is to provide financial statement users with more useful information in making decisions about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. We adopted the new standard on January 1, 2020 using a modified retrospective transition approach by recognizing a cumulative-effect adjustment of $0.8 million to reduce our opening balance of retained earnings as of the adoption date. Prior period amounts have not been adjusted and continue to reflect our historical accounting. In December 2019, the FASB issued new guidance that simplifies various aspects of accounting for income taxes including those related to the step-up in the tax basis of goodwill, intraperiod tax allocations and the interim period effects of changes in tax laws or rates. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The majority of the modifications under the new guidance will be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings on January 1, 2021. We are currently evaluating the impact the guidance will have on our consolidated financial statements and related disclosures. In March 2020, the SEC adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. The SEC amended its financial disclosure requirements for companies that conduct registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. The SEC narrowed the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlined the alternative disclosures required in lieu of those statements. The SEC replaced the requirement for separate financial statements of affiliates whose securities are pledged as collateral for registered securities with requirements similar to those adopted for subsidiary issuers and guarantors. The new disclosures may be located, in all cases, outside of the financial statements. The rule is effective January 4, 2021, but earlier compliance is permitted. We adopted the new rule during the first quarter of 2020. The disclosures are now located within the Liquidity and Capital Resources section of Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and, unless otherwise indicated above, believes the new guidance will not have a material impact on the consolidated results of operations, cash flows or financial position.

Net revenues (Tables)

Net revenues (Tables)	3 Months Ended
	Mar. 29, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Major Customers by Reporting Segments	The following table disaggregates revenue by global product category for the three months ended March 29, 2020 and March 31, 2019. Three Months Ended March 29, 2020 March 31, 2019 (Dollars in thousands) Vascular access $ 150,256 $ 143,897 Anesthesia 75,702 80,252 Interventional 99,931 103,184 Surgical 75,432 86,719 Interventional urology 74,194 59,731 OEM 63,389 54,238 Other (1) 91,738 85,563 Net revenues (2) $ 630,642 $ 613,584 (1) Revenues in the "Other" category in the table above include revenues generated from sales of our respiratory and urology products (other than interventional urology products). (2) The product categories listed above are presented on a global basis, while each of our reportable segments other than the OEM reportable segment are defined based on the geographic location of its operations; the OEM reportable segment operates globally. Each of the geographically based reportable segments include net revenues from each of the non-OEM product categories listed above.

Restructuring and impairment _2

Restructuring and impairment charges (Tables)	3 Months Ended
	Mar. 29, 2020
Restructuring and Related Activities [Abstract]
Summary Of Current Cost Estimates By Major Type Of Cost Table	The following tables provide a summary of our cost estimates and other information associated with these ongoing Footprint realignment plans: 2019 Footprint realignment plan 2018 Footprint realignment plan 2014 Footprint realignment plan Program expense estimates: (Dollars in millions) Termination benefits $19 to $23 $60 to $70 $12 to $13 Other costs (1) 1 to 2 2 to 4 1 to 2 Restructuring charges 20 to 25 62 to 74 13 to 15 Restructuring related charges (2) 36 to 45 40 to 59 34 to 37 Total restructuring and restructuring related charges $56 to $70 $102 to $133 $47 to $52 Other program estimates: Expected cash outlays $53 to $66 $99 to $127 $38 to $43 Expected capital expenditures $29 to $35 $19 to $23 $25 to $30 Other program information: Period initiated February 2019 May 2018 April 2014 Estimated period of substantial completion 2022 2024 2021 Aggregate restructuring charges $14.6 $54.5 $13.0 Restructuring reserve: As of March 29, 2020 $12.3 $43.9 $3.6 Restructuring related charges incurred: For three months ended March 29, 2020 $2.5 $1.2 $0.9 Aggregate restructuring related charges $9.1 $8.4 $33.1 (1) Includes facility closure, employee relocation, equipment relocation and outplacement costs.
Restructuring and Other Impairment Charges	Three Months Ended March 29, 2020 Termination benefits Other costs (1) Total (Dollars in thousands) 2019 Footprint realignment plan $ 829 $ 9 $ 838 2018 Footprint realignment plan 314 81 395 Other restructuring programs (2) (107) 220 113 Restructuring charges $ 1,036 $ 310 $ 1,346 Three Months Ended March 31, 2019 Termination benefits Other costs (1) Total (Dollars in thousands) 2019 Footprint realignment plan $ 12,975 $ — $ 12,975 2018 Footprint realignment plan 437 574 1,011 Other restructuring programs (3) 126 253 379 Restructuring charges $ 13,538 $ 827 $ 14,365 Asset impairment charges — 3,030 3,030 Restructuring and impairment charges $ 13,538 $ 3,857 $ 17,395 (1) Other costs include facility closure, contract termination and other exit costs. (2) Includes program initiated during third quarter of 2019 as well as the 2016 and 2014 Footprint realignment plan. (3) Includes the Vascular Solutions integration program (initiated in 2017) as well as the 2016 and 2014 Footprint realignment plans.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 29, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories as of March 29, 2020 and December 31, 2019 consisted of the following: March 29, 2020 December 31, 2019 (Dollars in thousands) Raw materials $ 125,115 $ 114,302 Work-in-process 70,012 71,479 Finished goods 293,729 290,776 Inventories $ 488,856 $ 476,557

Goodwill and other intangible_2

Goodwill and other intangible assets, net (Tables)	3 Months Ended
	Mar. 29, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table provides information relating to changes in the carrying amount of goodwill by reportable operating segment for the three months ended March 29, 2020: Americas EMEA Asia OEM Total (Dollars in thousands) December 31, 2019 $ 1,550,925 $ 475,772 $ 213,725 $ 4,883 $ 2,245,305 Goodwill related to acquisitions — — — 107,129 107,129 Currency translation adjustment (5,095) (8,224) (6,701) — (20,020) March 29, 2020 $ 1,545,830 $ 467,548 $ 207,024 $ 112,012 $ 2,332,414
Schedule of Finite-Lived Intangible Assets	The gross carrying amount of, and accumulated amortization relating to, intangible assets as of March 29, 2020 and December 31, 2019 were as follows: Gross Carrying Amount Accumulated Amortization March 29, 2020 December 31, 2019 March 29, 2020 December 31, 2019 (Dollars in thousands) Customer relationships $ 1,161,837 $ 1,021,852 $ (378,423) $ (367,585) In-process research and development 27,881 27,940 — — Intellectual property 1,391,133 1,351,990 (422,454) (402,340) Distribution rights 23,352 23,369 (19,115) (18,859) Trade names 561,622 563,315 (54,324) (50,718) Non-compete agreements 22,497 22,618 (16,828) (15,297) $ 3,188,322 $ 3,011,084 $ (891,144) $ (854,799)

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 29, 2020
Debt Disclosure [Abstract]
Components of Long-Term Debt	Our borrowings at March 29, 2020 and December 31, 2019 were as follows: March 29, 2020 December 31, 2019 (Dollars in thousands) Senior Credit Facility: Revolving credit facility, at a rate of 2.13% at March 29, 2020, due 2024 $ 785,000 $ 300,000 Term loan facility, at a rate of 2.33% at March 29, 2020, due 2024 673,000 673,000 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 1.74% at March 29, 2020 50,000 50,000 2,408,000 1,923,000 Less: Unamortized debt issuance costs (13,483) (14,057) 2,394,517 1,908,943 Current borrowings (53,625) (50,000) Long-term borrowings $ 2,340,892 $ 1,858,943

Financial instruments (Tables)

Financial instruments (Tables)	3 Months Ended
	Mar. 29, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Values of Derivative Instruments Designated as Hedging Instruments	The following table presents the locations in the condensed consolidated balance sheet and fair value of derivative financial instruments as of March 29, 2020 and December 31, 2019: March 29, 2020 December 31, 2019 Fair Value (Dollars in thousands) Asset derivatives: Designated foreign currency forward contracts $ 2,144 $ 1,659 Non-designated foreign currency forward contracts 1,682 192 Cross-currency interest rate swaps 26,764 21,575 Prepaid expenses and other current assets 30,590 23,426 Cross-currency interest rate swaps 45,347 13,066 Other assets 45,347 13,066 Total asset derivatives $ 75,937 $ 36,492 Liability derivatives: Designated foreign currency forward contracts $ 6,030 $ 1,285 Non-designated foreign currency forward contracts 1,380 102 Other current liabilities 7,410 1,387 Total liability derivatives $ 7,410 $ 1,387

Fair value measurement (Tables)

Fair value measurement (Tables)	3 Months Ended
	Mar. 29, 2020
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Carried at Fair Value Measured on Recurring Basis	The following tables provide information regarding our financial assets and liabilities measured at fair value on a recurring basis as of March 29, 2020 and December 31, 2019: Total carrying Quoted prices in active Significant other Significant (Dollars in thousands) Investments in marketable securities $ 9,020 $ 9,020 $ — $ — Derivative assets 75,937 — 75,937 — Derivative liabilities 7,410 — 7,410 — Contingent consideration liabilities 32,737 — — 32,737 Total carrying Quoted prices in active Significant other Significant (Dollars in thousands) Investments in marketable securities $ 10,926 $ 10,926 $ — $ — Derivative assets 36,492 — 36,492 — Derivative liabilities 1,387 — 1,387 — Contingent consideration liabilities 219,908 — — 219,908
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 (Weighted average) Milestone-based payments Discounted cash flow Discount rate 6.2% - 6.3% (6.3%) Projected year of payment 2021 - 2023 Revenue-based payments Monte Carlo simulation Revenue volatility 19.1% - 23.4% (20.4%) Risk free rate Cost of debt structure Projected year of payment 2020 - 2022 Discounted cash flow Discount rate 10.0% Projected year of payment 2020 - 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 contingent consideration liabilities during the three months ended March 29, 2020: Contingent consideration (Dollars in thousands) Balance - December 31, 2019 $ 219,908 Payments (1) (140,652) Revaluations (2) (46,502) Translation adjustment (17) Balance - March 29, 2020 $ 32,737 (1) Consists mainly of a $140.6 million payment associated with our acquisition of NeoTract, Inc. resulting from the achievement of a revenue-based goal for the period from January 1, 2019 to December 31, 2019. (2) The decrease, which is included within selling, general and administrative expenses, is mainly due to adverse financial projections resulting from the COVID-19 pandemic.

Shareholders' equity (Tables)

Shareholders' equity (Tables)	3 Months Ended
	Mar. 29, 2020
Equity [Abstract]
Reconciliation of Basic to Diluted Weighted Average Common Shares Outstanding	The following table provides a reconciliation of basic to diluted weighted average number of common shares outstanding: Three Months Ended March 29, 2020 March 31, 2019 (Shares in thousands) Basic 46,382 46,050 Dilutive effect of share-based awards 849 892 Diluted 47,231 46,942
Change in Accumulated Other Comprehensive Income (Loss)	The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the three months ended March 29, 2020 and March 31, 2019: Cash Flow Hedges Pension and Other Postretirement Benefit Plans Foreign Currency Translation Adjustment Accumulated Other Comprehensive (Loss) Income (Dollars in thousands) Balance as of December 31, 2019 $ 735 $ (138,810) $ (206,317) $ (344,392) Other comprehensive (loss) income before reclassifications (3,760) 263 (18,199) (21,696) Amounts reclassified from accumulated other comprehensive income (57) 1,426 — 1,369 Net current-period other comprehensive (loss) income (3,817) 1,689 (18,199) (20,327) Balance as of March 29, 2020 $ (3,082) $ (137,121) $ (224,516) $ (364,719) Cash Flow Hedges Pension and Other Postretirement Benefit Plans Foreign Currency Translation Adjustment Accumulated Other Comprehensive (Loss) Income (Dollars in thousands) Balance as of December 31, 2018 $ 807 $ (131,380) $ (210,512) $ (341,085) Other comprehensive (loss) income before reclassifications (434) (122) (236) (792) Amounts reclassified from accumulated other comprehensive loss (163) 1,351 — 1,188 Net current-period other comprehensive (loss) income (597) 1,229 (236) 396 Balance as of March 31, 2019 $ 210 $ (130,151) $ (210,748) $ (340,689)
Reclassification of Gain/Losses into Income/Expense, Net of Tax	The following table provides information relating to the location in the statements of operations and amount of reclassifications of losses/(gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the three months ended March 29, 2020 and March 31, 2019: Three Months Ended March 29, 2020 March 31, 2019 (Dollars in thousands) (Gains) losses on foreign exchange contracts: Cost of goods sold $ (66) $ (186) Total before tax (66) (186) Taxes 9 23 Net of tax $ (57) $ (163) Amortization of pension and other postretirement benefit items (1) : Actuarial losses $ 1,852 $ 1,740 Prior-service costs 8 22 Total before tax 1,860 1,762 Tax benefit (434) (411) Net of tax $ 1,426 $ 1,351 Total reclassifications, net of tax $ 1,369 $ 1,188 (1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.

Taxes on income from continui_2

Taxes on income from continuing operations (Tables)	3 Months Ended
	Mar. 29, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate	Three Months Ended March 29, 2020 March 31, 2019 Effective income tax rate 7.8% 20.7%

Segment information (Tables)

Segment information (Tables)	3 Months Ended
	Mar. 29, 2020
Segment Reporting [Abstract]
Segment Results	The following tables present our segment results for the three months ended March 29, 2020 and March 31, 2019: Three Months Ended March 29, 2020 March 31, 2019 (Dollars in thousands) Americas $ 358,002 $ 344,024 EMEA 156,124 154,545 Asia 53,129 60,777 OEM 63,387 54,238 Net revenues $ 630,642 $ 613,584 Three Months Ended March 29, 2020 March 31, 2019 (Dollars in thousands) Americas $ 140,969 $ 65,599 EMEA 20,419 27,023 Asia 10,232 9,979 OEM 15,099 13,321 Total segment operating profit (1) 186,719 115,922 Unallocated expenses (2) (29,633) (40,679) Income from continuing operations before interest and taxes $ 157,086 $ 75,243 (1) Segment operating profit includes segment net revenues from external customers reduced by the segment's 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 net revenues, numbers of employees, and amount of time spent), depending on the category of expense involved. (2) Unallocated expenses primarily include manufacturing variances other than fixed manufacturing cost absorption variances, restructuring charges and gain on sale of assets.

Basis of presentation - Narrati

Basis of presentation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset amortization expense	$ 38,911	$ 37,751
Cost of Goods Sold | Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset amortization expense	20,900	20,800
Selling, General and Administrative Expenses | Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset amortization expense	$ (20,900)	$ (20,800)

Recently issued accounting st_3

Recently issued accounting standards (Details) $ in Millions	Jan. 01, 2020USD ($)
ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ (0.8)

Net revenues (Details)

Net revenues (Details) - Sales Revenue, Net - Customer Concentration Risk	3 Months Ended
	Mar. 29, 2020
Hospitals And Healthcare Providers
Concentration Risk [Line Items]
Percentage of total revenue	86.00%
Other Medical Device Manufacturers
Concentration Risk [Line Items]
Percentage of total revenue	12.00%
Home Care Providers
Concentration Risk [Line Items]
Percentage of total revenue	2.00%

Net revenues Other revenues (De

Net revenues Other revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Revenue, Major Customer [Line Items]
Net revenues	$ 630,642	$ 613,584
Vascular access
Revenue, Major Customer [Line Items]
Net revenues	150,256	143,897
Anesthesia
Revenue, Major Customer [Line Items]
Net revenues	75,702	80,252
Interventional
Revenue, Major Customer [Line Items]
Net revenues	99,931	103,184
Surgical
Revenue, Major Customer [Line Items]
Net revenues	75,432	86,719
Interventional urology
Revenue, Major Customer [Line Items]
Net revenues	74,194	59,731
OEM
Revenue, Major Customer [Line Items]
Net revenues	63,389	54,238
Other
Revenue, Major Customer [Line Items]
Net revenues	$ 91,738	$ 85,563

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Feb. 18, 2020	Mar. 29, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 2,332,414	$ 2,245,305
IWG High Performance Conductors, Inc.
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 260,000
Goodwill	107,100
Finite-lived intangible asset, useful life		20 years
IWG High Performance Conductors, Inc. | Customer relationships
Business Acquisition [Line Items]
Business Combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles	139,000
IWG High Performance Conductors, Inc. | Intellectual property
Business Acquisition [Line Items]
Business Combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles	$ 40,000

Restructuring and other impairm

Restructuring and other impairment charges - expected costs to be incurred (Details) $ in Millions	3 Months Ended
	Mar. 29, 2020USD ($)
2019 Footprint realignment plan
Restructuring Cost and Reserve [Line Items]
Aggregate restructuring charges	$ 14.6
Restructuring reserve	12.3
Restructuring expenses	2.5
Aggregate restructuring related charges	9.1
2019 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	56
Expected cash outlays	53
Expected capital expenditures	29
2019 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	70
Expected cash outlays	66
Expected capital expenditures	35
2018 Footprint realignment plan
Restructuring Cost and Reserve [Line Items]
Aggregate restructuring charges	54.5
Restructuring reserve	43.9
Restructuring expenses	1.2
Aggregate restructuring related charges	8.4
2018 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	102
Expected cash outlays	99
Expected capital expenditures	19
2018 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	133
Expected cash outlays	127
Expected capital expenditures	23
2014 Footprint realignment plan
Restructuring Cost and Reserve [Line Items]
Aggregate restructuring charges	13
Restructuring reserve	3.6
Restructuring expenses	0.9
Aggregate restructuring related charges	33.1
2014 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	47
Expected cash outlays	38
Expected capital expenditures	25
2014 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	52
Expected cash outlays	43
Expected capital expenditures	30
Termination benefits | 2019 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	19
Termination benefits | 2019 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	23
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 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	12
Termination benefits | 2014 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	13
Other Restructuring costs | 2019 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	1
Other Restructuring costs | 2019 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	2
Other Restructuring costs | 2018 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	2
Other Restructuring costs | 2018 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	4
Other Restructuring costs | 2014 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	1
Other Restructuring costs | 2014 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	2
Special Termination Benefit And Other Restructuring | 2019 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	20
Special Termination Benefit And Other Restructuring | 2019 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	25
Special Termination Benefit And Other Restructuring | 2018 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	62
Special Termination Benefit And Other Restructuring | 2018 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	74
Special Termination Benefit And Other Restructuring | 2014 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	13
Special Termination Benefit And Other Restructuring | 2014 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	15
Accelerated Depreciation And Other Costs | 2019 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	36
Accelerated Depreciation And Other Costs | 2019 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	45
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 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	34
Accelerated Depreciation And Other Costs | 2014 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 37

Restructuring and impairment _3

Restructuring and impairment charges - Charges Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,346	$ 14,365
Asset impairment charges		3,030
Restructuring and impairment charges	1,346	17,395
Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,036	13,538
Asset impairment charges		0
Restructuring and impairment charges		13,538
Other Restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	310	827
Asset impairment charges		3,030
Restructuring and impairment charges		3,857
2019 Footprint realignment plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	838	12,975
2019 Footprint realignment plan | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	829	12,975
2019 Footprint realignment plan | Other Restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9	0
2018 Footprint realignment plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	395	1,011
2018 Footprint realignment plan | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	314	437
2018 Footprint realignment plan | Other Restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	81	574
Other restructuring programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	113	379
Other restructuring programs | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(107)	126
Other restructuring programs | Other Restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 220	$ 253

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 125,115	$ 114,302
Work-in-process	70,012	71,479
Finished goods	293,729	290,776
Inventories	$ 488,856	$ 476,557

Goodwill and other intangible_3

Goodwill and other intangible assets, net - Changes in carrying amount of goodwill, by reporting segment (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,245,305
Goodwill related to acquisitions	107,129
Currency translation adjustment	(20,020)
Goodwill, ending balance	2,332,414
Americas
Goodwill [Roll Forward]
Goodwill, beginning balance	1,550,925
Goodwill related to acquisitions	0
Currency translation adjustment	(5,095)
Goodwill, ending balance	1,545,830
EMEA
Goodwill [Roll Forward]
Goodwill, beginning balance	475,772
Goodwill related to acquisitions	0
Currency translation adjustment	(8,224)
Goodwill, ending balance	467,548
Asia
Goodwill [Roll Forward]
Goodwill, beginning balance	213,725
Goodwill related to acquisitions	0
Currency translation adjustment	(6,701)
Goodwill, ending balance	207,024
OEM
Goodwill [Roll Forward]
Goodwill, beginning balance	4,883
Goodwill related to acquisitions	107,129
Currency translation adjustment	0
Goodwill, ending balance	$ 112,012

Goodwill and other intangible_4

Goodwill and other intangible assets, net - Components of intangible assets (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 3,188,322	$ 3,011,084
Accumulated Amortization	(891,144)	(854,799)
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	27,881	27,940
Accumulated Amortization	0	0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	1,161,837	1,021,852
Accumulated Amortization	(378,423)	(367,585)
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	1,391,133	1,351,990
Accumulated Amortization	(422,454)	(402,340)
Distribution rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	23,352	23,369
Accumulated Amortization	(19,115)	(18,859)
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	561,622	563,315
Accumulated Amortization	(54,324)	(50,718)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	22,497	22,618
Accumulated Amortization	$ (16,828)	$ (15,297)

Borrowings - Components of long

Borrowings - Components of long-term debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,408,000	$ 1,923,000
Less: Unamortized debt issuance costs	(13,483)	(14,057)
Total long-term debt	2,394,517	1,908,943
Current borrowings	(53,625)	(50,000)
Long-term borrowings	2,340,892	1,858,943
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit	$ 785,000	300,000
Line of credit facility interest rate	2.13%
Term Loan
Debt Instrument [Line Items]
Long-term line of credit	$ 673,000	673,000
Line of credit facility interest rate	2.33%
Senior Notes | 4.875% Senior Notes due 2026
Debt Instrument [Line Items]
Senior notes	$ 400,000	400,000
Debt instrument, stated interest rate	4.875%
Senior Notes | 4.625% Senior Notes due 2027
Debt Instrument [Line Items]
Senior notes	$ 500,000	500,000
Debt instrument, stated interest rate	4.625%
Securitization program
Debt Instrument [Line Items]
Securitization program	$ 50,000	$ 50,000
Debt instrument, stated interest rate	1.74%

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 29, 2020	Dec. 31, 2019
Securitization program
Line of Credit Facility [Line Items]
Maximum amount available under receivable securitization	$ 75,000,000	$ 50,000,000

Financial instruments - Additio

Financial instruments - Additional Information (Details) € in Millions	3 Months Ended
	Mar. 29, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Mar. 04, 2019EUR (€)Financial_Institution_Counterparty	Mar. 04, 2019USD ($)Financial_Institution_Counterparty	Oct. 04, 2018EUR (€)Financial_Institution_Counterparty	Oct. 04, 2018USD ($)Financial_Institution_Counterparty
Derivatives Fair Value [Line Items]
Foreign currency translation, continuing operations, adjustments, net of tax	$ (18,199,000)	$ (236,000)
Interest benefit on swaps designated as net investment hedges	4,874,000	3,882,000
Allowance for doubtful accounts receivable	11,000,000		$ 9,100,000
Allowance for doubtful accounts receivable, current	6,900,000		5,300,000
Cash flow hedging
Derivatives Fair Value [Line Items]
Ineffectiveness related to derivatives	0	0
Foreign exchange contract | Designated as Hedging Instrument | Cash flow hedging
Derivatives Fair Value [Line Items]
Total notional amount for all open foreign currency forward contracts	130,700,000		63,400,000
Foreign exchange contract | Not Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Loss related to currency forward contracts	1,600,000	3,000,000
Total notional amount for all open foreign currency forward contracts	148,600,000		$ 132,800,000
Cross-currency interest rate swaps | Cash flow hedging
Derivatives Fair Value [Line Items]
Foreign currency translation, continuing operations, adjustments, net of tax	25,000,000	6,600,000
Cross-currency interest rate swaps | Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Total notional amount for all open foreign currency forward contracts				€ 219.2	$ 250,000,000	€ 433.9	$ 500,000,000
Derivative, number of instruments held | Financial_Institution_Counterparty				5	5	6	6
Derivative, fixed interest rate				4.875%	4.875%	4.625%	4.625%
Derivative, annual interest rate				2.4595%	2.4595%	1.942%	1.942%
Cross-currency interest rate swaps | Not Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Interest benefit on swaps designated as net investment hedges	$ 4,900,000	$ 3,900,000

Financial instruments - Fair va

Financial instruments - Fair values of derivative instruments designated as hedging instruments (Details) - Cash flow hedging - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Total asset derivatives	$ 75,937	$ 36,492
Total liability derivatives	7,410	1,387
Other assets
Derivatives Fair Value [Line Items]
Total asset derivatives	45,347	13,066
Foreign exchange contract | Prepaid expenses and other current assets
Derivatives Fair Value [Line Items]
Total asset derivatives	30,590	23,426
Foreign exchange contract | Other current liabilities
Derivatives Fair Value [Line Items]
Total liability derivatives	7,410	1,387
Foreign exchange contract | Designated as Hedging Instrument | Prepaid expenses and other current assets
Derivatives Fair Value [Line Items]
Total asset derivatives	2,144	1,659
Foreign exchange contract | Designated as Hedging Instrument | Other current liabilities
Derivatives Fair Value [Line Items]
Total liability derivatives	6,030	1,285
Foreign exchange contract | Not Designated as Hedging Instrument | Prepaid expenses and other current assets
Derivatives Fair Value [Line Items]
Total asset derivatives	1,682	192
Foreign exchange contract | Not Designated as Hedging Instrument | Other current liabilities
Derivatives Fair Value [Line Items]
Total liability derivatives	1,380	102
Cross-currency interest rate swaps | Not Designated as Hedging Instrument | Prepaid expenses and other current assets
Derivatives Fair Value [Line Items]
Total asset derivatives	26,764	21,575
Cross-currency interest rate swaps | Not Designated as Hedging Instrument | Other assets
Derivatives Fair Value [Line Items]
Total asset derivatives	$ 45,347	$ 13,066

Fair value measurement - Financ

Fair value measurement - Financial assets and liabilities carried at fair value measured on recurring basis (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Investments in marketable securities	$ 9,020	$ 10,926
Derivative assets	75,937	36,492
Derivative liabilities	7,410	1,387
Contingent consideration liabilities	32,737	219,908
Quoted prices in active markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Investments in marketable securities	9,020	10,926
Derivative assets	0	0
Derivative liabilities	0	0
Contingent consideration liabilities	0	0
Significant other observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Investments in marketable securities	0	0
Derivative assets	75,937	36,492
Derivative liabilities	7,410	1,387
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	$ 32,737	$ 219,908

Fair value measurement - Valuat

Fair value measurement - Valuation technique and inputs used in determining the fair value of contingent consideration (Details)	Mar. 29, 2020
Milestone-based payments | Minimum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.062
Milestone-based payments | Maximum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.063
Milestone-based payments | Weighted Average | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.063
Revenue-based payments | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.100
Revenue-based payments | Minimum | Monte Carlo simulation | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.191
Revenue-based payments | Maximum | Monte Carlo simulation | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.234
Revenue-based payments | Weighted Average | Monte Carlo simulation | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.204

Fair value measurement - Reconc

Fair value measurement - Reconciliation of changes in financial liabilities measured on recurring basis (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 219,908
Payments	(140,652)
Revaluations	(46,502)
Translation adjustment	(17)
Ending balance	32,737
NeoTract, Inc. [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Payments to acquire businesses, gross	$ 140,600

Shareholders' equity - Addition

Shareholders' equity - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Equity Option
Shareholders Equity [Line Items]
Weighted average antidilutive shares which were not included in the calculation of earnings per share	0.1	0.1

Shareholders' equity - Reconcil

Shareholders' equity - Reconciliation of basic to diluted weighted average common shares outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Equity [Abstract]
Basic (in shares)	46,382	46,050
Dilutive effect of share-based awards (in shares)	849	892
Diluted (in shares)	47,231	46,942

Shareholders' equity - Change i

Shareholders' equity - Change in accumulated other comprehensive income, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 2,979,320	$ 2,539,978
Amounts reclassified from accumulated other comprehensive income	1,369	1,188
Ending Balance	3,073,024	2,569,878
Cash Flow Hedges
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	735	807
Other comprehensive (loss) income before reclassifications	(3,760)	(434)
Amounts reclassified from accumulated other comprehensive income	(57)	(163)
Net current-period other comprehensive (loss) income	(3,817)	(597)
Ending Balance	(3,082)	210
Pension and Other Postretirement Benefit Plans
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(138,810)	(131,380)
Other comprehensive (loss) income before reclassifications	263	(122)
Amounts reclassified from accumulated other comprehensive income	1,426	1,351
Net current-period other comprehensive (loss) income	1,689	1,229
Ending Balance	(137,121)	(130,151)
Foreign Currency Translation Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(206,317)	(210,512)
Other comprehensive (loss) income before reclassifications	(18,199)	(236)
Amounts reclassified from accumulated other comprehensive income	0	0
Net current-period other comprehensive (loss) income	(18,199)	(236)
Ending Balance	(224,516)	(210,748)
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(344,392)	(341,085)
Other comprehensive (loss) income before reclassifications	(21,696)	(792)
Amounts reclassified from accumulated other comprehensive income	1,369	1,188
Net current-period other comprehensive (loss) income	(20,327)	396
Ending Balance	$ (364,719)	$ (340,689)

Shareholders' equity - Accumula

Shareholders' equity - Accumulated other comprehensive income into income expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of goods sold	$ 297,018	$ 289,614
Total before tax	(142,226)	(52,890)
Taxes on income from continuing operations	11,074	10,972
Net of tax	(131,152)	(41,918)
Total reclassifications, net of tax	1,369	1,188
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total reclassifications, net of tax	(57)	(163)
Actuarial losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	1,852	1,740
Prior-service costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	8	22
Pension and Other Postretirement Benefits Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	1,860	1,762
Tax benefit	(434)	(411)
Total reclassifications, net of tax	1,426	1,351
Reclassification out of Accumulated Other Comprehensive Income | Foreign exchange contract | Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of goods sold	(66)	(186)
Total before tax	(66)	(186)
Taxes on income from continuing operations	9	23
Net of tax	$ (57)	$ (163)

Taxes on income from continui_3

Taxes on income from continuing operations (Details)	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Income Tax Examination [Line Items]
Effective income tax rate	7.80%	20.70%

Commitments and contingent li_2

Commitments and contingent liabilities (Detail) $ in Millions	3 Months Ended
	Mar. 29, 2020USD ($)
Loss Contingencies [Line Items]
Estimated litigation liability	$ 0.3
Minimum
Loss Contingencies [Line Items]
Estimated time fram over which accrued amounts may be paid out	10 years
Maximum
Loss Contingencies [Line Items]
Estimated time fram over which accrued amounts may be paid out	15 years
Accrued Liabilities
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 0.7
Other Liability
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 6

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 630,642	$ 613,584
Operating profit	157,086	75,243
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	186,719	115,922
Unallocated expenses
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	(29,633)	(40,679)
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	358,002	344,024
Americas | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	140,969	65,599
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	156,124	154,545
EMEA | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	20,419	27,023
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	53,129	60,777
Asia | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	10,232	9,979
OEM
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	63,387	54,238
OEM | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	$ 15,099	$ 13,321

Uncategorized Items - tfx-20200

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,321,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(791,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,321,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (791,000)